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Invesco Annual Report to Shareholders
April 30, 2022
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PPA |
Invesco Aerospace & Defense ETF
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PDP |
Invesco DWA Momentum ETF
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PSP |
Invesco Global Listed Private Equity ETF
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PGJ |
Invesco Golden Dragon China ETF
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ERTH |
Invesco MSCI Sustainable Future ETF
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RYJ |
Invesco Raymond James SB-1 Equity ETF
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PBP |
Invesco S&P 500 BuyWrite ETF
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SPHQ |
Invesco S&P 500® Quality ETF
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CSD |
Invesco S&P Spin-Off ETF
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PHO |
Invesco Water Resources ETF
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PBW | Invesco WilderHill Clean Energy ETF |
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Domestic Equity
The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.1 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,2 the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.
Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,3 causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.2 To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.
Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.3 The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.2 To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat
returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.4
1 |
Source: US Bureau of Economic Analysis |
2 |
Source: US Bureau of Labor Statistics |
3 |
Source: Bloomberg L.P. |
4 |
Source: Lipper Inc. |
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.
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3 |
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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 |
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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 |
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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. |
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Invesco Aerospace & Defense ETF (PPA) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
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:
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Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
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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 |
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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 |
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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. |
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6 |
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Invesco DWA Momentum ETF (PDP) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
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. |
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7 |
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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 |
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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 |
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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. |
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8 |
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Invesco Global Listed Private Equity ETF (PSP) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index |
Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
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. |
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9 |
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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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index |
Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index |
Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index |
Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
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
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. |
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19 |
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Invesco S&P 500® Quality ETF (SPHQ) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | ||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized |
Cumulative | |||||||||||||||||||||||||||||||||||||
Blended—S&P 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. |
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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
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
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
Fund Performance History as of April 30, 2022
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | ||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized |
Cumulative | |||||||||||||||||||||||||||||||||||||
Blended—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
Fund Performance History as of April 30, 2022
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | ||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized |
Cumulative | |||||||||||||||||||||||||||||||||||||
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
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Aerospace & Defense-73.50% |
||||||||
AAR Corp.(b) |
157,543 | $ | 7,401,370 | |||||
Aerojet Rocketdyne Holdings, |
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., |
1,257,653 | 13,079,591 | ||||||
Telos Corp.(b)(c) |
234,303 | 1,825,220 | ||||||
|
|
|||||||
22,953,206 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
1,455,779,728 | ||||||
|
|
|||||||
Money Market Funds-0.02% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
337,190 | 337,190 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-99.98% |
|
1,456,116,918 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.82% | ||||||||
Invesco Private Government Fund, |
25,045,121 | 25,045,121 | ||||||
Invesco Private Prime Fund, |
59,781,622 | 59,781,622 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
84,826,743 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-105.80% |
|
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 |
|
1,226,257,401 | ||||||
|
|
|||||||
Money Market Funds-0.08% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
932,748 | 932,748 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,227,190,149 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.88% | ||||||||
Invesco Private Government Fund, |
18,147,289 | $ | 18,147,289 | |||||
Invesco Private Prime Fund, |
41,729,944 | 41,729,944 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
59,877,233 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.94% |
|
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 |
830,068 | 3,191,066 | ||||||
Carlyle Group, Inc. (The) |
227,025 | 8,238,737 | ||||||
Chrysalis Investments Ltd. |
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 |
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 |
|
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 |
|
28,290,591 | ||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-1.23% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(e)(f) |
2,395,158 | 2,395,158 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
193,578,272 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-14.74% |
| |||||||
Invesco Private Government Fund, |
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 |
|
28,760,544 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-113.95% |
|
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., |
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 |
|
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) |
163,140 | $ | 163,140 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
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 |
|
75,054,058 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-131.42% |
|
314,107,929 | ||||||
OTHER ASSETS LESS LIABILITIES-(31.42)% |
|
(75,102,415 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 239,005,514 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted. |
(c) |
Non-income producing security. |
(d) |
All or a portion of this security was out on loan at April 30, 2022. |
(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 | $ | 443,239 | $ | 3,223,825 | $ | (3,503,924 | ) | $ - | $ - | $ | 163,140 | $ | 128 | ||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
27,005,098 | 179,073,141 | (183,569,674 | ) | - | - | 22,508,565 | 14,264 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 40,595,848 | 320,002,319 | (308,035,050 | ) | 4,515 | (22,139) | 52,545,493 | 62,239 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 68,044,185 | $ | 502,299,285 | $ | (495,108,648 | ) | $4,515 | $(22,139) | $ | 75,217,198 | $ | 76,631 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
36 | ||||
|
| |||
Invesco MSCI Sustainable Future ETF (ERTH)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-96.82% |
| |||||||
Auto Components-0.03% |
||||||||
XL Fleet Corp.(b)(c) |
85,312 | $ | 119,437 | |||||
|
|
|||||||
Automobiles-13.90% |
||||||||
Li Auto, Inc., ADR (China)(b)(c) |
452,788 | 10,156,035 | ||||||
NIO, Inc., ADR (China)(b)(c) |
824,327 | 13,766,261 | ||||||
Niu Technologies, ADR (China)(b) |
24,703 | 235,913 | ||||||
Tesla, Inc.(b) |
22,861 | 19,906,444 | ||||||
Workhorse Group, Inc.(b)(c) |
127,266 | 383,071 | ||||||
XPeng, Inc., ADR (China)(b)(c) |
318,041 | 7,826,989 | ||||||
Yadea Group Holdings Ltd. (China)(d) |
977,936 | 1,466,028 | ||||||
|
|
|||||||
53,740,741 | ||||||||
|
|
|||||||
Building Products-4.62% |
||||||||
Advanced Drainage Systems, Inc. |
43,469 | 4,453,834 | ||||||
Kingspan Group PLC (Ireland) |
125,590 | 11,512,498 | ||||||
ROCKWOOL A/S, Class B (Denmark) |
6,831 | 1,916,819 | ||||||
|
|
|||||||
17,883,151 | ||||||||
|
|
|||||||
Chemicals-1.60% |
||||||||
Umicore S.A. (Belgium)(c) |
160,495 | 6,196,069 | ||||||
|
|
|||||||
Commercial Services & Supplies-0.59% |
| |||||||
China Everbright Environment Group Ltd. (China) |
3,006,945 | 1,767,815 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)(d) |
329,769 | 142,176 | ||||||
Sunny Friend Environmental Technology Co. Ltd. (Taiwan) |
50,000 | 380,426 | ||||||
|
|
|||||||
2,290,417 | ||||||||
|
|
|||||||
Construction & Engineering-0.94% |
||||||||
China Conch Venture Holdings Ltd. (China) |
1,337,500 | 3,486,025 | ||||||
ReneSola Ltd., ADR (China)(b) |
31,299 | 150,861 | ||||||
|
|
|||||||
3,636,886 | ||||||||
|
|
|||||||
Electric Utilities-0.03% |
||||||||
Fastned B.V., CVA (Netherlands)(b)(c) |
3,449 | 107,366 | ||||||
|
|
|||||||
Electrical Equipment-12.50% |
||||||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Brazil) |
187,500 | 184,766 | ||||||
Alfen Beheer B.V. (Netherlands)(c)(d) |
16,858 | 1,513,476 | ||||||
Blink Charging Co.(b)(c) |
30,987 | 591,852 | ||||||
China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)(b) |
333,667 | 185,778 | ||||||
Contemporary Amperex Technology Co. Ltd., A Shares (China) |
113,900 | 6,952,216 | ||||||
CS Wind Corp. (South Korea) |
20,628 | 963,680 | ||||||
Fagerhult AB (Sweden)(c) |
65,056 | 328,164 | ||||||
Ginlong Technologies Co. Ltd., A Shares (China) |
12,100 | 354,532 | ||||||
Ming Yang Smart Energy Group Ltd., A Shares (China) |
103,000 | 341,778 | ||||||
Nordex SE (Germany)(b) |
84,863 | 1,239,886 | ||||||
PNE AG (Germany) |
28,109 | 358,215 | ||||||
PowerCell Sweden AB (Sweden)(b) |
38,288 | 561,619 | ||||||
Shoals Technologies Group, Inc., Class A(b)(c) |
84,999 | 848,290 | ||||||
Siemens Gamesa Renewable Energy S.A., Class R (Spain)(b)(c) |
193,836 | 3,090,497 | ||||||
SIF Holding N.V. (Netherlands)(c) |
10,403 | 118,464 |
Shares | Value | |||||||
Electrical Equipment-(continued) |
||||||||
Signify N.V. (Netherlands) |
104,392 | $ | 4,407,765 | |||||
Stem, Inc.(b)(c) |
41,260 | 295,834 | ||||||
Sungrow Power Supply Co. Ltd., A Shares (China) |
71,300 | 684,099 | ||||||
Sunrun, Inc.(b)(c) |
143,036 | 2,857,859 | ||||||
Titan Wind Energy Suzhou Co. Ltd., A Shares (China) |
88,200 | 132,100 | ||||||
TPI Composites, Inc.(b)(c) |
30,415 | 347,948 | ||||||
Vestas Wind Systems A/S (Denmark)(c) |
801,603 | 20,622,655 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., A Shares (China) |
169,000 | 285,385 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)(c) |
631,227 | 895,639 | ||||||
Zumtobel Group AG (Austria) |
23,069 | 166,028 | ||||||
|
|
|||||||
48,328,525 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-0.50% |
| |||||||
Badger Meter, Inc. |
23,864 | 1,925,586 | ||||||
|
|
|||||||
Equity REITs-18.43% |
||||||||
Brandywine Realty Trust |
139,619 | 1,629,354 | ||||||
CapitaLand Integrated Commercial Trust (Singapore) |
3,958,142 | 6,632,638 | ||||||
Covivio (France) |
42,299 | 2,988,738 | ||||||
CRE Logistics REIT, Inc. (Japan) |
438 | 671,433 | ||||||
Digital Realty Trust, Inc. |
156,845 | 22,918,191 | ||||||
Douglas Emmett, Inc. |
142,758 | 4,205,651 | ||||||
First Capital REIT (Canada) |
87,762 | 1,175,608 | ||||||
Fukuoka REIT Corp. (Japan) |
520 | 651,806 | ||||||
Inmobiliaria Colonial SOCIMI S.A. (Spain) |
242,144 | 2,024,785 | ||||||
Keppel REIT (Singapore) |
1,507,547 | 1,324,900 | ||||||
Klepierre S.A. (France) |
165,308 | 3,925,604 | ||||||
Lar Espana Real Estate SOCIMI S.A. (Spain) |
46,474 | 241,952 | ||||||
Mapletree Commercial Trust (Singapore) |
1,761,893 | 2,376,878 | ||||||
Mapletree North Asia Commercial Trust (Hong Kong)(d) |
1,858,291 | 1,600,489 | ||||||
Mercialys S.A. (France) |
57,450 | 550,150 | ||||||
Merlin Properties SOCIMI S.A. (Spain)(c) |
286,539 | 3,089,861 | ||||||
Mori Hills REIT Investment Corp. (Japan) |
1,251 | 1,417,596 | ||||||
Nippon Prologis REIT, Inc. (Japan) |
1,685 | 4,682,671 | ||||||
OUE Commercial REIT (Singapore) |
1,776,210 | 532,462 | ||||||
Paramount Group, Inc.(c) |
142,914 | 1,359,112 | ||||||
Piedmont Office Realty Trust, Inc., Class A(c) |
101,281 | 1,630,624 | ||||||
SPH REIT (Singapore) |
745,570 | 526,418 | ||||||
Vornado Realty Trust(c) |
132,613 | 5,133,449 | ||||||
|
|
|||||||
71,290,370 | ||||||||
|
|
|||||||
Food Products-4.13% |
||||||||
Darling Ingredients, Inc.(b) |
131,838 | 9,675,591 | ||||||
Grieg Seafood ASA (Norway)(b)(c) |
41,652 | 627,053 | ||||||
Minerva S.A. (Brazil) |
243,800 | 646,398 | ||||||
Salmar ASA (Norway) |
47,897 | 3,962,166 | ||||||
SLC Agricola S.A. (Brazil) |
86,650 | 925,781 | ||||||
Yukiguni Maitake Co. Ltd. (Japan) |
16,308 | 132,290 | ||||||
|
|
|||||||
15,969,279 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | ||||
|
| |||
Invesco MSCI Sustainable Future ETF (ERTH)–(continued)
April 30, 2022
Shares | Value | |||||||
Household Durables-1.19% |
||||||||
KB Home |
64,234 | $ | 2,083,109 | |||||
Meritage Homes Corp.(b) |
30,441 | 2,512,904 | ||||||
|
|
|||||||
4,596,013 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-8.97% |
| |||||||
Albioma S.A. (France) |
20,921 | 1,105,097 | ||||||
BCPG PCL, NVDR (Thailand) |
710,836 | 254,222 | ||||||
Beijing Energy International Holding Co. Ltd. (Hong Kong)(b) |
5,490,241 | 180,641 | ||||||
Boralex, Inc., Class A (Canada) |
71,166 | 2,144,363 | ||||||
Canvest Environmental Protection Group Co. Ltd. (Hong Kong)(d) |
397,845 | 167,025 | ||||||
CECEP Solar Energy Co. Ltd., A Shares (China) |
147,200 | 147,695 | ||||||
CECEP Wind-Power Corp., A Shares (China) |
245,400 | 148,132 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares (China)(c) |
1,836,665 | 698,816 | ||||||
China Everbright Greentech Ltd. (China)(d) |
505,299 | 129,768 | ||||||
China Three Gorges Renewables Group Co. Ltd., A Shares (China) |
1,398,600 | 1,222,967 | ||||||
Concord New Energy Group Ltd. (Hong Kong) |
4,712,093 | 433,015 | ||||||
EDP Renovaveis S.A. (Spain)(c) |
234,570 | 5,574,962 | ||||||
Encavis AG (Germany) |
98,193 | 2,165,518 | ||||||
Energix-Renewable Energies Ltd. (Israel) |
179,221 | 611,166 | ||||||
Enlight Renewable Energy Ltd. (Israel)(b) |
754,461 | 1,626,752 | ||||||
eRex Co. Ltd. (Japan)(c) |
21,760 | 332,463 | ||||||
Falck Renewables S.p.A. (Italy)(c) |
95,104 | 886,027 | ||||||
GCL New Energy Holdings Ltd. |
6,876,967 | 119,739 | ||||||
Grenergy Renovables S.A. (Spain)(b) |
9,114 | 328,246 | ||||||
Neoen S.A. (France)(b)(c)(d) |
30,554 | 1,216,853 | ||||||
NextEra Energy Partners L.P. |
62,318 | 4,154,118 | ||||||
Omega Energia S.A. (Brazil)(b) |
239,991 | 517,569 | ||||||
Ormat Technologies, Inc.(c) |
36,419 | 2,829,756 | ||||||
RENOVA, Inc. (Japan)(b) |
28,877 | 355,757 | ||||||
Scatec ASA (South Africa)(d) |
97,211 | 1,187,593 | ||||||
Solaria Energia y Medio Ambiente S.A. (Spain)(b) |
61,167 | 1,368,144 | ||||||
SPCG PCL, NVDR (Thailand) |
388,235 | 190,433 | ||||||
Sunnova Energy International, Inc.(b)(c) |
68,697 | 1,186,397 | ||||||
Super Energy Corp. PCL, NVDR (Thailand) |
13,490,864 | 342,175 | ||||||
Terna Energy S.A. (Greece) |
37,810 | 701,132 | ||||||
TransAlta Renewables, Inc. (Canada)(c) |
87,092 | 1,214,334 | ||||||
Voltalia S.A. (France)(b)(c) |
19,454 | 411,480 | ||||||
West Holdings Corp. (Japan)(c) |
18,812 | 743,821 | ||||||
|
|
|||||||
34,696,176 | ||||||||
|
|
|||||||
IT Services-0.91% |
||||||||
Chindata Group Holdings Ltd., ADR (China)(b)(c) |
92,381 | 576,457 | ||||||
Kingsoft Cloud Holdings Ltd., ADR |
88,728 | 321,195 | ||||||
Switch, Inc., Class A(c) |
87,575 | 2,614,990 | ||||||
|
|
|||||||
3,512,642 | ||||||||
|
|
|||||||
Machinery-2.37% |
||||||||
Alstom S.A. (France)(c) |
258,285 | 5,622,672 | ||||||
Energy Recovery, Inc.(b) |
30,079 | 557,063 | ||||||
Lion Electric Co. (The) (Canada)(b) |
38,646 | 237,673 | ||||||
Proterra, Inc., (Acquired 02/28/2022 - 03/31/2022; Cost $1,284,938)(b)(c)(e) |
142,490 | 884,863 |
Shares | Value | |||||||
Machinery-(continued) |
||||||||
Riyue Heavy Industry Co. Ltd., A Shares (China) |
47,400 | $ | 115,940 | |||||
Stadler Rail AG (Switzerland)(c) |
40,794 | 1,476,072 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd. (China) |
38,320 | 253,281 | ||||||
|
|
|||||||
9,147,564 | ||||||||
|
|
|||||||
Metals & Mining-0.77% |
||||||||
Schnitzer Steel Industries, Inc., Class A |
21,185 | 966,672 | ||||||
Sims Ltd. |
137,444 | 1,999,756 | ||||||
|
|
|||||||
2,966,428 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-1.07% |
||||||||
Renewable Energy Group, Inc.(b) |
40,845 | 2,493,996 | ||||||
REX American Resources Corp.(b) |
4,384 | 371,018 | ||||||
VERBIO Vereinigte BioEnergie AG (Germany) |
18,043 | 1,290,537 | ||||||
|
|
|||||||
4,155,551 | ||||||||
|
|
|||||||
Paper & Forest Products-3.73% |
||||||||
Canfor Corp. (Canada)(b) |
50,975 | 976,384 | ||||||
Mercer International, Inc. (Germany) |
35,021 | 560,686 | ||||||
Suzano S.A. (Brazil) |
609,500 | 6,105,831 | ||||||
West Fraser Timber Co. Ltd. (Canada)(c) |
76,810 | 6,785,820 | ||||||
|
|
|||||||
14,428,721 | ||||||||
|
|
|||||||
Real Estate Management & Development-0.89% |
||||||||
Deutsche EuroShop AG (Germany) |
40,327 | 669,626 | ||||||
Platzer Fastigheter Holding AB, Class B (Sweden) |
48,921 | 494,484 | ||||||
Swire Properties Ltd. (Hong Kong) |
954,540 | 2,273,486 | ||||||
|
|
|||||||
3,437,596 | ||||||||
|
|
|||||||
Road & Rail-6.37% |
||||||||
Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China) |
2,003,300 | 1,389,897 | ||||||
BTS Group Holdings PCL, NVDR (Thailand) |
6,479,025 | 1,695,043 | ||||||
Central Japan Railway Co. (Japan) |
117,641 | 14,867,163 | ||||||
MTR Corp. Ltd. (Hong Kong) |
1,261,025 | 6,693,393 | ||||||
|
|
|||||||
24,645,496 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-12.49% |
||||||||
Duk San Neolux Co. Ltd. (South Korea)(b) |
8,815 | 288,694 | ||||||
Enphase Energy, Inc.(b) |
104,432 | 16,855,325 | ||||||
First Solar, Inc.(b)(c) |
77,893 | 5,688,526 | ||||||
GCL System Integration Technology Co. Ltd., A Shares (China)(b) |
286,600 | 118,826 | ||||||
JA Solar Technology Co. Ltd., A Shares (China) |
78,200 | 958,690 | ||||||
JinkoSolar Holding Co. Ltd., ADR |
31,120 | 1,595,211 | ||||||
LONGi Green Energy Technology Co. Ltd., A Shares (China) |
263,880 | 2,670,527 | ||||||
SMA Solar Technology AG (Germany)(c) |
8,493 | 388,869 | ||||||
SolarEdge Technologies, Inc.(b) |
42,797 | 10,716,797 | ||||||
SunPower Corp.(b)(c) |
70,569 | 1,165,094 | ||||||
Trina Solar Co. Ltd., A Shares (China) |
84,593 | 645,257 | ||||||
TSEC Corp. (Taiwan)(b) |
309,000 | 459,373 | ||||||
United Renewable Energy Co. Ltd. (Taiwan)(b) |
1,129,075 | 820,771 | ||||||
Xinyi Solar Holdings Ltd. (China) |
3,979,415 | 5,935,041 | ||||||
|
|
|||||||
48,307,001 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
38 |
|
Invesco MSCI Sustainable Future ETF (ERTH)–(continued)
April 30, 2022
Shares | Value | |||||||
Software-0.05% |
||||||||
Cloopen Group Holding Ltd., ADR (China)(b)(c) |
43,275 | $ | 31,980 | |||||
CM.com N.V. (Netherlands)(b)(c)(d) |
9,398 | 155,913 | ||||||
|
|
|||||||
187,893 | ||||||||
|
|
|||||||
Transportation Infrastructure-0.39% |
||||||||
Taiwan High Speed Rail Corp. (Taiwan) |
1,607,000 | 1,520,157 | ||||||
|
|
|||||||
Water Utilities-0.35% |
||||||||
Beijing Enterprises Water Group Ltd. (China) |
3,721,388 | 1,200,183 | ||||||
China Everbright Water Ltd. (China)(c) |
700,204 | 148,585 | ||||||
|
|
|||||||
1,348,768 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
374,437,833 | |||||||
|
|
|||||||
Exchange-Traded Funds-3.15% |
| |||||||
iShares MSCI India ETF(c) |
278,869 | 12,169,843 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
386,607,676 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-24.44% |
| |||||||
Invesco Private Government Fund, |
28,369,013 | $ | 28,369,013 | |||||
Invesco Private Prime Fund, 0.35%(f)(g)(h) |
66,151,778 | 66,151,778 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
94,520,791 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-124.41% |
|
481,128,467 | ||||||
OTHER ASSETS LESS LIABILITIES-(24.41)% |
|
(94,391,423 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 386,737,044 | ||||||
|
|
Investment Abbreviations:
ADR | - | American Depositary Receipt | ||
CVA | - | Dutch Certificates | ||
ETF | - | Exchange-Traded Fund | ||
NVDR | - | Non-Voting Depositary Receipt | ||
REIT | - | Real Estate Investment Trust |
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at April 30, 2022. |
(d) |
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 $7,579,321, which represented 1.96% of the Fund’s Net Assets. |
(e) |
Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets. |
(f) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 85,578,359 | $ | (85,578,359 | ) | $ | - | $ | - | $ | - | $ | 612 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
31,055,288 | 330,019,076 | (332,705,351 | ) | - | - | 28,369,013 | 17,454 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 46,582,932 | 545,889,520 | (526,292,290 | ) | 480 | (28,864 | ) | 66,151,778 | 70,958 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 77,638,220 | $ | 961,486,955 | $ | (944,576,000 | ) | $ | 480 | $ | (28,864 | ) | $ | 94,520,791 | $ | 89,024 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
39 |
|
Invesco MSCI Sustainable Future ETF (ERTH)–(continued)
April 30, 2022
(g) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
(h) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
This Fund has holdings greater than 10% of net assets in the following country:
China |
17.34 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
Invesco Raymond James SB-1 Equity ETF (RYJ)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Communication Services-5.06% |
||||||||
DISH Network Corp., Class A(b) |
21,004 | $ | 598,824 | |||||
EchoStar Corp., Class A(b) |
26,451 | 617,631 | ||||||
Integral Ad Science Holding |
52,085 | 615,124 | ||||||
Iridium Communications, Inc.(b) |
17,051 | 608,891 | ||||||
Radius Global Infrastructure, Inc., Class A(b)(c) |
49,798 | 618,491 | ||||||
Telephone & Data Systems, Inc. |
33,944 | 621,854 | ||||||
T-Mobile US, Inc.(b) |
4,980 | 613,237 | ||||||
United States Cellular Corp.(b) |
21,625 | 622,368 | ||||||
WideOpenWest, Inc.(b)(c) |
29,237 | 586,202 | ||||||
ZipRecruiter, Inc., Class A(b) |
28,331 | 637,731 | ||||||
|
|
|||||||
6,140,353 | ||||||||
|
|
|||||||
Consumer Discretionary-9.78% |
||||||||
Advance Auto Parts, Inc. |
2,916 | 582,121 | ||||||
Arko Corp.(c) |
68,311 | 633,243 | ||||||
Bloomin’ Brands, Inc. |
29,211 | 642,350 | ||||||
D.R. Horton, Inc. |
8,979 | 624,848 | ||||||
Dave & Buster’s Entertainment, |
13,946 | 634,543 | ||||||
Dollar General Corp. |
2,571 | 610,690 | ||||||
Everi Holdings, Inc.(b) |
34,917 | 606,159 | ||||||
KB Home |
19,497 | 632,288 | ||||||
M.D.C. Holdings, Inc. |
17,613 | 650,096 | ||||||
Mohawk Industries, Inc.(b) |
5,112 | 721,099 | ||||||
Newell Brands, Inc.(c) |
28,161 | 651,927 | ||||||
Polaris, Inc.(c) |
6,159 | 584,735 | ||||||
PulteGroup, Inc. |
15,189 | 634,293 | ||||||
Ruth’s Hospitality Group, Inc.(c) |
30,385 | 637,173 | ||||||
Target Corp. |
2,651 | 606,151 | ||||||
Tempur Sealy International, Inc. |
23,033 | 624,425 | ||||||
Texas Roadhouse, Inc. |
7,733 | 636,658 | ||||||
Tractor Supply Co. |
3,001 | 604,551 | ||||||
Xponential Fitness, Inc., Class A(b)(c) |
26,796 | 555,213 | ||||||
|
|
|||||||
11,872,563 | ||||||||
|
|
|||||||
Consumer Staples-2.12% |
||||||||
Darling Ingredients, Inc.(b) |
7,955 | 583,817 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
2,419 | 638,761 | ||||||
Olaplex Holdings, Inc.(b)(c) |
47,258 | 694,693 | ||||||
Primo Water Corp. |
44,812 | 656,048 | ||||||
|
|
|||||||
2,573,319 | ||||||||
|
|
|||||||
Energy-10.46% |
||||||||
Antero Resources Corp.(b) |
19,173 | 674,890 | ||||||
APA Corp. |
15,592 | 638,181 | ||||||
Black Stone Minerals L.P. |
43,973 | 696,532 | ||||||
Brigham Minerals, Inc., Class A(c) |
24,391 | 604,409 | ||||||
Cheniere Energy, Inc. |
4,816 | 654,061 | ||||||
ConocoPhillips |
6,667 | 636,832 | ||||||
DCP Midstream L.P. |
17,510 | 598,842 | ||||||
Devon Energy Corp. |
10,758 | 625,793 | ||||||
Diamondback Energy, Inc. |
4,790 | 604,642 | ||||||
Energy Transfer L.P. |
56,467 | 625,654 | ||||||
Enterprise Products Partners L.P. |
24,239 | 628,032 | ||||||
Kimbell Royalty Partners L.P. |
38,291 | 644,437 | ||||||
Marathon Oil Corp. |
25,214 | 628,333 | ||||||
Marathon Petroleum Corp. |
7,413 | 646,858 | ||||||
Northern Oil and Gas, Inc.(c) |
23,939 | 597,996 |
Shares | Value | |||||||
Energy-(continued) |
||||||||
Occidental Petroleum Corp. |
11,112 | $ | 612,160 | |||||
Pioneer Natural Resources Co.(c) |
2,707 | 629,296 | ||||||
Targa Resources Corp. |
8,366 | 614,148 | ||||||
Valero Energy Corp. |
6,270 | 698,980 | ||||||
Williams Cos., Inc. (The) |
18,437 | 632,205 | ||||||
|
|
|||||||
12,692,281 | ||||||||
|
|
|||||||
Financials-20.72% |
||||||||
Allstate Corp. (The) |
4,661 | 589,803 | ||||||
AssetMark Financial Holdings, Inc.(b) |
31,642 | 608,476 | ||||||
Axos Financial, Inc.(b) |
15,526 | 588,125 | ||||||
Bancorp, Inc. (The)(b) |
25,767 | 584,653 | ||||||
Banner Corp. |
11,440 | 614,328 | ||||||
Barings BDC, Inc.(c) |
60,911 | 620,074 | ||||||
Business First Bancshares, Inc. |
22,180 | 491,509 | ||||||
Cadence Bank |
24,167 | 605,142 | ||||||
Chubb Ltd. |
3,110 | 642,059 | ||||||
Coastal Financial Corp.(b) |
14,903 | 611,619 | ||||||
CrossFirst Bankshares, Inc.(b) |
46,855 | 600,213 | ||||||
Dime Community Bancshares, Inc. |
18,350 | 576,924 | ||||||
Finance Of America Cos., Inc., Class A(b)(c) |
263,519 | 595,553 | ||||||
FVCBankcorp, Inc.(b) |
18,957 | 391,652 | ||||||
Hancock Whitney Corp. |
13,382 | 625,876 | ||||||
Horizon Bancorp, Inc. |
34,788 | 608,094 | ||||||
Huntington Bancshares, Inc. |
46,655 | 613,513 | ||||||
Intercontinental Exchange, Inc. |
5,450 | 631,164 | ||||||
Ladder Capital Corp. |
53,439 | 608,670 | ||||||
Lakeland Bancorp, Inc. |
40,309 | 605,844 | ||||||
Mercantile Bank Corp. |
19,275 | 605,235 | ||||||
Merchants Bancorp. |
25,292 | 594,868 | ||||||
Meta Financial Group, Inc. |
13,682 | 597,219 | ||||||
MVB Financial Corp.(c) |
14,877 | 595,973 | ||||||
Nexpoint Real Estate Finance, Inc. |
27,957 | 656,430 | ||||||
OceanFirst Financial Corp. |
33,718 | 631,538 | ||||||
Old Republic International Corp. |
26,961 | 593,412 | ||||||
Old Second Bancorp, Inc. |
45,057 | 620,435 | ||||||
Open Lending Corp., Class A(b)(c) |
46,359 | 632,337 | ||||||
Origin Bancorp, Inc. |
15,886 | 598,584 | ||||||
PacWest Bancorp |
18,641 | 613,102 | ||||||
Redwood Trust, Inc. |
70,659 | 685,392 | ||||||
Signature Bank |
2,471 | 598,600 | ||||||
SmartFinancial, Inc. |
14,265 | 349,778 | ||||||
Starwood Property Trust, Inc. |
26,961 | 616,868 | ||||||
TPG RE Finance Trust, Inc. |
58,113 | 613,092 | ||||||
Triumph Bancorp, Inc.(b)(c) |
8,856 | 614,961 | ||||||
Veritex Holdings, Inc. |
18,370 | 603,454 | ||||||
VersaBank (Canada) |
10,078 | 101,889 | ||||||
Webster Financial Corp. |
12,685 | 634,123 | ||||||
Willis Towers Watson PLC |
2,710 | 582,271 | ||||||
Wintrust Financial Corp. |
6,852 | 598,317 | ||||||
Zions Bancorporation N.A |
10,571 | 597,367 | ||||||
|
|
|||||||
25,148,536 | ||||||||
|
|
|||||||
Health Care-11.65% |
||||||||
Acadia Healthcare Co., Inc.(b) |
8,790 | 596,665 | ||||||
ADMA Biologics, Inc.(b)(c) |
327,282 | 602,199 | ||||||
AngioDynamics, Inc.(b) |
27,364 | 576,012 | ||||||
Apellis Pharmaceuticals, Inc.(b)(c) |
12,932 | 562,930 | ||||||
Argenx SE, ADR (Netherlands)(b) |
2,083 | 598,488 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | ||||
|
| |||
Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)
April 30, 2022
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Aveanna Healthcare Holdings, |
207,519 | $ | 605,955 | |||||
Blueprint Medicines Corp.(b)(c) |
10,191 | 594,645 | ||||||
Boston Scientific Corp.(b) |
14,205 | 598,173 | ||||||
CareDx, Inc.(b)(c) |
21,248 | 646,789 | ||||||
ChemoCentryx, Inc.(b)(c) |
33,410 | 616,749 | ||||||
Cigna Corp. |
2,486 | 613,495 | ||||||
Cymabay Therapeutics, Inc.(b) |
243,643 | 553,070 | ||||||
Encompass Health Corp. |
9,044 | 622,499 | ||||||
Health Catalyst, Inc.(b)(c) |
30,555 | 508,435 | ||||||
InflaRx N.V. (Germany) |
242,538 | 409,889 | ||||||
Mirum Pharmaceuticals, Inc.(b)(c) |
25,777 | 612,977 | ||||||
NGM Biopharmaceuticals, Inc.(b) |
44,121 | 550,630 | ||||||
Ocular Therapeutix, Inc.(b)(c) |
175,892 | 627,934 | ||||||
PolyPid Ltd. (Israel)(b)(c) |
26,946 | 130,688 | ||||||
Quidel Corp.(b)(c) |
5,971 | 600,802 | ||||||
REGENXBIO, Inc.(b)(c) |
22,105 | 613,635 | ||||||
Sol-Gel Technologies Ltd. (Israel)(c) |
8,402 | 59,318 | ||||||
Tarsus Pharmaceuticals, Inc.(b) |
25,273 | 462,749 | ||||||
Tenet Healthcare Corp.(b) |
7,590 | 550,351 | ||||||
UnitedHealth Group, Inc. |
1,224 | 622,465 | ||||||
VBI Vaccines, Inc.(b) |
480,173 | 600,216 | ||||||
|
|
|||||||
14,137,758 | ||||||||
|
|
|||||||
Industrials-10.92% |
||||||||
Ads-Tec Energy PLC (Ireland)(c) |
38,111 | 258,393 | ||||||
Alaska Air Group, Inc.(b)(c) |
11,191 | 608,679 | ||||||
Axon Enterprise, Inc.(b) |
5,452 | 611,714 | ||||||
Bloom Energy Corp., Class A(b)(c) |
33,224 | 616,637 | ||||||
Byrna Technologies, Inc.(b)(c) |
92,263 | 546,197 | ||||||
Casella Waste Systems, Inc., Class A(b) |
7,527 | 619,020 | ||||||
Clean Harbors, Inc.(b) |
6,048 | 634,617 | ||||||
Copa Holdings S.A., Class A (Panama)(c) |
8,060 | 607,482 | ||||||
Delta Air Lines, Inc.(b) |
14,707 | 632,842 | ||||||
Federal Signal Corp. |
18,694 | 636,157 | ||||||
Forward Air Corp. |
6,907 | 669,772 | ||||||
FTC Solar, Inc.(b)(c) |
220,012 | 616,034 | ||||||
PACCAR, Inc. |
7,467 | 620,134 | ||||||
ReneSola Ltd., ADR (China)(b)(c) |
130,007 | 626,634 | ||||||
Shyft Group, Inc. (The) |
21,611 | 550,432 | ||||||
Tecnoglass, Inc.(c) |
27,993 | 625,084 | ||||||
TPI Composites, Inc.(b)(c) |
54,412 | 622,473 | ||||||
Union Pacific Corp. |
2,692 | 630,709 | ||||||
United Parcel Service, Inc., Class B |
3,484 | 627,050 | ||||||
Wabash National Corp. |
43,973 | 629,254 | ||||||
Waste Connections, Inc. |
4,720 | 651,218 | ||||||
WESCO International, Inc.(b) |
4,940 | 608,904 | ||||||
|
|
|||||||
13,249,436 | ||||||||
|
|
|||||||
Information Technology-16.36% |
||||||||
Alarm.com Holdings, Inc.(b) |
10,848 | 662,596 | ||||||
Avnet, Inc. |
16,528 | 721,612 | ||||||
Cambium Networks Corp.(b)(c) |
41,954 | 640,638 | ||||||
Cognex Corp. |
9,263 | 626,457 | ||||||
EngageSmart, Inc.(b)(c) |
32,892 | 686,785 | ||||||
Envestnet, Inc.(b)(c) |
8,011 | 637,996 | ||||||
Fastly, Inc., Class A(b)(c) |
38,538 | 612,754 | ||||||
Fidelity National Information Services, Inc. |
6,387 | 633,271 | ||||||
Flywire Corp.(b)(c) |
21,632 | 659,992 | ||||||
GoDaddy, Inc., Class A(b) |
7,693 | 621,671 | ||||||
HubSpot, Inc.(b) |
1,627 | 617,333 | ||||||
I3 Verticals, Inc., Class A(b)(c) |
25,013 | 686,607 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Itron, Inc.(b) |
13,401 | $ | 640,300 | |||||
Jabil, Inc. |
11,119 | 641,900 | ||||||
KVH Industries, Inc.(b) |
65,280 | 520,282 | ||||||
Limelight Networks, Inc.(b)(c) |
131,043 | 467,824 | ||||||
Microchip Technology, Inc. |
9,728 | 634,266 | ||||||
Micron Technology, Inc. |
9,276 | 632,530 | ||||||
MiX Telematics Ltd., ADR (South Africa) |
26,496 | 292,781 | ||||||
New Relic, Inc.(b) |
9,972 | 630,928 | ||||||
nLight, Inc.(b)(c) |
46,755 | 614,828 | ||||||
NVIDIA Corp. |
3,259 | 604,447 | ||||||
Ping Identity Holding Corp.(b)(c) |
23,436 | 612,383 | ||||||
Pure Storage, Inc., Class A(b) |
21,783 | 638,242 | ||||||
QUALCOMM, Inc. |
4,833 | 675,122 | ||||||
RingCentral, Inc., Class A(b) |
7,065 | 599,465 | ||||||
Roper Technologies, Inc. |
1,402 | 658,828 | ||||||
salesforce.com, inc.(b) |
3,712 | 653,089 | ||||||
SS&C Technologies Holdings, Inc. |
9,243 | 597,652 | ||||||
Switch, Inc., Class A(c) |
21,790 | 650,649 | ||||||
TD SYNNEX Corp. |
6,369 | 637,473 | ||||||
UserTesting, Inc.(b)(c) |
81,820 | 639,014 | ||||||
|
|
|||||||
19,849,715 | ||||||||
|
|
|||||||
Materials-1.06% |
||||||||
Graphic Packaging Holding Co. |
29,766 | 648,899 | ||||||
Scotts Miracle-Gro Co. (The)(c) |
6,075 | 631,375 | ||||||
|
|
|||||||
1,280,274 | ||||||||
|
|
|||||||
Real Estate-11.29% |
||||||||
Agree Realty Corp. |
9,170 | 622,826 | ||||||
American Homes 4 Rent, Class A |
15,270 | 604,845 | ||||||
CareTrust REIT, Inc. |
38,447 | 623,226 | ||||||
Cushman & Wakefield PLC(b)(c) |
35,160 | 629,364 | ||||||
Digital Realty Trust, Inc. |
4,376 | 639,421 | ||||||
DigitalBridge Group, Inc.(b) |
92,784 | 645,777 | ||||||
EPR Properties |
11,868 | 623,307 | ||||||
Equinix, Inc. |
868 | 624,161 | ||||||
Gaming and Leisure Properties, Inc. |
13,852 | 614,752 | ||||||
Invitation Homes, Inc. |
15,033 | 598,614 | ||||||
Kite Realty Group Trust |
29,069 | 648,239 | ||||||
Medical Properties Trust, Inc. |
32,358 | 595,064 | ||||||
National Retail Properties, Inc. |
13,691 | 600,213 | ||||||
PotlatchDeltic Corp. |
12,064 | 668,225 | ||||||
Prologis, Inc. |
3,852 | 617,437 | ||||||
Public Storage |
1,595 | 592,543 | ||||||
SBA Communications Corp., |
1,777 | 616,815 | ||||||
Uniti Group, Inc.(c) |
49,239 | 610,071 | ||||||
Ventas, Inc. |
10,960 | 608,828 | ||||||
VICI Properties, Inc.(c) |
21,841 | 651,080 | ||||||
Welltower, Inc. |
6,761 | 613,966 | ||||||
Weyerhaeuser Co. |
15,764 | 649,792 | ||||||
|
|
|||||||
13,698,566 | ||||||||
|
|
|||||||
Utilities-0.57% |
||||||||
Sunnova Energy International, |
40,087 | 692,302 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity Interests (Cost $113,968,277) |
121,335,103 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)
April 30, 2022
Shares | Value | |||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
9,638 | $ | 9,638 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-100.00% |
121,344,741 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-18.76% |
| |||||||
Invesco Private Government Fund, |
6,869,651 | 6,869,651 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, |
15,899,917 | $ | 15,899,917 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
22,769,568 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-118.76% |
|
144,114,309 | ||||||
OTHER ASSETS LESS LIABILITIES-(18.76)% |
|
(22,760,094 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 121,354,215 | |||||
|
|
Investment Abbreviations:
ADR -American Depositary Receipt
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at April 30, 2022. |
(d) |
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 | $ | - | $ | 1,756,570 | $ | (1,746,932 | ) | $ | - | $ | - | $ | 9,638 | $ | 39 | ||||||||||||||||||||
Investments Purchased with
Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
3,616,622 | 46,173,743 | (42,920,714 | ) | - | - | 6,869,651 | 4,399 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 5,424,933 | 97,247,740 | (86,768,110 | ) | 1,949 | (6,595 | ) | 15,899,917 | 15,704 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 9,041,555 | $ | 145,1718,053 | $ | (131,435,756 | ) | $ | 1,949 | $ | (6,595 | ) | $ | 22,779,206 | $ | 20,142 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43 | ||||
|
| |||
Invesco S&P 500 BuyWrite ETF (PBP)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.24% |
| |||||||
Communication Services-8.66% |
||||||||
Activision Blizzard, Inc. |
3,085 | $ | 233,226 | |||||
Alphabet, Inc., Class A(b) |
1,191 | 2,718,088 | ||||||
Alphabet, Inc., Class C(b) |
1,100 | 2,529,263 | ||||||
AT&T, Inc. |
28,282 | 533,399 | ||||||
Charter Communications, Inc., Class A(b) |
472 | 202,247 | ||||||
Comcast Corp., Class A |
17,917 | 712,380 | ||||||
DISH Network Corp., Class A(b) |
989 | 28,196 | ||||||
Electronic Arts, Inc. |
1,113 | 131,390 | ||||||
Fox Corp., Class A |
1,250 | 44,800 | ||||||
Fox Corp., Class B |
578 | 19,213 | ||||||
Interpublic Group of Cos., Inc. (The) |
1,558 | 50,822 | ||||||
Live Nation Entertainment, Inc.(b) |
535 | 56,111 | ||||||
Lumen Technologies, Inc. |
3,650 | 36,719 | ||||||
Match Group, Inc.(b) |
1,121 | 88,727 | ||||||
Meta Platforms, Inc., Class A(b) |
9,144 | 1,833,098 | ||||||
Netflix, Inc.(b) |
1,758 | 334,653 | ||||||
News Corp., Class A |
1,548 | 30,743 | ||||||
News Corp., Class B |
474 | 9,437 | ||||||
Omnicom Group, Inc. |
828 | 63,036 | ||||||
Paramount Global, Class B |
2,402 | 69,946 | ||||||
Take-Two Interactive Software, Inc.(b) |
457 | 54,616 | ||||||
T-Mobile US, Inc.(b) |
2,325 | 286,301 | ||||||
Twitter, Inc.(b) |
3,167 | 155,246 | ||||||
Verizon Communications, Inc. |
16,626 | 769,784 | ||||||
Walt Disney Co. (The)(b) |
7,210 | 804,852 | ||||||
Warner Bros Discovery, Inc.(b) |
8,758 | 158,958 | ||||||
|
|
|||||||
11,955,251 | ||||||||
|
|
|||||||
Consumer Discretionary-11.49% |
||||||||
Advance Auto Parts, Inc. |
247 | 49,309 | ||||||
Amazon.com, Inc.(b) |
1,733 | 4,307,597 | ||||||
Aptiv PLC(b) |
1,072 | 114,061 | ||||||
AutoZone, Inc.(b) |
83 | 162,304 | ||||||
Bath & Body Works, Inc. |
1,021 | 54,001 | ||||||
Best Buy Co., Inc. |
857 | 77,070 | ||||||
Booking Holdings, Inc.(b) |
163 | 360,281 | ||||||
BorgWarner, Inc. |
949 | 34,952 | ||||||
Caesars Entertainment, Inc.(b) |
846 | 56,073 | ||||||
CarMax, Inc.(b) |
640 | 54,899 | ||||||
Carnival Corp.(b) |
3,203 | 55,412 | ||||||
Chipotle Mexican Grill, Inc.(b) |
112 | 163,028 | ||||||
D.R. Horton, Inc. |
1,277 | 88,866 | ||||||
Darden Restaurants, Inc. |
506 | 66,655 | ||||||
Dollar General Corp. |
918 | 218,053 | ||||||
Dollar Tree, Inc.(b) |
891 | 144,743 | ||||||
Domino’s Pizza, Inc. |
144 | 48,672 | ||||||
eBay, Inc. |
2,479 | 128,710 | ||||||
Etsy, Inc.(b) |
502 | 46,781 | ||||||
Expedia Group, Inc.(b) |
595 | 103,976 | ||||||
Ford Motor Co. |
15,578 | 220,584 | ||||||
Garmin Ltd. |
602 | 66,063 | ||||||
General Motors Co.(b) |
5,754 | 218,134 | ||||||
Genuine Parts Co. |
565 | 73,478 | ||||||
Hasbro, Inc. |
514 | 45,263 | ||||||
Hilton Worldwide Holdings, Inc.(b) |
1,103 | 171,285 | ||||||
Home Depot, Inc. (The) |
4,136 | 1,242,454 | ||||||
Las Vegas Sands Corp.(b) |
1,361 | 48,220 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Lennar Corp., Class A |
1,035 | $ | 79,167 | |||||
LKQ Corp. |
1,062 | 52,707 | ||||||
Lowe’s Cos., Inc. |
2,668 | 527,544 | ||||||
Marriott International, Inc., Class A(b) |
1,083 | 192,254 | ||||||
McDonald’s Corp. |
2,959 | 737,264 | ||||||
MGM Resorts International |
1,491 | 61,191 | ||||||
Mohawk Industries, Inc.(b) |
216 | 30,469 | ||||||
Newell Brands, Inc. |
1,499 | 34,702 | ||||||
NIKE, Inc., Class B |
5,054 | 630,234 | ||||||
Norwegian Cruise Line Holdings |
1,651 | 33,070 | ||||||
NVR, Inc.(b) |
14 | 61,267 | ||||||
O’Reilly Automotive, Inc.(b) |
267 | 161,949 | ||||||
Penn National Gaming, Inc.(b) |
658 | 24,063 | ||||||
Pool Corp. |
160 | 64,835 | ||||||
PulteGroup, Inc. |
985 | 41,134 | ||||||
PVH Corp. |
278 | 20,233 | ||||||
Ralph Lauren Corp. |
184 | 19,199 | ||||||
Ross Stores, Inc. |
1,399 | 139,578 | ||||||
Royal Caribbean Cruises Ltd.(b) |
888 | 69,024 | ||||||
Starbucks Corp. |
4,555 | 339,985 | ||||||
Tapestry, Inc. |
1,045 | 34,401 | ||||||
Target Corp. |
1,897 | 433,749 | ||||||
Tesla, Inc.(b) |
3,315 | 2,886,569 | ||||||
TJX Cos., Inc. (The) |
4,724 | 289,487 | ||||||
Tractor Supply Co. |
451 | 90,854 | ||||||
Ulta Beauty, Inc.(b) |
215 | 85,312 | ||||||
Under Armour, Inc., Class A(b) |
738 | 11,336 | ||||||
Under Armour, Inc., Class C(b) |
842 | 11,948 | ||||||
VF Corp. |
1,278 | 66,456 | ||||||
Whirlpool Corp. |
234 | 42,476 | ||||||
Wynn Resorts Ltd.(b) |
417 | 29,390 | ||||||
Yum! Brands, Inc. |
1,144 | 133,859 | ||||||
|
|
|||||||
15,856,630 | ||||||||
|
|
|||||||
Consumer Staples-6.84% |
||||||||
Altria Group, Inc. |
7,220 | 401,215 | ||||||
Archer-Daniels-Midland Co. |
2,216 | 198,465 | ||||||
Brown-Forman Corp., Class B |
724 | 48,827 | ||||||
Campbell Soup Co. |
800 | 37,776 | ||||||
Church & Dwight Co., Inc. |
958 | 93,462 | ||||||
Clorox Co. (The) |
487 | 69,870 | ||||||
Coca-Cola Co. (The) |
15,396 | 994,736 | ||||||
Colgate-Palmolive Co. |
3,337 | 257,116 | ||||||
Conagra Brands, Inc. |
1,899 | 66,332 | ||||||
Constellation Brands, Inc., Class A |
651 | 160,205 | ||||||
Costco Wholesale Corp. |
1,756 | 933,700 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
921 | 243,199 | ||||||
General Mills, Inc. |
2,388 | 168,903 | ||||||
Hershey Co. (The) |
576 | 130,044 | ||||||
Hormel Foods Corp. |
1,118 | 58,572 | ||||||
JM Smucker Co. (The) |
429 | 58,743 | ||||||
Kellogg Co. |
1,013 | 69,390 | ||||||
Kimberly-Clark Corp. |
1,334 | 185,199 | ||||||
Kraft Heinz Co. (The) |
2,812 | 119,876 | ||||||
Kroger Co. (The) |
2,649 | 142,940 | ||||||
Lamb Weston Holdings, Inc. |
575 | 38,008 | ||||||
McCormick & Co., Inc. |
989 | 99,464 | ||||||
Molson Coors Beverage Co., Class B |
746 | 40,388 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | ||||
|
| |||
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
April 30, 2022
Shares | Value | |||||||
Consumer Staples-(continued) |
||||||||
Mondelez International, Inc., Class A |
5,498 | $ | 354,511 | |||||
Monster Beverage Corp.(b) |
1,488 | 127,492 | ||||||
PepsiCo, Inc. |
5,479 | 940,799 | ||||||
Philip Morris International, Inc. |
6,137 | 613,700 | ||||||
Procter & Gamble Co. (The) |
9,493 | 1,524,101 | ||||||
Sysco Corp. |
2,009 | 171,729 | ||||||
Tyson Foods, Inc., Class A |
1,158 | 107,879 | ||||||
Walgreens Boots Alliance, Inc. |
2,837 | 120,289 | ||||||
Walmart, Inc. |
5,602 | 857,050 | ||||||
|
|
|||||||
9,433,980 | ||||||||
|
|
|||||||
Energy-4.18% |
||||||||
APA Corp. |
1,439 | 58,898 | ||||||
Baker Hughes Co., Class A |
3,586 | 111,238 | ||||||
Chevron Corp. |
7,635 | 1,196,175 | ||||||
ConocoPhillips |
5,157 | 492,597 | ||||||
Coterra Energy, Inc. |
3,222 | 92,761 | ||||||
Devon Energy Corp. |
2,493 | 145,018 | ||||||
Diamondback Energy, Inc. |
675 | 85,205 | ||||||
EOG Resources, Inc. |
2,317 | 270,533 | ||||||
Exxon Mobil Corp. |
16,767 | 1,429,387 | ||||||
Halliburton Co. |
3,559 | 126,772 | ||||||
Hess Corp. |
1,092 | 112,552 | ||||||
Kinder Morgan, Inc. |
7,722 | 140,154 | ||||||
Marathon Oil Corp. |
3,083 | 76,828 | ||||||
Marathon Petroleum Corp. |
2,293 | 200,087 | ||||||
Occidental Petroleum Corp. |
3,514 | 193,586 | ||||||
ONEOK, Inc. |
1,765 | 111,777 | ||||||
Phillips 66 |
1,852 | 160,680 | ||||||
Pioneer Natural Resources Co. |
899 | 208,991 | ||||||
Schlumberger N.V. |
5,557 | 216,779 | ||||||
Valero Energy Corp. |
1,618 | 180,375 | ||||||
Williams Cos., Inc. (The) |
4,811 | 164,969 | ||||||
|
|
|||||||
5,775,362 | ||||||||
|
|
|||||||
Financials-10.98% |
||||||||
Aflac, Inc. |
2,376 | 136,097 | ||||||
Allstate Corp. (The) |
1,111 | 140,586 | ||||||
American Express Co. |
2,436 | 425,594 | ||||||
American International Group, Inc. |
3,288 | 192,381 | ||||||
Ameriprise Financial, Inc. |
439 | 116,550 | ||||||
Aon PLC, Class A |
850 | 244,792 | ||||||
Arthur J. Gallagher & Co. |
826 | 139,173 | ||||||
Assurant, Inc. |
226 | 41,105 | ||||||
Bank of America Corp. |
28,153 | 1,004,499 | ||||||
Bank of New York Mellon Corp. (The) |
2,930 | 123,236 | ||||||
Berkshire Hathaway, Inc., Class B(b) |
7,253 | 2,341,486 | ||||||
BlackRock, Inc. |
565 | 352,944 | ||||||
Brown & Brown, Inc. |
929 | 57,579 | ||||||
Capital One Financial Corp. |
1,639 | 204,252 | ||||||
Cboe Global Markets, Inc. |
423 | 47,791 | ||||||
Charles Schwab Corp. (The) |
5,954 | 394,929 | ||||||
Chubb Ltd. |
1,705 | 351,997 | ||||||
Cincinnati Financial Corp. |
593 | 72,737 | ||||||
Citigroup, Inc. |
7,859 | 378,882 | ||||||
Citizens Financial Group, Inc. |
1,959 | 77,185 | ||||||
CME Group, Inc., Class A |
1,423 | 312,121 | ||||||
Comerica, Inc. |
518 | 42,424 | ||||||
Discover Financial Services |
1,140 | 128,204 | ||||||
Everest Re Group Ltd. |
157 | 43,130 | ||||||
FactSet Research Systems, Inc. |
150 | 60,524 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Fifth Third Bancorp |
2,708 | $ | 101,631 | |||||
First Republic Bank |
710 | 105,946 | ||||||
Franklin Resources, Inc. |
1,100 | 27,049 | ||||||
Globe Life, Inc. |
368 | 36,093 | ||||||
Goldman Sachs Group, Inc. (The) |
1,344 | 410,579 | ||||||
Hartford Financial Services Group, Inc. (The) |
1,326 | 92,727 | ||||||
Huntington Bancshares, Inc. |
5,694 | 74,876 | ||||||
Intercontinental Exchange, Inc. |
2,225 | 257,677 | ||||||
Invesco Ltd.(c) |
1,317 | 24,206 | ||||||
JPMorgan Chase & Co. |
11,704 | 1,396,989 | ||||||
KeyCorp. |
3,678 | 71,022 | ||||||
Lincoln National Corp. |
656 | 39,458 | ||||||
Loews Corp. |
777 | 48,827 | ||||||
M&T Bank Corp. |
709 | 118,148 | ||||||
MarketAxess Holdings, Inc. |
151 | 39,805 | ||||||
Marsh & McLennan Cos., Inc. |
1,999 | 323,238 | ||||||
MetLife, Inc. |
2,779 | 182,525 | ||||||
Moody’s Corp. |
641 | 202,864 | ||||||
Morgan Stanley |
5,614 | 452,432 | ||||||
MSCI, Inc. |
322 | 135,643 | ||||||
Nasdaq, Inc. |
464 | 73,020 | ||||||
Northern Trust Corp. |
823 | 84,810 | ||||||
PNC Financial Services Group, |
1,663 | 276,224 | ||||||
Principal Financial Group, Inc. |
962 | 65,551 | ||||||
Progressive Corp. (The) |
2,315 | 248,538 | ||||||
Prudential Financial, Inc. |
1,497 | 162,440 | ||||||
Raymond James Financial, Inc. |
740 | 72,120 | ||||||
Regions Financial Corp. |
3,730 | 77,286 | ||||||
S&P Global, Inc. |
1,402 | 527,853 | ||||||
Signature Bank |
248 | 60,078 | ||||||
State Street Corp. |
1,449 | 97,040 | ||||||
SVB Financial Group(b) |
233 | 113,620 | ||||||
Synchrony Financial |
2,064 | 75,976 | ||||||
T. Rowe Price Group, Inc. |
907 | 111,597 | ||||||
Travelers Cos., Inc. (The) |
955 | 163,362 | ||||||
Truist Financial Corp. |
5,286 | 255,578 | ||||||
U.S. Bancorp |
5,348 | 259,699 | ||||||
W.R. Berkley Corp. |
830 | 55,187 | ||||||
Wells Fargo & Co. |
15,389 | 671,422 | ||||||
Willis Towers Watson PLC |
484 | 103,992 | ||||||
Zions Bancorporation N.A. |
600 | 33,906 | ||||||
|
|
|||||||
15,161,232 | ||||||||
|
|
|||||||
Health Care-14.23% |
||||||||
Abbott Laboratories |
7,003 | 794,840 | ||||||
AbbVie, Inc. |
7,002 | 1,028,454 | ||||||
ABIOMED, Inc.(b) |
181 | 51,871 | ||||||
Agilent Technologies, Inc. |
1,189 | 141,812 | ||||||
Align Technology, Inc.(b) |
291 | 84,364 | ||||||
AmerisourceBergen Corp. |
596 | 90,169 | ||||||
Amgen, Inc. |
2,231 | 520,247 | ||||||
Anthem, Inc. |
961 | 482,355 | ||||||
Baxter International, Inc. |
1,983 | 140,912 | ||||||
Becton, Dickinson and Co. |
1,128 | 278,830 | ||||||
Biogen, Inc.(b) |
582 | 120,730 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) |
86 | 44,037 | ||||||
Bio-Techne Corp. |
156 | 59,232 | ||||||
Boston Scientific Corp.(b) |
5,643 | 237,627 | ||||||
Bristol-Myers Squibb Co. |
8,632 | 649,731 | ||||||
Cardinal Health, Inc. |
1,097 | 63,681 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45 | ||||
|
| |||
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
April 30, 2022
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Catalent, Inc.(b) |
709 | $ | 64,207 | |||||
Centene Corp.(b) |
2,310 | 186,070 | ||||||
Cerner Corp. |
1,165 | 109,091 | ||||||
Charles River Laboratories International, Inc.(b) |
199 | 48,060 | ||||||
Cigna Corp. |
1,279 | 315,632 | ||||||
Cooper Cos., Inc. (The) |
195 | 70,403 | ||||||
CVS Health Corp. |
5,198 | 499,684 | ||||||
Danaher Corp. |
2,520 | 632,848 | ||||||
DaVita, Inc.(b) |
242 | 26,225 | ||||||
DENTSPLY SIRONA, Inc. |
866 | 34,631 | ||||||
DexCom, Inc.(b) |
384 | 156,895 | ||||||
Edwards Lifesciences Corp.(b) |
2,472 | 261,488 | ||||||
Eli Lilly and Co. |
3,144 | 918,457 | ||||||
Gilead Sciences, Inc. |
4,967 | 294,742 | ||||||
HCA Healthcare, Inc. |
948 | 203,393 | ||||||
Henry Schein, Inc.(b) |
549 | 44,524 | ||||||
Hologic, Inc.(b) |
990 | 71,270 | ||||||
Humana, Inc. |
510 | 226,726 | ||||||
IDEXX Laboratories, Inc.(b) |
336 | 144,641 | ||||||
Illumina, Inc.(b) |
619 | 183,626 | ||||||
Incyte Corp.(b) |
745 | 55,845 | ||||||
Intuitive Surgical, Inc.(b) |
1,416 | 338,849 | ||||||
IQVIA Holdings, Inc.(b) |
756 | 164,800 | ||||||
Johnson & Johnson |
10,426 | 1,881,476 | ||||||
Laboratory Corp. of America Holdings(b) |
369 | 88,663 | ||||||
McKesson Corp. |
593 | 183,599 | ||||||
Medtronic PLC |
5,325 | 555,717 | ||||||
Merck & Co., Inc. |
10,004 | 887,255 | ||||||
Mettler-Toledo International, Inc.(b) |
91 | 116,255 | ||||||
Moderna, Inc.(b) |
1,397 | 187,771 | ||||||
Molina Healthcare, Inc.(b) |
232 | 72,720 | ||||||
Organon & Co. |
1,004 | 32,459 | ||||||
PerkinElmer, Inc. |
500 | 73,305 | ||||||
Pfizer, Inc. |
22,229 | 1,090,777 | ||||||
Quest Diagnostics, Inc. |
472 | 63,172 | ||||||
Regeneron Pharmaceuticals, Inc.(b) |
423 | 278,803 | ||||||
ResMed, Inc. |
579 | 115,783 | ||||||
STERIS PLC |
397 | 88,948 | ||||||
Stryker Corp. |
1,330 | 320,876 | ||||||
Teleflex, Inc. |
186 | 53,125 | ||||||
Thermo Fisher Scientific, Inc. |
1,560 | 862,555 | ||||||
UnitedHealth Group, Inc. |
3,729 | 1,896,383 | ||||||
Universal Health Services, Inc., Class B |
290 | 35,534 | ||||||
Vertex Pharmaceuticals, Inc.(b) |
1,008 | 275,406 | ||||||
Viatris, Inc. |
4,790 | 49,481 | ||||||
Waters Corp.(b) |
242 | 73,331 | ||||||
West Pharmaceutical Services, Inc. |
293 | 92,313 | ||||||
Zimmer Biomet Holdings, Inc. |
828 | 99,981 | ||||||
Zoetis, Inc. |
1,874 | 332,166 | ||||||
|
|
|||||||
19,648,853 | ||||||||
|
|
|||||||
Industrials-7.84% |
||||||||
3M Co. |
2,261 | 326,081 | ||||||
A.O. Smith Corp. |
521 | 30,442 | ||||||
Alaska Air Group, Inc.(b) |
499 | 27,141 | ||||||
Allegion PLC |
352 | 40,213 | ||||||
American Airlines Group, Inc.(b) |
2,565 | 48,145 | ||||||
AMETEK, Inc. |
917 | 115,780 | ||||||
Boeing Co. (The)(b) |
2,170 | 322,983 | ||||||
C.H. Robinson Worldwide, Inc. |
515 | 54,667 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Carrier Global Corp. |
3,387 | $ | 129,621 | |||||
Caterpillar, Inc. |
2,142 | 450,977 | ||||||
Cintas Corp. |
349 | 138,644 | ||||||
Copart, Inc.(b) |
845 | 96,034 | ||||||
CSX Corp. |
8,784 | 301,643 | ||||||
Cummins, Inc. |
565 | 106,892 | ||||||
Deere & Co. |
1,110 | 419,081 | ||||||
Delta Air Lines, Inc.(b) |
2,534 | 109,038 | ||||||
Dover Corp. |
571 | 76,114 | ||||||
Eaton Corp. PLC |
1,579 | 228,987 | ||||||
Emerson Electric Co. |
2,352 | 212,103 | ||||||
Equifax, Inc. |
483 | 98,300 | ||||||
Expeditors International of Washington, Inc. |
671 | 66,476 | ||||||
Fastenal Co. |
2,279 | 126,052 | ||||||
FedEx Corp. |
966 | 191,983 | ||||||
Fortive Corp. |
1,419 | 81,593 | ||||||
Fortune Brands Home & Security, Inc. |
538 | 38,333 | ||||||
Generac Holdings, Inc.(b) |
250 | 54,845 | ||||||
General Dynamics Corp. |
912 | 215,715 | ||||||
General Electric Co. |
4,353 | 324,516 | ||||||
Honeywell International, Inc. |
2,716 | 525,573 | ||||||
Howmet Aerospace, Inc. |
1,503 | 51,282 | ||||||
Huntington Ingalls Industries, Inc. |
159 | 33,826 | ||||||
IDEX Corp. |
301 | 57,136 | ||||||
Illinois Tool Works, Inc. |
1,131 | 222,931 | ||||||
Ingersoll Rand, Inc. |
1,614 | 70,938 | ||||||
J.B. Hunt Transport Services, Inc. |
333 | 56,893 | ||||||
Jacobs Engineering Group, Inc. |
512 | 70,938 | ||||||
Johnson Controls International PLC |
2,782 | 166,558 | ||||||
L3Harris Technologies, Inc. |
777 | 180,466 | ||||||
Leidos Holdings, Inc. |
556 | 57,552 | ||||||
Lockheed Martin Corp. |
959 | 414,403 | ||||||
Masco Corp. |
950 | 50,056 | ||||||
Nielsen Holdings PLC |
1,420 | 38,070 | ||||||
Nordson Corp. |
215 | 46,373 | ||||||
Norfolk Southern Corp. |
949 | 244,728 | ||||||
Northrop Grumman Corp. |
581 | 255,291 | ||||||
Old Dominion Freight Line, Inc. |
369 | 103,364 | ||||||
Otis Worldwide Corp. |
1,683 | 122,590 | ||||||
PACCAR, Inc. |
1,376 | 114,277 | ||||||
Parker-Hannifin Corp. |
510 | 138,118 | ||||||
Pentair PLC |
655 | 33,241 | ||||||
Quanta Services, Inc. |
565 | 65,529 | ||||||
Raytheon Technologies Corp. |
5,910 | 560,918 | ||||||
Republic Services, Inc. |
827 | 111,041 | ||||||
Robert Half International, Inc. |
434 | 42,667 | ||||||
Rockwell Automation, Inc. |
461 | 116,481 | ||||||
Rollins, Inc. |
896 | 30,052 | ||||||
Snap-on, Inc. |
212 | 45,048 | ||||||
Southwest Airlines Co.(b) |
2,345 | 109,558 | ||||||
Stanley Black & Decker, Inc. |
646 | 77,617 | ||||||
Textron, Inc. |
873 | 60,455 | ||||||
Trane Technologies PLC |
925 | 129,398 | ||||||
TransDigm Group, Inc.(b) |
209 | 124,315 | ||||||
Union Pacific Corp. |
2,522 | 590,879 | ||||||
United Airlines Holdings, Inc.(b) |
1,282 | 64,741 | ||||||
United Parcel Service, Inc., Class B |
2,887 | 519,602 | ||||||
United Rentals, Inc.(b) |
287 | 90,841 | ||||||
Verisk Analytics, Inc. |
638 | 130,184 | ||||||
W.W. Grainger, Inc. |
172 | 86,005 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | ||||
|
| |||
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
April 30, 2022
Shares | Value | |||||||
Industrials-(continued) |
| |||||||
Wabtec Corp. |
740 | $ | 66,533 | |||||
Waste Management, Inc. |
1,523 | 250,442 | ||||||
Xylem, Inc. |
715 | 57,558 | ||||||
|
|
|||||||
10,816,867 | ||||||||
|
|
|||||||
Information Technology-27.44% |
||||||||
Accenture PLC, Class A |
2,502 | 751,501 | ||||||
Adobe, Inc.(b) |
1,867 | 739,239 | ||||||
Advanced Micro Devices, Inc.(b) |
6,474 | 553,656 | ||||||
Akamai Technologies, Inc.(b) |
643 | 72,196 | ||||||
Amphenol Corp., Class A |
2,372 | 169,598 | ||||||
Analog Devices, Inc. |
2,080 | 321,110 | ||||||
ANSYS, Inc.(b) |
346 | 95,389 | ||||||
Apple, Inc. |
61,403 | 9,680,183 | ||||||
Applied Materials, Inc. |
3,516 | 387,991 | ||||||
Arista Networks, Inc.(b) |
888 | 102,626 | ||||||
Autodesk, Inc.(b) |
872 | 165,052 | ||||||
Automatic Data Processing, Inc. |
1,663 | 362,833 | ||||||
Broadcom, Inc. |
1,635 | 906,428 | ||||||
Broadridge Financial Solutions, Inc. |
463 | 66,732 | ||||||
Cadence Design Systems, Inc.(b) |
1,097 | 165,482 | ||||||
CDW Corp. |
538 | 87,791 | ||||||
Ceridian HCM Holding, Inc.(b) |
542 | 30,422 | ||||||
Cisco Systems, Inc. |
16,704 | 818,162 | ||||||
Citrix Systems, Inc. |
494 | 49,449 | ||||||
Cognizant Technology Solutions Corp., Class A |
2,080 | 168,272 | ||||||
Corning, Inc. |
2,958 | 104,092 | ||||||
DXC Technology Co.(b) |
969 | 27,810 | ||||||
Enphase Energy, Inc.(b) |
531 | 85,703 | ||||||
EPAM Systems, Inc.(b) |
225 | 59,623 | ||||||
F5, Inc.(b) |
241 | 40,346 | ||||||
Fidelity National Information Services, Inc. |
2,412 | 239,150 | ||||||
Fiserv, Inc.(b) |
2,353 | 230,406 | ||||||
FleetCor Technologies, Inc.(b) |
322 | 80,345 | ||||||
Fortinet, Inc.(b) |
538 | 155,487 | ||||||
Gartner, Inc.(b) |
326 | 94,719 | ||||||
Global Payments, Inc. |
1,128 | 154,513 | ||||||
Hewlett Packard Enterprise Co. |
5,123 | 78,945 | ||||||
HP, Inc. |
4,288 | 157,069 | ||||||
Intel Corp. |
16,127 | 702,976 | ||||||
International Business Machines Corp. |
3,552 | 469,610 | ||||||
Intuit, Inc. |
1,122 | 469,838 | ||||||
IPG Photonics Corp.(b) |
142 | 13,416 | ||||||
Jack Henry & Associates, Inc. |
289 | 54,789 | ||||||
Juniper Networks, Inc. |
1,288 | 40,598 | ||||||
Keysight Technologies, Inc.(b) |
725 | 101,696 | ||||||
KLA Corp. |
597 | 190,598 | ||||||
Lam Research Corp. |
552 | 257,100 | ||||||
Mastercard, Inc., Class A |
3,418 | 1,242,033 | ||||||
Microchip Technology, Inc. |
2,201 | 143,505 | ||||||
Micron Technology, Inc. |
4,435 | 302,423 | ||||||
Microsoft Corp. |
29,691 | 8,239,846 | ||||||
Monolithic Power Systems, Inc. |
172 | 67,465 | ||||||
Motorola Solutions, Inc. |
669 | 142,959 | ||||||
NetApp, Inc. |
880 | 64,460 | ||||||
NortonLifeLock, Inc. |
2,304 | 57,692 | ||||||
NVIDIA Corp. |
9,901 | 1,836,338 | ||||||
NXP Semiconductors N.V. (China) |
1,053 | 179,958 | ||||||
Oracle Corp. |
6,239 | 457,943 | ||||||
Paychex, Inc. |
1,272 | 161,201 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Paycom Software, Inc.(b) |
191 | $ | 53,761 | |||||
PayPal Holdings, Inc.(b) |
4,613 | 405,621 | ||||||
PTC, Inc.(b) |
417 | 47,626 | ||||||
Qorvo, Inc.(b) |
430 | 48,925 | ||||||
QUALCOMM, Inc. |
4,463 | 623,436 | ||||||
Roper Technologies, Inc. |
418 | 196,427 | ||||||
salesforce.com, inc.(b) |
3,901 | 686,342 | ||||||
Seagate Technology Holdings PLC |
797 | 65,386 | ||||||
ServiceNow, Inc.(b) |
792 | 378,655 | ||||||
Skyworks Solutions, Inc. |
649 | 73,532 | ||||||
SolarEdge Technologies, Inc.(b) |
209 | 52,336 | ||||||
Synopsys, Inc.(b) |
607 | 174,082 | ||||||
TE Connectivity Ltd. (Switzerland) |
1,289 | 160,841 | ||||||
Teledyne Technologies, Inc.(b) |
185 | 79,837 | ||||||
Teradyne, Inc. |
645 | 68,022 | ||||||
Texas Instruments, Inc. |
3,657 | 622,604 | ||||||
Trimble, Inc.(b) |
994 | 66,300 | ||||||
Tyler Technologies, Inc.(b) |
163 | 64,338 | ||||||
VeriSign, Inc.(b) |
383 | 68,438 | ||||||
Visa, Inc., Class A |
6,568 | 1,399,838 | ||||||
Western Digital Corp.(b) |
1,239 | 65,754 | ||||||
Zebra Technologies Corp., Class A(b) |
211 | 77,998 | ||||||
|
|
|||||||
37,878,863 | ||||||||
|
|
|||||||
Materials-2.77% |
||||||||
Air Products and Chemicals, Inc. |
878 | 205,513 | ||||||
Albemarle Corp. |
464 | 89,473 | ||||||
Amcor PLC |
5,994 | 71,089 | ||||||
Avery Dennison Corp. |
328 | 59,237 | ||||||
Ball Corp. |
1,283 | 104,128 | ||||||
Celanese Corp. |
428 | 62,890 | ||||||
CF Industries Holdings, Inc. |
849 | 82,209 | ||||||
Corteva, Inc. |
2,879 | 166,089 | ||||||
Dow, Inc. |
2,914 | 193,781 | ||||||
DuPont de Nemours, Inc. |
2,031 | 133,904 | ||||||
Eastman Chemical Co. |
512 | 52,567 | ||||||
Ecolab, Inc. |
987 | 167,139 | ||||||
FMC Corp. |
502 | 66,535 | ||||||
Freeport-McMoRan, Inc. |
5,814 | 235,758 | ||||||
International Flavors & Fragrances, Inc. |
1,008 | 122,270 | ||||||
International Paper Co. |
1,534 | 70,994 | ||||||
Linde PLC (United Kingdom) |
2,030 | 633,279 | ||||||
LyondellBasell Industries N.V., Class A |
1,041 | 110,377 | ||||||
Martin Marietta Materials, Inc. |
247 | 87,492 | ||||||
Mosaic Co. (The) |
1,466 | 91,508 | ||||||
Newmont Corp. |
3,158 | 230,060 | ||||||
Nucor Corp. |
1,077 | 166,698 | ||||||
Packaging Corp. of America |
377 | 60,761 | ||||||
PPG Industries, Inc. |
940 | 120,311 | ||||||
Sealed Air Corp. |
587 | 37,691 | ||||||
Sherwin-Williams Co. (The) |
955 | 262,587 | ||||||
Vulcan Materials Co. |
526 | 90,625 | ||||||
WestRock Co. |
1,042 | 51,610 | ||||||
|
|
|||||||
3,826,575 | ||||||||
|
|
|||||||
Real Estate-2.93% |
||||||||
Alexandria Real Estate Equities, Inc. |
577 | 105,106 | ||||||
American Tower Corp. |
1,803 | 434,559 | ||||||
AvalonBay Communities, Inc. |
553 | 125,796 | ||||||
Boston Properties, Inc. |
564 | 66,326 | ||||||
Camden Property Trust |
405 | 63,540 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
47 | ||||
|
| |||
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
April 30, 2022
Shares | Value | |||||||
Real Estate-(continued) |
||||||||
CBRE Group, Inc., Class A(b) |
1,326 | $ | 110,111 | |||||
Crown Castle International Corp. |
1,711 | 316,894 | ||||||
Digital Realty Trust, Inc. |
1,124 | 164,239 | ||||||
Duke Realty Corp. |
1,508 | 82,563 | ||||||
Equinix, Inc. |
357 | 256,712 | ||||||
Equity Residential |
1,353 | 110,270 | ||||||
Essex Property Trust, Inc. |
259 | 85,281 | ||||||
Extra Space Storage, Inc. |
531 | 100,890 | ||||||
Federal Realty Investment Trust |
281 | 32,894 | ||||||
Healthpeak Properties, Inc. |
2,136 | 70,082 | ||||||
Host Hotels & Resorts, Inc. |
2,828 | 57,550 | ||||||
Iron Mountain, Inc. |
1,146 | 61,575 | ||||||
Kimco Realty Corp. |
2,442 | 61,856 | ||||||
Mid-America Apartment Communities, Inc. |
457 | 89,883 | ||||||
Prologis, Inc. |
2,930 | 469,650 | ||||||
Public Storage |
604 | 224,386 | ||||||
Realty Income Corp. |
2,240 | 155,366 | ||||||
Regency Centers Corp. |
611 | 42,055 | ||||||
SBA Communications Corp., Class A |
431 | 149,604 | ||||||
Simon Property Group, Inc. |
1,301 | 153,518 | ||||||
UDR, Inc. |
1,184 | 63,001 | ||||||
Ventas, Inc. |
1,581 | 87,825 | ||||||
Vornado Realty Trust |
622 | 24,078 | ||||||
Welltower, Inc. |
1,724 | 156,556 | ||||||
Weyerhaeuser Co. |
2,960 | 122,011 | ||||||
|
|
|||||||
4,044,177 | ||||||||
|
|
|||||||
Utilities-2.88% |
||||||||
AES Corp. (The) |
2,640 | 53,909 | ||||||
Alliant Energy Corp. |
991 | 58,281 | ||||||
Ameren Corp. |
1,021 | 94,851 | ||||||
American Electric Power Co., Inc. |
1,994 | 197,625 |
Shares | Value | |||||||
Utilities-(continued) |
||||||||
American Water Works Co., Inc. |
719 | $ | 110,783 | |||||
Atmos Energy Corp. |
536 | 60,782 | ||||||
CenterPoint Energy, Inc. |
2,490 | 76,219 | ||||||
CMS Energy Corp. |
1,147 | 78,787 | ||||||
Consolidated Edison, Inc. |
1,401 | 129,929 | ||||||
Constellation Energy Corp. |
1,293 | 76,559 | ||||||
Dominion Energy, Inc. |
3,208 | 261,901 | ||||||
DTE Energy Co. |
768 | 100,639 | ||||||
Duke Energy Corp. |
3,046 | 335,547 | ||||||
Edison International |
1,504 | 103,460 | ||||||
Entergy Corp. |
796 | 94,605 | ||||||
Evergy, Inc. |
908 | 61,608 | ||||||
Eversource Energy |
1,361 | 118,951 | ||||||
Exelon Corp. |
3,879 | 181,460 | ||||||
FirstEnergy Corp. |
2,257 | 97,751 | ||||||
NextEra Energy, Inc. |
7,770 | 551,825 | ||||||
NiSource, Inc. |
1,555 | 45,282 | ||||||
NRG Energy, Inc. |
970 | 34,823 | ||||||
Pinnacle West Capital Corp. |
447 | 31,826 | ||||||
PPL Corp. |
2,973 | 84,166 | ||||||
Public Service Enterprise Group, Inc. |
2,002 | 139,459 | ||||||
Sempra Energy |
1,264 | 203,959 | ||||||
Southern Co. (The) |
4,197 | 308,018 | ||||||
WEC Energy Group, Inc. |
1,249 | 124,962 | ||||||
Xcel Energy, Inc. |
2,133 | 156,264 | ||||||
|
|
|||||||
3,974,231 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.24% |
|
138,372,021 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.24)% |
|
(325,174 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 138,046,847 | ||||||
|
|
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 51,975 | $ | 9,951 | $ | (25,061 | ) | $ | (10,390 | ) | $ | (2,269 | ) | $ | 24,206 | $ | 1,145 | ||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 12,648,761 | (12,648,761 | ) | - | - | - | 95 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 51,975 | $ | 12,658,712 | $ | (12,673,822 | ) | $ | (10,390 | ) | $ | (2,269 | ) | $ | 24,206 | $ | 1,240 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Exchange-Traded Index Options Written | |||||||||||||||||||||||||||||||||||
Description |
Type of Contract |
Expiration Date |
Number of Contracts |
Exercise Price |
Notional Value* |
Value | |||||||||||||||||||||||||||||
Equity Risk |
|||||||||||||||||||||||||||||||||||
S&P 500 Index |
Call | 05/20/2022 | 334 | $4,430 | $147,962,000 | $(332,330) |
*Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48 | ||||
|
| |||
Invesco S&P 500® Quality ETF (SPHQ)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.94% |
| |||||||
Communication Services-0.39% |
| |||||||
Interpublic Group of Cos., Inc. |
187,464 | $ | 6,115,076 | |||||
Omnicom Group, Inc. |
109,255 | 8,317,583 | ||||||
|
|
|||||||
14,432,659 | ||||||||
|
|
|||||||
Consumer Discretionary-6.77% |
| |||||||
Best Buy Co., Inc.(b) |
196,128 | 17,637,791 | ||||||
eBay, Inc. |
502,087 | 26,068,357 | ||||||
Etsy, Inc.(b)(c) |
83,330 | 7,765,523 | ||||||
Genuine Parts Co. |
86,608 | 11,263,370 | ||||||
Lennar Corp., Class A |
134,747 | 10,306,798 | ||||||
Newell Brands, Inc.(b) |
181,722 | 4,206,864 | ||||||
NVR, Inc.(c) |
1,562 | 6,835,640 | ||||||
Pool Corp. |
21,338 | 8,646,584 | ||||||
PulteGroup, Inc. |
122,888 | 5,131,803 | ||||||
Ross Stores, Inc. |
216,948 | 21,644,902 | ||||||
Tapestry, Inc. |
140,493 | 4,625,030 | ||||||
Target Corp. |
295,346 | 67,530,863 | ||||||
TJX Cos., Inc. (The) |
680,007 | 41,670,829 | ||||||
Ulta Beauty, Inc.(c) |
32,133 | 12,750,375 | ||||||
Under Armour, Inc., Class A(b)(c) |
110,325 | 1,694,592 | ||||||
|
|
|||||||
247,779,321 | ||||||||
|
|
|||||||
Consumer Staples-3.46% |
| |||||||
Hershey Co. (The) |
71,221 | 16,079,565 | ||||||
Walmart, Inc. |
722,521 | 110,538,488 | ||||||
|
|
|||||||
126,618,053 | ||||||||
|
|
|||||||
Energy-4.06% |
| |||||||
Baker Hughes Co., Class A |
548,380 | 17,010,747 | ||||||
Devon Energy Corp.(b) |
432,969 | 25,185,807 | ||||||
Diamondback Energy, Inc. |
92,094 | 11,625,026 | ||||||
EOG Resources, Inc. |
299,380 | 34,955,609 | ||||||
Marathon Petroleum Corp. |
348,721 | 30,429,394 | ||||||
Schlumberger N.V. |
750,793 | 29,288,435 | ||||||
|
|
|||||||
148,495,018 | ||||||||
|
|
|||||||
Financials-23.79% |
| |||||||
American Express Co. |
429,302 | 75,003,352 | ||||||
Ameriprise Financial, Inc. |
90,366 | 23,991,269 | ||||||
Assurant, Inc. |
36,169 | 6,578,418 | ||||||
Bank of America Corp. |
4,111,315 | 146,691,719 | ||||||
Capital One Financial Corp. |
319,371 | 39,800,014 | ||||||
Citizens Financial Group, Inc. |
234,022 | 9,220,467 | ||||||
Comerica, Inc. |
99,390 | 8,140,041 | ||||||
Discover Financial Services |
220,363 | 24,782,023 | ||||||
Huntington Bancshares, Inc. |
983,222 | 12,929,369 | ||||||
JPMorgan Chase & Co. |
1,292,685 | 154,294,882 | ||||||
Loews Corp. |
102,005 | 6,409,994 | ||||||
M&T Bank Corp. |
69,243 | 11,538,654 | ||||||
MarketAxess Holdings, Inc. |
19,252 | 5,075,020 | ||||||
PNC Financial Services Group, Inc. (The) |
230,114 | 38,221,935 | ||||||
Raymond James Financial, Inc.(b) |
102,326 | 9,972,692 | ||||||
Regions Financial Corp. |
558,851 | 11,579,393 | ||||||
S&P Global, Inc. |
178,059 | 67,039,213 | ||||||
Synchrony Financial |
356,992 | 13,140,876 | ||||||
T. Rowe Price Group, Inc.(b) |
116,741 | 14,363,813 | ||||||
U.S. Bancorp |
934,395 | 45,374,221 | ||||||
W.R. Berkley Corp. |
111,825 | 7,435,244 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Wells Fargo & Co |
2,697,653 | $ | 117,698,600 | |||||
Willis Towers Watson PLC |
63,721 | 13,691,094 | ||||||
Zions Bancorporation N.A. |
124,896 | 7,057,873 | ||||||
|
|
|||||||
870,030,176 | ||||||||
|
|
|||||||
Health Care-12.93% |
| |||||||
Abbott Laboratories |
837,008 | 95,000,408 | ||||||
Cardinal Health, Inc. |
157,839 | 9,162,554 | ||||||
Cigna Corp. |
156,814 | 38,698,559 | ||||||
Cooper Cos., Inc. (The) |
24,304 | 8,774,716 | ||||||
IDEXX Laboratories, Inc.(c) |
56,151 | 24,171,882 | ||||||
Moderna, Inc.(c) |
425,634 | 57,209,466 | ||||||
Pfizer, Inc. |
3,390,816 | 166,387,341 | ||||||
Vertex Pharmaceuticals, Inc.(c) |
124,327 | 33,968,623 | ||||||
Zoetis, Inc. |
223,782 | 39,665,360 | ||||||
|
|
|||||||
473,038,909 | ||||||||
|
|
|||||||
Industrials-9.63% |
| |||||||
3M Co.(b) |
294,105 | 42,415,823 | ||||||
A.O. Smith Corp. |
77,420 | 4,523,651 | ||||||
Allegion PLC(b) |
44,392 | 5,071,342 | ||||||
Cintas Corp. |
41,803 | 16,606,660 | ||||||
Cummins, Inc. |
69,650 | 13,177,083 | ||||||
Fastenal Co. |
290,088 | 16,044,767 | ||||||
Fortive Corp. |
192,001 | 11,040,058 | ||||||
Generac Holdings, Inc.(c) |
36,365 | 7,977,754 | ||||||
Howmet Aerospace, Inc. |
185,834 | 6,340,656 | ||||||
Illinois Tool Works, Inc. |
161,149 | 31,764,079 | ||||||
Lockheed Martin Corp. |
125,197 | 54,100,128 | ||||||
Northrop Grumman Corp. |
72,273 | 31,756,756 | ||||||
Robert Half International, Inc. |
79,209 | 7,787,037 | ||||||
Rollins, Inc.(b) |
119,641 | 4,012,759 | ||||||
Snap-on, Inc. |
26,129 | 5,552,151 | ||||||
Trane Technologies PLC |
144,412 | 20,201,795 | ||||||
United Parcel Service, Inc., Class B |
410,859 | 73,946,403 | ||||||
|
|
|||||||
352,318,902 | ||||||||
|
|
|||||||
Information Technology-34.42% |
| |||||||
Adobe, Inc.(c) |
248,221 | 98,283,105 | ||||||
Apple, Inc. |
1,186,664 | 187,077,580 | ||||||
Applied Materials, Inc. |
417,976 | 46,123,652 | ||||||
Automatic Data Processing, Inc. |
236,026 | 51,496,153 | ||||||
Cognizant Technology Solutions Corp., Class A |
257,878 | 20,862,330 | ||||||
DXC Technology Co.(c) |
139,948 | 4,016,508 | ||||||
Fortinet, Inc.(c) |
117,848 | 34,059,250 | ||||||
Jack Henry & Associates, Inc.(b) |
37,469 | 7,103,373 | ||||||
KLA Corp. |
86,801 | 27,712,087 | ||||||
Lam Research Corp. |
81,912 | 38,151,333 | ||||||
Mastercard, Inc., Class A |
497,122 | 180,644,192 | ||||||
Microsoft Corp. |
620,226 | 172,125,120 | ||||||
Paychex, Inc. |
174,784 | 22,150,376 | ||||||
Qorvo, Inc.(c) |
53,374 | 6,072,894 | ||||||
QUALCOMM, Inc. |
602,444 | 84,155,402 | ||||||
Texas Instruments, Inc. |
538,730 | 91,718,782 | ||||||
Visa, Inc., Class A(b) |
877,730 | 187,070,595 | ||||||
|
|
|||||||
1,258,822,732 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49 | ||||
|
| |||
Invesco S&P 500® Quality ETF (SPHQ)–(continued)
April 30, 2022
Shares | Value | |||||||
Materials-3.93% |
| |||||||
Celanese Corp. |
62,750 | $ | 9,220,485 | |||||
Dow, Inc. |
438,585 | 29,165,903 | ||||||
Ecolab, Inc. |
140,098 | 23,724,195 | ||||||
Freeport-McMoRan, Inc. |
731,127 | 29,647,200 | ||||||
Newmont Corp. |
396,905 | 28,914,529 | ||||||
Nucor Corp. |
147,966 | 22,902,177 | ||||||
|
|
|||||||
143,574,489 | ||||||||
|
|
|||||||
Real Estate-0.43% |
| |||||||
Weyerhaeuser Co. |
381,144 | 15,710,756 | ||||||
|
|
|||||||
Utilities-0.13% |
| |||||||
NRG Energy, Inc. |
134,721 | 4,836,484 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
3,655,657,499 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.44% |
| |||||||
Invesco Private Government Fund, |
70,708,076 | $ | 70,708,076 | |||||
Invesco Private Prime Fund, |
164,924,660 | 164,924,660 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
235,632,736 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-106.38% |
|
3,891,290,235 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.38)% |
|
(233,502,519 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 3,657,787,716 | |||||
|
|
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
All or a portion of this security was out on loan at April 30, 2022. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 1,406,928 | $ | 64,404,695 | $ | (65,811,623 | ) | $ | - | $ | - | $ | - | $ | 1,231 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
9,617,056 | 379,844,559 | (318,753,539 | ) | - | - | 70,708,076 | 40,536 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 14,425,585 | 811,783,488 | (661,244,211 | ) | 13,883 | (54,085 | ) | 164,924,660 | 122,053 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 25,449,569 | $ | 1,256,032,742 | $ | (1,045,809,373 | ) | $ | 13,883 | $ | (54,085 | ) | $ | 235,632,736 | $ | 163,820 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
50 | ||||
|
| |||
Invesco S&P Spin-Off ETF (CSD)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.07% |
| |||||||
Communication Services-2.36% |
||||||||
Madison Square Garden Entertainment |
||||||||
Corp.(b)(c) |
11,361 | $ | 832,193 | |||||
Vimeo, Inc.(b) |
68,278 | 695,753 | ||||||
|
|
|||||||
1,527,946 | ||||||||
|
|
|||||||
Consumer Discretionary-14.06% |
||||||||
frontdoor, inc.(b)(c) |
38,527 | 1,190,870 | ||||||
Kontoor Brands, Inc.(c) |
20,578 | 817,564 | ||||||
Penn National Gaming, Inc.(b)(c) |
70,355 | 2,572,882 | ||||||
Victoria’s Secret & Co.(b)(c) |
31,312 | 1,475,422 | ||||||
Wyndham Hotels & Resorts, Inc. |
34,817 | 3,062,503 | ||||||
|
|
|||||||
9,119,241 | ||||||||
|
|
|||||||
Energy-8.45% |
||||||||
ChampionX Corp. |
90,757 | 1,914,973 | ||||||
DT Midstream, Inc. |
40,992 | 2,203,320 | ||||||
Equitrans Midstream Corp. |
172,904 | 1,359,025 | ||||||
|
|
|||||||
5,477,318 | ||||||||
|
|
|||||||
Health Care-6.42% |
||||||||
Covetrus, Inc.(b) |
44,582 | 615,232 | ||||||
Embecta Corp.(b)(c) |
26,867 | 817,563 | ||||||
Organon & Co.(c) |
84,444 | 2,730,074 | ||||||
|
|
|||||||
4,162,869 | ||||||||
|
|
|||||||
Industrials-30.95% |
||||||||
Arcosa, Inc. |
21,153 | 1,132,320 | ||||||
Carrier Global Corp. |
114,143 | 4,368,253 | ||||||
Esab Corp.(b)(c) |
20,649 | 970,503 | ||||||
GXO Logistics, Inc.(b) |
45,897 | 2,716,643 | ||||||
IAA, Inc.(b) |
58,707 | 2,151,612 | ||||||
nVent Electric PLC |
75,552 | 2,552,146 | ||||||
Otis Worldwide Corp. |
65,704 | 4,785,879 | ||||||
Resideo Technologies, Inc.(b) |
61,713 | 1,387,925 | ||||||
|
|
|||||||
20,065,281 | ||||||||
|
|
|||||||
Information Technology-9.56% |
||||||||
Concentrix Corp. |
18,448 | 2,905,191 | ||||||
Consensus Cloud Solutions, Inc.(b)(c) |
6,865 | 361,923 | ||||||
Kyndryl Holdings, Inc.(b)(c) |
79,730 | 947,990 | ||||||
Vontier Corp. |
77,441 | 1,984,038 | ||||||
|
|
|||||||
6,199,142 | ||||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Shares | Value | |||||||
Materials-16.01% | ||||||||
Corteva, Inc. |
86,280 | $ | 4,977,493 | |||||
Dow, Inc. |
81,216 | 5,400,864 | ||||||
|
|
|||||||
10,378,357 | ||||||||
|
|
|||||||
Real Estate-4.59% |
||||||||
Apartment Income REIT Corp. |
53,650 | 2,637,970 | ||||||
Orion Office REIT, Inc.(c) |
25,018 | 335,742 | ||||||
|
|
|||||||
2,973,712 | ||||||||
|
|
|||||||
Utilities-7.67% |
||||||||
Constellation Energy Corp. |
84,037 | 4,975,831 | ||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
64,879,697 | ||||||
|
|
|||||||
Money Market Funds-0.07% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, |
45,749 | 45,749 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
64,925,446 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-16.07% |
| |||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
2,332,430 | 2,332,430 | ||||||
Invesco Private Prime Fund, |
8,088,332 | 8,088,332 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
10,420,762 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-116.21% |
|
75,346,208 | ||||||
OTHER ASSETS LESS LIABILITIES-(16.21)% |
|
(10,510,007 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 64,836,201 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
51 | ||||
|
| |||
Invesco S&P Spin-Off ETF (CSD)–(continued)
April 30, 2022
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at April 30, 2022. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 175,341 | $ | 4,161,691 | $ | (4,291,283 | ) | $ | - | $ | - | $ | 45,749 | $ | 43 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 557,174 | 26,814,444 | (25,039,188 | ) | - | - | 2,332,430 | 1,414 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 835,762 | 50,969,140 | (43,715,129 | ) | 1 | (1,442 | ) | 8,088,332 | 5,161 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 1,568,277 | $ | 81,945,275 | $ | (73,045,600 | ) | $ | 1 | $ | (1,442 | ) | $ | 10,466,511 | $ | 6,618 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
52 | ||||
|
| |||
Invesco Water Resources ETF (PHO)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Building Products-10.38% | ||||||||
A.O. Smith Corp. |
1,022,634 | $ | 59,752,505 | |||||
Advanced Drainage Systems, Inc.(b) |
602,141 | 61,695,367 | ||||||
Zurn Water Solutions Corp.(b) |
1,624,110 | 50,704,714 | ||||||
|
|
|||||||
172,152,586 | ||||||||
|
|
|||||||
Chemicals-8.14% |
||||||||
Ecolab, Inc. |
797,066 | 134,975,156 | ||||||
|
|
|||||||
Commercial Services & Supplies-3.72% |
| |||||||
Tetra Tech, Inc.(b) |
442,682 | 61,656,749 | ||||||
|
|
|||||||
Construction & Engineering-2.12% |
||||||||
Northwest Pipe Co.(b)(c) |
68,770 | 1,836,847 | ||||||
Valmont Industries, Inc.(b) |
134,090 | 33,362,933 | ||||||
|
|
|||||||
35,199,780 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-3.53% | ||||||||
Badger Meter, Inc. |
214,938 | 17,343,347 | ||||||
Itron, Inc.(b)(c) |
860,850 | 41,131,413 | ||||||
|
|
|||||||
58,474,760 | ||||||||
|
|
|||||||
Life Sciences Tools & Services-11.81% |
||||||||
Danaher Corp. |
511,996 | 128,577,555 | ||||||
Waters Corp.(c) |
221,902 | 67,240,744 | ||||||
|
|
|||||||
195,818,299 | ||||||||
|
|
|||||||
Machinery-31.83% |
||||||||
Energy Recovery, Inc.(b)(c) |
479,151 | 8,873,877 | ||||||
Evoqua Water Technologies |
1,389,253 | 57,917,958 | ||||||
Franklin Electric Co., Inc. |
240,771 | 16,839,524 | ||||||
Gorman-Rupp Co. (The) |
106,743 | 3,400,832 | ||||||
IDEX Corp. |
366,255 | 69,522,524 | ||||||
Lindsay Corp. |
86,726 | 11,721,019 | ||||||
Mueller Industries, Inc. |
494,340 | 26,768,511 | ||||||
Mueller Water Products, Inc., Class A |
1,829,383 | 22,007,477 | ||||||
Pentair PLC |
1,211,072 | 61,461,904 | ||||||
Toro Co. (The)(b) |
747,600 | 59,905,188 | ||||||
Watts Water Technologies, Inc., Class A |
488,214 | 62,227,756 | ||||||
Xylem, Inc.(b) |
1,579,359 | 127,138,399 | ||||||
|
|
|||||||
527,784,969 | ||||||||
|
|
|||||||
Professional Services-0.34% |
||||||||
Stantec, Inc. (Canada) |
122,507 | 5,621,846 | ||||||
|
|
|||||||
Software-8.88% |
||||||||
Roper Technologies, Inc. |
313,414 | 147,279,507 | ||||||
|
|
Investment Abbreviations:
ADR -American Depositary Receipt
Shares | Value | |||||||
Water Utilities-19.18% |
||||||||
American States Water Co.(b) |
308,734 | $ | 24,285,017 | |||||
American Water Works Co., Inc. |
929,730 | 143,252,798 | ||||||
Artesian Resources Corp., Class A |
36,810 | 1,711,665 | ||||||
California Water Service Group |
411,609 | 21,350,159 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)(b) |
2,803,134 | 25,200,175 | ||||||
Consolidated Water Co. Ltd. (Cayman Islands) |
108,459 | 1,180,034 | ||||||
Essential Utilities, Inc. |
1,491,765 | 66,771,401 | ||||||
Global Water Resources, Inc. |
45,263 | 648,166 | ||||||
Middlesex Water Co.(b) |
236,516 | 21,038,098 | ||||||
SJW Group |
183,257 | 10,812,163 | ||||||
York Water Co. (The) |
45,392 | 1,755,763 | ||||||
|
|
|||||||
318,005,439 | ||||||||
|
|
|||||||
Total Common Stocks & Other
Equity |
|
1,656,969,091 | ||||||
|
|
|||||||
Money Market Funds-0.12% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
2,036,333 | 2,036,333 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,659,005,424 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.85% |
| |||||||
Invesco Private Government Fund, 0.40%(d)(e)(f) |
14,403,192 | 14,403,192 | ||||||
Invesco Private Prime Fund, |
32,750,005 | 32,750,005 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
47,153,197 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-102.90% |
|
1,706,158,621 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.90)% |
|
(48,081,975 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 1,658,076,646 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
53 | ||||
|
| |||
Invesco Water Resources ETF (PHO)–(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) |
All or a portion of this security was out on loan at April 30, 2022. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income |
||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 1,323,600 | $ | 22,405,619 | $ | (21,692,886 | ) | $ | - | $ | - | $ | 2,036,333 | $ | 1,186 | |||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Private Government Fund |
10,980,288 | 159,039,912 | (155,617,008 | ) | - | - | 14,403,192 | 8,092 | * | |||||||||||||||||||
Invesco Private Prime Fund | 16,470,432 | 326,002,771 | (309,715,538 | ) | - | (7,660 | ) | 32,750,005 | 35,922 | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total | $ | 28,774,320 | $ | 507,448,302 | $ | (487,025,432 | ) | $ | - | $ | (7,660 | ) | $ | 49,189,530 | $ | 45,200 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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.
54 | ||||
|
| |||
Invesco WilderHill Clean Energy ETF (PBW)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.72% |
| |||||||
Aerospace & Defense-3.12% | ||||||||
Archer Aviation, Inc., Class A(b)(c) |
3,664,503 | $ | 16,893,359 | |||||
Lilium N.V. (Germany)(b)(c) |
5,090,100 | 16,491,924 | ||||||
|
|
|||||||
33,385,283 | ||||||||
|
|
|||||||
Airlines-1.53% | ||||||||
Joby Aviation, Inc.(b)(c) |
3,130,626 | 16,404,480 | ||||||
|
|
|||||||
Auto Components-5.77% | ||||||||
Gentherm, Inc.(b) |
262,381 | 17,689,727 | ||||||
QuantumScape Corp.(b)(c) |
968,169 | 14,464,445 | ||||||
REE Automotive Ltd., Class A (Israel)(b)(c) |
7,911,984 | 14,637,170 | ||||||
Solid Power, Inc.(b)(c) |
1,845,976 | 14,989,325 | ||||||
|
|
|||||||
61,780,667 | ||||||||
|
|
|||||||
Automobiles-11.82% | ||||||||
Arcimoto, Inc.(b)(c)(d) |
2,515,404 | 8,451,757 | ||||||
Canoo, Inc.(b)(c) |
3,011,481 | 14,455,109 | ||||||
ElectraMeccanica Vehicles Corp. (Canada)(c)(d) |
7,313,589 | 12,798,781 | ||||||
Fisker, Inc.(b)(c) |
1,432,634 | 14,412,298 | ||||||
Lordstown Motors Corp., Class A(b)(c) |
5,662,746 | 12,344,786 | ||||||
NIO, Inc., ADR (China)(b) |
766,437 | 12,799,498 | ||||||
Rivian Automotive, Inc., Class A(b)(c) |
365,422 | 11,050,361 | ||||||
Tesla, Inc.(b) |
16,777 | 14,608,741 | ||||||
Workhorse Group, Inc.(b)(c) |
3,775,145 | 11,363,187 | ||||||
XPeng, Inc., ADR (China)(b) |
576,379 | 14,184,687 | ||||||
|
|
|||||||
126,469,205 | ||||||||
|
|
|||||||
Building Products-0.99% | ||||||||
View, Inc.(b)(c) |
6,907,303 | 10,637,247 | ||||||
|
|
|||||||
Chemicals-4.24% | ||||||||
Albemarle Corp. |
80,523 | 15,527,250 | ||||||
Livent Corp.(b) |
674,536 | 14,408,089 | ||||||
Sociedad Quimica y Minera de Chile S.A., ADR (Chile) |
209,378 | 15,452,096 | ||||||
|
|
|||||||
45,387,435 | ||||||||
|
|
|||||||
Commercial Services & Supplies-1.32% | ||||||||
Li-Cycle Holdings Corp. (Canada)(b)(c) |
2,180,537 | 14,151,685 | ||||||
|
|
|||||||
Construction & Engineering-6.21% | ||||||||
Ameresco, Inc., Class A(b) |
226,311 | 11,415,127 | ||||||
Infrastructure and Energy Alternatives, Inc.(b) |
1,357,747 | 12,694,934 | ||||||
MYR Group, Inc.(b) |
175,411 | 13,873,256 | ||||||
Quanta Services, Inc. |
135,167 | 15,676,669 | ||||||
ReneSola Ltd., ADR (China)(b)(c) |
2,654,557 | 12,794,965 | ||||||
|
|
|||||||
66,454,951 | ||||||||
|
|
|||||||
Consumer Finance-1.48% | ||||||||
Sunlight Financial Holdings, Inc.(c) |
3,812,746 | 15,822,896 | ||||||
|
|
|||||||
Electrical Equipment-26.16% | ||||||||
American Superconductor Corp.(b)(d) |
2,045,380 | 10,901,875 | ||||||
Array Technologies, Inc.(b) |
1,354,183 | 8,842,815 | ||||||
Ballard Power Systems, Inc. |
1,508,765 | 12,522,750 | ||||||
Beam Global(b)(c) |
450,351 | 6,953,419 | ||||||
Blink Charging Co.(b)(c) |
659,086 | 12,588,543 | ||||||
Bloom Energy Corp., Class A(b)(c) |
765,384 | 14,205,527 |
Shares | Value | |||||||
Electrical Equipment-(continued) | ||||||||
ChargePoint Holdings, Inc., (Acquired 03/30/2021 -
04/21/2022; |
941,892 | $ | 12,188,082 | |||||
Energy Vault Holdings, Inc.(b)(c) |
1,310,272 | 18,199,678 | ||||||
Enovix Corp.(b) |
1,176,287 | 10,633,634 | ||||||
Eos Energy Enterprises, Inc.(b)(c) |
3,862,155 | 8,187,769 | ||||||
ESS Tech, Inc.(c) |
3,119,929 | 17,378,005 | ||||||
Fluence Energy, Inc.(b)(c) |
1,234,299 | 11,318,522 | ||||||
FTC Solar, Inc.(b) |
2,935,164 | 8,218,459 | ||||||
FuelCell Energy, Inc.(b)(c) |
2,787,923 | 11,374,726 | ||||||
Plug Power, Inc.(b)(c) |
664,884 | 13,975,862 | ||||||
Romeo Power, Inc.(b)(c) |
10,608,657 | 11,669,523 | ||||||
SES AI Corp. (Singapore)(b)(c) |
2,023,595 | 13,031,952 | ||||||
Shoals Technologies Group, Inc., Class A(b) |
781,933 | 7,803,691 | ||||||
Stem, Inc.(b) |
1,614,680 | 11,577,256 | ||||||
Sunrun, Inc.(b) |
557,156 | 11,131,977 | ||||||
TPI Composites, Inc.(b) |
1,196,225 | 13,684,814 | ||||||
Tritium DCFC Ltd. (Australia)(b)(c) |
2,008,415 | 18,256,492 | ||||||
Wallbox N.V. (Spain)(b)(c) |
1,295,124 | 15,386,073 | ||||||
|
|
|||||||
280,031,444 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-3.03% |
| |||||||
Advanced Energy Industries, Inc. |
211,419 | 16,177,782 | ||||||
Itron, Inc.(b) |
341,062 | 16,295,942 | ||||||
|
|
|||||||
32,473,724 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-5.71% |
| |||||||
Azure Power Global Ltd. (India)(b)(c) |
945,101 | 13,278,669 | ||||||
Ormat Technologies, Inc.(c) |
230,036 | 17,873,797 | ||||||
ReNew Energy Global PLC, Class A |
2,257,772 | 18,017,021 | ||||||
Sunnova Energy International, Inc.(b) |
688,574 | 11,891,673 | ||||||
|
|
|||||||
61,061,160 | ||||||||
|
|
|||||||
Machinery-5.06% | ||||||||
ESCO Technologies, Inc |
256,918 | 16,044,529 | ||||||
Hyzon Motors, Inc.(b)(c) |
3,141,770 | 12,472,827 | ||||||
Lightning eMotors, Inc.(c) |
3,213,432 | 13,753,489 | ||||||
Lion Electric Co. (The) (Canada)(b)(c) |
1,937,788 | 11,839,885 | ||||||
|
|
|||||||
54,110,730 | ||||||||
|
|
|||||||
Metals & Mining-5.39% | ||||||||
Lithium Americas Corp. (Canada)(b)(c) |
519,888 | 13,080,382 | ||||||
MP Materials Corp.(b) |
367,439 | 13,977,379 | ||||||
Piedmont Lithium, Inc.(b) |
239,565 | 15,669,947 | ||||||
Standard Lithium Ltd. (Canada)(c) |
2,409,405 | 14,986,499 | ||||||
|
|
|||||||
57,714,207 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-1.04% | ||||||||
Gevo, Inc.(b)(c) |
2,988,585 | 11,087,650 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-15.62% |
| |||||||
Canadian Solar, Inc. (Canada)(b) |
499,334 | 13,741,672 | ||||||
Daqo New Energy Corp., ADR (China)(b) |
395,178 | 16,427,549 | ||||||
Enphase Energy, Inc.(b) |
96,613 | 15,593,338 | ||||||
First Solar, Inc.(b) |
232,180 | 16,956,105 | ||||||
JinkoSolar Holding Co. Ltd., ADR (China)(b) |
349,228 | 17,901,427 | ||||||
Maxeon Solar Technologies Ltd.(b)(c) |
1,301,452 | 15,070,814 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55 | ||||
|
| |||
Invesco WilderHill Clean Energy ETF (PBW)–(continued)
April 30, 2022
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment-(continued) |
| |||||||
Navitas Semiconductor Corp.(b)(c) |
1,973,788 | $ | 13,540,186 | |||||
SolarEdge Technologies, Inc.(b) |
56,145 | 14,059,269 | ||||||
SunPower Corp.(b)(c) |
842,784 | 13,914,364 | ||||||
Universal Display Corp. |
107,079 | 13,677,201 | ||||||
Wolfspeed, Inc.(b) |
177,505 | 16,278,984 | ||||||
|
|
|||||||
167,160,909 | ||||||||
|
|
|||||||
Specialty Retail-1.23% |
| |||||||
EVgo, Inc.(b)(c) |
1,456,236 | 13,193,498 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,067,327,171 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-32.74% |
| |||||||
Invesco Private Government Fund, |
104,086,434 | 104,086,434 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.35%(d)(f)(g) |
246,283,566 | $ | 246,283,566 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
350,370,000 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-132.46% |
|
1,417,697,171 | ||||||
OTHER ASSETS LESS LIABILITIES-(32.46)% |
|
(347,429,616 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 1,070,267,555 | |||||
|
|
Investment Abbreviations:
ADR - American Depositary Receipt
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at April 30, 2022. |
(d) |
Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income |
||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 1,137,874 | $ | 98,268,643 | $ | (99,406,517 | ) | $ | - | $ | - | $ | - | $ | 904 | |||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Private Government Fund |
286,190,190 | 676,464,658 | (858,568,414 | ) | - | - | 104,086,434 | 84,286 | * | |||||||||||||||||||
Invesco Private Prime Fund | 436,157,584 | 1,365,236,408 | (1,555,008,424 | ) | 33,368 | (135,370 | ) | 246,283,566 | 425,248 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56 | ||||
|
| |||
Invesco WilderHill Clean Energy ETF (PBW)–(continued)
April 30, 2022
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income |
||||||||||||||||||||||
Investments in Other Affiliates: | ||||||||||||||||||||||||||||
Advent Technologies Holdings, Inc. | $ | 29,359,271 | $ | 23,732,735 | $ | (27,947,154 | ) | $ | 6,918,194 | $ | (32,063,046 | ) | $ | - | $ | - | ||||||||||||
Aemetis, Inc. | 28,235,973 | 3,991,653 | (22,207,595 | ) | 6,458,982 | (16,479,013 | ) | - | - | |||||||||||||||||||
American Superconductor Corp. | 25,834,117 | 34,139,328 | (27,068,624 | ) | (17,983,609 | ) | (4,019,337 | ) | 10,901,875 | - | ||||||||||||||||||
Arcimoto, Inc. | 23,013,807 | 28,408,673 | (25,335,005 | ) | (14,805,251 | ) | (2,830,467 | ) | 8,451,757 | - | ||||||||||||||||||
AYRO, Inc. | 24,798,688 | 8,039,651 | (23,104,116 | ) | 3,990,499 | (13,724,722 | ) | - | - | |||||||||||||||||||
Beam Global** | 33,428,879 | 20,727,802 | (31,975,300 | ) | 16,977,034 | (32,204,996 | ) | 6,953,419 | - | |||||||||||||||||||
Broadwind, Inc. | 10,844,406 | 405,669 | (5,468,422 | ) | 6,477,458 | (12,259,111 | ) | - | - | |||||||||||||||||||
ElectraMeccanica Vehicles Corp. | 28,518,659 | 28,533,026 | (26,158,020 | ) | (13,226,426 | ) | (4,868,458 | ) | 12,798,781 | - | ||||||||||||||||||
Flux Power Holdings, Inc. | 10,954,842 | 4,122,697 | (8,827,500 | ) | 8,017,669 | (14,267,708 | ) | - | - | |||||||||||||||||||
GreenPower Motor Co., Inc. | 30,664,650 | 19,464,187 | (32,190,153 | ) | 18,673,321 | (36,612,005 | ) | - | - | |||||||||||||||||||
Infrastructure and Energy Alternatives, Inc.** | 33,000,242 | 32,898,874 | (46,411,098 | ) | (178,810 | ) | (6,614,274 | ) | 12,694,934 | - | ||||||||||||||||||
Kandi Technologies Group, Inc. | 35,546,964 | 27,021,267 | (49,341,455 | ) | 10,806,912 | (24,033,688 | ) | - | - | |||||||||||||||||||
ReneSola Ltd., ADR** | 36,231,902 | 34,933,025 | (38,628,135 | ) | (7,564,815 | ) | (12,177,012 | ) | 12,794,965 | - | ||||||||||||||||||
SPI Energy Co. Ltd. | 10,917,211 | 9,910,304 | (14,504,800 | ) | 3,056,077 | (9,378,792 | ) | - | - | |||||||||||||||||||
Sunworks, Inc. | 33,210,174 | 18,670,975 | (29,283,254 | ) | 5,271,070 | (27,868,965 | ) | - | - | |||||||||||||||||||
Willdan Group, Inc. | 35,530,087 | 15,429,110 | (48,917,490 | ) | 622,113 | (2,663,820 | ) | - | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total | $ | 1,153,575,520 | $ | 2,450,398,685 | $ | (2,970,351,476 | ) | $ | 33,543,786 | $ | (252,200,784 | ) | $ | 414,965,731 | $ | 510,438 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
** |
As of April 30, 2022, this security was not considered as an affiliate of the Fund. |
(e) |
Restricted security. The value of this security at April 30, 2022 represented 1.14% of the Fund’s Net Assets. |
(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.
57 | ||||
|
| |||
Statements of Assets and Liabilities
April 30, 2022
Invesco Aerospace & Defense ETF (PPA) |
Invesco DWA Momentum ETF (PDP) |
Invesco Global Listed Private Equity ETF (PSP) |
Invesco Golden Dragon China ETF (PGJ) |
|||||||||||||
Assets: |
||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 1,455,779,728 | $ | 1,226,257,401 | $ | 191,183,114 | $ | 238,890,731 | ||||||||
Affiliated investments in securities, at value |
85,163,933 | 60,809,981 | 31,155,702 | 75,217,198 | ||||||||||||
Cash |
- | - | 717 | 128,057 | ||||||||||||
Foreign currencies, at value |
- | - | 125,616 | - | ||||||||||||
Deposits with brokers: |
||||||||||||||||
Cash collateral-OTC derivatives |
- | - | 40,000 | - | ||||||||||||
Cash segregated as collateral |
- | - | 601,312 | - | ||||||||||||
Receivable for: |
||||||||||||||||
Dividends |
542,859 | 439,962 | 451,408 | 41,116 | ||||||||||||
Securities lending |
1,108,841 | 4,854 | 11,182 | 155,223 | ||||||||||||
Investments sold |
- | 1,492,248 | 1,928,889 | - | ||||||||||||
Investments sold - affiliated broker |
- | - | - | - | ||||||||||||
Fund shares sold |
3,633,844 | - | - | 550,725 | ||||||||||||
Foreign tax reclaims |
- | - | 580,563 | - | ||||||||||||
Other assets |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
1,546,229,205 | 1,289,004,446 | 226,078,503 | 314,983,050 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Other investments: |
||||||||||||||||
Unrealized depreciation on swap agreements – OTC |
- | - | 97,328 | - | ||||||||||||
Open written options, at value |
- | - | - | - | ||||||||||||
Due to custodian |
4,995 | - | - | - | ||||||||||||
Due to foreign custodian |
- | - | - | - | ||||||||||||
Payable for: |
||||||||||||||||
Investments purchased |
3,633,572 | - | 138,110 | 546,905 | ||||||||||||
Investments purchased - affiliated broker |
- | - | 473,296 | - | ||||||||||||
Collateral upon return of securities loaned |
84,824,462 | 59,877,024 | 28,760,324 | 75,049,542 | ||||||||||||
Collateral upon receipt of securities in-kind |
- | - | 601,312 | - | ||||||||||||
Fund shares repurchased |
- | 1,491,203 | 572,678 | - | ||||||||||||
Accrued unitary management fees |
- | - | - | - | ||||||||||||
Accrued advisory fees |
609,428 | 552,979 | 91,101 | 77,380 | ||||||||||||
Accrued trustees’ and officer’s fees |
91,438 | 191,021 | 95,690 | 99,947 | ||||||||||||
Accrued expenses |
655,076 | 364,527 | 123,960 | 203,762 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
89,818,971 | 62,476,754 | 30,953,799 | 75,977,536 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets |
$ | 1,456,410,234 | $ | 1,226,527,692 | $ | 195,124,704 | $ | 239,005,514 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets consist of: |
||||||||||||||||
Shares of beneficial interest |
$ | 1,496,536,583 | $ | 1,993,591,296 | $ | 323,969,601 | $ | 622,751,612 | ||||||||
Distributable earnings (loss) |
(40,126,349 | ) | (767,063,604 | ) | (128,844,897 | ) | (383,746,098 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets |
$ | 1,456,410,234 | $ | 1,226,527,692 | $ | 195,124,704 | $ | 239,005,514 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
20,040,000 | 16,450,000 | 17,350,000 | 8,680,000 | ||||||||||||
Net asset value |
$ | 72.68 | $ | 74.56 | $ | 11.25 | $ | 27.54 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Market price |
$ | 72.65 | $ | 74.53 | $ | 11.27 | $ | 27.57 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Unaffiliated investments in securities, at cost |
$ | 1,435,121,927 | $ | 1,307,063,534 | $ | 218,765,124 | $ | 367,395,623 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Affiliated investments in securities, at cost |
$ | 85,161,652 | $ | 60,809,772 | $ | 31,155,482 | $ | 75,212,682 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign currencies (due to foreign custodian), at cost |
$ | - | $ | - | $ | 126,067 | $ | - | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Premium received on written options |
$ | - | $ | - | $ | - | $ | - | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 80,750,731 | $ | 56,781,158 | $ | 27,238,339 | $ | 75,480,861 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
58 |
|
Invesco MSCI |
Invesco Raymond James SB-1 Equity ETF (RYJ) |
Invesco S&P 500 BuyWrite ETF (PBP) |
Invesco S&P 500® Quality ETF (SPHQ) |
Invesco S&P Spin-Off ETF (CSD) |
Invesco Water Resources ETF (PHO) |
Invesco WilderHill Clean Energy ETF (PBW) | |||||||||||||||||||||||||||
$ | 386,607,676 | $ | 121,335,103 | $ | 138,347,815 | $ | 3,655,657,499 | $ | 64,879,697 | $ | 1,656,969,091 | $ | 1,035,174,758 | ||||||||||||||||||||
94,520,791 | 22,779,206 | 24,206 | 235,632,736 | 10,466,511 | 49,189,530 | 382,522,413 | |||||||||||||||||||||||||||
- | 1,724 | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
361,847 | 25,458 | 109,329 | 3,119,470 | 35,077 | 1,067,838 | 13,257 | |||||||||||||||||||||||||||
37,792 | 10,879 | - | 19,916 | 799 | 3,969 | 4,632,616 | |||||||||||||||||||||||||||
64,608 | 1,079,018 | - | - | - | - | 4,584,966 | |||||||||||||||||||||||||||
- | 3,339,134 | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | 18,377,081 | - | - | - | |||||||||||||||||||||||||||
302,524 | 754 | - | - | - | 1,278 | - | |||||||||||||||||||||||||||
24,438 | - | - | 58,170 | 8,645 | - | 1,444 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
481,919,676 | 148,571,276 | 138,481,350 | 3,912,864,872 | 75,390,729 | 1,707,231,706 | 1,426,929,454 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | 332,330 | - | - | - | - | |||||||||||||||||||||||||||
422,792 | - | 44,052 | 628,614 | - | 139 | 233,592 | |||||||||||||||||||||||||||
1,561 | - | - | - | - | - | - | |||||||||||||||||||||||||||
222 | 1,086,013 | - | 18,316,200 | - | - | - | |||||||||||||||||||||||||||
- | 3,283,890 | - | - | - | - | - | |||||||||||||||||||||||||||
94,520,311 | 22,767,619 | - | 235,618,853 | 10,420,761 | 47,153,197 | 350,336,628 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | 4,597,814 | |||||||||||||||||||||||||||
- | 79,539 | 58,121 | - | - | - | - | |||||||||||||||||||||||||||
171,137 | - | - | 366,528 | 24,464 | 728,674 | 526,111 | |||||||||||||||||||||||||||
66,609 | - | - | 119,143 | 17,686 | 244,022 | 125,162 | |||||||||||||||||||||||||||
- | - | - | 27,818 | 91,617 | 1,029,028 | 842,592 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
95,182,632 | 27,217,061 | 434,503 | 255,077,156 | 10,554,528 | 49,155,060 | 356,661,899 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 386,737,044 | $ | 121,354,215 | $ | 138,046,847 | $ | 3,657,787,716 | $ | 64,836,201 | $ | 1,658,076,646 | $ | 1,070,267,555 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 432,055,487 | $ | 182,642,577 | $ | 142,267,880 | $ | 3,907,245,658 | $ | 213,467,278 | $ | 1,786,248,198 | $ | 2,650,705,950 | ||||||||||||||||||||
(45,318,443 | ) | (61,288,362 | ) | (4,221,033 | ) | (249,457,942 | ) | (148,631,077 | ) | (128,171,552 | ) | (1,580,438,395 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 386,737,044 | $ | 121,354,215 | $ | 138,046,847 | $ | 3,657,787,716 | $ | 64,836,201 | $ | 1,658,076,646 | $ | 1,070,267,555 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
7,050,000 | 2,152,822 | 6,250,000 | 78,880,000 | 1,140,000 | 33,990,000 | 20,988,273 | |||||||||||||||||||||||||||
$ | 54.86 | $ | 56.37 | $ | 22.09 | $ | 46.37 | $ | 56.87 | $ | 48.78 | $ | 50.99 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 54.67 | $ | 56.30 | $ | 22.02 | $ | 46.36 | $ | 56.92 | $ | 48.78 | $ | 50.92 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 424,326,664 | $ | 113,968,277 | $ | 108,681,087 | $ | 3,713,286,029 | $ | 57,971,907 | $ | 1,507,787,034 | $ | 1,806,980,992 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 94,520,311 | $ | 22,777,257 | $ | 42,965 | $ | 235,618,853 | $ | 10,466,510 | $ | 49,189,530 | $ | 459,339,999 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | (1,606 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | - | $ | - | $ | 3,047,709 | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 90,653,063 | $ | 21,591,368 | $ | - | $ | 222,343,782 | $ | 9,871,232 | $ | 44,862,896 | $ | 326,657,800 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59 |
|
For the year ended April 30, 2022
Invesco Aerospace & Defense ETF (PPA) |
Invesco DWA Momentum ETF (PDP) |
Invesco Global Listed Private Equity ETF (PSP) |
Invesco Golden Dragon China ETF (PGJ) |
|||||||||||||
Investment income: | ||||||||||||||||
Unaffiliated dividend income |
$ | 8,176,448 | $ | 8,054,190 | $ | 8,677,839 | $ | 1,067,104 | ||||||||
Affiliated dividend income |
467 | 378 | 4,710 | 128 | ||||||||||||
Securities lending income |
1,144,087 | 101,792 | 93,048 | 1,322,510 | ||||||||||||
Foreign withholding tax |
(38,609 | ) | - | (147,455 | ) | (6,789 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
9,282,393 | 8,156,360 | 8,628,142 | 2,382,953 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses: | ||||||||||||||||
Unitary management fees |
- | - | - | - | ||||||||||||
Advisory fees |
3,968,951 | 8,531,460 | 1,278,768 | 1,132,096 | ||||||||||||
Sub-licensing fees |
476,265 | 1,706,279 | 255,752 | 226,417 | ||||||||||||
Accounting & administration fees |
59,957 | 145,643 | 25,299 | 29,027 | ||||||||||||
Professional fees |
29,336 | 36,747 | 28,809 | 30,690 | ||||||||||||
Custodian & transfer agent fees |
6,100 | 14,630 | 14,330 | 95,721 | ||||||||||||
Trustees’ and officer’s fees |
19,481 | 36,152 | 15,856 | 16,275 | ||||||||||||
Recapture (Note 3) |
- | - | - | 48,516 | ||||||||||||
Tax expenses |
- | - | - | - | ||||||||||||
Other expenses |
64,870 | 87,789 | 35,708 | 31,428 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
4,624,960 | 10,558,700 | 1,654,522 | 1,610,170 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Less: Waivers |
(63 | ) | (49 | ) | (305 | ) | (24,365 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
4,624,897 | 10,558,651 | 1,654,217 | 1,585,805 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
4,657,496 | (2,402,291 | ) | 6,973,925 | 797,148 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Unaffiliated investment securities |
(8,278,428 | ) | (285,944,215 | ) | 888,455 | (26,603,855 | ) | |||||||||
Affiliated investment securities |
(5,053 | ) | (28,889 | ) | (8,204 | ) | (22,139 | ) | ||||||||
Unaffiliated in-kind redemptions |
60,774,737 | 342,767,689 | 23,694,617 | 9,917,841 | ||||||||||||
Affiliated in-kind redemptions |
- | - | - | - | ||||||||||||
Short Sales |
- | - | (102,244 | ) | - | |||||||||||
Foreign currencies |
- | - | 7,548 | - | ||||||||||||
Swap agreements |
- | - | 2,109,604 | - | ||||||||||||
Written options |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain (loss) |
52,491,256 | 56,794,585 | 26,589,776 | (16,708,153 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
Unaffiliated investment securities |
(128,367,164 | ) | (307,621,781 | ) | (85,530,597 | ) | (169,091,886 | ) | ||||||||
Affiliated investment securities |
2,281 | 208 | 220 | 4,515 | ||||||||||||
Foreign currencies |
- | - | (78,406 | ) | - | |||||||||||
Swap agreements |
- | - | (346,435 | ) | - | |||||||||||
Written options |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Change in net unrealized appreciation (depreciation) |
(128,364,883 | ) | (307,621,573 | ) | (85,955,218 | ) | (169,087,371 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
(75,873,627 | ) | (250,826,988 | ) | (59,365,442 | ) | (185,795,524 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
$ | (71,216,131 | ) | $ | (253,229,279 | ) | $ | (52,391,517 | ) | $ | (184,998,376 | ) | ||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
60 |
|
Invesco MSCI |
Invesco Raymond James SB-1 Equity ETF (RYJ) |
Invesco S&P 500 BuyWrite ETF (PBP) |
Invesco S&P 500® Quality ETF (SPHQ) |
Invesco S&P Spin-Off ETF (CSD) |
Invesco Water Resources ETF (PHO) |
Invesco WilderHill Clean Energy ETF (PBW) | |||||||||||||||||||||||||||
$ | 5,864,388 | $ | 1,807,437 | $ | 2,365,513 | $ | 51,915,383 | $ | 914,418 | $ | 15,740,023 | $ | 1,983,863 | ||||||||||||||||||||
612 | 39 | 1,240 | 1,231 | 43 | 1,186 | 904 | |||||||||||||||||||||||||||
322,294 | 71,369 | - | 97,001 | 6,747 | 39,244 | 29,626,381 | |||||||||||||||||||||||||||
(267,517 | ) | (3,846 | ) | (447 | ) | - | - | (10,377 | ) | (348,994 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
5,919,777 | 1,874,999 | 2,366,306 | 52,013,615 | 921,208 | 15,770,076 | 31,262,154 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
- | 1,022,839 | 820,027 | - | - | - | - | |||||||||||||||||||||||||||
2,139,807 | - | - | 5,032,372 | 367,085 | 9,345,594 | 8,460,922 | |||||||||||||||||||||||||||
26,748 | - | - | 802,931 | 36,710 | 1,401,846 | 1,692,172 | |||||||||||||||||||||||||||
41,676 | - | - | 174,672 | 17,032 | 99,799 | 148,967 | |||||||||||||||||||||||||||
29,483 | - | - | 43,375 | 25,966 | 36,141 | 37,041 | |||||||||||||||||||||||||||
56,679 | - | - | 15,643 | 2,858 | 7,821 | 16,051 | |||||||||||||||||||||||||||
15,740 | - | - | 42,412 | 4,335 | 39,916 | 34,581 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
12,847 | - | - | - | - | - | - | |||||||||||||||||||||||||||
40,093 | - | - | 115,455 | 24,480 | 102,654 | 129,735 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
2,363,073 | 1,022,839 | 820,027 | 6,226,860 | 478,466 | 11,033,771 | 10,519,469 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(3 | ) | (4 | ) | (5 | ) | (1,190,494 | ) | (1,166 | ) | (126 | ) | (8,759 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
2,363,070 | 1,022,835 | 820,022 | 5,036,366 | 477,300 | 11,033,645 | 10,510,710 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
3,556,707 | 852,164 | 1,546,284 | 46,977,249 | 443,908 | 4,736,431 | 20,751,444 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(7,933,880 | ) | 2,878,717 | 475,629 | 42,123,191 | (758,393 | ) | 13,594,692 | (119,381,659 | ) | ||||||||||||||||||||||||
(28,864 | ) | (6,595 | ) | (2,269 | ) | (54,085 | ) | (1,442 | ) | (7,660 | ) | (252,200,784 | ) | ||||||||||||||||||||
18,265,455 | 16,663,230 | 37,840,123 | 468,448,436 | 705,204 | 212,009,402 | 115,858,337 | |||||||||||||||||||||||||||
- | - | 239 | - | - | - | - | |||||||||||||||||||||||||||
- | - | (452 | ) | - | - | - | - | ||||||||||||||||||||||||||
(23,360 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | 9,509,273 | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
10,279,351 | 19,535,352 | 47,822,543 | 510,517,542 | (54,631 | ) | 225,596,434 | (255,724,106 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(87,123,914 | ) | (29,171,413 | ) | (38,371,136 | ) | (582,800,942 | ) | (8,802,590 | ) | (367,552,552 | ) | (640,274,082 | ) | ||||||||||||||||||||
480 | 1,949 | (10,390 | ) | 13,883 | 1 | - | 68,062,699 | ||||||||||||||||||||||||||
(53,504 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | 2,438,134 | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(87,176,938 | ) | (29,169,464 | ) | (35,943,392 | ) | (582,787,059 | ) | (8,802,589 | ) | (367,552,552 | ) | (572,211,383 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(76,897,587 | ) | (9,634,112 | ) | 11,879,151 | (72,269,517 | ) | (8,857,220 | ) | (141,956,118 | ) | (827,935,489 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | (73,340,880 | ) | $ | (8,781,948 | ) | $ | 13,425,435 | $ | (25,292,268 | ) | $ | (8,413,312 | ) | $ | (137,219,687 | ) | $ | (807,184,045 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61 |
|
Statements of Changes in Net Assets
For the years ended April 30, 2022 and 2021
Invesco Aerospace &
Defense ETF (PPA) |
Invesco DWA
Momentum ETF (PDP) |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) |
$ | 4,657,496 | $ | 4,901,284 | $ | (2,402,291 | ) | $ | (3,200,469 | ) | ||||||
Net realized gain (loss) |
52,491,256 | 46,232,750 | 56,794,585 | 600,380,405 | ||||||||||||
Change in net unrealized appreciation (depreciation) |
(128,364,883 | ) | 179,147,318 | (307,621,573 | ) | 11,364,728 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(71,216,131 | ) | 230,281,352 | (253,229,279 | ) | 608,544,664 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings |
(4,267,913 | ) | (4,974,374 | ) | - | (513,422 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold |
984,265,515 | 96,845,229 | 1,703,552,968 | 1,889,632,495 | ||||||||||||
Value of shares repurchased |
(195,766,267 | ) | (287,278,268 | ) | (2,012,832,969 | ) | (1,999,394,937 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from share transactions |
788,499,248 | (190,433,039 | ) | (309,280,001 | ) | (109,762,442 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets |
713,015,204 | 34,873,939 | (562,509,280 | ) | 498,268,800 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets: | ||||||||||||||||
Beginning of year |
743,395,030 | 708,521,091 | 1,789,036,972 | 1,290,768,172 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 1,456,410,234 | $ | 743,395,030 | $ | 1,226,527,692 | $ | 1,789,036,972 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold |
12,760,000 | 1,410,000 | 18,770,000 | 24,410,000 | ||||||||||||
Shares repurchased |
(2,630,000 | ) | (4,650,000 | ) | (22,770,000 | ) | (25,260,000 | ) | ||||||||
Shares outstanding, beginning of year |
9,910,000 | 13,150,000 | 20,450,000 | 21,300,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
20,040,000 | 9,910,000 | 16,450,000 | 20,450,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62 | ||||
|
| |||
Invesco Global Listed
Private Equity ETF (PSP) |
Invesco Golden
Dragon China ETF (PGJ) |
Invesco MSCI
Sustainable Future ETF (ERTH) |
Invesco Raymond James SB-1 Equity ETF (RYJ) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
$ | 6,973,925 | $ | 4,229,129 | $ | 797,148 | $ | (461,867 | ) | $ | 3,556,707 | $ | 565,792 | $ | 852,164 | $ | 581,231 | ||||||||||||||||||||||
26,589,776 | 17,098,597 | (16,708,153 | ) | 35,506,391 | 10,279,351 | 143,803,097 | 19,535,352 | 28,594,856 | ||||||||||||||||||||||||||||||
(85,955,218 | ) | 76,392,248 | (169,087,371 | ) | 38,219,950 | (87,176,938 | ) | 21,171,270 | (29,169,464 | ) | 38,569,122 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(52,391,517 | ) | 97,719,974 | (184,998,376 | ) | 73,264,474 | (73,340,880 | ) | 165,540,159 | (8,781,948 | ) | 67,745,209 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(27,104,093 | ) | (7,353,679 | ) | - | (416,183 | ) | (62,642,968 | ) | (1,027,732 | ) | (729,997 | ) | (349,993 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
98,337,239 | 55,921,055 | 187,483,856 | 149,050,053 | 130,708,572 | 206,512,897 | 40,714,492 | 48,213,600 | |||||||||||||||||||||||||||||||
(58,069,507 | ) | (53,468,279 | ) | (37,774,624 | ) | (109,053,471 | ) | (94,794,820 | ) | (108,276,729 | ) | (51,078,058 | ) | (75,982,774 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
40,267,732 | 2,452,776 | 149,709,232 | 39,996,582 | 35,913,752 | 98,236,168 | (10,363,566 | ) | (27,769,174 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(39,227,878 | ) | 92,819,071 | (35,289,144 | ) | 112,844,873 | (100,070,096 | ) | 262,748,595 | (19,875,511 | ) | 39,626,042 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
234,352,582 | 141,533,511 | 274,294,658 | 161,449,785 | 486,807,140 | 224,058,545 | 141,229,726 | 101,603,684 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
$ | 195,124,704 | $ | 234,352,582 | $ | 239,005,514 | $ | 274,294,658 | $ | 386,737,044 | $ | 486,807,140 | $ | 121,354,215 | $ | 141,229,726 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
6,350,000 | 4,400,000 | 5,230,000 | 2,220,000 | 1,900,000 | 3,100,000 | 660,000 | 970,000 | |||||||||||||||||||||||||||||||
(4,000,000 | ) | (4,600,000 | ) | (870,000 | ) | (1,900,000 | ) | (1,350,000 | ) | (1,850,000 | ) | (830,000 | ) | (1,620,000 | ) | |||||||||||||||||||||||
15,000,000 | 15,200,000 | 4,320,000 | 4,000,000 | 6,500,000 | 5,250,000 | 2,322,822 | 2,972,822 | |||||||||||||||||||||||||||||||
|
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|
|
|||||||||||||||||||||||
17,350,000 | 15,000,000 | 8,680,000 | 4,320,000 | 7,050,000 | 6,500,000 | 2,152,822 | 2,322,822 | |||||||||||||||||||||||||||||||
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63 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the years ended April 30, 2022 and 2021
Invesco S&P 500
BuyWrite ETF (PBP) |
Invesco S&P 500®
Quality ETF (SPHQ) |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income |
$ | 1,546,284 | $ | 2,060,239 | $ | 46,977,249 | $ | 35,964,127 | ||||||||
Net realized gain (loss) |
47,822,543 | 4,276,581 | 510,517,542 | 239,214,898 | ||||||||||||
Change in net unrealized appreciation (depreciation) |
(35,943,392 | ) | 34,491,286 | (582,787,059 | ) | 442,404,302 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
13,425,435 | 40,828,106 | (25,292,268 | ) | 717,583,327 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings |
(11,042,019 | ) | (2,096,531 | ) | (44,708,736 | ) | (35,227,013 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold |
44,741,889 | 5,023,505 | 3,017,069,728 | 1,566,882,564 | ||||||||||||
Value of shares repurchased |
(76,896,678 | ) | (68,749,755 | ) | (1,959,498,965 | ) | (1,335,231,097 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from share transactions |
(32,154,789 | ) | (63,726,250 | ) | 1,057,570,763 | 231,651,467 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets |
(29,771,373 | ) | (24,994,675 | ) | 987,569,759 | 914,007,781 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets: | ||||||||||||||||
Beginning of year |
167,818,220 | 192,812,895 | 2,670,217,957 | 1,756,210,176 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 138,046,847 | $ | 167,818,220 | $ | 3,657,787,716 | $ | 2,670,217,957 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold |
1,950,000 | 250,000 | 60,470,000 | 40,490,000 | ||||||||||||
Shares repurchased |
(3,400,000 | ) | (3,600,000 | ) | (39,980,000 | ) | (34,350,000 | ) | ||||||||
Shares outstanding, beginning of year |
7,700,000 | 11,050,000 | 58,390,000 | 52,250,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
6,250,000 | 7,700,000 | 78,880,000 | 58,390,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64 | ||||
|
| |||
Invesco S&P Spin-Off ETF (CSD) |
Invesco Water
Resources ETF (PHO) |
Invesco WilderHill
Clean Energy ETF (PBW) |
||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
$ | 443,908 | $ | 443,581 | $ | 4,736,431 | $ | 4,714,395 | $ | 20,751,444 | $ | 10,162,137 | |||||||||||
(54,631 | ) | (4,609,226 | ) | 225,596,434 | 139,703,627 | (255,724,106 | ) | 702,026,622 | ||||||||||||||
(8,802,589 | ) | 45,720,361 | (367,552,552 | ) | 363,934,247 | (572,211,383 | ) | (283,880,388 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(8,413,312 | ) | 41,554,716 | (137,219,687 | ) | 508,352,269 | (807,184,045 | ) | 428,308,371 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(531,999 | ) | (669,670 | ) | (4,449,322 | ) | (4,879,305 | ) | (31,654,543 | ) | (9,830,994 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
644,755 | 12,625,886 | 593,002,133 | 393,235,944 | 1,706,005,079 | 3,043,741,601 | |||||||||||||||||
(2,411,194 | ) | (36,410,061 | ) | (397,668,565 | ) | (284,142,432 | ) | (1,993,294,808 | ) | (1,513,699,302 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1,766,439 | ) | (23,784,175 | ) | 195,333,568 | 109,093,512 | (287,289,729 | ) | 1,530,042,299 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(10,711,750 | ) | 17,100,871 | 53,664,559 | 612,566,476 | (1,126,128,317 | ) | 1,948,519,676 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
75,547,951 | 58,447,080 | 1,604,412,087 | 991,845,611 | 2,196,395,872 | 247,876,196 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 64,836,201 | $ | 75,547,951 | $ | 1,658,076,646 | $ | 1,604,412,087 | $ | 1,070,267,555 | $ | 2,196,395,872 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
10,000 | 280,000 | 10,520,000 | 8,560,000 | 23,700,000 | 33,950,000 | |||||||||||||||||
(40,000 | ) | (810,000 | ) | (7,280,000 | ) | (6,610,000 | ) | (27,710,000 | ) | (16,720,000 | ) | |||||||||||
1,170,000 | 1,700,000 | 30,750,000 | 28,800,000 | 24,998,273 | 7,768,273 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,140,000 | 1,170,000 | 33,990,000 | 30,750,000 | 20,988,273 | 24,998,273 | |||||||||||||||||
|
|
|
|
|
|
|
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|
|
65 | ||||
|
| |||
Invesco Aerospace & Defense ETF (PPA)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of year |
$ | 75.01 | $ | 53.88 | $ | 61.93 | $ | 55.62 | $ | 44.81 | ||||||||||
Net investment income(a) |
0.44 | 0.44 | 0.80 | 0.49 | 0.42 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(2.38 | ) | 21.13 | (7.98 | ) | 6.30 | 10.79 | |||||||||||||
Total from investment operations |
(1.94 | ) | 21.57 | (7.18 | ) | 6.79 | 11.21 | |||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.39 | ) | (0.44 | ) | (0.87 | ) | (0.48 | ) | (0.40 | ) | ||||||||||
Net asset value at end of year |
$ | 72.68 | $ | 75.01 | $ | 53.88 | $ | 61.93 | $ | 55.62 | ||||||||||
Market price at end of year(b) |
$ | 72.65 | $ | 74.97 | $ | 53.98 | $ | 61.94 | $ | 55.66 | ||||||||||
Net Asset Value Total Return(c) | (2.59 | )% | 40.21 | % | (11.64 | )% | 12.33 | % | 25.13 | % | ||||||||||
Market Price Total Return(c) | (2.58 | )% | 39.87 | % | (11.48 | )% | 12.27 | % | 25.14 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 1,456,410 | $ | 743,395 | $ | 708,521 | $ | 938,246 | $ | 1,006,709 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.58 | % | 0.61 | % | 0.59 | % | 0.59 | % | 0.60 | % | ||||||||||
Net investment income |
0.59 | % | 0.71 | % | 1.22 | % | 0.86 | % | 0.80 | % | ||||||||||
Portfolio turnover rate(d) |
26 | % | 22 | % | 18 | % | 15 | % | 7 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco DWA Momentum ETF (PDP)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of year |
$ | 87.48 | $ | 60.60 | $ | 58.78 | $ | 52.66 | $ | 45.86 | ||||||||||
Net investment income (loss)(a) |
(0.12 | ) | (0.15 | ) | 0.19 | 0.11 | 0.13 | |||||||||||||
Net realized and unrealized gain (loss) on investments |
(12.80 | ) | 27.05 | 1.86 | 6.10 | 6.81 | ||||||||||||||
Total from investment operations |
(12.92 | ) | 26.90 | 2.05 | 6.21 | 6.94 | ||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
- | (0.02 | ) | (0.23 | ) | (0.09 | ) | (0.13 | ) | |||||||||||
Return of capital |
- | - | - | - | (0.01 | ) | ||||||||||||||
Total distributions |
- | (0.02 | ) | (0.23 | ) | (0.09 | ) | (0.14 | ) | |||||||||||
Net asset value at end of year |
$ | 74.56 | $ | 87.48 | $ | 60.60 | $ | 58.78 | $ | 52.66 | ||||||||||
Market price at end of year(b) |
$ | 74.53 | $ | 87.44 | $ | 60.68 | $ | 58.79 | $ | 52.72 | ||||||||||
Net Asset Value Total Return(c) | (14.77 | )% | 44.41 | % | 3.53 | % | 11.81 | % | 15.17 | % | ||||||||||
Market Price Total Return(c) | (14.77 | )% | 44.15 | % | 3.65 | % | 11.70 | % | 15.28 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 1,226,528 | $ | 1,789,037 | $ | 1,290,768 | $ | 1,545,947 | $ | 1,521,909 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.63 | % | ||||||||||
Net investment income (loss) |
(0.14 | )% | (0.18 | )% | 0.32 | % | 0.20 | % | 0.26 | % | ||||||||||
Portfolio turnover rate(d) |
173 | % | 124 | % | 82 | % | 82 | % | 68 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
66 |
|
Financial Highlights–(continued)
Invesco Global Listed Private Equity ETF (PSP)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of year |
$ | 15.62 | $ | 9.31 | $ | 12.10 | $ | 12.19 | $ | 12.25 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.41 | 0.30 | 0.52 | (b) | 0.32 | 0.40 | (c) | |||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.17 | ) | 6.53 | (2.36 | ) | (0.03 | ) | 0.99 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment operations |
(2.76 | ) | 6.83 | (1.84 | ) | 0.29 | 1.39 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(1.61 | ) | (0.52 | ) | (0.95 | ) | (0.38 | ) | (1.40 | ) | ||||||||||
Return of capital |
- | - | - | - | (0.05 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.61 | ) | (0.52 | ) | (0.95 | ) | (0.38 | ) | (1.45 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 11.25 | $ | 15.62 | $ | 9.31 | $ | 12.10 | $ | 12.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Market price at end of year(d) |
$ | 11.27 | $ | 15.60 | $ | 9.32 | $ | 12.13 | $ | 12.21 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value Total Return(e) | (19.85 | )% | 75.17 | % | (15.82 | )% | 2.28 | % | 11.76 | % | ||||||||||
Market Price Total Return(e) | (19.61 | )% | 74.76 | % | (15.92 | )% | 2.36 | % | 11.57 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 195,125 | $ | 234,353 | $ | 141,534 | $ | 244,443 | $ | 245,052 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers(f) |
0.65 | % | 0.68 | % | 0.63 | % | 0.64 | % | 0.64 | % | ||||||||||
Expenses, prior to Waivers(f) |
0.65 | % | 0.69 | % | 0.65 | % | 0.66 | % | 0.65 | % | ||||||||||
Net investment income |
2.73 | % | 2.42 | % | 4.47 | %(b) | 2.79 | % | 3.16 | %(c) | ||||||||||
Portfolio turnover rate(g) |
62 | % | 47 | % | 50 | % | 64 | % | 44 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.33 and 2.82%, respectively. |
(c) |
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.30 and 2.37%, respectively. |
(d) |
The mean between the last bid and ask prices. |
(e) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
67 |
|
Financial Highlights–(continued)
Invesco Golden Dragon China ETF (PGJ)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 63.49 | $ | 40.36 | $ | 42.08 | $ | 45.58 | $ | 35.69 | ||||||||||
Net investment income (loss)(a) |
0.14 | (0.12 | ) | 0.16 | 0.11 | 0.31 | ||||||||||||||
Net realized and unrealized gain (loss) on investments |
(36.09 | ) | 23.36 | (1.72 | ) | (3.51 | ) | 10.50 | ||||||||||||
Total from investment operations |
(35.95 | ) | 23.24 | (1.56 | ) | (3.40 | ) | 10.81 | ||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
- | (0.11 | ) | (0.16 | ) | (0.10 | ) | (0.92 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value at end of year |
$ | 27.54 | $ | 63.49 | $ | 40.36 | $ | 42.08 | $ | 45.58 | ||||||||||
Market price at end of year(b) |
$ | 27.57 | $ | 63.52 | $ | 40.32 | $ | 42.11 | $ | 45.58 | ||||||||||
Net Asset Value Total Return(c) | (56.62 | )% | 57.61 | % | (3.67 | )% | (7.46 | )% | 30.46 | % | ||||||||||
Market Price Total Return(c) | (56.60 | )% | 57.84 | % | (3.83 | )% | (7.39 | )% | 30.46 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 239,006 | $ | 274,295 | $ | 161,450 | $ | 216,730 | $ | 271,208 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.70 | % | 0.69 | % | 0.70 | %(d) | 0.70 | % | 0.70 | % | ||||||||||
Expenses, prior to Waivers |
0.71 | % | 0.69 | % | 0.71 | %(d) | 0.70 | % | 0.70 | % | ||||||||||
Net investment income (loss) |
0.35 | % | (0.20 | )% | 0.40 | %(d) | 0.27 | % | 0.70 | % | ||||||||||
Portfolio turnover rate(e) |
42 | % | 40 | % | 30 | % | 36 | % | 25 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
68 |
|
Financial Highlights–(continued)
Invesco MSCI Sustainable Future ETF (ERTH)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 74.89 | $ | 42.68 | $ | 45.03 | $ | 42.12 | $ | 37.06 | ||||||||||
Net investment income(a) |
0.54 | 0.10 | 0.23 | 0.19 | 0.25 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(10.40 | ) | 32.29 | (2.25 | ) | 2.95 | 5.18 | |||||||||||||
Total from investment operations |
(9.86 | ) | 32.39 | (2.02 | ) | 3.14 | 5.43 | |||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.52 | ) | (0.18 | ) | (0.33 | ) | (0.23 | ) | (0.37 | ) | ||||||||||
Net realized gains |
(9.65 | ) | - | - | - | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(10.17 | ) | (0.18 | ) | (0.33 | ) | (0.23 | ) | (0.37 | ) | ||||||||||
Net asset value at end of year |
$ | 54.86 | $ | 74.89 | $ | 42.68 | $ | 45.03 | $ | 42.12 | ||||||||||
Market price at end of year(b) |
$ | 54.67 | $ | 74.75 | $ | 42.74 | $ | 45.21 | $ | 42.26 | ||||||||||
Net Asset Value Total Return(c) | (15.38 | )% | 75.99 | % | (4.49 | )% | 7.48 | % | 14.74 | % | ||||||||||
Market Price Total Return(c) | (15.57 | )% | 75.42 | % | (4.73 | )% | 7.55 | % | 14.72 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 386,737 | $ | 486,807 | $ | 224,059 | $ | 180,121 | $ | 160,057 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.55 | % | 0.61 | % | 0.65 | % | 0.68 | % | 0.67 | % | ||||||||||
Expenses, prior to Waivers |
0.55 | % | 0.61 | % | 0.65 | % | 0.68 | % | 0.68 | % | ||||||||||
Net investment income |
0.83 | % | 0.16 | % | 0.51 | % | 0.47 | % | 0.61 | % | ||||||||||
Portfolio turnover rate(d) |
30 | % | 140 | % | 75 | % | 21 | % | 17 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
69 |
|
Financial Highlights–(continued)
Invesco Raymond James SB-1 Equity ETF (RYJ)
Eight Months Ended April 30, 2019 |
||||||||||||||||||||||||||||||
Years Ended April 30, | Years Ended August 31, | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2018 | 2017 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 60.80 | $ | 34.18 | $ | 45.30 | $ | 49.24 | $ | 39.34 | $ | 35.99 | ||||||||||||||||||
Net investment income(a) |
0.38 | 0.23 | 0.33 | 0.13 | 0.27 | 0.12 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(4.48 | ) | 26.53 | (11.35 | ) | (3.55 | ) | 9.63 | 3.82 | |||||||||||||||||||||
Total from investment operations |
(4.10 | ) | 26.76 | (11.02 | ) | (3.42 | ) | 9.90 | 3.94 | |||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.33 | ) | (0.14 | ) | (0.10 | ) | (0.52 | ) | - | (0.52 | ) | |||||||||||||||||||
Return of capital |
- | - | - | - | - | (0.07 | ) | |||||||||||||||||||||||
Total distributions |
(0.33 | ) | (0.14 | ) | (0.10 | ) | (0.52 | ) | - | (0.59 | ) | |||||||||||||||||||
Net asset value at end of period |
$ | 56.37 | $ | 60.80 | $ | 34.18 | $ | 45.30 | $ | 49.24 | $ | 39.34 | ||||||||||||||||||
Market price at end of period |
$ | 56.30 | (b) | $ | 60.81 | (b) | $ | 34.22 | (b) | $ | 45.30 | (b) | $ | 49.19 | (b) | $ | 39.32 | |||||||||||||
Net Asset Value Total Return(c) | (6.78 | )% | 78.39 | % | (24.40 | )% | (6.60 | )% | 25.16 | % | 11.00 | % | ||||||||||||||||||
Market Price Total Return(c) | (6.90 | )% | 78.21 | % | (24.31 | )% | (6.51 | )% | 25.10 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 121,354 | $ | 141,230 | $ | 101,604 | $ | 173,156 | $ | 200,560 | $ | 185,801 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.75 | % | 0.75 | %(d) | 0.75 | % | 0.75 | %(d)(e) | 0.71 | % | 0.75 | % | ||||||||||||||||||
Net investment income |
0.62 | % | 0.49 | % | 0.78 | % | 0.44 | %(e) | 0.60 | % | 0.30 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
92 | % | 110 | % | 114 | % | 65 | % | 82 | % | 90 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
70 |
|
Financial Highlights–(continued)
Invesco S&P 500 BuyWrite ETF (PBP)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of year |
$ | 21.79 | $ | 17.45 | $ | 21.39 | $ | 21.29 | $ | 22.21 | ||||||||||
Net investment income(a) |
0.21 | 0.23 | 0.33 | 0.32 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.57 | 4.35 | (3.05 | ) | 0.32 | 1.16 | ||||||||||||||
Total from investment operations |
1.78 | 4.58 | (2.72 | ) | 0.64 | 1.44 | ||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.24 | ) | (0.24 | ) | (0.36 | ) | (0.31 | ) | (1.09 | ) | ||||||||||
Net realized gains |
(1.24 | ) | - | (0.86 | ) | (0.23 | ) | (1.27 | ) | |||||||||||
Total distributions |
(1.48 | ) | (0.24 | ) | (1.22 | ) | (0.54 | ) | (2.36 | ) | ||||||||||
Net asset value at end of year |
$ | 22.09 | $ | 21.79 | $ | 17.45 | $ | 21.39 | $ | 21.29 | ||||||||||
Market price at end of year(b) |
$ | 22.02 | $ | 21.76 | $ | 17.40 | $ | 21.39 | $ | 21.33 | ||||||||||
Net Asset Value Total Return(c) | 8.06 | % | 26.40 | % | (13.62 | )% | 3.16 | % | 6.59 | % | ||||||||||
Market Price Total Return(c) | 7.86 | % | 26.59 | % | (13.85 | )% | 2.97 | % | 6.68 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 138,047 | $ | 167,818 | $ | 192,813 | $ | 320,778 | $ | 302,296 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.49 | % | 0.49 | % | 0.49 | % | 0.53 | % | 0.75 | % | ||||||||||
Net investment income |
0.92 | % | 1.19 | % | 1.56 | % | 1.47 | % | 1.25 | % | ||||||||||
Portfolio turnover rate(d) |
33 | % | 19 | % | 19 | % | 15 | % | 16 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P 500® Quality ETF (SPHQ)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of year |
$ | 45.73 | $ | 33.61 | $ | 33.29 | $ | 29.53 | $ | 27.62 | ||||||||||
Net investment income(a) |
0.70 | 0.63 | 0.61 | 0.51 | 0.57 | |||||||||||||||
Net realized and unrealized gain on investments |
0.60 | 12.11 | 0.35 | 3.75 | 1.89 | |||||||||||||||
Total from investment operations |
1.30 | 12.74 | 0.96 | 4.26 | 2.46 | |||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.66 | ) | (0.62 | ) | (0.64 | ) | (0.50 | ) | (0.55 | ) | ||||||||||
Net asset value at end of year |
$ | 46.37 | $ | 45.73 | $ | 33.61 | $ | 33.29 | $ | 29.53 | ||||||||||
Market price at end of year(b) |
$ | 46.36 | $ | 45.75 | $ | 33.62 | $ | 33.30 | $ | 29.55 | ||||||||||
Net Asset Value Total Return(c) | 2.76 | % | 38.23 | % | 3.03 | % | 14.63 | % | 8.94 | % | ||||||||||
Market Price Total Return(c) | 2.70 | % | 38.26 | % | 3.03 | % | 14.59 | % | 8.98 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 3,657,788 | $ | 2,670,218 | $ | 1,756,210 | $ | 1,469,785 | $ | 1,327,157 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.15 | % | 0.15 | % | 0.15 | % | 0.19 | % | 0.29 | % | ||||||||||
Expenses, prior to Waivers |
0.19 | % | 0.19 | % | 0.21 | % | 0.26 | % | 0.37 | % | ||||||||||
Net investment income |
1.40 | % | 1.59 | % | 1.79 | % | 1.67 | % | 1.95 | % | ||||||||||
Portfolio turnover rate(d) |
48 | % | 57 | % | 56 | % | 73 | % | 60 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
71 |
|
Financial Highlights–(continued)
Invesco S&P Spin-Off ETF (CSD)
Years Ended April 30, |
Eight Months Ended April 30, |
Year Ended August 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 64.57 | $ | 34.38 | $ | 52.43 | $ | 52.61 | $ | 49.42 | $ | 42.42 | ||||||||||||||||||
Net investment income(a) |
0.38 | 0.33 | 0.58 | 0.43 | 0.04 | 0.39 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(7.63 | ) | 30.41 | (18.08 | ) | (0.19 | ) | 3.46 | 7.31 | |||||||||||||||||||||
Total from investment operations |
(7.25 | ) | 30.74 | (17.50 | ) | 0.24 | 3.50 | 7.70 | ||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.45 | ) | (0.55 | ) | (0.55 | ) | (0.42 | ) | (0.20 | ) | (0.70 | ) | ||||||||||||||||||
Return of capital |
- | - | - | - | (0.11 | ) | - | |||||||||||||||||||||||
Total distributions |
(0.45 | ) | (0.55 | ) | (0.55 | ) | (0.42 | ) | (0.31 | ) | (0.70 | ) | ||||||||||||||||||
Net asset value at end of period |
$ | 56.87 | $ | 64.57 | $ | 34.38 | $ | 52.43 | $ | 52.61 | $ | 49.42 | ||||||||||||||||||
Market price at end of period |
$ | 56.92 | (b) | $ | 64.57 | (b) | $ | 34.41 | (b) | $ | 52.41 | (b) | $ | 52.55 | (b) | $ | 49.34 | |||||||||||||
Net Asset Value Total Return(c) |
(11.24 | )% | 89.69 | % | (33.72 | )% | 0.71 | % | 7.10 | % | 18.39 | % | ||||||||||||||||||
Market Price Total Return(c) |
(11.16 | )% | 89.53 | % | (33.64 | )% | 0.78 | % | 7.15 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 64,836 | $ | 75,548 | $ | 58,447 | $ | 146,814 | $ | 202,534 | $ | 195,208 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.65 | % | 0.65 | % | 0.62 | % | 0.62 | % | 0.64 | %(d) | 0.64 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.65 | % | 0.68 | % | 0.62 | % | 0.62 | % | 0.65 | %(d) | 0.64 | % | ||||||||||||||||||
Net investment income |
0.60 | % | 0.68 | % | 1.27 | % | 0.84 | % | 0.12 | %(d) | 0.86 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
68 | % | 57 | % | 55 | % | 49 | % | 24 | % | 44 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
72 |
|
Financial Highlights–(continued)
Invesco Water Resources ETF (PHO)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of year |
$ | 52.18 | $ | 34.44 | $ | 34.67 | $ | 30.09 | $ | 26.71 | ||||||||||
Net investment income(a) |
0.14 | 0.17 | 0.15 | 0.16 | 0.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.41 | ) | 17.74 | (0.18 | ) | 4.55 | 3.39 | |||||||||||||
Total from investment operations |
(3.27 | ) | 17.91 | (0.03 | ) | 4.71 | 3.48 | |||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.13 | ) | (0.17 | ) | (0.20 | ) | (0.13 | ) | (0.10 | ) | ||||||||||
Net asset value at end of year |
$ | 48.78 | $ | 52.18 | $ | 34.44 | $ | 34.67 | $ | 30.09 | ||||||||||
Market price at end of year(b) |
$ | 48.78 | $ | 52.17 | $ | 34.49 | $ | 34.70 | $ | 30.09 | ||||||||||
Net Asset Value Total Return(c) | (6.29 | )% | 52.15 | % | (0.07 | )% | 15.74 | % | 13.07 | % | ||||||||||
Market Price Total Return(c) | (6.27 | )% | 51.90 | % | (0.01 | )% | 15.84 | % | 13.11 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 1,658,077 | $ | 1,604,412 | $ | 991,846 | $ | 941,269 | $ | 821,548 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses |
0.59 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.62 | % | ||||||||||
Net investment income |
0.25 | % | 0.39 | % | 0.42 | % | 0.51 | % | 0.31 | % | ||||||||||
Portfolio turnover rate(d) |
29 | % | 22 | % | 26 | % | 31 | % | 23 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco WilderHill Clean Energy ETF (PBW)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||
Net asset value at beginning of year |
$ | 87.86 | $ | 31.91 | $ | 28.30 | $ | 24.64 | $ | 20.85 | ||||||||||
Net investment income(a) |
0.93 | 0.61 | 0.49 | 0.39 | 0.31 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(36.46 | ) | 55.82 | 3.73 | 3.66 | 3.78 | ||||||||||||||
Total from investment operations |
(35.53 | ) | 56.43 | 4.22 | 4.05 | 4.09 | ||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(1.34 | ) | (0.48 | ) | (0.61 | ) | (0.39 | ) | (0.30 | ) | ||||||||||
Net asset value at end of year |
$ | 50.99 | $ | 87.86 | $ | 31.91 | $ | 28.30 | $ | 24.64 | ||||||||||
Market price at end of year(b) |
$ | 50.92 | $ | 87.72 | $ | 31.93 | $ | 28.31 | $ | 24.66 | ||||||||||
Net Asset Value Total Return(c) | (40.88 | )% | 176.87 | % | 15.13 | % | 16.76 | % | 19.78 | % | ||||||||||
Market Price Total Return(c) | (40.86 | )% | 176.26 | % | 15.16 | % | 16.70 | % | 19.87 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 1,070,268 | $ | 2,196,396 | $ | 247,876 | $ | 144,857 | $ | 116,263 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.62 | % | 0.61 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||
Expenses, prior to Waivers |
0.62 | % | 0.61 | % | 0.70 | % | 0.71 | % | 0.77 | % | ||||||||||
Net investment income |
1.23 | % | 0.71 | % | 1.57 | % | 1.56 | % | 1.30 | % | ||||||||||
Portfolio turnover rate(d) |
60 | % | 81 | % | 40 | % | 40 | % | 43 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust
April 30, 2022
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name |
Short Name | |
Invesco Aerospace & Defense ETF (PPA) |
“Aerospace & Defense ETF” | |
Invesco DWA Momentum ETF (PDP) |
“DWA Momentum ETF” | |
Invesco Global Listed Private Equity ETF (PSP) |
“Global Listed Private Equity ETF” | |
Invesco Golden Dragon China ETF (PGJ) |
“Golden Dragon China ETF” | |
Invesco MSCI Sustainable Future ETF (ERTH) |
“MSCI Sustainable Future ETF” | |
Invesco Raymond James SB-1 Equity ETF (RYJ) |
“Raymond James SB-1 Equity ETF” | |
Invesco S&P 500 BuyWrite ETF (PBP) |
“S&P 500 BuyWrite ETF” | |
Invesco S&P 500® Quality ETF (SPHQ) |
“S&P 500® Quality ETF” | |
Invesco S&P Spin-Off ETF (CSD) |
“S&P Spin-Off ETF” | |
Invesco Water Resources ETF (PHO) |
“Water Resources ETF” | |
Invesco WilderHill Clean Energy ETF (PBW) |
“WilderHill Clean Energy ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of DWA Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which are listed and traded on The Nasdaq Stock Market.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund |
Underlying Index | |
Aerospace & Defense ETF |
SPADE® Defense Index | |
DWA Momentum ETF |
Dorsey Wright® Technical Leaders Index | |
Global Listed Private Equity ETF |
Red Rocks Global Listed Private Equity Index | |
Golden Dragon China ETF |
NASDAQ Golden Dragon China Index | |
MSCI Sustainable Future ETF |
MSCI Global Environment Select Index | |
Raymond James SB-1 Equity ETF |
Raymond James SB-1 Equity index | |
S&P 500 BuyWrite ETF |
CBOE S&P 500 BuyWrite IndexSM | |
S&P 500® Quality ETF |
S&P 500® Quality Index | |
S&P Spin-Off ETF |
S&P U.S. Spin-Off Index | |
Water Resources ETF |
NASDAQ OMX US Water IndexSM | |
WilderHill Clean Energy ETF |
WilderHill Clean Energy Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
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A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent
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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. |
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. |
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. |
Dividends and Distributions to Shareholders - Each Fund (except Raymond James SB-1 Equity ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
E. |
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, partnerships and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. |
Expenses - Each Fund (except for S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, |
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sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. |
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. |
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. |
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole
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securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund (except for MSCI Sustainable Future ETF and S&P 500 BuyWrite ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:
Amount | |||||
Aerospace & Defense ETF |
$3,518 | ||||
DWA Momentum ETF |
1,707 | ||||
Global Listed Private Equity ETF |
744 | ||||
Golden Dragon China ETF |
34,838 | ||||
Raymond James SB-1 Equity ETF |
3,102 | ||||
S&P 500® Quality ETF |
7,924 | ||||
S&P Spin-Off ETF |
180 | ||||
Water Resources ETF |
825 | ||||
WilderHill Clean Energy ETF |
623,455 |
J. |
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
K. |
Call Options Purchased and Written - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written. |
When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.
When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of
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Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
L. |
Swap Agreements - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund’s NAV over specific periods of time. If each Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
Interest rate, total return, index and currency exchange rate swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the futures commission merchant (“FCM”)) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.
M. Other Risks
ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an
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agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase this risk.
China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its
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management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Listed Private Equity Companies Risk. There are certain risks inherent in investing in listed private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to or provide services to privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. A Fund is also subject to the underlying risks which affect the listed private equity companies in which the financial institutions or vehicles held by the Fund invest. Listed private equity companies are subject to various risks depending on their underlying investments, which include additional liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Listed private equity companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings, which may be adversely impacted by the poor performance of a small number of investments. By investing in companies in the capital markets whose business is to lend money, there is a risk that the issuer may default on its payments or declare bankruptcy.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because Aerospace & Defense ETF, Golden Dragon China ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
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Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Thematic Investing Risk. Certain Funds rely on the index provider for its Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. The Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that the index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact the Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in the Underlying Index. There is no guarantee that the Underlying Index will reflect complete exposure to any particular environmental theme.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
NOTE 3–Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.
Pursuant to another Investment Advisory Agreement, Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any
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other matters that directly benefit the Adviser)) of each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2024. The Expense Cap (including sub-licensing fees) for S&P 500® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, DWA Momentum ETF, Global Listed Private Equity ETF, MSCI Sustainable Future ETF, S&P Spin-Off ETF, Water Resources ETF and WilderHill Clean Energy ETF.
Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.
For the fiscal year ended April 30, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Aerospace & Defense ETF |
$ | 63 | ||
DWA Momentum ETF |
49 | |||
Global Listed Private Equity ETF |
305 | |||
Golden Dragon China ETF |
24,365 | |||
MSCI Sustainable Future ETF |
3 | |||
Raymond James SB-1 Equity ETF |
4 | |||
S&P 500 BuyWrite ETF |
5 | |||
S&P 500® Quality ETF |
1,190,494 | |||
S&P Spin-Off ETF |
1,166 | |||
Water Resources ETF |
126 | |||
WilderHill Clean Energy ETF |
8,759 |
The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2022 are as follows:
Total Potential Recapture Amounts |
||||||||||||||||||||
Potential Recapture Amounts Expiring | ||||||||||||||||||||
4/30/23 | 4/30/24 | 4/30/25 | ||||||||||||||||||
Golden Dragon China ETF |
$ | 1,050 | $ | - | $ | - | $ | 1,050 | ||||||||||||
S&P 500® Quality ETF |
3,128,103 | 943,093 | 994,660 | 1,190,350 | ||||||||||||||||
S&P Spin-Off ETF |
12,903 | - | 12,903 | - |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Aerospace & Defense ETF |
SPADE Indexes | |
DWA Momentum ETF |
Dorsey Wright & Associates, LLC | |
Global Listed Private Equity ETF |
Red Rocks Capital, LLC | |
Golden Dragon China ETF |
Nasdaq, Inc. | |
MSCI Sustainable Future ETF |
MSCI, Inc. | |
Raymond James SB-1 Equity ETF |
Raymond James Research Services, LLC | |
S&P 500 BuyWrite ETF |
S&P Dow Jones Indices LLC | |
S&P 500® Quality ETF |
S&P Dow Jones Indices LLC | |
S&P Spin-Off ETF |
S&P Dow Jones Indices LLC | |
Water Resources ETF |
Nasdaq, Inc. | |
WilderHill Clean Energy ETF |
WilderHill |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Aerospace & Defense ETF |
$ | 22,591 | ||
DWA Momentum ETF |
129,789 | |||
Global Listed Private Equity ETF |
5,628 | |||
Golden Dragon China ETF |
24,575 | |||
MSCI Sustainable Future ETF |
18,416 | |||
Raymond James SB-1 Equity ETF |
49,880 | |||
S&P 500 BuyWrite ETF |
31 | |||
S&P 500® Quality ETF |
49,799 | |||
S&P Spin-Off ETF |
12,027 | |||
Water Resources ETF |
866 | |||
WilderHill Clean Energy ETF |
72,201 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold—affiliated broker and/or payable caption Investments purchased — affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the fiscal year ended April 30, 2022, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains* | |||||||||||||
S&P 500 BuyWrite ETF |
$ | 15,992 | $ | 1,164 | $ | 173 | |||||||||
S&P 500® Quality ETF |
1,187,175 | 3,717,057 | 407,002 |
* |
Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market
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prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – |
Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – |
Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – |
Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of April 30, 2022, for each Fund (except for S&P 500 BuyWrite ETF). As of April 30, 2022, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of options held in S&P 500 BuyWrite ETF was based on Level 1 inputs. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Aerospace & Defense ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 1,455,779,728 | $ | - | $ | - | $ | 1,455,779,728 | ||||||||||||
Money Market Funds |
337,190 | 84,826,743 | - | 85,163,933 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 1,456,116,918 | $ | 84,826,743 | $ | - | $ | 1,540,943,661 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DWA Momentum ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 1,226,257,401 | $ | - | $ | - | $ | 1,226,257,401 | ||||||||||||
Money Market Funds |
932,748 | 59,877,233 | - | 60,809,981 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 1,227,190,149 | $ | 59,877,233 | $ | - | $ | 1,287,067,382 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Global Listed Private Equity ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 60,090,600 | $ | 102,801,923 | $ | - | $ | 162,892,523 | ||||||||||||
Closed-End Funds |
28,290,591 | - | - | 28,290,591 | ||||||||||||||||
Money Market Funds |
2,395,158 | 28,760,544 | - | 31,155,702 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments in Securities |
90,776,349 | 131,562,467 | - | 222,338,816 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Other Investments - Liabilities* |
||||||||||||||||||||
Swap Agreements |
- | (97,328 | ) | - | (97,328 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 90,776,349 | $ | 131,465,139 | $ | - | $ | 222,241,488 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Golden Dragon China ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 238,890,731 | $ | - | $ | - | $ | 238,890,731 | ||||||||||||
Money Market Funds |
163,140 | 75,054,058 | - | 75,217,198 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 239,053,871 | $ | 75,054,058 | $ | - | $ | 314,107,929 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
MSCI Sustainable Future ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 197,426,095 | $ | 177,011,738 | $ | - | $ | 374,437,833 | ||||||||||||
Exchange-Traded Funds |
12,169,843 | - | - | 12,169,843 | ||||||||||||||||
Money Market Funds |
- | 94,520,791 | - | 94,520,791 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 209,595,938 | $ | 271,532,529 | $ | - | $ | 481,128,467 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Raymond James SB-1 Equity ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 121,335,103 | $ | - | $ | - | $ | 121,335,103 | ||||||||||||
Money Market Funds |
9,638 | 22,769,568 | - | 22,779,206 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 121,344,741 | $ | 22,769,568 | $ | - | $ | 144,114,309 | ||||||||||||
|
|
|
|
|
|
|
|
85 | ||||
|
| |||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
S&P 500® Quality ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 3,655,657,499 | $ | - | $ | - | $ | 3,655,657,499 | ||||||||||||
Money Market Funds |
- | 235,632,736 | - | 235,632,736 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 3,655,657,499 | $ | 235,632,736 | $ | - | $ | 3,891,290,235 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
S&P Spin-Off ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 64,879,697 | $ | - | $ | - | $ | 64,879,697 | ||||||||||||
Money Market Funds |
45,749 | 10,420,762 | - | 10,466,511 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 64,925,446 | $ | 10,420,762 | $ | - | $ | 75,346,208 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Water Resources ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 1,656,969,091 | $ | - | $ | - | $ | 1,656,969,091 | ||||||||||||
Money Market Funds |
2,036,333 | 47,153,197 | - | 49,189,530 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 1,659,005,424 | $ | 47,153,197 | $ | - | $ | 1,706,158,621 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
WilderHill Clean Energy ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 1,067,327,171 | $ | - | $ | - | $ | 1,067,327,171 | ||||||||||||
Money Market Funds |
- | 350,370,000 | - | 350,370,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 1,067,327,171 | $ | 350,370,000 | $ | - | $ | 1,417,697,171 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
* Unrealized appreciation (depreciation). |
NOTE 6–Derivative Investments
The Funds may enter into an ISDA Master Agreement under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2022:
Value | ||||||||||
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Derivative Liabilities |
Equity Risk |
Equity Risk | ||||||||
Unrealized depreciation on swap agreements–OTC |
$ | (97,328 | ) | $ | - | |||||
Options written, at value - Exchange-Traded |
- | (332,330 | ) | |||||||
|
|
|
|
|||||||
Total Derivative Liabilities |
(97,328 | ) | (332,330 | ) | ||||||
|
|
|
|
|||||||
Derivatives not subject to master netting agreements |
- | 332,330 | ||||||||
|
|
|
|
|||||||
Total Derivative Liabilities subject to master netting agreements |
$ | (97,328 | ) | $ | - | |||||
|
|
|
|
Offsetting Assets and Liabilities
The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2022:
86 | ||||
|
| |||
Global Listed Private Equity ETF
Financial Derivative Assets |
Financial Derivative Liabilities |
Collateral (Received)/Pledged |
||||||||||||||||||||||||||||
Counterparty |
Swap Agreements | Swap Agreements | Net Value of Derivatives |
Non-Cash | Cash | Net Amount | ||||||||||||||||||||||||
Citibank, N.A. |
$ | - | $ | (97,328 | ) | $ | (97,328 | ) | $ | - | $ | - | $ | (97,328 | ) |
Effect of Derivative Investments for the Fiscal Year Ended April 30, 2022
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statements of Operations | ||||||||||
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Equity Risk | ||||||||||
Realized Gain: |
||||||||||
Options written |
$ | - | $ | 9,509,273 | ||||||
Swap agreements |
2,109,604 | - | ||||||||
Change in Net Unrealized Appreciation (Depreciation): |
||||||||||
Options written |
- | 2,438,134 | ||||||||
Swap agreements |
(346,435 | ) | - | |||||||
|
|
|
|
|||||||
Total |
$ | 1,763,169 | $ | 11,947,407 | ||||||
|
|
|
|
The table below summarizes the average notional value of derivatives held during the period.
Average Notional Value | ||||||||||
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Options written |
$ | - | $ | 167,352,577 | ||||||
Swap agreements |
12,368,808 | - |
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2022 and 2021:
2022 | 2021 | ||||||||||||||
Ordinary Income* |
Long-Term Capital Gains |
Ordinary Income* | |||||||||||||
Aerospace & Defense ETF |
$ | 4,267,913 | $ | - | $ | 4,974,374 | |||||||||
DWA Momentum ETF |
- | - | 513,422 | ||||||||||||
Global Listed Private Equity ETF |
27,104,093 | - | 7,353,679 | ||||||||||||
Golden Dragon China ETF |
- | - | 416,183 | ||||||||||||
MSCI Sustainable Future ETF |
32,390,721 | 30,252,247 | 1,027,732 | ||||||||||||
Raymond James SB-1 Equity ETF |
729,997 | - | 349,993 | ||||||||||||
S&P 500 BuyWrite ETF |
11,042,019 | - | 2,096,531 | ||||||||||||
S&P 500® Quality ETF |
44,708,736 | - | 35,227,013 | ||||||||||||
S&P Spin-Off ETF |
531,999 | - | 669,670 | ||||||||||||
Water Resources ETF |
4,449,322 | - | 4,879,305 | ||||||||||||
WilderHill Clean Energy ETF |
31,654,543 | - | 9,830,994 | ||||||||||||
* Includes short-term capital gain distributions, if any. |
87 | ||||
|
| |||
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income |
Temporary Book/Tax Differences |
Net Unrealized Appreciation (Depreciation)- Investments |
Net Unrealized Appreciation (Depreciation)- Other Investments |
Net Unrealized (Depreciation)- Foreign Currencies |
Capital
Loss Carryforwards |
Late-Year Ordinary Loss Deferral |
Shares
of Beneficial Interest |
Total Net Assets | |||||||||||||||||||||||||||||||||||||
Aerospace & Defense ETF | $ | 412,054 | $ | (79,364) | $ | 3,231,986 | $ | - | $ | - | $ | (43,691,025 | ) | $ | - | $ | 1,496,536,583 | $ | 1,456,410,234 | ||||||||||||||||||||||||||
DWA Momentum ETF | - | (175,944 | ) | (81,856,235 | ) | - | - | (684,672,196 | ) | (359,229 | ) | 1,993,591,296 | $ | 1,226,527,692 | |||||||||||||||||||||||||||||||
Global Listed Private Equity ETF | - | (88,704 | ) | (35,845,390 | ) | (97,328 | ) | (66,993 | ) | (92,746,482 | ) | - | 323,969,601 | $ | 195,124,704 | ||||||||||||||||||||||||||||||
Golden Dragon China ETF | 1,520,734 | (93,619 | ) | (144,196,522 | ) | - | - | (240,976,691 | ) | - | 622,751,612 | $ | 239,005,514 | ||||||||||||||||||||||||||||||||
MSCI Sustainable Future ETF | 1,032,766 | (60,785 | ) | (43,517,189 | ) | - | (25,104 | ) | (2,748,131 | ) | - | 432,055,487 | $ | 386,737,044 | |||||||||||||||||||||||||||||||
Raymond James SB-1 Equity ETF | 248,410 | (1,445,461 | ) | 1,431,476 | - | - | (61,522,787 | ) | - | 182,642,577 | $ | 121,354,215 | |||||||||||||||||||||||||||||||||
S&P 500 BuyWrite ETF | 70,974 | - | (2,715,378 | ) | 2,715,379 | - | - | (4,292,008 | ) | 142,267,880 | $ | 138,046,847 | |||||||||||||||||||||||||||||||||
S&P 500® Quality ETF | 4,757,909 | (104,489 | ) | (73,727,959 | ) | - | - | (180,383,403 | ) | - | 3,907,245,658 | $ | 3,657,787,716 | ||||||||||||||||||||||||||||||||
S&P Spin- Off ETF | 38,556 | (4,973 | ) | 3,805,170 | - | - | (152,469,830 | ) | - | 213,467,278 | $ | 64,836,201 | |||||||||||||||||||||||||||||||||
Water Resources ETF | 431,397 | (231,212 | ) | 141,153,964 | - | - | (269,525,701 | ) | - | 1,786,248,198 | $ | 1,658,076,646 | |||||||||||||||||||||||||||||||||
WilderHill Clean Energy ETF | - | (121,345 | ) | (905,759,035 | ) | - | - | (668,900,497 | ) | (5,657,518 | ) | 2,650,705,950 | $ | 1,070,267,555 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of April 30, 2022, as follows:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
Aerospace & Defense ETF |
$ | 19,822,014 | $ | 23,869,011 | $ | 43,691,025 | |||||||||
DWA Momentum ETF |
684,672,196 | - | 684,672,196 | ||||||||||||
Global Listed Private Equity ETF |
27,836,489 | 64,909,993 | 92,746,482 | ||||||||||||
Golden Dragon China ETF |
50,072,764 | 190,903,927 | 240,976,691 | ||||||||||||
MSCI Sustainable Future ETF |
2,748,131 | - | 2,748,131 |
88 | ||||
|
| |||
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
Raymond James SB-1 Equity ETF |
$ | 35,681,310 | $ | 25,841,477 | $ | 61,522,787 | |||||||||
S&P 500 BuyWrite ETF |
- | - | - | ||||||||||||
S&P 500® Quality ETF |
102,200,757 | 78,182,646 | 180,383,403 | ||||||||||||
S&P Spin-Off ETF |
60,379,440 | 92,090,390 | 152,469,830 | ||||||||||||
Water Resources ETF |
157,156,657 | 112,369,044 | 269,525,701 | ||||||||||||
WilderHill Clean Energy ETF |
306,687,515 | 362,212,982 | 668,900,497 |
* |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
For the fiscal year ended April 30, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||||
Aerospace & Defense ETF |
$ | 213,637,802 | $ | 211,561,200 | ||||||
DWA Momentum ETF |
3,104,349,559 | 3,115,077,995 | ||||||||
Global Listed Private Equity ETF |
149,175,615 | 154,849,198 | ||||||||
Golden Dragon China ETF |
98,806,186 | 97,528,712 | ||||||||
MSCI Sustainable Future ETF |
129,743,736 | 177,064,696 | ||||||||
Raymond James SB-1 Equity ETF |
125,662,880 | 124,251,672 | ||||||||
S&P 500 BuyWrite ETF |
56,154,413 | 55,587,630 | ||||||||
S&P 500® Quality ETF |
1,595,352,013 | 1,595,481,133 | ||||||||
S&P Spin-Off ETF |
49,951,463 | 49,802,795 | ||||||||
Water Resources ETF |
536,157,015 | 535,812,737 | ||||||||
WilderHill Clean Energy ETF |
1,032,229,408 | 1,046,252,524 |
For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:
In-kind Purchases |
In-kind Sales | |||||||||
Aerospace & Defense ETF |
$ | 983,640,694 | $ | 197,837,195 | ||||||
DWA Momentum ETF |
1,702,596,960 | 2,003,848,696 | ||||||||
Global Listed Private Equity ETF |
95,254,295 | 56,825,513 | ||||||||
Golden Dragon China ETF |
186,952,593 | 37,686,434 | ||||||||
MSCI Sustainable Future ETF |
115,303,491 | 90,625,339 | ||||||||
Raymond James SB-1 Equity ETF |
40,564,059 | 51,654,420 | ||||||||
S&P 500 BuyWrite ETF |
45,423,643 | 77,553,294 | ||||||||
S&P 500® Quality ETF |
3,005,004,441 | 1,944,423,692 | ||||||||
S&P Spin-Off ETF |
644,687 | 2,411,165 | ||||||||
Water Resources ETF |
592,775,676 | 398,008,251 | ||||||||
WilderHill Clean Energy ETF |
1,690,967,556 | 1,977,063,652 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
Cost | |||||||||||||||||
Aerospace & Defense ETF |
$ | 88,015,586 | $ | (84,783,600 | ) | $ | 3,231,986 | $ | 1,537,711,675 | |||||||||||
DWA Momentum ETF |
29,916,650 | (111,772,885 | ) | (81,856,235 | ) | 1,368,923,617 | ||||||||||||||
Global Listed Private Equity ETF |
6,184,789 | (42,127,507 | ) | (35,942,718 | ) | 258,184,206 | ||||||||||||||
Golden Dragon China ETF |
6,074,652 | (150,271,174 | ) | (144,196,522 | ) | 458,304,451 | ||||||||||||||
MSCI Sustainable Future ETF |
30,521,499 | (74,038,688 | ) | (43,517,189 | ) | 524,645,656 | ||||||||||||||
Raymond James SB-1 Equity ETF |
19,911,287 | (18,479,811 | ) | 1,431,476 | 142,682,833 |
89 | ||||
|
| |||
Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
Cost | |||||||||||||||||
S&P 500 BuyWrite ETF |
$ | 37,202,263 | $ | (37,202,262 | ) | $ | 1 | $ | 138,039,690 | |||||||||||
S&P 500® Quality ETF |
250,443,687 | (324,171,646 | ) | (73,727,959 | ) | 3,965,018,194 | ||||||||||||||
S&P Spin-Off ETF |
13,467,700 | (9,662,530 | ) | 3,805,170 | 71,541,038 | |||||||||||||||
Water Resources ETF |
215,658,338 | (74,504,374 | ) | 141,153,964 | 1,565,004,657 | |||||||||||||||
WilderHill Clean Energy ETF |
17,037,741 | (922,796,776 | ) | (905,759,035 | ) | 2,323,456,206 |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions, passive foreign investment companies, corporate actions and in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2022, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) |
Undistributed Net Realized Gain (Loss) |
Shares
of Beneficial Interest | |||||||||||||
Aerospace & Defense ETF |
$ | - | $ | (57,874,264 | ) | $ | 57,874,264 | ||||||||
DWA Momentum ETF |
4,006,730 | (337,725,413 | ) | 333,718,683 | |||||||||||
Global Listed Private Equity ETF |
14,363,455 | (29,176,742 | ) | 14,813,287 | |||||||||||
Golden Dragon China ETF |
991,901 | (7,970,425 | ) | 6,978,524 | |||||||||||
MSCI Sustainable Future ETF |
159,864 | (17,778,794 | ) | 17,618,930 | |||||||||||
Raymond James SB-1 Equity ETF |
(365,404 | ) | (14,631,157 | ) | 14,996,561 | ||||||||||
S&P 500 BuyWrite ETF |
(749 | ) | 749 | - | |||||||||||
S&P 500® Quality ETF |
1 | (455,519,942 | ) | 455,519,941 | |||||||||||
S&P Spin-Off ETF |
317 | (452,398 | ) | 452,081 | |||||||||||
Water Resources ETF |
6,741 | (210,087,834 | ) | 210,081,093 | |||||||||||
WilderHill Clean Energy ETF |
3,381,232 | 49,293,809 | (52,675,041 | ) |
NOTE 10–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 11–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
90 | ||||
|
| |||
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
91 | ||||
|
| |||
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Aerospace & Defense ETF, Invesco DWA Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco Raymond James SB-1 Equity ETF, Invesco S&P 500 BuyWrite ETF, Invesco S&P 500® Quality ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF and Invesco WilderHill Clean Energy ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022 and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Fund Name |
Invesco Aerospace & Defense ETF (1) |
Invesco DWA Momentum ETF (1) |
Invesco Global Listed Private Equity ETF (1) |
Invesco Golden Dragon China ETF (1) |
Invesco MSCI Sustainable Future ETF (1) |
Invesco Raymond James SB-1 Equity ETF(2) |
Invesco S&P 500 BuyWrite ETF (1) |
Invesco S&P 500® Quality ETF (1) |
Invesco S&P Spin-Off ETF(3) |
Invesco Water Resources ETF (1) |
Invesco WilderHill Clean Energy ETF (1) |
(1) The financial highlights for each of the five years in the period ended April 30, 2022.
(2) The financial highlights for each of the three years in the period ended April 30, 2022, for the eight months ended April 30, 2019 and for the year ended August 31, 2018.
(3) The financial highlights for each of the four years in the period ended April 30, 2022 and for the eight months ended April 30, 2018.
The financial statements and financial highlights of Invesco Raymond James SB-1 Equity ETF (Predecessor Fund Guggenheim Raymond James SB-1 Equity ETF) and Invesco S&P Spin-Off ETF (Predecessor Fund Guggenheim S&P Spin-Off ETF) as of and for the year ended August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report, dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
|
92 |
|
Report of Independent Registered Public Accounting Firm–(continued)
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
June 23, 2022
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco S&P 500 BuyWrite ETF and Invesco Raymond James SB-1 Equity ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco S&P 500 BuyWrite ETF or Invesco Raymond James SB-1 Equity ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.
In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total returns.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2021 |
Ending Account Value April 30, 2022 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period(1) |
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Invesco Aerospace & Defense ETF (PPA) |
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Actual |
$1,000.00 | $ 993.50 | 0.58 | % | $2.87 | |||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.92 | 0.58 | 2.91 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value November 1, 2021 |
Ending Account Value April 30, 2022 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Momentum ETF (PDP) |
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Actual |
$ | 1,000.00 | $ | 763.80 | 0.62 | % | $ | 2.71 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.72 | 0.62 | 3.11 | ||||||||||||||||
Invesco Global Listed Private Equity ETF (PSP) |
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Actual |
1,000.00 | 719.20 | 0.65 | 2.77 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||||||
Invesco Golden Dragon China ETF (PGJ) |
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Actual |
1,000.00 | 621.80 | 0.72 | 2.90 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.22 | 0.72 | 3.61 | ||||||||||||||||
Invesco MSCI Sustainable Future ETF (ERTH) |
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Actual |
1,000.00 | 763.30 | 0.56 | 2.45 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.02 | 0.56 | 2.81 | ||||||||||||||||
Invesco Raymond James SB-1 Equity ETF (RYJ) |
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Actual |
1,000.00 | 895.80 | 0.75 | 3.53 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||||||
Invesco S&P 500 BuyWrite ETF (PBP) |
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Actual |
1,000.00 | 979.30 | 0.49 | 2.40 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.36 | 0.49 | 2.46 | ||||||||||||||||
Invesco S&P 500® Quality ETF (SPHQ) |
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Actual |
1,000.00 | 906.70 | 0.15 | 0.71 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,024.05 | 0.15 | 0.75 | ||||||||||||||||
Invesco S&P Spin-Off ETF (CSD) |
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Actual |
1,000.00 | 881.80 | 0.65 | 3.03 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||||||
Invesco Water Resources ETF (PHO) |
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Actual |
1,000.00 | 843.20 | 0.59 | 2.70 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.87 | 0.59 | 2.96 | ||||||||||||||||
Invesco WilderHill Clean Energy ETF (PBW) |
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Actual |
1,000.00 | 580.50 | 0.63 | 2.47 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,021.67 | 0.63 | 3.16 |
(1) |
Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2022:
Qualified Business Income* |
Qualified Dividend Income* |
Corporate Dividends Received Deduction* |
U.S. Treasury Obligations* |
Business Interest Income* |
Long
Term Capital Gains |
Qualified Short Term Gains | |||||||||||||||||||||||||||||
Invesco Aerospace & Defense ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||
Invesco DWA Momentum ETF |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | - | - | |||||||||||||||||||||||
Invesco Global Listed Private Equity ETF |
0 | % | 12 | % | 3 | % | 0 | % | 0 | % | - | - | |||||||||||||||||||||||
Invesco Golden Dragon China ETF |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | - | - | |||||||||||||||||||||||
Invesco MSCI Sustainable Future ETF |
1 | % | 10 | % | 4 | % | 0 | % | 0 | % | 30,252,247 | 29,096,967 | |||||||||||||||||||||||
Invesco Raymond James SB-1 Equity ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | - | - | |||||||||||||||||||||||
Invesco S&P 500 BuyWrite ETF |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | - | 9,365,253 | |||||||||||||||||||||||
Invesco S&P 500® Quality ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | - | - | |||||||||||||||||||||||
Invesco S&P Spin-Off ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | - | - | |||||||||||||||||||||||
Invesco Water Resources ETF |
0 | % | 100 | % | 100 | % | 0 | % | 0 | % | - | - | |||||||||||||||||||||||
Invesco WilderHill Clean Energy ETF |
0 | % | 7 | % | 3 | % | 0 | % | 0 | % | - | - |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:
As of April 30, 2022
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge–1958 Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee | Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 224 | Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 224 | None. |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 224 | Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 |
Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). |
224 |
Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Audit Committee and Trustee | Chair of the Audit Committee since 2008; Trustee since 2006 |
Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). |
224 |
Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Investment Oversight Committee and Trustee | Chair of the Investment Oversight Committee since 2014; Trustee since 2013 |
Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). |
224 |
Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 224 |
Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 224 |
Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present). | |||||
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Board and Trustee | Chair since 2012; Trustee since 2006 | Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 224 |
Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:
Name, Address and Year of Birth of Interested Trustee |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Interested Trustee |
Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515 |
Trustee, President and Principal Executive Officer | Trustee since 2022, President and Principal Executive Officer since 2020 | President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | 224 | None |
* |
This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) Held with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2020 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President and Treasurer | Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018). | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Secretary | Since 2020 | Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) Held with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Chief Tax Officer | Since 2020 | Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present) and Vice President, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020). | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
|
105 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) Held with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
|
106 |
|
Approval of Investment Advisory Contracts
At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 25 series (each, a “Fund” and collectively, the “Funds”):
Invesco Dow Jones Industrial Average Dividend ETF
Invesco NASDAQ Internet ETF
Invesco Raymond James SB-1 Equity ETF
Invesco S&P 500 BuyWrite ETF
Invesco S&P 500® Equal Weight Communications Services ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF
Invesco S&P 500® Equal Weight Energy ETF
Invesco S&P 500® Equal Weight ETF
Invesco S&P 500® Equal Weight Financials ETF
Invesco S&P 500® Equal Weight Health Care ETF
Invesco S&P 500® Equal Weight Industrials ETF
Invesco S&P 500® Equal Weight Materials ETF
Invesco S&P 500® Equal Weight Real Estate ETF
Invesco S&P 500® Equal Weight Technology ETF
Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Top 50 ETF
Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P SmallCap 600® Equal Weight ETF
Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P SmallCap 600® Pure Value ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
|
107 |
|
Approval of Investment Advisory Contracts–(continued)
● |
0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF; |
● |
0.20% of the Fund’s average daily net assets for each of Invesco S&P 500® Equal Weight ETF and Invesco S&P 500® Top 50 ETF; |
● |
0.35% of the Fund’s average daily net assets for each of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Growth ETF, Invesco S&P MidCap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF; |
● |
0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF; |
● |
0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF; |
● |
0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF; and |
● |
0.40% of the Fund’s average daily net assets for each other Fund. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco Dow Jones Industrial Average Dividend ETF |
X | X | X | ||||||||||||
Invesco NASDAQ Internet ETF |
X | ||||||||||||||
Invesco Raymond James SB-1 Equity ETF |
X | ||||||||||||||
Invesco S&P 500 BuyWrite ETF |
X | X | X | ||||||||||||
Invesco S&P 500® Equal Weight Communication Services ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Consumer Staples ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Energy ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight ETF |
X | X | X | ||||||||||||
Invesco S&P 500® Equal Weight Financials ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Health Care ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Industrials ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Materials ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Real Estate ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Technology ETF |
X | X | |||||||||||||
Invesco S&P 500® Equal Weight Utilities ETF |
X | X | X | ||||||||||||
Invesco S&P 500® Pure Growth ETF |
X | X | X | ||||||||||||
Invesco S&P 500® Pure Value ETF |
X | ||||||||||||||
Invesco S&P 500® Top 50 ETF |
X | X | |||||||||||||
Invesco S&P MidCap 400® Equal Weight ETF |
X | ||||||||||||||
Invesco S&P MidCap 400® Pure Growth ETF |
X | ||||||||||||||
Invesco S&P MidCap 400® Pure Value ETF |
X | X | |||||||||||||
Invesco S&P SmallCap 600® Equal Weight ETF |
X | ||||||||||||||
Invesco S&P SmallCap 600® Pure Growth ETF |
X | ||||||||||||||
Invesco S&P SmallCap 600® Pure Value ETF |
X | X |
|
108 |
|
Approval of Investment Advisory Contracts–(continued)
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have an investment strategy comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
|
109 |
|
Approval of Investment Advisory Contracts
At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):
Invesco Aerospace & Defense ETF
Invesco BuyBack AchieversTM ETF
Invesco Dividend AchieversTM ETF
Invesco DWA Basic Materials Momentum ETF
Invesco DWA Consumer Cyclicals Momentum ETF
Invesco DWA Consumer Staples Momentum ETF
Invesco DWA Energy Momentum ETF
Invesco DWA Financial Momentum ETF
Invesco DWA Healthcare Momentum ETF
Invesco DWA Industrials Momentum ETF
Invesco DWA Momentum ETF
Invesco DWA Technology Momentum ETF
Invesco DWA Utilities Momentum ETF
Invesco Dynamic Biotechnology & Genome ETF
Invesco Dynamic Building & Construction ETF
Invesco Dynamic Energy Exploration & Production ETF
Invesco Dynamic Food & Beverage ETF
Invesco Dynamic Large Cap Growth ETF
Invesco Dynamic Large Cap Value ETF
Invesco Dynamic Leisure and Entertainment ETF
Invesco Dynamic Market ETF
Invesco Dynamic Media ETF
Invesco Dynamic Networking ETF
Invesco Dynamic Oil & Gas Services ETF
Invesco Dynamic Pharmaceuticals ETF
Invesco Dynamic Semiconductors ETF
Invesco Dynamic Software ETF
Invesco Financial Preferred ETF
Invesco FTSE RAFI US 1000 ETF
Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco Global Listed Private Equity ETF
Invesco Golden Dragon China ETF
Invesco High Yield Equity Dividend AchieversTM ETF
Invesco International Dividend AchieversTM ETF
Invesco MSCI Sustainable Future ETF
Invesco S&P 100 Equal Weight ETF
Invesco S&P 500 GARP ETF
Invesco S&P 500® Quality ETF
Invesco S&P 500 Value with Momentum ETF
Invesco S&P MidCap Momentum ETF
Invesco S&P MidCap Quality ETF
Invesco S&P MidCap Value with Momentum ETF
Invesco S&P SmallCap Momentum ETF
Invesco S&P SmallCap Value with Momentum ETF
Invesco S&P Spin-Off ETF
Invesco Water Resources ETF
Invesco WilderHill Clean Energy ETF
Invesco Zacks Mid-Cap ETF
Invesco Zacks Multi-Asset Income ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
|
110 |
|
Approval of Investment Advisory Contracts–(continued)
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:
● |
0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF; |
● |
0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and |
● |
0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF; |
● |
0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and |
● |
0.50% of the Fund’s average daily net assets for each other Fund. |
The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2024, as set forth below:
● |
0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF; |
● |
0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and |
● |
0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF; |
● |
0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF; |
● |
0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF; |
● |
0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and |
● |
0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred |
|
111 |
|
Approval of Investment Advisory Contracts–(continued)
ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF.
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.
Invesco Fund |
Equal
to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco Aerospace & Defense ETF |
X | ||||||||||||||
Invesco Buyback AchieversTM ETF |
X | ||||||||||||||
Invesco Dividend AchieversTM ETF |
X | ||||||||||||||
Invesco DWA Basic Materials Momentum ETF |
X | ||||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF |
X | ||||||||||||||
Invesco DWA Consumer Staples Momentum ETF |
X | ||||||||||||||
Invesco DWA Energy Momentum ETF |
X | ||||||||||||||
Invesco DWA Financial Momentum ETF |
X | ||||||||||||||
Invesco DWA Healthcare Momentum ETF |
X | ||||||||||||||
Invesco DWA Industrials Momentum ETF |
X | ||||||||||||||
Invesco DWA Momentum ETF |
X | ||||||||||||||
Invesco DWA Technology Momentum ETF |
X | ||||||||||||||
Invesco DWA Utilities Momentum ETF |
X | ||||||||||||||
Invesco Dynamic Biotechnology & Genome ETF |
X | ||||||||||||||
Invesco Dynamic Building & Construction ETF |
X | ||||||||||||||
Invesco Dynamic Energy Exploration & Production ETF |
X | ||||||||||||||
Invesco Dynamic Food & Beverage ETF |
X | ||||||||||||||
Invesco Dynamic Large Cap Growth ETF |
X | ||||||||||||||
Invesco Dynamic Large Cap Value ETF |
X | ||||||||||||||
Invesco Dynamic Leisure and Entertainment ETF |
X | ||||||||||||||
Invesco Dynamic Market ETF |
X | ||||||||||||||
Invesco Dynamic Media ETF |
X | ||||||||||||||
Invesco Dynamic Networking ETF |
X | ||||||||||||||
Invesco Dynamic Oil & Gas Services ETF |
N/A | X | |||||||||||||
Invesco Dynamic Pharmaceuticals ETF |
X | ||||||||||||||
Invesco Dynamic Semiconductors ETF |
X | ||||||||||||||
Invesco Dynamic Software ETF |
X | ||||||||||||||
Invesco Financial Preferred ETF |
X | ||||||||||||||
Invesco FTSE RAFI US 1000 ETF |
X | X | |||||||||||||
Invesco FTSE RAFI US 1500 Small-Mid ETF |
X | X | |||||||||||||
Invesco Global Listed Private Equity ETF |
N/A | X | |||||||||||||
Invesco Golden Dragon China ETF |
X | N/A | X | ||||||||||||
Invesco High Yield Equity Dividend AchieversTM ETF |
X | ||||||||||||||
Invesco International Dividend AchieversTM ETF |
X | X | |||||||||||||
Invesco MSCI Sustainable Future ETF |
X | ||||||||||||||
Invesco S&P 100 Equal Weight ETF |
X | X |
|
112 |
|
Approval of Investment Advisory Contracts–(continued)
Invesco Fund |
Equal
to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco S&P 500 GARP ETF |
X | X | |||||||||||||
Invesco S&P 500® Quality ETF |
X | X | |||||||||||||
Invesco S&P 500 Value with Momentum ETF |
X | ||||||||||||||
Invesco S&P MidCap Momentum ETF |
X | X | |||||||||||||
Invesco S&P MidCap Quality ETF |
X | ||||||||||||||
Invesco S&P MidCap Value with Momentum ETF |
X | X | |||||||||||||
Invesco S&P SmallCap Momentum ETF |
X | ||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF |
X | X | |||||||||||||
Invesco S&P Spin-Off ETF |
X | ||||||||||||||
Invesco Water Resources ETF |
X | X | X | ||||||||||||
Invesco WilderHill Clean Energy ETF |
X | X | |||||||||||||
Invesco Zacks Mid-Cap ETF |
X | ||||||||||||||
Invesco Zacks Multi-Asset Income ETF |
X |
* |
The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco Aerospace & Defense ETF |
X | ||||||||||||||
Invesco Buyback AchieversTM ETF |
X | ||||||||||||||
Invesco Dividend AchieversTM ETF |
X | X | |||||||||||||
Invesco DWA Basic Materials Momentum ETF |
X | ||||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF |
X | ||||||||||||||
Invesco DWA Consumer Staples Momentum ETF |
X | ||||||||||||||
Invesco DWA Energy Momentum ETF |
X | ||||||||||||||
Invesco DWA Financial Momentum ETF |
X | ||||||||||||||
Invesco DWA Healthcare Momentum ETF |
X | ||||||||||||||
Invesco DWA Industrials Momentum ETF |
X | ||||||||||||||
Invesco DWA Momentum ETF |
X | X | |||||||||||||
Invesco DWA Technology Momentum ETF |
X | ||||||||||||||
Invesco DWA Utilities Momentum ETF |
X | ||||||||||||||
Invesco Dynamic Biotechnology & Genome ETF |
X | ||||||||||||||
Invesco Dynamic Building & Construction ETF |
X | ||||||||||||||
Invesco Dynamic Energy Exploration & Production ETF |
X | ||||||||||||||
Invesco Dynamic Food & Beverage ETF |
X | ||||||||||||||
Invesco Dynamic Large Cap Growth ETF |
X | ||||||||||||||
Invesco Dynamic Large Cap Value ETF |
X | X | |||||||||||||
Invesco Dynamic Leisure and Entertainment ETF |
X | ||||||||||||||
Invesco Dynamic Market ETF |
X |
|
113 |
|
Approval of Investment Advisory Contracts–(continued)
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco Dynamic Media ETF |
X | ||||||||||||||
Invesco Dynamic Networking ETF |
X | ||||||||||||||
Invesco Dynamic Oil & Gas Services ETF |
N/A | X | |||||||||||||
Invesco Dynamic Pharmaceuticals ETF |
X | ||||||||||||||
Invesco Dynamic Semiconductors ETF |
X | ||||||||||||||
Invesco Dynamic Software ETF |
X | ||||||||||||||
Invesco Financial Preferred ETF |
X | ||||||||||||||
Invesco FTSE RAFI US 1000 ETF |
X | ||||||||||||||
Invesco FTSE RAFI US 1500 Small-Mid ETF |
X | ||||||||||||||
Invesco Global Listed Private Equity ETF |
N/A | X | |||||||||||||
Invesco Golden Dragon China ETF |
N/A | X | |||||||||||||
Invesco High Yield Equity Dividend AchieversTM ETF |
X | X | |||||||||||||
Invesco International Dividend AchieversTM ETF |
X | ||||||||||||||
Invesco MSCI Sustainable Future ETF |
X | ||||||||||||||
Invesco S&P 100 Equal Weight ETF |
X | X | |||||||||||||
Invesco S&P 500 GARP ETF |
X | ||||||||||||||
Invesco S&P 500® Quality ETF |
X | X | |||||||||||||
Invesco S&P 500 Value with Momentum ETF |
X | ||||||||||||||
Invesco S&P MidCap Momentum ETF |
X | X | |||||||||||||
Invesco S&P MidCap Quality ETF |
X | ||||||||||||||
Invesco S&P MidCap Value with Momentum ETF |
X | X | |||||||||||||
Invesco S&P SmallCap Momentum ETF |
X | ||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF |
X | X | |||||||||||||
Invesco S&P Spin-Off ETF |
X | ||||||||||||||
Invesco Water Resources ETF |
X | X | X | ||||||||||||
Invesco WilderHill Clean Energy ETF |
X | X | |||||||||||||
Invesco Zacks Mid-Cap ETF |
X | ||||||||||||||
Invesco Zacks Multi-Asset Income ETF |
X |
* |
The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
|
114 |
|
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Approval of Investment Advisory Contracts–(continued)
Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
|
118 |
|
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2022 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 |
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Downers Grove, IL 60515 | P-PS-AR-4 | invesco.com/ETFs |