| ||||
|
Invesco Semi-Annual Report to Shareholders | |||
October 31, 2021 | ||||
PWB |
Invesco Dynamic Large Cap Growth ETF | |||
PWV |
Invesco Dynamic Large Cap Value ETF | |||
EQWL |
Invesco S&P 100 Equal Weight ETF | |||
SPGP | Invesco S&P 500 GARP ETF | |||
SPVM | Invesco S&P 500 Value with Momentum ETF | |||
XMMO | Invesco S&P MidCap Momentum ETF | |||
XMHQ | Invesco S&P MidCap Quality ETF | |||
XMVM | Invesco S&P MidCap Value with Momentum ETF | |||
XSMO | Invesco S&P SmallCap Momentum ETF | |||
XSVM | Invesco S&P SmallCap Value with Momentum ETF | |||
CZA | Invesco Zacks Mid-Cap ETF | |||
CVY | Invesco Zacks Multi-Asset Income ETF |
Schedules of Investments |
||||
3 | ||||
5 | ||||
7 | ||||
10 | ||||
12 | ||||
15 | ||||
18 | ||||
21 | ||||
24 | ||||
27 | ||||
30 | ||||
33 | ||||
38 | ||||
40 | ||||
42 | ||||
47 | ||||
59 | ||||
71 |
2 |
||||
Invesco Dynamic Large Cap Growth ETF (PWB)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.97% |
| |||||||
Communication Services-11.76% |
||||||||
Alphabet, Inc., Class A(b) |
9,720 | $ | 28,780,142 | |||||
Charter Communications, Inc., Class A(b) |
14,804 | 9,991,072 | ||||||
Meta Platforms, Inc., Class A(b) |
74,944 | 24,249,630 | ||||||
T-Mobile US, Inc.(b) |
82,341 | 9,471,685 | ||||||
Walt Disney Co. (The)(b) |
153,424 | 25,939,396 | ||||||
|
|
|||||||
98,431,925 | ||||||||
|
|
|||||||
Consumer Discretionary-10.49% |
||||||||
Booking Holdings, Inc.(b) |
5,254 | 12,718,778 | ||||||
Starbucks Corp. |
101,992 | 10,818,291 | ||||||
Tesla, Inc.(b) |
38,622 | 43,024,908 | ||||||
TJX Cos., Inc. (The) |
155,893 | 10,209,433 | ||||||
Yum! Brands, Inc. |
87,879 | 10,979,602 | ||||||
|
|
|||||||
87,751,012 | ||||||||
|
|
|||||||
Consumer Staples-4.91% |
||||||||
Costco Wholesale Corp. |
60,626 | 29,800,104 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
34,832 | 11,297,063 | ||||||
|
|
|||||||
41,097,167 | ||||||||
|
|
|||||||
Energy-1.60% |
||||||||
Schlumberger N.V. |
415,837 | 13,414,902 | ||||||
|
|
|||||||
Financials-7.91% |
||||||||
American Express Co. |
72,787 | 12,648,925 | ||||||
Aon PLC, Class A |
41,969 | 13,426,722 | ||||||
Charles Schwab Corp. (The) |
158,235 | 12,980,017 | ||||||
Coinbase Global, Inc., Class A(b)(c) |
45,248 | 14,453,116 | ||||||
MSCI, Inc. |
19,070 | 12,679,262 | ||||||
|
|
|||||||
66,188,042 | ||||||||
|
|
|||||||
Health Care-18.25% |
||||||||
Abbott Laboratories |
218,190 | 28,122,509 | ||||||
Agilent Technologies, Inc. |
68,971 | 10,862,243 | ||||||
Align Technology, Inc.(b) |
16,438 | 10,263,394 | ||||||
Danaher Corp. |
85,436 | 26,636,382 | ||||||
IDEXX Laboratories, Inc.(b) |
17,485 | 11,647,458 | ||||||
IQVIA Holdings, Inc.(b) |
45,695 | 11,945,587 | ||||||
Mettler-Toledo International, Inc.(b) |
7,707 | 11,413,142 | ||||||
Moderna, Inc.(b) |
29,718 | 10,258,951 | ||||||
Thermo Fisher Scientific, Inc. |
49,920 | 31,602,854 | ||||||
|
|
|||||||
152,752,520 | ||||||||
|
|
|||||||
Industrials-6.62% |
||||||||
Carrier Global Corp. |
207,323 | 10,828,480 | ||||||
Caterpillar, Inc. |
55,208 | 11,262,984 | ||||||
Deere & Co. |
31,898 | 10,919,004 | ||||||
Johnson Controls International PLC |
157,243 | 11,536,919 | ||||||
Trane Technologies PLC |
59,716 | 10,804,416 | ||||||
|
|
|||||||
55,351,803 | ||||||||
|
|
|||||||
Information Technology-36.93% |
||||||||
Adobe, Inc.(b) |
41,753 | 27,154,481 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Amphenol Corp., Class A |
155,906 | $ | 11,968,904 | |||||
Apple, Inc. |
183,104 | 27,428,979 | ||||||
Applied Materials, Inc. |
89,300 | 12,202,845 | ||||||
EPAM Systems, Inc.(b) |
18,502 | 12,456,286 | ||||||
Fortinet, Inc.(b) |
39,137 | 13,163,339 | ||||||
Intuit, Inc. |
21,182 | 13,259,720 | ||||||
Mastercard, Inc., Class A |
75,659 | 25,385,108 | ||||||
Micron Technology, Inc. |
163,035 | 11,265,718 | ||||||
Microsoft Corp. |
90,454 | 29,996,355 | ||||||
Motorola Solutions, Inc. |
49,096 | 12,204,775 | ||||||
NVIDIA Corp. |
125,693 | 32,135,929 | ||||||
NXP Semiconductors N.V. (China) |
54,687 | 10,984,431 | ||||||
PayPal Holdings, Inc.(b) |
97,939 | 22,779,632 | ||||||
QUALCOMM, Inc. |
81,221 | 10,805,642 | ||||||
Square, Inc., Class A(b) |
43,464 | 11,061,588 | ||||||
Visa, Inc., Class A |
116,867 | 24,748,925 | ||||||
|
|
|||||||
309,002,657 | ||||||||
|
|
|||||||
Materials-1.50% |
||||||||
Freeport-McMoRan, Inc. |
333,283 | 12,571,435 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
836,561,463 | ||||||
|
|
|||||||
Money Market Funds-0.04% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
295,890 | 295,890 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
836,857,353 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.71% |
||||||||
Invesco Private Government Fund, |
1,786,413 | 1,786,413 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
4,166,630 | 4,168,297 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral
from |
|
5,954,710 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.72% |
|
842,812,063 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.72)% |
|
(6,031,065 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 836,780,998 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 |
||||
Invesco Dynamic Large Cap Growth ETF (PWB)—(continued)
October 31, 2021
(Unaudited)
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, 2021. |
(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, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
|
$ | 155,781 | $ | 3,130,221 | $ | (2,990,112 | ) | $ | - | $ | - | $ | 295,890 | $ | 41 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
5,428,858 | 60,472,241 | (64,114,686 | ) | - | - | 1,786,413 | 354 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
8,143,287 | 111,031,960 | (115,006,950 | ) | - | - | 4,168,297 | 5,248 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 13,727,926 | $ | 174,634,422 | $ | (182,111,748 | ) | $ | - | $ | - | $ | 6,250,600 | $ | 5,643 | |||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2021. |
(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. |
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021 |
Information Technology |
36.93 | |||||||
Health Care |
18.25 | |||||||
Communication Services |
11.76 | |||||||
Consumer Discretionary |
10.49 | |||||||
Financials |
7.91 | |||||||
Industrials |
6.62 | |||||||
Consumer Staples |
4.91 | |||||||
Sector Types Each Less Than 3% |
3.10 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.03 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 |
||||
Invesco Dynamic Large Cap Value ETF (PWV)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-2.77% |
||||||||
Comcast Corp., Class A |
419,073 | $ | 21,552,924 | |||||
|
|
|||||||
Consumer Discretionary-8.54% |
| |||||||
Ford Motor Co.(b) |
817,896 | 13,969,664 | ||||||
General Motors Co.(b) |
215,152 | 11,710,724 | ||||||
Home Depot, Inc. (The) |
76,749 | 28,530,673 | ||||||
Lowe’s Cos., Inc. |
52,437 | 12,260,819 | ||||||
|
|
|||||||
66,471,880 | ||||||||
|
|
|||||||
Consumer Staples-13.70% |
||||||||
PepsiCo, Inc. |
159,989 | 25,854,222 | ||||||
Philip Morris International, Inc. |
105,980 | 10,019,349 | ||||||
Procter & Gamble Co. (The) |
174,188 | 24,907,142 | ||||||
Sysco Corp. |
135,948 | 10,454,401 | ||||||
Walgreens Boots Alliance, Inc. |
220,626 | 10,373,835 | ||||||
Walmart, Inc. |
167,523 | 25,031,287 | ||||||
|
|
|||||||
106,640,236 | ||||||||
|
|
|||||||
Energy-13.75% |
| |||||||
Chevron Corp. |
109,005 | 12,479,982 | ||||||
ConocoPhillips |
193,006 | 14,377,017 | ||||||
EOG Resources, Inc. |
156,234 | 14,445,396 | ||||||
Exxon Mobil Corp. |
450,426 | 29,038,964 | ||||||
Kinder Morgan, Inc. |
647,151 | 10,839,779 | ||||||
Marathon Petroleum Corp. |
184,007 | 12,131,582 | ||||||
Pioneer Natural Resources Co. |
73,080 | 13,664,498 | ||||||
|
|
|||||||
106,977,218 | ||||||||
|
|
|||||||
Financials-22.30% |
| |||||||
Aflac, Inc. |
188,061 | 10,093,234 | ||||||
Allstate Corp. (The) |
77,877 | 9,631,049 | ||||||
Bank of America Corp. |
601,175 | 28,724,141 | ||||||
Citigroup, Inc. |
148,044 | 10,238,723 | ||||||
Goldman Sachs Group, Inc. (The) |
26,104 | 10,790,088 | ||||||
JPMorgan Chase & Co. |
158,177 | 26,872,691 | ||||||
MetLife, Inc. |
172,882 | 10,856,990 | ||||||
Morgan Stanley |
103,454 | 10,633,002 | ||||||
Prudential Financial, Inc. |
101,070 | 11,122,753 | ||||||
T. Rowe Price Group, Inc.(c) |
49,148 | 10,659,218 | ||||||
Travelers Cos., Inc. (The) |
66,391 | 10,680,984 | ||||||
Truist Financial Corp. |
188,061 | 11,936,232 | ||||||
U.S. Bancorp |
187,732 | 11,333,381 | ||||||
|
|
|||||||
173,572,486 | ||||||||
|
|
|||||||
Health Care-18.09% |
| |||||||
AbbVie, Inc. |
208,448 | 23,902,732 | ||||||
Anthem, Inc. |
28,309 | 12,318,095 | ||||||
CVS Health Corp. |
127,250 | 11,360,880 | ||||||
HCA Healthcare, Inc. |
42,750 | 10,707,165 | ||||||
Johnson & Johnson |
142,239 | 23,167,888 | ||||||
Medtronic PLC |
80,447 | 9,642,378 | ||||||
Pfizer, Inc. |
515,505 | 22,548,189 | ||||||
UnitedHealth Group, Inc. |
58,906 | 27,124,446 | ||||||
|
|
|||||||
140,771,773 | ||||||||
|
|
Shares | Value | |||||||
Industrials-5.71% |
| |||||||
3M Co. |
54,764 | $ | 9,785,232 | |||||
General Dynamics Corp. |
53,613 | 10,870,036 | ||||||
Norfolk Southern Corp. |
41,110 | 12,047,285 | ||||||
Republic Services, Inc. |
87,103 | 11,724,064 | ||||||
|
|
|||||||
44,426,617 | ||||||||
|
|
|||||||
Information Technology-12.39% |
| |||||||
Cisco Systems, Inc. |
420,515 | 23,536,225 | ||||||
Dell Technologies, Inc., Class C(b) |
105,865 | 11,644,091 | ||||||
Intel Corp. |
463,505 | 22,711,745 | ||||||
Oracle Corp. |
281,617 | 27,018,335 | ||||||
Paychex, Inc. |
93,315 | 11,503,873 | ||||||
|
|
|||||||
96,414,269 | ||||||||
|
|
|||||||
Materials-2.68% |
| |||||||
DuPont de Nemours, Inc. |
142,675 | 9,930,180 | ||||||
Linde PLC (United Kingdom) |
34,131 | 10,894,615 | ||||||
|
|
|||||||
20,824,795 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
777,652,198 | ||||||
|
|
|||||||
Money Market Funds-0.00% |
| |||||||
Invesco Government & Agency
Portfolio, |
15,774 | 15,774 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
777,667,972 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.23% |
| |||||||
Invesco Private Government Fund, |
2,871,627 | 2,871,627 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
6,697,784 | 6,700,463 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
9,572,090 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-101.16% |
|
787,240,062 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.16)% |
|
(9,039,350 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 778,200,712 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 |
||||
Invesco Dynamic Large Cap Value ETF (PWV)—(continued)
October 31, 2021
(Unaudited)
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, 2021. |
(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, 2021. |
Value |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 37,536 | $ | 14,646,894 | $ | (14,668,656 | ) | $ | - | $ | - | $ | 15,774 | $ | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
- | 9,523,022 | (6,651,395 | ) | - | - | 2,871,627 | 46 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
- | 22,218,308 | (15,517,845 | ) | - | - | 6,700,463 | 589 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 37,536 | $ | 46,388,224 | $ | (36,837,896 | ) | $ | - | $ | - | $ | 9,587,864 | $ | 710 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2021. |
(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. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Financials |
22.30 | |||||
Health Care |
18.09 | |||||
Energy |
13.75 | |||||
Consumer Staples |
13.70 | |||||
Information Technology |
12.39 | |||||
Consumer Discretionary |
8.54 | |||||
Industrials |
5.71 | |||||
Sector Types Each Less Than 3% |
5.45 | |||||
Money Market Funds Plus Other Assets Less Liabilities |
0.07 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 |
||||
Invesco S&P 100 Equal Weight ETF (EQWL)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-8.27% |
||||||||
Alphabet, Inc., Class A(b) |
197 | $ | 583,301 | |||||
Alphabet, Inc., Class C(b) |
186 | 551,566 | ||||||
AT&T, Inc. |
39,741 | 1,003,858 | ||||||
Charter Communications, Inc., Class A(b) |
1,372 | 925,949 | ||||||
Comcast Corp., Class A |
18,215 | 936,797 | ||||||
Meta Platforms, Inc., Class A(b) |
2,858 | 924,763 | ||||||
Netflix, Inc.(b) |
1,809 | 1,248,771 | ||||||
T-Mobile US, Inc.(b) |
8,262 | 950,378 | ||||||
Verizon Communications, Inc. |
19,919 | 1,055,508 | ||||||
Walt Disney Co. (The)(b) |
5,895 | 996,668 | ||||||
|
|
|||||||
9,177,559 | ||||||||
|
|
|||||||
Consumer Discretionary-11.94% |
||||||||
Amazon.com, Inc.(b) |
312 | 1,052,198 | ||||||
Booking Holdings, Inc.(b) |
473 | 1,145,029 | ||||||
Ford Motor Co.(b) |
85,184 | 1,454,943 | ||||||
General Motors Co.(b) |
21,823 | 1,187,826 | ||||||
Home Depot, Inc. (The) |
3,261 | 1,212,244 | ||||||
Lowe’s Cos., Inc. |
5,288 | 1,236,440 | ||||||
McDonald’s Corp. |
4,535 | 1,113,569 | ||||||
NIKE, Inc., Class B |
6,607 | 1,105,285 | ||||||
Starbucks Corp. |
9,056 | 960,570 | ||||||
Target Corp. |
4,437 | 1,151,934 | ||||||
Tesla, Inc.(b) |
1,468 | 1,635,352 | ||||||
|
|
|||||||
13,255,390 | ||||||||
|
|
|||||||
Consumer Staples-10.56% |
||||||||
Altria Group, Inc. |
21,351 | 941,793 | ||||||
Coca-Cola Co. (The) |
19,423 | 1,094,875 | ||||||
Colgate-Palmolive Co. |
14,019 | 1,068,108 | ||||||
Costco Wholesale Corp. |
2,330 | 1,145,288 | ||||||
Kraft Heinz Co. (The) |
29,730 | 1,067,010 | ||||||
Mondelez International, Inc., Class A |
17,935 | 1,089,372 | ||||||
PepsiCo, Inc. |
6,952 | 1,123,443 | ||||||
Philip Morris International, Inc. |
10,434 | 986,430 | ||||||
Procter & Gamble Co. (The) |
7,500 | 1,072,425 | ||||||
Walgreens Boots Alliance, Inc. |
21,839 | 1,026,870 | ||||||
Walmart, Inc. |
7,404 | 1,106,306 | ||||||
|
|
|||||||
11,721,920 | ||||||||
|
|
|||||||
Energy-3.62% |
||||||||
Chevron Corp. |
11,242 | 1,287,097 | ||||||
ConocoPhillips |
19,384 | 1,443,914 | ||||||
Exxon Mobil Corp. |
20,016 | 1,290,431 | ||||||
|
|
|||||||
4,021,442 | ||||||||
|
|
|||||||
Financials-14.52% |
||||||||
American Express Co. |
6,810 | 1,183,442 | ||||||
American International Group, Inc. |
19,838 | 1,172,227 | ||||||
Bank of America Corp. |
26,822 | 1,281,555 | ||||||
Bank of New York Mellon Corp. (The) |
20,813 | 1,232,130 | ||||||
Berkshire Hathaway, Inc., Class B(b) |
3,909 | 1,121,922 | ||||||
BlackRock, Inc. |
1,179 | 1,112,339 | ||||||
Capital One Financial Corp. |
6,948 | 1,049,357 | ||||||
Citigroup, Inc. |
15,530 | 1,074,055 | ||||||
Goldman Sachs Group, Inc. (The) |
2,677 | 1,106,538 | ||||||
JPMorgan Chase & Co. |
6,865 | 1,166,295 | ||||||
MetLife, Inc. |
17,778 | 1,116,458 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Morgan Stanley |
10,427 | $ | 1,071,687 | |||||
U.S. Bancorp |
19,484 | 1,176,249 | ||||||
Wells Fargo & Co. |
24,371 | 1,246,820 | ||||||
|
|
|||||||
16,111,074 | ||||||||
|
|
|||||||
Health Care-14.76% |
||||||||
Abbott Laboratories |
8,395 | 1,082,031 | ||||||
AbbVie, Inc. |
10,129 | 1,161,492 | ||||||
Amgen, Inc. |
5,077 | 1,050,787 | ||||||
Biogen, Inc.(b) |
3,620 | 965,382 | ||||||
Bristol-Myers Squibb Co. |
17,114 | 999,458 | ||||||
CVS Health Corp. |
12,896 | 1,151,355 | ||||||
Danaher Corp. |
3,279 | 1,022,294 | ||||||
Eli Lilly and Co. |
4,530 | 1,154,063 | ||||||
Gilead Sciences, Inc. |
15,213 | 987,019 | ||||||
Johnson & Johnson |
6,470 | 1,053,834 | ||||||
Medtronic PLC |
8,234 | 986,927 | ||||||
Merck & Co., Inc. |
14,702 | 1,294,511 | ||||||
Pfizer, Inc. |
23,700 | 1,036,638 | ||||||
Thermo Fisher Scientific, Inc. |
1,896 | 1,200,301 | ||||||
UnitedHealth Group, Inc. |
2,686 | 1,236,822 | ||||||
|
|
|||||||
16,382,914 | ||||||||
|
|
|||||||
Industrials-11.84% |
||||||||
3M Co. |
5,880 | 1,050,638 | ||||||
Boeing Co. (The)(b) |
5,138 | 1,063,720 | ||||||
Caterpillar, Inc. |
5,270 | 1,075,133 | ||||||
Emerson Electric Co. |
10,795 | 1,047,223 | ||||||
FedEx Corp. |
4,197 | 988,519 | ||||||
General Dynamics Corp. |
5,366 | 1,087,957 | ||||||
General Electric Co. |
10,588 | 1,110,364 | ||||||
Honeywell International, Inc. |
4,860 | 1,062,493 | ||||||
Lockheed Martin Corp. |
3,127 | 1,039,165 | ||||||
Raytheon Technologies Corp. |
13,018 | 1,156,779 | ||||||
Union Pacific Corp. |
5,220 | 1,260,108 | ||||||
United Parcel Service, Inc., Class B |
5,614 | 1,198,421 | ||||||
|
|
|||||||
13,140,520 | ||||||||
|
|
|||||||
Information Technology-15.63% |
||||||||
Accenture PLC, Class A |
3,162 | 1,134,494 | ||||||
Adobe, Inc.(b) |
1,646 | 1,070,493 | ||||||
Apple, Inc. |
7,255 | 1,086,799 | ||||||
Broadcom, Inc. |
2,179 | 1,158,509 | ||||||
Cisco Systems, Inc. |
18,660 | 1,044,400 | ||||||
Intel Corp. |
20,064 | 983,136 | ||||||
International Business Machines Corp. |
7,887 | 986,664 | ||||||
Mastercard, Inc., Class A |
3,114 | 1,044,809 | ||||||
Microsoft Corp. |
3,657 | 1,212,734 | ||||||
NVIDIA Corp. |
4,805 | 1,228,494 | ||||||
Oracle Corp. |
12,043 | 1,155,406 | ||||||
PayPal Holdings, Inc.(b) |
3,802 | 884,307 | ||||||
QUALCOMM, Inc. |
7,567 | 1,006,714 | ||||||
salesforce.com, Inc.(b) |
4,206 | 1,260,496 | ||||||
Texas Instruments, Inc. |
5,667 | 1,062,449 | ||||||
Visa, Inc., Class A |
4,825 | 1,021,790 | ||||||
|
|
|||||||
17,341,694 | ||||||||
|
|
|||||||
Materials-2.87% |
||||||||
Dow, Inc. |
17,876 | 1,000,519 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 |
||||
Invesco S&P 100 Equal Weight ETF (EQWL)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Materials-(continued) |
||||||||
DuPont de Nemours, Inc. |
15,323 | $ | 1,066,481 | |||||
Linde PLC (United Kingdom) |
3,494 | 1,115,285 | ||||||
|
|
|||||||
3,182,285 | ||||||||
|
|
|||||||
Real Estate-2.05% |
||||||||
American Tower Corp. |
3,677 | 1,036,804 | ||||||
Simon Property Group, Inc. |
8,446 | 1,238,014 | ||||||
|
|
|||||||
2,274,818 | ||||||||
|
|
|||||||
Utilities-3.89% |
||||||||
Duke Energy Corp. |
10,464 | 1,067,433 | ||||||
Exelon Corp. |
21,644 | 1,151,244 | ||||||
NextEra Energy, Inc. |
12,719 | 1,085,312 | ||||||
Southern Co. (The) |
16,318 | 1,016,938 | ||||||
|
|
|||||||
4,320,927 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
110,930,543 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.03% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(c)(d) |
34,771 | $ | 34,771 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-99.98% |
|
110,965,314 | ||||||
OTHER ASSETS LESS LIABILITIES-0.02% |
|
26,388 | ||||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 110,991,702 | ||||||
|
|
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021. |
Value |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized |
Value October 31, 2021 |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 120,677 | $ | 1,404,731 | $ | (1,490,637 | ) | $ | - | $ | - | $ | 34,771 | $ | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
336,810 | 406,539 | (743,349 | ) | - | - | - | 1 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
505,216 | 839,674 | (1,344,890 | ) | - | - | - | 22 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 962,703 | $ | 2,650,944 | $ | (3,578,876 | ) | $ | - | $ | - | $ | 34,771 | $ | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2021. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 |
||||
Invesco S&P 100 Equal Weight ETF (EQWL)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Information Technology |
15.63 | |||||||
Health Care |
14.76 | |||||||
Financials |
14.52 | |||||||
Consumer Discretionary |
11.94 | |||||||
Industrials |
11.84 | |||||||
Consumer Staples |
10.56 | |||||||
Communication Services |
8.27 | |||||||
Utilities |
3.89 | |||||||
Energy |
3.62 | |||||||
Sector Types Each Less Than 3% |
4.92 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.05 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 |
||||
Invesco S&P 500 GARP ETF (SPGP)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.03% |
| |||||||
Communication Services-1.55% |
||||||||
Meta Platforms, Inc., Class A(b) |
31,300 | $ | 10,127,741 | |||||
|
|
|||||||
Consumer Discretionary-13.18% |
||||||||
Best Buy Co., Inc. |
61,099 | 7,468,742 | ||||||
D.R. Horton, Inc. |
92,043 | 8,216,679 | ||||||
Dollar General Corp. |
42,872 | 9,497,006 | ||||||
Etsy, Inc.(b) |
66,738 | 16,730,549 | ||||||
Lennar Corp., Class A |
80,785 | 8,072,845 | ||||||
Pool Corp. |
18,283 | 9,418,670 | ||||||
PulteGroup, Inc. |
156,362 | 7,517,885 | ||||||
Target Corp. |
32,426 | 8,418,438 | ||||||
Tractor Supply Co. |
49,471 | 10,743,617 | ||||||
|
|
|||||||
86,084,431 | ||||||||
|
|
|||||||
Consumer Staples-3.24% |
||||||||
Campbell Soup Co. |
180,455 | 7,209,177 | ||||||
Kroger Co. (The) |
166,192 | 6,651,004 | ||||||
Monster Beverage Corp.(b) |
85,926 | 7,303,710 | ||||||
|
|
|||||||
21,163,891 | ||||||||
|
|
|||||||
Financials-18.34% |
||||||||
Allstate Corp. (The) |
53,055 | 6,561,312 | ||||||
Aon PLC, Class A |
26,096 | 8,348,632 | ||||||
Cboe Global Markets, Inc. |
69,331 | 9,147,532 | ||||||
Cincinnati Financial Corp. |
56,112 | 6,814,241 | ||||||
Everest Re Group Ltd. |
29,761 | 7,782,502 | ||||||
Goldman Sachs Group, Inc. (The) |
21,911 | 9,056,912 | ||||||
MarketAxess Holdings, Inc. |
22,470 | 9,182,815 | ||||||
Moody’s Corp. |
20,408 | 8,247,893 | ||||||
Morgan Stanley |
84,235 | 8,657,673 | ||||||
Progressive Corp. (The) |
99,827 | 9,471,586 | ||||||
Raymond James Financial, Inc. |
74,127 | 7,308,181 | ||||||
S&P Global, Inc. |
17,855 | 8,466,127 | ||||||
SVB Financial Group(b) |
17,893 | 12,836,438 | ||||||
T. Rowe Price Group, Inc. |
36,765 | 7,973,593 | ||||||
|
|
|||||||
119,855,437 | ||||||||
|
|
|||||||
Health Care-28.33% |
||||||||
Amgen, Inc. |
35,717 | 7,392,347 | ||||||
Anthem, Inc. |
18,983 | 8,260,073 | ||||||
Biogen, Inc.(b) |
19,755 | 5,268,263 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) |
13,994 | 11,120,752 | ||||||
Centene Corp.(b) |
99,472 | 7,086,385 | ||||||
Cigna Corp. |
44,060 | 9,411,657 | ||||||
DaVita, Inc.(b) |
77,231 | 7,973,328 | ||||||
Hologic, Inc.(b) |
112,801 | 8,269,441 | ||||||
Humana, Inc. |
20,094 | 9,306,737 | ||||||
IDEXX Laboratories, Inc.(b) |
13,969 | 9,305,310 | ||||||
Laboratory Corp. of America Holdings(b) |
28,907 | 8,296,887 | ||||||
Merck & Co., Inc. |
100,430 | 8,842,862 | ||||||
PerkinElmer, Inc. |
67,122 | 11,873,211 | ||||||
Quest Diagnostics, Inc. |
54,695 | 8,028,132 | ||||||
Regeneron Pharmaceuticals, Inc.(b) |
15,488 | 9,911,391 | ||||||
Thermo Fisher Scientific, Inc. |
19,977 | 12,646,839 | ||||||
UnitedHealth Group, Inc. |
16,743 | 7,709,649 | ||||||
Universal Health Services, Inc., Class B |
39,482 | 4,899,716 | ||||||
Vertex Pharmaceuticals, Inc.(b) |
58,257 | 10,773,467 |
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Waters Corp.(b) |
27,894 | $ | 10,252,440 | |||||
Zoetis, Inc. |
39,308 | 8,498,390 | ||||||
|
|
|||||||
185,127,277 | ||||||||
|
|
|||||||
Industrials-12.87% |
||||||||
Copart, Inc.(b) |
66,743 | 10,364,520 | ||||||
Expeditors International of Washington, Inc. |
68,149 | 8,400,046 | ||||||
Fastenal Co. |
126,608 | 7,226,785 | ||||||
Fortune Brands Home & Security, Inc. |
63,911 | 6,480,575 | ||||||
General Dynamics Corp. |
32,987 | 6,688,114 | ||||||
Huntington Ingalls Industries, Inc. |
34,389 | 6,971,682 | ||||||
J.B. Hunt Transport Services, Inc. |
41,283 | 8,140,595 | ||||||
Leidos Holdings, Inc.(c) |
65,455 | 6,544,191 | ||||||
Lockheed Martin Corp. |
20,556 | 6,831,170 | ||||||
Northrop Grumman Corp. |
20,633 | 7,370,520 | ||||||
United Rentals, Inc.(b) |
23,846 | 9,040,257 | ||||||
|
|
|||||||
84,058,455 | ||||||||
|
|
|||||||
Information Technology-21.55% |
||||||||
Adobe, Inc.(b) |
20,783 | 13,516,432 | ||||||
Apple, Inc. |
60,002 | 8,988,300 | ||||||
Applied Materials, Inc. |
52,151 | 7,126,434 | ||||||
CDW Corp. |
43,459 | 8,111,622 | ||||||
Fortinet, Inc.(b) |
55,169 | 18,555,541 | ||||||
Intel Corp. |
137,379 | 6,731,571 | ||||||
KLA Corp. |
28,575 | 10,651,617 | ||||||
Lam Research Corp. |
11,865 | 6,686,758 | ||||||
Mastercard, Inc., Class A |
18,964 | 6,362,801 | ||||||
Microsoft Corp. |
32,579 | 10,803,848 | ||||||
NetApp, Inc. |
94,459 | 8,435,189 | ||||||
Oracle Corp. |
80,697 | 7,742,070 | ||||||
Paychex, Inc. |
62,907 | 7,755,175 | ||||||
QUALCOMM, Inc. |
59,113 | 7,864,394 | ||||||
Teradyne, Inc.(c) |
83,163 | 11,496,453 | ||||||
|
|
|||||||
140,828,205 | ||||||||
|
|
|||||||
Utilities-0.97% |
||||||||
Sempra Energy |
49,485 | 6,315,771 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-100.03% |
653,561,208 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.54% |
| |||||||
Invesco Private Government Fund, 0.02%(d)(e)(f) |
1,057,186 | 1,057,186 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
2,465,782 | 2,466,768 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
3,523,954 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.57% |
|
657,085,162 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.57)% |
|
(3,721,438 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 653,363,724 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 |
||||
Invesco S&P 500 GARP ETF (SPGP)—(continued)
October 31, 2021
(Unaudited)
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, 2021. |
(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, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 175,539 | $ | 3,011,955 | $ | (3,187,494 | ) | $ | - | $ | - | $ | - | $ | 36 | |||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
- | 47,059,374 | (46,002,188 | ) | - | - | 1,057,186 | 317 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
- | 97,367,789 | (94,901,021 | ) | - | - | 2,466,768 | 4,276 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 175,539 | $ | 147,439,118 | $ | (144,090,703 | ) | $ | - | $ | - | $ | 3,523,954 | $ | 4,629 | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2021. |
(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. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
| ||||||
Health Care |
28.33 | |||||
Information Technology |
21.55 | |||||
Financials |
18.34 | |||||
Consumer Discretionary |
13.18 | |||||
Industrials |
12.87 | |||||
Consumer Staples |
3.24 | |||||
Sector Types Each Less Than 3% |
2.52 | |||||
Money Market Funds Plus Other Assets Less Liabilities |
(0.03 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 |
||||
Invesco S&P 500 Value with Momentum ETF (SPVM)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-5.15% |
||||||||
Comcast Corp., Class A |
4,729 | $ | 243,212 | |||||
DISH Network Corp., Class A(b) |
11,738 | 482,080 | ||||||
Interpublic Group of Cos., Inc. (The) |
7,398 | 270,545 | ||||||
News Corp., Class A |
10,060 | 230,374 | ||||||
T-Mobile US, Inc.(b) |
1,616 | 185,888 | ||||||
ViacomCBS, Inc., Class B |
13,567 | 491,397 | ||||||
|
|
|||||||
1,903,496 | ||||||||
|
|
|||||||
Consumer Discretionary-18.16% |
| |||||||
Advance Auto Parts, Inc. |
1,544 | 348,203 | ||||||
Bath & Body Works, Inc. |
3,750 | 259,087 | ||||||
Best Buy Co., Inc. |
4,037 | 493,483 | ||||||
BorgWarner, Inc. |
8,057 | 363,129 | ||||||
CarMax, Inc.(b) |
3,014 | 412,677 | ||||||
D.R. Horton, Inc. |
4,466 | 398,680 | ||||||
Ford Motor Co.(b) |
40,951 | 699,443 | ||||||
General Motors Co.(b) |
9,844 | 535,809 | ||||||
Genuine Parts Co. |
1,851 | 242,685 | ||||||
Lennar Corp., Class A |
5,320 | 531,628 | ||||||
LKQ Corp.(b) |
7,077 | 389,801 | ||||||
Mohawk Industries, Inc.(b) |
1,929 | 341,838 | ||||||
Newell Brands, Inc. |
12,025 | 275,252 | ||||||
NVR, Inc.(b) |
50 | 244,740 | ||||||
PulteGroup, Inc. |
7,893 | 379,495 | ||||||
Target Corp. |
1,303 | 338,285 | ||||||
Whirlpool Corp. |
2,179 | 459,399 | ||||||
|
|
|||||||
6,713,634 | ||||||||
|
|
|||||||
Consumer Staples-3.48% |
||||||||
Archer-Daniels-Midland Co. |
8,913 | 572,571 | ||||||
Costco Wholesale Corp. |
763 | 375,045 | ||||||
Kraft Heinz Co. (The) |
9,416 | 337,940 | ||||||
|
|
|||||||
1,285,556 | ||||||||
|
|
|||||||
Energy-0.78% |
||||||||
ONEOK, Inc. |
4,555 | 289,789 | ||||||
|
|
|||||||
Financials-36.98% |
||||||||
American International Group, Inc. |
6,413 | 378,944 | ||||||
Assurant, Inc. |
2,824 | 455,539 | ||||||
Bank of America Corp. |
8,348 | 398,867 | ||||||
Berkshire Hathaway, Inc., Class B(b) |
1,563 | 448,597 | ||||||
Capital One Financial Corp. |
2,879 | 434,815 | ||||||
Chubb Ltd. |
2,739 | 535,146 | ||||||
Cincinnati Financial Corp. |
3,651 | 443,377 | ||||||
Citizens Financial Group, Inc. |
9,591 | 454,422 | ||||||
Comerica, Inc. |
5,344 | 454,721 | ||||||
Discover Financial Services |
2,221 | 251,684 | ||||||
Everest Re Group Ltd. |
2,383 | 623,155 | ||||||
Fifth Third Bancorp |
9,064 | 394,556 | ||||||
Goldman Sachs Group, Inc. (The) |
1,183 | 488,993 | ||||||
Hartford Financial Services Group, Inc. (The) |
7,891 | 575,491 | ||||||
Invesco Ltd.(c) |
15,009 | 381,379 | ||||||
JPMorgan Chase & Co. |
2,046 | 347,595 | ||||||
KeyCorp |
18,239 | 424,422 | ||||||
Loews Corp. |
7,828 | 438,916 | ||||||
MetLife, Inc. |
8,197 | 514,772 | ||||||
Morgan Stanley |
4,250 | 436,815 | ||||||
PNC Financial Services Group, Inc. (The) |
2,059 | 434,511 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Principal Financial Group, Inc. |
8,612 | $ | 577,779 | |||||
Progressive Corp. (The) |
4,329 | 410,736 | ||||||
Prudential Financial, Inc. |
6,230 | 685,611 | ||||||
Raymond James Financial, Inc. |
3,711 | 365,867 | ||||||
Regions Financial Corp. |
17,631 | 417,502 | ||||||
Synchrony Financial |
6,438 | 299,045 | ||||||
Travelers Cos., Inc. (The) |
3,168 | 509,668 | ||||||
Truist Financial Corp. |
6,356 | 403,415 | ||||||
U.S. Bancorp |
5,268 | 318,029 | ||||||
W.R. Berkley Corp. |
4,619 | 367,672 | ||||||
|
|
|||||||
13,672,041 | ||||||||
|
|
|||||||
Health Care-7.09% |
| |||||||
Anthem, Inc. |
1,111 | 483,429 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) |
663 | 526,873 | ||||||
Cooper Cos., Inc. (The) |
792 | 330,201 | ||||||
DaVita, Inc.(b) |
2,354 | 243,027 | ||||||
HCA Healthcare, Inc. |
1,204 | 301,554 | ||||||
Laboratory Corp. of America Holdings(b) |
1,516 | 435,122 | ||||||
UnitedHealth Group, Inc. |
652 | 300,226 | ||||||
|
|
|||||||
2,620,432 | ||||||||
|
|
|||||||
Industrials-10.88% |
||||||||
C.H. Robinson Worldwide, Inc. |
3,786 | 367,204 | ||||||
Carrier Global Corp. |
5,179 | 270,499 | ||||||
Cummins, Inc. |
1,018 | 244,157 | ||||||
FedEx Corp. |
1,128 | 265,678 | ||||||
Fortune Brands Home & Security, Inc. |
2,298 | 233,017 | ||||||
General Dynamics Corp. |
1,711 | 346,905 | ||||||
Jacobs Engineering Group, Inc. |
2,125 | 298,393 | ||||||
Johnson Controls International PLC |
3,692 | 270,882 | ||||||
Nielsen Holdings PLC |
12,055 | 244,114 | ||||||
PACCAR, Inc. |
3,254 | 291,623 | ||||||
Quanta Services, Inc. |
3,527 | 427,755 | ||||||
Snap-on, Inc. |
962 | 195,507 | ||||||
Stanley Black & Decker, Inc. |
1,257 | 225,921 | ||||||
Textron, Inc. |
4,582 | 338,381 | ||||||
|
|
|||||||
4,020,036 | ||||||||
|
|
|||||||
Information Technology-4.15% |
| |||||||
CDW Corp. |
1,436 | 268,029 | ||||||
Corning, Inc. |
5,505 | 195,813 | ||||||
Hewlett Packard Enterprise Co. |
29,206 | 427,868 | ||||||
HP, Inc. |
14,055 | 426,289 | ||||||
Micron Technology, Inc. |
3,129 | 216,214 | ||||||
|
|
|||||||
1,534,213 | ||||||||
|
|
|||||||
Materials-9.91% |
||||||||
Amcor PLC |
24,345 | 293,844 | ||||||
Celanese Corp. |
1,814 | 292,979 | ||||||
Corteva, Inc. |
7,988 | 344,682 | ||||||
Dow, Inc. |
4,478 | 250,634 | ||||||
DuPont de Nemours, Inc. |
4,106 | 285,778 | ||||||
Eastman Chemical Co. |
2,096 | 218,047 | ||||||
International Paper Co. |
5,168 | 256,695 | ||||||
LyondellBasell Industries N.V., Class A |
2,948 | 273,633 | ||||||
Mosaic Co. (The) |
13,492 | 560,862 | ||||||
Nucor Corp. |
3,158 | 352,591 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 |
||||
Invesco S&P 500 Value with Momentum ETF (SPVM)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Materials-(continued) |
||||||||
Packaging Corp. of America |
1,623 | $ | 222,952 | |||||
WestRock Co. |
6,475 | 311,447 | ||||||
|
|
|||||||
3,664,144 | ||||||||
|
|
|||||||
Real Estate-2.62% |
||||||||
CBRE Group, Inc., Class A(b) |
3,202 | 333,264 | ||||||
Kimco Realty Corp. |
17,376 | 392,698 | ||||||
Weyerhaeuser Co. |
6,785 | 242,360 | ||||||
|
|
|||||||
968,322 | ||||||||
|
|
|||||||
Utilities-0.73% |
||||||||
DTE Energy Co. |
2,384 | 270,226 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
36,941,889 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.22% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
82,426 | $ | 82,426 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.15% |
|
37,024,315 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.15)% |
|
(57,220 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 36,967,095 | ||||||
|
|
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value October 31, 2021 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Ltd. |
$ | - | $ | 464,263 | $ | (65,271 | ) | $ | (13,114 | ) | $ | (4,499 | ) | $ | 381,379 | $ | 2,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
105,738 | 593,713 | (617,025 | ) | - | - | 82,426 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
- | 348,840 | (348,840 | ) | - | - | - | - | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
352,406 | 160,357 | (512,763 | ) | - | - | - | 5 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 458,144 | $ | 1,567,173 | $ | (1,543,899 | ) | $ | (13,114 | ) | $ | (4,499 | ) | $ | 463,805 | $ | 2,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2021. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 |
||||
Invesco S&P 500 Value with Momentum ETF (SPVM)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
|
| |||||||
Financials |
36.98 | |||||||
Consumer Discretionary |
18.16 | |||||||
Industrials |
10.88 | |||||||
Materials |
9.91 | |||||||
Health Care |
7.09 | |||||||
Communication Services |
5.15 | |||||||
Information Technology |
4.15 | |||||||
Consumer Staples |
3.48 | |||||||
Sector Types Each Less Than 3% |
4.13 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.07 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 |
||||
Invesco S&P MidCap Momentum ETF (XMMO)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-1.57% |
||||||||
Ziff Davis, Inc.(b) |
124,006 | $ | 15,906,250 | |||||
|
|
|||||||
Consumer Discretionary-23.54% |
|
|||||||
Adient PLC(b) |
131,741 | 5,483,060 | ||||||
American Eagle Outfitters, Inc.(c) |
456,546 | 10,838,402 | ||||||
AutoNation, Inc.(b) |
89,167 | 10,799,907 | ||||||
Boyd Gaming Corp.(b) |
146,335 | 9,333,246 | ||||||
Capri Holdings Ltd.(b) |
433,672 | 23,088,697 | ||||||
Crocs, Inc.(b) |
185,595 | 29,964,313 | ||||||
Deckers Outdoor Corp.(b) |
38,588 | 15,254,222 | ||||||
Dick’s Sporting Goods, Inc.(c) |
107,381 | 13,337,794 | ||||||
Five Below, Inc.(b) |
64,682 | 12,761,759 | ||||||
GameStop Corp., Class A(b)(c) |
185,103 | 33,968,252 | ||||||
Graham Holdings Co., Class B |
5,331 | 3,123,166 | ||||||
Kohl’s Corp.(c) |
229,939 | 11,158,940 | ||||||
Mattel, Inc.(b)(c) |
540,549 | 11,789,374 | ||||||
RH(b)(c) |
24,466 | 16,138,508 | ||||||
Scientific Games Corp.(b) |
186,188 | 14,904,349 | ||||||
Six Flags Entertainment Corp.(b) |
101,282 | 4,165,729 | ||||||
Tempur Sealy International, Inc. |
292,711 | 13,016,858 | ||||||
|
|
|||||||
239,126,576 | ||||||||
|
|
|||||||
Consumer Staples-2.43% |
||||||||
Darling Ingredients, Inc.(b)(c) |
292,063 | 24,685,165 | ||||||
|
|
|||||||
Energy-1.79% |
||||||||
Targa Resources Corp. |
331,814 | 18,140,271 | ||||||
|
|
|||||||
Financials-19.70% |
||||||||
Affiliated Managers Group, Inc. |
76,076 | 12,771,639 | ||||||
American Financial Group, Inc. |
150,215 | 20,435,249 | ||||||
East West Bancorp, Inc. |
192,380 | 15,290,362 | ||||||
Evercore, Inc., Class A |
95,051 | 14,432,544 | ||||||
Hancock Whitney Corp. |
129,335 | 6,399,496 | ||||||
Janus Henderson Group PLC |
263,409 | 12,248,518 | ||||||
Jefferies Financial Group, Inc. |
359,084 | 15,440,612 | ||||||
Navient Corp. |
382,269 | 7,530,699 | ||||||
Old Republic International Corp. |
349,131 | 9,018,054 | ||||||
PacWest Bancorp |
147,545 | 7,003,961 | ||||||
Pinnacle Financial Partners, Inc. |
127,215 | 12,285,153 | ||||||
Signature Bank |
78,450 | 23,363,979 | ||||||
SLM Corp. |
864,259 | 15,859,153 | ||||||
Stifel Financial Corp. |
176,554 | 12,865,490 | ||||||
Synovus Financial Corp. |
202,268 | 9,423,666 | ||||||
UMB Financial Corp. |
57,992 | 5,730,769 | ||||||
|
|
|||||||
200,099,344 | ||||||||
|
|
|||||||
Health Care-3.79% |
||||||||
Acadia Healthcare Co., Inc.(b) |
130,728 | 8,105,136 | ||||||
Envista Holdings Corp.(b) |
262,182 | 10,251,316 | ||||||
Globus Medical, Inc., Class A(b) |
98,036 | 7,565,438 | ||||||
Tenet Healthcare Corp.(b) |
175,615 | 12,584,571 | ||||||
|
|
|||||||
38,506,461 | ||||||||
|
|
|||||||
Industrials-22.78% |
||||||||
AECOM(b) |
196,643 | 13,444,482 | ||||||
AGCO Corp. |
100,294 | 12,256,931 | ||||||
Avis Budget Group, Inc.(b)(c) |
86,653 | 15,017,831 | ||||||
Axon Enterprise, Inc.(b) |
92,502 | 16,646,660 | ||||||
Carlisle Cos., Inc. |
78,165 | 17,424,542 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
EMCOR Group, Inc. |
72,902 | $ | 8,856,864 | |||||
Graco, Inc. |
210,421 | 15,819,451 | ||||||
ITT, Inc. |
114,122 | 10,735,457 | ||||||
KBR, Inc.(c) |
172,142 | 7,305,706 | ||||||
Lincoln Electric Holdings, Inc. |
76,151 | 10,843,902 | ||||||
ManpowerGroup, Inc. |
68,960 | 6,664,984 | ||||||
MasTec, Inc.(b)(c) |
122,036 | 10,877,069 | ||||||
Middleby Corp. (The)(b) |
99,099 | 18,079,622 | ||||||
nVent Electric PLC |
213,876 | 7,581,904 | ||||||
Ryder System, Inc. |
96,610 | 8,207,019 | ||||||
Saia, Inc.(b) |
35,297 | 11,035,254 | ||||||
Terex Corp. |
117,859 | 5,280,083 | ||||||
Toro Co. (The) |
166,660 | 15,911,030 | ||||||
Valmont Industries, Inc. |
36,710 | 8,772,222 | ||||||
XPO Logistics, Inc.(b) |
123,754 | 10,618,093 | ||||||
|
|
|||||||
231,379,106 | ||||||||
|
|
|||||||
Information Technology-4.22% |
|
|||||||
Arrow Electronics, Inc.(b) |
99,494 | 11,516,431 | ||||||
Cerence, Inc.(b)(c) |
49,240 | 5,176,601 | ||||||
CommVault Systems, Inc.(b) |
55,118 | 3,389,757 | ||||||
NCR Corp.(b) |
215,243 | 8,510,708 | ||||||
Synaptics, Inc.(b)(c) |
39,206 | 7,628,311 | ||||||
SYNNEX Corp. |
63,239 | 6,640,095 | ||||||
|
|
|||||||
42,861,903 | ||||||||
|
|
|||||||
Materials-11.58% |
||||||||
Avient Corp. |
130,844 | 7,049,875 | ||||||
Cleveland-Cliffs, Inc.(b)(c) |
1,352,886 | 32,618,082 | ||||||
Eagle Materials, Inc. |
53,363 | 7,916,935 | ||||||
Olin Corp. |
429,631 | 24,480,374 | ||||||
Sensient Technologies Corp. |
58,887 | 5,629,597 | ||||||
Steel Dynamics, Inc. |
369,077 | 24,388,608 | ||||||
United States Steel Corp.(c) |
588,114 | 15,520,328 | ||||||
|
|
|||||||
117,603,799 | ||||||||
|
|
|||||||
Real Estate-8.55% |
||||||||
Brixmor Property Group, Inc. |
366,172 | 8,583,072 | ||||||
Camden Property Trust |
165,050 | 26,919,655 | ||||||
Jones Lang LaSalle, Inc.(b)(c) |
84,062 | 21,707,330 | ||||||
Life Storage, Inc. |
156,967 | 21,003,754 | ||||||
National Storage Affiliates Trust |
138,035 | 8,621,666 | ||||||
|
|
|||||||
86,835,477 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
1,015,144,352 | ||||||
|
|
|||||||
Money Market Funds-0.06% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
675,499 | 675,499 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,015,819,851 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 |
||||
Invesco S&P MidCap Momentum ETF (XMMO)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-11.01% |
||||||||
Invesco Private Government Fund, 0.02%(d)(e)(f) |
30,670,319 | $ | 30,670,319 | |||||
Invesco Private Prime Fund, |
81,135,678 | 81,168,133 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
111,838,452 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-111.02% |
|
1,127,658,303 | ||||||
OTHER ASSETS LESS LIABILITIES-(11.02)% |
|
(111,971,780 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 1,015,686,523 | ||||||
|
|
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, 2021. |
(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, 2021. |
Value |
Purchases at Cost |
Proceeds from Sales |
Change
in |
Realized Gain |
Value |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 335,811 | $ | 12,432,734 | $ | (12,093,046 | ) | $ | - | $ | - | $ | 675,499 | $ | 110 | |||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
47,117,059 | 153,087,208 | (169,533,948 | ) | - | - | 30,670,319 | 3,313 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
70,675,590 | 301,079,314 | (290,586,770 | ) | (1 | ) | - | 81,168,133 | 48,855 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 118,128,460 | $ | 466,599,256 | $ | (472,213,764 | ) | $ | (1 | ) | $ | - | $ | 112,513,951 | $ | 52,278 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2021. |
(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.
16 |
||||
Invesco S&P MidCap Momentum ETF (XMMO)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Consumer Discretionary |
23.54 | |||||||
Industrials |
22.78 | |||||||
Financials |
19.70 | |||||||
Materials |
11.58 | |||||||
Real Estate |
8.55 | |||||||
Information Technology |
4.22 | |||||||
Health Care |
3.79 | |||||||
Sector Types Each Less Than 3% |
5.79 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.05 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 |
||||
Invesco S&P MidCap Quality ETF (XMHQ)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.92% |
| |||||||
Communication Services-1.07% |
||||||||
World Wrestling Entertainment, Inc., Class A(b) |
22,649 | $ | 1,383,627 | |||||
Yelp, Inc.(c) |
44,586 | 1,722,357 | ||||||
|
|
|||||||
3,105,984 | ||||||||
|
|
|||||||
Consumer Discretionary-18.64% |
||||||||
AutoNation, Inc.(c) |
29,633 | 3,589,149 | ||||||
Brunswick Corp. |
43,931 | 4,089,537 | ||||||
Carter’s, Inc. |
24,987 | 2,461,719 | ||||||
Deckers Outdoor Corp.(c) |
19,358 | 7,652,411 | ||||||
Dick’s Sporting Goods, Inc.(b) |
33,685 | 4,184,014 | ||||||
Foot Locker, Inc. |
52,542 | 2,504,677 | ||||||
Gentex Corp. |
128,440 | 4,545,492 | ||||||
Polaris, Inc.(b) |
34,640 | 3,981,868 | ||||||
Tempur Sealy International, Inc. |
91,722 | 4,078,877 | ||||||
Tri Pointe Homes, Inc.(c) |
56,103 | 1,357,131 | ||||||
Williams-Sonoma, Inc. |
49,605 | 9,213,137 | ||||||
YETI Holdings, Inc.(c) |
65,390 | 6,429,799 | ||||||
|
|
|||||||
54,087,811 | ||||||||
|
|
|||||||
Consumer Staples-0.93% |
||||||||
Hain Celestial Group, Inc. (The)(c) |
38,332 | 1,719,957 | ||||||
Nu Skin Enterprises, Inc., Class A |
24,128 | 968,739 | ||||||
|
|
|||||||
2,688,696 | ||||||||
|
|
|||||||
Financials-31.91% |
||||||||
Associated Banc-Corp. |
83,271 | 1,855,278 | ||||||
Bank OZK |
54,804 | 2,448,095 | ||||||
Cadence Bank |
46,312 | 1,343,974 | ||||||
Cathay General Bancorp |
56,230 | 2,372,344 | ||||||
Commerce Bancshares, Inc. |
55,393 | 3,905,760 | ||||||
Cullen/Frost Bankers, Inc. |
41,077 | 5,319,471 | ||||||
East West Bancorp, Inc. |
88,326 | 7,020,150 | ||||||
F.N.B. Corp. |
172,197 | 2,006,095 | ||||||
Federated Hermes, Inc., Class B |
44,785 | 1,491,788 | ||||||
Home BancShares, Inc. |
89,889 | 2,135,763 | ||||||
International Bancshares Corp. |
40,535 | 1,718,684 | ||||||
Janus Henderson Group PLC |
93,587 | 4,351,795 | ||||||
Old Republic International Corp. |
140,189 | 3,621,082 | ||||||
PacWest Bancorp |
87,846 | 4,170,050 | ||||||
Pinnacle Financial Partners, Inc. |
42,009 | 4,056,809 | ||||||
PROG Holdings, Inc. |
49,903 | 2,018,576 | ||||||
Prosperity Bancshares, Inc. |
55,203 | 4,157,338 | ||||||
SEI Investments Co. |
57,224 | 3,607,401 | ||||||
Signature Bank |
41,457 | 12,346,724 | ||||||
Sterling Bancorp |
102,530 | 2,609,389 | ||||||
Stifel Financial Corp. |
57,448 | 4,186,236 | ||||||
Synovus Financial Corp. |
111,038 | 5,173,260 | ||||||
Umpqua Holdings Corp. |
168,646 | 3,448,811 | ||||||
United Bankshares, Inc. |
85,884 | 3,176,849 | ||||||
Washington Federal, Inc. |
34,517 | 1,220,521 | ||||||
Webster Financial Corp. |
51,083 | 2,858,605 | ||||||
|
|
|||||||
92,620,848 | ||||||||
|
|
|||||||
Health Care-11.04% |
||||||||
Chemed Corp. |
9,562 | 4,611,274 | ||||||
Emergent BioSolutions, Inc.(c) |
20,079 | 957,166 | ||||||
Hill-Rom Holdings, Inc. |
30,392 | 4,707,721 | ||||||
LHC Group, Inc.(c) |
16,261 | 2,188,568 |
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Medpace Holdings, Inc.(c) |
12,301 | $ | 2,786,792 | |||||
Molina Healthcare, Inc.(c) |
48,034 | 14,204,614 | ||||||
Quidel Corp.(c) |
19,488 | 2,587,422 | ||||||
|
|
|||||||
32,043,557 | ||||||||
|
|
|||||||
Industrials-12.87% |
||||||||
AGCO Corp. |
30,824 | 3,767,001 | ||||||
EMCOR Group, Inc. |
29,686 | 3,606,552 | ||||||
Graco, Inc. |
78,265 | 5,883,963 | ||||||
Landstar System, Inc. |
19,318 | 3,396,298 | ||||||
Lincoln Electric Holdings, Inc. |
30,759 | 4,380,082 | ||||||
ManpowerGroup, Inc. |
27,477 | 2,655,652 | ||||||
MasTec, Inc.(c) |
26,021 | 2,319,252 | ||||||
Owens Corning |
55,994 | 5,230,399 | ||||||
Watsco, Inc. |
16,855 | 4,880,871 | ||||||
Werner Enterprises, Inc. |
26,951 | 1,221,419 | ||||||
|
|
|||||||
37,341,489 | ||||||||
|
|
|||||||
Information Technology-16.28% |
||||||||
Arrow Electronics, Inc.(c) |
33,956 | 3,930,407 | ||||||
CDK Global, Inc. |
73,773 | 3,210,601 | ||||||
Cognex Corp. |
97,088 | 8,503,938 | ||||||
CommVault Systems, Inc.(c) |
29,946 | 1,841,679 | ||||||
Fair Isaac Corp.(c) |
17,603 | 7,009,515 | ||||||
Manhattan Associates, Inc.(c) |
45,832 | 8,320,341 | ||||||
Synaptics, Inc.(c) |
16,014 | 3,115,844 | ||||||
SYNNEX Corp. |
19,939 | 2,093,595 | ||||||
Universal Display Corp. |
33,669 | 6,168,161 | ||||||
Vontier Corp. |
90,016 | 3,045,241 | ||||||
|
|
|||||||
47,239,322 | ||||||||
|
|
|||||||
Materials-6.03% |
||||||||
Eagle Materials, Inc. |
21,778 | 3,230,984 | ||||||
Louisiana-Pacific Corp. |
78,119 | 4,603,553 | ||||||
NewMarket Corp. |
3,324 | 1,130,193 | ||||||
Reliance Steel & Aluminum Co. |
28,104 | 4,107,680 | ||||||
Scotts Miracle-Gro Co. (The) |
22,317 | 3,313,182 | ||||||
Worthington Industries, Inc. |
20,556 | 1,116,602 | ||||||
|
|
|||||||
17,502,194 | ||||||||
|
|
|||||||
Real Estate-1.15% |
||||||||
PotlatchDeltic Corp. |
34,804 | 1,819,205 | ||||||
PS Business Parks, Inc. |
8,614 | 1,530,708 | ||||||
|
|
|||||||
3,349,913 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
289,979,814 | ||||||
|
|
|||||||
Money Market Funds-0.10% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
274,538 | 274,538 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
290,254,352 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 |
||||
Invesco S&P MidCap Quality ETF (XMHQ)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.39% |
||||||||
Invesco Private Government Fund, 0.02%(d)(e)(f) |
2,954,223 | $ | 2,954,223 | |||||
Invesco Private Prime Fund, |
6,890,430 | 6,893,187 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
9,847,410 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.41% |
|
300,101,762 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.41)% |
|
(9,902,366 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 290,199,396 | ||||||
|
|
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
All or a portion of this security was out on loan at October 31, 2021. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized |
Realized |
Value |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 219,555 | $ | 6,778,429 | $ | (6,723,446 | ) | $ | - | $ | - | $ | 274,538 | $ | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
2,641,804 | 22,728,554 | (22,416,135 | ) | - | - | 2,954,223 | 198 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
4,359,623 | 47,682,413 | (45,148,850 | ) | 1 | - | 6,893,187 | 2,828 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 7,220,982 | $ | 77,189,396 | $ | (74,288,431 | ) | $ | 1 | $ | - | $ | 10,121,948 | $ | 3,077 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2021. |
(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.
19 |
||||
Invesco S&P MidCap Quality ETF (XMHQ)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Financials |
31.91 | |||||||
Consumer Discretionary |
18.64 | |||||||
Information Technology |
16.28 | |||||||
Industrials |
12.87 | |||||||
Health Care |
11.04 | |||||||
Materials |
6.03 | |||||||
Sector Types Each Less Than 3% |
3.15 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 |
||||
Invesco S&P MidCap Value with Momentum ETF (XMVM)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.91% |
| |||||||
Communication Services-1.45% |
| |||||||
TEGNA, Inc. |
134,625 | $ | 2,646,728 | |||||
|
|
|||||||
Consumer Discretionary-22.32% |
| |||||||
Adient PLC(b) |
50,994 | 2,122,370 | ||||||
AutoNation, Inc.(b) |
37,974 | 4,599,411 | ||||||
Dana, Inc. |
90,340 | 2,004,645 | ||||||
Dick’s Sporting Goods, Inc.(c) |
22,370 | 2,778,578 | ||||||
Foot Locker, Inc. |
44,501 | 2,121,363 | ||||||
Goodyear Tire & Rubber Co. (The)(b) |
117,410 | 2,244,879 | ||||||
Graham Holdings Co., Class B |
5,854 | 3,429,566 | ||||||
KB Home |
60,115 | 2,413,617 | ||||||
Kohl’s Corp.(c) |
59,139 | 2,870,016 | ||||||
Lear Corp. |
11,667 | 2,004,974 | ||||||
Lithia Motors, Inc., Class A |
7,942 | 2,535,245 | ||||||
Taylor Morrison Home Corp., Class A(b) |
135,945 | 4,150,401 | ||||||
Toll Brothers, Inc. |
38,660 | 2,326,172 | ||||||
Tri Pointe Homes, Inc.(b) |
145,171 | 3,511,686 | ||||||
Urban Outfitters, Inc.(b) |
53,633 | 1,712,502 | ||||||
|
|
|||||||
40,825,425 | ||||||||
|
|
|||||||
Consumer Staples-3.46% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.(b)(c) |
61,864 | 3,615,332 | ||||||
Casey’s General Stores, Inc. |
7,700 | 1,474,858 | ||||||
Nu Skin Enterprises, Inc., Class A |
30,963 | 1,243,165 | ||||||
|
|
|||||||
6,333,355 | ||||||||
|
|
|||||||
Energy-1.02% |
| |||||||
Antero Midstream Corp. |
175,676 | 1,869,193 | ||||||
|
|
|||||||
Financials-31.87% |
||||||||
American Financial Group, Inc. |
22,356 | 3,041,310 | ||||||
Bank OZK |
51,455 | 2,298,495 | ||||||
CNO Financial Group, Inc. |
161,526 | 3,899,238 | ||||||
Cullen/Frost Bankers, Inc. |
13,334 | 1,726,753 | ||||||
East West Bancorp, Inc. |
21,287 | 1,691,891 | ||||||
Essent Group Ltd. |
43,915 | 2,107,920 | ||||||
First Horizon Corp. |
133,516 | 2,265,767 | ||||||
Hancock Whitney Corp. |
40,751 | 2,016,359 | ||||||
Home BancShares, Inc. |
66,438 | 1,578,567 | ||||||
Janus Henderson Group PLC |
58,605 | 2,725,133 | ||||||
Jefferies Financial Group, Inc. |
121,830 | 5,238,690 | ||||||
Mercury General Corp. |
52,901 | 2,882,575 | ||||||
MGIC Investment Corp. |
182,032 | 2,941,637 | ||||||
Navient Corp. |
162,862 | 3,208,381 | ||||||
Old Republic International Corp. |
134,022 | 3,461,788 | ||||||
PacWest Bancorp |
44,436 | 2,109,377 | ||||||
Pinnacle Financial Partners, Inc. |
21,096 | 2,037,241 | ||||||
PROG Holdings, Inc. |
34,328 | 1,388,568 | ||||||
SLM Corp. |
98,778 | 1,812,576 | ||||||
Stifel Financial Corp. |
31,508 | 2,295,988 | ||||||
Synovus Financial Corp. |
40,393 | 1,881,910 | ||||||
Texas Capital Bancshares, Inc.(b) |
28,692 | 1,738,735 | ||||||
UMB Financial Corp. |
22,376 | 2,211,196 | ||||||
Webster Financial Corp. |
31,370 | 1,755,465 | ||||||
|
|
|||||||
58,315,560 | ||||||||
|
|
Shares | Value | |||||||
Health Care-2.86% |
| |||||||
Molina Healthcare, Inc.(b) |
7,789 | $ | 2,303,363 | |||||
Tenet Healthcare Corp.(b) |
40,755 | 2,920,503 | ||||||
|
|
|||||||
5,223,866 | ||||||||
|
|
|||||||
Industrials-18.06% |
| |||||||
AECOM(b) |
25,270 | 1,727,710 | ||||||
AGCO Corp. |
13,475 | 1,646,780 | ||||||
ASGN, Inc.(b) |
15,393 | 1,841,926 | ||||||
Builders FirstSource, Inc.(b) |
72,512 | 4,225,274 | ||||||
Dycom Industries, Inc.(b)(c) |
24,903 | 1,977,796 | ||||||
EMCOR Group, Inc. |
14,478 | 1,758,932 | ||||||
EnerSys |
17,284 | 1,383,411 | ||||||
GATX Corp.(c) |
17,460 | 1,656,081 | ||||||
Insperity, Inc. |
16,301 | 2,037,625 | ||||||
KBR, Inc. |
38,397 | 1,629,569 | ||||||
ManpowerGroup, Inc. |
23,853 | 2,305,392 | ||||||
MasTec, Inc.(b) |
12,598 | 1,122,860 | ||||||
Oshkosh Corp. |
12,565 | 1,344,455 | ||||||
Owens Corning |
17,463 | 1,631,219 | ||||||
Regal Rexnord Corp. |
11,517 | 1,754,385 | ||||||
Ryder System, Inc. |
33,927 | 2,882,099 | ||||||
Timken Co. (The) |
17,178 | 1,218,779 | ||||||
XPO Logistics, Inc.(b) |
10,459 | 897,382 | ||||||
|
|
|||||||
33,041,675 | ||||||||
|
|
|||||||
Information Technology-7.37% |
| |||||||
Alliance Data Systems Corp. |
16,459 | 1,403,130 | ||||||
Amkor Technology, Inc. |
105,008 | 2,301,775 | ||||||
Arrow Electronics, Inc.(b) |
32,380 | 3,747,985 | ||||||
Jabil, Inc. |
52,724 | 3,161,331 | ||||||
SYNNEX Corp. |
27,391 | 2,876,055 | ||||||
|
|
|||||||
13,490,276 | ||||||||
|
|
|||||||
Materials-9.61% |
| |||||||
Avient Corp. |
32,929 | 1,774,214 | ||||||
Commercial Metals Co. |
86,668 | 2,788,976 | ||||||
Greif, Inc., Class A |
38,978 | 2,521,097 | ||||||
Louisiana-Pacific Corp. |
27,186 | 1,602,071 | ||||||
Minerals Technologies, Inc. |
20,640 | 1,464,202 | ||||||
Reliance Steel & Aluminum Co. |
12,168 | 1,778,475 | ||||||
Steel Dynamics, Inc. |
29,362 | 1,940,241 | ||||||
United States Steel Corp.(c) |
63,118 | 1,665,684 | ||||||
Worthington Industries, Inc.(c) |
37,563 | 2,040,422 | ||||||
|
|
|||||||
17,575,382 | ||||||||
|
|
|||||||
Real Estate-0.84% |
| |||||||
PotlatchDeltic Corp. |
29,384 | 1,535,902 | ||||||
|
|
|||||||
Utilities-1.05% |
| |||||||
MDU Resources Group, Inc. |
62,726 | 1,927,570 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
182,784,932 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 |
||||
Invesco S&P MidCap Value with Momentum ETF (XMVM)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Money Market Funds-0.14% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
256,149 | $ | 256,149 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-100.05% |
183,041,081 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.88% |
||||||||
Invesco Private Government Fund, 0.02%(d)(e)(f) |
3,779,120 | 3,779,120 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
8,814,421 | $ | 8,817,947 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
12,597,067 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-106.93% |
|
195,638,148 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.93)% |
|
(12,682,298 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 182,955,850 | ||||||
|
|
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, 2021. |
(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, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 133,443 | $ | 1,937,497 | $ | (1,814,791 | ) | $ | - | $ | - | $ | 256,149 | $ | 21 | |||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
1,914,868 | 22,662,982 | (20,798,730 | ) | - | - | 3,779,120 | 206 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
2,872,302 | 46,432,331 | (40,486,687 | ) | 1 | - | 8,817,947 | 3,002 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 4,920,613 | $ | 71,032,810 | $ | (63,100,208 | ) | $ | 1 | $ | - | $ | 12,853,216 | $ | 3,229 | |||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2021. |
(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.
22 |
||||
Invesco S&P MidCap Value with Momentum ETF (XMVM)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition |
| |||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021 |
| |||||||
Financials |
31.87 | |||||||
Consumer Discretionary |
22.32 | |||||||
Industrials |
18.06 | |||||||
Materials |
9.61 | |||||||
Information Technology |
7.37 | |||||||
Consumer Staples |
3.46 | |||||||
Sector Types Each Less Than 3% |
7.22 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.09 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 |
||||
Invesco S&P SmallCap Momentum ETF (XSMO)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-1.26% |
||||||||
Gannett Co., Inc.(b) |
101,721 | $ | 589,982 | |||||
Meredith Corp.(b) |
29,718 | 1,730,776 | ||||||
|
|
|||||||
2,320,758 | ||||||||
|
|
|||||||
Consumer Discretionary-19.86% |
| |||||||
Abercrombie & Fitch Co., Class A(b)(c) |
74,121 | 2,930,744 | ||||||
Barnes & Noble Education, Inc.(b) |
30,358 | 315,116 | ||||||
Bloomin’ Brands, Inc.(b) |
44,327 | 958,350 | ||||||
Boot Barn Holdings, Inc.(b) |
35,575 | 3,717,232 | ||||||
Buckle, Inc. (The) |
24,031 | 1,000,170 | ||||||
Caleres, Inc. |
35,869 | 827,139 | ||||||
Chico’s FAS, Inc.(b) |
106,932 | 583,849 | ||||||
Children’s Place, Inc. (The)(b)(c) |
10,334 | 856,585 | ||||||
Ethan Allen Interiors, Inc. |
12,750 | 295,928 | ||||||
Genesco, Inc.(b) |
12,644 | 766,100 | ||||||
Gentherm, Inc.(b) |
21,579 | 1,588,862 | ||||||
G-III Apparel Group Ltd.(b) |
31,495 | 902,647 | ||||||
Haverty Furniture Cos., Inc., (Acquired 03/19/2021 - 09/15/2021; Cost $528,162)(d) |
13,935 | 399,935 | ||||||
Hibbett, Inc.(c) |
17,325 | 1,341,648 | ||||||
Kontoor Brands, Inc. |
46,850 | 2,483,050 | ||||||
Liquidity Services, Inc.(b) |
19,302 | 426,188 | ||||||
Macy’s, Inc. |
182,408 | 4,828,340 | ||||||
Movado Group, Inc. |
15,225 | 506,992 | ||||||
Red Robin Gourmet Burgers, Inc.(b) |
9,298 | 184,751 | ||||||
Rent-A-Center, Inc. |
31,955 | 1,701,923 | ||||||
Ruth’s Hospitality Group, Inc.(b) |
25,206 | 487,484 | ||||||
Shoe Carnival, Inc. |
14,892 | 504,392 | ||||||
Signet Jewelers Ltd.(c) |
63,424 | 5,656,152 | ||||||
Steven Madden Ltd. |
45,112 | 2,034,551 | ||||||
Vista Outdoor, Inc.(b) |
27,531 | 1,151,897 | ||||||
|
|
|||||||
36,450,025 | ||||||||
|
|
|||||||
Consumer Staples-1.86% |
||||||||
Celsius Holdings, Inc.(b) |
35,358 | 3,412,754 | ||||||
|
|
|||||||
Energy-8.14% |
||||||||
Callon Petroleum Co.(b)(c) |
21,118 | 1,092,434 | ||||||
CONSOL Energy, Inc.(b) |
25,781 | 709,235 | ||||||
Green Plains, Inc.(b)(c) |
31,576 | 1,198,309 | ||||||
Laredo Petroleum, Inc.(b)(c) |
8,413 | 634,340 | ||||||
Matador Resources Co. |
82,804 | 3,465,348 | ||||||
PDC Energy, Inc. |
56,627 | 2,962,158 | ||||||
SM Energy Co. |
142,192 | 4,880,030 | ||||||
|
|
|||||||
14,941,854 | ||||||||
|
|
|||||||
Financials-20.65% |
||||||||
Ameris Bancorp |
40,171 | 2,104,559 | ||||||
Assured Guaranty Ltd. |
44,655 | 2,481,925 | ||||||
Axos Financial, Inc.(b) |
36,640 | 1,941,920 | ||||||
B. Riley Financial, Inc. |
20,947 | 1,501,062 | ||||||
Bancorp, Inc. (The)(b) |
37,581 | 1,148,099 | ||||||
Berkshire Hills Bancorp, Inc. |
38,468 | 1,044,406 | ||||||
Brightsphere Investment Group, Inc. |
31,261 | 937,205 | ||||||
Customers Bancorp, Inc.(b) |
33,035 | 1,760,435 | ||||||
Donnelley Financial Solutions, Inc.(b) |
35,585 | 1,363,617 | ||||||
Ellington Financial, Inc. |
29,928 | 544,091 | ||||||
First Bancorp |
138,752 | 1,893,965 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
First Bancorp/Southern Pines NC |
15,190 | $ | 735,500 | |||||
Granite Point Mortgage Trust, Inc. |
35,192 | 471,573 | ||||||
Great Western Bancorp, Inc. |
31,257 | 1,064,301 | ||||||
HCI Group, Inc. |
3,871 | 518,753 | ||||||
Meta Financial Group, Inc. |
26,246 | 1,455,078 | ||||||
Mr. Cooper Group, Inc.(b) |
64,953 | 2,847,539 | ||||||
New York Mortgage Trust, Inc. |
214,999 | 943,846 | ||||||
Northfield Bancorp, Inc. |
25,145 | 441,295 | ||||||
Piper Sandler Cos. |
9,798 | 1,613,633 | ||||||
Ready Capital Corp. |
32,113 | 496,788 | ||||||
ServisFirst Bancshares, Inc. |
31,643 | 2,541,249 | ||||||
Triumph Bancorp, Inc.(b) |
23,773 | 2,788,573 | ||||||
Veritex Holdings, Inc. |
30,644 | 1,254,872 | ||||||
Virtus Investment Partners, Inc. |
4,629 | 1,481,280 | ||||||
Walker & Dunlop, Inc. |
16,034 | 2,085,542 | ||||||
World Acceptance Corp.(b)(c) |
2,412 | 447,161 | ||||||
|
|
|||||||
37,908,267 | ||||||||
|
|
|||||||
Health Care-17.16% |
||||||||
AMN Healthcare Services, Inc.(b) |
26,020 | 2,568,174 | ||||||
AngioDynamics, Inc.(b) |
44,086 | 1,260,860 | ||||||
Apollo Medical Holdings, Inc.(b)(c) |
45,329 | 3,110,929 | ||||||
BioLife Solutions, Inc.(b) |
15,584 | 828,290 | ||||||
CorVel Corp.(b) |
6,468 | 1,185,067 | ||||||
Cross Country Healthcare, Inc.(b) |
23,060 | 478,034 | ||||||
Cutera, Inc.(b)(c) |
17,122 | 736,246 | ||||||
Ensign Group, Inc. (The) |
26,837 | 2,093,554 | ||||||
Fulgent Genetics, Inc.(b)(c) |
9,222 | 764,688 | ||||||
Heska Corp.(b)(c) |
7,816 | 1,747,110 | ||||||
Inogen, Inc.(b) |
16,288 | 645,819 | ||||||
Joint Corp. (The)(b) |
17,310 | 1,514,279 | ||||||
ModivCare, Inc.(b) |
7,138 | 1,161,852 | ||||||
Myriad Genetics, Inc.(b) |
49,584 | 1,525,700 | ||||||
Omnicell, Inc.(b) |
36,508 | 6,503,900 | ||||||
Organogenesis Holdings, Inc.(b) |
48,725 | 535,001 | ||||||
RadNet, Inc.(b) |
26,126 | 812,257 | ||||||
Select Medical Holdings Corp. |
64,940 | 2,157,307 | ||||||
Vericel Corp.(b)(c) |
40,825 | 1,878,767 | ||||||
|
|
|||||||
31,507,834 | ||||||||
|
|
|||||||
Industrials-12.10% |
||||||||
Chart Industries, Inc.(b)(c) |
19,236 | 3,414,775 | ||||||
EnPro Industries, Inc. |
13,393 | 1,200,816 | ||||||
Forward Air Corp. |
14,438 | 1,451,885 | ||||||
Granite Construction, Inc. |
27,982 | 1,038,692 | ||||||
Heidrick & Struggles International, Inc. |
14,072 | 659,695 | ||||||
Insteel Industries, Inc. |
12,401 | 504,349 | ||||||
Korn Ferry |
49,755 | 3,841,584 | ||||||
MYR Group, Inc.(b) |
15,884 | 1,622,551 | ||||||
SPX FLOW, Inc. |
23,338 | 1,743,582 | ||||||
Titan International, Inc.(b) |
61,649 | 445,106 | ||||||
Veritiv Corp.(b) |
12,139 | 1,302,150 | ||||||
Viad Corp.(b) |
15,093 | 669,676 | ||||||
Watts Water Technologies, Inc., Class A |
22,760 | 4,324,855 | ||||||
|
|
|||||||
22,219,716 | ||||||||
|
|
|||||||
Information Technology-8.07% |
||||||||
Agilysys, Inc.(b) |
13,982 | 667,221 | ||||||
ExlService Holdings, Inc.(b) |
23,091 | 2,831,649 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 |
||||
Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) |
||||||||
Extreme Networks, Inc.(b) |
73,258 | $ | 720,126 | |||||
Insight Enterprises, Inc.(b)(c) |
26,825 | 2,540,328 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore)(c) . |
38,472 | 2,192,904 | ||||||
Perficient, Inc.(b)(c) |
36,243 | 4,479,635 | ||||||
TTEC Holdings, Inc. |
14,565 | 1,374,790 | ||||||
|
|
|||||||
14,806,653 | ||||||||
|
|
|||||||
Materials-4.71% |
||||||||
AdvanSix, Inc.(b) |
22,623 | 1,099,478 | ||||||
Allegheny Technologies, Inc.(b) |
69,277 | 1,115,360 | ||||||
Haynes International, Inc. |
6,758 | 271,199 | ||||||
Kraton Corp.(b) |
19,725 | 900,446 | ||||||
Livent Corp.(b)(c) |
110,071 | 3,106,204 | ||||||
Olympic Steel, Inc. |
5,471 | 147,553 | ||||||
TimkenSteel Corp.(b) |
29,631 | 413,352 | ||||||
Trinseo PLC |
28,490 | 1,597,149 | ||||||
|
|
|||||||
8,650,741 | ||||||||
|
|
|||||||
Real Estate-6.12% |
||||||||
Chatham Lodging Trust(b) |
26,114 | 331,386 | ||||||
Essential Properties Realty Trust, Inc. |
70,625 | 2,103,919 | ||||||
Independence Realty Trust, Inc. |
60,798 | 1,436,657 | ||||||
Innovative Industrial |
13,567 | 3,569,342 | ||||||
iStar, Inc.(c) |
58,057 | 1,465,359 | ||||||
St. Joe Co. (The) |
19,894 | 935,416 | ||||||
Tanger Factory Outlet |
63,384 | 1,064,851 | ||||||
Urstadt Biddle Properties, Inc., Class A |
17,049 | 334,842 | ||||||
|
|
|||||||
11,241,772 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
183,460,374 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.12% |
| |||||||
Invesco Government & Agency Portfolio, Institutional
Class, 0.03%(e)(f) |
218,475 | $ | 218,475 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
||||||||
(excluding investments purchased with cash collateral from
securities on loan)-100.05% |
183,678,849 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-17.16% |
| |||||||
Invesco Private Government |
9,452,846 | 9,452,846 | ||||||
Invesco Private Prime |
22,047,821 | 22,056,641 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
31,509,487 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-117.21% |
|
215,188,336 | ||||||
OTHER ASSETS LESS LIABILITIES-(17.21)% |
|
(31,600,366 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 183,587,970 | ||||||
|
|
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, 2021. |
(d) |
Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets. |
(e) |
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, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 925,909 | $ | 1,009,861 | $ | (1,717,295 | ) | $ | - | $ | - | $ | 218,475 | $ | 20 | |||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 16,964,174 | 61,104,487 | (68,615,815 | ) | - | - | 9,452,846 | 910 | * | |||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 26,011,273 | 117,188,896 | (121,143,529 | ) | 1 | - | 22,056,641 | 13,658 | * | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total | $ | 43,901,356 | $ | 179,303,244 | $ | (191,476,639 | ) | $ | 1 | $ | - | $ | 31,727,962 | $ | 14,588 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 |
||||
Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)
October 31, 2021
(Unaudited)
(f) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2021. |
(g) |
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. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Financials |
20.65 | |||||||
Consumer Discretionary |
19.86 | |||||||
Health Care |
17.16 | |||||||
Industrials |
12.10 | |||||||
Energy |
8.14 | |||||||
Information Technology |
8.07 | |||||||
Real Estate |
6.12 | |||||||
Materials |
4.71 | |||||||
Sector Types Each Less Than 3% |
3.12 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.07 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 |
||||
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-2.02% |
||||||||
AMC Networks, Inc., Class A(b) |
44,955 | $ | 1,788,760 | |||||
E.W. Scripps Co. (The), Class A |
210,258 | 3,910,799 | ||||||
Gannett Co., Inc.(b) |
600,563 | 3,483,265 | ||||||
|
|
|||||||
9,182,824 | ||||||||
|
|
|||||||
Consumer Discretionary-21.73% |
||||||||
America’s Car-Mart, Inc.(b) |
19,333 | 2,310,100 | ||||||
Asbury Automotive Group, Inc.(b) |
20,434 | 3,999,138 | ||||||
Barnes & Noble Education, Inc.(b) |
401,450 | 4,167,051 | ||||||
Bed Bath & Beyond, Inc.(b)(c) |
110,042 | 1,544,990 | ||||||
Big Lots, Inc.(c) |
89,305 | 3,951,746 | ||||||
Century Communities, Inc. |
50,961 | 3,417,445 | ||||||
Conn’s, Inc.(b) |
156,444 | 3,484,008 | ||||||
Ethan Allen Interiors, Inc. |
92,384 | 2,144,233 | ||||||
Genesco, Inc.(b) |
67,652 | 4,099,035 | ||||||
G-III Apparel Group Ltd.(b) |
116,503 | 3,338,976 | ||||||
Group 1 Automotive, Inc. |
41,343 | 7,433,471 | ||||||
Haverty Furniture Cos., Inc., (Acquired 12/18/2020 - 10/29/2021; Cost $1,780,449)(c)(d) |
55,119 | 1,581,915 | ||||||
Lumber Liquidators Holdings, Inc.(b)(c) |
159,231 | 2,878,896 | ||||||
M.D.C. Holdings, Inc. |
67,375 | 3,300,027 | ||||||
M/I Homes, Inc.(b) |
72,415 | 4,146,483 | ||||||
Macy’s, Inc. |
236,927 | 6,271,458 | ||||||
MarineMax, Inc.(b)(c) |
84,477 | 4,375,064 | ||||||
Meritage Homes Corp.(b) |
39,544 | 4,298,828 | ||||||
ODP Corp. (The)(b) |
105,273 | 4,558,321 | ||||||
Patrick Industries, Inc. |
36,231 | 2,822,757 | ||||||
Shoe Carnival, Inc.(c) |
94,428 | 3,198,276 | ||||||
Signet Jewelers Ltd.(c) |
47,256 | 4,214,290 | ||||||
Sonic Automotive, Inc., Class A |
126,378 | 6,246,865 | ||||||
Tupperware Brands Corp.(b)(c) |
109,735 | 2,440,506 | ||||||
Unifi, Inc.(b) |
127,583 | 3,064,544 | ||||||
Vista Outdoor, Inc.(b) |
64,765 | 2,709,768 | ||||||
Zumiez, Inc.(b)(c) |
64,590 | 2,628,813 | ||||||
|
|
|||||||
98,627,004 | ||||||||
|
|
|||||||
Consumer Staples-3.94% |
||||||||
Andersons, Inc. (The) |
211,131 | 7,191,122 | ||||||
Central Garden & Pet Co., Class A(b) |
58,501 | 2,702,746 | ||||||
United Natural Foods, Inc.(b) |
184,141 | 7,989,878 | ||||||
|
|
|||||||
17,883,746 | ||||||||
|
|
|||||||
Energy-3.64% |
||||||||
Bonanza Creek Energy, Inc.(c) |
84,279 | 4,731,423 | ||||||
Green Plains, Inc.(b)(c) |
81,782 | 3,103,627 | ||||||
Nabors Industries Ltd.(b)(c) |
34,223 | 3,507,857 | ||||||
Renewable Energy Group, Inc.(b)(c) |
41,560 | 2,659,840 | ||||||
US Silica Holdings, Inc.(b) |
258,373 | 2,501,051 | ||||||
|
|
|||||||
16,503,798 | ||||||||
|
|
|||||||
Financials-29.55% |
||||||||
Allegiance Bancshares, Inc. |
88,243 | 3,456,478 | ||||||
Ameris Bancorp |
59,692 | 3,127,264 | ||||||
Apollo Commercial Real Estate Finance, Inc. |
238,653 | 3,613,206 | ||||||
ARMOUR Residential REIT, Inc. |
468,362 | 4,927,168 | ||||||
B. Riley Financial, Inc. |
54,701 | 3,919,874 | ||||||
Banc of California, Inc.(c) |
161,265 | 3,278,517 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
BankUnited, Inc. |
62,825 | $ | 2,548,182 | |||||
Columbia Banking System, Inc.(c) |
72,434 | 2,472,172 | ||||||
Customers Bancorp, Inc.(b) |
91,860 | 4,895,219 | ||||||
Ellington Financial, Inc. |
252,028 | 4,581,869 | ||||||
Enova International, Inc.(b) |
123,615 | 4,010,071 | ||||||
FB Financial Corp. |
74,062 | 3,357,231 | ||||||
First Bancorp |
246,354 | 3,362,732 | ||||||
Flagstar Bancorp, Inc. |
118,883 | 5,610,089 | ||||||
Granite Point Mortgage Trust, Inc. |
264,981 | 3,550,745 | ||||||
Hilltop Holdings, Inc.(c) |
113,471 | 4,021,412 | ||||||
HomeStreet, Inc. |
77,715 | 3,665,039 | ||||||
Independent Bank Group, Inc. |
38,253 | 2,765,309 | ||||||
KKR Real Estate Finance Trust, Inc. |
160,570 | 3,485,975 | ||||||
Mr. Cooper Group, Inc.(b) |
169,476 | 7,429,828 | ||||||
National Bank Holdings Corp., Class A |
77,764 | 3,372,625 | ||||||
New York Mortgage Trust, Inc. |
998,655 | 4,384,096 | ||||||
NMI Holdings, Inc., Class A(b) |
119,016 | 2,889,709 | ||||||
OFG Bancorp |
144,492 | 3,742,343 | ||||||
PennyMac Mortgage Investment Trust |
265,845 | 5,356,777 | ||||||
Piper Sandler Cos. |
22,412 | 3,691,032 | ||||||
Provident Financial Services, Inc. |
137,900 | 3,414,404 | ||||||
Ready Capital Corp. |
294,020 | 4,548,489 | ||||||
Redwood Trust, Inc. |
431,402 | 5,849,811 | ||||||
Renasant Corp.(c) |
78,451 | 2,934,852 | ||||||
Stewart Information Services Corp. |
78,370 | 5,577,593 | ||||||
StoneX Group, Inc.(b) |
102,077 | 7,054,542 | ||||||
Veritex Holdings, Inc. |
79,756 | 3,266,008 | ||||||
|
|
|||||||
134,160,661 | ||||||||
|
|
|||||||
Health Care-5.27% |
||||||||
Allscripts Healthcare Solutions, Inc.(b) |
245,683 | 3,385,512 | ||||||
Community Health Systems, Inc.(b) |
373,998 | 4,899,374 | ||||||
Cross Country Healthcare, Inc.(b) |
172,193 | 3,569,561 | ||||||
Fulgent Genetics, Inc.(b)(c) |
40,488 | 3,357,265 | ||||||
Magellan Health, Inc.(b) |
58,494 | 5,546,986 | ||||||
Owens & Minor, Inc. |
88,691 | 3,182,233 | ||||||
|
|
|||||||
23,940,931 | ||||||||
|
|
|||||||
Industrials-19.91% |
||||||||
AAR Corp.(b) |
79,685 | 2,818,459 | ||||||
American Woodmark Corp.(b) |
39,033 | 2,683,128 | ||||||
ArcBest Corp. |
55,141 | 4,954,419 | ||||||
Arcosa, Inc. |
47,240 | 2,443,725 | ||||||
Atlas Air Worldwide Holdings, Inc.(b)(c) |
87,902 | 7,130,610 | ||||||
Boise Cascade Co. |
70,834 | 4,010,621 | ||||||
Echo Global Logistics, Inc.(b) |
144,981 | 6,992,434 | ||||||
Encore Wire Corp. |
36,996 | 4,959,684 | ||||||
GMS, Inc.(b) |
70,737 | 3,503,604 | ||||||
Granite Construction, Inc. |
74,876 | 2,779,397 | ||||||
Greenbrier Cos., Inc. (The)(c) |
86,297 | 3,539,903 | ||||||
Griffon Corp. |
163,243 | 4,324,307 | ||||||
Matson, Inc. |
47,516 | 3,957,133 | ||||||
Matthews International Corp., Class A |
78,298 | 2,691,102 | ||||||
Mueller Industries, Inc. |
57,721 | 3,038,434 | ||||||
MYR Group, Inc.(b) |
34,017 | 3,474,837 | ||||||
Quanex Building Products Corp. |
108,070 | 2,239,210 | ||||||
Resideo Technologies, Inc.(b) |
101,652 | 2,506,738 | ||||||
Titan International, Inc.(b) |
323,206 | 2,333,547 | ||||||
TrueBlue, Inc.(b) |
122,674 | 3,416,471 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 |
||||
Invesco S&P SmallCap Value with Momentum ETF (XSVM)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) |
||||||||
UFP Industries, Inc. |
39,045 | $ | 3,195,052 | |||||
Veritiv Corp.(b) |
95,170 | 10,208,886 | ||||||
Wabash National Corp. |
206,246 | 3,203,000 | ||||||
|
|
|||||||
90,404,701 | ||||||||
|
|
|||||||
Information Technology-4.32% |
||||||||
ePlus, Inc.(b) |
35,180 | 3,889,853 | ||||||
Insight Enterprises, Inc.(b)(c) |
37,745 | 3,574,451 | ||||||
Methode Electronics, Inc. |
55,315 | 2,327,102 | ||||||
NETGEAR, Inc.(b)(c) |
90,812 | 2,618,110 | ||||||
Plexus Corp.(b) |
31,074 | 2,713,382 | ||||||
Sanmina Corp.(b) |
118,966 | 4,490,966 | ||||||
|
|
|||||||
19,613,864 | ||||||||
|
|
|||||||
Materials-7.73% |
||||||||
AdvanSix, Inc.(b) |
118,301 | 5,749,428 | ||||||
American Vanguard Corp. |
177,668 | 2,768,067 | ||||||
Koppers Holdings, Inc.(b) |
162,898 | 5,716,091 | ||||||
Olympic Steel, Inc. |
166,707 | 4,496,088 | ||||||
Rayonier Advanced Materials, Inc.(b) |
946,029 | 6,792,488 | ||||||
SunCoke Energy, Inc. |
601,364 | 4,341,848 | ||||||
TimkenSteel Corp.(b)(c) |
204,707 | 2,855,663 | ||||||
Trinseo PLC |
42,014 | 2,355,305 | ||||||
|
|
|||||||
35,074,978 | ||||||||
|
|
|||||||
Real Estate-1.84% |
||||||||
Global Net Lease, Inc. |
144,254 | 2,310,949 | ||||||
Realogy Holdings Corp.(b) |
348,354 | 6,033,491 | ||||||
|
|
|||||||
8,344,440 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
453,736,947 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.10% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(e)(f) |
443,952 | $ | 443,952 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
454,180,899 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-11.12% |
||||||||
Invesco Private Government Fund, |
15,146,481 | 15,146,481 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) |
35,327,658 | 35,341,789 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
50,488,270 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-111.17% |
|
504,669,169 | ||||||
OTHER ASSETS LESS LIABILITIES-(11.17)% |
|
(50,699,134 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 453,970,035 | ||||||
|
|
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, 2021. |
(d) |
Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets. |
(e) |
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, 2021. |
Value |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 166,691 | $ | 11,626,128 | $ | (11,348,867 | ) | $ | - | $ | - | $ | 443,952 | $ | 48 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 |
||||
Invesco S&P SmallCap Value with Momentum ETF (XSVM)—(continued)
October 31, 2021
(Unaudited)
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
$ | 10,258,766 | $ | 61,044,059 | $ | (56,156,344 | ) | $ | - | $ | - | $ | 15,146,481 | $ | 845 | * | ||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
15,388,149 | 114,313,327 | (94,359,687 | ) | - | - | 35,341,789 | 12,264 | * | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 25,813,606 | $ | 186,983,514 | $ | (161,864,898 | ) | $ | - | $ | - | $ | 50,932,222 | $ | 13,157 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(f) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2021. |
(g) |
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. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Financials |
29.55 | |||||||
Consumer Discretionary |
21.73 | |||||||
Industrials |
19.91 | |||||||
Materials |
7.73 | |||||||
Health Care |
5.27 | |||||||
Information Technology |
4.32 | |||||||
Consumer Staples |
3.94 | |||||||
Energy |
3.64 | |||||||
Sector Types Each Less Than 3% |
3.86 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.05 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 |
||||
Invesco Zacks Mid-Cap ETF (CZA)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Communication Services-1.35% |
||||||||
Fox Corp., Class A |
77,068 | $ | 3,062,682 | |||||
|
|
|||||||
Consumer Discretionary-1.99% |
||||||||
Gentex Corp. |
32,998 | 1,167,799 | ||||||
Genuine Parts Co. |
19,995 | 2,621,545 | ||||||
Terminix Global Holdings, Inc.(b) |
18,198 | 736,655 | ||||||
|
|
|||||||
4,525,999 | ||||||||
|
|
|||||||
Consumer Staples-2.32% |
||||||||
Lamb Weston Holdings, Inc. |
20,709 | 1,169,023 | ||||||
Tyson Foods, Inc., Class A |
51,331 | 4,104,940 | ||||||
|
|
|||||||
5,273,963 | ||||||||
|
|
|||||||
Energy-3.14% |
||||||||
Cosan S.A., ADR (Brazil) |
55,212 | 772,416 | ||||||
ONEOK, Inc. |
59,547 | 3,788,380 | ||||||
Pembina Pipeline Corp. (Canada)(c) |
77,166 | 2,553,423 | ||||||
|
|
|||||||
7,114,219 | ||||||||
|
|
|||||||
Financials-10.81% |
||||||||
Arch Capital Group Ltd.(b) |
56,409 | 2,359,024 | ||||||
Arthur J. Gallagher & Co. |
28,717 | 4,814,979 | ||||||
CNA Financial Corp. |
38,618 | 1,732,404 | ||||||
East West Bancorp, Inc. |
18,566 | 1,475,626 | ||||||
FactSet Research Systems, Inc. |
5,523 | 2,451,605 | ||||||
KeyCorp |
129,798 | 3,020,399 | ||||||
Lufax Holding Ltd., ADR (China)(b)(c) |
376,614 | 2,376,434 | ||||||
Principal Financial Group, Inc. |
37,498 | 2,515,741 | ||||||
Prosperity Bancshares, Inc. |
12,384 | 932,639 | ||||||
Synovus Financial Corp. |
18,936 | 882,228 | ||||||
W.R. Berkley Corp. |
24,880 | 1,980,448 | ||||||
|
|
|||||||
24,541,527 | ||||||||
|
|
|||||||
Health Care-13.46% |
||||||||
Amedisys, Inc.(b) |
5,110 | 865,327 | ||||||
AmerisourceBergen Corp. |
29,844 | 3,641,565 | ||||||
Cardinal Health, Inc. |
41,319 | 1,975,461 | ||||||
Chemed Corp. |
2,268 | 1,093,743 | ||||||
DENTSPLY SIRONA, Inc. |
31,433 | 1,798,282 | ||||||
Hologic, Inc.(b) |
37,918 | 2,779,769 | ||||||
Horizon Therapeutics PLC(b) |
32,150 | 3,855,107 | ||||||
ICON PLC (Ireland)(b) |
7,457 | 2,138,444 | ||||||
Laboratory Corp. of America Holdings(b) |
13,997 | 4,017,419 | ||||||
QIAGEN N.V.(b) |
33,572 | 1,871,975 | ||||||
Teleflex, Inc. |
6,648 | 2,372,937 | ||||||
Zimmer Biomet Holdings, Inc. |
28,843 | 4,128,010 | ||||||
|
|
|||||||
30,538,039 | ||||||||
|
|
|||||||
Industrials-22.72% |
||||||||
ADT, Inc.(c) |
117,101 | 977,793 | ||||||
AerCap Holdings N.V. (Ireland)(b) |
17,343 | 1,023,931 | ||||||
AGCO Corp. |
10,649 | 1,301,414 | ||||||
AMETEK, Inc. |
33,134 | 4,386,942 | ||||||
Booz Allen Hamilton Holding Corp. |
19,396 | 1,684,736 | ||||||
BWX Technologies, Inc. |
13,456 | 763,493 | ||||||
Crane Co. |
8,164 | 843,178 | ||||||
Donaldson Co., Inc. |
18,059 | 1,083,720 | ||||||
Dover Corp. |
20,660 | 3,493,193 | ||||||
Dun & Bradstreet Holdings, Inc.(b) |
62,668 | 1,180,665 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Graco, Inc. |
24,865 | $ | 1,869,351 | |||||
Hubbell, Inc. |
7,764 | 1,547,909 | ||||||
IDEX Corp. |
10,859 | 2,416,888 | ||||||
ITT, Inc. |
12,396 | 1,166,092 | ||||||
J.B. Hunt Transport Services, Inc. |
14,506 | 2,860,438 | ||||||
Jacobs Engineering Group, Inc. |
17,551 | 2,464,511 | ||||||
Leidos Holdings, Inc. |
19,191 | 1,918,716 | ||||||
Lincoln Electric Holdings, Inc. |
8,414 | 1,198,154 | ||||||
Nordson Corp. |
8,189 | 2,081,726 | ||||||
Oshkosh Corp. |
9,948 | 1,064,436 | ||||||
PACCAR, Inc. |
49,518 | 4,437,803 | ||||||
Sensata Technologies Holding PLC(b) |
22,008 | 1,212,641 | ||||||
Stericycle, Inc.(b) |
12,773 | 854,769 | ||||||
Toro Co. (The) |
15,939 | 1,521,696 | ||||||
TransUnion |
27,569 | 3,178,430 | ||||||
United Rentals, Inc.(b) |
9,638 | 3,653,862 | ||||||
XPO Logistics, Inc.(b) |
15,957 | 1,369,111 | ||||||
|
|
|||||||
51,555,598 | ||||||||
|
|
|||||||
Information Technology-9.78% |
||||||||
ASE Technology Holding Co. Ltd., ADR (Taiwan) |
317,976 | 2,263,989 | ||||||
CDW Corp. |
19,496 | 3,638,928 | ||||||
Concentrix Corp. |
7,426 | 1,319,452 | ||||||
Dolby Laboratories, Inc., Class A |
14,737 | 1,302,014 | ||||||
FleetCor Technologies, Inc.(b) |
11,257 | 2,785,094 | ||||||
Flex Ltd.(b) |
67,698 | 1,144,096 | ||||||
Gartner, Inc.(b) |
11,751 | 3,900,275 | ||||||
Littelfuse, Inc. |
3,453 | 1,017,081 | ||||||
Skyworks Solutions, Inc. |
24,042 | 4,018,140 | ||||||
SYNNEX Corp. |
7,555 | 793,275 | ||||||
|
|
|||||||
22,182,344 | ||||||||
|
|
|||||||
Materials-9.85% |
||||||||
AptarGroup, Inc. |
9,495 | 1,146,806 | ||||||
Avery Dennison Corp. |
11,693 | 2,545,800 | ||||||
CF Industries Holdings, Inc. |
26,860 | 1,525,648 | ||||||
Corteva, Inc. |
100,900 | 4,353,835 | ||||||
Eastman Chemical Co. |
18,927 | 1,968,976 | ||||||
FMC Corp. |
18,311 | 1,666,484 | ||||||
Kirkland Lake Gold Ltd. (Canada) |
35,307 | 1,488,896 | ||||||
Mosaic Co. (The) |
49,441 | 2,055,262 | ||||||
RPM International, Inc. |
18,353 | 1,600,382 | ||||||
Sealed Air Corp. |
21,004 | 1,245,957 | ||||||
Wheaton Precious Metals Corp. (Brazil)(c) |
68,362 | 2,762,509 | ||||||
|
|
|||||||
22,360,555 | ||||||||
|
|
|||||||
Real Estate-6.35% |
||||||||
AvalonBay Communities, Inc. |
19,757 | 4,676,087 | ||||||
Duke Realty Corp. |
55,497 | 3,121,151 | ||||||
Essex Property Trust, Inc. |
9,335 | 3,173,246 | ||||||
Gaming and Leisure Properties, Inc. |
33,736 | 1,635,859 | ||||||
Jones Lang LaSalle, Inc.(b) |
6,955 | 1,795,990 | ||||||
|
|
|||||||
14,402,333 | ||||||||
|
|
|||||||
Utilities-18.22% |
||||||||
AES Corp. (The) |
99,717 | 2,505,888 | ||||||
Alliant Energy Corp. |
36,735 | 2,078,099 | ||||||
Avangrid, Inc.(c) |
55,855 | 2,943,558 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 |
||||
Invesco Zacks Mid-Cap ETF (CZA)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Utilities-(continued) |
||||||||
CMS Energy Corp. |
42,848 | $ | 2,585,877 | |||||
DTE Energy Co. |
27,982 | 3,171,760 | ||||||
Edison International |
54,212 | 3,411,561 | ||||||
Entergy Corp. |
31,824 | 3,278,508 | ||||||
Evergy, Inc. |
33,285 | 2,121,919 | ||||||
Eversource Energy |
50,103 | 4,253,745 | ||||||
Fortis, Inc. (Canada)(c) |
67,781 | 3,016,932 | ||||||
MDU Resources Group, Inc. |
28,753 | 883,580 | ||||||
OGE Energy Corp. |
28,885 | 984,112 | ||||||
Public Service Enterprise Group, Inc. |
72,945 | 4,653,891 | ||||||
UGI Corp. |
29,927 | 1,299,131 | ||||||
WEC Energy Group, Inc. |
46,229 | 4,163,384 | ||||||
|
|
|||||||
41,351,945 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
226,909,204 | ||||||
|
|
|||||||
Money Market Funds-0.12% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
273,428 | 273,428 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
227,182,632 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.13% |
||||||||
Invesco Private Government Fund, |
4,176,575 | $ | 4,176,575 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
9,741,445 | 9,745,342 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
13,921,917 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-106.24% |
|
241,104,549 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.24)% |
|
(14,163,959 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 226,940,590 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at October 31, 2021. |
(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, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 326,529 | $ | 8,466,041 | $ | (8,519,142 | ) | $ | - | $ | - | $ | 273,428 | $ | 39 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
820,751 | 19,809,274 | (16,453,450 | ) | - | - | 4,176,575 | 186 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
1,231,126 | 37,754,627 | (29,240,411 | ) | - | - | 9,745,342 | 2,583 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 2,378,406 | $ | 66,029,942 | $ | (54,213,003 | ) | $ | - | $ | - | $ | 14,195,345 | $ | 2,808 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2021. |
(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.
31 |
||||
Invesco Zacks Mid-Cap ETF (CZA)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Industrials |
22.72 | |||||||
Utilities |
18.22 | |||||||
Health Care |
13.46 | |||||||
Financials |
10.81 | |||||||
Materials |
9.85 | |||||||
Information Technology |
9.78 | |||||||
Real Estate |
6.35 | |||||||
Energy |
3.14 | |||||||
Sector Types Each Less Than 3% |
5.66 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
|
0.01 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 |
||||
Invesco Zacks Multi-Asset Income ETF (CVY)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-80.08% |
| |||||||
Communication Services-3.32% |
||||||||
KT Corp., ADR (South Korea) |
39,837 | $ | 510,312 | |||||
Nexstar Media Group, Inc., Class A |
5,817 | 872,143 | ||||||
Sinclair Broadcast Group, Inc., Class A |
13,834 | 361,482 | ||||||
TEGNA, Inc. |
24,015 | 472,135 | ||||||
Telefonica S.A., ADR (Spain)(b) |
209,016 | 909,220 | ||||||
ViacomCBS, Inc., Class B |
31,868 | 1,154,259 | ||||||
|
|
|||||||
4,279,551 | ||||||||
|
|
|||||||
Consumer Discretionary-8.74% |
||||||||
Advance Auto Parts, Inc. |
6,097 | 1,374,995 | ||||||
Best Buy Co., Inc. |
10,786 | 1,318,481 | ||||||
Big 5 Sporting Goods Corp.(b) |
17,738 | 428,905 | ||||||
Camping World Holdings, Inc., Class A(b) |
21,722 | 809,144 | ||||||
H&R Block, Inc. |
33,677 | 776,928 | ||||||
Honda Motor Co. Ltd., ADR (Japan) |
26,679 | 789,165 | ||||||
LCI Industries |
2,959 | 413,195 | ||||||
M.D.C. Holdings, Inc. |
8,121 | 397,767 | ||||||
Magna International, Inc. (Canada) |
16,220 | 1,318,686 | ||||||
Penske Automotive Group, Inc. |
4,828 | 512,009 | ||||||
Polaris, Inc.(b) |
6,901 | 793,270 | ||||||
Rent-A-Center, Inc. |
13,135 | 699,570 | ||||||
Sturm Ruger & Co., Inc. |
5,354 | 422,324 | ||||||
Whirlpool Corp. |
5,759 | 1,214,170 | ||||||
|
|
|||||||
11,268,609 | ||||||||
|
|
|||||||
Consumer Staples-4.16% |
||||||||
Bunge Ltd. |
11,275 | 1,044,516 | ||||||
Conagra Brands, Inc. |
38,765 | 1,248,233 | ||||||
Mondelez International, Inc., Class A |
20,728 | 1,259,019 | ||||||
Spectrum Brands Holdings, Inc. |
5,326 | 499,312 | ||||||
Tyson Foods, Inc., Class A |
16,299 | 1,303,431 | ||||||
|
|
|||||||
5,354,511 | ||||||||
|
|
|||||||
Energy-14.20% |
||||||||
Alliance Resource Partners L.P. |
80,567 | 955,525 | ||||||
Black Stone Minerals L.P. |
105,712 | 1,322,457 | ||||||
China Petroleum & Chemical Corp., ADR (China) |
27,467 | 1,337,094 | ||||||
Crestwood Equity Partners L.P. |
46,701 | 1,361,334 | ||||||
DCP Midstream L.P. |
28,894 | 898,603 | ||||||
Energy Transfer L.P. |
93,800 | 892,038 | ||||||
Enterprise Products Partners L.P. |
48,293 | 1,095,285 | ||||||
MPLX L.P. |
46,432 | 1,398,532 | ||||||
NuStar Energy L.P. |
80,165 | 1,275,425 | ||||||
Oasis Midstream Partners L.P. |
67,104 | 1,669,548 | ||||||
Petroleo Brasileiro S.A., ADR (Brazil) |
88,020 | 864,356 | ||||||
Phillips 66 Partners L.P. |
35,924 | 1,327,033 | ||||||
Plains All American Pipeline L.P. |
106,776 | 1,080,573 | ||||||
Royal Dutch Shell PLC, Class A, ADR (United Kingdom) |
19,561 | 898,241 | ||||||
TotalEnergies SE, ADR (France) |
18,738 | 938,961 | ||||||
Western Midstream Partners L.P. |
46,318 | 984,258 | ||||||
|
|
|||||||
18,299,263 | ||||||||
|
|
|||||||
Financials-24.83% |
||||||||
Aflac, Inc. |
22,585 | 1,212,137 | ||||||
Allstate Corp. (The) |
9,353 | 1,156,686 | ||||||
Ally Financial, Inc. |
24,366 | 1,163,233 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Apollo Commercial Real Estate Finance, Inc. |
28,774 | $ | 435,638 | |||||
Ares Commercial Real Estate Corp. |
19,975 | 312,010 | ||||||
B. Riley Financial, Inc. |
6,492 | 465,217 | ||||||
Banco Santander Chile, ADR (Chile) |
25,575 | 453,189 | ||||||
Bank OZK |
9,960 | 444,913 | ||||||
BankUnited, Inc. |
10,106 | 409,899 | ||||||
Cadence Bank |
14,733 | 427,552 | ||||||
Chimera Investment Corp. |
69,216 | 1,080,462 | ||||||
Citigroup, Inc. |
17,580 | 1,215,833 | ||||||
CNO Financial Group, Inc. |
17,284 | 417,236 | ||||||
Equitable Holdings, Inc. |
27,579 | 923,896 | ||||||
Evercore, Inc., Class A |
6,170 | 936,853 | ||||||
Fidelity National Financial, Inc. |
17,265 | 827,166 | ||||||
First American Financial Corp. |
11,989 | 876,875 | ||||||
First Bancorp |
33,437 | 456,415 | ||||||
Hancock Whitney Corp. |
9,293 | 459,818 | ||||||
Invesco Ltd.(c) |
51,022 | 1,296,469 | ||||||
Jefferies Financial Group, Inc. |
23,114 | 993,902 | ||||||
JPMorgan Chase & Co. |
7,870 | 1,337,034 | ||||||
Manulife Financial Corp. (Canada)(b) |
43,078 | 839,590 | ||||||
MetLife, Inc. |
20,603 | 1,293,868 | ||||||
MGIC Investment Corp. |
56,159 | 907,529 | ||||||
Morgan Stanley |
12,264 | 1,260,494 | ||||||
Navient Corp. |
37,277 | 734,357 | ||||||
OneMain Holdings, Inc. |
14,879 | 785,760 | ||||||
PacWest Bancorp |
10,043 | 476,741 | ||||||
Popular, Inc. |
11,159 | 908,789 | ||||||
Radian Group, Inc. |
17,850 | 426,079 | ||||||
Regions Financial Corp. |
61,922 | 1,466,313 | ||||||
Sun Life Financial, Inc. (Canada) |
8,166 | 465,217 | ||||||
T. Rowe Price Group, Inc. |
5,828 | 1,263,977 | ||||||
Travelers Cos., Inc. (The) |
7,960 | 1,280,605 | ||||||
Unum Group |
31,626 | 805,514 | ||||||
Virtu Financial, Inc., Class A |
33,225 | 826,638 | ||||||
Zions Bancorporation N.A. |
15,249 | 960,535 | ||||||
|
|
|||||||
32,004,439 | ||||||||
|
|
|||||||
Health Care-3.47% |
||||||||
Amgen, Inc. |
5,747 | 1,189,457 | ||||||
Cardinal Health, Inc. |
24,826 | 1,186,931 | ||||||
Cigna Corp. |
6,130 | 1,309,429 | ||||||
GlaxoSmithKline PLC, ADR (United Kingdom)(b) |
18,699 | 791,529 | ||||||
|
|
|||||||
4,477,346 | ||||||||
|
|
|||||||
Industrials-4.42% |
||||||||
Allison Transmission Holdings, Inc. |
11,187 | 373,198 | ||||||
Canadian National Railway Co. (Canada) |
11,655 | 1,549,066 | ||||||
Danaos Corp. (Greece) |
5,037 | 375,760 | ||||||
Genco Shipping & Trading Ltd. |
21,317 | 366,013 | ||||||
General Dynamics Corp. |
6,397 | 1,296,992 | ||||||
Hillenbrand, Inc. |
9,318 | 423,596 | ||||||
Huntington Ingalls Industries, Inc. |
4,103 | 831,801 | ||||||
Triton International Ltd. (Bermuda) |
7,745 | 481,662 | ||||||
|
|
|||||||
5,698,088 | ||||||||
|
|
|||||||
Information Technology-1.03% |
||||||||
HP, Inc. |
43,770 | 1,327,544 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 |
||||
Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Materials-5.94% |
||||||||
Agnico Eagle Mines Ltd. (Canada) |
14,839 | $ | 787,209 | |||||
B2Gold Corp. (Canada)(b) |
111,515 | 461,672 | ||||||
Cia Siderurgica Nacional S.A., ADR (Brazil)(b) |
137,896 | 562,616 | ||||||
Gerdau S.A., ADR (Brazil) |
234,203 | 1,107,780 | ||||||
Kinross Gold Corp. (Canada) |
143,616 | 863,132 | ||||||
Kirkland Lake Gold Ltd. (Canada) |
22,331 | 941,698 | ||||||
POSCO, ADR (South Korea) |
7,414 | 469,010 | ||||||
Ternium S.A., ADR (Mexico) |
10,928 | 506,294 | ||||||
Tronox Holdings PLC, Class A |
19,778 | 461,223 | ||||||
Vale S.A., ADR (Brazil) |
56,388 | 717,819 | ||||||
Yamana Gold, Inc. (Canada) |
195,506 | 772,249 | ||||||
|
|
|||||||
7,650,702 | ||||||||
|
|
|||||||
Real Estate-8.71% |
||||||||
Acadia Realty Trust |
21,548 | 460,696 | ||||||
American Assets Trust, Inc. |
10,157 | 384,239 | ||||||
Brixmor Property Group, Inc. |
55,777 | 1,307,413 | ||||||
Essential Properties Realty Trust, Inc. |
23,633 | 704,027 | ||||||
Federal Realty Investment Trust |
10,729 | 1,291,235 | ||||||
National Storage Affiliates Trust |
22,748 | 1,420,840 | ||||||
NETSTREIT Corp. |
14,205 | 344,329 | ||||||
Simon Property Group, Inc. |
9,715 | 1,424,025 | ||||||
SITE Centers Corp. |
57,737 | 917,441 | ||||||
UDR, Inc. |
24,251 | 1,346,658 | ||||||
Urban Edge Properties |
23,894 | 418,862 | ||||||
Welltower, Inc. |
15,040 | 1,209,216 | ||||||
|
|
|||||||
11,228,981 | ||||||||
|
|
|||||||
Utilities-1.26% |
||||||||
Centrais Eletricas Brasileiras S.A., ADR (Brazil)(b) |
120,351 | 731,734 | ||||||
Vistra Corp. |
45,361 | 888,622 | ||||||
|
|
|||||||
1,620,356 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
103,209,390 | ||||||
|
|
|||||||
Closed-End Funds-9.86% |
| |||||||
Aberdeen Total Dynamic Dividend Fund |
87,375 | 878,119 | ||||||
Ares Dynamic Credit Allocation Fund, Inc.(b) |
23,103 | 378,196 | ||||||
Barings Global Short Duration High Yield Fund |
22,601 | 388,963 | ||||||
BlackRock Debt Strategies Fund, Inc. |
38,586 | 453,000 | ||||||
Blackstone Strategic Credit Fund |
40,480 | 564,696 | ||||||
DoubleLine Income Solutions Fund |
78,263 | 1,382,125 | ||||||
DoubleLine Yield Opportunities Fund |
27,165 | 528,088 | ||||||
Eaton Vance Limited Duration Income Fund(b) |
105,886 | 1,397,695 | ||||||
First Trust High Yield Opportunities 2027 Term Fund |
30,908 | 647,214 | ||||||
First Trust Senior Floating Rate Income Fund II |
39,268 | 478,677 | ||||||
Highland Income Fund(b) |
128,601 | 1,464,765 | ||||||
KKR Income Opportunities Fund |
17,758 | 296,026 | ||||||
Nuveen Global High Income Fund |
18,175 | 289,891 | ||||||
PGIM Global High Yield Fund, Inc. |
44,808 | 702,589 | ||||||
PGIM High Yield Bond Fund, Inc. |
36,165 | 596,361 | ||||||
Templeton Emerging Markets Income Fund |
65,459 | 504,034 | ||||||
Wells Fargo Income Opportunities Fund |
55,613 | 497,736 | ||||||
Western Asset Emerging Markets Debt Fund, Inc.(b) |
49,780 | 679,995 |
Shares | Value | |||||||
Western Asset High Income Opportunity Fund, Inc. |
57,906 | $ | 302,269 | |||||
Western Asset High Yield Defined Opportunity Fund, Inc. |
17,248 | 276,313 | ||||||
|
|
|||||||
Total Closed-End
Funds |
12,706,752 | |||||||
|
|
|||||||
Preferred Stocks-9.84% |
||||||||
Financials-9.34% |
||||||||
Arch Capital Group Ltd., Series G, Pfd., 4.55%. |
53,793 | 1,395,928 | ||||||
Bank of America Corp., Series L, Conv. Pfd., 7.25% |
963 | 1,379,228 | ||||||
Bank of Hawaii Corp., Series A, Pfd., 4.38% |
25,934 | 674,284 | ||||||
Capital One Financial Corp., Series L, Pfd., 4.38% |
48,015 | 1,221,502 | ||||||
JPMorgan Chase & Co., Series JJ, Pfd., 4.55% |
52,929 | 1,381,976 | ||||||
JPMorgan Chase & Co., Series LL, Pfd., 4.63% |
53,704 | 1,403,822 | ||||||
Prospect Capital Corp., Series A, Pfd., 5.35% |
28,993 | 678,436 | ||||||
Silvergate Capital Corp., Series A, Pfd., 5.38% . |
37,119 | 921,665 | ||||||
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% |
931 | 1,415,092 | ||||||
Wells Fargo & Co., Series Z, Pfd., 4.75% |
22,578 | 584,770 | ||||||
Wells Fargo & Co., Series CC, Pfd., 4.38%(b) |
39,005 | 980,586 | ||||||
|
|
|||||||
12,037,289 | ||||||||
|
|
|||||||
Utilities-0.50% |
||||||||
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25% |
6,463 | 647,399 | ||||||
|
|
|||||||
Total Preferred Stocks |
12,684,688 | |||||||
|
|
|||||||
Money Market Funds-0.22% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(c)(d) |
285,369 | 285,369 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
128,886,199 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.53% |
||||||||
Invesco Private Government Fund, 0.02%(c)(d)(e) |
2,138,755 | 2,138,755 | ||||||
Invesco Private Prime Fund, 0.11%(c)(d)(e) |
4,988,432 | 4,990,428 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
7,129,183 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-105.53% |
|
136,015,382 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.53)% |
|
(7,130,581 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 128,884,801 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 |
||||
Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
October 31, 2021
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
Conv.-Convertible
Pfd. -Preferred
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
All or a portion of this security was out on loan at October 31, 2021. |
(c) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value October 31, 2021 |
Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. |
$ | 978,426 | $ | 894,865 | $ | (529,083 | ) | $ | (132,570 | ) | $ | 84,831 | $ | 1,296,469 | $ | 11,716 | |||||||||||||||||||
Invesco Mortgage Capital, Inc. |
1,031,772 | 327,604 | (1,217,024 | ) | 20,346 | (162,698 | ) | - | - | ||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
152,455 | 5,811,290 | (5,678,376 | ) | - | - | 285,369 | 54 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
6,861,838 | 18,873,407 | (23,596,490 | ) | - | - | 2,138,755 | 174 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
10,292,757 | 38,969,034 | (44,271,363 | ) | - | - | 4,990,428 | 2,717 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 19,317,248 | $ | 64,876,200 | $ | (75,292,336 | ) | $ | (112,224 | ) | $ | (77,867 | ) | $ | 8,711,021 | $ | 14,661 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2021. |
(e) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 |
||||
Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021 |
Financials |
34.17 | |||||||
Energy |
14.20 | |||||||
Closed-End Funds |
9.86 | |||||||
Consumer Discretionary |
8.74 | |||||||
Real Estate |
8.71 | |||||||
Materials |
5.94 | |||||||
Industrials |
4.42 | |||||||
Consumer Staples |
4.16 | |||||||
Health Care |
3.47 | |||||||
Communication Services |
3.32 | |||||||
Sector Types Each Less Than 3% |
2.79 | |||||||
Money Market Funds Plus Other Assets Less Liabilities |
0.22 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 |
||||
(This Page Intentionally Left Blank)
37 |
||||
Statements of Assets and Liabilities
October 31, 2021
(Unaudited)
Invesco |
Invesco Dynamic Large Cap Value ETF (PWV) |
Invesco S&P 100 Equal Weight ETF (EQWL) |
Invesco S&P 500 GARP ETF (SPGP) |
|||||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 836,561,463 | $ | 777,652,198 | $ | 110,930,543 | $ | 653,561,208 | ||||||||||||||||
Affiliated investments in securities, at value |
6,250,600 | 9,587,864 | 34,771 | 3,523,954 | ||||||||||||||||||||
Receivable for: |
||||||||||||||||||||||||
Dividends |
376,825 | 1,224,744 | 143,292 | 279,786 | ||||||||||||||||||||
Securities lending |
898 | 409 | - | 1,002 | ||||||||||||||||||||
Investments sold |
- | - | - | 18,476,010 | ||||||||||||||||||||
Fund shares sold |
- | - | - | 13,921,102 | ||||||||||||||||||||
Foreign tax reclaims |
- | - | - | - | ||||||||||||||||||||
Other assets |
657 | 161 | 4,499 | 17,337 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets |
843,190,443 | 788,465,376 | 111,113,105 | 689,780,399 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
Due to custodian |
- | - | - | 174,896 | ||||||||||||||||||||
Payable for: |
||||||||||||||||||||||||
Investments purchased |
- | - | - | 13,736,528 | ||||||||||||||||||||
Investments purchased - affiliated broker |
- | - | - | 192,211 | ||||||||||||||||||||
Collateral upon return of securities loaned |
5,954,710 | 9,572,090 | - | 3,523,954 | ||||||||||||||||||||
Fund shares repurchased |
- | - | - | 18,464,798 | ||||||||||||||||||||
Accrued advisory fees |
341,437 | 323,850 | 14,491 | 156,361 | ||||||||||||||||||||
Accrued trustees’ and officer’s fees |
104,392 | 144,816 | 51,731 | 49,212 | ||||||||||||||||||||
Accrued expenses |
8,906 | 223,908 | 55,181 | 118,715 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total liabilities |
6,409,445 | 10,264,664 | 121,403 | 36,416,675 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets |
$ | 836,780,998 | $ | 778,200,712 | $ | 110,991,702 | $ | 653,363,724 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Net assets consist of: |
||||||||||||||||||||||||
Shares of beneficial interest |
$ | 728,369,166 | $ | 1,059,766,027 | $ | 88,589,393 | $ | 592,095,341 | ||||||||||||||||
Distributable earnings (loss) |
108,411,832 | (281,565,315 | ) | 22,402,309 | 61,268,383 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets |
$ | 836,780,998 | $ | 778,200,712 | $ | 110,991,702 | $ | 653,363,724 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
10,570,000 | 16,490,000 | 1,320,000 | 7,040,000 | ||||||||||||||||||||
Net asset value |
$ | 79.17 | $ | 47.19 | $ | 84.08 | $ | 92.81 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Market price |
$ | 79.04 | $ | 47.20 | $ | 84.08 | $ | 92.79 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Unaffiliated investments in securities, at cost |
$ | 678,420,168 | $ | 690,815,898 | $ | 87,948,034 | $ | 588,326,756 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Affiliated investments in securities, at cost |
$ | 6,250,600 | $ | 9,587,864 | $ | 34,771 | $ | 3,523,954 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
(a)Includes securities on loan with an aggregate value of: |
$ | 5,838,998 | $ | 9,447,076 | $ | - | $ | 3,484,404 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 |
||||
Invesco S&P 500 Value with Momentum ETF (SPVM) |
Invesco S&P MidCap Momentum ETF (XMMO) |
Invesco S&P MidCap Quality ETF (XMHQ) |
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
Invesco S&P SmallCap Momentum ETF (XSMO) |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
Invesco Zacks Mid-Cap ETF (CZA) |
Invesco Zacks Multi-Asset Income ETF (CVY) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 36,560,510 | $ | 1,015,144,352 | $ | 289,979,814 | $ | 182,784,932 | $ | 183,460,374 | $ | 453,736,947 | $ | 226,909,204 | $ | 127,304,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
463,805 | 112,513,951 | 10,121,948 | 12,853,216 | 31,727,962 | 50,932,222 | 14,195,345 | 8,711,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23,109 | 249,532 | 121,650 | 74,765 | 37,243 | 46,046 | 145,497 | 192,856 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | 14,838 | 663 | 957 | 2,714 | 3,797 | 335 | 15,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 98,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | 1,590,134 | - | - | 2,627,077 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 13,548 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,146 | 19,953 | 5,070 | 4,662 | 25,230 | 6,848 | 3,823 | 1,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
37,049,570 | 1,127,942,626 | 301,819,279 | 195,718,532 | 215,253,523 | 507,352,937 | 241,254,204 | 136,337,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | 1,588,560 | - | - | 2,627,679 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | 111,838,452 | 9,847,409 | 12,597,066 | 31,509,486 | 50,488,270 | 13,921,917 | 7,129,183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6,376 | 239,926 | 45,465 | 49,342 | 43,964 | 107,727 | 112,930 | 67,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
40,469 | 74,931 | 49,693 | 53,926 | 52,648 | 57,290 | 10,976 | 10,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
35,630 | 102,794 | 88,756 | 62,348 | 59,455 | 101,936 | 267,791 | 245,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
82,475 | 112,256,103 | 11,619,883 | 12,762,682 | 31,665,553 | 53,382,902 | 14,313,614 | 7,452,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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$ | 36,967,095 | $ | 1,015,686,523 | $ | 290,199,396 | $ | 182,955,850 | $ | 183,587,970 | $ | 453,970,035 | $ | 226,940,590 | $ | 128,884,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 44,562,101 | $ | 906,357,728 | $ | 261,926,608 | $ | 192,412,533 | $ | 190,448,543 | $ | 434,070,495 | $ | 299,398,138 | $ | 555,950,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(7,595,006) | 109,328,795 | 28,272,788 | (9,456,683 | ) | (6,860,573 | ) | 19,899,540 | (72,457,548 | ) | (427,065,279 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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$ | 36,967,095 | $ | 1,015,686,523 | $ | 290,199,396 | $ | 182,955,850 | $ | 183,587,970 | $ | 453,970,035 | $ | 226,940,590 | $ | 128,884,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
730,000 | 11,170,000 | 3,650,000 | 3,910,000 | 3,270,000 | 8,640,000 | 2,420,000 | 5,280,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50.64 | $ | 90.93 | $ | 79.51 | $ | 46.79 | $ | 56.14 | $ | 52.54 | $ | 93.78 | $ | 24.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50.66 | $ | 90.96 | $ | 79.54 | $ | 46.81 | $ | 56.15 | $ | 52.52 | $ | 93.78 | $ | 24.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 31,589,646 | $ | 932,378,869 | $ | 264,186,929 | $ | 175,931,448 | $ | 166,184,978 | $ | 430,608,012 | $ | 204,997,125 | $ | 120,493,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 476,919 | $ | 112,513,951 | $ | 10,121,947 | $ | 12,853,215 | $ | 31,727,961 | $ | 50,932,222 | $ | 14,195,345 | $ | 8,250,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | - | $ | 110,288,599 | $ | 9,202,748 | $ | 12,512,230 | $ | 30,701,763 | $ | 48,906,977 | $ | 13,410,020 | $ | 6,838,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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39 |
||||
For the six months ended October 31, 2021
(Unaudited)
Invesco Dynamic Large Cap Growth ETF (PWB) |
Invesco Dynamic Large Cap Value ETF (PWV) |
Invesco S&P 100 Equal Weight ETF (EQWL) |
Invesco S&P 500 GARP ETF (SPGP) |
|||||||||||||
Investment income: |
||||||||||||||||
Unaffiliated dividend income |
$ | 2,551,218 | $ | 10,196,910 | $ | 1,064,346 | $ | 3,285,138 | ||||||||
Affiliated dividend income |
41 | 75 | 15 | 36 | ||||||||||||
Securities lending income |
9,622 | 665 | 28 | 4,980 | ||||||||||||
Foreign withholding tax |
(8,997 | ) | - | - | - | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
2,551,884 | 10,197,650 | 1,064,389 | 3,290,154 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses: |
||||||||||||||||
Advisory fees |
2,004,246 | 1,894,123 | 124,410 | 876,075 | ||||||||||||
Sub-licensing fees |
120,252 | 113,645 | 11,171 | 76,993 | ||||||||||||
Accounting & administration fees |
30,425 | 28,590 | 8,270 | 13,420 | ||||||||||||
Professional fees |
13,609 | 13,353 | 11,788 | 12,340 | ||||||||||||
Custodian & transfer agent fees |
3,076 | 6,641 | 1,419 | 1,596 | ||||||||||||
Trustees’ and officer’s fees |
11,080 | 12,549 | 6,012 | 7,534 | ||||||||||||
Recapture (Note 3) |
- | - | - | - | ||||||||||||
Other expenses |
27,261 | 35,703 | 10,531 | 17,126 | ||||||||||||
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|
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|
|
|
|
|||||||||
Total expenses |
2,209,949 | 2,104,604 | 173,601 | 1,005,084 | ||||||||||||
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|
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|
|
|||||||||
Less: Waivers |
(3 | ) | (2 | ) | (48,488 | ) | (3 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
2,209,946 | 2,104,602 | 125,113 | 1,005,081 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
341,938 | 8,093,048 | 939,276 | 2,285,073 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and unrealized gain (loss) from: |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Unaffiliated investment securities |
(15,670,081 | ) | (3,899,540 | ) | (184,365 | ) | (10,218,104 | ) | ||||||||
Affiliated investment securities |
- | - | - | - | ||||||||||||
Unaffiliated in-kind redemptions |
97,797,974 | 69,734,251 | 5,458,447 | 39,498,803 | ||||||||||||
Affiliated in-kind redemptions |
- | - | - | - | ||||||||||||
Foreign currencies |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain |
82,127,893 | 65,834,711 | 5,274,082 | 29,280,699 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
Unaffiliated investment securities |
308,036 | (17,136,534 | ) | 2,106,833 | 12,537,931 | |||||||||||
Affiliated investment securities |
- | - | - | - | ||||||||||||
Foreign currencies |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net unrealized appreciation (depreciation) |
308,036 | (17,136,534 | ) | 2,106,833 | 12,537,931 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
82,435,929 | 48,698,177 | 7,380,915 | 41,818,630 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 82,777,867 | $ | 56,791,225 | $ | 8,320,191 | $ | 44,103,703 | ||||||||
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|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 |
||||
Invesco S&P 500 Value with Momentum ETF (SPVM) |
Invesco S&P MidCap Momentum ETF (XMMO) |
Invesco S&P MidCap Quality ETF (XMHQ) |
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
Invesco S&P SmallCap Momentum ETF (XSMO) |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
Invesco Zacks Mid-Cap ETF (CZA) |
Invesco Zacks Multi-Asset Income ETF (CVY) | |||||||||||||||||||||||||||||||||||||||||
$ | 333,936 | $ | 3,458,699 | $ | 1,984,423 | $ | 1,776,907 | $ | 542,162 | $ | 3,159,718 | $ | 2,022,579 | $ | 2,245,424 | |||||||||||||||||||||||||||||||||
2,599 | 110 | 51 | 21 | 20 | 48 | 39 | 11,770 | |||||||||||||||||||||||||||||||||||||||||
9 | 66,467 | 3,531 | 3,807 | 37,909 | 24,362 | 4,032 | 62,887 | |||||||||||||||||||||||||||||||||||||||||
- | - | - | - | (1,598 | ) | (5,633 | ) | (43,120 | ) | (26,010 | ) | |||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
336,544 | 3,525,276 | 1,988,005 | 1,780,735 | 578,493 | 3,178,495 | 1,983,530 | 2,294,071 | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
55,871 | 1,359,844 | 338,284 | 286,572 | 251,570 | 505,291 | 575,859 | 332,614 | |||||||||||||||||||||||||||||||||||||||||
3,853 | 94,119 | 44,164 | 31,499 | 23,926 | 60,524 | 160,156 | 87,183 | |||||||||||||||||||||||||||||||||||||||||
7,469 | 29,129 | 8,133 | 7,781 | 9,547 | 8,849 | 14,234 | 10,965 | |||||||||||||||||||||||||||||||||||||||||
11,704 | 13,834 | 11,915 | 11,788 | 11,965 | 12,079 | 12,348 | 12,380 | |||||||||||||||||||||||||||||||||||||||||
1,470 | 3,205 | 1,651 | 1,695 | 2,822 | 2,461 | 2,390 | 3,533 | |||||||||||||||||||||||||||||||||||||||||
5,297 | 10,843 | 6,627 | 6,482 | 6,458 | 7,162 | (740 | ) | (884 | ) | |||||||||||||||||||||||||||||||||||||||
- | - | - | 29,022 | - | 60,326 | 68,987 | 22,495 | |||||||||||||||||||||||||||||||||||||||||
10,662 | 24,817 | 12,499 | 11,467 | 12,382 | 13,927 | 17,401 | 18,034 | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
96,326 | 1,535,791 | 423,273 | 386,306 | 318,670 | 670,619 | 850,635 | 486,320 | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
(21,192) | (1 | ) | (81,812 | ) | (1 | ) | (2 | ) | (1 | ) | (2 | ) | (4 | ) | ||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
75,134 | 1,535,790 | 341,461 | 386,305 | 318,668 | 670,618 | 850,633 | 486,316 | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
261,410 | 1,989,486 | 1,646,544 | 1,394,430 | 259,825 | 2,507,877 | 1,132,897 | 1,807,755 | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
(549,132) | 8,847,715 | (7,121,751 | ) | (9,146,782 | ) | (9,424,849 | ) | (7,528,832 | ) | 745,642 | 5,816,967 | |||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | (116,588 | ) | ||||||||||||||||||||||||||||||||||||||||
2,486,091 | 116,767,212 | 14,846,539 | 15,509,115 | 22,000,031 | 43,177,360 | 25,135,673 | 9,685,237 | |||||||||||||||||||||||||||||||||||||||||
(4,499) | - | - | - | - | - | - | 38,721 | |||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | 41 | - | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
1,932,460 | 125,614,927 | 7,724,788 | 6,362,333 | 12,575,182 | 35,648,528 | 25,881,356 | 15,424,337 | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
(729,459) | (69,132,627 | ) | (6,247,130 | ) | (12,764,343 | ) | 3,070,180 | (27,284,982 | ) | (13,840,802 | ) | (12,187,312 | ) | |||||||||||||||||||||||||||||||||||
(13,114) | (1 | ) | 1 | 1 | 1 | - | - | (112,224 | ) | |||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | (37 | ) | - | ||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
(742,573) | (69,132,628 | ) | (6,247,129 | ) | (12,764,342 | ) | 3,070,181 | (27,284,982 | ) | (13,840,839 | ) | (12,299,536 | ) | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
1,189,887 | 56,482,299 | 1,477,659 | (6,402,009 | ) | 15,645,363 | 8,363,546 | 12,040,517 | 3,124,801 | ||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
$ | 1,451,297 | $ | 58,471,785 | $ | 3,124,203 | $ | (5,007,579 | ) | $ | 15,905,188 | $ | 10,871,423 | $ | 13,173,414 | $ | 4,932,556 | ||||||||||||||||||||||||||||||||
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41 |
||||
Statements of Changes in Net Assets
For the six months ended October 31, 2021 and the year ended April 30, 2021
(Unaudited)
Invesco Dynamic Large Cap Growth ETF (PWB) |
Invesco Dynamic Large Cap Value ETF (PWV) | |||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 | |||||||||||||||||
Operations: |
||||||||||||||||||||
Net investment income |
$ | 341,938 | $ | 921,055 | $ | 8,093,048 | $ | 16,678,075 | ||||||||||||
Net realized gain (loss) |
82,127,893 | 162,056,832 | 65,834,711 | 18,028,875 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) |
308,036 | 111,272,819 | (17,136,534 | ) | 181,266,801 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase in net assets resulting from operations |
82,777,867 | 274,250,706 | 56,791,225 | 215,973,751 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders from: |
||||||||||||||||||||
Distributable earnings |
(294,560 | ) | (1,014,053 | ) | (7,170,262 | ) | (17,183,173 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shareholder Transactions: |
||||||||||||||||||||
Proceeds from shares sold |
427,654,405 | 676,442,993 | 351,232,891 | 382,550,596 | ||||||||||||||||
Value of shares repurchased |
(426,513,261 | ) | (810,376,331 | ) | (359,129,940 | ) | (523,573,223 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
1,141,144 | (133,933,338 | ) | (7,897,049 | ) | (141,022,627 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets |
83,624,451 | 139,303,315 | 41,723,914 | 57,767,951 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets: |
||||||||||||||||||||
Beginning of period |
753,156,547 | 613,853,232 | 736,476,798 | 678,708,847 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 836,780,998 | $ | 753,156,547 | $ | 778,200,712 | $ | 736,476,798 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Changes in Shares Outstanding: |
||||||||||||||||||||
Shares sold |
5,760,000 | 10,900,000 | 7,710,000 | 9,810,000 | ||||||||||||||||
Shares repurchased |
(5,760,000 | ) | (12,880,000 | ) | (7,880,000 | ) | (13,600,000 | ) | ||||||||||||
Shares outstanding, beginning of period |
10,570,000 | 12,550,000 | 16,660,000 | 20,450,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding, end of period |
10,570,000 | 10,570,000 | 16,490,000 | 16,660,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 |
||||
Invesco S&P 100 Equal Weight ETF (EQWL) |
Invesco S&P 500 GARP ETF (SPGP) |
Invesco S&P 500 Value with Momentum ETF (SPVM) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 | |||||||||||||||||||||||
$ | 939,276 | $ | 1,396,582 | $ | 2,285,073 | $ | 2,714,445 | $ | 261,410 | $ | 685,274 | |||||||||||||||||
5,274,082 | 2,844,273 | 29,280,699 | 21,818,104 | 1,932,460 | (2,770,237 | ) | ||||||||||||||||||||||
2,106,833 | 22,573,305 | 12,537,931 | 105,892,700 | (742,573 | ) | 16,306,378 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
8,320,191 | 26,814,160 | 44,103,703 | 130,425,249 | 1,451,297 | 14,221,415 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(817,072) | (1,410,989 | ) | (1,914,460 | ) | (3,178,357 | ) | (266,435 | ) | (722,920 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
26,001,810 | 25,876,612 | 508,634,317 | 355,367,983 | 18,623,549 | 18,317,903 | |||||||||||||||||||||||
(12,131,185) | (15,265,610 | ) | (309,196,925 | ) | (314,965,394 | ) | (18,212,996 | ) | (40,635,188 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
13,870,625 | 10,611,002 | 199,437,392 | 40,402,589 | 410,553 | (22,317,285 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
21,373,744 | 36,014,173 | 241,626,635 | 167,649,481 | 1,595,415 | (8,818,790 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
89,617,958 | 53,603,785 | 411,737,089 | 244,087,608 | 35,371,680 | 44,190,470 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 110,991,702 | $ | 89,617,958 | $ | 653,363,724 | $ | 411,737,089 | $ | 36,967,095 | $ | 35,371,680 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
320,000 | 380,000 | 5,800,000 | 4,800,000 | 380,000 | 420,000 | |||||||||||||||||||||||
(150,000) | (230,000 | ) | (3,590,000 | ) | (4,720,000 | ) | (380,000 | ) | (1,090,000 | ) | ||||||||||||||||||
1,150,000 | 1,000,000 | 4,830,000 | 4,750,000 | 730,000 | 1,400,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1,320,000 | 1,150,000 | 7,040,000 | 4,830,000 | 730,000 | 730,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
43 |
||||
Statements of Changes in Net Assets—(continued)
For the six months ended October 31, 2021 and the year ended April 30, 2021
(Unaudited)
Invesco S&P MidCap Momentum ETF (XMMO) |
Invesco S&P MidCap Quality ETF (XMHQ) | |||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 | |||||||||||||||||
Operations: |
||||||||||||||||||||
Net investment income |
$ | 1,989,486 | $ | 3,405,986 | $ | 1,646,544 | $ | 1,137,219 | ||||||||||||
Net realized gain |
125,614,927 | 186,739,142 | 7,724,788 | 11,624,084 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(69,132,628 | ) | 134,034,658 | (6,247,129 | ) | 33,306,854 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
58,471,785 | 324,179,786 | 3,124,203 | 46,068,157 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders from: |
||||||||||||||||||||
Distributable earnings |
(748,100 | ) | (3,601,237 | ) | (1,626,358 | ) | (1,069,777 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shareholder Transactions: |
||||||||||||||||||||
Proceeds from shares sold |
433,427,384 | 969,849,550 | 147,287,788 | 234,768,439 | ||||||||||||||||
Value of shares repurchased |
(419,398,525 | ) | (865,541,784 | ) | (104,453,874 | ) | (57,477,116 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
14,028,859 | 104,307,766 | 42,833,914 | 177,291,323 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase in net assets |
71,752,544 | 424,886,315 | 44,331,759 | 222,289,703 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets: |
||||||||||||||||||||
Beginning of period |
943,933,979 | 519,047,664 | 245,867,637 | 23,577,934 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 1,015,686,523 | $ | 943,933,979 | $ | 290,199,396 | $ | 245,867,637 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Changes in Shares Outstanding: |
||||||||||||||||||||
Shares sold |
5,020,000 | 13,590,000 | 1,900,000 | 3,570,000 | ||||||||||||||||
Shares repurchased |
(4,890,000 | ) | (12,150,000 | ) | (1,400,000 | ) | (920,000 | ) | ||||||||||||
Shares outstanding, beginning of period |
11,040,000 | 9,600,000 | 3,150,000 | 500,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding, end of period |
11,170,000 | 11,040,000 | 3,650,000 | 3,150,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 |
||||
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
Invesco S&P SmallCap Momentum ETF (XSMO) |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 | |||||||||||||||||||||||
$ | 1,394,430 | $ | 669,726 | $ | 259,825 | $ | 623,058 | $ | 2,507,877 | $ | 1,207,501 | |||||||||||||||||
6,362,333 | 4,763,531 | 12,575,182 | 28,321,937 | 35,648,528 | 10,253,868 | |||||||||||||||||||||||
(12,764,342) | 31,837,071 | 3,070,181 | 14,369,143 | (27,284,982 | ) | 69,045,719 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(5,007,579) | 37,270,328 | 15,905,188 | 43,314,138 | 10,871,423 | 80,507,088 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(1,031,958) | (749,115 | ) | (180,309 | ) | (704,740 | ) | (1,859,516 | ) | (1,215,462 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
186,903,881 | 99,055,488 | 71,252,143 | 163,507,513 | 396,380,504 | 190,708,923 | |||||||||||||||||||||||
(130,630,586) | (47,914,575 | ) | (74,937,435 | ) | (109,262,220 | ) | (210,741,296 | ) | (63,460,080 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
56,273,295 | 51,140,913 | (3,685,292 | ) | 54,245,293 | 185,639,208 | 127,248,843 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
50,233,758 | 87,662,126 | 12,039,587 | 96,854,691 | 194,651,115 | 206,540,469 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
132,722,092 | 45,059,966 | 171,548,383 | 74,693,692 | 259,318,920 | 52,778,451 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 182,955,850 | $ | 132,722,092 | $ | 183,587,970 | $ | 171,548,383 | $ | 453,970,035 | $ | 259,318,920 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
3,970,000 | 2,450,000 | 1,340,000 | 3,490,000 | 7,640,000 | 4,800,000 | |||||||||||||||||||||||
(2,920,000) | (1,340,000 | ) | (1,420,000 | ) | (2,440,000 | ) | (4,270,000 | ) | (1,830,000 | ) | ||||||||||||||||||
2,860,000 | 1,750,000 | 3,350,000 | 2,300,000 | 5,270,000 | 2,300,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
3,910,000 | 2,860,000 | 3,270,000 | 3,350,000 | 8,640,000 | 5,270,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
45 |
||||
Statements of Changes in Net Assets—(continued)
For the six months ended October 31, 2021 and the year ended April 30, 2021
(Unaudited)
Invesco Zacks Mid-Cap ETF (CZA) |
Invesco Zacks Multi-Asset Income ETF (CVY) |
|||||||||||||||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
|||||||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 1,132,897 | $ | 2,680,957 | $ | 1,807,755 | $ | 4,265,821 | ||||||||||||||||||||||||
Net realized gain (loss) |
25,881,356 | 61,149,235 | 15,424,337 | (7,026,026 | ) | |||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(13,840,839 | ) | 38,433,070 | (12,299,536 | ) | 59,629,702 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase in net assets resulting from operations |
13,173,414 | 102,263,262 | 4,932,556 | 56,869,497 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Distributions to Shareholders from: |
||||||||||||||||||||||||||||||||
Distributable earnings |
- | (3,261,907 | ) | (2,353,723 | ) | (3,955,699 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Shareholder Transactions: |
||||||||||||||||||||||||||||||||
Proceeds from shares sold |
135,628,745 | 290,556,750 | 52,051,478 | 67,255,544 | ||||||||||||||||||||||||||||
Value of shares repurchased |
(148,659,265 | ) | (395,595,194 | ) | (59,281,854 | ) | (111,639,759 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
(13,030,520 | ) | (105,038,444 | ) | (7,230,376 | ) | (44,384,215 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets |
142,894 | (6,037,089 | ) | (4,651,543 | ) | 8,529,583 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
226,797,696 | 232,834,785 | 133,536,344 | 125,006,761 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of period |
$ | 226,940,590 | $ | 226,797,696 | $ | 128,884,801 | $ | 133,536,344 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Changes in Shares Outstanding: |
||||||||||||||||||||||||||||||||
Shares sold |
1,510,000 | 4,150,000 | 2,110,000 | 3,230,000 | ||||||||||||||||||||||||||||
Shares repurchased |
(1,640,000 | ) | (5,650,000 | ) | (2,380,000 | ) | (5,580,000 | ) | ||||||||||||||||||||||||
Shares outstanding, beginning of period |
2,550,000 | 4,050,000 | 5,550,800 | 7,900,800 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Shares outstanding, end of period |
2,420,000 | 2,550,000 | 5,280,800 | 5,550,800 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 |
||||
Invesco Dynamic Large Cap Growth ETF (PWB)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 71.25 | $ | 48.91 | $ | 48.75 | $ | 43.32 | $ | 35.00 | $ | 30.82 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income(a) |
0.03 | 0.08 | 0.19 | 0.48 | 0.27 | 0.24 | ||||||||||||||||||||||||||
Net realized and unrealized gain on investments |
7.92 | 22.34 | 0.24 | 5.39 | 8.32 | 4.19 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total from investment operations |
7.95 | 22.42 | 0.43 | 5.87 | 8.59 | 4.43 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||
Net investment income |
(0.03 | ) | (0.08 | ) | (0.27 | ) | (0.44 | ) | (0.27 | ) | (0.25 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value at end of period |
$ | 79.17 | $ | 71.25 | $ | 48.91 | $ | 48.75 | $ | 43.32 | $ | 35.00 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Market price at end of period(b) |
$ | 79.04 | $ | 71.25 | $ | 48.93 | $ | 48.77 | $ | 43.38 | $ | 35.02 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
11.16 | % | 45.89 | % | 0.92 | % | 13.69 | % | 24.63 | % | 14.46 | % | ||||||||||||||||||||
Market Price Total Return(c) |
10.98 | % | 45.83 | % | 0.91 | % | 13.57 | % | 24.73 | % | 14.57 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 836,781 | $ | 753,157 | $ | 613,853 | $ | 758,057 | $ | 569,715 | $ | 441,053 | ||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.55 | %(d) | 0.56 | % | 0.56 | % | 0.55 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||||
Expenses, prior to Waivers |
0.55 | %(d) | 0.56 | % | 0.56 | % | 0.55 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||||
Net investment income |
0.09 | %(d) | 0.13 | % | 0.38 | % | 1.06 | % | 0.68 | % | 0.74 | % | ||||||||||||||||||||
Portfolio turnover rate(e) |
61 | % | 118 | % | 166 | % | 181 | % | 119 | % | 116 | % |
(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.
47 |
||||
Financial Highlights—(continued)
Invesco Dynamic Large Cap Value ETF (PWV)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 44.21 | $ | 33.19 | $ | 36.73 | $ | 36.10 | $ | 35.26 | $ | 30.01 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income(a) |
0.49 | 0.91 | 0.91 | 0.84 | 0.73 | 0.67 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.92 | 11.05 | (3.52 | ) | 0.68 | 0.83 | 5.28 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total from investment operations |
3.41 | 11.96 | (2.61 | ) | 1.52 | 1.56 | 5.95 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||
Net investment income |
(0.43 | ) | (0.94 | ) | (0.93 | ) | (0.89 | ) | (0.72 | ) | (0.70 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value at end of period |
$ | 47.19 | $ | 44.21 | $ | 33.19 | $ | 36.73 | $ | 36.10 | $ | 35.26 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Market price at end of period(b) |
$ | 47.20 | $ | 44.20 | $ | 33.23 | $ | 36.74 | $ | 36.13 | $ | 35.27 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
7.80 | % | 36.68 | % | (7.12 | )% | 4.32 | % | 4.39 | % | 20.06 | % | ||||||||||||||||||||
Market Price Total Return(c) |
7.85 | % | 36.50 | % | (7.04 | )% | 4.26 | % | 4.44 | % | 20.14 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 778,201 | $ | 736,477 | $ | 678,709 | $ | 1,041,362 | $ | 1,373,520 | $ | 1,256,973 | ||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.56 | %(d) | 0.58 | % | 0.56 | % | 0.55 | % | 0.56 | % | 0.56 | % | ||||||||||||||||||||
Expenses, prior to Waivers |
0.56 | %(d) | 0.58 | % | 0.56 | % | 0.55 | % | 0.56 | % | 0.56 | % | ||||||||||||||||||||
Net investment income |
2.14 | %(d) | 2.47 | % | 2.43 | % | 2.33 | % | 1.96 | % | 2.04 | % | ||||||||||||||||||||
Portfolio turnover rate(e) |
56 | % | 149 | % | 142 | % | 189 | % | 128 | % | 118 | % |
(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.
48 |
||||
Financial Highlights—(continued)
Invesco S&P 100 Equal Weight ETF (EQWL)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 77.93 | $ | 53.60 | $ | 56.90 | $ | 52.38 | $ | 46.71 | $ | 39.77 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income(a) |
0.77 | 1.34 | 1.30 | 1.14 | 0.88 | 0.74 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
6.06 | 24.35 | (3.22 | ) | 4.52 | 5.63 | 6.95 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total from investment operations |
6.83 | 25.69 | (1.92 | ) | 5.66 | 6.51 | 7.69 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||
Net investment income |
(0.68 | ) | (1.36 | ) | (1.38 | ) | (1.14 | ) | (0.84 | ) | (0.75 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value at end of period |
$ | 84.08 | $ | 77.93 | $ | 53.60 | $ | 56.90 | $ | 52.38 | $ | 46.71 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Market price at end of period(b) |
$ | 84.08 | $ | 77.98 | $ | 53.54 | $ | 56.91 | $ | 52.42 | $ | 46.75 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
8.81 | % | 48.53 | % | (3.34 | )% | 11.04 | % | 14.02 | % | 19.58 | % | ||||||||||||||||||||
Market Price Total Return(c) |
8.74 | % | 48.79 | % | (3.46 | )% | 10.98 | % | 14.01 | % | 19.80 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 110,992 | $ | 89,618 | $ | 53,604 | $ | 59,749 | $ | 60,232 | $ | 39,703 | ||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.25 | %(d) | 0.25 | % | 0.26 | %(e) | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||||
Expenses, prior to Waivers |
0.35 | %(d) | 0.40 | % | 0.40 | %(e) | 0.41 | % | 0.47 | % | 0.54 | % | ||||||||||||||||||||
Net investment income |
1.89 | %(d) | 2.08 | % | 2.28 | %(e) | 2.13 | % | 1.74 | % | 1.74 | % | ||||||||||||||||||||
Portfolio turnover rate(f) |
5 | % | 20 | % | 51 | % | 24 | % | 32 | % | 27 | % |
(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) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49 |
||||
Financial Highlights—(continued)
Invesco S&P 500 GARP ETF (SPGP)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 85.25 | $ | 51.39 | $ | 55.20 | $ | 47.90 | $ | 38.49 | $ | 32.92 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income(a) |
0.34 | 0.71 | 0.71 | 0.47 | 0.35 | 0.29 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
7.50 | 33.95 | (3.81 | ) | 7.29 | 9.38 | 5.61 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total from investment operations |
7.84 | 34.66 | (3.10 | ) | 7.76 | 9.73 | 5.90 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||
Net investment income |
(0.28 | ) | (0.80 | ) | (0.71 | ) | (0.46 | ) | (0.32 | ) | (0.33 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value at end of period |
$ | 92.81 | $ | 85.25 | $ | 51.39 | $ | 55.20 | $ | 47.90 | $ | 38.49 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Market price at end of period(b) |
$ | 92.79 | $ | 85.34 | $ | 51.43 | $ | 55.18 | $ | 47.94 | $ | 38.50 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
9.21 | % | 67.94 | % | (5.56 | )% | 16.35 | % | 25.36 | % | 18.06 | % | ||||||||||||||||||||
Market Price Total Return(c) |
9.07 | % | 67.99 | % | (5.45 | )% | 16.20 | % | 25.44 | % | 18.09 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 653,364 | $ | 411,737 | $ | 244,088 | $ | 229,088 | $ | 208,355 | $ | 146,256 | ||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.33 | %(d) | 0.36 | % | 0.34 | % | 0.36 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||||
Expenses, prior to Waivers |
0.33 | %(d) | 0.36 | % | 0.34 | % | 0.36 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||||
Net investment income |
0.76 | %(d) | 1.07 | % | 1.23 | % | 0.92 | % | 0.80 | % | 0.84 | % | ||||||||||||||||||||
Portfolio turnover rate(e) |
36 | % | 68 | % | 110 | % | 17 | % | 19 | % | 30 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50 |
||||
Financial Highlights—(continued)
Invesco S&P 500 Value with Momentum ETF (SPVM)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 48.45 | $ | 31.56 | $ | 40.00 | $ | 38.01 | $ | 35.60 | $ | 29.58 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.34 | 0.78 | 0.87 | 1.03 | 0.93 | 0.73 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.20 | 16.94 | (8.26 | ) | 2.06 | 2.28 | 6.13 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
2.54 | 17.72 | (7.39 | ) | 3.09 | 3.21 | 6.86 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||
Net investment income |
(0.35 | ) | (0.83 | ) | (1.05 | ) | (1.10 | ) | (0.80 | ) | (0.84 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value at end of period |
$ | 50.64 | $ | 48.45 | $ | 31.56 | $ | 40.00 | $ | 38.01 | $ | 35.60 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Market price at end of period(b) |
$ | 50.66 | $ | 48.46 | $ | 31.62 | $ | 39.99 | $ | 38.03 | $ | 35.63 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Asset Value Total Return(c) |
5.28 | % | 56.93 | % | (18.74 | )% | 8.40 | % | 9.07 | % | 23.47 | % | ||||||||||||||||
Market Price Total Return(c) |
5.30 | % | 56.68 | % | (18.57 | )% | 8.31 | % | 9.04 | % | 23.69 | % | ||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 36,967 | $ | 35,372 | $ | 44,190 | $ | 96,009 | $ | 104,539 | $ | 74,770 | ||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||
Expenses, after Waivers |
0.39 | %(d) | 0.39 | % | 0.40 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||
Expenses, prior to Waivers |
0.50 | %(d) | 0.57 | % | 0.45 | %(e) | 0.41 | % | 0.44 | % | 0.46 | % | ||||||||||||||||
Net investment income |
1.36 | %(d) | 2.07 | % | 2.24 | %(e) | 2.70 | % | 2.49 | % | 2.23 | % | ||||||||||||||||
Portfolio turnover rate(f) |
47 | % | 83 | % | 127 | % | 32 | % | 25 | % | 28 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51 |
||||
Financial Highlights—(continued)
Invesco S&P MidCap Momentum ETF (XMMO)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 85.50 | $ | 54.07 | $ | 59.05 | $ | 45.61 | $ | 34.85 | $ | 29.14 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.18 | 0.32 | 0.49 | 0.06 | 0.02 | 0.09 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
5.32 | 31.45 | (4.92 | ) | 13.47 | 10.79 | 5.70 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
5.50 | 31.77 | (4.43 | ) | 13.53 | 10.81 | 5.79 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.07 | ) | (0.34 | ) | (0.55 | ) | (0.09 | ) | (0.05 | ) | (0.08 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 90.93 | $ | 85.50 | $ | 54.07 | $ | 59.05 | $ | 45.61 | $ | 34.85 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 90.96 | $ | 85.51 | $ | 54.17 | $ | 59.07 | $ | 45.71 | $ | 34.85 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
6.44 | % | 58.94 | % | (7.45 | )% | 29.72 | % | 31.05 | % | 19.89 | % | ||||||||||||||||||
Market Price Total Return(c) |
6.47 | % | 58.66 | % | (7.32 | )% | 29.48 | % | 31.34 | % | 19.98 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 1,015,687 | $ | 943,934 | $ | 519,048 | $ | 625,899 | $ | 132,259 | $ | 67,967 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.33 | %(d) | 0.33 | % | 0.34 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.33 | %(d) | 0.33 | % | 0.34 | % | 0.39 | % | 0.43 | % | 0.46 | % | ||||||||||||||||||
Net investment income |
0.42 | %(d) | 0.44 | % | 0.84 | % | 0.12 | % | 0.05 | % | 0.30 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
80 | % | 100 | % | 194 | % | 30 | % | 29 | % | 49 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52 |
||||
Financial Highlights—(continued)
Invesco S&P MidCap Quality ETF (XMHQ)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 78.05 | $ | 47.16 | $ | 50.74 | $ | 47.29 | $ | 43.74 | $ | 38.93 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.48 | 0.77 | 0.67 | 0.66 | 0.60 | 0.54 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.45 | 30.84 | (3.49 | ) | 3.46 | 3.53 | 4.86 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
1.93 | 31.61 | (2.82 | ) | 4.12 | 4.13 | 5.40 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.47 | ) | (0.72 | ) | (0.76 | ) | (0.67 | ) | (0.58 | ) | (0.59 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 79.51 | $ | 78.05 | $ | 47.16 | $ | 50.74 | $ | 47.29 | $ | 43.74 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 79.54 | $ | 78.13 | $ | 47.33 | $ | 50.72 | $ | 47.30 | $ | 43.74 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
2.50 | % | 67.43 | % | (5.52 | )% | 8.85 | % | 9.50 | % | 14.00 | % | ||||||||||||||||||
Market Price Total Return(c) |
2.44 | % | 67.00 | % | (5.15 | )% | 8.78 | % | 9.52 | % | 14.11 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 290,199 | $ | 245,868 | $ | 23,578 | $ | 25,372 | $ | 23,645 | $ | 26,242 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.25 | %(d) | 0.25 | % | 0.27 | %(e) | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.31 | %(d) | 0.37 | % | 0.56 | %(e) | 0.61 | % | 0.66 | % | 0.68 | % | ||||||||||||||||||
Net investment income |
1.22 | %(d) | 1.17 | % | 1.35 | %(e) | 1.36 | % | 1.31 | % | 1.32 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
61 | % | 56 | % | 130 | % | 30 | % | 28 | % | 36 | % |
(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) |
Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53 |
||||
Financial Highlights—(continued)
Invesco S&P MidCap Value with Momentum ETF (XMVM)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 46.41 | $ | 25.75 | $ | 32.38 | $ | 30.69 | $ | 31.00 | $ | 27.22 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.33 | 0.38 | 0.54 | 0.84 | 0.69 | 0.68 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
|
0.29 | (b) | 20.73 | (6.49 | ) | 1.64 | (0.26 | ) | 3.80 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
0.62 | 21.11 | (5.95 | ) | 2.48 | 0.43 | 4.48 | |||||||||||||||||||||||
|
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|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.24 | ) | (0.45 | ) | (0.68 | ) | (0.79 | ) | (0.74 | ) | (0.70 | ) | ||||||||||||||||||
|
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|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 46.79 | $ | 46.41 | $ | 25.75 | $ | 32.38 | $ | 30.69 | $ | 31.00 | ||||||||||||||||||
|
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|
|
|
|||||||||||||||||||
Market price at end of period(c) |
$ | 46.81 | $ | 46.51 | $ | 25.81 | $ | 32.36 | $ | 30.69 | $ | 31.00 | ||||||||||||||||||
|
|
|
|
|
|
|
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|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(d) |
1.35 | % | 82.77 | % | (18.59 | )% | 8.36 | % | 1.39 | % | 16.60 | % | ||||||||||||||||||
Market Price Total Return(d) |
1.18 | % | 82.75 | % | (18.34 | )% | 8.30 | % | 1.39 | % | 16.64 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 182,956 | $ | 132,722 | $ | 45,060 | $ | 51,809 | $ | 46,028 | $ | 68,203 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.39 | %(e) | 0.39 | % | 0.40 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.39 | %(e) | 0.46 | % | 0.44 | %(f) | 0.48 | % | 0.51 | % | 0.49 | % | ||||||||||||||||||
Net investment income |
1.41 | %(e) | 1.09 | % | 1.72 | %(f) | 2.73 | % | 2.24 | % | 2.28 | % | ||||||||||||||||||
Portfolio turnover rate(g) |
47 | % | 78 | % | 128 | % | 49 | % | 52 | % | 39 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Annualized. |
(f) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54 |
||||
Financial Highlights—(continued)
Invesco S&P SmallCap Momentum ETF (XSMO)
Six Months Ended October 31, 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 51.21 | $ | 32.48 | $ | 37.29 | $ | 33.25 | $ | 28.50 | $ | 23.23 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.08 | 0.24 | 0.34 | 0.13 | 0.14 | 0.07 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
|
4.91 | 18.77 | (4.71 | ) | 4.04 | 4.75 | 5.27 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
4.99 | 19.01 | (4.37 | ) | 4.17 | 4.89 | 5.34 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.06 | ) | (0.28 | ) | (0.44 | ) | (0.13 | ) | (0.14 | ) | (0.07 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 56.14 | $ | 51.21 | $ | 32.48 | $ | 37.29 | $ | 33.25 | $ | 28.50 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 56.15 | $ | 51.16 | $ | 32.56 | $ | 37.31 | $ | 33.31 | $ | 28.49 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
9.74 | % | 58.74 | % | (11.70 | )% | 12.55 | % | 17.18 | % | 23.02 | % | ||||||||||||||||||
Market Price Total Return(c) |
9.87 | % | 58.20 | % | (11.53 | )% | 12.41 | % | 17.43 | % | 22.82 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 183,588 | $ | 171,548 | $ | 74,694 | $ | 89,495 | $ | 48,215 | $ | 34,195 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.37 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.37 | %(d) | 0.40 | % | 0.40 | % | 0.44 | % | 0.59 | % | 0.65 | % | ||||||||||||||||||
Net investment income |
0.30 | %(d) | 0.53 | % | 0.92 | % | 0.37 | % | 0.47 | % | 0.29 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
83 | % | 132 | % | 180 | % | 44 | % | 43 | % | 55 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55 |
||||
Financial Highlights—(continued)
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
Six Months Ended 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 49.21 | $ | 22.95 | $ | 30.31 | $ | 30.37 | $ | 29.27 | $ | 23.87 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net investment income(a) |
0.37 | 0.38 | 0.51 | 0.58 | 0.63 | 0.52 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
3.22 | 26.23 | (7.27 | ) | 0.03 | 1.04 | 5.55 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total from investment operations |
3.59 | 26.61 | (6.76 | ) | 0.61 | 1.67 | 6.07 | |||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||
Net investment income |
(0.26 | ) | (0.35 | ) | (0.60 | ) | (0.67 | ) | (0.57 | ) | (0.67 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net asset value at end of period |
$ | 52.54 | $ | 49.21 | $ | 22.95 | $ | 30.31 | $ | 30.37 | $ | 29.27 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Market price at end of period(b) |
$ | 52.52 | $ | 49.27 | $ | 22.92 | $ | 30.30 | $ | 30.40 | $ | 29.26 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net Asset Value Total Return(c) |
7.34 | % | 116.75 | % | (22.43 | )% | 2.13 | % | 5.73 | % | 25.64 | % | ||||||||||||||||||||||
Market Price Total Return(c) |
7.17 | % | 117.30 | % | (22.51 | )% | 2.00 | % | 5.87 | % | 25.54 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 453,970 | $ | 259,319 | $ | 52,778 | $ | 78,794 | $ | 72,883 | $ | 83,415 | ||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.38 | %(d) | 0.39 | % | 0.40 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||||||
Expenses, prior to Waivers |
0.38 | %(d) | 0.41 | % | 0.40 | %(e) | 0.44 | % | 0.46 | % | 0.46 | % | ||||||||||||||||||||||
Net investment income |
1.44 | %(d) | 1.11 | % | 1.73 | %(e) | 1.88 | % | 2.12 | % | 1.90 | % | ||||||||||||||||||||||
Portfolio turnover rate(f) |
43 | % | 75 | % | 136 | % | 52 | % | 56 | % | 50 | % |
(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) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended April 30, 2020, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56 |
||||
Financial Highlights—(continued)
Invesco Zacks Mid-Cap ETF (CZA)
Six Months Ended October 31, 2021 |
Years Ended April 30, |
Eight Months Ended April 30, |
Years Ended August 31, | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 |
2018 |
2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 88.94 | $ | 57.49 | $ | 70.67 | $ | 64.70 | $ | 61.60 | $ | 53.00 | $ | 49.05 | ||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income(a) |
0.45 | 0.83 | 1.03 | 0.90 | 0.53 | 0.81 | 0.87 | |||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
4.39 | 31.70 | (13.14 | ) | 5.82 | 3.29 | 8.81 | 3.73 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total from investment operations |
4.84 | 32.53 | (12.11 | ) | 6.72 | 3.82 | 9.62 | 4.60 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||||||||
Net investment income |
- | (1.08 | ) | (1.07 | ) | (0.75 | ) | (0.72 | ) | (1.02 | ) | (0.65 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 93.78 | $ | 88.94 | $ | 57.49 | $ | 70.67 | $ | 64.70 | $ | 61.60 | $ | 53.00 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Market price at end of period |
$ | 93.78 | (b) | $ | 88.93 | (b) | $ | 57.59 | (b) | $ | 70.75 | (b) | $ | 64.75 | (b) | $ | 61.67 | $ | 52.94 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) |
5.45 | % | 56.93 | % | (17.51 | )% | 10.68 | % | 6.19 | % | 18.40 | % | 9.53 | % | ||||||||||||||||||||||||||||||||
Market Price Total Return(c) |
5.46 | % | 56.65 | % | (17.46 | )% | 10.72 | % | 6.14 | % | ||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 226,941 | $ | 226,798 | $ | 232,835 | $ | 265,019 | $ | 255,584 | $ | 203,284 | $ | 143,100 | ||||||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.74 | %(d) | 0.69 | % | 0.65 | %(e)(f) | 0.65 | %(e) | 0.65 | %(d) | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||||||||||
Expenses, prior to Waivers |
0.74 | %(d) | 0.69 | % | 0.68 | %(e)(f) | 0.70 | %(e) | 0.74 | %(d) | 0.74 | % | 0.74 | % | ||||||||||||||||||||||||||||||||
Net investment income |
0.98 | %(d) | 1.18 | % | 1.46 | %(f) | 1.36 | % | 1.23 | %(d) | 1.43 | % | 1.78 | % | ||||||||||||||||||||||||||||||||
Portfolio turnover rate(g) |
63 | % | 162 | % | 144 | % | 170 | % | 136 | % | 181 | % | 172 | % |
(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) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) |
Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights—(continued)
Invesco Zacks Multi-Asset Income ETF (CVY)
Six Months Ended October 31, 2021 |
Years Ended April 30, | Eight Months Ended April 30, |
Years Ended August 31, | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 |
2018 |
2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
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Net asset value at beginning of period |
$ | 24.06 | $ | 15.82 | $ | 22.25 | $ | 21.87 | $ | 21.11 | $ | 19.75 | $ | 19.92 | ||||||||||||||||||||||||||||||||
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Net investment income(a)(b) |
0.33 | 0.65 | 0.77 | 0.81 | 0.49 | 0.80 | 0.87 | |||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.46 | 8.20 | (6.45 | ) | 0.38 | 0.94 | 1.46 | (0.06 | ) | |||||||||||||||||||||||||||||||||||||
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Total from investment operations |
0.79 | 8.85 | (5.68 | ) | 1.19 | 1.43 | 2.26 | 0.81 | ||||||||||||||||||||||||||||||||||||||
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Distributions to shareholders from: |
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Net investment income |
(0.44 | ) | (0.61 | ) | (0.75 | ) | (0.81 | ) | (0.59 | ) | (0.60 | ) | (0.98 | ) | ||||||||||||||||||||||||||||||||
Return of capital |
- | - | - | - | (0.08 | ) | (0.30 | ) | - | |||||||||||||||||||||||||||||||||||||
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Total distributions |
(0.44 | ) | (0.61 | ) | (0.75 | ) | (0.81 | ) | (0.67 | ) | (0.90 | ) | (0.98 | ) | ||||||||||||||||||||||||||||||||
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Net asset value at end of period |
$ | 24.41 | $ | 24.06 | $ | 15.82 | $ | 22.25 | $ | 21.87 | $ | 21.11 | $ | 19.75 | ||||||||||||||||||||||||||||||||
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Market price at end of period |
$ | 24.40 | (c) | $ | 24.08 | (c) | $ | 15.84 | (c) | $ | 22.27 | (c) | $ | 21.87 | (c) | $ | 21.08 | $ | 19.74 | |||||||||||||||||||||||||||
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Net Asset Value Total Return(d) |
3.35 | % | 57.19 | % | (25.93 | )% | 5.67 | % | 6.83 | % | 11.73 | % | 4.49 | % | ||||||||||||||||||||||||||||||||
Market Price Total Return(d) |
3.22 | % | 57.13 | % | (25.91 | )% | 5.76 | % | 6.98 | % | ||||||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
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Net assets at end of period (000’s omitted) |
$ | 128,885 | $ | 133,536 | $ | 125,007 | $ | 229,220 | $ | 286,460 | $ | 346,144 | $ | 427,658 | ||||||||||||||||||||||||||||||||
Ratio to average net assets of: |
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Expenses, after Waivers |
0.73 | %(e)(f) | 0.73 | % | 0.65 | %(f)(g) | 0.65 | %(f) | 0.65 | %(e)(f) | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||||||||||
Expenses, prior to Waivers |
0.73 | %(e)(f) | 0.73 | % | 0.69 | %(f)(g) | 0.71 | %(f) | 0.74 | %(e)(f) | 0.72 | % | 0.73 | % | ||||||||||||||||||||||||||||||||
Net investment income(b) |
2.72 | %(e) | 3.48 | % | 3.64 | %(g) | 3.71 | % | 3.38 | %(e) | 3.93 | % | 4.62 | % | ||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
90 | % | 176 | % | 203 | % | 196 | % | 142 | % | 203 | % | 228 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Annualized. |
(f) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) |
Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. |
(h) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust
October 31, 2021
(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 Large Cap Growth ETF (PWB) |
“Dynamic Large Cap Growth ETF” | |||
Invesco Dynamic Large Cap Value ETF (PWV) |
“Dynamic Large Cap Value ETF” | |||
Invesco S&P 100 Equal Weight ETF (EQWL) |
“S&P 100 Equal Weight ETF” | |||
Invesco S&P 500 GARP ETF (SPGP) |
“S&P 500 GARP ETF” | |||
Invesco S&P 500 Value with Momentum ETF (SPVM) |
“S&P 500 Value with Momentum ETF” | |||
Invesco S&P MidCap Momentum ETF (XMMO) |
“S&P MidCap Momentum ETF” | |||
Invesco S&P MidCap Quality ETF (XMHQ) |
“S&P MidCap Quality ETF” | |||
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
“S&P MidCap Value with Momentum ETF” | |||
Invesco S&P SmallCap Momentum ETF (XSMO) |
“S&P SmallCap Momentum ETF” | |||
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
“S&P SmallCap Value with Momentum ETF” | |||
Invesco Zacks Mid-Cap ETF (CZA) |
“Zacks Mid-Cap ETF” | |||
Invesco Zacks Multi-Asset Income ETF (CVY) |
“Zacks Multi-Asset Income ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund |
Underlying Index | |||
Dynamic Large Cap Growth ETF |
Dynamic Large Cap Growth Intellidex® Index | |||
Dynamic Large Cap Value ETF |
Dynamic Large Cap Value Intellidex® Index | |||
S&P 100 Equal Weight ETF |
S&P 100® Equal Weight Index | |||
S&P 500 GARP ETF |
S&P 500® GARP Index | |||
S&P 500 Value with Momentum ETF |
S&P 500® High Momentum Value Index | |||
S&P MidCap Momentum ETF |
S&P MidCap 400® Momentum Index | |||
S&P MidCap Quality ETF |
S&P MidCap 400® Quality Index | |||
S&P MidCap Value with Momentum ETF |
S&P MidCap 400® High Momentum Value Index | |||
S&P SmallCap Momentum ETF |
S&P SmallCap 600 Momentum Index | |||
S&P SmallCap Value with Momentum ETF |
S&P SmallCap 600 High Momentum Value Index | |||
Zacks Mid-Cap ETF |
Zacks Mid-Cap Core Index | |||
Zacks Multi-Asset Income ETF |
Zacks Multi-Asset Income Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
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A. |
Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent
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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. |
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. |
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. |
Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for Zacks Mid-Cap ETF, which declares and pays dividends from net investment income, if any, to shareholders annually) and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
E. |
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. |
Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the |
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Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. |
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. |
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. |
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, Zacks Multi-Asset Income ETF had affiliated securities lending transactions with Invesco and the fees paid to Invesco by the Fund were less than $100.
J. |
Other Risks |
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain
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||||
an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index will be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. As a result, 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 faces 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.
Investment Companies Risk. Investing in other investment companies subjects a Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, a Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests. Investments in exchange-traded funds are subject to, among other risks, the risk that the fund’s shares may trade at a discount or premium relative to the NAV of its shares and the listing exchange may halt trading of the fund’s shares.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary
63 |
||||
due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, and as a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Value Risk. For certain Funds, “value” securities are subject to the risk that the valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
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 and supply chains, layoffs, lower consumer demand, and defaults, 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.
The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses
64 |
||||
(except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2023. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2023. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2023 and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the six months ended October 31, 2021 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF, S&P SmallCap Value with Momentum ETF, Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF.
Further, through at least August 31, 2023, 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, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Large Cap Growth ETF |
$ | 3 | ||
Dynamic Large Cap Value ETF |
2 | |||
S&P 100 Equal Weight ETF |
48,488 | |||
S&P 500 GARP ETF |
3 | |||
S&P 500 Value with Momentum ETF |
21,192 | |||
S&P MidCap Momentum ETF |
1 | |||
S&P MidCap Quality ETF |
81,812 | |||
S&P MidCap Value with Momentum ETF |
1 | |||
S&P SmallCap Momentum ETF |
2 | |||
S&P SmallCap Value with Momentum ETF |
1 | |||
Zacks Mid-Cap ETF |
2 | |||
Zacks Multi-Asset Income ETF |
4 |
The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2021 are as follows:
Total Potential Recapture |
Potential Recapture Amounts Expiring | |||||||||||||||||||
Amounts |
4/30/22 |
4/30/23 |
4/30/24 |
10/31/24 | ||||||||||||||||
S&P 100 Equal Weight ETF |
$279,075 | $ 44,981 | $83,270 | $102,337 | $48,487 | |||||||||||||||
S&P 500 Value with Momentum ETF |
114,661 | 10,369 | 25,059 | 58,042 | 21,191 | |||||||||||||||
S&P MidCap Quality ETF |
311,706 | 36,204 | 73,104 | 120,587 | 81,811 | |||||||||||||||
S&P MidCap Value with Momentum ETF |
81,822 | 15,217 | 20,444 | 46,161 | - | |||||||||||||||
S&P SmallCap Momentum ETF |
33,094 | 16,040 | 4,985 | 12,069 | - | |||||||||||||||
Zacks Mid-Cap ETF |
115,950 | 46,570 | 69,380 | - | - | |||||||||||||||
Zacks Multi-Asset Income ETF |
191,490 | 121,924 | 69,566 | - | - |
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.
65 |
||||
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund |
Licensor | |||
Dynamic Large Cap Growth ETF |
ICE Data Indices, LLC | |||
Dynamic Large Cap Value ETF |
ICE Data Indices, LLC | |||
S&P 100 Equal Weight ETF |
S&P Dow Jones Indices LLC | |||
S&P 500 GARP ETF |
S&P Dow Jones Indices LLC | |||
S&P 500 Value with Momentum ETF |
S&P Dow Jones Indices LLC | |||
S&P MidCap Momentum ETF |
S&P Dow Jones Indices LLC | |||
S&P MidCap Quality ETF |
S&P Dow Jones Indices LLC | |||
S&P MidCap Value with Momentum ETF |
S&P Dow Jones Indices LLC | |||
S&P SmallCap Momentum ETF |
S&P Dow Jones Indices LLC | |||
S&P SmallCap Value with Momentum ETF |
S&P Dow Jones Indices LLC | |||
Zacks Mid-Cap ETF |
Zacks Investment Research, Inc. | |||
Zacks Multi-Asset Income ETF |
Zacks Investment Research, Inc. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, 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, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Dynamic Large Cap Growth ETF |
$ | 25,378 | ||
Dynamic Large Cap Value ETF |
43,299 | |||
S&P 100 Equal Weight ETF |
403 | |||
S&P 500 GARP ETF |
7 | |||
S&P 500 Value with Momentum ETF |
12 | |||
S&P MidCap Momentum ETF |
1,868 | |||
S&P MidCap Quality ETF |
868 | |||
S&P MidCap Value with Momentum ETF |
2,332 | |||
S&P SmallCap Momentum ETF |
2,949 | |||
S&P SmallCap Value with Momentum ETF |
4,371 | |||
Zacks Mid-Cap ETF |
2,558 | |||
Zacks Multi-Asset Income ETF |
23,973 |
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six months ended October 31, 2021, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases |
Securities Sales |
Net Realized Gains (Losses)* | |||||||||||||
S&P 100 Equal Weight ETF |
$ | - | $ | 43,623 | $ | 3,767 | |||||||||
S&P 500 Value with Momentum ETF |
- | 3,832 | 420 | ||||||||||||
S&P MidCap Momentum ETF |
- | 6,324,626 | 238,744 | ||||||||||||
S&P MidCap Quality ETF |
- | 884,222 | 49,996 | ||||||||||||
S&P SmallCap Momentum ETF |
- | 329,024 | (163,179 | ) |
* |
Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
66 |
||||
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2021, for each Fund (except for S&P 100 Equal Weight ETF and S&P 500 Value with Momentum ETF). As of October 31, 2021, all of the securities in S&P 100 Equal Weight ETF and S&P 500 Value with Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 |
Level 3 |
Total | ||||||||||||||||||||||
Dynamic Large Cap Growth ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 836,561,463 | $ | - | $ | - | $ | 836,561,463 | |||||||||||||||||
Money Market Funds |
295,890 | 5,954,710 | - | 6,250,600 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 836,857,353 | $ | 5,954,710 | $ | - | $ | 842,812,063 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Dynamic Large Cap Value ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 777,652,198 | $ | - | $ | - | $ | 777,652,198 | |||||||||||||||||
Money Market Funds |
15,774 | 9,572,090 | - | 9,587,864 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 777,667,972 | $ | 9,572,090 | $ | - | $ | 787,240,062 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
S&P 500 GARP ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 653,561,208 | $ | - | $ | - | $ | 653,561,208 | |||||||||||||||||
Money Market Funds |
- | 3,523,954 | - | 3,523,954 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 653,561,208 | $ | 3,523,954 | $ | - | $ | 657,085,162 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
S&P MidCap Momentum ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 1,015,144,352 | $ | - | $ | - | $ | 1,015,144,352 | |||||||||||||||||
Money Market Funds |
675,499 | 111,838,452 | - | 112,513,951 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 1,015,819,851 | $ | 111,838,452 | $ | - | $ | 1,127,658,303 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
S&P MidCap Quality ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 289,979,814 | $ | - | $ | - | $ | 289,979,814 | |||||||||||||||||
Money Market Funds |
274,538 | 9,847,410 | - | 10,121,948 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 290,254,352 | $ | 9,847,410 | $ | - | $ | 300,101,762 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
S&P MidCap Value with Momentum ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 182,784,932 | $ | - | $ | - | $ | 182,784,932 | |||||||||||||||||
Money Market Funds |
256,149 | 12,597,067 | - | 12,853,216 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 183,041,081 | $ | 12,597,067 | $ | - | $ | 195,638,148 | |||||||||||||||||
|
|
|
|
|
|
|
|
67 |
||||
Level 1 | Level 2 |
Level 3 |
Total | ||||||||||||||||||||||
S&P SmallCap Momentum ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 183,460,374 | $ | - | $ | - | $ | 183,460,374 | |||||||||||||||||
Money Market Funds |
218,475 | 31,509,487 | - | 31,727,962 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 183,678,849 | $ | 31,509,487 | $ | - | $ | 215,188,336 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
S&P SmallCap Value with Momentum ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 453,736,947 | $ | - | $ | - | $ | 453,736,947 | |||||||||||||||||
Money Market Funds |
443,952 | 50,488,270 | - | 50,932,222 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 454,180,899 | $ | 50,488,270 | $ | - | $ | 504,669,169 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Zacks Mid-Cap ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 226,909,204 | $ | - | $ | - | $ | 226,909,204 | |||||||||||||||||
Money Market Funds |
273,428 | 13,921,917 | - | 14,195,345 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Investments |
$ | 227,182,632 | $ | 13,921,917 | $ | - | $ | 241,104,549 | |||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
Zacks Multi-Asset Income ETF |
|||||||||||||||||||||||||
Investments in Securities |
|||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 103,209,390 | $ | - | $ | - | $ | 103,209,390 | |||||||||||||||||
Closed-End Funds |
12,706,752 | - | - | 12,706,752 | |||||||||||||||||||||
Preferred Stocks |
12,684,688 | - | - | 12,684,688 | |||||||||||||||||||||
Money Market Funds |
285,369 | 7,129,183 | - | 7,414,552 | |||||||||||||||||||||
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Total Investments |
$ | 128,886,199 | $ | 7,129,183 | $ | - | $ | 136,015,382 | |||||||||||||||||
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NOTE 6—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, 2021, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Dynamic Large Cap Growth ETF |
$ | 129,608,164 | $ | 1,013,013 | $ | 130,621,177 | ||||||
Dynamic Large Cap Value ETF |
364,590,552 | 67,270,883 | 431,861,435 | |||||||||
S&P 100 Equal Weight ETF |
1,481,669 | 3,374,740 | 4,856,409 | |||||||||
S&P 500 GARP ETF |
20,449,803 | 10,909,395 | 31,359,198 | |||||||||
S&P 500 Value with Momentum ETF |
9,177,595 | 5,276,520 | 14,454,115 | |||||||||
S&P MidCap Momentum ETF |
81,729,184 | 12,193,287 | 93,922,471 | |||||||||
S&P MidCap Quality ETF |
1,304,482 | 3,310,664 | 4,615,146 | |||||||||
S&P MidCap Value with Momentum ETF |
16,791,423 | 6,085,180 | 22,876,603 | |||||||||
S&P SmallCap Momentum ETF |
27,497,117 | 7,920,603 | 35,417,720 | |||||||||
S&P SmallCap Value with Momentum ETF |
22,734,679 | 15,712,963 | 38,447,642 | |||||||||
Zacks Mid-Cap ETF |
109,603,049 | 10,696,819 | 120,299,868 | |||||||||
Zacks Multi-Asset Income ETF |
365,443,488 | 78,421,750 | 443,865,238 |
* |
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. |
68 |
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NOTE 7—Investment Transactions
For the six months ended October 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Large Cap Growth ETF |
$ | 500,845,237 | $ | 503,058,968 | ||||
Dynamic Large Cap Value ETF |
431,186,096 | 431,131,932 | ||||||
S&P 100 Equal Weight ETF |
5,065,508 | 4,825,794 | ||||||
S&P 500 GARP ETF |
213,373,681 | 212,265,878 | ||||||
S&P 500 Value with Momentum ETF |
17,731,952 | 17,821,896 | ||||||
S&P MidCap Momentum ETF |
753,603,819 | 750,369,009 | ||||||
S&P MidCap Quality ETF |
163,742,423 | 162,629,249 | ||||||
S&P MidCap Value with Momentum ETF |
90,321,243 | 89,131,441 | ||||||
S&P SmallCap Momentum ETF |
144,902,859 | 144,821,026 | ||||||
S&P SmallCap Value with Momentum ETF |
153,015,694 | 148,375,181 | ||||||
Zacks Mid-Cap ETF |
142,168,498 | 142,320,113 | ||||||
Zacks Multi-Asset Income ETF |
118,521,811 | 118,328,974 |
For the six months ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:
In-kind Purchases |
In-kind Sales |
|||||||
Dynamic Large Cap Growth ETF |
$ | 427,535,164 | $ | 424,313,206 | ||||
Dynamic Large Cap Value ETF |
350,532,327 | 357,958,473 | ||||||
S&P 100 Equal Weight ETF |
25,958,034 | 12,239,485 | ||||||
S&P 500 GARP ETF |
508,429,563 | 309,317,986 | ||||||
S&P 500 Value with Momentum ETF |
18,557,242 | 18,063,244 | ||||||
S&P MidCap Momentum ETF |
433,126,916 | 421,664,999 | ||||||
S&P MidCap Quality ETF |
146,842,267 | 105,205,068 | ||||||
S&P MidCap Value with Momentum ETF |
186,852,843 | 131,534,082 | ||||||
S&P SmallCap Momentum ETF |
71,045,427 | 74,829,615 | ||||||
S&P SmallCap Value with Momentum ETF |
393,083,381 | 211,627,642 | ||||||
Zacks Mid-Cap ETF |
135,666,941 | 147,435,427 | ||||||
Zacks Multi-Asset Income ETF |
51,972,108 | 58,188,859 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2021, 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 |
Cost | |||||||||||||
Dynamic Large Cap Growth ETF |
$ | 173,551,540 | $ | (16,603,715 | ) | $ | 156,947,825 | $ | 685,864,238 | |||||||
Dynamic Large Cap Value ETF |
93,024,884 | (10,329,900 | ) | 82,694,984 | 704,545,078 | |||||||||||
S&P 100 Equal Weight ETF |
23,761,719 | (1,922,810 | ) | 21,838,909 | 89,126,405 | |||||||||||
S&P 500 GARP ETF |
77,397,586 | (14,381,705 | ) | 63,015,881 | 594,069,281 | |||||||||||
S&P 500 Value with Momentum ETF |
5,343,559 | (395,194 | ) | 4,948,365 | 32,075,950 | |||||||||||
S&P MidCap Momentum ETF |
97,806,009 | (21,348,529 | ) | 76,457,480 | 1,051,200,823 | |||||||||||
S&P MidCap Quality ETF |
34,492,135 | (9,399,265 | ) | 25,092,870 | 275,008,892 | |||||||||||
S&P MidCap Value with Momentum ETF |
13,778,008 | (7,036,745 | ) | 6,741,263 | 188,896,885 | |||||||||||
S&P SmallCap Momentum ETF |
22,181,331 | (6,234,049 | ) | 15,947,282 | 199,241,054 | |||||||||||
S&P SmallCap Value with Momentum ETF |
36,710,505 | (14,622,610 | ) | 22,087,895 | 482,581,274 | |||||||||||
Zacks Mid-Cap ETF |
25,109,564 | (4,645,568 | ) | 20,463,996 | 220,640,553 | |||||||||||
Zacks Multi-Asset Income ETF |
11,745,596 | (10,826,174 | ) | 919,422 | 135,095,960 |
69 |
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NOTE 8—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 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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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, 2021 through October 31, 2021.
In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income ETF bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2021 |
Ending Account Value October 31, 2021 |
Annualized Expense Ratio Based on the |
Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Dynamic Large Cap Growth ETF (PWB) |
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Actual |
$ | 1,000.00 | $ | 1,111.60 | 0.55 | % | $ | 2.93 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.43 | 0.55 | 2.80 | ||||||||||||||||
Invesco Dynamic Large Cap Value ETF (PWV) |
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Actual |
1,000.00 | 1,078.00 | 0.56 | 2.93 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||||||
Invesco S&P 100 Equal Weight ETF (EQWL) |
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Actual |
1,000.00 | 1,088.10 | 0.25 | 1.32 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||||||
Invesco S&P 500 GARP ETF (SPGP) |
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Actual |
1,000.00 | 1,092.10 | 0.33 | 1.74 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.54 | 0.33 | 1.68 |
71 |
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Calculating your ongoing Fund expenses—(continued)
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid Six-Month Period(1) | |||||||||||||||||
Invesco S&P 500 Value with Momentum ETF (SPVM) |
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Actual |
$ | 1,000.00 | $ | 1,052.80 | 0.39 | % | $ | 2.02 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco S&P MidCap Momentum ETF (XMMO) |
||||||||||||||||||||
Actual |
1,000.00 | 1,064.40 | 0.33 | 1.72 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.54 | 0.33 | 1.68 | ||||||||||||||||
Invesco S&P MidCap Quality ETF (XMHQ) |
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Actual |
1,000.00 | 1,025.00 | 0.25 | 1.28 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||||||
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
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Actual |
1,000.00 | 1,013.50 | 0.39 | 1.98 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco S&P SmallCap Momentum ETF (XSMO) |
||||||||||||||||||||
Actual |
1,000.00 | 1,097.40 | 0.37 | 1.96 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.34 | 0.37 | 1.89 | ||||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
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Actual |
1,000.00 | 1,073.40 | 0.38 | 1.99 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.29 | 0.38 | 1.94 | ||||||||||||||||
Invesco Zacks Mid-Cap ETF (CZA) |
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Actual |
1,000.00 | 1,054.50 | 0.74 | 3.83 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.48 | 0.74 | 3.77 | ||||||||||||||||
Invesco Zacks Multi-Asset Income ETF (CVY) |
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Actual |
1,000.00 | 1,033.50 | 0.73 | 3.74 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.53 | 0.73 | 3.72 |
(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, 2021. 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.
©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 |
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Downers Grove, IL 60515 | P-PS-SAR-5 invesco.com/ETFs |