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Invesco Annual Report to Shareholders

 

April 30, 2022

 

   PPA  

Invesco Aerospace & Defense ETF

 

   PDP  

Invesco DWA Momentum ETF

 

   PSP  

Invesco Global Listed Private Equity ETF

 

   PGJ  

Invesco Golden Dragon China ETF

 

   ERTH  

Invesco MSCI Sustainable Future ETF

 

   RYJ  

Invesco Raymond James SB-1 Equity ETF

 

   PBP  

Invesco S&P 500 BuyWrite ETF

 

   SPHQ  

Invesco S&P 500® Quality ETF

 

   CSD  

Invesco S&P Spin-Off ETF

 

   PHO  

Invesco Water Resources ETF

 

   PBW   Invesco WilderHill Clean Energy ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      27  
Schedules of Investments   

Invesco Aerospace & Defense ETF (PPA)

     28  

Invesco DWA Momentum ETF (PDP)

     30  

Invesco Global Listed Private Equity ETF (PSP)

     32  

Invesco Golden Dragon China ETF (PGJ)

     35  

Invesco MSCI Sustainable Future ETF (ERTH)

     37  

Invesco Raymond James SB-1 Equity ETF (RYJ)

     41  

Invesco S&P 500 BuyWrite ETF (PBP)

     44  

Invesco S&P 500® Quality ETF (SPHQ)

     49  

Invesco S&P Spin-Off ETF (CSD)

     51  

Invesco Water Resources ETF (PHO)

     53  

Invesco WilderHill Clean Energy ETF (PBW)

     55  
Statements of Assets and Liabilities      58  
Statements of Operations      60  
Statements of Changes in Net Assets      62  
Financial Highlights      66  
Notes to Financial Statements      74  
Report of Independent Registered Public Accounting Firm      92  
Fund Expenses      94  
Tax Information      96  
Trustees and Officers      97  
Approval of Investment Advisory Contracts      107  

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.1 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,2 the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,3 causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.2 To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.3 The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.2 To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat

returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.4

 

1 

Source: US Bureau of Economic Analysis

2 

Source: US Bureau of Labor Statistics

3 

Source: Bloomberg L.P.

4 

Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

 

 

  3  

 


 

 

PPA    Management’s Discussion of Fund Performance
   Invesco Aerospace & Defense ETF (PPA)

 

As an index fund, the Invesco Aerospace & Defense ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the SPADE® Defense Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, SPADE Indexes LLC (the “Index Provider”) compiles, maintains, and calculates the Index, which is composed of common stocks of companies that are systematically important to the defense sector and are involved with the development, manufacture, operation and support of U.S. defense, military, national/homeland security, and government space operations. These may include, for example, companies that provide the following products or services: military aircraft, naval vessels, armored vehicles, helicopters, drones and remotely piloted vehicles, missiles and missile defense, command and control, secure communications, battlespace awareness, intelligence and reconnaissance, and space systems, as well as national/homeland security activities including border security, biometric screening systems, and military cybersecurity efforts. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.58)%. On a net asset value (“NAV”) basis, the Fund returned (2.59)%. During the same time period, the Index returned (2.10)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500® Aerospace & Defense Index (the “Benchmark Index”) returned 2.92%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 56 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors due primarily to its exposure to the aerospace and defense industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that limits its constituents to companies that are involved in U.S. defense, military, homeland security and space operations, whereas the Benchmark Index includes companies that are involved in the commercial aerospace industry as well.

Relative to the Benchmark Index, the Fund was most overweight in the research & consulting services sub-industry and most underweight in the aerospace & defense sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to security selection in the aerospace & defense sub-industry.

For the fiscal year ended April 30, 2022, the aerospace & defense sub-industry contributed most significantly to the Fund’s return, followed by the research and consulting services sub-industry. The industrial conglomerates sub-industry was the greatest detractor during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Northrop Grumman Corp., an aerospace and defense company (portfolio average weight of 6.07%) and General Dynamics Corp., an aerospace & defense company (portfolio average weight of 5.41%). Positions that detracted most significantly from the Fund’s return during this period included Boeing Co., an aerospace & defense company (portfolio average weight of 6.43%) and Axon Enterprise, Inc., an aerospace & defense company (portfolio average weight of 3.22%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Aerospace & Defense      73.50  
Professional Services      12.04  
Industrial Conglomerates      5.58  
Electronic Equipment, Instruments & Components      3.45  
Industry Types Each Less Than 3%      5.39  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
General Dynamics Corp.      7.26  
Northrop Grumman Corp.      7.24  
Lockheed Martin Corp.      7.14  
Raytheon Technologies Corp.      6.90  
Boeing Co. (The)      5.89  
Honeywell International, Inc.      5.58  
L3Harris Technologies, Inc.      5.45  
Textron, Inc.      3.29  
TransDigm Group, Inc.      3.18  
Leidos Holdings, Inc.      2.91  
Total      54.84  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco Aerospace & Defense ETF (PPA) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
SPADE® Defense Index     (2.10 )%      7.03     22.60     11.76     74.35     15.84     334.92       11.88     538.83
S&P Composite 1500® Aerospace & Defense Index     2.92       1.93       5.91       8.67       51.56       14.30       280.65         11.96       545.63  
Fund                    
NAV Return     (2.59     6.47       20.68       11.15       69.64       15.15       309.78         11.20       477.04  
Market Price Return     (2.58     6.45       20.61       11.12       69.46       15.15       309.83         11.20       477.20  

 

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  5  

 


 

 

PDP    Management’s Discussion of Fund Performance
   Invesco DWA Momentum ETF (PDP)

 

As an index fund, the Invesco DWA Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of approximately 100 securities from an eligible universe of approximately 1,000 securities of the largest constituents by float-adjusted market capitalization within the NASDAQ US Benchmark IndexTM, a market capitalization-weighted index designed to track the performance of the U.S. equity market.

The Index Provider selects securities for the Index pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength or “momentum” characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period, or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long term upward price movements of the security as compared to a representative benchmark index.

After giving each eligible security a momentum score, the Index Provider selects approximately 100 securities with the highest momentum scores from the universe of eligible securities for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (14.77)%. On a net asset value (“NAV”) basis, the Fund returned (14.77)%. During the same time period, the Index returned (14.22)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 3000® Growth Index returned (6.83)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Enphase Energy, an information technology company (no longer held at fiscal year-end) and NVIDIA Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included STAAR Surgical Co., a health care company (no longer held at fiscal year-end) and Sherwin-Williams Co., a materials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Energy      18.70  
Information Technology      18.63  
Health Care      15.28  
Industrials      13.14  
Financials      9.74  
Consumer Discretionary      8.35  
Materials      6.11  
Real Estate      5.40  
Sector Types Each Less Than 3%      4.63  
Money Market Funds Plus Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Mastercard, Inc., Class A      3.14  
Apple, Inc.      3.07  
W.R. Berkley Corp.      2.93  
O’Reilly Automotive, Inc.      2.78  
Antero Resources Corp.      2.29  
Danaher Corp.      2.15  
Monolithic Power Systems, Inc.      2.05  
Amphenol Corp., Class A      2.01  
Mettler-Toledo International, Inc.      1.98  
Old Dominion Freight Line, Inc.      1.94  
Total      24.34  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco DWA Momentum ETF (PDP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—Dorsey Wright Technical Leaders Index     (14.22 )%      9.10     29.85     11.10     69.26     11.23     189.81       8.43     241.00
Russell 3000® Growth Index     (6.83     15.84       55.46       16.58       115.33       15.18       310.78         11.60       428.17  
Fund                    
NAV Return     (14.77     8.41       27.42       10.41       64.08       10.72       176.96         8.12       226.83  
Market Price Return     (14.77     8.39       27.35       10.40       63.98       10.72       176.85         8.11       226.02  

 

Fund Inception: March 1, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—Dorsey Wright® Technical Leaders Index is comprised of price only returns from Fund inception through the conversion date, December 31, 2013, and total returns starting at the conversion date through April 30, 2022.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  7  

 


 

 

PSP    Management’s Discussion of Fund Performance
   Invesco Global Listed Private Equity ETF (PSP)

 

As an index fund, the Invesco Global Listed Private Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Red Rocks Global Listed Private Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Red Rocks Capital LLC (the “Index Provider”) compiles and maintains the Index, which is composed of securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies, master limited partnerships and other vehicles that are listed on a nationally recognized exchange, all of whose principal businesses are to invest in, lend capital to, or provide services to privately held companies.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (19.61)%. On a net asset value (“NAV”) basis, the Fund returned (19.85)%. During the same time period, the Index returned (18.70)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During the same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned (5.44)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,937 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the global equity markets.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

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

For the fiscal year ended April 30, 2022, the aerospace & defense industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels industry.

The capital markets industry detracted most significantly from the Fund’s return, followed by the diversified financial services and internet & direct marketing retail industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Blackstone Inc., a capital markets company (portfolio average weight of 3.33%) and Ares Capital Corp., a capital markets company (portfolio average weight of 2.72%). Positions that detracted most significantly from the Fund’s return during this period included Prosus N.V., an internet & direct marketing retail company (portfolio average weight of 4.68%) and IAC/InterActiveCorp., an interactive media & services company (portfolio average weight of 3.48%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Capital Markets      51.96  
Closed-End Funds      14.50  
Diversified Financial Services      12.87  
Industrial Conglomerates      6.19  
Industry Types Each Less Than 3%      12.46  
Money Market Funds Plus Other Assets Less Liabilities      2.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Blue Owl Capital, Inc.      5.22  
EQT AB      5.13  
3i Group PLC      4.81  
KKR & Co., Inc., Class A      4.63  
Partners Group Holding AG      4.54  
Blackstone, Inc., Class A      4.26  
Carlyle Group, Inc. (The)      4.22  
Melrose Industries PLC      4.04  
Sofina S.A.      3.83  
Eurazeo SE      2.95  
Total      43.63  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco Global Listed Private Equity ETF (PSP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  
Blended—Red Rocks Global Listed Private Equity Index     (18.70 )%      6.77     21.73     7.20     41.59     10.54     172.37       3.11     60.86
MSCI All Country World Index (Net)     (5.44     9.41       30.98       9.46       57.10       9.21       141.27         6.24       155.98  
Fund                    
NAV Return     (19.85     5.73       18.19       6.20       35.09       9.52       148.33         1.24       21.05  
Market Price Return     (19.61     5.71       18.12       6.17       34.91       9.51       148.02         1.24       21.15  

 

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.45%, including acquired fund fees and expenses of 0.76%, and the net annual operating expense ratio was indicated as 1.44%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—Red Rocks Global Listed Private Equity Index is comprised of the Red Rocks Capital Listed Private Equity Index from Fund inception until September 30, 2009, followed by the performance of the Red Rocks Global Listed Private Equity Index from September 30, 2009 through April 30, 2022.

 

-

Net returns reflect invested dividends net of withholding taxes.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  9  

 


 

 

PGJ    Management’s Discussion of Fund Performance
   Invesco Golden Dragon China ETF (PGJ)

 

As an index fund, the Invesco Golden Dragon China ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Golden Dragon China IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of U.S. exchange-listed companies that are headquartered or incorporated in the People’s Republic of China (excluding Hong Kong).

The Index is designed to provide access to the unique economic opportunities taking place in China while still providing investors with the transparency offered with U.S. exchange listed securities. Securities in the Index may include common stocks, ordinary shares, American depositary receipts (“ADRs”), shares of beneficial interest or limited partnership interests.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (56.60)%. On a net asset value (“NAV”) basis, the Fund returned (56.62)%. During the same time period, the Index returned (56.60)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates, the effect of which was compounded during a time period of high returns.

During this same time period, the FTSE China 50 Index (the “Benchmark Index”) returned (29.30)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equity exposure to Chinese companies.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that has substantially different individual company components and sector weightings. Additionally, the Fund invests in Chinese companies, as defined by the Index methodology, listed on U.S. exchanges, whereas the Benchmark Index is composed of Chinese stocks listed on the Hong Kong stock exchange. A comparison to the Benchmark Index is still relevant as the Fund and Benchmark Index both represent exposure to Chinese companies.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended April 30, 2022. The

majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the consumer discretionary sector, as well as the underweight allocation in the financials sector.

For the fiscal year ended April 30, 2022, the consumer discretionary sector detracted most significantly from the Fund’s return, followed by the communication services and information technology sectors, respectively. No sectors contributed to the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Hollysys Automation Technologies Ltd., an information technology company (portfolio average weight of 0.36%) and 51job, Inc., ADR, an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included NIO, Inc., ADR, a consumer discretionary company (portfolio average weight of 7.57%) and Alibaba Group Holding Ltd., ADR, a consumer discretionary company (portfolio average weight of 8.40%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Consumer Discretionary      53.15  
Communication Services      22.67  
Information Technology      7.86  
Industrials      4.93  
Financials      4.66  
Real Estate      3.67  
Sector Types Each Less Than 3%      3.01  
Money Market Funds Plus Other Assets Less Liabilities      0.05  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Alibaba Group Holding Ltd., ADR      8.96  
JD.com, Inc., ADR      8.35  
Pinduoduo, Inc., ADR      8.06  
Baidu, Inc., ADR      7.90  
NIO, Inc., ADR      7.10  
NetEase, Inc., ADR      4.85  
ZTO Express Cayman, Inc., ADR      4.53  
Trip.com Group Ltd., ADR      4.44  
Li Auto, Inc., ADR      3.57  
KE Holdings, Inc., ADR      3.54  
Total      61.30  

 

*

Excluding money market fund holdings.

 

 

  10  

 


 

Invesco Golden Dragon China ETF (PGJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  
NASDAQ Golden Dragon China IndexSM     (56.60 )%      (12.69 )%      (33.45 )%      (4.12 )%      (18.97 )%      3.75     44.49       5.22     142.35
FTSE China 50 Index     (29.30     (7.53     (20.93     (0.34     (1.69     1.86       20.21         6.39       193.84  
Fund                    
NAV Return     (56.62     (13.00     (34.14     (4.48     (20.49     3.46       40.46         4.78       125.12  
Market Price Return     (56.60     (12.99     (34.12     (4.46     (20.41     3.51       41.14         4.77       124.76  

 

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.69%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  11  

 


 

 

ERTH    Management’s Discussion of Fund Performance
   Invesco MSCI Sustainable Future ETF (ERTH)

 

As an index fund, the Invesco MSCI Sustainable Future ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Environment Select Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is a custom index comprised of companies that the index methodology has determined focus on offering products or services that contribute to a more environmentally sustainable economy by making a more efficient use of limited global natural resources. The Underlying Index is designed to maximize exposure to the following six themes that impact the environment (“Environmental Impact Themes”): alternative energy, energy efficiency, green building, sustainable water, pollution prevention and control, and sustainable agriculture. The Underlying Index is composed of securities that are also components of the MSCI ACWI Investable Market Index (the “Parent Index”), an equity index composed of more than 9,200 securities of large-, mid- and small-capitalization companies located in both developed and emerging market countries around the world. Securities eligible for inclusion in the Underlying Index include American depositary receipts (“ADRs”), global depositary receipts (“GDRs”), and real estate investment trusts (“REITs”). Companies that derive 75% or more of their revenue cumulatively from the six Environmental Impact Themes are eligible for inclusion in the Underlying Index. Such companies are evaluated for their level of involvement in, and strategic commitment to, the six Environmental Impact Themes, based on the Index Provider’s internal environmental, social and governance (“ESG”) rating and score data. Once included in the Underlying Index, securities will remain constituents as long as the revenue they derive cumulatively from the six Environmental Impact Themes does not fall below 60%. The Underlying Index weights its constituents by their free-float adjusted market capitalization. The Index Provider constrains the weight of any single security in the Underlying Index to 5%.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (15.57)%. On a net asset value “NAV”) basis, the Fund returned (15.38)%. During the same time period, the Index returned (13.58)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, as well as the Fund’s holding of an ETF to replicate Indian securities in the Index.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 504 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors of a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology and focuses on providing exposure to Environmental Impact Themes, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the equity real estate investment trusts (REIT) industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its stock selection in and overweight allocation to the electrical equipment industry.

For the fiscal year ended April 30, 2022, the food products industry contributed most significantly to the Fund’s return, followed by the semiconductors & semiconductor equipment industry. The electrical equipment industry was the largest detracting industry, followed by the automobiles and machinery industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Tesla, Inc., an automobiles company (portfolio average weight of 5.41%), and Plug Power, Inc., an electrical components and equipment company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included NIO, Inc., ADR, an automobiles company (portfolio average weight of 4.73%) and Vestas Wind Systems A/S, a heavy electrical equipment company (portfolio average weight of 4.84).

 

 

  12  

 


 

Invesco MSCI Sustainable Future ETF (ERTH) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Equity REITs      18.43  
Automobiles      13.90  
Electrical Equipment      12.50  
Semiconductors & Semiconductor Equipment      12.49  
Independent Power and Renewable Electricity Producers      8.97  
Road & Rail      6.37  
Building Products      4.62  
Food Products      4.13  
Paper & Forest Products      3.73  
Exchange-Traded Funds      3.15  
Industry Types Each Less Than 3%      11.68  
Money Market Funds Plus Other Assets Less Liabilities      0.03  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Digital Realty Trust, Inc.      5.93  
Vestas Wind Systems A/S      5.33  
Tesla, Inc.      5.15  
Enphase Energy, Inc.      4.36  
Central Japan Railway Co.      3.84  
NIO, Inc., ADR      3.56  
iShares MSCI India ETF      3.15  
Kingspan Group PLC      2.98  
SolarEdge Technologies, Inc.      2.77  
Li Auto, Inc., ADR      2.63  
Total      39.70  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  

Blended-MSCI Global Environment Select Index

    (13.58 )%      13.76     47.20     12.95     83.83     12.38     221.35       7.70     216.20
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         9.54       311.31  
Fund                    
NAV Return     (15.38     12.46       42.24       11.89       75.41       11.44       195.33         6.84       179.08  
Market Price Return     (15.57     12.16       41.09       11.72       74.07       11.43       195.15         6.81       177.93  

 

 

  13  

 


 

Invesco MSCI Sustainable Future ETF (ERTH) (continued)

 

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-MSCI Global Environment Select Index performance is comprised of the performance of The Cleantech IndexTM, the Fund’s previous underlying index, from Fund inception through March 24, 2021, followed by the performance of the Index for the period March 25, 2021 through April 30, 2022.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  14  

 


 

 

RYJ    Management’s Discussion of Fund Performance
   Invesco Raymond James SB-1 Equity ETF (RYJ)

 

As an index fund, the Invesco Raymond James SB-1 Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Raymond James SB-1 Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Raymond James Research Services, LLC (the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of U.S.-listed equity securities that are rated Strong Buy 1 (“SB-1”) by an affiliate of the Index Provider (together, the affiliate and the Index Provider are referred to as “Raymond James”). SB-1 is Raymond James’ highest rating for a security and generally indicates Raymond James’ expectation that the security will achieve certain total return targets in the short-term. The Index includes equity securities of all market capitalizations, including common stocks, sponsored American depositary receipts (“ADRs”), real estate investment trusts (“REITs”), master limited partnerships (“MLPs”) and business development companies (“BDCs”) that are rated SB-1 by Raymond James. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (6.90)%. On a net asset value (“NAV”) basis, the Fund returned (6.78)%. During the same time period, the Index returned (6.07)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400® Index (the “Benchmark Index”) returned (7.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. mid-cap equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the industrials sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection and overweight in the energy sector, along with security selection and underweight in the industrials sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the real estate sector. The health care sector was the largest detractor, followed by the information technology sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Marathon Oil Corp., an energy company (portfolio average weight of 0.95%) and Occidental Petroleum Corp., an energy company (portfolio average weight of 0.86%). Positions that detracted most significantly from the Fund’s return during this period included 89bio, Inc., a health care company (no longer held at fiscal year-end) and Ocular Therapeutix, Inc., a health care company (portfolio average weight of 0.34%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      20.72  
Information Technology      16.36  
Health Care      11.65  
Real Estate      11.29  
Industrials      10.92  
Energy      10.46  
Consumer Discretionary      9.78  
Communication Services      5.06  
Sector Types Each Less Than 3%      3.75  
Money Market Funds Plus Other Assets Less Liabilities      0.01  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Avnet, Inc.      0.59  
Mohawk Industries, Inc.      0.59  
Valero Energy Corp.      0.58  
Black Stone Minerals L.P.      0.57  
Olaplex Holdings, Inc.      0.57  
Sunnova Energy International, Inc.      0.57  
EngageSmart, Inc.      0.57  
I3 Verticals, Inc., Class A      0.57  
Redwood Trust, Inc.      0.56  
QUALCOMM, Inc.      0.56  
Total      5.73  

 

*

Excluding money market fund holdings.

 

 

  15  

 


 

Invesco Raymond James SB-1 Equity ETF (RYJ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  
Raymond James SB-1 Equity Index     (6.07 )%      8.79     28.76     8.64     51.35     10.58     173.43       N/A       N/A  
S&P MidCap 400® Index     (7.03     9.91       32.78       9.29       55.94       11.40       194.47         9.37       316.94  
Fund                    
NAV Return     (6.78     7.93       25.73       7.84       45.87       9.81       154.88         8.10       246.31  
Market Price Return     (6.90     7.89       25.58       7.83       45.79       9.79       154.57         7.85       233.99  

 

Guggenheim Raymond James SB-1 Equity ETF (the “Predecessor Fund”) Inception: May 19, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

 

  16  

 


 

 

PBP    Management’s Discussion of Fund Performance
   Invesco S&P 500 BuyWrite ETF (PBP)

 

As an index fund, the Invesco S&P 500 BuyWrite ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the CBOE S&P 500 BuyWrite IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and will write (sell) call options thereon. Strictly in accordance with its guidelines and mandated procedures, the Chicago Board Options Exchange, Incorporated (the “Index Provider”) compiles, calculates and maintains the Index, which is a total return benchmark index that is designed to track the performance of a hypothetical “buy-write” strategy on the S&P 500® Index.

The Index is based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500® Index “covered” call option, generally on the third Friday of each month. A “buy-write,” also called a covered call, generally is considered an investment strategy in which an investor buys a stock or basket of stocks, and sells call options that correspond to the stock or basket of stocks. In return for a premium, the Fund gives the right to the purchaser of the option written by the Fund to receive a cash payment equal to the difference between the value of the S&P 500® Index and the exercise price, if the value on the expiration date is above the exercise price. In addition, covered call options partially hedge against a decline in the price of the securities on which they are written to the extent of the premium the Fund receives. The Fund will write options that are traded on national securities exchanges. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 7.86%. On a net asset value (“NAV”) basis, the Fund returned 8.06%. During the same time period, the Index returned 8.57%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, as well as slippage around the reinvestment of dividends received from the underlying portfolio holdings and trading costs incurred around portfolio rebalances. During this same time period, the S&P 500® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the Fund’s covered call options contributed most significantly to the Fund’s return, followed by the energy and health care sectors, respectively. The communication services and consumer discretionary sectors detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included the SPX 4/14/2022 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and the SPX 05/20/2022 covered call contract, a short S&P 500 Index call contract. Positions that detracted most significantly from the

Fund’s return during this period included the SPX 11/19/2021 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and the SPX 07/16/2021 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      27.44  
Health Care      14.23  
Consumer Discretionary      11.49  
Financials      10.98  
Communication Services      8.66  
Industrials      7.84  
Consumer Staples      6.84  
Energy      4.18  
Sector Types Each Less Than 3%      8.58  
Other Assets Less Liabilities      (0.24)  
Top Ten Fund Holdings
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Apple, Inc.      7.01  
Microsoft Corp.      5.97  
Amazon.com, Inc.      3.12  
Tesla, Inc.      2.09  
Alphabet, Inc., Class A      1.97  
Alphabet, Inc., Class C      1.83  
Berkshire Hathaway, Inc., Class B      1.70  
UnitedHealth Group, Inc.      1.37  
Johnson & Johnson      1.36  
NVIDIA Corp.      1.33  
Total      27.75  

 

 

  17  

 


 

Invesco S&P 500 BuyWrite ETF (PBP) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
    10 Years
Average
Annualized
    10 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
CBOE S&P 500 BuyWrite IndexSM     8.57     6.28     20.06     5.95     33.48     6.53     88.29       4.97     100.59
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         9.73       279.40  
Fund                    
NAV Return     8.06       5.67       17.99       5.34       29.73       5.82       76.01         4.20       80.64  
Market Price Return     7.86       5.56       17.64       5.26       29.21       5.75       74.97         4.18       80.05  

 

Fund Inception: December 20, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  18  

 


 

 

SPHQ    Management’s Discussion of Fund Performance
   Invesco S&P 500® Quality ETF (SPHQ)

 

As an index fund, the Invesco S&P 500® Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500® Index that have high “quality,” as determined by the Index Provider based on the following three fundamental measures: return on equity, accruals ratio and financial leverage ratio. Return-on-equity is calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share. Accruals ratio is computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years. Financial leverage is calculated as the company’s latest total debt divided by the company’s book value.

In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the S&P 500® Index and then selects the 100 stocks with the highest quality score for inclusion in the Index. The Index Provider weights each component stock of the Index by the total of its quality score multiplied by its market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 2.70%. On a net asset value (“NAV”) basis, the Fund returned 2.76%. During the same time period, the Index returned 2.92%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer staples and energy sectors, respectively. The financials sector detracted most significantly from the Fund’s return during this period, followed by the industrials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included NVIDIA Corp., an information technology company (no longer held at fiscal year-end) and Apple, Inc., an information technology company (portfolio average weight of 5.29%). Positions that detracted most significantly from the Fund’s return during this period included Moderna, Inc., a health care company (portfolio average weight of 0.68%) and JPMorgan Chase & Co., a financials company (portfolio average weight of 4.08%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      34.42  
Financials      23.79  
Health Care      12.93  
Industrials      9.63  
Consumer Discretionary      6.77  
Energy      4.06  
Materials      3.93  
Consumer Staples      3.46  
Sector Types Each Less Than 3%      0.95  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Apple, Inc.      5.11  
Visa, Inc., Class A      5.11  
Mastercard, Inc., Class A      4.94  
Microsoft Corp.      4.71  
Pfizer, Inc.      4.55  
JPMorgan Chase & Co.      4.22  
Bank of America Corp.      4.01  
Wells Fargo & Co.      3.22  
Walmart, Inc.      3.02  
Adobe, Inc.      2.69  
Total      41.58  

 

*

Excluding money market fund holdings.

 

 

  19  

 


 

Invesco S&P 500® Quality ETF (SPHQ) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index   1 Year           Average
Annualized
    Cumulative  
Blended—S&P 500® Quality Index     2.92     13.70     47.00     13.03     84.47     14.00     270.62       8.46     278.78
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         9.69       355.59  
Fund                    
NAV Return     2.76       13.54       46.35       12.82       82.76       13.71       261.40         8.28       268.76  
Market Price Return     2.70       13.52       46.28       12.80       82.66       13.71       261.32         8.25       266.99  

 

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.19% and the net annual operating expense ratio was indicated as 0.15%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P 500® Quality Index is comprised of the performance of the Value Line Timeliness Select Index, the Fund’s underlying index from Fund inception through the conversion date, June 29, 2010, followed by the performance of the S&P 500® High Quality Rankings Index, the Fund’s underlying index for the period June 29, 2010 through March 18, 2016, followed by the performance of the Index for the period March 18, 2016 through April 30, 2022.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  20  

 


 

 

CSD    Management’s Discussion of Fund Performance
   Invesco S&P Spin-Off ETF (CSD)

 

As an index fund, the Invesco S&P Spin-Off ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P U.S. Spin-Off Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of U.S. companies that have been spun off from a parent company within the past four years. The Index is comprised of equity securities of U.S. companies added to the S&P U.S. BMI, a country sub-index of the S&P Global BMI, that have been spun off and have a float-adjusted market capitalization of at least $1 billion at the time they are added to the Index. The Index Provider defines a spin-off company as any company resulting from one of the following events: spin-off, carve-out or split-off. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (11.16)%. On a net asset value (“NAV”) basis, the Fund returned (11.24)%. During the same time period, the Index returned (10.65)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the Russell Midcap® Index (the “Benchmark Index”) returned (6.10)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 823 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight the financials sector during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and security selection in the consumer discretionary sector along with its overweight exposure to and security selection in the industrials sector.

For the fiscal year ended April 30, 2022, the materials sector contributed most significantly to the Fund’s return, followed by the utilities sector. The consumer discretionary sector was the largest detractor followed by the industrials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Constellation Energy Corp., a utilities company (portfolio average weight of 1.49%) and Corteva, Inc., a materials company (portfolio average weight of 7.61%). Positions that detracted most significantly from the Fund’s return during this period included Penn National Gaming, Inc., a consumer discretionary company (portfolio average weight of 5.49%) and Vimeo, Inc., a communication services company (portfolio average weight of 2.17%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Industrials      30.95  
Materials      16.01  
Consumer Discretionary      14.06  
Information Technology      9.56  
Energy      8.45  
Utilities      7.67  
Health Care      6.42  
Real Estate      4.59  
Communication Services      2.36  
Money Market Funds Plus Other Assets Less Liabilities      (0.07)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Dow, Inc.      8.33  
Corteva, Inc.      7.68  
Constellation Energy Corp.      7.67  
Otis Worldwide Corp.      7.38  
Carrier Global Corp.      6.74  
Wyndham Hotels & Resorts, Inc.      4.72  
Concentrix Corp.      4.48  
Organon & Co.      4.21  
GXO Logistics, Inc.      4.19  
Apartment Income REIT Corp.      4.07  
Total      59.47  

 

*

Excluding money market fund holdings.

 

 

  21  

 


 

Invesco S&P Spin-Off ETF (CSD) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Blended—S&P U.S. Spin-Off Index     (10.65 )%      4.38     13.71     5.66     31.66     9.64     151.09       7.34     197.02
Russell Midcap® Index     (6.10     10.48       34.85       10.66       65.94       11.99       210.32         8.89       270.69  
Fund                    
NAV Return     (11.24     3.72       11.59       5.00       27.64       8.93       135.21         6.67       169.92  
Market Price Return     (11.16     3.77       11.73       5.01       27.67       8.93       135.16         6.68       170.12  

 

Guggenheim S&P Spin-Off ETF (the “Predecessor Fund”) Inception:

December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.68% and the net annual operating expense ratio was indicated as 0.65%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—S&P U.S. Spin-Off Index performance is comprised of the performance of the Beacon Spin-Off Index, the Fund’s previous underlying index, prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2022.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

-

Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Predecessor Fund.

 

 

  22  

 


 

 

PHO    Management’s Discussion of Fund Performance
   Invesco Water Resources ETF (PHO)

 

As an index fund, the Invesco Water Resources ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ OMX US Water IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) compiles the Index, which seeks to track the performance of companies that create products designed to conserve and purify water for homes, businesses and industries. The Index may include common stocks, ordinary shares, American depositary receipts (“ADRs”), shares of beneficial interest and tracking stocks. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (6.27)%. On a net asset value (“NAV”) basis, the Fund returned (6.27)%. During the same time period, the Index returned (5.32)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, as well as tracking underperformance related to a corporate action.

During this same time period, the S&P 500® Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 504 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

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

For the fiscal year ended April 30, 2022, the health care equipment & supplies industry contributed most significantly to the Fund’s return, followed by the industrial conglomerates and commercial services & supplies industries. The machinery industry was the largest detractor followed by the chemicals and electronic equipment, instruments & components industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Evoqua Water Technologies Corp, a machinery company (portfolio average weight of 3.47%) and Zurn Water Solutions Corp., a building products company (portfolio average weight of 3.77%). Positions that detracted most significantly from the Fund’s return during this period included Ecolab, Inc., a chemicals company (portfolio average weight of 7.74%) and Itron, Inc., an electronic equipment, instruments & components company (portfolio average weight of 2.82%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Machinery      31.83  
Water Utilities      19.18  
Life Sciences Tools & Services      11.81  
Building Products      10.38  
Software      8.88  
Chemicals      8.14  
Commercial Services & Supplies      3.72  
Electronic Equipment, Instruments & Components      3.53  
Industry Types Each Less Than 3%      2.46  
Money Market Funds Plus Other Assets Less Liabilities      0.07  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Roper Technologies, Inc.      8.88  
American Water Works Co., Inc.      8.64  
Ecolab, Inc.      8.14  
Danaher Corp.      7.75  
Xylem, Inc.      7.67  
IDEX Corp.      4.19  
Waters Corp.      4.06  
Essential Utilities, Inc.      4.03  
Watts Water Technologies, Inc., Class A      3.75  
Advanced Drainage Systems, Inc.      3.72  
Total      60.83  

 

*

Excluding money market fund holdings.

 

 

  23  

 


 

Invesco Water Resources ETF (PHO) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index   1 Year           Average
Annualized
    Cumulative  
Blended—NASDAQ OMX US Water IndexSM     (5.32 )%      13.36     45.67     14.05     92.94     11.34     192.81       8.97     309.18
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         9.69       355.59  
Fund                    
NAV Return     (6.27     12.53       42.48       13.27       86.44       10.60       173.76         7.92       249.21  
Market Price Return     (6.27     12.49       42.36       13.28       86.51       10.60       173.91         7.85       245.42  

 

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended—NASDAQ OMX US Water IndexSM is comprised of the performance of the Palisades Water Index, from Fund inception through the conversion date, March 1, 2012, followed by the performance of the NASDAQ OMX US Water IndexSM from the conversion date through April 30, 2022.

 

-

Net returns reflect invested dividends net of witholding taxes.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  24  

 


 

 

PBW    Management’s Discussion of Fund Performance
   Invesco WilderHill Clean Energy ETF (PBW)

 

As an index fund, the Invesco WilderHill Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill Clean Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderShares (the “Index Provider”) compiles and maintains the Index, which is composed of stocks of publicly traded companies in the United States that are engaged in the business of the advancement of cleaner energy and conservation or are important to the development of clean energy. Stocks are included in the Index based on the Index Provider’s evaluation that such companies will substantially benefit from a societal transition toward the use of cleaner energy, zero-CO2 renewables and conservation.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (40.86)%. On a net asset value (“NAV”) basis, the Fund returned (40.87)%. During the same time period, the Index returned (41.54)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the NASDAQ Composite Index (the “Benchmark Index”) returned (11.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 3,759 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electrical equipment industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection in the electrical equipment industry, followed by security selection in the semiconductors & semiconductor equipment industry and an overweight allocation to the automobiles industry.

For the fiscal year ended April 30, 2022, the fertilizers & agricultural chemicals industry contributed most significantly to

the Fund’s return, followed by the metals & mining industries and chemicals, respectively. The electrical equipment industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Sociedad Quimica y Minera de Chile S.A., ADR, a chemicals company (portfolio average weight of 1.75%) and Lithium Americas Corp., a metals & mining company (portfolio average weight of 1.75%). Positions that detracted most significantly from the Fund’s return during this period included Romeo Power, Inc., an electrical equipment company (portfolio average weight of 1.12%) and Stem, Inc., an electrical equipment company (portfolio average weight of 0.97%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Electrical Equipment      26.16  
Semiconductors & Semiconductor Equipment      15.62  
Automobiles      11.82  
Construction & Engineering      6.21  
Auto Components      5.77  
Independent Power and Renewable Electricity Producers      5.71  
Metals & Mining      5.39  
Machinery      5.06  
Chemicals      4.24  
Aerospace & Defense      3.12  
Electronic Equipment, Instruments & Components      3.03  
Industry Types Each Less Than 3%      7.59  
Money Market Funds Plus Other Assets Less Liabilities      0.28  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Tritium DCFC Ltd.      1.71  
Energy Vault Holdings, Inc.      1.70  
ReNew Energy Global PLC, Class A      1.68  
JinkoSolar Holding Co. Ltd., ADR      1.67  
Ormat Technologies, Inc.      1.67  
Gentherm, Inc.      1.65  
ESS Tech, Inc.      1.62  
First Solar, Inc.      1.58  
Archer Aviation, Inc., Class A      1.58  
Lilium N.V.      1.54  
Total      16.40  

 

*

Excluding money market fund holdings.

 

 

  25  

 


 

Invesco WilderHill Clean Energy ETF (PBW) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index   1 Year           Average
Annualized
    Cumulative  
WilderHill Clean Energy Index     (41.54 )%      22.35     83.17     20.39     152.90     8.06     117.11       (2.07 )%      (30.14 )% 

NASDAQ Composite Index

    (11.08     16.03       56.23       16.40       113.67       16.27       351.52         12.10       610.35  
Fund                    
NAV Return     (40.87     23.53       88.49       21.39       163.60       9.38       145.06         (1.16     (18.18
Market Price Return     (40.86     23.45       88.15       21.36       163.21       9.36       144.69         (1.17     (18.26

 

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  26  

 


 

Liquidity Risk Management Program

 

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

 

   

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

 

   

Each Fund’s investment strategy remained appropriate for an open-end fund;

 

   

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

 

   

The Funds did not breach the 15% limit on Illiquid Investments; and

 

   

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

 

  27  

 

 

 

 


 

Invesco Aerospace & Defense ETF (PPA)

April 30, 2022

Schedule of Investments(a)

 

        Shares          Value  
Common Stocks & Other Equity Interests-99.96%

 

Aerospace & Defense-73.50%

    

AAR Corp.(b)

    157,543      $ 7,401,370  

Aerojet Rocketdyne Holdings,
Inc.(b)(c)

    342,317        13,685,834  

AeroVironment, Inc.(b)(c)

    111,537        8,958,652  

Axon Enterprise, Inc.(b)(c)

    317,206        35,590,514  

Boeing Co. (The)(b)

    575,993        85,730,798  

BWX Technologies, Inc.

    327,006        16,978,152  

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

    1,360,117        32,343,582  

Curtiss-Wright Corp.(c)

    114,231        16,324,752  

Ducommun, Inc., (Acquired 05/09/2017 - 04/29/2022; Cost $2,452,587)(b)(d)

    50,311        2,569,383  

Elbit Systems Ltd. (Israel)

    190,218        40,777,033  

General Dynamics Corp.

    447,100        105,752,563  

HEICO Corp.(c)

    202,287        28,568,993  

Hexcel Corp.

    311,916        16,955,754  

Howmet Aerospace, Inc.

    1,142,960        38,997,795  

Huntington Ingalls Industries, Inc.

    153,895        32,739,622  

Kaman Corp.(c)

    96,049        3,746,871  

Kratos Defense & Security Solutions, Inc.(b)

    557,488        8,457,093  

L3Harris Technologies, Inc.

    341,889        79,407,139  

Lockheed Martin Corp.

    240,675        104,000,481  

Maxar Technologies, Inc.(c)

    325,794        10,493,825  

Mercury Systems, Inc.(b)(c)

    253,941        14,167,368  

Moog, Inc., Class A

    89,729        7,166,655  

Northrop Grumman Corp.

    239,883        105,404,590  

Parsons Corp.(b)(c)

    236,223        8,723,715  

RADA Electronic Industries Ltd.

    

(Israel)(b)(c)

    220,769        3,254,135  

Raytheon Technologies Corp.

    1,058,663        100,477,705  

Spirit AeroSystems Holdings, Inc., Class A

    469,764        19,748,879  

Textron, Inc.

    692,606        47,962,966  

TransDigm Group, Inc.(b)

    77,869        46,317,260  

Triumph Group, Inc.(b)(c)

    283,159        6,382,404  

Vectrus, Inc.(b)

    47,845        1,727,205  

Woodward, Inc.(c)

    177,894        19,653,729  
    

 

 

 
       1,070,466,817  
    

 

 

 

Commercial Services & Supplies-0.17%

 

  

VSE Corp.

    56,874        2,463,213  
    

 

 

 

Communications Equipment-0.68%

 

  

Comtech Telecommunications Corp.(c)

    118,696        1,614,266  

ViaSat, Inc.(b)(c)

    226,936        8,353,514  
    

 

 

 
       9,967,780  
    

 

 

 

Containers & Packaging-1.15%

 

  

Ball Corp.(c)

    206,552        16,763,760  
    

 

 

 

Diversified Telecommunication Services-0.31%

 

  

Iridium Communications, Inc.(b)(c)

    126,534        4,518,529  
    

 

 

 

Electronic Equipment, Instruments & Components-3.45%

 

Keysight Technologies, Inc.(b)

    93,678        13,140,213  

OSI Systems, Inc.(b)

    48,570        3,841,887  

Teledyne Technologies, Inc.(b)

    72,273        31,189,413  

TTM Technologies, Inc.(b)(c)

    147,001        2,050,664  
    

 

 

 
       50,222,177  
    

 

 

 
        Shares          Value  

Industrial Conglomerates-5.58%

    

Honeywell International, Inc.

    419,576      $ 81,192,152  
    

 

 

 

IT Services-0.27%

    

BigBear.ai Holdings, Inc.(b)(c)

    394,234        3,946,282  
    

 

 

 

Machinery-0.79%

    

Oshkosh Corp.

    124,516        11,510,259  
    

 

 

 

Metals & Mining-0.44%

    

Allegheny Technologies, Inc.(b)(c)

    237,812        6,463,730  
    

 

 

 

Professional Services-12.04%

    

Booz Allen Hamilton Holding Corp.

    470,902        38,439,730  

CACI International, Inc., Class A(b)

    77,776        20,633,973  

Jacobs Engineering Group, Inc.

    156,089        21,626,131  

KBR, Inc.(c)

    522,845        25,739,659  

Leidos Holdings, Inc.

    410,042        42,443,448  

ManTech International Corp., Class A

    121,034        9,723,872  

Science Applications International Corp.

    200,709        16,705,010  
    

 

 

 
       175,311,823  
    

 

 

 

Software-1.58%

    

Mandiant, Inc.(b)

    366,169        8,048,395  

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

    1,257,653        13,079,591  

Telos Corp.(b)(c)

    234,303        1,825,220  
    

 

 

 
       22,953,206  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,435,121,927)

 

     1,455,779,728  
    

 

 

 
Money Market Funds-0.02%     

Invesco Government & Agency Portfolio, Institutional Class,
0.35%(e)(f)
(Cost $337,190)

    337,190        337,190  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $1,435,459,117)

 

     1,456,116,918  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.82%     

Invesco Private Government Fund,
0.40%(e)(f)(g)

    25,045,121        25,045,121  

Invesco Private Prime Fund,
0.35%(e)(f)(g)

    59,781,622        59,781,622  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $84,824,462)

 

     84,826,743  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-105.80%
(Cost $1,520,283,579)

 

     1,540,943,661  

OTHER ASSETS LESS LIABILITIES-(5.80)%

 

     (84,533,427
    

 

 

 

NET ASSETS-100.00%

     $ 1,456,410,234  
    

 

 

 

 

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

 

  28  

 

 

 

 


 

Invesco Aerospace & Defense ETF (PPA)–(continued)

April 30, 2022

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Restricted security. The value of this security at April 30, 2022 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 fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
   Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
   Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 159,537      $ 22,381,378      $ (22,203,725 )      $ -      $ -      $ 337,190      $ 467
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

      7,903,102        171,001,672        (153,859,653 )        -        -        25,045,121        14,058 *
Invesco Private Prime Fund       11,854,653        360,706,890        (312,777,149 )        2,281        (5,053 )        59,781,622        46,103 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
Total     $ 19,917,292      $ 554,089,940      $ (488,840,527 )      $ 2,281      $ (5,053 )      $ 85,163,933      $ 60,628
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 April 30, 2022.

(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.

 

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

 

  29  

 

 

 

 


 

Invesco DWA Momentum ETF (PDP)

April 30, 2022

Schedule of Investments(a)

 

        Shares         Value  
Common Stocks & Other Equity Interests-99.98%

 

Communication Services-1.41%

   

Alphabet, Inc., Class A(b)

    3,701     $ 8,446,385  

T-Mobile US, Inc.(b)

    71,484       8,802,540  
   

 

 

 
      17,248,925  
   

 

 

 

Consumer Discretionary-8.35%

   

Boyd Gaming Corp.

    183,855       11,137,936  

Hilton Grand Vacations, Inc.(b)

    148,612       6,959,500  

Home Depot, Inc. (The)

    34,749       10,438,600  

Lithia Motors, Inc., Class A

    24,009       6,797,668  

O’Reilly Automotive, Inc.(b)

    56,238       34,111,159  

Penske Automotive Group, Inc.(c)

    73,400       7,693,788  

Service Corp. International

    283,815       18,621,102  

Tractor Supply Co.

    32,814       6,610,380  
   

 

 

 
      102,370,133  
   

 

 

 

Consumer Staples-2.01%

   

Costco Wholesale Corp.

    31,849       16,934,751  

Darling Ingredients, Inc.(b)

    104,775       7,689,437  
   

 

 

 
      24,624,188  
   

 

 

 

Energy-18.70%

   

Antero Resources Corp.(b)(c)

    799,173       28,130,890  

APA Corp.

    188,799       7,727,543  

Cheniere Energy, Inc.

    55,634       7,555,653  

ConocoPhillips

    76,468       7,304,223  

Devon Energy Corp.

    290,621       16,905,423  

Diamondback Energy, Inc.(c)

    85,030       10,733,337  

EOG Resources, Inc.

    65,783       7,680,823  

Marathon Oil Corp.

    539,038       13,432,827  

Marathon Petroleum Corp.

    95,741       8,354,360  

Matador Resources Co.(c)

    354,450       17,304,249  

Murphy Oil Corp.

    302,974       11,537,250  

Occidental Petroleum Corp.

    131,498       7,244,225  

ONEOK, Inc.

    110,043       6,969,023  

Ovintiv, Inc.

    324,888       16,631,017  

PDC Energy, Inc.

    205,659       14,342,659  

Pioneer Natural Resources Co.

    30,368       7,059,649  

Range Resources Corp.(b)(c)

    346,727       10,381,006  

Targa Resources Corp.

    308,802       22,669,155  

Texas Pacific Land Corp.(c)

    5,397       7,375,540  
   

 

 

 
      229,338,852  
   

 

 

 

Financials-9.74%

   

Aon PLC, Class A

    33,826       9,741,550  

Ares Management Corp., Class A(c)

    105,285       6,971,973  

Bank of America Corp.

    170,485       6,082,905  

Brown & Brown, Inc.

    109,363       6,778,319  

Comerica, Inc.

    77,177       6,320,796  

Intercontinental Exchange, Inc.

    56,816       6,579,861  

LPL Financial Holdings, Inc.

    41,451       7,787,399  

Moody’s Corp.

    31,718       10,038,112  

Nasdaq, Inc.

    42,527       6,692,474  

S&P Global, Inc.

    26,188       9,859,782  

Signature Bank

    27,686       6,706,933  

W.R. Berkley Corp.

    539,826       35,893,031  
   

 

 

 
      119,453,135  
   

 

 

 

Health Care-15.28%

   

Danaher Corp.

    105,201       26,419,127  
        Shares         Value  

Health Care-(continued)

   

Edwards Lifesciences Corp.(b)

    140,960     $ 14,910,749  

Eli Lilly and Co.

    26,165       7,643,581  

Horizon Therapeutics PLC(b)

    169,601       16,715,875  

Inspire Medical Systems, Inc.(b)

    75,233       15,479,942  

Mettler-Toledo International, Inc.(b)

    18,969       24,233,467  

PerkinElmer, Inc.

    44,247       6,487,053  

R1 RCM, Inc.(b)(c)

    886,227       19,957,832  

Shockwave Medical, Inc.(b)

    60,298       9,112,837  

STERIS PLC

    31,641       7,089,166  

Tenet Healthcare Corp.(b)

    104,662       7,589,042  

Thermo Fisher Scientific, Inc.

    15,973       8,831,791  

UnitedHealth Group, Inc.

    30,635       15,579,429  

Zoetis, Inc.

    41,746       7,399,478  
   

 

 

 
      187,449,369  
   

 

 

 

Industrials-13.14%

   

Advanced Drainage Systems, Inc.

    79,326       8,127,742  

API Group Corp.(b)(c)

    347,384       6,447,447  

Atkore, Inc.(b)

    130,675       12,557,867  

Booz Allen Hamilton Holding Corp.

    99,420       8,115,655  

Builders FirstSource, Inc.(b)

    131,395       8,089,990  

Carlisle Cos., Inc.

    31,367       8,135,345  

Cintas Corp.

    28,100       11,163,006  

Deere & Co.

    18,695       7,058,297  

Evoqua Water Technologies Corp.(b)

    193,434       8,064,263  

Old Dominion Freight Line, Inc.

    85,022       23,816,363  

Quanta Services, Inc.

    67,472       7,825,403  

Tetra Tech, Inc.

    52,385       7,296,183  

United Rentals, Inc.(b)

    22,644       7,167,279  

W.W. Grainger, Inc.

    37,219       18,610,617  

WESCO International, Inc.(b)

    90,886       11,202,608  

WillScot Mobile Mini Holdings Corp.(b)(c)

    213,797       7,504,275  
   

 

 

 
      161,182,340  
   

 

 

 

Information Technology-18.63%

   

Accenture PLC, Class A

    31,065       9,330,683  

Amphenol Corp., Class A

    345,856       24,728,704  

Apple, Inc.

    238,667       37,625,853  

Fortinet, Inc.(b)

    55,528       16,048,147  

Lattice Semiconductor Corp.(b)

    324,260       15,577,450  

Mastercard, Inc., Class A

    106,043       38,533,905  

Microsoft Corp.

    31,252       8,673,055  

Monolithic Power Systems, Inc.

    64,077       25,133,563  

ON Semiconductor Corp.(b)

    156,826       8,172,203  

Palo Alto Networks, Inc.(b)

    12,409       6,964,924  

Synaptics, Inc.(b)(c)

    68,691       10,196,492  

Synopsys, Inc.(b)

    51,839       14,866,907  

Visa, Inc., Class A(c)

    59,457       12,672,070  
   

 

 

 
      228,523,956  
   

 

 

 

Materials-6.11%

   

Alcoa Corp

    263,121       17,839,604  

CF Industries Holdings, Inc.

    83,244       8,060,517  

Freeport-McMoRan, Inc.

    273,030       11,071,366  

Louisiana-Pacific Corp.

    115,235       7,434,962  

Mosaic Co. (The)

    223,492       13,950,371  

Nucor Corp.(c)

    53,463       8,275,003  

Steel Dynamics, Inc.

    96,399       8,266,214  
   

 

 

 
      74,898,037  
   

 

 

 

 

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

 

  30  

 

 

 

 


 

Invesco DWA Momentum ETF (PDP)–(continued)

April 30, 2022

 

        Shares         Value  

Real Estate-5.40%

   

Equity LifeStyle Properties, Inc.

    162,103     $ 12,527,320  

Extra Space Storage, Inc.

    99,523       18,909,370  

First Industrial Realty Trust, Inc.

    160,593       9,314,394  

Mid-America Apartment Communities, Inc.

    40,799       8,024,347  

Rexford Industrial Realty, Inc.(c)

    103,468       8,074,643  

Ryman Hospitality Properties, Inc.(b)

    100,826       9,425,214  
   

 

 

 
      66,275,288  
   

 

 

 

Utilities-1.21%

   

NextEra Energy, Inc.

    209,704       14,893,178  
   

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,307,063,534)

 

    1,226,257,401  
   

 

 

 
Money Market Funds-0.08%    

Invesco Government & Agency Portfolio, Institutional Class,
0.35%(d)(e)
(Cost $932,748)

    932,748       932,748  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.06%
(Cost $1,307,996,282)

 

    1,227,190,149  
   

 

 

 
        Shares         Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.88%    

Invesco Private Government Fund,
0.40%(d)(e)(f)

    18,147,289     $ 18,147,289  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

    41,729,944       41,729,944  
   

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $59,877,024)

 

    59,877,233  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.94%
(Cost $1,367,873,306)

 

    1,287,067,382  

OTHER ASSETS LESS LIABILITIES-(4.94)%

 

    (60,539,690
   

 

 

 

NET ASSETS-100.00%

    $ 1,226,527,692  
   

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

     Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain (Loss)
  Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 701,168      $ 9,421,935      $ (9,190,355 )     $ -      $ -     $ 932,748      $ 378
Investments Purchased with Cash Collateral from Securities on Loan:                                 

Invesco Private Government Fund

       57,906,299        431,228,025        (470,987,035 )       -        -       18,147,289        12,796 *
Invesco Private Prime Fund        86,859,449        815,582,917        (860,683,741 )       208        (28,889 )       41,729,944        83,489 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 
Total      $ 145,466,916      $ 1,256,232,877      $ (1,340,861,131 )     $ 208      $ (28,889 )     $ 60,809,981      $ 96,663
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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

 

(e) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

(f) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

 

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

 

  31  

 

 

 

 


 

Invesco Global Listed Private Equity ETF (PSP)

April 30, 2022

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-83.48%

 

Biotechnology-0.22%

 

PureTech Health PLC(b)

    197,499     $ 421,768  
   

 

 

 

Capital Markets-51.96%

 

3i Group PLC (United Kingdom)

    576,262       9,388,478  

Alaris Equity Partners Income (Canada)

    36,414       527,954  

AURELIUS Equity Opportunities SE & Co. KGaA (Germany)

    40,444       1,085,557  

Blackstone Secured Lending Fund(c)

    69,735       1,922,594  

Blackstone, Inc., Class A

    81,771       8,305,481  

Blue Owl Capital, Inc.(c)

    854,085       10,189,234  

Bridgepoint Group PLC
(United Kingdom)(c)(d)

    830,068       3,191,066  

Carlyle Group, Inc. (The)

    227,025       8,238,737  

Chrysalis Investments Ltd.
(Guernsey)(b)(c)

    770,199       1,546,510  

Deutsche Beteiligungs AG (Germany)

    15,907       495,881  

EQT AB (Sweden)

    353,626       10,013,078  

Georgia Capital PLC (Georgia)(b)

    85,111       638,863  

Gimv N.V. (Belgium)

    28,266       1,621,298  

Hamilton Lane, Inc., Class A(c)

    46,850       3,212,973  

Intermediate Capital Group PLC (United Kingdom)

    245,376       4,699,620  

IP Group PLC (United Kingdom)

    975,129       1,001,176  

JAFCO Group Co. Ltd. (Japan)

    101,494       1,227,776  

KKR & Co., Inc., Class A

    177,266       9,035,248  

Molten Ventures PLC
(United Kingdom)(b)

    192,235       1,656,295  

Mutares SE & Co. KGaA (Germany)

    24,615       566,201  

Onex Corp. (Canada)

    79,728       4,815,308  

Partners Group Holding AG (Switzerland)

    8,337       8,853,298  

Patria Investments Ltd., Class A (Cayman Islands)(c)

    96,623       1,575,921  

Petershill Partners PLC (United Kingdom)(b)(c)(d)

    801,466       2,565,915  

Ratos AB, Class B (Sweden)(c)

    348,874       1,780,500  

StepStone Group, Inc., Class A(c)

    96,802       2,480,067  

VNV Global AB (Sweden)(b)

    182,813       762,181  
   

 

 

 
      101,397,210  
   

 

 

 

Diversified Consumer Services-1.38%

 

Graham Holdings Co., Class B

    4,539       2,688,767  
   

 

 

 

Diversified Financial Services-12.87%

 

Cannae Holdings, Inc.(b)(c)

    81,763       1,831,491  

Compass Diversified Holdings

    85,799       1,875,566  

Eurazeo SE (France)(c)

    75,042       5,745,504  

Kinnevik AB, Class B (Sweden)(b)(c)

    243,097       4,767,362  

Sofina S.A. (Belgium)(c)

    24,348       7,479,877  

Wendel SE (France)

    34,445       3,412,719  
   

 

 

 
      25,112,519  
   

 

 

 

Diversified Telecommunication Services-0.65%

 

ATN International, Inc.

    31,932       1,261,314  
   

 

 

 

Industrial Conglomerates-6.19%

 

Fosun International Ltd. (China)

    3,988,322       4,200,080  

Melrose Industries PLC (United Kingdom)

    5,487,020       7,880,506  
   

 

 

 
      12,080,586  
   

 

 

 

Interactive Media & Services-2.84%

 

IAC/InterActiveCorp.(b)

    66,970       5,550,474  
   

 

 

 

Internet & Direct Marketing Retail-2.47%

 

Prosus N.V. (Netherlands)(c)

    99,908       4,817,634  
   

 

 

 
        Shares             Value      

IT Services-0.76%

   

Digital Garage, Inc. (Japan)(c)

    44,950     $ 1,492,299  
   

 

 

 

Multiline Retail-2.57%

 

Wesfarmers Ltd. (Australia)

    144,439       5,010,671  
   

 

 

 

Trading Companies & Distributors-1.57%

 

Seven Group Holdings Ltd. (Australia)

    218,673       3,059,281  
   

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $192,552,336)

 

    162,892,523  
   

 

 

 
Closed-End Funds-14.50%

 

Apax Global Alpha Ltd. (Guernsey)(d)

    611,114       1,426,897  

Ares Capital Corp.(c)

    261,672       5,304,091  

Bain Capital Specialty Finance, Inc.

    32,795       504,387  

FS KKR Capital Corp.

    111,897       2,344,242  

Goldman Sachs BDC, Inc.(c)

    27,018       507,128  

Golub Capital BDC, Inc. (c)

    66,638       994,239  

HBM Healthcare Investments AG (Switzerland),Class A(c)

    5,634       1,355,498  

Hercules Capital, Inc.(c)

    29,163       489,938  

HgCapital Trust PLC (United Kingdom)(c)

    619,812       3,266,126  

Main Street Capital Corp.

    36,635       1,474,192  

NB Private Equity Partners Ltd. (Guernsey)

    53,451       1,052,372  

New Mountain Finance Corp.

    38,117       506,956  

Oakley Capital Investments Ltd. (Bermuda)

    209,928       1,138,600  

Oaktree Specialty Lending Corp.

    70,275       503,169  

Owl Rock Capital Corp.

    140,550       2,011,271  

PennantPark Investment Corp.(c)

    66,595       492,803  

Princess Private Equity Holding Ltd. (Guernsey)(c)

    75,529       992,229  

Prospect Capital Corp.(c)

    128,592       990,158  

Sixth Street Specialty Lending, Inc.

    22,332       498,897  

SuRo Capital Corp.(c)

    46,104       377,131  

Syncona Ltd. (United Kingdom)(b)(c)

    724,140       1,580,270  

TriplePoint Venture Growth BDC Corp.(c)

    30,476       479,997  
   

 

 

 

Total Closed-End Funds
(Cost $26,212,788)

 

    28,290,591  
   

 

 

 
    Shares        

Money Market Funds-1.23%

   

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f)
(Cost $2,395,158)

    2,395,158       2,395,158  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.21%
(Cost $221,160,282)

 

    193,578,272  
   

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-14.74%

 

Invesco Private Government Fund,
0.40%(e)(f)(g)

    8,533,789       8,533,789  

 

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

 

  32  

 

 

 

 


 

Invesco Global Listed Private Equity ETF (PSP)—(continued)

April 30, 2022

 

        Shares             Value      
Money Market Funds-(continued)

 

Invesco Private Prime Fund, 0.35%(e)(f)(g)

    20,226,755     $ 20,226,755  
   

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $28,760,324)

 

    28,760,544  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES-113.95%
(Cost $249,920,606)

 

    222,338,816  

OTHER ASSETS LESS LIABILITIES-(13.95)%

 

    (27,214,112
 

 

 

 

NET ASSETS-100.00%

 

  $ 195,124,704  
   

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2022 was $7,183,878, which represented 3.68% 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 fiscal year ended April 30, 2022.

 

    Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
   Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
   Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class     $ 9,775,371      $ 47,206,856      $ (54,587,069      $ -      $ -      $ 2,395,158      $ 4,710
Investments Purchased with Cash Collateral from Securities on Loan:                                  

Invesco Private Government Fund

      1,871,653        94,493,563        (87,831,427 )        -        -        8,533,789        4,735 *
Invesco Private Prime Fund       2,807,480        194,263,222        (176,835,963 )        220        (8,204 )        20,226,755        21,429 *
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
Total     $ 14,454,504      $ 335,963,641      $ (319,254,459 )      $ 220      $ (8,204 )      $ 31,155,702      $ 30,874
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 April 30, 2022.

(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.

This Fund has holdings greater than 10% of net assets in the following country:

 

United Kingdom

    18.05

 

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

 

  33  

 

 

 

 


 

Invesco Global Listed Private Equity ETF (PSP)–(continued)

April 30, 2022

 

Open Over-The-Counter Total Return Swap Agreements(a)(b)

Counterparty

  Pay/
Receive
  Reference Entity    Rate    Payment
Frequency
   Maturity Date    Notional Value(c)   Upfront
Payments
Paid
(Received)
  Value   Unrealized
Appreciation

(Depreciation)

Equity Risk

                                       

Citibank, N.A.

      Receive      
Brookfield Business
Partners LP

      



1-Day
CORRA
plus 55
basis
points




       Monthly        October-2022        CAD 2,182,629       $-       $ (97,328 )     $ (97,328 )
                               

 

 

     

 

 

     

 

 

 

Abbreviations:

CAD

-Canadian Dollar

CORRA

-Canadian Overnight Repo Rate Average

 

(a) 

Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $40,000.

(b) 

The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

(c) 

Notional Value is denominated in U.S. Dollars unless otherwise noted.

 

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

 

  34  

 

 

 

 


 

Invesco Golden Dragon China ETF (PGJ)

April 30, 2022

Schedule of Investments(a)

 

        Shares             Value      
Common Stocks & Other Equity Interests-99.95%(b)

 

Communication Services-22.67%

 

Autohome, Inc., ADR

    85,963     $ 2,498,944  

Baidu, Inc., ADR(c)

    152,165       18,894,328  

Bilibili, Inc., ADR(c)(d)

    207,597       5,052,911  

DouYu International Holdings Ltd., ADR(c)

    198,670       351,646  

Hello Group, Inc., ADR(d)

    213,007       1,133,197  

iQIYI, Inc., ADR(c)(d)

    471,249       1,677,646  

JOYY, Inc., ADR(d)

    73,492       2,908,079  

Kanzhun Ltd., ADR(c)(d)

    105,218       2,475,780  

Luokung Technology Corp.(c)(d)

    488,683       239,455  

NetEase, Inc., ADR(d)

    121,592       11,591,365  

PropertyGuru Group Ltd. (Cayman Islands)(c)

    38,202       294,537  

Sohu.com Ltd., ADR(c)

    51,238       793,164  

So-Young International, Inc., ADR(c)(d)

    99,555       135,395  

Tencent Music Entertainment Group, ADR(c)

    874,570       3,716,923  

Weibo Corp., ADR(c)(d)

    98,846       2,287,297  

WiMi Hologram Cloud, Inc., ADR(c)(d)

    71,352       140,563  
   

 

 

 
      54,191,230  
   

 

 

 

Consumer Discretionary-53.15%

 

Alibaba Group Holding Ltd., ADR(c)(d)

    220,513       21,409,607  

Baozun, Inc., ADR(c)(d)

    67,435       515,203  

Dada Nexus Ltd., ADR(c)(d)

    117,917       899,707  

Gogoro, Inc. (Taiwan)(c)

    44,117       269,114  

Huazhu Group Ltd., ADR

    208,378       6,301,351  

JD.com, Inc., ADR(c)(d)

    323,684       19,958,355  

Kaixin Auto Holdings (Hong Kong)(c)(d)

    183,295       182,653  

Kandi Technologies Group, Inc.(c)(d)

    98,912       252,226  

Li Auto, Inc., ADR(c)(d)

    380,714       8,539,415  

MINISO Group Holding Ltd., ADR(d)

    108,230       795,491  

New Oriental Education & Technology Group, Inc., ADR(c)(d)

    180,793       2,268,952  

Newegg Commerce, Inc.(c)(d)

    471,964       3,030,009  

NIO, Inc., ADR(c)(d)

    1,015,513       16,959,067  

Niu Technologies, ADR(c)(d)

    64,359       614,628  

Pinduoduo, Inc., ADR(c)(d)

    447,076       19,264,505  

TAL Education Group, ADR(c)

    567,364       1,923,364  

Trip.com Group Ltd., ADR(c)(d)

    448,979       10,618,353  

Uxin Ltd., ADR(c)

    346,239       273,944  

Vipshop Holdings Ltd., ADR(c)(d)

    666,524       5,105,574  

XPeng, Inc., ADR(c)(d)

    318,742       7,844,241  
   

 

 

 
      127,025,759  
   

 

 

 

Consumer Staples-0.18%

 

111, Inc., ADR(c)(d)

    54,628       107,071  

Farmmi, Inc.(c)

    712,783       84,679  

Yatsen Holding Ltd., ADR(c)

    374,134       229,980  
   

 

 

 
      421,730  
   

 

 

 

Energy-0.52%

 

China Petroleum & Chemical Corp., ADR

    14,442       703,325  

PetroChina Co. Ltd., ADR

    11,456       543,244  
   

 

 

 
      1,246,569  
   

 

 

 

Financials-4.66%

 

360 DigiTech, Inc., ADR(d)

    171,526       2,475,120  

China Life Insurance Co. Ltd., ADR

    37,803       271,048  

Fanhua, Inc., ADR(d)

    42,402       257,804  

LexinFintech Holdings Ltd., ADR(c)

    180,281       461,519  
        Shares             Value      

Financials-(continued)

   

Lufax Holding Ltd., ADR(d)

    1,010,035     $ 5,605,694  

Noah Holdings Ltd., ADR(c)(d)

    42,243       759,107  

Qudian, Inc., ADR(c)

    255,918       276,392  

Silver Crest Acquisition Corp., Class A (Hong Kong)(c)

    44,117       434,111  

Up Fintech Holding Ltd., ADR(c)(d)

    150,925       585,589  
   

 

 

 
      11,126,384  
   

 

 

 

Health Care-2.15%

 

Burning Rock Biotech Ltd., ADR(c)(d)

    63,164       348,034  

Connect Biopharma Holdings Ltd.,
ADR(c)(d)

    61,749       125,350  

Genetron Holdings Ltd., ADR(c)(d)

    46,914       80,692  

Gracell Biotechnologies, Inc., ADR(c)(d)

    75,697       170,318  

I-Mab, ADR(c)(d)

    63,405       795,099  

Zai Lab Ltd., ADR(c)(d)

    90,566       3,619,017  
   

 

 

 
      5,138,510  
   

 

 

 

Industrials-4.93%

 

CBAK Energy Technology, Inc.(c)(d)

    113,410       125,885  

EHang Holdings Ltd., ADR(c)(d)

    43,125       362,681  

Nuvve Holding Corp.(c)(d)

    24,076       172,144  

ReneSola Ltd., ADR(c)(d)

    62,294       300,257  

ZTO Express Cayman, Inc., ADR(d)

    393,776       10,832,778  
   

 

 

 
      11,793,745  
   

 

 

 

Information Technology-7.86%

 

Agora, Inc., ADR(c)(d)

    83,984       618,962  

Bit Digital, Inc.(c)(d)

    89,054       180,780  

BIT Mining Ltd., ADR(c)(d)

    55,334       92,408  

Canaan, Inc., ADR(c)(d)

    201,913       767,269  

Canadian Solar, Inc. (Canada)(c)(d)

    81,452       2,241,559  

Chindata Group Holdings Ltd., ADR(c)(d)

    153,034       954,932  

Daqo New Energy Corp., ADR(c)(d)

    75,745       3,148,720  

Ebang International Holdings, Inc., A Shares(c)(d)

    177,905       165,452  

GDS Holdings Ltd., ADR(c)(d)

    132,947       4,177,195  

Hollysys Automation Technologies Ltd.

    79,302       1,221,251  

JinkoSolar Holding Co. Ltd., ADR(c)(d)

    51,000       2,614,260  

Kingsoft Cloud Holdings Ltd., ADR(c)(d)

    125,630       454,780  

OneConnect Financial Technology Co. Ltd., ADR(c)

    165,186       226,305  

Renren, Inc., ADR(c)(d)

    11,458       327,584  

TROOPS, Inc. (Hong Kong)(c)(d)

    129,887       446,811  

Vnet Group, Inc., ADR(c)(d)

    172,160       1,027,795  

Zepp Health Corp., ADR

    45,203       109,391  
   

 

 

 
      18,775,454  
   

 

 

 

Materials-0.16%

 

Huadi International Group Co. Ltd.(c)(d)

    16,999       390,977  
   

 

 

 

Real Estate-3.67%

 

 

KE Holdings, Inc., ADR(c)(d)

    597,253       8,469,047  

Nam Tai Property, Inc.(c)(d)

    50,133       311,326  
   

 

 

 
      8,780,373  
   

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $367,395,623)

 

    238,890,731  
   

 

 

 

 

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

 

 

  35  

 


 

Invesco Golden Dragon China ETF (PGJ)–(continued)

April 30, 2022

 

        Shares             Value      

Money Market Funds-0.07%

   

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f)
(Cost $163,140)

    163,140     $ 163,140  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $367,558,763)

      239,053,871  
   

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-31.40%

 

Invesco Private Government Fund, 0.40%(e)(f)(g) 

    22,508,565       22,508,565  
        Shares             Value      

Money Market Funds-(continued)

   

Invesco Private Prime Fund, 0.35%(e)(f)(g)

    52,545,493     $ 52,545,493  
   

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $75,049,542)

 

    75,054,058  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES-131.42%
(Cost $442,608,305)

 

    314,107,929  

OTHER ASSETS LESS LIABILITIES-(31.42)%

 

    (75,102,415
   

 

 

 

NET ASSETS-100.00%

    $ 239,005,514