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Invesco Semi-Annual Report to Shareholders

 

October 31, 2022

    PWC     Invesco Dynamic Market ETF
  PRF      Invesco FTSE RAFI US 1000 ETF
  PRFZ   Invesco FTSE RAFI US 1500 Small-Mid ETF

 

Table of Contents

Schedules of Investments

 

Invesco Dynamic Market ETF (PWC)

      3  

Invesco FTSE RAFI US 1000 ETF (PRF)

      6  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

      17  
Statements of Assets and Liabilities      32  
Statements of Operations      33  
Statements of Changes in Net Assets      34  
Financial Highlights      36  
Notes to Financial Statements      39  
Fund Expenses      48  

 

    2    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

     Shares   Value  

Common Stocks & Other Equity Interests-100.00%

 

Communication Services-7.98%

     

AT&T, Inc.

      157,988       $ 2,880,121  

EchoStar Corp., Class A(b)(c)

      42,967       810,787  

Scholastic Corp.

      18,185       693,576  

Sinclair Broadcast Group, Inc., Class A(c)

      34,721       618,381  

Sirius XM Holdings, Inc.(c)

      454,270       2,743,791  
    

 

 

  
       7,746,656  
    

 

 

  

Consumer Discretionary-13.11%

     

Bowlero Corp.(b)(c)

      31,128       453,224  

Cavco Industries, Inc.(b)

      1,400       317,338  

Dillard’s, Inc., Class A

      1,162       382,054  

frontdoor, inc.(b)(c)

      14,176       312,723  

Genuine Parts Co.

      13,451       2,392,395  

Grand Canyon Education, Inc.(b)

      4,341       436,835  

Green Brick Partners, Inc.(b)(c)

      13,723       317,413  

H&R Block, Inc.(c)

      7,804       321,135  

Home Depot, Inc. (The)

      6,917       2,048,331  

Murphy USA, Inc.

      1,228       386,218  

O’Reilly Automotive, Inc.(b)

      2,950       2,469,651  

Red Rock Resorts, Inc., Class A

      8,999       374,808  

Target Hospitality Corp.(b)(c)

      24,763       301,366  

Ulta Beauty, Inc.(b)

      5,290       2,218,467  
    

 

 

  
       12,731,958  
    

 

 

  

Consumer Staples-7.08%

     

Archer-Daniels-Midland Co.

      25,939       2,515,564  

Cal-Maine Foods, Inc.(c)

      6,194       350,023  

General Mills, Inc.

      29,330       2,392,741  

Grocery Outlet Holding Corp.(b)

      8,191       283,163  

Ingles Markets, Inc., Class A

      3,249       306,608  

Molson Coors Beverage Co., Class B

      5,852       295,116  

SpartanNash Co.

      10,450       373,170  

Weis Markets, Inc.(c)

      3,840       359,693  
    

 

 

  
       6,876,078  
    

 

 

  

Energy-5.10%

     

Arch Resources, Inc.

      2,156       328,337  

Chord Energy Corp.

      2,451       375,224  

Hess Midstream L.P., Class A

      11,512       333,157  

Marathon Petroleum Corp.

      15,929       1,809,853  

PBF Energy, Inc., Class A(b)(c)

      9,419       416,791  

Valero Energy Corp.

      13,501       1,695,051  
    

 

 

  
       4,958,413  
    

 

 

  

Financials-12.53%

     

American Equity Investment Life Holding Co.

      7,397       318,663  

Arch Capital Group Ltd.(b)

      28,452       1,635,990  

BancFirst Corp.(c)

      2,547       244,053  

BOK Financial Corp.(c)

      3,099       341,479  

Encore Capital Group, Inc.(b)

      5,041       256,688  

Enova International, Inc.(b)

      7,833       293,659  

International Bancshares Corp.

      6,582       326,467  

Jackson Financial, Inc., Class A(c)

      8,496       325,907  

LendingClub Corp.(b)

      20,677       220,003  

M&T Bank Corp.

      7,210       1,213,948  

MetLife, Inc.

      20,234       1,481,331  

OFG Bancorp

      10,073       280,835  

PennyMac Financial Services, Inc.

      5,187       276,571  
     Shares   Value  

Financials-(continued)

     

Raymond James Financial, Inc.

      12,476       $ 1,473,915  

Regions Financial Corp.

      60,257       1,322,641  

Towne Bank

      9,683       318,958  

Unum Group

      7,290       332,351  

W.R. Berkley Corp.

      20,199       1,502,402  
    

 

 

  
       12,165,861  
    

 

 

  

Health Care-14.50%

     

Allscripts Healthcare Solutions, Inc.(b)

      22,077       324,532  

AmerisourceBergen Corp.

      15,925       2,503,729  

Arcus Biosciences, Inc.(b)(c)

      14,153       360,618  

Arvinas, Inc.(b)(c)

      8,138       404,540  

Bausch + Lomb Corp.(b)(c)

      23,595       336,465  

Cardinal Health, Inc.

      34,677       2,631,984  

Embecta Corp.(c)

      11,415       352,952  

Evolent Health, Inc., Class A(b)(c)

      10,367       329,774  

Jazz Pharmaceuticals PLC(b)

      2,346       337,331  

Lantheus Holdings, Inc.(b)

      4,550       336,655  

Maravai LifeSciences Holdings, Inc., Class A(b)

     15,424       256,038  

McKesson Corp.

      6,476       2,521,560  

Medpace Holdings, Inc.(b)

      2,248       499,011  

Vertex Pharmaceuticals, Inc.(b)

      8,236       2,569,632  

Vir Biotechnology, Inc.(b)(c)

      14,721       323,568  
    

 

 

  
       14,088,389  
    

 

 

  

Industrials-8.73%

     

Avis Budget Group, Inc.(b)(c)

      1,917       453,294  

Boise Cascade Co.

      4,758       317,692  

Builders FirstSource, Inc.(b)

      5,169       318,720  

Carlisle Cos., Inc.

      6,705       1,601,154  

Encore Wire Corp.(c)

      2,362       324,988  

Icahn Enterprises L.P.

      40,122       2,188,254  

Matson, Inc.(c)

      4,133       304,106  

PACCAR, Inc.

      22,753       2,203,173  

Veritiv Corp.(b)(c)

      2,419       281,233  

XPO Logistics, Inc.(b)(c)

      6,277       324,772  

ZIM Integrated Shipping Services Ltd. (Israel)

      6,819       160,178  
    

 

 

  
       8,477,564  
    

 

 

  

Information Technology-25.53%

     

Automatic Data Processing, Inc.

      14,471       3,497,641  

Avnet, Inc.

      16,244       652,846  

Belden, Inc.

      10,643       741,072  

Broadcom, Inc.

      6,986       3,284,258  

Enphase Energy, Inc.(b)

      12,969       3,981,483  

HP, Inc.

      110,801       3,060,324  

Jabil, Inc.

      11,638       747,741  

KLA Corp.

      10,215       3,232,537  

NetScout Systems, Inc.(b)(c)

      22,256       799,436  

Paysafe Ltd.(b)

      394,687       576,243  

PC Connection, Inc.

      14,154       752,144  

Photronics, Inc.(b)

      31,025       503,225  

Pure Storage, Inc., Class A(b)(c)

      24,338       751,071  

Qualys, Inc.(b)

      4,709       671,315  

Sanmina Corp.(b)

      14,349       804,261  

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

      10,675       742,873  
    

 

 

  
       24,798,470  
    

 

 

  

 

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

 

    3    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Materials-2.72%

     

Alpha Metallurgical Resources, Inc.

      1,663       $ 280,798  

Nucor Corp.

      13,938       1,831,174  

United States Steel Corp.

      11,786       239,963  

Warrior Met Coal, Inc.

      7,874       292,440  
    

 

 

  
       2,644,375  
    

 

 

  

Utilities-2.72%

     

Consolidated Edison, Inc.

      20,247       1,780,926  

NRG Energy, Inc.

      10,266       455,810  

ONE Gas, Inc.

      5,272       408,475  
    

 

 

  
       2,645,211  
    

 

 

  

Total Common Stocks & Other Equity Interests (Cost $95,251,398)

        97,132,975  
    

 

 

  

Money Market Funds-0.05%

     

Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)
(Cost $51,468)

      51,468       51,468  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $95,302,866)

        97,184,443  
    

 

 

  
     Shares   Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-13.18%

     

Invesco Private Government Fund,
3.18%(d)(e)(f)

      3,816,640       $ 3,816,640  

Invesco Private Prime Fund, 3.28%(d)(e)(f)

      8,980,641       8,980,641  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,797,388)

 

     12,797,281  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-113.23%
(Cost $108,100,254)

 

     109,981,724  

OTHER ASSETS LESS LIABILITIES-(13.23)%

 

     (12,851,106 ) 
    

 

 

  

NET ASSETS-100.00%

 

   $ 97,130,618  
    

 

 

  

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at October 31, 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 six months ended October 31, 2022.

 

    

Value
April 30, 2022

    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		   

Value

October 31, 2022

    Dividend
Income
                                          
Investments in Affiliated Money Market Funds:                                           
Invesco Government & Agency Portfolio, Institutional Class           $ 111,719                  $ 1,837,752      $ (1,898,003 )     $ -     $ -      $ 51,468      $ 862
Investments Purchased with Cash Collateral from Securities on Loan:                                           
Invesco Private Government Fund             2,120,222             18,717,557        (17,021,139 )       -       -        3,816,640        30,528 *
Invesco Private Prime Fund             4,944,307             40,827,713        (36,791,266 )       (132 )       19        8,980,641        83,304 *
         

 

 

            

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  
Total           $ 7,176,248           $ 61,383,022      $ (55,710,408 )     $ (132 )     $ 19      $ 12,848,749      $ 114,694
         

 

 

            

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 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.

 

    4    

 

  

 

 

 

Invesco Dynamic Market ETF (PWC)–(continued)

October 31, 2022

(Unaudited)

 

Portfolio Composition

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

as of October 31, 2022

 

   

Information Technology

    25.53                                     

Health Care

    14.50

Consumer Discretionary

    13.11

Financials

    12.53

Industrials

      8.73

Communication Services

      7.98

Consumer Staples

      7.08

Energy

      5.10

Sector Types Each Less Than 3%

      5.44
Money Market Funds Plus Other Assets Less Liabilities    (0.00)

 

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

 

    5    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

     Shares   Value  

Common Stocks & Other Equity Interests-99.88%

 

Communication Services-7.36%

     

Activision Blizzard, Inc.

      70,848       $        5,157,734  

Alphabet, Inc., Class A(b)

      352,908       33,353,335  

Alphabet, Inc., Class C(b)

      330,152       31,252,188  

Altice USA, Inc., Class A(b)

      222,587       1,471,300  

AMC Entertainment Holdings, Inc., Class A(b)(c)

      47,907       319,061  

AMC Networks, Inc., Class A(b)(c)

      22,048       496,300  

AT&T, Inc.

      5,224,001       95,233,538  

Cable One, Inc.(c)

      477       409,948  

Charter Communications, Inc., Class A(b)

      26,448       9,722,814  

Cinemark Holdings, Inc.(b)(c)

      62,286       660,854  

Comcast Corp., Class A

      1,217,543       38,644,815  

DISH Network Corp., Class A(b)(c)

      121,605       1,813,130  

Electronic Arts, Inc.

      21,347       2,688,868  

Fox Corp., Class A

      78,790       2,274,667  

Fox Corp., Class B

      37,368       1,016,410  

Frontier Communications Parent, Inc.(b)(c)

     31,477       737,191  

Gray Television, Inc.

      44,984       636,524  

IAC, Inc.(b)(c)

      8,508       414,169  

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

      62,060       513,857  

Interpublic Group of Cos., Inc. (The)

      93,502       2,785,425  

Liberty Broadband Corp., Class A(b)(c)

      2,225       189,837  

Liberty Broadband Corp., Class C(b)(c)

      14,198       1,198,737  

Liberty Global PLC, Class A (United Kingdom)(b)

      108,553       1,830,204  

Liberty Global PLC, Class C (United Kingdom)(b)

      211,680       3,738,269  

Liberty Latin America Ltd., Class A
(Chile)(b)(c)

      16,053       124,892  

Liberty Latin America Ltd., Class C
(Chile)(b)(c)

      62,208       484,600  

Liberty Media Corp.-Liberty Formula One, Class A(b)(c)

      2,746       142,847  

Liberty Media Corp.-Liberty Formula One, Class C(b)(c)

      24,638       1,422,352  

Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)

      23,781       1,009,266  

Liberty Media Corp.-Liberty SiriusXM, Class C(b)

      41,237       1,739,789  

Lions Gate Entertainment Corp., Class A(b)(c)

      21,731       175,152  

Lions Gate Entertainment Corp., Class B(b)

      43,975       333,770  

Live Nation Entertainment, Inc.(b)

      8,221       654,474  

Lumen Technologies, Inc.(c)

      1,183,352       8,709,471  

Match Group, Inc.(b)

      7,877       340,286  

Meta Platforms, Inc., Class A(b)

      243,549       22,689,025  

Netflix, Inc.(b)

      16,587       4,841,414  

News Corp., Class A

      80,278       1,354,290  

News Corp., Class B(c)

      24,751       423,985  

Nexstar Media Group, Inc., Class A(c)

      8,742       1,497,505  

Omnicom Group, Inc.(c)

      66,197       4,815,832  

Paramount Global, Class B(c)

      285,695       5,233,932  

Spotify Technology S.A.(b)

      7,539       607,493  

Take-Two Interactive Software, Inc.(b)

      9,582       1,135,275  

TEGNA, Inc.(c)

      61,633       1,286,897  

Telephone & Data Systems, Inc.

      75,745       1,287,665  
     Shares   Value  

Communication Services-(continued)

     

T-Mobile US, Inc.(b)

      123,823       $ 18,766,614  

Verizon Communications, Inc.

      1,683,393       62,908,396  

Walt Disney Co. (The)(b)

      253,711       27,030,370  

Warner Bros Discovery, Inc.(b)(c)

      1,411,101       18,344,313  
    

 

 

  
          423,919,080  
    

 

 

  

Consumer Discretionary-8.35%

     

Abercrombie & Fitch Co., Class A(b)(c)

      21,664       380,853  

Academy Sports & Outdoors, Inc.(c)

      33,575       1,478,307  

Adient PLC(b)(c)

      47,970       1,677,991  

Advance Auto Parts, Inc.

      10,921       2,074,116  

Amazon.com, Inc.(b)

      462,139       47,341,519  

American Axle & Manufacturing Holdings,
Inc.(b)(c)

      102,259       990,890  

American Eagle Outfitters, Inc.(c)

      47,894       544,076  

Aptiv PLC(b)

      34,480       3,140,094  

Aramark(c)

      77,972       2,845,978  

Asbury Automotive Group, Inc.(b)(c)

      8,235       1,299,071  

Autoliv, Inc. (Sweden)

      23,926       1,922,454  

AutoNation, Inc.(b)(c)

      27,310       2,903,326  

AutoZone, Inc.(b)

      2,143       5,427,962  

Bath & Body Works, Inc.

      70,079       2,339,237  

Bed Bath & Beyond, Inc.(b)(c)

      137,229       627,137  

Best Buy Co., Inc.

      94,832       6,487,457  

Big Lots, Inc.(c)

      35,699       673,640  

Bloomin’ Brands, Inc.(c)

      30,923       742,461  

Booking Holdings, Inc.(b)

      2,518       4,707,351  

BorgWarner, Inc.(c)

      81,743       3,067,815  

Bright Horizons Family Solutions, Inc.(b)(c)

     6,062       395,970  

Brinker International, Inc.(b)(c)

      19,408       648,033  

Brunswick Corp.(c)

      14,056       993,337  

Burlington Stores, Inc.(b)(c)

      7,107       1,016,017  

Caesars Entertainment, Inc.(b)

      18,979       829,952  

Capri Holdings Ltd.(b)

      25,099       1,146,522  

CarMax, Inc.(b)(c)

      45,839       2,888,315  

Carnival Corp.(b)(c)

      360,233       3,263,711  

Carter’s, Inc.(c)

      11,747       797,269  

Chipotle Mexican Grill, Inc.(b)(c)

      1,044       1,564,256  

Cracker Barrel Old Country Store, Inc.(c)

      9,494       1,084,405  

D.R. Horton, Inc.

      62,536       4,807,768  

Dana, Inc.

      77,022       1,229,271  

Darden Restaurants, Inc.

      21,233       3,039,292  

Deckers Outdoor Corp.(b)(c)

      3,118       1,091,082  

Dick’s Sporting Goods, Inc.(c)

      15,195       1,728,583  

Dollar General Corp.

      35,659       9,094,828  

Dollar Tree, Inc.(b)

      45,910       7,276,735  

Domino’s Pizza, Inc.

      2,730       907,015  

eBay, Inc.

      78,195       3,115,289  

Expedia Group, Inc.(b)

      12,233       1,143,418  

Foot Locker, Inc.(c)

      48,515       1,537,925  

Ford Motor Co.(c)

      2,085,148       27,878,429  

GameStop Corp., Class A(b)(c)

      34,902       988,076  

Gap, Inc. (The)(c)

      154,071       1,736,380  

Garmin Ltd.

      22,552       1,985,478  

General Motors Co.

      840,482       32,988,918  

Gentex Corp.

      41,748       1,105,904  

Genuine Parts Co.

      35,635       6,338,041  

G-III Apparel Group Ltd.(b)(c)

      27,055       527,572  

 

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

 

    6    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Consumer Discretionary-(continued)

     

Goodyear Tire & Rubber Co. (The)(b)(c)

      224,845       $        2,855,531  

Graham Holdings Co., Class B

      1,555       970,118  

Group 1 Automotive, Inc.(c)

      10,129       1,752,317  

H&R Block, Inc.(c)

      65,051       2,676,849  

Hanesbrands, Inc.(c)

      139,979       954,657  

Harley-Davidson, Inc.(c)

      53,473       2,299,339  

Hasbro, Inc.

      25,266       1,648,606  

Hilton Worldwide Holdings, Inc.

      14,591       1,973,579  

Home Depot, Inc. (The)

      124,178       36,772,831  

International Game Technology PLC(c)

      29,912       599,736  

KB Home

      27,197       783,818  

Kohl’s Corp.(c)

      93,429       2,798,199  

Las Vegas Sands Corp.(b)

      101,722       3,866,453  

LCI Industries(c)

      6,180       655,760  

Lear Corp.(c)

      26,299       3,647,934  

Leggett & Platt, Inc.(c)

      47,293       1,596,139  

Lennar Corp., Class A(c)

      62,950       5,080,065  

Lennar Corp., Class B(c)

      3,422       223,183  

Light & Wonder, Inc.(b)(c)

      21,647       1,215,263  

Lithia Motors, Inc., Class A(c)

      6,561       1,300,062  

LKQ Corp.

      71,749       3,992,114  

Lowe’s Cos., Inc.

      88,462       17,245,667  

lululemon athletica, inc.(b)

      5,048       1,660,994  

M.D.C. Holdings, Inc.

      20,161       614,104  

M/I Homes, Inc.(b)(c)

      15,379       638,075  

Macy’s, Inc.

      210,892       4,397,098  

Marriott International, Inc., Class A

      23,805       3,811,419  

Marriott Vacations Worldwide Corp.(c)

      6,092       900,154  

Mattel, Inc.(b)(c)

      58,357       1,106,449  

McDonald’s Corp.

      85,916       23,425,857  

Meritage Homes Corp.(b)

      13,926       1,060,604  

MGM Resorts International

      88,979       3,164,983  

Mohawk Industries, Inc.(b)

      24,853       2,354,822  

Murphy USA, Inc.

      11,609       3,651,147  

Newell Brands, Inc.

      109,686       1,514,764  

NIKE,Inc.,Class B

      82,139       7,612,642  

Nordstrom, Inc.(c)

      104,426       2,124,025  

Norwegian Cruise Line Holdings Ltd.(b)(c)

      95,367       1,610,749  

NVR, Inc.(b)

      483       2,046,833  

ODP Corp. (The)(b)(c)

      33,203       1,313,843  

O’Reilly Automotive, Inc.(b)

      5,206       4,358,307  

PENN Entertainment, Inc.(b)(c)

      35,178       1,164,392  

Penske Automotive Group, Inc.

      15,182       1,694,615  

Polaris, Inc.(c)

      13,570       1,378,712  

Pool Corp.

      2,122       645,576  

PulteGroup, Inc.

      70,268       2,810,017  

PVH Corp.(c)

      21,940       1,125,961  

Qurate Retail, Inc., Class A(c)

      368,883       863,186  

Ralph Lauren Corp.(c)

      10,247       949,794  

Ross Stores, Inc.

      47,795       4,573,504  

Royal Caribbean Cruises Ltd.(b)(c)

      49,391       2,636,492  

Sally Beauty Holdings, Inc.(b)(c)

      59,343       754,249  

Service Corp. International(c)

      27,388       1,659,987  

Signet Jewelers Ltd.(c)

      16,649       1,086,181  

Six Flags Entertainment Corp.(b)(c)

      22,594       503,846  

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

      28,333       975,505  

Sonic Automotive, Inc., Class A(c)

      14,996       701,063  

Starbucks Corp.

      129,217       11,188,900  

Tapestry, Inc.(c)

      68,144       2,158,802  

Target Corp.

      103,581       17,013,179  
     Shares   Value  

Consumer Discretionary-(continued)

     

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

     57,895       $ 1,524,954  

Tempur Sealy International, Inc.

      25,987       698,790  

Tesla, Inc.(b)

      24,828       5,649,363  

Texas Roadhouse, Inc.

      8,742       865,021  

Thor Industries, Inc.(c)

      19,120       1,557,706  

TJX Cos., Inc. (The)

      161,414       11,637,949  

Toll Brothers, Inc.(c)

      34,903       1,503,621  

TopBuild Corp.(b)

      3,768       641,087  

Tractor Supply Co.

      11,328       2,489,555  

Travel + Leisure Co.

      19,205       729,406  

Tri Pointe Homes, Inc.(b)(c)

      54,883       919,290  

Tupperware Brands Corp.(b)(c)

      43,583       336,897  

Ulta Beauty, Inc.(b)

      5,731       2,403,409  

Under Armour, Inc., Class A(b)(c)

      32,694       243,570  

Under Armour, Inc., Class C(b)(c)

      34,341       225,277  

Urban Outfitters, Inc.(b)(c)

      30,939       738,205  

Vail Resorts, Inc.(c)

      5,310       1,163,580  

VF Corp.

      69,616       1,966,652  

Victoria’s Secret & Co.(b)(c)

      20,699       778,282  

Visteon Corp.(b)

      13,387       1,746,602  

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

      6,717       254,709  

Whirlpool Corp.(c)

      25,184       3,481,436  

Williams-Sonoma, Inc.

      13,636       1,688,546  

Wynn Resorts Ltd.(b)(c)

      20,834       1,331,293  

Yum China Holdings, Inc. (China)(c)

      58,063       2,400,905  

Yum! Brands, Inc.

      31,951       3,778,206  
    

 

 

  
          480,732,887  
    

 

 

  

Consumer Staples-8.53%

     

Albertsons Cos., Inc., Class A

      140,771       2,887,213  

Altria Group, Inc.

      565,073       26,145,928  

Archer-Daniels-Midland Co.

      191,440       18,565,851  

B&G Foods, Inc.(c)

      29,850       488,943  

BJ’s Wholesale Club Holdings, Inc.(b)

      38,914       3,011,944  

Brown-Forman Corp., Class B

      17,645       1,199,860  

Bunge Ltd.

      73,068       7,211,812  

Campbell Soup Co.

      53,746       2,843,701  

Casey’s General Stores, Inc.

      9,961       2,318,024  

Church & Dwight Co., Inc.

      23,433       1,737,088  

Clorox Co. (The)

      22,294       3,255,816  

Coca-Cola Co. (The)

      540,508       32,349,404  

Coca-Cola Europacific Partners PLC (United Kingdom)(c)

      75,145       3,535,572  

Colgate-Palmolive Co.

      123,096       9,089,409  

Conagra Brands, Inc.

      131,216       4,815,627  

Constellation Brands, Inc., Class A

      24,889       6,149,574  

Costco Wholesale Corp.

      56,346       28,257,519  

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

      94,581       634,638  

Darling Ingredients, Inc.(b)(c)

      24,046       1,887,130  

Edgewell Personal Care Co.(c)

      21,231       832,043  

Energizer Holdings, Inc.(c)

      21,597       623,937  

Estee Lauder Cos., Inc. (The), Class A

      11,343       2,274,158  

Flowers Foods, Inc.

      44,990       1,291,663  

General Mills, Inc.

      143,715       11,724,270  

Hain Celestial Group, Inc. (The)(b)(c)

      20,286       379,551  

Herbalife Nutrition Ltd.(b)(c)

      29,106       618,794  

Hershey Co. (The)

      15,766       3,764,448  

Hormel Foods Corp.

      48,342       2,245,486  

Ingredion, Inc.

      26,222       2,336,905  

JM Smucker Co. (The)

      30,992       4,669,255  

 

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

 

    7    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Consumer Staples-(continued)

     

Kellogg Co.

      67,718       $ 5,202,097  

Keurig Dr Pepper, Inc.

      133,186       5,172,944  

Kimberly-Clark Corp.

      73,459       9,142,707  

Kraft Heinz Co. (The)

      309,250       11,896,847  

Kroger Co. (The)

      460,518       21,777,896  

Lamb Weston Holdings, Inc.

      20,212       1,742,679  

McCormick & Co., Inc.

      26,524       2,085,847  

Molson Coors Beverage Co., Class B

      91,098       4,594,072  

Mondelez International, Inc., Class A

      225,931       13,890,238  

Monster Beverage Corp.(b)

      24,739       2,318,539  

Nomad Foods Ltd. (United Kingdom)(b)(c)

      36,835       567,259  

Nu Skin Enterprises, Inc., Class A

      16,958       647,626  

PepsiCo, Inc.

      214,107       38,877,549  

Performance Food Group Co.(b)(c)

      66,619       3,466,853  

Philip Morris International, Inc.

      324,905       29,842,524  

Post Holdings, Inc.(b)

      19,767       1,787,332  

Procter & Gamble Co. (The)

      322,027       43,367,376  

Rite Aid Corp.(b)(c)

      228,199       1,191,199  

Spectrum Brands Holdings, Inc.(c)

      10,693       493,375  

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

      44,816       1,322,072  

Sysco Corp.

      134,677       11,657,641  

TreeHouse Foods, Inc.(b)(c)

      30,509       1,532,772  

Tyson Foods, Inc., Class A

      96,733       6,611,701  

United Natural Foods, Inc.(b)(c)

      46,404       1,967,994  

US Foods Holding Corp.(b)

      133,875       3,984,120  

Walgreens Boots Alliance, Inc.

      497,744       18,167,656  

Walmart, Inc.

      429,079       61,070,814  
    

 

 

  
          491,525,292  
    

 

 

  

Energy-9.90%

     

Antero Resources Corp.(b)

      86,260       3,162,292  

APA Corp.

      80,000       3,636,800  

Baker Hughes Co., Class A

      288,682       7,984,944  

Cheniere Energy, Inc.

      25,031       4,415,719  

Chesapeake Energy Corp.(c)

      17,398       1,779,293  

Chevron Corp.

      599,245       108,403,420  

CNX Resources Corp.(b)(c)

      68,558       1,152,460  

ConocoPhillips

      208,126       26,242,607  

Coterra Energy, Inc.

      60,773       1,891,863  

Delek US Holdings, Inc.(c)

      71,928       2,133,384  

Devon Energy Corp.

      49,275       3,811,421  

Diamondback Energy, Inc.

      14,761       2,319,101  

DT Midstream, Inc.(c)

      22,588       1,348,504  

EOG Resources, Inc.

      87,786       11,984,545  

EQT Corp.

      66,817       2,795,623  

Equitrans Midstream Corp.(c)

      219,624       1,849,234  

Exxon Mobil Corp.

      1,524,543       168,934,610  

Halliburton Co.

      157,934       5,751,956  

Helmerich & Payne, Inc.

      57,580       2,850,786  

Hess Corp.

      26,622       3,755,832  

HF Sinclair Corp.

      101,750       6,224,048  

Kinder Morgan, Inc.

      843,200       15,278,784  

Marathon Oil Corp.

      185,224       5,640,071  

Marathon Petroleum Corp.

      247,325       28,101,067  

Murphy Oil Corp.

      54,632       2,650,198  

Nabors Industries Ltd.(b)(c)

      6,344       1,104,046  

NOV, Inc.(c)

      112,581       2,521,814  

Occidental Petroleum Corp.

      293,106       21,279,496  

ONEOK, Inc.

      120,848       7,168,703  

Ovintiv, Inc.

      43,229       2,189,549  
     Shares   Value  

Energy-(continued)

     

PBF Energy, Inc., Class A(b)

      151,559       $ 6,706,486  

PDC Energy, Inc.

      17,526       1,264,326  

Peabody Energy Corp.(b)(c)

      50,669       1,210,989  

Phillips 66

      233,331       24,334,090  

Pioneer Natural Resources Co.

      16,238       4,163,586  

Schlumberger Ltd.(c)

      343,251       17,859,350  

SM Energy Co.

      22,232       999,995  

Targa Resources Corp.

      62,071       4,243,794  

TechnipFMC PLC (United Kingdom)(b)(c)

      299,813       3,175,020  

Transocean Ltd.(b)(c)

      798,450       2,938,296  

Valaris Ltd.(b)(c)

      27,257       1,824,311  

Valero Energy Corp.

      249,493       31,323,846  

Williams Cos., Inc. (The)

      335,655       10,985,988  

World Fuel Services Corp.

      34,858       888,530  
    

 

 

  
          570,280,777  
    

 

 

  

Financials-18.81%

     

Affiliated Managers Group, Inc.

      9,814       1,218,506  

Aflac, Inc.

      204,533       13,317,144  

AGNC Investment Corp.

      248,587       2,043,385  

Allstate Corp. (The)

      116,117       14,659,771  

Ally Financial, Inc.

      144,553       3,983,881  

American Equity Investment Life Holding Co.

      46,033       1,983,102  

American Express Co.

      86,867       12,895,406  

American Financial Group, Inc.

      21,889       3,176,313  

American International Group, Inc.

      380,623       21,695,511  

Ameriprise Financial, Inc.

      18,923       5,849,478  

Annaly Capital Management, Inc.(c)

      131,579       2,440,790  

Aon PLC, Class A

      16,661       4,689,905  

Apollo Commercial Real Estate Finance,
Inc.(c)

      63,129       710,833  

Arch Capital Group Ltd.(b)(c)

      95,846       5,511,145  

Arthur J. Gallagher & Co.

      22,695       4,245,781  

Associated Banc-Corp

      53,217       1,295,834  

Assurant, Inc.

      16,523       2,244,815  

Assured Guaranty Ltd.

      30,362       1,797,127  

Atlantic Union Bankshares Corp.(c)

      19,536       674,773  

AXIS Capital Holdings Ltd.

      29,518       1,613,749  

Bank of America Corp.

      1,720,220       61,996,729  

Bank of Hawaii Corp.(c)

      9,435       716,588  

Bank of New York Mellon Corp. (The)

      260,454       10,967,718  

Bank OZK(c)

      29,716       1,277,194  

BankUnited, Inc.(c)

      28,235       1,015,048  

Berkshire Hathaway, Inc., Class B(b)

      466,072       137,533,186  

BlackRock, Inc.

      21,548       13,918,069  

Blackstone Mortgage Trust, Inc., Class A(c)

      44,971       1,122,476  

Blackstone, Inc., Class A

      40,680       3,707,575  

BOK Financial Corp.(c)

      8,078       890,115  

Bread Financial Holdings, Inc.

      28,078       1,013,897  

Brighthouse Financial, Inc.(b)

      52,421       2,991,666  

Brown & Brown, Inc.

      19,457       1,143,877  

Cadence Bank(c)

      27,558       761,979  

Cannae Holdings, Inc.(b)(c)

      30,813       713,629  

Capital One Financial Corp.

      162,483       17,226,448  

Carlyle Group, Inc. (The)

      18,808       531,890  

Cathay General Bancorp

      18,548       845,789  

Cboe Global Markets, Inc.

      11,761       1,464,244  

Charles Schwab Corp. (The)

      133,689       10,651,003  

 

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

 

    8    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Financials-(continued)

     

Chimera Investment Corp.(c)

      148,232       $ 1,000,566  

Chubb Ltd.

      101,999       21,918,565  

Cincinnati Financial Corp.

      33,107       3,420,615  

Citigroup, Inc.

      1,128,390            51,747,965  

Citizens Financial Group, Inc.

      157,417       6,438,355  

CME Group, Inc., Class A

      43,383       7,518,274  

CNO Financial Group, Inc.

      70,759       1,560,944  

Columbia Banking System, Inc.(c)

      23,173       775,600  

Comerica, Inc.

      36,342       2,562,111  

Commerce Bancshares, Inc.(c)

      17,903       1,268,249  

Community Bank System, Inc.(c)

      10,547       658,449  

Credicorp Ltd. (Peru)(c)

      21,484       3,144,398  

Cullen/Frost Bankers, Inc.(c)

      10,929       1,694,541  

Discover Financial Services

      72,319       7,554,443  

East West Bancorp, Inc.

      22,856       1,635,804  

Enstar Group Ltd.(b)

      3,755       752,953  

Equitable Holdings, Inc.

      130,426       3,993,644  

Essent Group Ltd.

      20,749       821,245  

Evercore, Inc., Class A(c)

      7,911       831,446  

Everest Re Group Ltd.

      11,338       3,658,319  

F.N.B. Corp.(c)

      120,731       1,744,563  

FactSet Research Systems, Inc.

      2,376       1,010,964  

Federated Hermes, Inc., Class B

      30,322       1,053,690  

Fidelity National Financial, Inc.

      83,076       3,271,533  

Fifth Third Bancorp

      172,309       6,149,708  

First American Financial Corp.(c)

      36,916       1,860,566  

First Citizens BancShares, Inc., Class A(c)

     1,321       1,086,021  

First Hawaiian, Inc.(c)

      40,893       1,046,043  

First Horizon Corp.

      130,155       3,190,099  

First Republic Bank

      18,557       2,228,696  

Flagstar Bancorp, Inc.

      16,557       640,756  

Franklin Resources, Inc.

      120,520       2,826,194  

Fulton Financial Corp.

      50,873       927,415  

Genworth Financial, Inc., Class A(b)(c)

      238,083       1,111,848  

Glacier Bancorp, Inc.(c)

      17,577       1,006,811  

Globe Life, Inc.

      28,488       3,290,934  

Goldman Sachs Group, Inc. (The)

      91,308       31,456,519  

Hancock Whitney Corp.

      22,794       1,273,501  

Hanover Insurance Group, Inc. (The)

      11,241       1,646,694  

Hartford Financial Services Group, Inc. (The)

      127,039       9,198,894  

Home BancShares, Inc.(c)

      37,345       951,924  

Hope Bancorp, Inc.

      42,686       579,249  

Huntington Bancshares, Inc.

      331,341       5,029,756  

Intercontinental Exchange, Inc.

      56,750       5,423,597  

Invesco Ltd.(d)

      168,259       2,577,728  

Jackson Financial, Inc., Class A(c)

      48,493       1,860,191  

Janus Henderson Group PLC

      59,702       1,359,415  

Jefferies Financial Group, Inc.

      78,336       2,695,542  

JPMorgan Chase & Co.

      785,142       98,833,675  

Kemper Corp.(c)

      31,159       1,485,350  

KeyCorp

      261,408       4,671,361  

KKR & Co., Inc., Class A(c)

      63,637       3,094,667  

Lazard Ltd., Class A

      48,143       1,815,473  

Lincoln National Corp.

      100,668       5,422,985  

Loews Corp.

      56,439       3,218,152  

LPL Financial Holdings, Inc.

      8,805       2,250,998  

M&T Bank Corp.

      50,639       8,526,088  

Markel Corp.(b)

      3,642       4,392,616  

Marsh & McLennan Cos., Inc.

      53,753       8,680,572  
     Shares   Value  

Financials-(continued)

     

MetLife, Inc.

      347,695       $ 25,454,751  

MFA Financial, Inc.

      58,130       578,975  

MGIC Investment Corp.

      80,815       1,103,125  

Moody’s Corp.

      8,603       2,278,677  

Morgan Stanley

      275,164            22,610,226  

MSCI, Inc.

      2,413       1,131,359  

Nasdaq, Inc.

      36,324       2,260,806  

Navient Corp.

      119,435       1,808,246  

New York Community Bancorp, Inc.(c)

      228,517       2,127,493  

Northern Trust Corp.

      45,918       3,873,183  

Old National Bancorp

      54,183       1,059,819  

Old Republic International Corp.

      118,258       2,744,768  

OneMain Holdings, Inc.(c)

      48,166       1,857,281  

PacWest Bancorp

      36,827       915,519  

PennyMac Mortgage Investment Trust(c)

      57,186       793,170  

Pinnacle Financial Partners, Inc.

      12,239       1,015,715  

PNC Financial Services Group, Inc. (The)

      102,362       16,565,242  

Popular, Inc.

      23,037       1,629,177  

Primerica, Inc.(c)

      8,214       1,188,566  

Principal Financial Group, Inc.

      104,725       9,229,414  

Progressive Corp. (The)

      126,567       16,251,203  

Prosperity Bancshares, Inc.

      22,185       1,587,780  

Prudential Financial, Inc.

      165,847       17,445,446  

Radian Group, Inc.

      55,987       1,168,449  

Raymond James Financial, Inc.

      27,259       3,220,378  

Regions Financial Corp.

      280,497       6,156,909  

Reinsurance Group of America, Inc.

      36,427       5,360,962  

RenaissanceRe Holdings Ltd. (Bermuda)(c)

      12,458       1,927,003  

Rithm Capital Corp.

      275,738       2,324,471  

S&P Global, Inc.

      19,361       6,219,721  

SEI Investments Co.

      14,551       790,119  

Selective Insurance Group, Inc.(c)

      13,477       1,321,824  

Signature Bank

      5,330       844,965  

Simmons First National Corp., Class A(c)

      31,045       741,044  

SLM Corp.

      62,576       1,038,136  

South State Corp.(c)

      14,074       1,272,712  

Starwood Property Trust, Inc.(c)

      100,722       2,080,917  

State Street Corp.

      98,380       7,280,120  

Stifel Financial Corp.

      17,516       1,083,715  

SVB Financial Group(b)

      5,014       1,158,033  

Synchrony Financial

      259,699       9,234,896  

Synovus Financial Corp.

      34,449       1,372,793  

T. Rowe Price Group, Inc.(c)

      39,736       4,218,374  

Texas Capital Bancshares, Inc.(b)(c)

      16,481       988,860  

Travelers Cos., Inc. (The)

      97,898       18,058,265  

Truist Financial Corp.

      316,605       14,180,738  

Two Harbors Investment Corp.(c)

      151,685       539,999  

U.S. Bancorp

      390,563       16,579,399  

UMB Financial Corp.(c)

      8,919       742,239  

Umpqua Holdings Corp.

      56,746       1,128,110  

United Bankshares, Inc.(c)

      37,781       1,600,025  

Unum Group

      161,052       7,342,361  

Valley National Bancorp(c)

      107,838       1,280,037  

Voya Financial, Inc.(c)

      44,309       3,028,963  

W.R. Berkley Corp.

      43,248       3,216,786  

Washington Federal, Inc.

      21,549       833,946  

Webster Financial Corp.

      22,160       1,202,402  

Wells Fargo & Co.

      1,517,728       69,800,311  

WesBanco, Inc.

      20,857       843,457  

 

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

 

    9    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Financials-(continued)

     

Western Alliance Bancorporation

      10,879       $ 730,742  

White Mountains Insurance Group Ltd.

      751       1,063,529  

Willis Towers Watson PLC

      21,173       4,620,160  

Wintrust Financial Corp.

      12,547       1,174,650  

Zions Bancorporation N.A

      38,224       1,985,355  
    

 

 

  
       1,083,649,459  
    

 

 

  

Health Care-14.01%

     

Abbott Laboratories

      170,469       16,866,203  

AbbVie, Inc.

      241,644       35,376,682  

Acadia Healthcare Co., Inc.(b)

      21,723       1,766,080  

Agilent Technologies, Inc.

      20,023       2,770,182  

Align Technology, Inc.(b)

      2,797       543,457  

AmerisourceBergen Corp.

      76,093       11,963,341  

Amgen, Inc.

      111,351       30,103,743  

Avantor, Inc.(b)

      43,099       869,307  

Baxter International, Inc.

      65,376       3,553,186  

Becton, Dickinson and Co.

      36,343       8,575,858  

Biogen, Inc.(b)

      47,102       13,350,591  

BioMarin Pharmaceutical, Inc.(b)

      11,892       1,030,204  

Bio-Rad Laboratories, Inc., Class A(b)

      3,087       1,085,729  

Boston Scientific Corp.(b)

      144,340       6,222,497  

Bristol-Myers Squibb Co.

      332,194       25,735,069  

Brookdale Senior Living, Inc.(b)(c)

      162,399       725,924  

Cardinal Health, Inc.

      267,672       20,316,305  

Catalent, Inc.(b)

      14,453       949,996  

Centene Corp.(b)

      213,375       18,164,614  

Charles River Laboratories International,
Inc.(b)

      4,087       867,466  

Cigna Corp.

      97,528       31,507,396  

Community Health Systems, Inc.(b)(c)

      130,182       373,622  

Cooper Cos., Inc. (The)(c)

      3,355       917,223  

CVS Health Corp.

      512,782       48,560,455  

Danaher Corp.

      40,136       10,101,027  

DaVita, Inc.(b)

      24,023       1,753,919  

DENTSPLY SIRONA, Inc.

      25,906       798,423  

Edwards Lifesciences Corp.(b)(c)

      22,724       1,645,899  

Elanco Animal Health, Inc.(b)

      84,700       1,117,193  

Elevance Health, Inc.

      53,931       29,487,853  

Eli Lilly and Co.

      57,990       20,997,599  

Embecta Corp.(c)

      7,268       224,727  

Encompass Health Corp.

      24,743       1,347,009  

Enhabit, Inc.(b)(c)

      12,369       153,623  

Enovis Corp.(b)(c)

      9,156       452,764  

Envista Holdings Corp.(b)(c)

      31,382       1,035,920  

Gilead Sciences, Inc.

      391,489       30,716,227  

HCA Healthcare, Inc.

      40,896       8,893,653  

Henry Schein, Inc.(b)

      31,893       2,183,395  

Hologic, Inc.(b)

      27,167       1,841,923  

Horizon Therapeutics PLC(b)

      12,761       795,265  

Humana, Inc.

      30,358       16,942,193  

ICON PLC(b)

      4,787       947,060  

IDEXX Laboratories, Inc.(b)

      2,145       771,514  

Illumina, Inc.(b)(c)

      6,645       1,520,509  

Incyte Corp.(b)

      10,677       793,728  

Intuitive Surgical, Inc.(b)

      12,774       3,148,408  

IQVIA Holdings, Inc.(b)

      18,461       3,870,718  

Jazz Pharmaceuticals PLC(b)

      11,967       1,720,735  

Johnson & Johnson

      428,629       74,568,587  

Laboratory Corp. of America Holdings

      20,824       4,620,013  
     Shares   Value  

Health Care-(continued)

     

McKesson Corp.

      73,671       $ 28,685,277  

Medtronic PLC

      261,159       22,809,627  

Merck & Co., Inc.

      460,582       46,610,898  

Mettler-Toledo International, Inc.(b)(c)

      860       1,087,840  

Molina Healthcare, Inc.(b)

      12,299       4,413,619  

Organon & Co.

      140,628       3,681,641  

Owens & Minor, Inc.(c)

      35,251       599,267  

Patterson Cos., Inc.

      36,323       943,308  

Pediatrix Medical Group, Inc.(b)(c)

      31,209       605,455  

PerkinElmer, Inc.

      7,755       1,035,913  

Perrigo Co. PLC(c)

      51,975       2,093,553  

Pfizer, Inc.

      1,108,426       51,597,230  

Premier, Inc., Class A

      27,831       970,745  

Quest Diagnostics, Inc.

      30,146       4,330,473  

Regeneron Pharmaceuticals, Inc.(b)

      8,545       6,398,069  

ResMed, Inc.

      7,665       1,714,584  

Royalty Pharma PLC, Class A

      29,111       1,231,977  

Select Medical Holdings Corp.(c)

      53,292       1,368,539  

STERIS PLC

      6,616       1,141,789  

Stryker Corp.(c)

      30,023       6,882,472  

Syneos Health, Inc.(b)

      18,611       937,622  

Teladoc Health, Inc.(b)(c)

      45,359       1,344,441  

Teleflex, Inc.

      4,244       910,593  

Tenet Healthcare Corp.(b)

      60,287       2,674,331  

Thermo Fisher Scientific, Inc.

      24,683       12,686,321  

United Therapeutics Corp.(b)

      7,523       1,734,277  

UnitedHealth Group, Inc.

      130,403       72,393,225  

Universal Health Services, Inc., Class B

      22,810       2,642,995  

Vertex Pharmaceuticals, Inc.(b)

      13,915       4,341,480  

Viatris, Inc.

      586,318       5,939,401  

Waters Corp.(b)

      3,489       1,043,804  

West Pharmaceutical Services, Inc.

      2,493       573,639  

Zimmer Biomet Holdings, Inc.

      36,574       4,145,663  

Zoetis, Inc.

      19,273       2,905,983  
    

 

 

  
          807,121,065  
    

 

 

  

Industrials-9.87%

     

3M Co.

      153,023       19,248,763  

A.O. Smith Corp.

      16,540       906,061  

ABM Industries, Inc.(c)

      27,367       1,218,105  

Acuity Brands, Inc.(c)

      6,406       1,175,949  

AECOM

      50,198       3,778,905  

AerCap Holdings N.V. (Ireland)(b)

      37,917       2,025,147  

AGCO Corp.

      13,513       1,677,909  

Air Lease Corp.

      37,480       1,322,669  

Allegion PLC

      9,647       1,010,716  

Allison Transmission Holdings, Inc.

      30,968       1,308,398  

AMERCO(c)

      1,769       1,017,511  

American Airlines Group, Inc.(b)(c)

      100,019       1,418,269  

AMETEK, Inc.

      20,354       2,639,100  

Applied Industrial Technologies, Inc.

      7,892       981,607  

ASGN, Inc.(b)(c)

      10,185       863,484  

Atlas Air Worldwide Holdings, Inc.(b)(c)

      14,983       1,515,381  

Avis Budget Group, Inc.(b)(c)

      16,959       4,010,125  

Beacon Roofing Supply, Inc.(b)

      21,946       1,236,657  

Boeing Co. (The)(b)

      105,423       15,023,832  

Boise Cascade Co.(c)

      11,755       784,881  

Booz Allen Hamilton Holding Corp.

      25,096       2,731,700  

Brink’s Co. (The)

      11,139       664,219  

Builders FirstSource, Inc.(b)(c)

      24,820       1,530,401  

 

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

 

    10    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Industrials-(continued)

     

BWX Technologies, Inc.

      17,094       $ 974,016  

C.H. Robinson Worldwide, Inc.(c)

      38,487       3,760,950  

CACI International, Inc., Class A(b)

      6,361       1,933,935  

Carlisle Cos., Inc.

      7,167       1,711,480  

Carrier Global Corp.

      139,521       5,547,355  

Caterpillar, Inc.

      106,615            23,077,883  

Cintas Corp.

      7,289       3,116,412  

Clarivate PLC(b)(c)

      85,056       878,628  

Clean Harbors, Inc.(b)

      11,503       1,408,657  

Copart, Inc.(b)

      9,988       1,148,820  

CoStar Group, Inc.(b)

      23,183       1,917,698  

Crane Holdings Co.

      9,826       985,941  

CSX Corp.

      279,019       8,108,292  

Cummins, Inc.(c)

      38,402       9,389,673  

Curtiss-Wright Corp.

      6,848       1,149,300  

Deere & Co.

      32,372       12,813,485  

Delta Air Lines, Inc.(b)

      59,968       2,034,714  

Donaldson Co., Inc.

      19,878       1,141,991  

Dover Corp.

      18,019       2,354,903  

Dycom Industries, Inc.(b)

      10,001       1,181,918  

Eaton Corp. PLC

      71,516       10,732,406  

EMCOR Group, Inc.

      13,879       1,958,327  

Emerson Electric Co.

      104,589       9,057,407  

EnerSys(c)

      11,798       782,089  

Equifax, Inc.(c)

      9,728       1,649,285  

Esab Corp.

      9,155       341,482  

Expeditors International of Washington, Inc.

      22,750       2,226,088  

Fastenal Co.

      67,234       3,249,419  

FedEx Corp.

      79,375       12,722,225  

Flowserve Corp.(c)

      40,968       1,174,962  

Fluor Corp.(b)(c)

      121,726       3,683,429  

Fortive Corp.

      37,734       2,411,203  

Fortune Brands Home & Security, Inc.

      22,729       1,371,013  

FTI Consulting, Inc.(b)(c)

      5,789       900,942  

GATX Corp.(c)

      10,596       1,109,507  

Generac Holdings, Inc.(b)

      3,229       374,273  

General Dynamics Corp.

      56,420       14,093,716  

General Electric Co.

      363,236       28,263,393  

GEO Group, Inc. (The)(b)(c)

      176,264       1,491,193  

GMS, Inc.(b)(c)

      15,125       713,900  

Graco, Inc.

      13,576       944,618  

Greenbrier Cos., Inc. (The)

      18,643       658,284  

GXO Logistics, Inc.(b)(c)

      19,465       711,251  

HEICO Corp.(c)

      2,069       336,502  

HEICO Corp., Class A

      3,753       477,757  

Herc Holdings, Inc.(c)

      5,318       625,450  

Hexcel Corp.

      16,080       895,656  

Honeywell International, Inc.

      109,225       22,284,085  

Howmet Aerospace, Inc.

      66,098       2,349,784  

Hub Group, Inc., Class A(b)(c)

      11,324       878,742  

Hubbell, Inc.

      10,271       2,439,157  

Huntington Ingalls Industries, Inc.

      12,652       3,252,450  

IDEX Corp.

      7,913       1,759,139  

Illinois Tool Works, Inc.

      39,688       8,474,579  

Ingersoll Rand, Inc.(c)

      47,326       2,389,963  

ITT, Inc.

      12,420       948,764  

J.B. Hunt Transport Services, Inc.

      10,726       1,834,897  

Jacobs Solutions, Inc.

      22,451       2,586,804  

JELD-WEN Holding, Inc.(b)

      47,125       499,996  
     Shares   Value  

Industrials-(continued)

     

Johnson Controls International PLC

      145,906       $ 8,439,203  

KAR Auction Services, Inc.(b)(c)

      66,649       968,410  

KBR, Inc.(c)

      27,123              1,349,912  

Kennametal, Inc.(c)

      24,058       642,589  

Kirby Corp.(b)

      18,049       1,258,918  

Knight-Swift Transportation Holdings, Inc.(c)

      34,231       1,644,115  

L3Harris Technologies, Inc.

      30,494       7,515,856  

Landstar System, Inc.

      6,574       1,026,990  

Leidos Holdings, Inc.

      43,100       4,378,529  

Lennox International, Inc.(c)

      4,185       977,490  

Lincoln Electric Holdings, Inc.(c)

      8,146       1,156,732  

Lockheed Martin Corp.(c)

      50,327       24,493,144  

ManpowerGroup, Inc.

      30,596       2,396,891  

Masco Corp.

      37,502       1,735,218  

MasTec, Inc.(b)(c)

      16,142       1,244,225  

MDU Resources Group, Inc.

      72,794       2,073,173  

Middleby Corp. (The)(b)(c)

      6,951       972,167  

MSC Industrial Direct Co., Inc., Class A

      15,331       1,272,166  

Mueller Industries, Inc.(c)

      15,514       971,797  

Nordson Corp.

      4,803       1,080,675  

Norfolk Southern Corp.

      35,211       8,030,573  

Northrop Grumman Corp.

      26,577       14,591,039  

nVent Electric PLC

      34,863       1,272,500  

Old Dominion Freight Line, Inc.

      5,315       1,459,499  

Oshkosh Corp.

      17,554       1,544,752  

Otis Worldwide Corp.

      49,442       3,492,583  

Owens Corning

      23,974       2,052,414  

PACCAR, Inc.

      89,828       8,698,045  

Parker-Hannifin Corp.

      17,413       5,060,566  

Pentair PLC

      27,085       1,163,301  

Pitney Bowes, Inc.(c)

      208,887       649,639  

Quanta Services, Inc.(c)

      23,112       3,282,829  

Raytheon Technologies Corp.

      260,870       24,735,693  

Regal Rexnord Corp.

      8,017       1,014,471  

Republic Services, Inc.

      33,605       4,456,695  

Resideo Technologies, Inc.(b)(c)

      53,475       1,263,080  

Robert Half International, Inc.(c)

      13,788       1,054,230  

Rockwell Automation, Inc.

      12,461       3,181,293  

Rush Enterprises, Inc., Class A

      15,294       763,018  

Ryder System, Inc.(c)

      36,980       2,977,260  

Science Applications International Corp.

      16,321       1,768,217  

Sensata Technologies Holding PLC

      30,415       1,222,987  

Snap-on, Inc.

      10,919       2,424,564  

Southwest Airlines Co.(b)

      35,964       1,307,291  

Spirit AeroSystems Holdings, Inc., Class A(c)

      27,732       642,273  

Stanley Black & Decker, Inc.(c)

      34,626       2,717,795  

Stericycle, Inc.(b)(c)

      21,124       941,708  

Sunrun, Inc.(b)(c)

      57,509       1,294,528  

Terex Corp.

      20,326       824,016  

Textron, Inc.

      49,907       3,415,635  

Timken Co. (The)

      16,653       1,187,192  

Toro Co. (The)(c)

      11,098       1,170,062  

Trane Technologies PLC

      30,560       4,878,293  

TransDigm Group, Inc.

      8,835       5,086,840  

TransUnion

      13,315       789,180  

Trinity Industries, Inc.(c)

      29,254       834,617  

Triton International Ltd. (Bermuda)(c)

      20,753       1,259,500  

Uber Technologies, Inc.(b)(c)

      90,417       2,402,380  

 

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

 

    11    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Industrials-(continued)

     

UFP Industries, Inc.

      11,352       $ 808,603  

Union Pacific Corp.

      80,541       15,877,853  

United Airlines Holdings, Inc.(b)

      54,218       2,335,711  

United Parcel Service, Inc., Class B

      104,752       17,574,243  

United Rentals, Inc.(b)

      16,893       5,333,289  

Univar Solutions, Inc.(b)

      70,480       1,795,830  

Valmont Industries, Inc.

      3,750       1,197,075  

Verisk Analytics, Inc.

      8,604       1,573,069  

Veritiv Corp.(b)(c)

      7,697       894,853  

W.W. Grainger, Inc.

      6,776       3,959,556  

Wabtec Corp.

      28,169       2,627,604  

Waste Management, Inc.

      59,630       9,443,603  

Watsco, Inc.(c)

      5,307       1,437,985  

Werner Enterprises, Inc.

      21,023       824,102  

WESCO International, Inc.(b)

      17,363       2,392,101  

Woodward, Inc.(c)

      7,104       651,437  

XPO Logistics, Inc.(b)(c)

      28,947       1,497,718  

Xylem, Inc.

      22,036       2,257,148  
    

 

 

  
          568,370,515  
    

 

 

  

Information Technology-11.98%

     

Accenture PLC, Class A

      55,208       15,673,551  

Adobe, Inc.(b)

      16,024       5,103,644  

Advanced Micro Devices, Inc.(b)

      23,709       1,423,963  

Akamai Technologies, Inc.(b)

      20,071       1,772,871  

Amdocs Ltd.

      24,499       2,114,509  

Amkor Technology, Inc.(c)

      34,070       708,315  

Amphenol Corp., Class A

      48,441       3,673,281  

Analog Devices, Inc.

      38,796       5,533,086  

ANSYS, Inc.(b)

      4,829       1,067,982  

Apple, Inc.

      774,734       118,797,712  

Applied Materials, Inc.

      61,950       5,469,565  

Arista Networks, Inc.(b)

      8,957       1,082,543  

Arrow Electronics, Inc.(b)

      36,429       3,688,801  

Automatic Data Processing, Inc.

      42,978       10,387,783  

Avnet, Inc.

      54,241       2,179,946  

Black Knight, Inc.(b)

      19,591       1,184,668  

Block, Inc., Class A(b)

      11,437       687,021  

Broadcom, Inc.

      35,542       16,709,005  

Broadridge Financial Solutions, Inc.

      13,185       1,978,541  

Cadence Design Systems, Inc.(b)

      9,745       1,475,296  

CDW Corp.

      19,069       3,295,314  

Check Point Software Technologies Ltd. (Israel)(b)

      10,974       1,418,170  

Ciena Corp.(b)(c)

      19,396       929,068  

Cirrus Logic, Inc.(b)(c)

      8,610       577,903  

Cisco Systems, Inc.

      730,665       33,194,111  

Cognex Corp.

      11,292       522,029  

Cognizant Technology Solutions Corp., Class A

      75,679       4,711,018  

Coherent Corp.(b)(c)

      11,023       370,483  

CommScope Holding Co., Inc.(b)

      161,082       2,132,726  

Concentrix Corp.

      5,820       711,379  

Conduent, Inc.(b)(c)

      155,474       640,553  

Corning, Inc.

      144,109       4,635,987  

Dell Technologies, Inc., Class C

      61,021       2,343,206  

DXC Technology Co.(b)

      104,833       3,013,949  

Entegris, Inc.

      5,710       453,031  

EPAM Systems, Inc.(b)

      2,098       734,300  

Euronet Worldwide, Inc.(b)

      7,158       601,344  
     Shares   Value  

Information Technology-(continued)

     

F5, Inc.(b)

      6,541       $ 934,774  

Fidelity National Information Services, Inc.

      131,158            10,884,802  

First Solar, Inc.(b)

      23,418       3,408,958  

Fiserv, Inc.(b)

      97,830       10,051,054  

FleetCor Technologies, Inc.(b)

      8,602       1,601,004  

Flex Ltd.(b)(c)

      325,402       6,371,371  

Gartner, Inc.(b)

      4,236       1,278,933  

Genpact Ltd.(c)

      25,592       1,241,212  

Global Payments, Inc.(c)

      41,109       4,697,114  

Hewlett Packard Enterprise Co.

      578,457       8,254,581  

HP, Inc.

      346,680       9,575,302  

Insight Enterprises, Inc.(b)(c)

      15,567       1,471,237  

Intel Corp.

      1,320,200       37,533,286  

International Business Machines Corp.

      327,582       45,301,315  

Intuit, Inc.

      8,191       3,501,652  

IPG Photonics Corp.(b)(c)

      5,396       462,221  

Jabil, Inc.

      64,378       4,136,286  

Jack Henry & Associates, Inc.

      6,568       1,307,426  

Juniper Networks, Inc.

      75,068       2,297,081  

Keysight Technologies, Inc.(b)

      11,009       1,917,217  

KLA Corp.

      9,460       2,993,617  

Kyndryl Holdings, Inc.(b)

      191,217       1,849,068  

Lam Research Corp.

      9,064       3,668,926  

Marvell Technology, Inc.

      33,537       1,330,748  

Mastercard, Inc., Class A

      27,896       9,154,909  

Maximus, Inc.

      11,317       697,919  

Microchip Technology, Inc.

      49,486       3,055,266  

Micron Technology, Inc.

      230,706       12,481,195  

Microsoft Corp.

      382,493       88,788,100  

MKS Instruments, Inc.

      6,710       551,227  

Motorola Solutions, Inc.

      14,402       3,596,323  

National Instruments Corp.

      22,820       871,268  

NCR Corp.(b)(c)

      45,079       958,380  

NetApp, Inc.

      30,635       2,122,086  

NortonLifeLock, Inc.

      126,711       2,854,799  

NVIDIA Corp.

      30,592       4,129,002  

NXP Semiconductors N.V. (China)

      28,107       4,105,871  

ON Semiconductor Corp.(b)

      40,305       2,475,936  

Oracle Corp.

      221,617       17,301,639  

Paychex, Inc.

      36,495       4,317,723  

PayPal Holdings, Inc.(b)

      89,636       7,491,777  

Paysafe Ltd.(b)(c)

      263,239       384,329  

Qorvo, Inc.(b)

      17,056       1,468,180  

QUALCOMM, Inc.

      113,432       13,346,409  

Roper Technologies, Inc.

      8,857       3,671,581  

Sabre Corp.(b)(c)

      105,989       615,796  

salesforce.com, inc.(b)

      57,985       9,427,781  

Sanmina Corp.(b)

      34,005       1,905,980  

Seagate Technology Holdings PLC(c)

      41,806       2,076,086  

ServiceNow, Inc.(b)

      2,042       859,151  

Skyworks Solutions, Inc.

      20,968       1,803,458  

SS&C Technologies Holdings, Inc.

      26,575       1,366,487  

Synopsys, Inc.(b)

      7,035       2,058,089  

TD SYNNEX Corp.

      7,773       711,307  

TE Connectivity Ltd. (Switzerland)

      44,968       5,496,439  

Teledyne Technologies, Inc.(b)

      3,616       1,439,096  

Teradyne, Inc.

      10,562       859,219  

Texas Instruments, Inc.

      100,643       16,166,285  

Trimble, Inc.(b)

      23,348       1,404,616  

 

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

 

    12    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Information Technology-(continued)

     

TTM Technologies, Inc.(b)(c)

      77,549       $ 1,187,275  

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

      10,349       769,655  

Viasat, Inc.(b)(c)

      22,361       915,907  

Visa, Inc., Class A

      70,503       14,605,401  

Vishay Intertechnology, Inc.

      45,950       960,815  

VMware, Inc., Class A

      23,589       2,654,470  

Vontier Corp.

      41,115       785,297  

Western Digital Corp.(b)

      132,538       4,555,331  

Western Union Co. (The)(c)

      127,232       1,718,904  

WEX, Inc.(b)(c)

      6,038       991,077  

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

      3,792       590,869  

Xerox Holdings Corp.(c)

      121,422       1,776,404  

Zebra Technologies Corp., Class A(b)

      3,949       1,118,436  
    

 

 

  
          689,709,389  
    

 

 

  

Materials-3.19%

     

Air Products and Chemicals, Inc.

      32,536       8,147,014  

Albemarle Corp.(c)

      10,961       3,067,655  

Alcoa Corp.

      34,794       1,358,010  

AptarGroup, Inc.(c)

      10,353       1,026,500  

Arconic Corp.(b)(c)

      53,864       1,118,217  

Ashland, Inc.

      10,493       1,100,926  

Avery Dennison Corp.

      12,141       2,058,507  

Avient Corp.

      18,961       653,965  

Axalta Coating Systems Ltd.(b)

      50,184       1,170,291  

Ball Corp.(c)

      35,249       1,740,948  

Berry Global Group, Inc.(b)(c)

      48,805       2,309,453  

Cabot Corp.(c)

      12,706       933,637  

Celanese Corp.

      20,921       2,010,926  

CF Industries Holdings, Inc.

      38,722       4,114,600  

Chemours Co. (The)(c)

      59,150       1,693,464  

Cleveland-Cliffs, Inc.(b)(c)

      48,997       636,471  

Commercial Metals Co.

      34,786       1,582,763  

Compass Minerals International, Inc.(c)

      13,662       540,195  

Constellium SE(b)

      57,141       629,694  

Corteva, Inc.

      117,558       7,681,240  

Crown Holdings, Inc.

      26,993       1,851,450  

Dow, Inc.

      194,110       9,072,701  

DuPont de Nemours, Inc.

      187,072       10,700,518  

Eastman Chemical Co.

      35,890       2,756,711  

Ecolab, Inc.

      29,197       4,585,973  

Element Solutions, Inc.(c)

      32,070       551,604  

FMC Corp.

      15,229       1,810,728  

Freeport-McMoRan, Inc.

      144,317       4,573,406  

Graphic Packaging Holding Co.

      78,696       1,806,860  

H.B. Fuller Co.(c)

      11,733       817,907  

Huntsman Corp.

      57,239       1,531,716  

International Flavors & Fragrances, Inc.

      21,320       2,081,045  

International Paper Co.

      174,688       5,871,264  

Linde PLC (United Kingdom)

      62,447       18,568,615  

Louisiana-Pacific Corp.(c)

      15,920       901,868  

LyondellBasell Industries N.V., Class A

      109,055       8,337,255  

Martin Marietta Materials, Inc.

      6,668       2,240,315  

Mosaic Co. (The)

      78,337       4,210,614  

Newmont Corp.

      122,134       5,168,711  

Nucor Corp.

      60,953       8,008,005  

O-I Glass, Inc.(b)(c)

      84,116       1,371,932  

Olin Corp.

      33,696       1,784,203  

Packaging Corp. of America(c)

      20,192       2,427,280  

PPG Industries, Inc.

      38,547       4,401,296  
     Shares   Value  

Materials-(continued)

     

Reliance Steel & Aluminum Co.

      17,350       $ 3,495,678  

Royal Gold, Inc.

      6,364       604,325  

RPM International, Inc.

      22,278       2,106,830  

Scotts Miracle-Gro Co. (The)(c)

      7,687       352,910  

Sealed Air Corp.

      21,682       1,032,497  

Sherwin-Williams Co. (The)

      18,752       4,219,763  

Silgan Holdings, Inc.

      22,172       1,050,066  

Sonoco Products Co.

      32,045       1,989,354  

Southern Copper Corp. (Peru)

      11,232       527,567  

Steel Dynamics, Inc.

      49,679       4,672,310  

Summit Materials, Inc., Class A(b)(c)

      28,189       742,780  

Sylvamo Corp.(c)

      31,289       1,507,191  

Trinseo PLC

      17,805       335,090  

United States Steel Corp.(c)

      100,649       2,049,214  

Valvoline, Inc.

      22,975       674,546  

Vulcan Materials Co.

      14,286       2,338,618  

Warrior Met Coal, Inc.

      45,162       1,677,317  

Westlake Corp.(c)

      7,821       755,900  

WestRock Co.

      132,675       4,518,910  
    

 

 

  
          183,657,319  
    

 

 

  

Real Estate-2.95%

     

Alexandria Real Estate Equities, Inc.

      19,443       2,825,068  

American Homes 4 Rent, Class A

      28,793       919,648  

American Tower Corp.

      38,894       8,058,448  

Americold Realty Trust, Inc.(c)

      45,075       1,093,069  

Anywhere Real Estate, Inc.(b)(c)

      69,175       513,970  

Apple Hospitality REIT, Inc.

      83,507       1,429,640  

AvalonBay Communities, Inc.

      21,096       3,694,332  

Boston Properties, Inc.

      32,492       2,362,168  

Brandywine Realty Trust

      69,503       455,940  

Brixmor Property Group, Inc.

      76,786       1,636,310  

Camden Property Trust

      11,684       1,350,086  

CBRE Group, Inc., Class A(b)(c)

      58,203       4,128,921  

Corporate Office Properties Trust

      34,811       927,713  

Cousins Properties, Inc.

      33,765       802,256  

Crown Castle, Inc.

      55,317       7,371,543  

CubeSmart

      24,448       1,023,638  

Cushman & Wakefield PLC(b)(c)

      43,021       496,893  

DiamondRock Hospitality Co.

      81,497       761,182  

Digital Realty Trust, Inc.

      47,299       4,741,725  

DigitalBridge Group, Inc.(c)

      45,501       582,413  

Douglas Emmett, Inc.(c)

      39,453       693,978  

EPR Properties

      25,620       988,932  

Equinix, Inc.

      8,769       4,967,112  

Equity LifeStyle Properties, Inc.

      16,466       1,053,165  

Equity Residential

      62,791       3,957,089  

Essex Property Trust, Inc.

      9,664       2,147,727  

Extra Space Storage, Inc.

      11,543       2,048,190  

Federal Realty Investment Trust

      13,887       1,374,535  

First Industrial Realty Trust, Inc.

      14,806       705,210  

Gaming and Leisure Properties, Inc.

      41,351       2,072,512  

Healthcare Realty Trust, Inc.(c)

      77,675       1,579,133  

Healthpeak Properties, Inc.

      107,521       2,551,473  

Highwoods Properties, Inc.(c)

      31,304       883,712  

Host Hotels & Resorts, Inc.

      211,987       4,002,315  

Howard Hughes Corp. (The)(b)(c)

      8,579       526,322  

Hudson Pacific Properties, Inc.(c)

      47,768       527,359  

Invitation Homes, Inc.

      69,804       2,212,089  

Iron Mountain, Inc.(c)

      87,392       4,375,717  

 

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

 

    13    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Real Estate-(continued)

     

JBG SMITH Properties

      35,295       $ 694,606  

Jones Lang LaSalle, Inc.(b)(c)

      12,653              2,012,966  

Kilroy Realty Corp.(c)

      24,383       1,042,129  

Kimco Realty Corp.

      98,383       2,103,429  

Lamar Advertising Co., Class A

      15,072       1,390,091  

Life Storage, Inc.

      9,458       1,046,149  

LXP Industrial Trust(c)

      54,243       525,072  

Macerich Co. (The)(c)

      111,208       1,237,745  

Medical Properties Trust, Inc.(c)

      111,425       1,275,816  

Mid-America Apartment Communities, Inc.

      14,312       2,253,424  

National Retail Properties, Inc.

      34,568       1,452,893  

Omega Healthcare Investors, Inc.

      67,453       2,143,656  

Outfront Media, Inc.(c)

      47,494       857,267  

Paramount Group, Inc.(c)

      101,862       659,047  

Park Hotels & Resorts, Inc.(c)

      114,772       1,501,218  

Pebblebrook Hotel Trust(c)

      38,275       613,931  

Physicians Realty Trust(c)

      54,521       821,086  

Piedmont Office Realty Trust, Inc., Class A

      53,548       559,577  

Prologis, Inc.

      84,084       9,312,303  

Public Storage

      12,093       3,745,807  

Rayonier, Inc.(c)

      25,429       856,957  

Realty Income Corp.

      52,706       3,282,003  

Regency Centers Corp.

      34,760       2,103,328  

Rexford Industrial Realty, Inc.

      10,797       596,858  

RLJ Lodging Trust(c)

      84,699       1,030,787  

Ryman Hospitality Properties, Inc.(c)

      9,147       813,351  

Sabra Health Care REIT, Inc.(c)

      92,432       1,262,621  

SBA Communications Corp., Class A

      3,732       1,007,267  

Service Properties Trust(c)

      120,079       973,841  

Simon Property Group, Inc.

      60,539       6,597,540  

SITE Centers Corp.

      59,782       740,101  

SL Green Realty Corp.

      28,445       1,128,698  

Spirit Realty Capital, Inc.

      23,512       912,971  

STAG Industrial, Inc.

      23,575       744,734  

STORE Capital Corp.

      45,684       1,452,751  

Sun Communities, Inc.

      11,417       1,539,583  

Sunstone Hotel Investors, Inc.(c)

      85,109       948,965  

UDR, Inc.

      38,426       1,527,818  

Uniti Group, Inc.(c)

      103,640       804,246  

Ventas, Inc.

      128,887       5,043,348  

VICI Properties, Inc.

      91,850       2,941,037  

Vornado Realty Trust

      70,770       1,669,464  

W.P. Carey, Inc.(c)

      32,938       2,513,169  

Welltower, Inc.

      103,691       6,329,299  

Weyerhaeuser Co.

      157,364       4,867,269  

Xenia Hotels & Resorts, Inc.(c)

      45,193       771,896  

Zillow Group, Inc., Class A(b)(c)

      4,613       142,680  

Zillow Group, Inc., Class C(b)(c)

      13,560       418,462  
    

 

 

  
       170,110,789  
    

 

 

  

Utilities-4.93%

     

AES Corp. (The)

      241,975       6,330,066  

ALLETE, Inc.

      18,954       1,066,542  

Alliant Energy Corp.

      55,497       2,895,279  

Ameren Corp.

      61,237       4,992,040  

American Electric Power Co., Inc.

      148,507       13,056,735  

American Water Works Co., Inc.

      24,708       3,591,061  

Atmos Energy Corp.

      26,558       2,829,755  
     Shares   Value  

Utilities-(continued)

     

Avangrid, Inc.(c)

      20,257       $ 824,055  

Avista Corp.

      25,798       1,058,492  

Black Hills Corp.

      19,593       1,280,794  

CenterPoint Energy, Inc.

      176,754       5,056,932  

CMS Energy Corp.

      72,198       4,118,896  

Consolidated Edison, Inc.

      121,517       10,688,635  

Dominion Energy, Inc.

      214,127       14,982,466  

DTE Energy Co.

      53,524       6,000,576  

Duke Energy Corp.

      255,314       23,790,159  

Edison International

      138,838       8,335,834  

Entergy Corp.

      69,126       7,406,160  

Essential Utilities, Inc.

      34,440       1,522,937  

Evergy, Inc.

      76,086       4,651,137  

Eversource Energy

      86,812       6,622,019  

Exelon Corp.

      483,864       18,672,312  

FirstEnergy Corp.

      183,414       6,916,542  

Hawaiian Electric Industries, Inc.

      32,451       1,234,436  

IDACORP, Inc.

      12,357       1,293,778  

National Fuel Gas Co.

      21,280       1,436,187  

New Jersey Resources Corp.(c)

      26,054       1,163,051  

NextEra Energy, Inc.

      283,730       21,989,075  

NiSource, Inc.

      109,074       2,802,111  

NorthWestern Corp.

      18,811       993,785  

NRG Energy, Inc.

      67,112       2,979,773  

OGE Energy Corp.

      65,110       2,384,979  

ONE Gas, Inc.

      14,786       1,145,619  

PG&E Corp.(b)(c)

      417,056       6,226,646  

Pinnacle West Capital Corp.

      48,506       3,260,088  

PNM Resources, Inc.

      25,190       1,170,579  

Portland General Electric Co.(c)

      31,309       1,407,026  

PPL Corp.

      364,783       9,663,102  

Public Service Enterprise Group, Inc.

      139,190       7,804,383  

Sempra Energy

      73,259       11,057,713  

South Jersey Industries, Inc.(c)

      36,866       1,278,144  

Southern Co. (The)

      327,518       21,445,879  

Southwest Gas Holdings, Inc.(c)

      23,364       1,707,207  

Spire, Inc.

      19,029       1,328,414  

UGI Corp.

      78,682       2,779,835  

Vistra Corp.

      225,911       5,189,176  

WEC Energy Group, Inc.

      73,121       6,678,141  

Xcel Energy, Inc.

      135,097       8,796,166  
    

 

 

  
       283,904,717  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $4,960,714,994)

 

     5,752,981,289  
    

 

 

  

Money Market Funds-0.15%

     

Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e)
(Cost $8,481,711)

      8,481,711       8,481,711  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03%
(Cost $4,969,196,705)

 

  

 

5,761,463,000

 

    

 

 

  

 

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

 

    14    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.21%

 

Invesco Private Government Fund, 3.18%(d)(e)(f)

      100,804,655       $ 100,804,655  

Invesco Private Prime Fund,
3.28%(d)(e)(f)

     257,274,170       257,274,170  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $358,082,080)

 

     358,078,825  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-106.24%
(Cost $5,327,278,785)

 

     6,119,541,825  

OTHER ASSETS LESS LIABILITIES-(6.24)%

 

     (359,629,406 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 5,759,912,419  
    

 

 

  

    

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 October 31, 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 six months ended October 31, 2022.

 

     Value
April 30, 2022		    Purchases
at Cost		    Proceeds
from Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain
(Loss)		   Value
October 31, 2022		    Dividend
Income
Invesco Ltd.      $ 2,923,045      $ 275,233      $ (144,533 )     $ (503,951 )     $ (2,066 )     $ 2,577,728      $ 61,730
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class        4,450,312        104,098,303        (100,066,904 )       -       -       8,481,711        38,533
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        72,621,826        341,978,371        (313,795,542 )       -       -       100,804,655        834,071 *
Invesco Private Prime Fund        165,708,735        752,196,164        (660,639,103 )       (24,292 )       32,666       257,274,170        2,278,902 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  
Total      $ 245,703,918      $ 1,198,548,071      $ (1,074,616,082 )     $ (528,243 )     $ 30,600     $ 369,138,264      $ 3,213,236
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(e) 

The rate shown is the 7-day SEC standardized yield as of October 31, 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.

 

    15    

 

  

 

 

 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

October 31, 2022

(Unaudited)

    

 

Portfolio Composition

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

as of October 31, 2022

 

     

Financials

      18.81     

Health Care

      14.01     

Information Technology

      11.98     

Energy

      9.90     

Industrials

      9.87                                               

Consumer Staples

      8.53     

Consumer Discretionary

      8.35     

Communication Services

      7.36     

Utilities

      4.93     

Materials

      3.19     

Real Estate

      2.95     
Money Market Funds Plus Other Assets Less Liabilities      0.12     

 

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

 

    16    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

October 31, 2022

(Unaudited)

Schedule of Investments(a)

 

     Shares   Value  

Common Stocks & Other Equity Interests-100.00%

 

Communication Services-3.27%

     

Advantage Solutions, Inc.(b)(c)

      148,010       $ 500,274  

ATN International, Inc.

      19,483       840,107  

Audacy, Inc.(b)

             295,594       102,157  

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

      12,725       151,046  

Boston Omaha Corp., Class A(b)(c)

      12,721       354,534  

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

      83,055              2,109,597  

Cardlytics, Inc.(b)(c)

      5,151       48,574  

Cargurus, Inc.(b)(c)

      23,425       341,068  

Cars.com, Inc.(b)(c)

      58,946       818,170  

Clear Channel Outdoor Holdings, Inc.(b)

      800,225       1,144,322  

Cogent Communications Holdings, Inc.

      42,705       2,242,439  

comScore, Inc.(b)

      148,940       180,217  

Consolidated Communications Holdings, Inc.(b)(c)

      138,518       716,138  

DHI Group, Inc.(b)

      58,487       374,317  

E.W. Scripps Co. (The), Class A(b)(c)

      89,564       1,270,913  

EchoStar Corp., Class A(b)(c)

      139,203       2,626,761  

Entravision Communications Corp., Class A

      124,072       580,657  

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

      28,759       188,947  

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

      508,002       736,603  

Gogo, Inc.(b)

      40,745       579,394  

IDT Corp., Class B(b)(c)

      25,622       667,709  

IMAX Corp.(b)

      45,794       582,958  

Iridium Communications, Inc.(b)

      82,598       4,256,275  

John Wiley & Sons, Inc., Class A(c)

      75,547       3,187,328  

Lee Enterprises, Inc.(b)(c)

      26,668       506,159  

Liberty Media Corp.-Liberty Braves, Class A(b)(c)

      4,684       149,373  

Liberty Media Corp.-Liberty Braves, Class C(b)(c)

      17,036       530,842  

Liberty TripAdvisor Holdings, Inc., Class A(b)

      330,691       367,067  

Loyalty Ventures, Inc.(b)

      42,029       49,594  

Madison Square Garden Entertainment Corp.(b)(c)

      41,187       2,019,399  

Madison Square Garden Sports Corp., Class A

      4,054       634,897  

Magnite, Inc.(b)(c)

      50,895       371,024  

Marcus Corp. (The)(c)

      64,523       970,426  

National CineMedia, Inc.

      265,752       117,197  

New York Times Co. (The), Class A

      90,645       2,625,079  

Pinterest, Inc., Class A(b)

      118,970       2,926,662  

Playtika Holding Corp.(b)

      57,351       541,967  

QuinStreet, Inc.(b)(c)

      57,660       657,901  

Radius Global Infrastructure, Inc., Class A(b)(c)

      24,464       228,738  

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

      18,983       1,054,316  

Scholastic Corp.

      48,724       1,858,333  

Shenandoah Telecommunications Co.(c)

      77,561       1,757,532  

Shutterstock, Inc.(c)

      8,054       402,942  

Sinclair Broadcast Group, Inc., Class A(c)

      114,757       2,043,822  

Sirius XM Holdings, Inc.(c)

      566,536       3,421,877  

Skillz, Inc., (Acquired 03/18/2022 - 10/26/2022; Cost $224,157)(b)(c)(d)

      73,826       76,041  

Spok Holdings, Inc.

      47,162       414,554  

Stagwell, Inc.(b)(c)

      39,877       302,666  
     Shares   Value  

Communication Services-(continued)

     

Taboola.com Ltd. (Israel)(b)

      76,186       $ 134,087  

TechTarget, Inc.(b)(c)

      5,341       344,762  

Thryv Holdings, Inc.(b)(c)

      23,261       475,920  

Trade Desk, Inc. (The), Class A(b)

      25,715       1,369,067  

TripAdvisor, Inc.(b)(c)

      94,516       2,232,468  

TrueCar, Inc.(b)

      193,721       348,698  

United States Cellular Corp.(b)

      50,680       1,579,696  

Urban One, Inc., Class A(b)

      41,180       248,315  

Urban One, Inc., Class D(b)(c)

      89,993       447,265  

Vimeo, Inc.(b)

      58,759       223,284  

WideOpenWest, Inc.(b)(c)

      94,403       1,294,265  

World Wrestling Entertainment, Inc., Class A(c)

      22,824       1,800,585  

Yelp, Inc.(b)(c)

      61,302       2,354,610  

Ziff Davis, Inc.(b)(c)

      34,604       2,678,004  

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

      20,809       348,967  

ZoomInfo Technologies, Inc., Class A(b)

      5,504       245,093  
    

 

 

  
            64,753,999  
    

 

 

  

Consumer Discretionary-12.69%

     

1-800-Flowers.com, Inc., Class A(b)(c)

      51,566       375,916  

2U, Inc.(b)(c)

             141,402       875,278  

Aaron’s Co., Inc. (The)

      96,886       1,009,552  

Acushnet Holdings Corp.(c)

      37,835       1,761,976  

ADT, Inc.(c)

      482,201       4,079,420  

Adtalem Global Education, Inc.(b)(c)

      138,601       5,779,662  

Afya Ltd., Class A (Brazil)(b)(c)

      33,153       488,675  

American Outdoor Brands, Inc.(b)

      29,526       263,372  

American Public Education, Inc.(b)(c)

      37,082       475,020  

America’s Car-Mart, Inc.(b)(c)

      9,532       651,608  

Arco Platform Ltd., Class A (Brazil)(b)(c)

      19,415       220,166  

Arcos Dorados Holdings, Inc., Class A (Brazil)

      355,914       2,683,592  

Arko Corp.(c)

      220,559       2,260,730  

Bally’s Corp.(b)(c)

      23,385       527,098  

Barnes & Noble Education, Inc.(b)(c)

      215,483       601,198  

Bassett Furniture Industries, Inc.(c)

      31,756       577,324  

Beazer Homes USA, Inc.(b)(c)

      158,801       1,796,039  

Big 5 Sporting Goods Corp.(c)

      75,019       966,995  

BJ’s Restaurants, Inc.(b)(c)

      40,389       1,326,779  

Bluegreen Vacations Holding Corp.

      21,851       378,241  

Boot Barn Holdings, Inc.(b)(c)

      19,945       1,132,876  

Boyd Gaming Corp.

      54,807       3,165,652  

Buckle, Inc. (The)(c)

      63,193       2,485,381  

Build-A-Bear Workshop, Inc.(c)

      18,067       317,799  

Caleres, Inc.(c)

      103,401       2,825,949  

Camping World Holdings, Inc., Class A(c)

      65,766       1,830,268  

Canoo, Inc.(b)(c)

      48,924       67,026  

CarParts.com, Inc.(b)(c)

      46,817       219,104  

Carriage Services, Inc.

      13,733       335,223  

Carrols Restaurant Group, Inc.(b)

      149,379       261,413  

Carvana Co.(b)(c)

      10,065       136,179  

Cato Corp. (The), Class A(c)

      45,966       547,455  

Cavco Industries, Inc.(b)

      7,258       1,645,171  

Century Casinos, Inc.(b)(c)

      34,909       277,527  

Century Communities, Inc.(c)

      57,654       2,566,180  

Cheesecake Factory, Inc. (The)(c)

      70,690       2,531,409  

Chegg, Inc.(b)(c)

      44,473       959,283  

 

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

 

    17    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

 

     Shares   Value  

Consumer Discretionary-(continued)

     

Chico’s FAS, Inc.(b)(c)

      528,082       $        3,105,122  

Children’s Place, Inc. (The)(b)(c)

      34,090       1,379,963  

Choice Hotels International, Inc.(c)

      12,339       1,602,096  

Churchill Downs, Inc.

      11,061       2,299,693  

Chuy’s Holdings, Inc.(b)(c)

      23,241       680,961  

Citi Trends, Inc.(b)(c)

      19,268       435,649  

Columbia Sportswear Co.(c)

      37,184       2,770,208  

Conn’s, Inc.(b)(c)

      74,938       615,241  

Container Store Group, Inc. (The)(b)(c)

      120,825       656,080  

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

             678,249       531,069  

Cooper-Standard Holdings, Inc.(b)(c)

      70,454       669,313  

Coupang, Inc. (South Korea)(b)(c)

      69,466       1,199,678  

Crocs, Inc.(b)(c)

      25,178       1,781,344  

Dave & Buster’s Entertainment, Inc.(b)(c)

      36,809       1,466,839  

Denny’s Corp.(b)(c)

      57,437       650,761  

Designer Brands, Inc., Class A(c)

      213,780       3,255,869  

Despegar.com Corp. (Argentina)(b)

      48,571       308,912  

Destination XL Group, Inc.(b)(c)

      81,103       541,768  

Dillard’s, Inc., Class A(c)

      8,964       2,947,274  

Dine Brands Global, Inc.(c)

      21,259       1,532,561  

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

      28,866       1,256,537  

Dorman Products, Inc.(b)(c)

      24,673       2,013,810  

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

      151,479       2,393,368  

Drive Shack, Inc.(b)

      243,388       154,381  

Duluth Holdings, Inc., Class B(b)(c)

      23,238       202,171  

El Pollo Loco Holdings, Inc.

      33,487       336,209  

Ethan Allen Interiors, Inc.(c)

      61,136       1,564,470  

Etsy, Inc.(b)(c)

      19,112       1,794,808  

Everi Holdings, Inc.(b)(c)

      62,944       1,194,677  

Express, Inc.(b)

      379,227       462,657  

Farfetch Ltd., Class A (United
Kingdom)(b)(c)

      35,451       300,624  

Fisker, Inc.(b)(c)

      52,276       426,049  

Five Below, Inc.(b)(c)

      20,754       3,037,348  

Fiverr International Ltd.(b)

      5,607       173,537  

Flexsteel Industries, Inc.

      13,990       215,026  

Floor & Decor Holdings, Inc., Class A(b)(c)

      36,531       2,680,279  

Fossil Group, Inc.(b)

      166,622       708,144  

Fox Factory Holding Corp.(b)(c)

      16,122       1,416,318  

Franchise Group, Inc.(c)

      19,120       580,292  

frontdoor, inc.(b)(c)

      70,234       1,549,362  

Full House Resorts, Inc.(b)(c)

      30,401       213,111  

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

      37,579       776,006  

Garrett Motion, Inc. (Switzerland)(b)(c)

      101,805       675,985  

Genesco, Inc.(b)(c)

      47,877       2,252,134  

Gentherm, Inc.(b)(c)

      25,333       1,479,954  

Golden Entertainment, Inc.(b)

      14,359       606,237  

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

      115,144       627,535  

Grand Canyon Education, Inc.(b)

      49,611       4,992,355  

Green Brick Partners, Inc.(b)(c)

      49,002       1,133,416  

Groupon, Inc.(b)(c)

      87,808       647,145  

GrowGeneration Corp.(b)(c)

      44,395       158,490  

Guess?, Inc.(c)

      99,364       1,687,201  

Haverty Furniture Cos., Inc., (Acquired 05/02/2018 - 10/26/2022;
Cost $1,525,830)(c)(d)

      65,157       1,731,873  

Helen of Troy Ltd.(b)(c)

      20,775       1,965,731  

Hibbett, Inc.(c)

      39,813       2,485,127  

Hilton Grand Vacations, Inc.(b)

      46,571       1,827,446  

Hooker Furnishings Corp.(c)

      25,122       379,342  
     Shares   Value  

Consumer Discretionary-(continued)

     

Hovnanian Enterprises, Inc., Class A(b)(c)

      23,143       $ 933,357  

Hyatt Hotels Corp., Class A(b)(c)

      35,991              3,390,712  

Installed Building Products, Inc.

      17,805       1,531,230  

iRobot Corp.(b)(c)

      42,834       2,420,121  

J Jill, Inc.(b)

      17,817       367,921  

Jack in the Box, Inc.(c)

      29,994       2,646,371  

JAKKS Pacific, Inc.(b)

      29,688       538,540  

JOANN, Inc.(c)

      61,288       324,214  

Johnson Outdoors, Inc., Class A(c)

      6,851       360,500  

Kirkland’s, Inc.(b)(c)

      51,641       195,719  

Kontoor Brands, Inc.(c)

      67,300       2,402,610  

Lakeland Industries, Inc.(b)(c)

      15,440       182,655  

Lands’ End, Inc.(b)(c)

      44,703       468,487  

Laureate Education, Inc., Class A

             311,339       3,935,325  

La-Z-Boy, Inc.(c)

      97,949       2,426,197  

Lazydays Holdings, Inc.(b)(c)

      30,478       378,842  

Leslie’s, Inc.(b)(c)

      57,639       809,252  

LGI Homes, Inc.(b)(c)

      27,306       2,513,517  

LL Flooring Holdings, Inc.(b)(c)

      80,327       668,321  

Lordstown Motors Corp., Class A(b)(c)

      201,791       365,242  

Lucid Group, Inc.(b)(c)

      21,634       309,150  

MakeMyTrip Ltd. (India)(b)(c)

      23,669       658,708  

Malibu Boats, Inc., Class A(b)(c)

      16,166       855,181  

MarineMax, Inc.(b)(c)

      41,340       1,335,695  

MasterCraft Boat Holdings, Inc.(b)

      23,848       518,932  

MercadoLibre, Inc. (Brazil)(b)

      3,202       2,886,987  

Modine Manufacturing Co.(b)

      125,361       2,246,469  

Monarch Casino & Resort, Inc.(b)(c)

      8,113       644,253  

Monro, Inc.(c)

      53,961       2,576,638  

Motorcar Parts of America, Inc.(b)

      28,864       548,416  

Movado Group, Inc.(c)

      19,201       634,977  

National Vision Holdings, Inc.(b)(c)

      81,537       3,020,131  

Nautilus, Inc.(b)

      127,388       211,464  

Noodles & Co.(b)

      40,920       238,154  

Ollie’s Bargain Outlet Holdings, Inc.(b)(c)

      87,511       4,900,616  

OneSpaWorld Holdings Ltd.
(Bahamas)(b)(c)

      31,697       287,492  

OneWater Marine, Inc., Class A(b)(c)

      14,623       482,559  

Overstock.com, Inc.(b)

      54,243       1,261,150  

Oxford Industries, Inc.(c)

      20,117       2,046,502  

Papa John’s International, Inc.(c)

      18,413       1,337,336  

Party City Holdco, Inc.(b)(c)

      449,532       759,709  

Patrick Industries, Inc.

      47,655       2,178,310  

Peloton Interactive, Inc., Class A(b)(c)

      58,990       495,516  

Perdoceo Education Corp.(b)

      157,194       1,796,727  

Petco Health & Wellness Co., Inc.(b)(c)

      84,310       887,784  

PetMed Express, Inc.(c)

      32,192       686,333  

Planet Fitness, Inc., Class A(b)(c)

      16,656       1,090,635  

Playa Hotels & Resorts N.V.(b)

      75,138       463,601  

PlayAGS, Inc.(b)

      68,698       461,651  

Purple Innovation, Inc.(b)(c)

      61,200       215,424  

QuantumScape Corp.(b)(c)

      42,097       350,668  

Quotient Technology, Inc.(b)

      85,424       210,143  

RCI Hospitality Holdings, Inc.(c)

      4,998       421,981  

RealReal, Inc. (The)(b)(c)

      44,589       75,355  

Red Robin Gourmet Burgers, Inc.(b)

      83,650       687,603  

Red Rock Resorts, Inc., Class A

      37,279       1,552,670  

Regis Corp.(b)(c)

      629,090       736,035  

Rent-A-Center, Inc.(c)

      87,459       1,823,520  

Revolve Group, Inc.(b)(c)

      7,539       180,936  

 

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

 

    18    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

    

 

     Shares   Value  

Consumer Discretionary-(continued)

     

RH(b)(c)

      9,390       $ 2,384,403  

Rocky Brands, Inc.(c)

      10,981       216,161  

Ruth’s Hospitality Group, Inc.

      31,115       646,570  

SeaWorld Entertainment, Inc.(b)(c)

      17,034       990,697  

Shake Shack, Inc., Class A(b)(c)

      13,187       732,802  

Shift Technologies, Inc.(b)(c)

             171,038       90,650  

Shoe Carnival, Inc.

      25,303       606,766  

Skyline Champion Corp.(b)

      23,970              1,395,294  

Sleep Number Corp.(b)(c)

      33,484       928,846  

Smith & Wesson Brands, Inc.

      100,247       1,131,789  

Snap One Holdings Corp.(b)

      14,327       170,778  

Sonos, Inc.(b)(c)

      50,663       816,688  

Sportsman’s Warehouse Holdings,
Inc.(b)(c)

      146,327       1,314,016  

Standard Motor Products, Inc.

      40,467       1,534,913  

Steven Madden Ltd.

      63,737       1,903,824  

Stitch Fix, Inc., Class A(b)(c)

      99,443       397,772  

Stoneridge, Inc.(b)(c)

      87,824       1,832,887  

Strategic Education, Inc.(c)

      56,777       3,917,613  

Stride, Inc.(b)(c)

      60,472       2,026,417  

Sturm Ruger & Co., Inc.(c)

      27,985       1,570,798  

Superior Group of Cos., Inc.

      14,170       140,566  

Superior Industries International, Inc.(b)

      79,519       364,197  

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

      377,783       7,442,325  

Tile Shop Holdings, Inc.

      46,864       184,644  

Tilly’s, Inc., Class A

      63,054       558,658  

Topgolf Callaway Brands Corp.(b)(c)

      47,826       895,303  

Traeger, Inc.(b)(c)

      28,532       118,408  

TravelCenters of America, Inc.(b)

      83,678       5,320,247  

Tuesday Morning Corp.(b)

      218,079       28,895  

Unifi, Inc.(b)

      30,260       275,971  

Universal Electronics, Inc.(b)

      30,085       614,035  

Vera Bradley, Inc.(b)

      97,440       316,680  

Vista Outdoor, Inc.(b)(c)

      78,302       2,273,890  

VOXX International Corp.(b)(c)

      48,479       448,431  

Vroom, Inc.(b)(c)

      311,340       323,794  

Wendy’s Co. (The)

      165,192       3,432,690  

Wingstop, Inc.

      9,076       1,437,548  

Winnebago Industries, Inc.(c)

      41,643       2,485,671  

Wolverine World Wide, Inc.(c)

      117,261       2,008,681  

Workhorse Group, Inc.(b)(c)

      108,587       293,185  

WW International, Inc.(b)(c)

      203,978       921,981  

Wyndham Hotels & Resorts, Inc.

      46,485       3,529,606  

YETI Holdings, Inc.(b)(c)

      30,150       967,212  

Zumiez, Inc.(b)(c)

      37,029       830,560  
    

 

 

  
          251,689,498  
    

 

 

  

Consumer Staples-3.99%

     

Adecoagro S.A. (Brazil)

      337,755       2,924,958  

Alico, Inc.(c)

      8,929       273,406  

Andersons, Inc. (The)

      76,678       2,704,433  

Beauty Health Co. (The)(b)(c)

      21,107       241,253  

BellRing Brands, Inc.(b)

      51,245       1,241,154  

Beyond Meat, Inc.(b)(c)

      9,528       149,590  

Blue Apron Holdings, Inc., Class A(b)(c)

      52,760       127,152  

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

      6,512       2,430,865  

Calavo Growers, Inc.

      37,206       1,286,956  

Cal-Maine Foods, Inc.(c)

      39,662       2,241,300  

Central Garden & Pet Co., Class A(b)

      70,941       2,776,631  

Chefs’ Warehouse, Inc. (The)(b)(c)

      45,369       1,661,866  
     Shares   Value  

Consumer Staples-(continued)

     

Coca-Cola Consolidated, Inc.

      4,246       $ 2,067,844  

Dole PLC(c)

      252,280       2,156,994  

elf Beauty, Inc.(b)(c)

      28,128       1,216,817  

Farmer Brothers Co.(b)

      57,217       343,302  

Fresh Del Monte Produce, Inc.

      55,660       1,451,613  

Freshpet, Inc.(b)

      7,291       429,804  

Grocery Outlet Holding Corp.(b)(c)

      134,474       4,648,766  

Hostess Brands, Inc.(b)

      172,659       4,572,010  

Ingles Markets, Inc., Class A

      41,999       3,963,446  

Inter Parfums, Inc.

      9,931       803,219  

J&J Snack Foods Corp.

      12,297       1,815,160  

John B. Sanfilippo & Son, Inc.

      14,185       1,183,171  

Lancaster Colony Corp.(c)

      17,894       3,225,930  

Landec Corp.(b)(c)

      56,485       562,026  

Limoneira Co.(c)

      21,459       256,006  

Medifast, Inc.(c)

      7,455       872,160  

MGP Ingredients, Inc.(c)

      6,916       774,938  

Mission Produce, Inc.(b)(c)

      61,508       1,023,493  

National Beverage Corp.(c)

      27,345       1,296,700  

Natural Grocers by Vitamin Cottage, Inc.

      23,168       266,432  

Nature’s Sunshine Products, Inc.(b)

      15,701       132,516  

Oil-Dri Corp.of America

      11,513       339,979  

Pilgrim’s Pride Corp.(b)(c)

      133,253       3,071,482  

PriceSmart, Inc.

      42,940       2,746,872  

Reynolds Consumer Products, Inc.(c)

      53,206       1,624,911  

Seneca Foods Corp., Class A(b)

      11,452       722,736  

Simply Good Foods Co. (The)(b)

      40,325       1,544,448  

Sovos Brands, Inc.(b)(c)

      30,014       415,994  

SpartanNash Co.

      107,406       3,835,468  

Tootsie Roll Industries, Inc.

      12,637       510,408  

Turning Point Brands, Inc.

      15,174       357,499  

Universal Corp.

      60,393       3,056,490  

USANA Health Sciences, Inc.(b)

      15,983       839,267  

Utz Brands, Inc.(c)

      36,783       596,252  

Vector Group Ltd.

      358,430       3,806,527  

Village Farms International, Inc.
(Canada)(b)(c)

      53,063       114,616  

Village Super Market, Inc., Class A

      14,494       322,347  

WD-40 Co.

      6,473       1,036,716  

Weis Markets, Inc.(c)

      30,048       2,814,596  

Whole Earth Brands, Inc.(b)

      47,980       165,531  
    

 

 

  
            79,044,050  
    

 

 

  

Energy-8.68%

     

Alto Ingredients, Inc.(b)(c)

             313,104       1,293,120  

Antero Midstream Corp.

      320,786       3,416,371  

Arch Resources, Inc.

      24,550       3,738,719  

Archrock, Inc.

      378,866       2,845,284  

Ardmore Shipping Corp. (Ireland)(b)

      74,885       1,013,194  

Berry Corp.

      106,343       943,262  

BP Prudhoe Bay Royalty Trust

      54,194       705,606  

Brigham Minerals, Inc., Class A

      37,738       1,169,878  

Bristow Group, Inc.(b)

      40,371       1,208,708  

Cactus, Inc., Class A(c)

      18,468       955,165  

Callon Petroleum Co.(b)(c)

      19,134       841,131  

ChampionX Corp.(c)

      157,857       4,517,867  

Civitas Resources, Inc.

      21,824       1,525,716  

Clean Energy Fuels Corp.(b)(c)

      111,185       746,051  

Comstock Resources, Inc.(b)(c)

      169,140       3,176,449  

CONSOL Energy, Inc.

      127,174       8,014,505  

 

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

 

    19    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

 

     Shares   Value  

Energy-(continued)

     

Continental Resources, Inc.

      49,241       $        3,642,357  

Core Laboratories N.V.

      94,516       1,839,281  

CVR Energy, Inc.

      136,443       5,329,464  

DHT Holdings, Inc.

             544,131       4,848,207  

DMC Global, Inc.(b)

      13,303       287,877  

Dorian LPG Ltd.

      116,149       2,098,812  

Dril-Quip, Inc.(b)(c)

      64,515       1,605,133  

Enerflex Ltd. (Canada)

      4       23  

Evolution Petroleum Corp.

      47,101       371,627  

Expro Group Holdings N.V.(b)

      39,251       743,021  

Forum Energy Technologies, Inc.(b)(c)

      14,858       392,103  

Geopark Ltd. (Colombia)

      55,601       821,783  

Golar LNG Ltd. (Cameroon)(b)(c)

      144,000       4,006,080  

Green Plains, Inc.(b)(c)

      101,098       2,920,721  

Hallador Energy Co.(b)(c)

      77,246       601,746  

Helix Energy Solutions Group, Inc.(b)(c)

      620,448       4,343,136  

International Seaways, Inc.(c)

      121,767       5,164,138  

Kosmos Energy Ltd. (Ghana)(b)

      574,015       3,725,357  

Laredo Petroleum, Inc.(b)(c)

      13,073       845,169  

Liberty Energy, Inc., Class A(b)

      122,890       2,078,070  

Magnolia Oil & Gas Corp., Class A

      39,147       1,005,295  

Matador Resources Co.

      75,488       5,016,178  

National Energy Services Reunited
Corp.(b)(c)

      91,109       688,784  

Navigator Holdings Ltd.(b)

      27,537       345,589  

Newpark Resources, Inc.(b)

      243,959       892,890  

NexTier Oilfield Solutions, Inc.(b)(c)

      259,075       2,611,476  

Nordic American Tankers Ltd.

      1,278,265       3,949,839  

Northern Oil and Gas, Inc.(c)

      15,538       530,467  

Oceaneering International, Inc.(b)

      204,910       2,866,691  

Oil States International, Inc.(b)(c)

      291,849       1,888,263  

Par Pacific Holdings, Inc.(b)

      177,141       4,052,986  

Patterson-UTI Energy, Inc.(c)

      324,405       5,725,748  

Permian Resources Corp.(b)(c)

      366,141       3,577,198  

ProPetro Holding Corp.(b)

      198,476       2,349,956  

Range Resources Corp.

      149,851       4,267,756  

Ranger Oil Corp., Class A(c)

      18,504       756,814  

REX American Resources Corp.(b)(c)

      30,757       922,402  

Ring Energy, Inc.(b)(c)

      121,060       386,181  

RPC, Inc.

      99,361       1,105,888  

SandRidge Energy, Inc.(b)(c)

      29,031       548,396  

Scorpio Tankers, Inc. (Monaco)(c)

      203,540       9,757,708  

Select Energy Services, Inc., Class A(b)

      111,650       1,077,423  

SFL Corp. Ltd. (Norway)

      351,321       3,583,474  

SilverBow Resources, Inc.(b)(c)

      15,455       548,189  

Solaris Oilfield Infrastructure, Inc., Class A

      45,216       615,842  

Southwestern Energy Co.(b)

      702,239       4,866,516  

Talos Energy, Inc.(b)

      104,977       2,233,911  

Teekay Corp. (Bermuda)(b)

      357,436       1,397,575  

Teekay Tankers Ltd., Class A
(Bermuda)(b)

      124,437       3,918,521  

TETRA Technologies, Inc.(b)(c)

      351,054       1,734,207  

Texas Pacific Land Corp.(c)

      1,955       4,504,066  

Tidewater, Inc.(b)(c)

      77,510       2,627,589  

Tsakos Energy Navigation Ltd. (Greece)

      89,822       1,553,921  

US Silica Holdings, Inc.(b)

      144,799       2,083,658  
     Shares   Value  

Energy-(continued)

     

W&T Offshore, Inc.(b)(c)

      214,475       $ 1,627,865  

Weatherford International PLC(b)

      115,928       4,831,879  
    

 

 

  
          172,226,272  
    

 

 

  

Financials-18.33%

     

1st Source Corp.

      21,308       1,239,273  

Acacia Research Corp.(b)(c)

      87,700       349,923  

AG Mortgage Investment Trust, Inc.(c)

      32,981       161,937  

Alerus Financial Corp.

      11,396       254,131  

Amalgamated Financial Corp.

      23,205       533,483  

A-Mark Precious Metals, Inc.(c)

      70,946       2,157,468  

Ambac Financial Group, Inc.(b)

             189,727       2,665,664  

Amerant Bancorp, Inc.(c)

      35,527       1,069,363  

American National Bankshares, Inc.(c)

      7,392       270,325  

Ameris Bancorp

      79,362       4,087,937  

AMERISAFE, Inc.

      37,823       2,209,241  

Arbor Realty Trust, Inc.(c)

      175,408       2,415,368  

Ares Commercial Real Estate Corp.(c)

      85,309       1,052,713  

Ares Management Corp., Class A

      37,491       2,842,943  

Argo Group International Holdings Ltd.

      89,285       2,220,518  

ARMOUR Residential REIT, Inc.

      137,426       731,106  

Arrow Financial Corp.(c)

      12,365       430,559  

Artisan Partners Asset Management, Inc., Class A(c)

      100,944       2,877,913  

AssetMark Financial Holdings, Inc.(b)

      16,588       343,537  

Atlanticus Holdings Corp.(b)(c)

      6,321       180,528  

Axos Financial, Inc.(b)

      58,574       2,282,043  

B. Riley Financial, Inc.(c)

      25,067       1,019,726  

Banc of California, Inc.

      77,179       1,287,346  

BancFirst Corp.

      17,357       1,663,148  

Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)

      68,815       1,079,707  

Bancorp, Inc. (The)(b)(c)

      39,680       1,094,374  

Bank First Corp.(c)

      4,154       357,867  

Bank of Marin Bancorp

      17,715       639,512  

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)

      68,587       2,368,995  

Banner Corp.

      60,768       4,542,408  

Bar Harbor Bankshares

      11,566       347,096  

Berkshire Hills Bancorp, Inc.(c)

      70,425       2,059,931  

BGC Partners, Inc., Class A(c)

      699,965       2,771,861  

Blucora, Inc.(b)(c)

      52,492       1,156,399  

Blue Foundry Bancorp(b)(c)

      19,177       236,069  

Bridgewater Bancshares, Inc.(b)(c)

      18,738       358,271  

Brightsphere Investment Group, Inc.

      75,203       1,415,320  

BrightSpire Capital, Inc.(c)

      225,258       1,729,981  

Broadmark Realty Capital, Inc.

      225,227       1,310,821  

Brookline Bancorp, Inc.

      122,667       1,686,671  

Business First Bancshares, Inc.

      14,391       356,609  

Byline Bancorp, Inc.

      27,703       640,493  

Cambridge Bancorp

      4,683       411,402  

Camden National Corp.(c)

      20,458       890,332  

Capital City Bank Group, Inc.

      12,752       451,676  

Capitol Federal Financial, Inc.

      325,870       2,665,617  

Capstar Financial Holdings, Inc.

      20,489       362,246  

Carter Bankshares, Inc.(b)

      24,044       430,388  

Central Pacific Financial Corp.

      49,594       1,017,669  

Central Valley Community Bancorp

      14,732       274,015  

Cherry Hill Mortgage Investment Corp.(c)

      56,452       306,534  

Citizens & Northern Corp.

      11,383       270,688  

 

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

 

    20    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Financials-(continued)

     

City Holding Co.

      22,484       $        2,267,511  

Civista Bancshares, Inc.(c)

      14,459       342,678  

CNA Financial Corp.

      57,331       2,390,703  

CNB Financial Corp.

      14,215       361,345  

Cohen & Steers, Inc.

      22,469       1,351,735  

Columbia Financial, Inc.(b)(c)

      28,666       588,800  

Community Trust Bancorp, Inc.

      18,587       878,979  

Compass Diversified Holdings

             167,971       3,574,423  

ConnectOne Bancorp, Inc.

      44,845       1,123,367  

Cowen, Inc., Class A(c)

      77,093       2,977,332  

Credit Acceptance Corp.(b)(c)

      7,665       3,568,977  

CrossFirst Bankshares, Inc.(b)

      40,525       563,703  

Curo Group Holdings Corp.(c)

      59,907       309,719  

Customers Bancorp, Inc.(b)

      36,418       1,226,922  

CVB Financial Corp.

      163,629       4,699,425  

Diamond Hill Investment Group, Inc.

      3,674       661,136  

Dime Community Bancshares, Inc.

      29,641       1,023,504  

Donnelley Financial Solutions, Inc.(b)(c)

      49,831       2,014,667  

Dynex Capital, Inc.

      86,344       1,030,947  

Eagle Bancorp, Inc.

      38,299       1,734,179  

Eastern Bankshares, Inc.(c)

      165,635       3,175,223  

eHealth, Inc.(b)

      87,633       234,856  

Elevate Credit, Inc.(b)

      91,145       92,968  

Ellington Financial, Inc.

      45,769       612,389  

Ellington Residential Mortgage REIT(c)

      40,183       268,824  

Employers Holdings, Inc.

      46,738       2,038,244  

Encore Capital Group, Inc.(b)(c)

      50,324       2,562,498  

Enova International, Inc.(b)

      74,229       2,782,845  

Enterprise Bancorp, Inc.

      6,678       208,888  

Enterprise Financial Services Corp.(c)

      33,918       1,813,595  

Equity Bancshares, Inc., Class A

      18,073       645,568  

Farmers National Banc Corp.

      35,486       487,578  

FB Financial Corp.

      35,492       1,489,244  

Federal Agricultural Mortgage Corp., Class C(c)

      12,822       1,477,094  

Financial Institutions, Inc.(c)

      24,298       579,021  

First Bancorp

      263,997       4,168,513  

First Bancorp/Southern Pines NC

      36,153       1,611,339  

First Bancshares, Inc. (The)(c)

      23,046       754,526  

First Busey Corp.

      81,709       2,157,935  

First Commonwealth Financial Corp.

      145,676       2,088,994  

First Community Bankshares, Inc.

      14,120       525,829  

First Financial Bancorp

      137,038       3,572,581  

First Financial Bankshares, Inc.

      70,039       2,695,801  

First Financial Corp.

      27,039       1,311,121  

First Foundation, Inc.

      29,598       472,384  

First Internet Bancorp

      10,142       260,548  

First Interstate BancSystem, Inc.,
Class A

      75,113       3,425,904  

First Merchants Corp.(c)

      77,834       3,494,747  

First Mid Bancshares, Inc.(c)

      11,282       404,008  

First of Long Island Corp. (The)

      24,427       429,427  

FirstCash Holdings, Inc.(c)

      45,278       4,457,619  

Five Star Bancorp

      9,813       284,675  

Flushing Financial Corp.(c)

      45,468       895,720  

Focus Financial Partners, Inc.,
Class A(b)(c)

      35,980       1,251,744  

Fresh Market, Inc.(b)(e)

      8,153       0  

German American Bancorp, Inc.(c)

      17,527       688,636  

Granite Point Mortgage Trust, Inc.

      158,150       1,243,059  

Great Ajax Corp.(c)

      37,184       315,692  
     Shares   Value  

Financials-(continued)

     

Great Southern Bancorp, Inc.

      19,522       $ 1,209,974  

Green Dot Corp., Class A(b)

      87,943       1,673,555  

Greenhill & Co., Inc.

      38,969       276,290  

Greenlight Capital Re Ltd., Class A(b)(c)

      46,672       393,912  

Hamilton Lane, Inc., Class A(c)

      10,898       651,918  

Hanmi Financial Corp.

      57,985       1,552,838  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c)

      44,312       1,204,400  

HarborOne Bancorp, Inc.

      65,235       993,529  

HCI Group, Inc.(c)

      6,729       246,551  

Heartland Financial USA, Inc.(c)

      58,425       2,881,521  

Heritage Commerce Corp.

      71,156       1,017,531  

Heritage Financial Corp.

      64,903       2,186,582  

Heritage Insurance Holdings, Inc.

      91,684       137,526  

Hilltop Holdings, Inc.

             122,567              3,548,315  

Hingham Institution for Savings (The)

      1,102       272,470  

Home Bancorp, Inc.

      7,379       315,452  

HomeStreet, Inc.

      34,064       884,301  

HomeTrust Bancshares, Inc.

      22,289       535,605  

Horace Mann Educators Corp.

      95,897       3,784,096  

Horizon Bancorp, Inc.

      66,109       985,685  

Houlihan Lokey, Inc.

      29,356       2,622,078  

Independent Bank Corp.

      38,958       3,389,736  

Independent Bank Corporation

      35,091       811,655  

Independent Bank Group, Inc.

      42,830       2,702,145  

Interactive Brokers Group, Inc., Class A

      22,555       1,807,783  

International Bancshares Corp.

      91,434       4,535,126  

Invesco Mortgage Capital, Inc.(f)

      64,898       759,956  

Investors Title Co.

      1,892       278,029  

James River Group Holdings Ltd.(c)

      100,583       2,541,732  

Kearny Financial Corp.(c)

      115,618       1,172,367  

Kinsale Capital Group, Inc.

      4,894       1,542,442  

KKR Real Estate Finance Trust, Inc.(c)

      69,340       1,207,903  

Ladder Capital Corp.

      301,389       3,215,821  

Lakeland Bancorp, Inc.

      84,225       1,570,796  

Lakeland Financial Corp.

      20,530       1,696,805  

Lemonade, Inc.(b)(c)

      15,177       367,283  

LendingClub Corp.(b)

      100,409       1,068,352  

LendingTree, Inc.(b)

      11,530       290,902  

Live Oak Bancshares, Inc.(c)

      12,025       390,452  

Macatawa Bank Corp.

      35,546       381,409  

MarketAxess Holdings, Inc.

      8,976       2,190,503  

MBIA, Inc.(b)(c)

      23,947       257,670  

Medallion Financial Corp.(c)

      47,735       354,194  

Mercantile Bank Corp.

      19,138       668,873  

Merchants Bancorp

      13,631       326,462  

Mercury General Corp.

      72,516       2,102,964  

Metrocity Bankshares, Inc.

      13,819       307,473  

Metropolitan Bank Holding Corp.(b)(c)

      6,170       407,220  

Mid Penn Bancorp, Inc.

      11,535       394,266  

Midland States Bancorp, Inc.(c)

      37,760       1,058,790  

MidWestOne Financial Group, Inc.

      12,357       415,195  

Moelis & Co., Class A(c)

      80,048       3,398,838  

Morningstar, Inc.(c)

      7,863       1,825,631  

Mr. Cooper Group, Inc.(b)(c)

      83,196       3,285,410  

MVB Financial Corp.

      9,435       233,611  

National Bank Holdings Corp., Class A

      34,342       1,504,866  

National Western Life Group, Inc., Class A

      2,626       520,001  

NBT Bancorp, Inc.(c)

      57,724       2,735,540  

Nelnet, Inc., Class A(c)

      31,489       2,805,355  

 

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

 

    21    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Financials-(continued)

     

New York Mortgage Trust, Inc.

           1,168,427       $        3,143,069  

Nicolet Bankshares, Inc.(b)(c)

      9,910       756,034  

NMI Holdings, Inc., Class A(b)

      102,992       2,258,615  

Northfield Bancorp, Inc.

      62,936       1,009,493  

Northrim BanCorp, Inc.

      8,279       403,436  

Northwest Bancshares, Inc.

      254,485       3,832,544  

OceanFirst Financial Corp.(c)

      103,798       2,343,759  

Ocwen Financial Corp.(b)(c)

      22,835       713,365  

OFG Bancorp

      77,156       2,151,109  

Old Second Bancorp, Inc.

      22,489       359,824  

Oportun Financial Corp.(b)

      51,394       282,667  

Orchid Island Capital, Inc.(c)

      29,676       298,837  

Origin Bancorp, Inc.

      20,819       860,449  

Oscar Health, Inc., Class A(b)(c)

      37,830       141,106  

Pacific Premier Bancorp, Inc.

      100,904       3,673,915  

Palomar Holdings, Inc.(b)(c)

      9,487       843,964  

Park National Corp.(c)

      13,799       2,035,353  

Pathward Financial, Inc.

      30,815       1,295,154  

PCB Bancorp(c)

      15,335       283,698  

Peapack-Gladstone Financial Corp.

      17,931       709,530  

PennyMac Financial Services, Inc.

      67,510       3,599,633  

Peoples Bancorp, Inc.

      39,203       1,186,675  

Peoples Financial Services Corp.

      5,948       327,081  

Piper Sandler Cos.(c)

      13,631       1,744,359  

PJT Partners, Inc., Class A(c)

      9,359       696,310  

PRA Group, Inc.(b)(c)

      70,074       2,347,479  

Preferred Bank

      15,028       1,155,202  

Premier Financial Corp.

      52,622       1,518,145  

Primis Financial Corp.(c)

      19,476       251,046  

ProAssurance Corp.

      86,806       1,927,961  

PROG Holdings, Inc.(b)

      107,825       1,781,269  

Provident Financial Services, Inc.(c)

      126,785       2,842,520  

QCR Holdings, Inc.(c)

      17,076       865,924  

RBB Bancorp

      13,611       306,384  

Ready Capital Corp.(c)

      113,939       1,380,941  

Redwood Trust, Inc.(c)

      308,333       2,198,414  

Regional Management Corp.

      19,185       651,523  

Renasant Corp.

      103,295       4,170,019  

Republic Bancorp, Inc., Class A

      9,295       430,823  

Republic First Bancorp, Inc.(b)(c)

      57,290       162,131  

RLI Corp.

      35,833       4,660,798  

Robinhood Markets, Inc., Class A(b)(c)

      37,533       438,385  

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

      15,481       132,053  

S&T Bancorp, Inc.

      58,324       2,205,230  

Safety Insurance Group, Inc.(c)

      30,811       2,679,016  

Sandy Spring Bancorp, Inc.(c)

      57,154       2,025,538  

Sculptor Capital Management, Inc.(c)

      25,534       270,916  

Seacoast Banking Corp. of Florida(c)

      51,058       1,577,692  

Selectquote, Inc.(b)(c)

      386,085       260,221  

ServisFirst Bancshares, Inc.(c)

      23,980       1,806,413  

Shore Bancshares, Inc.(c)

      15,176       302,609  

Sierra Bancorp

      15,284       337,012  

Silvergate Capital Corp., Class A(b)

      4,199       238,335  

SiriusPoint Ltd. (Bermuda)(b)

      168,076       1,079,048  

SmartFinancial, Inc.

      11,941       349,155  

South Plains Financial, Inc.

      10,154       317,516  

Southern First Bancshares, Inc.(b)

      8,760       391,397  

Southern Missouri Bancorp, Inc.

      7,892       404,465  

Southside Bancshares, Inc.(c)

      40,880       1,399,731  

Stellar Bancorp, Inc.(c)

      55,038       1,807,448  
     Shares   Value  

Financials-(continued)

     

StepStone Group, Inc., Class A(c)

      16,356       $ 482,829  

Stewart Information Services Corp.

      50,599       1,971,337  

Stock Yards Bancorp, Inc.(c)

      20,807       1,626,899  

StoneX Group, Inc.(b)

      19,448       1,814,887  

TFS Financial Corp.(c)

      51,063       717,435  

Tiptree, Inc.(c)

      42,806       521,377  

Tompkins Financial Corp.

      14,598       1,209,298  

Towne Bank

      107,303       3,534,561  

TPG RE Finance Trust, Inc.

      151,303       1,281,536  

Tradeweb Markets, Inc., Class A

      34,678       1,910,064  

Trean Insurance Group, Inc.(b)

      47,845       175,591  

TriCo Bancshares(c)

      37,760       2,186,682  

Triumph Bancorp, Inc.(b)(c)

      14,704       757,256  

Trupanion, Inc.(b)(c)

      8,085       408,050  

TrustCo Bank Corp.

      32,891       1,227,492  

Trustmark Corp.(c)

             125,565       4,591,912  

United Community Banks, Inc.(c)

      103,112       3,969,812  

United Fire Group, Inc.

      33,166       898,799  

United Insurance Holdings Corp.

      78,308       31,957  

Universal Insurance Holdings, Inc.

      136,367       1,369,125  

Univest Financial Corp.

      35,718       1,005,105  

Veritex Holdings, Inc.

      43,344       1,368,804  

Vinci Partners Investments Ltd., Class A (Brazil)(c)

      38,679       406,903  

Virtu Financial, Inc., Class A

      87,205       1,951,648  

Virtus Investment Partners, Inc.

      7,154       1,226,839  

Walker & Dunlop, Inc.

      23,703       2,132,322  

Washington Trust Bancorp, Inc.

      27,309       1,324,487  

Waterstone Financial, Inc.

      50,653       860,088  

West Bancorporation, Inc.

      12,988       291,840  

Westamerica Bancorporation

      34,369       2,155,967  

Western Asset Mortgage Capital Corp.

      18,486       199,464  

WisdomTree Investments, Inc.(c)

      203,182       1,103,278  

World Acceptance Corp.(b)(c)

      6,587       534,996  

WSFS Financial Corp.

      56,452       2,628,405  

XP, Inc., Class A (Brazil)(b)(c)

      47,896       877,934  
    

 

 

  
          363,524,236  
    

 

 

  

Health Care-10.41%

     

10X Genomics, Inc., Class A(b)(c)

      9,058       246,196  

1Life Healthcare, Inc.(b)

      51,716       884,344  

2seventy bio, Inc.(b)(c)

      20,619       327,430  

ABIOMED, Inc.(b)

      10,724       2,703,306  

Acadia Pharmaceuticals, Inc.(b)

      25,002       400,782  

Accolade, Inc.(b)(c)

      22,362       241,062  

Accuray, Inc.(b)

      130,942       267,122  

AdaptHealth Corp.(b)(c)

      55,002       1,254,046  

Adaptive Biotechnologies Corp.(b)(c)

      50,128       389,996  

Addus HomeCare Corp.(b)(c)

      17,400       1,782,108  

Adverum Biotechnologies, Inc.(b)

      305,539       264,291  

agilon health, inc.(b)(c)

      19,874       394,499  

Agios Pharmaceuticals, Inc.(b)(c)

      17,855       491,727  

Akebia Therapeutics, Inc.(b)

      246,549       62,747  

Alignment Healthcare, Inc.(b)(c)

      41,877       554,451  

Alkermes PLC(b)

      82,329       1,868,868  

Allakos, Inc.(b)

      80,479       469,193  

Allogene Therapeutics, Inc.(b)(c)

      60,471       622,851  

Allscripts Healthcare Solutions, Inc.(b)(c)

      193,175       2,839,672  

Alnylam Pharmaceuticals, Inc.(b)

      9,083       1,882,543  

Amedisys, Inc.(b)

      23,057       2,250,133  

 

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

 

    22    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Health Care-(continued)

     

American Well Corp., Class A(b)(c)

             283,605       $        1,159,944  

Amicus Therapeutics, Inc.(b)

      43,893       438,930  

AMN Healthcare Services, Inc.(b)

      39,647       4,975,698  

Amneal Pharmaceuticals, Inc.(b)

      191,177       420,589  

Amphastar Pharmaceuticals, Inc.(b)(c)

      23,702       732,392  

AnaptysBio, Inc.(b)(c)

      10,560       304,656  

AngioDynamics, Inc.(b)

      33,370       470,183  

ANI Pharmaceuticals, Inc.(b)(c)

      11,268       434,832  

Anika Therapeutics, Inc.(b)

      18,824       534,978  

Annexon, Inc.(b)(c)

      49,571       236,949  

Arcturus Therapeutics Holdings, Inc.(b)(c)

      15,803       279,713  

Arcus Biosciences, Inc.(b)(c)

      11,760       299,645  

Arrowhead Pharmaceuticals, Inc.(b)(c)

      12,192       424,404  

Artivion, Inc.(b)(c)

      38,361       428,109  

Arvinas, Inc.(b)(c)

      9,183       456,487  

Assertio Holdings, Inc.(b)(c)

      214,971       554,625  

Atara Biotherapeutics, Inc.(b)(c)

      37,559       175,025  

Atea Pharmaceuticals, Inc.(b)(c)

      83,927       503,562  

AtriCure, Inc.(b)

      9,804       412,944  

Atrion Corp.(c)

      826       495,856  

Aurinia Pharmaceuticals, Inc. (Canada)(b)

     25,077       203,876  

Avanos Medical, Inc.(b)

      69,312       1,535,261  

Aveanna Healthcare Holdings, Inc.(b)(c)

      73,984       102,838  

Avidity Biosciences, Inc.(b)(c)

      18,040       257,611  

Axonics, Inc.(b)

      6,766       494,865  

Azenta, Inc.(c)

      26,061       1,157,108  

Bio-Techne Corp.

      8,459       2,506,063  

Bluebird Bio, Inc.(b)(c)

      166,562       1,044,344  

Blueprint Medicines Corp.(b)(c)

      27,451       1,423,060  

Bruker Corp.

      37,619       2,326,359  

Butterfly Network, Inc.(b)(c)

      52,152       255,545  

Cardiovascular Systems, Inc.(b)

      24,973       360,610  

CareDx, Inc.(b)(c)

      9,724       193,605  

Castle Biosciences, Inc.(b)(c)

      10,318       263,315  

Certara, Inc.(b)(c)

      35,921       439,314  

Chemed Corp.

      7,545       3,522,534  

Chinook Therapeutics, Inc.(b)(c)

      21,628       470,409  

Clover Health Investments Corp.(b)(c)

      245,268       387,523  

Coherus Biosciences, Inc.(b)(c)

      33,223       289,040  

Collegium Pharmaceutical, Inc.(b)(c)

      18,129       325,234  

Computer Programs & Systems, Inc.(b)

      21,383       690,671  

CONMED Corp.(c)

      15,533       1,238,446  

Corcept Therapeutics, Inc.(b)

      46,552       1,331,387  

CorVel Corp.(b)

      3,458       567,838  

CRISPR Therapeutics AG
(Switzerland)(b)(c)

      29,545       1,546,385  

Cross Country Healthcare, Inc.(b)(c)

      44,702       1,657,997  

CryoPort, Inc.(b)(c)

      10,379       288,121  

CureVac N.V. (Germany)(b)

      17,024       123,935  

Deciphera Pharmaceuticals, Inc.(b)(c)

      50,964       826,636  

Denali Therapeutics, Inc.(b)

      32,956       945,178  

DexCom, Inc.(b)

      36,208       4,373,202  

Eagle Pharmaceuticals, Inc.(b)(c)

      12,063       379,623  

Editas Medicine, Inc.(b)(c)

      30,193       378,922  

Emergent BioSolutions, Inc.(b)

      81,647       1,703,156  

Enanta Pharmaceuticals, Inc.(b)(c)

      11,565       521,697  

Ensign Group, Inc. (The)

      32,562       2,923,416  

Evolent Health, Inc., Class A(b)(c)

      48,782       1,551,755  

Exact Sciences Corp.(b)(c)

      50,142       1,743,939  

Exelixis, Inc.(b)

      198,583       3,292,506  
     Shares   Value  

Health Care-(continued)

     

Fate Therapeutics, Inc.(b)(c)

      10,977       $ 229,639  

FibroGen, Inc.(b)(c)

      39,928       650,028  

Fulgent Genetics, Inc.(b)(c)

      10,701       424,081  

Glaukos Corp.(b)(c)

      18,481              1,036,230  

Globus Medical, Inc., Class A(b)(c)

      39,741       2,662,647  

Gossamer Bio., Inc.(b)(c)

      30,673       340,470  

Guardant Health, Inc.(b)(c)

      23,478       1,162,161  

Haemonetics Corp.(b)(c)

      45,144       3,834,983  

Halozyme Therapeutics, Inc.(b)

      11,205       535,711  

Health Catalyst, Inc.(b)(c)

      15,322       135,140  

HealthEquity, Inc.(b)(c)

      46,748       3,642,137  

HealthStream, Inc.(b)

      25,819       637,729  

Heron Therapeutics, Inc.(b)(c)

      38,854       149,588  

Heska Corp.(b)(c)

      3,625       260,130  

ICU Medical, Inc.(b)(c)

      12,860       1,908,553  

Inmode Ltd.(b)

      9,008       309,155  

Innoviva, Inc.(b)(c)

      44,784       607,271  

Inogen, Inc.(b)

      24,360       551,998  

Inovio Pharmaceuticals, Inc.(b)

             162,595       351,205  

Insmed, Inc.(b)(c)

      15,480       268,114  

Inspire Medical Systems, Inc.(b)

      1,365       266,107  

Insulet Corp.(b)(c)

      6,155       1,592,976  

Integer Holdings Corp.(b)

      43,986       2,741,647  

Integra LifeSciences Holdings Corp.(b)

      51,966       2,611,291  

Intellia Therapeutics, Inc.(b)

      6,538       345,076  

Intra-Cellular Therapies, Inc.(b)

      11,014       503,009  

Invacare Corp.(b)(c)

      384,305       285,270  

Invitae Corp.(b)(c)

      215,331       555,554  

Ionis Pharmaceuticals, Inc.(b)(c)

      53,662       2,371,860  

Iovance Biotherapeutics, Inc.(b)

      41,447       387,115  

iRhythm Technologies, Inc.(b)

      4,520       576,255  

Ironwood Pharmaceuticals, Inc.(b)(c)

      28,835       315,455  

Karuna Therapeutics, Inc.(b)(c)

      2,511       550,763  

Kodiak Sciences, Inc.(b)(c)

      11,578       83,130  

Kronos Bio, Inc.(b)(c)

      50,946       150,800  

Kura Oncology, Inc.(b)(c)

      45,253       702,327  

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

      390,411       171,781  

Lantheus Holdings, Inc.(b)

      41,667       3,082,941  

LeMaitre Vascular, Inc.

      8,924       387,302  

LHC Group, Inc.(b)

      29,947       5,004,144  

Ligand Pharmaceuticals, Inc.(b)(c)

      12,536       1,098,780  

LivaNova PLC(b)(c)

      30,894       1,455,107  

MacroGenics, Inc.(b)(c)

      39,197       200,689  

Maravai LifeSciences Holdings, Inc.,
Class A(b)

      8,403       139,490  

Masimo Corp.(b)

      23,227       3,056,673  

Medpace Holdings, Inc.(b)(c)

      12,764       2,833,353  

Meridian Bioscience, Inc.(b)(c)

      38,619       1,234,649  

Merit Medical Systems, Inc.(b)(c)

      38,074       2,618,349  

Mesa Laboratories, Inc.(c)

      2,007       265,345  

Mirati Therapeutics, Inc.(b)(c)

      12,466       839,211  

Moderna, Inc.(b)

      17,922       2,694,214  

ModivCare, Inc.(b)(c)

      18,694       1,817,805  

Multiplan Corp.(b)(c)

      888,498       2,549,989  

Myriad Genetics, Inc.(b)

      77,321       1,603,638  

NanoString Technologies, Inc.(b)(c)

      13,578       142,026  

Natera, Inc.(b)

      10,757       505,149  

National HealthCare Corp.

      14,446       880,050  

National Research Corp.

      14,190       577,959  

Nektar Therapeutics(b)(c)

      143,049       537,864  

 

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

 

    23    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Health Care-(continued)

     

Neogen Corp.(b)

      49,355       $ 651,486  

NeoGenomics, Inc.(b)(c)

      50,747       385,931  

Neurocrine Biosciences, Inc.(b)

      20,172              2,322,201  

Nevro Corp.(b)(c)

      10,978       420,897  

NextGen Healthcare, Inc.(b)(c)

      50,725       1,016,529  

Novavax, Inc.(b)(c)

      9,561       212,923  

Novocure Ltd.(b)(c)

      9,878       697,979  

NuVasive, Inc.(b)

      63,224       2,790,075  

Oak Street Health, Inc.(b)(c)

      26,475       535,589  

Omnicell, Inc.(b)

      18,101       1,399,569  

OPKO Health, Inc.(b)(c)

             554,504       1,053,558  

Option Care Health, Inc.(b)

      119,092       3,603,724  

OraSure Technologies, Inc.(b)(c)

      89,505       390,242  

Orthofix Medical, Inc.(b)

      29,462       473,160  

Outset Medical, Inc.(b)(c)

      9,095       141,336  

Pacific Biosciences of California, Inc.(b)(c)

      33,753       284,875  

Pacira BioSciences, Inc.(b)(c)

      16,827       870,966  

PDL BioPharma, Inc.(b)(e)

      527,611       1,201,898  

Pennant Group, Inc. (The)(b)(c)

      29,849       367,441  

Penumbra, Inc.(b)(c)

      4,918       843,289  

PetIQ, Inc.(b)(c)

      41,367       340,037  

Phibro Animal Health Corp., Class A

      32,169       472,563  

Phreesia, Inc.(b)(c)

      13,644       372,754  

Prestige Consumer Healthcare, Inc.(b)

      63,406       3,454,359  

Protagonist Therapeutics, Inc.(b)

      12,001       97,208  

PTC Therapeutics, Inc.(b)(c)

      20,006       756,627  

QuidelOrtho Corp.(b)

      45,410       4,078,726  

R1 RCM, Inc.(b)(c)

      22,755       401,853  

RadNet, Inc.(b)

      67,655       1,293,564  

Reata Pharmaceuticals, Inc., Class A(b)(c)

      14,188       456,854  

REGENXBIO, Inc.(b)(c)

      18,266       432,356  

Relay Therapeutics, Inc.(b)(c)

      27,633       614,005  

Repligen Corp.(b)(c)

      12,006       2,190,975  

Replimune Group, Inc.(b)(c)

      21,472       394,226  

Revance Therapeutics, Inc.(b)(c)

      30,961       690,740  

Rocket Pharmaceuticals, Inc.(b)(c)

      19,419       362,359  

Sage Therapeutics, Inc.(b)(c)

      65,240       2,456,938  

Sangamo Therapeutics, Inc.(b)(c)

      86,791       381,012  

Sarepta Therapeutics, Inc.(b)(c)

      14,090       1,606,542  

Schrodinger, Inc.(b)(c)

      18,527       444,092  

Seagen, Inc.(b)

      29,148       3,706,460  

SeaSpine Holdings Corp.(b)

      23,676       152,237  

Seer, Inc.(b)(c)

      24,685       193,284  

SIGA Technologies, Inc.(c)

      63,458       583,179  

SNDL, Inc. (Canada)(b)(c)

      47,426       116,668  

Sotera Health Co.(b)

      45,910       315,861  

SpringWorks Therapeutics, Inc.(b)(c)

      6,593       158,298  

STAAR Surgical Co.(b)(c)

      5,255       372,422  

Supernus Pharmaceuticals, Inc.(b)(c)

      53,373       1,829,093  

Surgery Partners, Inc.(b)(c)

      22,019       598,697  

Sutro Biopharma, Inc.(b)(c)

      44,517       326,310  

Tabula Rasa HealthCare, Inc.(b)(c)

      47,403       185,820  

Tactile Systems Technology, Inc.(b)

      19,150       142,476  

Tandem Diabetes Care, Inc.(b)(c)

      5,742       322,413  

Taro Pharmaceutical Industries Ltd.(b)

      8,146       243,810  

TG Therapeutics, Inc.(b)(c)

      48,424       281,828  

Tilray Brands, Inc., Class 2 (Canada)(b)(c)

      74,576       303,524  

Travere Therapeutics, Inc.(b)

      12,781       277,092  

Twist Bioscience Corp.(b)(c)

      7,194       236,179  

UFP Technologies, Inc.(b)(c)

      5,844       548,459  
     Shares   Value  

Health Care-(continued)

     

Ultragenyx Pharmaceutical, Inc.(b)

      19,102       $ 772,867  

uniQure N.V. (Netherlands)(b)

      16,670       310,395  

US Physical Therapy, Inc.(c)

      9,699       861,271  

Vanda Pharmaceuticals, Inc.(b)

      53,360       558,679  

Varex Imaging Corp.(b)(c)

      65,888       1,456,784  

Vaxcyte, Inc.(b)(c)

      13,449       586,511  

Veeva Systems, Inc., Class A(b)

      19,539       3,281,380  

Veracyte, Inc.(b)(c)

      20,219       406,604  

Vir Biotechnology, Inc.(b)(c)

      12,359       271,651  

Xencor, Inc.(b)(c)

      21,202       593,656  

Zentalis Pharmaceuticals, Inc.(b)(c)

      5,636       141,407  

Zogenix, Inc.(b)(c)(e)

      11,278       7,669  

Zymeworks, Inc.(b)(c)

      51,396       381,872  
    

 

 

  
          206,498,639  
    

 

 

  

Industrials-17.34%

     

3D Systems Corp.(b)(c)

      56,225       496,467  

AAON, Inc.(c)

      18,014       1,161,723  

AAR Corp.(b)

      59,865       2,653,217  

ACCO Brands Corp.(c)

      194,502       894,709  

Advanced Drainage Systems, Inc.

      20,775       2,407,407  

Aerojet Rocketdyne Holdings, Inc.(b)

      91,332       4,425,035  

AeroVironment, Inc.(b)(c)

      18,968       1,735,572  

Air Transport Services Group, Inc.(b)(c)

             112,420       3,282,664  

Alamo Group, Inc.

      10,700       1,627,256  

Alaska Air Group, Inc.(b)

      57,511       2,556,939  

Albany International Corp., Class A(c)

      27,845       2,551,159  

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

      40,408       334,982  

Allegiant Travel Co.(b)(c)

      5,230       392,512  

Allied Motion Technologies, Inc.

      10,830       366,271  

Alta Equipment Group, Inc.

      27,969       342,061  

Altra Industrial Motion Corp.

      83,612       5,028,426  

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

      19,863       1,201,314  

American Woodmark Corp.(b)

      58,762       2,664,857  

API Group Corp.(b)(c)

      186,267       3,071,543  

Apogee Enterprises, Inc.

      47,199       2,165,490  

ARC Document Solutions, Inc.

      87,705       212,246  

ArcBest Corp.(c)

      40,135       3,187,923  

Arcosa, Inc.

      78,996       5,071,543  

Argan, Inc.

      32,629       1,131,247  

Armstrong World Industries, Inc.

      28,465       2,151,100  

Array Technologies, Inc.(b)(c)

      88,396       1,599,968  

Astec Industries, Inc.

      34,129       1,489,731  

Astronics Corp.(b)(c)

      63,352       586,640  

Atkore, Inc.(b)

      31,335       2,986,225  

Atlas Corp. (Canada)(c)

      136,857       2,024,115  

Axon Enterprise, Inc.(b)

      12,501       1,818,145  

AZEK Co., Inc. (The)(b)(c)

      69,223       1,212,095  

AZZ, Inc.

      40,964       1,646,753  

Babcock & Wilcox Enterprises, Inc.(b)(c)

      82,071       374,244  

Barnes Group, Inc.(c)

      75,258       2,661,875  

Barrett Business Services, Inc.

      17,791       1,551,731  

Bloom Energy Corp., Class A(b)(c)

      25,323       473,793  

Blue Bird Corp.(b)(c)

      26,110       239,429  

BlueLinx Holdings, Inc.(b)(c)

      29,097       2,050,175  

Brady Corp., Class A

      63,806       2,919,124  

BrightView Holdings, Inc.(b)

      116,740       1,041,321  

Caesarstone Ltd.

      49,318       437,944  

Casella Waste Systems, Inc., Class A(b)

      21,945       1,795,320  

CBIZ, Inc.(b)

      54,286       2,694,757  

 

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

 

    24    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Industrials-(continued)

     

Chart Industries, Inc.(b)(c)

      29,229       $        6,514,560  

Cimpress PLC (Ireland)(b)(c)

      34,910       812,705  

CIRCOR International, Inc.(b)(c)

      30,692       634,404  

Civeo Corp.(b)

      15,166       470,146  

Columbus McKinnon Corp.

      30,684       875,108  

Comfort Systems USA, Inc.

      34,521       4,255,749  

Commercial Vehicle Group, Inc.(b)(c)

      74,998       377,990  

Construction Partners, Inc., Class A(b)(c)

      30,425       947,434  

Copa Holdings S.A., Class A
(Panama)(b)(c)

      12,845       966,329  

Core & Main, Inc., Class A(b)(c)

      58,996       1,391,126  

CoreCivic, Inc.(b)

             350,326       3,667,913  

Costamare, Inc. (Monaco)

      106,822       1,008,400  

Covenant Logistics Group, Inc.,
Class A(c)

      50,043       1,893,627  

CRA International, Inc.

      7,059       725,242  

CSW Industrials, Inc.

      8,116       1,046,315  

Danaos Corp. (Greece)

      14,850       841,995  

Daseke, Inc.(b)(c)

      193,798       1,155,036  

Deluxe Corp.(c)

      79,995       1,470,308  

Desktop Metal, Inc., Class A(b)(c)

      103,865       262,778  

Diana Shipping, Inc. (Greece)

      84,369       364,474  

Distribution Solutions Group, Inc.(b)(c)

      6,071       182,616  

Douglas Dynamics, Inc.

      34,880       1,184,176  

Driven Brands Holdings, Inc.(b)(c)

      26,416       844,784  

Ducommun, Inc., (Acquired 05/16/2017 - 10/26/2022; Cost $516,536)(b)(d)

      13,149       620,764  

Dun & Bradstreet Holdings, Inc.(c)

      156,883       2,015,947  

DXP Enterprises, Inc.(b)

      36,564       1,046,096  

Eagle Bulk Shipping, Inc.(c)

      9,453       457,336  

Encore Wire Corp.(c)

      16,855       2,319,079  

Enerpac Tool Group Corp.

      58,758       1,493,041  

Ennis, Inc.

      51,235       1,155,862  

EnPro Industries, Inc.

      23,634       2,517,021  

ESCO Technologies, Inc.

      26,886       2,316,767  

Evoqua Water Technologies Corp.(b)

      59,087       2,315,029  

Exponent, Inc.

      16,889       1,608,846  

Federal Signal Corp.(c)

      58,370       2,722,960  

Forrester Research, Inc.(b)

      7,924       335,344  

Forward Air Corp.

      21,840       2,312,201  

Franklin Covey Co.(b)

      5,650       285,890  

Franklin Electric Co., Inc.

      31,018       2,541,615  

FuelCell Energy, Inc.(b)(c)

      56,465       176,171  

Gates Industrial Corp. PLC(b)(c)

      190,494       2,124,008  

Genco Shipping & Trading Ltd.(c)

      36,458       488,537  

Gibraltar Industries, Inc.(b)

      45,872       2,343,142  

Global Industrial Co.

      21,812       692,313  

Global Ship Lease, Inc., Class A (United Kingdom)(c)

      16,256       277,978  

Golden Ocean Group Ltd. (Norway)(c)

      129,945       1,082,442  

Gorman-Rupp Co. (The)

      23,559       639,391  

GrafTech International Ltd.(c)

      298,158       1,517,624  

Granite Construction, Inc.

      107,498       3,625,908  

Great Lakes Dredge & Dock Corp.(b)(c)

      78,930       596,711  

Griffon Corp.

      94,552       3,038,901  

H&E Equipment Services, Inc.(c)

      75,014       2,832,529  

Harsco Corp.(b)(c)

      152,395       806,170  

Hawaiian Holdings, Inc.(b)(c)

      45,187       652,048  

Hayward Holdings, Inc.(b)(c)

      32,144       297,332  

Healthcare Services Group, Inc.

      195,700       2,731,972  

Heartland Express, Inc.(c)

      82,121       1,221,960  
     Shares   Value  

Industrials-(continued)

     

Heidrick & Struggles International, Inc.

      22,990       $ 647,398  

Helios Technologies, Inc.

      19,330              1,095,818  

Heritage-Crystal Clean, Inc.(b)

      19,638       539,456  

Hillenbrand, Inc.

      88,872       3,926,365  

Hillman Solutions Corp.(b)(c)

      28,325       221,218  

HNI Corp.(c)

      79,288       2,298,559  

Huron Consulting Group, Inc.(b)

      33,071       2,435,018  

Hydrofarm Holdings Group, Inc.(b)(c)

      21,975       56,696  

Hyliion Holdings Corp.(b)(c)

             119,654       341,014  

Hyster-Yale Materials Handling, Inc.(c)

      38,718       1,129,017  

IAA, Inc.(b)(c)

      91,539       3,472,074  

ICF International, Inc.(c)

      23,413       2,800,897  

Ideanomics, Inc.(b)(c)

      285,743       87,152  

IES Holdings, Inc.(b)

      12,815       423,408  

INNOVATE Corp.(b)(c)

      113,512       83,749  

Insperity, Inc.

      44,264       5,224,037  

Insteel Industries, Inc.

      24,425       643,599  

Interface, Inc.

      106,591       1,205,544  

JetBlue Airways Corp.(b)

      236,988       1,905,384  

John Bean Technologies Corp.(c)

      20,843       1,900,882  

Kadant, Inc.

      6,950       1,236,752  

Kaman Corp.

      52,106       1,672,603  

Kelly Services, Inc., Class A

      50,456       824,451  

Kforce, Inc.(c)

      23,345       1,477,038  

Kimball International, Inc., Class B

      84,359       623,413  

Korn Ferry

      55,617       3,091,749  

Kornit Digital Ltd. (Israel)(b)

      7,714       206,118  

Kratos Defense & Security Solutions,
Inc.(b)(c)

      111,111       1,231,110  

Lindsay Corp.

      8,302       1,405,529  

Luxfer Holdings PLC (United Kingdom)

      36,522       528,473  

Lyft, Inc., Class A(b)

      80,010       1,171,346  

Manitowoc Co., Inc. (The)(b)

      112,257       1,023,784  

Marten Transport Ltd.

      92,903       1,743,789  

Masonite International Corp.(b)

      40,921       2,927,079  

Matrix Service Co.(b)(c)

      227,392       1,114,221  

Matson, Inc.

      9,340       687,237  

Matthews International Corp., Class A(c)

      56,212       1,510,979  

Maxar Technologies, Inc.

      127,029       2,837,828  

Mayville Engineering Co., Inc.(b)

      28,716       190,961  

McGrath RentCorp

      31,564       2,968,594  

Mercury Systems, Inc.(b)(c)

      48,629       2,353,644  

Mesa Air Group, Inc.(b)

      98,875       146,335  

Miller Industries, Inc.

      15,331       389,867  

MillerKnoll, Inc.

      98,740       2,091,313  

Mistras Group, Inc.(b)

      41,077       188,954  

Montrose Environmental Group, Inc.(b)(c)

      9,714       425,279  

Moog, Inc., Class A

      49,271       4,175,717  

MRC Global, Inc.(b)(c)

      256,329       2,570,980  

MSA Safety, Inc.

      23,324       3,131,014  

Mueller Water Products, Inc., Class A

      182,939       2,140,386  

MYR Group, Inc.(b)

      25,607       2,240,869  

National Presto Industries, Inc.

      15,408       1,086,110  

Navios Maritime Holdings, Inc. (Greece)(b)

      106,198       204,962  

Nikola Corp.(b)(c)

      76,402       289,564  

NN, Inc.(b)

      111,952       278,760  

Northwest Pipe Co.(b)(c)

      18,876       641,595  

NOW, Inc.(b)

      313,455       3,990,282  

NV5 Global, Inc.(b)(c)

      9,451       1,369,922  

PAM Transportation Services, Inc.(b)

      8,297       231,071  

 

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

 

    25    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Industrials-(continued)

     

Park Aerospace Corp.

      40,372       $ 502,228  

Park-Ohio Holdings Corp.

      20,758       236,018  

Parsons Corp.(b)(c)

      49,103       2,301,949  

PGT Innovations, Inc.(b)

      85,096       1,813,396  

Plug Power, Inc.(b)(c)

      71,930       1,149,441  

Powell Industries, Inc.

      23,702       584,728  

Primoris Services Corp.

             131,830              2,661,648  

Proto Labs, Inc.(b)(c)

      29,816       1,138,673  

Quad/Graphics, Inc.(b)(c)

      56,877       158,118  

Quanex Building Products Corp.(c)

      59,838       1,326,010  

Radiant Logistics, Inc.(b)

      61,284       371,994  

RBC Bearings, Inc.(b)(c)

      15,529       3,937,067  

Resources Connection, Inc.

      70,364       1,285,550  

REV Group, Inc.

      80,764       1,109,697  

Rollins, Inc.

      97,297       4,094,258  

Safe Bulkers, Inc. (Greece)

      183,497       464,247  

Saia, Inc.(b)(c)

      14,018       2,787,619  

Schneider National, Inc., Class B(c)

      103,302       2,297,436  

Shyft Group, Inc. (The)

      18,796       431,932  

Simpson Manufacturing Co., Inc.

      27,201       2,325,141  

SiteOne Landscape Supply, Inc.(b)(c)

      22,250       2,578,107  

Skillsoft Corp.(b)(c)

      48,399       86,634  

SkyWest, Inc.(b)

      57,754       1,021,091  

SP Plus Corp.(b)

      36,418       1,348,559  

Spirit Airlines, Inc.(b)

      74,886       1,647,492  

SPX Technologies, Inc.(b)(c)

      50,827       3,346,450  

Standex International Corp.

      13,802       1,367,088  

Star Bulk Carriers Corp. (Greece)

      37,040       645,237  

Steelcase, Inc., Class A

      320,636       2,491,342  

Stem, Inc.(b)(c)

      29,629       402,954  

Sterling Infrastructure, Inc.(b)

      52,902       1,427,825  

Sun Country Airlines Holdings, Inc.(b)(c)

      10,939       178,087  

SunPower Corp.(b)(c)

      45,538       841,998  

Tecnoglass, Inc.

      16,344       335,542  

Tennant Co.

      18,850       1,098,012  

Tetra Tech, Inc.

      25,539       3,608,150  

Textainer Group Holdings Ltd. (China)(c)

      71,604       2,142,392  

Thermon Group Holdings, Inc.(b)

      56,450       1,002,552  

Titan International, Inc.(b)

      98,088       1,467,396  

Titan Machinery, Inc.(b)

      50,056       1,720,925  

TPI Composites, Inc.(b)(c)

      151,759       1,511,520  

Transcat, Inc.(b)(c)

      3,855       319,040  

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

      27,373       1,316,368  

TriNet Group, Inc.(b)(c)

      38,270       2,486,785  

Triumph Group, Inc.(b)

      86,187       779,992  

TrueBlue, Inc.(b)

      88,794       1,745,690  

Tutor Perini Corp.(b)

      157,529       1,168,865  

UniFirst Corp.(c)

      17,913       3,296,171  

Universal Logistics Holdings, Inc.

      16,550       529,600  

Upwork, Inc.(b)(c)

      20,786       279,572  

US Xpress Enterprises, Inc., Class A(b)(c)

      140,385       327,097  

V2X, Inc.(b)

      19,729       808,692  

Vertiv Holdings Co.(c)

      163,577       2,340,787  

Viad Corp.(b)

      33,126       1,234,937  

Vicor Corp.(b)(c)

      3,610       172,450  

Virgin Galactic Holdings, Inc.(b)(c)

      59,976       277,089  

VSE Corp.

      15,180       702,682  

Wabash National Corp.

      146,300       3,167,395  

Watts Water Technologies, Inc., Class A

      18,834       2,756,544  

Willdan Group, Inc.(b)(c)

      15,382       212,579  
     Shares   Value  

Industrials-(continued)

     

WillScot Mobile Mini Holdings Corp.(b)

      107,432       $ 4,569,083  

Yellow Corp.(b)(c)

             419,841       1,859,896  

ZIM Integrated Shipping Services Ltd. (Israel)(c)

      13,514       317,444  

Zurn Elkay Water Solutions Corp.

      56,070       1,317,084  
    

 

 

  
          343,908,506  
    

 

 

  

Information Technology-12.62%

     

8x8, Inc.(b)(c)

      37,948       160,520  

ACI Worldwide, Inc.(b)

      111,762       2,719,169  

Adeia, Inc.

      177,423       1,983,589  

ADTRAN Holdings, Inc.(c)

      55,234       1,240,556  

Advanced Energy Industries, Inc.(c)

      29,461       2,317,108  

Alarm.com Holdings, Inc.(b)(c)

      17,223       1,013,401  

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

      13,775       350,023  

Alpha & Omega Semiconductor Ltd.(b)(c)

      12,977       424,997  

Altair Engineering, Inc., Class A(b)(c)

      8,701       426,784  

Alteryx, Inc., Class A(b)

      13,202       643,333  

Ambarella, Inc.(b)

      5,304       290,288  

American Software, Inc., Class A

      22,991       393,836  

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

      3,006       376,862  

Appian Corp., Class A(b)(c)

      5,111       249,519  

Applied Optoelectronics, Inc.(b)(c)

      145,574       400,328  

Arlo Technologies, Inc.(b)

      51,967       267,630  

Aspen Technology, Inc.(b)(c)

      7,082       1,709,949  

Atlassian Corp., Class A(b)

      3,030       614,272  

Autodesk, Inc.(b)

      19,213       4,117,346  

Avaya Holdings Corp.(b)(c)

      217,310       343,350  

Aviat Networks, Inc.(b)(c)

      9,985       326,110  

Avid Technology, Inc.(b)(c)

      16,222       445,943  

Axcelis Technologies, Inc.(b)

      16,355       948,590  

AXT, Inc.(b)(c)

      43,632       198,089  

Badger Meter, Inc.

      12,872       1,447,843  

Bel Fuse, Inc., Class B

      31,531       1,021,920  

Belden, Inc.

      68,375       4,760,951  

Benchmark Electronics, Inc.

      76,624       2,175,355  

Bentley Systems, Inc., Class B(c)

      59,421       2,096,373  

Bill.com Holdings, Inc.(b)

      3,505       467,427  

Blackbaud, Inc.(b)(c)

      31,049       1,698,380  

Blackline, Inc.(b)(c)

      8,475       474,600  

Box, Inc., Class A(b)

      24,882       722,822  

C3.ai, Inc., Class A(b)(c)

      34,252       449,044  

CalAmp Corp.(b)

      76,942       292,380  

Calix, Inc.(b)

      11,645       857,538  

Casa Systems, Inc.(b)(c)

      70,709       222,733  

Cass Information Systems, Inc.(c)

      17,539       750,318  

Ceragon Networks Ltd. (Israel)(b)

      251,491       452,684  

Cerence, Inc.(b)(c)

      41,730       717,756  

Ceridian HCM Holding, Inc.(b)

      45,526       3,013,366  

CEVA, Inc.(b)(c)

      10,029       277,402  

ChannelAdvisor Corp.(b)

      15,959       367,695  

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

      9,115       513,357  

Cognyte Software Ltd. (Israel)(b)

      85,207       231,763  

Cohu, Inc.(b)(c)

      32,016       1,053,967  

CommVault Systems, Inc.(b)

      18,159       1,105,702  

Comtech Telecommunications Corp.

      61,735       682,172  

Consensus Cloud Solutions, Inc.(b)(c)

      35,341       1,984,044  

Corsair Gaming, Inc.(b)(c)

      27,383       377,885  

Coupa Software, Inc.(b)(c)

      12,046       641,209  

Crowdstrike Holdings, Inc., Class A(b)

      6,846       1,103,575  

 

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

 

    26    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Information Technology-(continued)

     

CSG Systems International, Inc.

      37,025       $        2,394,407  

CTS Corp.(c)

      30,579       1,208,482  

CyberArk Software Ltd.(b)

      9,437       1,480,760  

Daktronics, Inc.(b)

      132,411       452,846  

Datadog, Inc., Class A(b)

      6,666       536,680  

Diebold Nixdorf, Inc.(b)

             315,419       785,393  

Digi International, Inc.(b)(c)

      37,611       1,516,852  

Digital Turbine, Inc.(b)(c)

      7,252       105,879  

Diodes, Inc.(b)

      35,986       2,579,117  

DocuSign, Inc.(b)

      9,444       456,145  

Dolby Laboratories, Inc., Class A

      46,833       3,130,318  

Dropbox, Inc., Class A(b)

      55,174       1,200,034  

Duck Creek Technologies, Inc.(b)

      23,832       284,554  

Dynatrace, Inc.(b)

      33,446       1,178,637  

Eastman Kodak Co.(b)(c)

      140,783       753,189  

Ebix, Inc.(c)

      44,392       878,518  

Edgio, Inc.(b)(c)

      84,640       227,682  

Elastic N.V.(b)

      7,590       485,380  

EMCORE Corp.(b)

      69,281       106,000  

Enphase Energy, Inc.(b)

      8,625       2,647,875  

Envestnet, Inc.(b)(c)

      34,583       1,705,288  

ePlus, Inc.(b)(c)

      46,430       2,262,070  

Everbridge, Inc.(b)(c)

      9,104       285,228  

EVERTEC, Inc.

      34,479       1,234,693  

Evo Payments, Inc., Class A(b)

      22,586       760,922  

Exela Technologies, Inc.(b)(c)

      67,903       16,127  

ExlService Holdings, Inc.(b)(c)

      19,299       3,509,523  

Extreme Networks, Inc.(b)

      69,211       1,241,645  

Fabrinet (Thailand)(b)

      29,752       3,403,629  

Fair Isaac Corp.(b)

      3,973       1,902,431  

FARO Technologies, Inc.(b)

      13,400       391,414  

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

      58,769       498,949  

Five9, Inc.(b)

      5,332       321,306  

FormFactor, Inc.(b)(c)

      43,575       880,651  

Fortinet, Inc.(b)

      58,946       3,369,353  

Globant S.A.(b)

      7,471       1,409,628  

GoDaddy, Inc., Class A(b)

      51,647       4,152,419  

Guidewire Software, Inc.(b)(c)

      29,434       1,748,674  

Hackett Group, Inc. (The)

      28,205       615,997  

Harmonic, Inc.(b)(c)

      63,994       988,707  

HubSpot, Inc.(b)(c)

      2,514       745,552  

I3 Verticals, Inc., Class A(b)(c)

      12,177       264,972  

Ichor Holdings Ltd.(b)(c)

      34,631       881,013  

Infinera Corp.(b)(c)

      131,491       737,665  

Information Services Group, Inc.

      41,606       225,921  

InterDigital, Inc.

      41,061       2,047,712  

International Money Express, Inc.(b)

      22,007       594,849  

IonQ, Inc.(b)(c)

      20,901       123,107  

Itron, Inc.(b)(c)

      69,584       3,401,962  

Ituran Location and Control Ltd. (Israel)

      22,965       550,701  

Jamf Holding Corp.(b)(c)

      16,038       379,619  

JFrog Ltd. (Israel)(b)

      16,252       412,801  

Kimball Electronics, Inc.(b)(c)

      54,573       1,128,024  

Knowles Corp.(b)

      122,122       1,679,177  

Kulicke & Soffa Industries, Inc. (Singapore)(c)

      34,824       1,460,519  

Lattice Semiconductor Corp.(b)

      16,946       822,050  

Littelfuse, Inc.(c)

      15,435       3,399,559  

LivePerson, Inc.(b)(c)

      18,876       199,519  

LiveRamp Holdings, Inc.(b)

      37,786       693,751  
     Shares   Value  

Information Technology-(continued)

     

Lumentum Holdings, Inc.(b)(c)

      42,086       $ 3,133,303  

MACOM Technology Solutions Holdings, Inc.(b)(c)

      9,940       575,228  

MagnaChip Semiconductor Corp. (South Korea)(b)

      67,093       667,575  

Manhattan Associates, Inc.(b)

      13,111       1,595,215  

Marathon Digital Holdings, Inc.(b)(c)

      13,964       183,068  

Maxeon Solar Technologies Ltd.(b)(c)

      82,311       1,422,334  

MaxLinear, Inc.(b)

      15,197       469,283  

Methode Electronics, Inc.

      51,030              2,103,967  

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

      2,483       664,227  

Mirion Technologies, Inc.(b)(c)

      67,075       541,966  

Momentive Global, Inc.(b)

      33,788       262,195  

MoneyGram International, Inc.(b)(c)

             182,531       1,933,003  

Monolithic Power Systems, Inc.

      6,020       2,043,489  

N-able, Inc.(b)(c)

      27,490       297,717  

NETGEAR, Inc.(b)

      68,590       1,347,793  

NetScout Systems, Inc.(b)(c)

      119,409       4,289,171  

New Relic, Inc.(b)

      10,604       628,181  

nLight, Inc.(b)

      27,238       293,353  

Novanta, Inc.(b)(c)

      11,392       1,610,829  

Nutanix, Inc., Class A(b)

      36,695       1,005,443  

NVE Corp.

      4,899       303,787  

Okta, Inc.(b)

      5,649       317,022  

OneSpan, Inc.(b)

      30,106       330,865  

Onto Innovation, Inc.(b)

      23,417       1,565,192  

OSI Systems, Inc.(b)

      26,405       2,169,963  

PagerDuty, Inc.(b)(c)

      15,939       397,519  

Pagseguro Digital Ltd., Class A (Brazil)(b)(c)

      182,372       2,494,849  

Palantir Technologies, Inc., Class A(b)(c)

      185,712       1,632,408  

Palo Alto Networks, Inc.(b)

      20,538       3,524,115  

PAR Technology Corp.(b)(c)

      8,881       255,595  

Paya Holdings, Inc., Class A(b)(c)

      50,982       409,895  

Paycom Software, Inc.(b)

      6,206       2,147,276  

Paylocity Holding Corp.(b)(c)

      4,010       929,478  

PC Connection, Inc.

      16,396       871,283  

PDF Solutions, Inc.(b)(c)

      10,737       253,178  

Pegasystems, Inc.

      7,441       276,880  

Perficient, Inc.(b)(c)

      11,901       797,010  

PFSweb, Inc.(b)

      28,198       269,855  

Photronics, Inc.(b)(c)

      112,096       1,818,197  

Plexus Corp.(b)

      47,384       4,662,586  

Power Integrations, Inc.(c)

      20,221       1,348,943  

Progress Software Corp.(c)

      32,624       1,664,803  

PROS Holdings, Inc.(b)(c)

      8,972       223,851  

PTC, Inc.(b)

      29,946       3,528,537  

Pure Storage, Inc., Class A(b)(c)

      73,496       2,268,087  

Q2 Holdings, Inc.(b)

      14,396       446,852  

Qualys, Inc.(b)

      9,005       1,283,753  

Quantum Corp.(b)

      144,828       204,207  

Radware Ltd. (Israel)(b)

      19,921       458,581  

Rambus, Inc.(b)(c)

      52,326       1,578,152  

Rapid7, Inc.(b)(c)

      3,392       153,556  

Repay Holdings Corp.(b)(c)

      41,683       253,849  

Ribbon Communications, Inc.(b)(c)

      163,312       432,777  

RingCentral, Inc., Class A(b)

      5,915       210,101  

Rogers Corp.(b)

      9,805       2,307,411  

ScanSource, Inc.(b)

      47,688       1,477,374  

Semtech Corp.(b)

      27,113       750,759  

 

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

 

    27    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Information Technology-(continued)

     

Shift4 Payments, Inc., Class A(b)(c)

      13,710       $ 630,249  

Silicom Ltd. (Israel)(b)

      7,483       334,191  

Silicon Laboratories, Inc.(b)(c)

      17,707              2,034,888  

SMART Global Holdings, Inc.(b)(c)

      44,285       599,176  

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

      13,093       457,208  

Snowflake, Inc., Class A(b)

      14,078       2,256,703  

SolarEdge Technologies, Inc.(b)

      11,038       2,539,071  

SolarWinds Corp.(b)(c)

      47,462       442,820  

Splunk, Inc.(b)

      29,054       2,414,678  

SPS Commerce, Inc.(b)(c)

      7,744       979,771  

StoneCo Ltd., Class A (Brazil)(b)(c)

      315,090       3,308,445  

Stratasys Ltd.(b)

      53,289       771,092  

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

      99,681       6,936,801  

Switch, Inc., Class A

      24,095       820,435  

Synaptics, Inc.(b)(c)

      13,966       1,237,388  

Tenable Holdings, Inc.(b)

      7,632       310,164  

Teradata Corp.(b)(c)

      70,793       2,236,351  

TTEC Holdings, Inc.

      14,164       629,873  

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

      7,303       328,270  

Turtle Beach Corp.(b)(c)

      17,992       140,338  

Tyler Technologies, Inc.(b)

      10,365       3,351,315  

Ubiquiti, Inc.(c)

      1,152       399,456  

Ultra Clean Holdings, Inc.(b)

      42,327       1,316,793  

Unisys Corp.(b)(c)

             141,890       1,206,065  

Unity Software, Inc.(b)(c)

      14,459       426,540  

Universal Display Corp.

      12,303       1,171,492  

Upland Software, Inc.(b)

      29,289       235,484  

Varonis Systems, Inc.(b)(c)

      7,882       211,001  

Veeco Instruments, Inc.(b)(c)

      30,646       558,677  

Verint Systems, Inc.(b)(c)

      34,417       1,219,394  

VeriSign, Inc.(b)

      18,661       3,740,784  

Verra Mobility Corp.(b)(c)

      79,254       1,352,866  

Viavi Solutions, Inc.(b)

      137,276       2,072,868  

VirnetX Holding Corp.(b)(c)

      185,319       233,502  

Vishay Precision Group, Inc.(b)(c)

      17,005       573,919  

Wix.com Ltd. (Israel)(b)

      9,524       800,968  

Wolfspeed, Inc.(b)(c)

      36,203       2,850,986  

Xperi, Inc.(b)

      70,969       991,437  

Yext, Inc.(b)(c)

      51,249       272,645  

Zendesk, Inc.(b)(c)

      8,900       682,541  

Zoom Video Communications, Inc.,
Class A(b)

      33,901       2,828,699  

Zscaler, Inc.(b)(c)

      1,637       252,262  

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

      22,767       175,078  
    

 

 

  
       250,196,298  
    

 

 

  

Materials-5.04%

     

Advanced Emissions Solutions, Inc.(b)(c)

      46,875       134,531  

AdvanSix, Inc.

      68,796       2,502,798  

Alpha Metallurgical Resources, Inc.

      28,823       4,866,764  

American Vanguard Corp.

      54,784       1,274,824  

Ardagh Metal Packaging S.A.

      24,888       110,503  

ATI, Inc.(b)(c)

      123,405       3,672,533  

Balchem Corp.

      14,722       2,058,136  

Carpenter Technology Corp.

      113,568       4,247,443  

Century Aluminum Co.(b)(c)

      56,450       407,004  

Chase Corp.(c)

      6,951       654,854  

Clearwater Paper Corp.(b)

      51,596       2,294,990  

Coeur Mining, Inc.(b)(c)

      464,198       1,754,668  

Danimer Scientific, Inc.(b)(c)

      125,619       329,122  
     Shares   Value  

Materials-(continued)

     

Eagle Materials, Inc.

      26,916       $ 3,292,096  

Ecovyst, Inc.(b)

      145,140              1,444,143  

Ferroglobe PLC(b)(c)

      108,044       629,896  

FutureFuel Corp.

      98,172       671,496  

Glatfelter Corp.(c)

      87,164       246,674  

Greif, Inc., Class A

      69,501       4,601,661  

Hawkins, Inc.

      15,653       704,855  

Haynes International, Inc.

      20,909       1,022,659  

Hecla Mining Co.(c)

             520,001       2,376,405  

Ingevity Corp.(b)

      49,465       3,327,511  

Innospec, Inc.

      27,557       2,755,424  

Intrepid Potash, Inc.(b)(c)

      12,124       548,611  

Kaiser Aluminum Corp.

      29,366       2,372,479  

Koppers Holdings, Inc.

      44,868       1,119,905  

Kronos Worldwide, Inc.(c)

      56,965       541,167  

Livent Corp.(b)(c)

      64,462       2,035,065  

LSB Industries, Inc.(b)

      35,451       625,001  

Materion Corp.(c)

      21,194       1,816,538  

Mativ Holdings, Inc., Class A(c)

      126,032       2,992,000  

McEwen Mining, Inc. (Canada)(b)(c)

      37,209       135,813  

Mercer International, Inc. (Germany)(c)

      121,790       1,634,422  

Mesabi Trust(c)

      11,908       265,310  

Minerals Technologies, Inc.

      54,755       3,012,073  

MP Materials Corp.(b)(c)

      10,772       323,591  

Myers Industries, Inc.

      40,889       829,638  

NewMarket Corp.

      10,437       3,176,397  

Nexa Resources S.A. (Brazil)

      68,585       344,297  

Olympic Steel, Inc.

      29,748       809,443  

Orion Engineered Carbons S.A. (Germany)

      113,235       1,807,231  

Pactiv Evergreen, Inc.

      76,863       838,575  

Quaker Chemical Corp.(c)

      9,861       1,603,793  

Ranpak Holdings Corp.(b)(c)

      15,834       60,169  

Rayonier Advanced Materials, Inc.(b)(c)

      155,564       707,816  

Resolute Forest Products, Inc.(b)

      292,210       6,080,890  

Ryerson Holding Corp.

      58,043       1,947,343  

Schnitzer Steel Industries, Inc., Class A

      60,596       1,635,486  

Sensient Technologies Corp.

      46,787       3,343,399  

Stepan Co.(c)

      30,788       3,215,499  

SunCoke Energy, Inc.

      282,254       2,049,164  

TimkenSteel Corp.(b)(c)

      108,710       1,895,902  

Tredegar Corp.(c)

      69,723       759,283  

TriMas Corp.

      49,299       1,126,482  

Tronox Holdings PLC, Class A(c)

      167,316       2,007,792  

Worthington Industries, Inc.(c)

      61,794       2,938,923  
    

 

 

  
       99,980,487  
    

 

 

  

Real Estate-5.82%

     

Acadia Realty Trust(c)

      154,515       2,158,575  

Agree Realty Corp.

      54,732       3,760,088  

Alexander & Baldwin, Inc.

      135,358       2,636,774  

Alexander’s, Inc.(c)

      3,380       793,928  

American Assets Trust, Inc.

      68,731       1,888,728  

Apartment Income REIT Corp.

      84,687       3,254,521  

Apartment Investment & Management Co., Class A

      233,885       1,857,047  

Armada Hoffler Properties, Inc.

      76,552       894,893  

Ashford Hospitality Trust, Inc.(b)(c)

      141,800       1,151,416  

Bluerock Homes Trust, Inc.(b)

      3,749       94,850  

Braemar Hotels & Resorts, Inc.(c)

      166,000       818,380  

 

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

 

    28    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

 

     Shares   Value  

Real Estate-(continued)

     

Broadstone Net Lease, Inc.(c)

      158,196     $        2,711,479  

BRT Apartments Corp.

      11,520         255,283  

CareTrust REIT, Inc.

      114,288       2,134,900  

Centerspace

      19,224       1,332,223  

Chatham Lodging Trust(b)

             132,254       1,715,334  

City Office REIT, Inc.

      64,049       680,200  

Community Healthcare Trust, Inc.

      16,930       585,778  

CorEnergy Infrastructure Trust, Inc.

      88,394       163,529  

CTO Realty Growth, Inc.(c)

      36,064       724,886  

Diversified Healthcare Trust

      842,314       1,145,547  

Easterly Government Properties, Inc.(c)

      120,801       2,100,729  

EastGroup Properties, Inc.

      20,196       3,164,511  

Elme Communities(c)

      164,167       3,133,948  

Empire State Realty Trust, Inc., Class A, (Acquired 08/11/2014 - 10/26/2022; Cost $3,994,543)(c)(d)

      338,672       2,496,013  

Equity Commonwealth

      145,446       3,804,867  

Essential Properties Realty Trust, Inc.

      92,357       1,987,523  

eXp World Holdings, Inc.(c)

      13,226       174,715  

Farmland Partners, Inc.(c)

      28,518       399,537  

Forestar Group, Inc.(b)(c)

      30,420       352,264  

Four Corners Property Trust, Inc.

      75,968       1,946,300  

Franklin Street Properties Corp.

      225,382       649,100  

Getty Realty Corp.(c)

      55,620       1,751,474  

Gladstone Commercial Corp.

      44,312       779,448  

Gladstone Land Corp.(c)

      13,338       271,428  

Global Medical REIT, Inc.

      42,487       388,331  

Global Net Lease, Inc.

      247,932       3,037,167  

Hersha Hospitality Trust, Class A

      152,148       1,392,154  

Independence Realty Trust, Inc.(c)

      41,173       690,060  

Industrial Logistics Properties Trust

      109,160       510,869  

Innovative Industrial Properties, Inc.(c)

      8,340       901,554  

iStar, Inc.

      73,149       766,602  

Kennedy-Wilson Holdings, Inc.

      178,154       2,959,138  

Kite Realty Group Trust(c)

      173,754       3,412,529  

LTC Properties, Inc.

      61,804       2,389,961  

Marcus & Millichap, Inc.(c)

      22,464       827,574  

National Health Investors, Inc.(c)

      69,105       3,918,254  

National Storage Affiliates Trust

      31,820       1,357,441  

Necessity Retail REIT, Inc. (The)

      349,459       2,390,300  

NETSTREIT Corp.(c)

      15,953       300,235  

New York City REIT, Inc., Class A

      41,904       129,902  

Newmark Group, Inc., Class A(c)

      129,822       1,063,242  

NexPoint Residential Trust, Inc.

      12,510       570,456  

Offerpad Solutions, Inc.(b)(c)

      77,938       75,951  

Office Properties Income Trust

      147,284       2,253,445  

One Liberty Properties, Inc.

      23,945       539,720  

Opendoor Technologies, Inc.(b)(c)

      245,890       636,855  

Pennsylvania Real Estate Investment Trust(b)(c)

      20,931       83,724  

Phillips Edison & Co., Inc.(c)

      23,689       713,986  

Plymouth Industrial REIT, Inc.

      14,593       269,095  

PotlatchDeltic Corp.(c)

      102,296       4,551,149  

RE/MAX Holdings, Inc., Class A

      24,030       467,624  

Redfin Corp.(b)(c)

      48,223       231,953  

Retail Opportunity Investments Corp.

      174,204       2,522,474  

RMR Group, Inc. (The), Class A

      25,566       699,741  

RPT Realty, (Acquired 03/13/2017 - 10/26/2022; Cost $2,308,784)(c)(d)

      189,599       1,763,271  

Safehold, Inc.(c)

      9,816       287,118  
     Shares   Value  

Real Estate-(continued)

     

Saul Centers, Inc.

      17,198       $ 704,258  

St. Joe Co. (The)

      10,677       379,354  

Summit Hotel Properties, Inc.(c)

      274,289       2,369,857  

Tanger Factory Outlet Centers, Inc.

      232,159       4,181,184  

Tejon Ranch Co.(b)(c)

      23,670       400,970  

Terreno Realty Corp.

      38,237       2,184,862  

UMH Properties, Inc.(c)

      31,683       555,720  

Universal Health Realty Income Trust

      12,391       603,070  

Urban Edge Properties

             204,419       2,886,396  

Urstadt Biddle Properties, Inc.(c)

      4,258       80,732  

Urstadt Biddle Properties, Inc., Class A

      58,409       1,094,585  

Veris Residential, Inc.(b)

      199,618       3,159,953  

Whitestone REIT

      106,866       1,005,609  
    

 

 

  
          115,478,641  
    

 

 

  

Utilities-1.81%

     

American States Water Co.

      26,651       2,410,849  

Artesian Resources Corp., Class A

      10,036       524,682  

Atlantica Sustainable Infrastructure PLC (Spain)

      119,157       3,301,841  

California Water Service Group

      48,346       3,000,353  

Chesapeake Utilities Corp.

      15,388       1,913,959  

Clearway Energy, Inc., Class A(c)

      38,536       1,245,869  

Clearway Energy, Inc., Class C(c)

      90,106       3,130,282  

Consolidated Water Co. Ltd. (Cayman Islands)

      32,032       588,108  

MGE Energy, Inc.

      36,010       2,451,921  

Middlesex Water Co.

      9,106       814,714  

Northwest Natural Holding Co.

      68,411       3,289,885  

Ormat Technologies, Inc.(c)

      47,604       4,305,782  

Otter Tail Corp.(c)

      53,895       3,633,601  

SJW Group

      31,596       2,233,205  

Sunnova Energy International, Inc.(b)(c)

      62,919       1,166,518  

Unitil Corp.

      24,996       1,317,539  

Via Renewables, Inc.(c)

      33,425       233,641  

York Water Co. (The)

      9,690       422,096  
    

 

 

  
       35,984,845  
    

 

 

  

Total Common Stocks & Other Equity Interests
(Cost $2,052,059,891)

 

     1,983,285,471  
    

 

 

  

Money Market Funds-0.09%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 3.07%(f)(g)
(Cost $1,888,416)

      1,888,416       1,888,416  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $2,053,948,307)

 

     1,985,173,887  
    

 

 

  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-27.97%

 

Invesco Private Government Fund,
3.18%(f)(g)(h)

      156,071,126       156,071,126  

 

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

 

    29    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

    

 

     Shares   Value  

Money Market Funds-(continued)

 

Invesco Private Prime Fund,
3.28%(f)(g)(h)

         398,619,468       $ 398,619,468  
    

 

 

  

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $554,697,125)

 

     554,690,594  
    

 

 

  

TOTAL INVESTMENTS IN SECURITIES-128.06%
(Cost $2,608,645,432)

 

     2,539,864,481  

OTHER ASSETS LESS LIABILITIES-(28.06)%

 

     (556,598,623 ) 
    

 

 

  

NET ASSETS-100.00%

      $ 1,983,265,858  
    

 

 

  

    

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 October 31, 2022.

(d) 

Restricted security. The aggregate value of these securities at October 31, 2022 was $6,687,962, which represented less than 1% of the Fund’s Net Assets.

(e) 

Security valued using significant unobservable inputs (Level 3). See Note 4.

(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 six months ended October 31, 2022.

 

    

Value

April 30, 2022

    Purchases
at Cost		    Proceeds
from  Sales		   Change in
Unrealized
Appreciation
(Depreciation)		   Realized
Gain		   

Value

October 31, 2022

    Dividend
Income
Invesco Mortgage Capital, Inc.      $ 979,998      $ 233,096      $ (130,447 )     $ (346,148 )     $ 23,457      $ 759,956      $ 103,870
Investments in Affiliated Money Market Funds:                                 

 

Invesco Government & Agency Portfolio, Institutional Class

        615,203        77,151,216        (75,878,003 )       -       -        1,888,416        50,558
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        129,773,116        283,272,137        (256,974,127 )       -       -        156,071,126        1,429,270 *
Invesco Private Prime Fund        301,916,900        671,847,552        (575,147,507 )       (38,926 )       41,449        398,619,468        3,905,010 *
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

Total

      $ 433,285,217      $ 1,032,504,001      $ (908,130,084 )     $ (385,074 )     $ 64,906      $ 557,338,966      $ 5,488,708
    

 

 

       

 

 

       

 

 

      

 

 

      

 

 

       

 

 

       

 

 

  

 

*

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 October 31, 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.

 

    30    

 

  

 

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

October 31, 2022

(Unaudited)

    

 

Portfolio Composition

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

as of October 31, 2022

 

   

Financials

      18.33                                       

Industrials

      17.34                                       

Consumer Discretionary

      12.69                                       

Information Technology

      12.62                                       

Health Care

      10.41                                       

Energy

      8.68                                       

Real Estate

      5.82                                       

Materials

      5.04                                       

Consumer Staples

      3.99                                       

Communication Services

      3.27                                       

Utilities

      1.81                                       
Money Market Funds Plus Other Assets Less Liabilities      (0.00)                                     

    

 

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

 

    31    

 

  

 

 

 

Statements of Assets and Liabilities

October 31, 2022

(Unaudited)

 

    

Invesco Dynamic
Market ETF (PWC)

    Invesco FTSE RAFI
US 1000 ETF (PRF)		   

Invesco FTSE RAFI
US 1500 Small-Mid

      ETF (PRFZ)      

Assets:

                                           

Unaffiliated investments in securities, at value(a)

                $ 97,132,975                    $ 5,750,403,561                         $ 1,982,525,515         

Affiliated investments in securities, at value

             12,848,749                 369,138,264                  557,338,966    

Cash

             -                 5,149                  966,337    

Receivable for:

                                           

Dividends

             86,362                 7,288,909                  784,623    

Securities lending

             23,231                 43,049                  200,691    

Investments sold

             1,067,227                 3,870                  4,139,298    

Other assets

             26,185                 1,788                  1,855    
         

 

 

                

 

 

                 

 

 

      

Total assets

             111,184,729                 6,126,884,590                  2,545,957,285    
         

 

 

                

 

 

                 

 

 

      

Liabilities:

                                           

Payable for:

                                           

Investments purchased

             -                 3,885,649                  2,147,467    

Collateral upon return of securities loaned

             12,797,388                 358,082,080                  554,697,125    

Fund shares repurchased

             1,067,371                 3,870                  4,145,563    

Accrued advisory fees

             70,777                 1,372,326                  447,098    

Accrued trustees’ and officer’s fees

             74,842                 350,620                  135,051    

Accrued expenses

             43,733                 3,277,626                  1,119,123    
         

 

 

                

 

 

                 

 

 

      

Total liabilities

             14,054,111                 366,972,171                  562,691,427    
         

 

 

                

 

 

                 

 

 

      

Net Assets

           $ 97,130,618               $ 5,759,912,419                $ 1,983,265,858    
         

 

 

                

 

 

                 

 

 

      

Net assets consist of:

                                           

Shares of beneficial interest

           $ 263,663,433               $ 5,247,528,035                $ 2,376,900,757    

Distributable earnings (loss)

             (166,532,815 )                 512,384,384                  (393,634,899 )    
         

 

 

                

 

 

                 

 

 

      

Net Assets

           $ 97,130,618               $ 5,759,912,419                $ 1,983,265,858    
         

 

 

                

 

 

                 

 

 

      

Shares outstanding (unlimited amount authorized, $0.01 par value)

             910,000                 37,270,000                  12,140,000    

Net asset value

           $ 106.74               $ 154.55                $ 163.37    
         

 

 

                

 

 

                 

 

 

      

Market price

           $ 106.77               $ 154.62                $ 163.52    
         

 

 

                

 

 

                 

 

 

      

Unaffiliated investments in securities, at cost

           $ 95,251,398               $ 4,956,369,439                $ 2,050,727,148    
         

 

 

                

 

 

                 

 

 

      

Affiliated investments in securities, at cost

           $ 12,848,856               $ 370,909,346                $ 557,918,284    
         

 

 

                

 

 

                 

 

 

      

(a) Includes securities on loan with an aggregate value of:

           $ 12,398,274               $ 348,642,617                $ 540,016,126    
         

 

 

                

 

 

                 

 

 

      

 

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

 

    32    

 

  

 

 

 

Statements of Operations

For the six months ended October 31, 2022

(Unaudited)

 

     Invesco Dynamic
Market ETF (PWC)		    Invesco FTSE RAFI
US 1000 ETF (PRF)		    Invesco FTSE RAFI
US 1500 Small-Mid
       ETF (PRFZ)      

Investment income:

                                          

Unaffiliated dividend income

           $ 884,538                    $ 70,730,148                    $ 17,506,575         

Affiliated dividend income

             862                 100,263                 154,428    

Securities lending income, net

             109,574                 330,480                 1,121,755    

Foreign withholding tax

             (9,820 )                 (9,675 )                 (4,655 )    
         

 

 

                

 

 

                

 

 

      

Total investment income

             985,154                 71,151,216                 18,778,103    
         

 

 

                

 

 

                

 

 

      

Expenses:

                                          

Advisory fees

             250,519                 8,319,253                 2,838,579    

Sub-licensing fees

             15,031                 2,581,888                 880,956    

Accounting & administration fees

             10,533                 195,508                 74,199    

Custodian & transfer agent fees

             1,275                 20,650                 23,285    

Trustees’ and officer’s fees

             (11,405 )                 (39,871 )                 (14,336 )    

Other expenses

             27,700                 115,021                 69,260    
         

 

 

                

 

 

                

 

 

      

Total expenses

             293,653                 11,192,449                 3,871,943    
         

 

 

                

 

 

                

 

 

      

Less: Waivers

             (997 )                 (6,654 )                 (57,849 )    
         

 

 

                

 

 

                

 

 

      

Net expenses

             292,656                 11,185,795                 3,814,094    
         

 

 

                

 

 

                

 

 

      

Net investment income

             692,498                 59,965,421                 14,964,009    
         

 

 

                

 

 

                

 

 

      

Realized and unrealized gain (loss) from:

                                          

Net realized gain (loss) from:

                                          

Unaffiliated investment securities

             (9,610,909 )                 (3,196,987 )                 2,293,805    

Affiliated investment securities

             19                 30,600                 64,906    

Unaffiliated in-kind redemptions

             4,278,906                 88,707,926                 55,460,129    

Affiliated in-kind redemptions

             -                 (2,066 )                 23,455    

Foreign currencies

             -                 -                 (38 )    
         

 

 

                

 

 

                

 

 

      

Net realized gain (loss)

             (5,331,984 )                 85,539,473                 57,842,257    
         

 

 

                

 

 

                

 

 

      

Change in net unrealized appreciation (depreciation) of:

                                          

Unaffiliated investment securities

             5,648,725                 (294,307,505 )                 (83,903,916 )    

Affiliated investment securities

             (132 )                 (528,243 )                 (385,074 )    
         

 

 

                

 

 

                

 

 

      

Change in net unrealized appreciation (depreciation)

             5,648,593                 (294,835,748 )                 (84,288,990 )    
         

 

 

                

 

 

                

 

 

      

Net realized and unrealized gain (loss)

             316,609                 (209,296,275 )                 (26,446,733 )    
         

 

 

                

 

 

                

 

 

      

Net increase (decrease) in net assets resulting from operations

           $ 1,009,107               $ (149,330,854 )               $ (11,482,724 )    
         

 

 

                

 

 

                

 

 

      

 

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

 

    33    

 

  

 

 

 

Statements of Changes in Net Assets

For the six months ended October 31, 2022 and the year ended April 30, 2022

(Unaudited)

 

     Invesco Dynamic
                     Market ETF (PWC)                     		     Invesco FTSE RAFI US
                            1000  ETF (PRF)                        		  
     Six Months Ended
October 31,
            2022            		      Year Ended
April 30,
            2022             		      Six Months Ended
October 31,
            2022             		     Year Ended
April 30,
            2022             		  

Operations:

                                

Net investment income

       $ 692,498           $ 810,135           $ 59,965,421           $ 97,822,609           

Net realized gain (loss)

                (5,331,984 )                          (1,568,793 )            85,539,473             227,317,774    

Change in net unrealized appreciation (depreciation)

         5,648,593             (16,445,589 )                          (294,835,748 )                          (154,982,707 )   
     

 

 

          

 

 

          

 

 

          

 

 

    

Net increase (decrease) in net assets resulting from operations

         1,009,107             (17,204,247 )            (149,330,854 )            170,157,676    
     

 

 

          

 

 

          

 

 

          

 

 

    

Distributions to Shareholders from:

                                

Distributable earnings

         (573,916 )            (923,364 )            (59,018,548 )            (93,773,617 )   
     

 

 

          

 

 

          

 

 

          

 

 

    

Shareholder Transactions:

                                

Proceeds from shares sold

         23,458,532             132,946,783             557,985,236             963,003,179    

Value of shares repurchased

         (32,164,090 )            (145,228,068 )            (238,698,465 )            (501,081,108 )   
     

 

 

          

 

 

          

 

 

          

 

 

    

Net increase (decrease) in net assets resulting from share transactions

         (8,705,558 )            (12,281,285 )            319,286,771             461,922,071    
     

 

 

          

 

 

          

 

 

          

 

 

    

Net increase (decrease) in net assets

         (8,270,367 )            (30,408,896 )            110,937,369             538,306,130    
     

 

 

          

 

 

          

 

 

          

 

 

    

Net assets:

                                

Beginning of period

         105,400,985             135,809,881             5,648,975,050             5,110,668,920    
     

 

 

          

 

 

          

 

 

          

 

 

    

End of period

       $ 97,130,618           $ 105,400,985           $ 5,759,912,419           $ 5,648,975,050    
     

 

 

          

 

 

          

 

 

          

 

 

    

Changes in Shares Outstanding:

                                

Shares sold

         220,000             1,070,000             3,660,000             5,770,000    

Shares repurchased

         (310,000 )            (1,180,000 )            (1,610,000 )            (2,960,000 )   

Shares outstanding, beginning of period

         1,000,000             1,110,000             35,220,000             32,410,000    
     

 

 

          

 

 

          

 

 

          

 

 

    

Shares outstanding, end of period

         910,000             1,000,000             37,270,000             35,220,000    
     

 

 

          

 

 

          

 

 

          

 

 

    

 

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

 

    34    

 

  

 

 

 

 

    

    

    

 

Invesco FTSE RAFI US
        1500 Small-Mid ETF (PRFZ)        		     
Six Months  Ended
October 31,
2022		        Year Ended
April 30,
2022
                       
  $   14,964,009                $ 19,557,050  
    57,842,257                           220,230,506  
 

 

 

 

(84,288,990

 

) 

                (350,991,411 ) 
 

 

 

               

 

 

  
 

 

 

 

(11,482,724

 

) 

                (111,203,855 ) 
 

 

 

               

 

 

  
                       
    (13,377,255 )                 (20,080,760 ) 
 

 

 

               

 

 

  
                       
    400,752,804                  584,200,712  
    (187,919,610 )                 (607,192,187 ) 
 

 

 

               

 

 

  
   

     

212,833,194

  

 

                (22,991,475 ) 
 

 

 

               

 

 

  
    187,973,215                  (154,276,090 ) 
 

 

 

               

 

 

  
 

 

 

 

    

 

 

             
    1,795,292,643                  1,949,568,733  
 

 

 

               

 

 

  
  $ 1,983,265,858                $ 1,795,292,643  
 

 

 

               

 

 

  
                       
    2,550,000                  3,230,000  
    (1,160,000 )                 (3,270,000 ) 
    10,750,000                  10,790,000  
 

 

 

               

 

 

  
    12,140,000                  10,750,000  
 

 

 

               

 

 

  

 

    35    

 

  

 

 

 

Financial Highlights

Invesco Dynamic Market ETF (PWC)

 

     Six Months Ended
October 31,		                    
     2022   Years Ended April 30,
     (Unaudited)   2022   2021   2020   2019   2018

Per Share Operating Performance:

                         

Net asset value at beginning of period

      $ 105.40     $ 122.35     $ 82.74     $ 98.73     $ 96.96     $ 84.15
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

        0.71       0.77       0.75       1.15       0.90       2.11 (b) 

Net realized and unrealized gain (loss) on investments

        1.22       (16.84 )       39.76       (15.99 )       1.99       12.64
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        1.93       (16.07 )       40.51       (14.84 )       2.89       14.75
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                         

Net investment income

        (0.59 )       (0.88 )       (0.90 )       (1.15 )       (1.12 )       (1.94 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

      $ 106.74     $ 105.40     $ 122.35     $ 82.74     $ 98.73     $ 96.96
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(c)

      $ 106.77     $ 105.30     $ 122.40     $ 81.40     $ 98.63     $ 96.98
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(d)

        1.92 %       (13.20 )%       49.27 %       (15.04 )%       3.00 %       17.67 %

Market Price Total Return(d)

        2.03 %       (13.32 )%       51.78 %       (16.32 )%       2.89 %       17.68 %

Ratios/Supplemental Data:

                         

Net assets at end of period (000’s omitted)

      $ 97,131     $ 105,401     $ 135,810     $ 115,831     $ 157,975     $ 155,134

Ratio to average net assets of:

                         

Expenses, after Waivers

        0.58 %(e)       0.60 %       0.60 %       0.58 %       0.59 %       0.60 %

Expenses, prior to Waivers

        0.59 %(e)       0.60 %       0.62 %       0.58 %       0.59 %       0.61 %

Net investment income

        1.38 %(e)       0.64 %       0.75 %       1.22 %       0.91 %       2.30 %(b)

Portfolio turnover rate(f)

        130 %       228 %       321 %       313 %       240 %       215 %

 

(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 $1.10 and 1.19%, 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.

 

    36    

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco FTSE RAFI US 1000 ETF (PRF)

 

     Six Months Ended
October 31,		                    
     2022   Years Ended April 30,
     (Unaudited)   2022   2021   2020   2019   2018

Per Share Operating Performance:

                         

Net asset value at beginning of period

      $ 160.39     $ 157.69     $ 104.17     $ 117.81     $ 111.04     $ 102.66
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

        1.62       2.91       2.43       2.60       2.40       2.18

Net realized and unrealized gain (loss) on investments

        (5.89 )       2.58       53.64       (13.40 )       6.72       8.29
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (4.27 )       5.49       56.07       (10.80 )       9.12       10.47
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                         

Net investment income

        (1.57 )       (2.79 )       (2.55 )       (2.84 )       (2.35 )       (2.09 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

      $ 154.55     $ 160.39     $ 157.69     $ 104.17     $ 117.81     $ 111.04
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(b)

      $ 154.62     $ 160.32     $ 157.68     $ 104.31     $ 117.82     $ 111.12
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(c)

        (2.62 )%       3.45 %       54.54 %       (9.18 )%       8.40 %       10.26 %

Market Price Total Return(c)

        (2.53 )%       3.41 %       54.32 %       (9.06 )%       8.32 %       10.33 %

Ratios/Supplemental Data:

                         

Net assets at end of period (000’s omitted)

      $ 5,759,912     $ 5,648,975     $ 5,110,669     $ 4,010,580     $ 5,590,025     $ 5,124,420

Ratio to average net assets of:

                         

Expenses, after Waivers

        0.39 %(d)       0.39 %       0.39 %       0.39 %       0.39 %       0.39 %

Expenses, prior to Waivers

        0.39 %(d)       0.39 %       0.40 %       0.39 %       0.40 %       0.41 %

Net investment income

        2.09 %(d)       1.76 %       1.94 %       2.24 %       2.13 %       2.00 %

Portfolio turnover rate(e)

        1 %       10 %       11 %       8 %       10 %       9 %

 

(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.

 

    37    

 

  

 

 

 

Financial Highlights–(continued)

 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

 

     Six Months Ended
October 31,		                    
     2022   Years Ended April 30,
     (Unaudited)   2022   2021   2020   2019   2018

Per Share Operating Performance:

                         

Net asset value at beginning of period

      $ 167.00     $ 180.68     $ 103.08     $ 132.17     $ 130.30     $ 117.87
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

        1.24       1.86       1.18       1.48       1.76       1.44

Net realized and unrealized gain (loss) on investments

        (3.80 )       (13.62 )       77.79       (28.58 )       1.75       12.31
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        (2.56 )       (11.76 )       78.97       (27.10 )       3.51       13.75
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions to shareholders from:

                         

Net investment income

        (1.07 )       (1.92 )       (1.37 )       (1.99 )       (1.64 )       (1.32 )
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value at end of period

      $ 163.37     $ 167.00     $ 180.68     $ 103.08     $ 132.17     $ 130.30
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Market price at end of period(b)

      $ 163.52     $ 166.99     $ 180.64     $ 103.16     $ 132.22     $ 130.51
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value Total Return(c)

        (1.50 )%       (6.60 )%       77.05 %       (20.65 )%       2.75 %       11.73 %

Market Price Total Return(c)

        (1.41 )%       (6.59 )%       76.88 %       (20.62 )%       2.60 %       11.96 %

Ratios/Supplemental Data:

                         

Net assets at end of period (000’s omitted)

      $ 1,983,266     $ 1,795,293     $ 1,949,569     $ 1,437,974     $ 2,094,831     $ 1,889,333

Ratio to average net assets of:

                         

Expenses, after Waivers

        0.39 %(d)       0.39 %       0.39 %       0.39 %       0.39 %       0.39 %

Expenses, prior to Waivers

        0.40 %(d)       0.40 %       0.40 %       0.40 %       0.40 %       0.41 %

Net investment income

        1.53 %(d)       1.01 %       0.87 %       1.20 %       1.33 %       1.15 %

Portfolio turnover rate(e)

        5 %       28 %       25 %       21 %       24 %       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) 

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.

 

    38    

 

  

 

 

 

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2022

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

Full Name

   

Short Name

  
Invesco Dynamic Market ETF (PWC)    “Dynamic Market ETF”
Invesco FTSE RAFI US 1000 ETF (PRF)    “FTSE RAFI US 1000 ETF”
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)    “FTSE RAFI US 1500 Small-Mid 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.” Shares of Dynamic Market ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market.

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 (“APs”), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

Fund

   

Underlying Index

  
Dynamic Market ETF    Dynamic Market Intellidex® Index
FTSE RAFI US 1000 ETF    FTSE RAFITM US 1000 Index
FTSE RAFI US 1500 Small-Mid ETF    FTSE RAFITM US Mid Small 1500 Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades 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 market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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,

 

    39    

 

  

 

 

 

 

odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

 

    40    

 

  

 

 

 

 

  withholding tax, if any) is recorded on the ex-dividend date. 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 a 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 a Fund’s NAV and, accordingly, they reduce a 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F.

Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects

 

    41    

 

  

 

 

 

 

of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

G.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. 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 six months ended October 31, 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:

 

     Amount  
Dynamic Market ETF      $8,981  
FTSE RAFI US 1000 ETF      16,081  
FTSE RAFI US 1500 Small-Mid ETF      66,582  

 

J.

Other Risks

AP Concentration Risk. Only 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

 

    42    

 

  

 

 

 

 

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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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 each 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 an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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.

 

    43    

 

  

 

 

 

 

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, Dynamic Market ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets, and each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2024. For Dynamic Market ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase a Fund’s expense cap without approval of the Board of Trustees.

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 six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

Dynamic Market ETF    $ 997  
FTSE RAFI US 1000 ETF      6,654  
FTSE RAFI US 1500 Small-Mid ETF      57,849  

For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2022 are as follows:

 

     Total
Potential
Recapture		    Potential Recapture Amounts Expiring  
     Amounts    4/30/23      4/30/24      4/30/25      10/31/25  

 

FTSE RAFI US 1000 ETF

   

 

 

 

$543,617

 

 

   

 

$

 

84,696

 

 

   

 

$

 

389,323

 

 

   

 

$

 

65,117

 

 

   

 

$

 

4,481

 

 

FTSE RAFI US 1500 Small-Mid ETF      414,941        58,230        181,732        120,438        54,541  

 

    44    

 

  

 

 

 

 

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

 

Fund

   

Licensor

Dynamic Market ETF    ICE Data Indices, LLC
FTSE RAFI US 1000 ETF    FTSE International Limited and Research Affiliates LLC
FTSE RAFI US 1500 Small-Mid ETF    FTSE International Limited and Research Affiliates LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended October 31, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

 

Dynamic Market ETF    $ 28,482  
FTSE RAFI US 1000 ETF      6,588  
FTSE RAFI US 1500 Small-Mid ETF      41,028  

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–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. 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 the Adviser’s 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 October 31, 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  
           

Dynamic Market ETF

            

Investments in Securities

            
           

Common Stocks & Other Equity Interests

    $ 97,132,975      $ -      $             -      $ 97,132,975  

Money Market Funds

      51,468        12,797,281          -        12,848,749  
  

 

 

     

 

 

     

 

 

     

 

 

  
           

Total Investments

    $     97,184,443      $   12,797,281      $ -      $   109,981,724  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

    45    

 

  

 

 

 

 

     Level 1      Level 2      Level 3      Total  

FTSE RAFI US 1000 ETF

            

 

Investments in Securities

            

Common Stocks & Other Equity Interests

    $ 5,752,981,289      $ -      $ -      $ 5,752,981,289  

 

Money Market Funds

   

 

 

 

8,481,711

 

 

   

 

 

 

358,078,825

 

 

   

 

 

 

-

 

 

   

 

 

 

366,560,536

 

 

  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 5,761,463,000      $ 358,078,825      $ -      $ 6,119,541,825  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

FTSE RAFI US 1500 Small-Mid ETF

            

Investments in Securities

            

 

Common Stocks & Other Equity Interests

   

 

$

 

1,982,075,904

 

 

   

 

$

 

-

 

 

   

 

$

 

1,209,567

 

 

   

 

$

 

1,983,285,471

 

 

Money Market Funds

      1,888,416        554,690,594        -        556,579,010  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Total Investments

   

 

$

 

1,983,964,320

 

 

   

 

$

 

554,690,594

 

 

   

 

$

 

1,209,567

 

 

   

 

$

 

2,539,864,481

 

 

  

 

 

     

 

 

     

 

 

     

 

 

  

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

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 had capital loss carryforwards as of April 30, 2022, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

 

Dynamic Market ETF

   

 

$

 

160,755,020

 

 

   

 

$

 

2,199,879

 

 

   

 

$

 

162,954,899

 

 

FTSE RAFI US 1000 ETF      16,877,224        250,050,794        266,928,018  

 

FTSE RAFI US 1500 Small-Mid ETF

   

 

 

 

60,211,485

 

 

   

 

 

 

250,997,289

 

 

   

 

 

 

311,208,774

 

 

 

*

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 6–Investment Transactions

For the six months ended October 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

 

     Purchases      Sales  

 

Dynamic Market ETF

   

 

$

 

134,347,669

 

 

   

 

$

 

133,504,044

 

 

FTSE RAFI US 1000 ETF      63,666,568        60,061,022  

 

FTSE RAFI US 1500 Small-Mid ETF

   

 

 

 

93,523,127

 

 

   

 

 

 

90,820,117

 

 

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases		      In-kind
Sales		  

 

Dynamic Market ETF

   

 

$

 

23,457,536

 

 

   

 

$

 

32,818,050

 

 

FTSE RAFI US 1000 ETF      552,754,021        236,324,163  

 

FTSE RAFI US 1500 Small-Mid ETF

   

 

 

 

399,974,469

 

 

   

 

 

 

187,658,357

 

 

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

    46    

 

  

 

 

 

 

As of October 31, 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:

 

     Gross
Unrealized
Appreciation 		     Gross
Unrealized
(Depreciation)		     Net
Unrealized
Appreciation
(Depreciation) 		    Cost  

 

Dynamic Market ETF

   

 

$

 

6,838,051

 

 

   

 

$

 

(5,287,161

 

) 

  

 

$

 

1,550,890

 

 

  

 

$

 

108,430,834

 

 

FTSE RAFI US 1000 ETF      1,216,851,111        (529,814,659 )      687,036,452       5,432,505,373  

 

FTSE RAFI US 1500 Small-Mid ETF

   

 

 

 

253,317,520

 

 

   

 

 

 

(395,025,418

 

) 

  

 

 

 

(141,707,898

 

) 

  

 

 

 

2,681,572,379

 

 

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’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.

 

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 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.

 

     Beginning
Account Value
May 1, 2022		   Ending
Account Value
October 31, 2022		   Annualized
Expense Ratio
Based on the
Six-Month Period		  

Expenses Paid
During the

Six-Month Period(1)

Invesco Dynamic Market ETF (PWC)

                 

Actual

      $ 1,000.00        $ 1,019.20          0.58 %     $ 2.95

Hypothetical (5% return before expenses)

        1,000.00       1,022.28       0.58       2.96

Invesco FTSE RAFI US 1000 ETF (PRF)

                 

Actual

        1,000.00       973.80       0.39       1.94

Hypothetical (5% return before expenses)

        1,000.00       1,023.24       0.39       1.99

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

                 

Actual

        1,000.00       985.00       0.39       1.95

Hypothetical (5% return before expenses)

        1,000.00       1,023.24       0.39       1.99

 

(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 October 31, 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 184/365.

 

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

 

 

 

 

 

 

©2022 Invesco Capital Management LLC      
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Downers Grove, IL 60515    P-PS-SAR-2                        invesco.com/ETFs