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Invesco Semi-Annual Report to Shareholders

October 31, 2021

  PYZ   Invesco DWA Basic Materials Momentum ETF
  PEZ   Invesco DWA Consumer Cyclicals Momentum ETF
  PSL   Invesco DWA Consumer Staples Momentum ETF
  PXI   Invesco DWA Energy Momentum ETF
  PFI   Invesco DWA Financial Momentum ETF
  PTH   Invesco DWA Healthcare Momentum ETF
  PRN   Invesco DWA Industrials Momentum ETF
  PTF   Invesco DWA Technology Momentum ETF
  PUI   Invesco DWA Utilities Momentum ETF
  PNQI   Invesco NASDAQ Internet ETF


 

Table of Contents

 

Schedules of Investments

  

Invesco DWA Basic Materials Momentum ETF (PYZ)

     3  

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

     5  

Invesco DWA Consumer Staples Momentum ETF (PSL)

     7  

Invesco DWA Energy Momentum ETF (PXI)

     9  

Invesco DWA Financial Momentum ETF (PFI)

     11  

Invesco DWA Healthcare Momentum ETF (PTH)

     13  

Invesco DWA Industrials Momentum ETF (PRN)

     15  

Invesco DWA Technology Momentum ETF (PTF)

     17  

Invesco DWA Utilities Momentum ETF (PUI)

     19  

Invesco NASDAQ Internet ETF (PNQI)

     21  

Statements of Assets and Liabilities

     24  

Statements of Operations

     26  

Statements of Changes in Net Assets

     28  

Financial Highlights

     32  

Notes to Financial Statements

     42  

Fund Expenses

     53  

 

   

 

  2   

   
 


 

Invesco DWA Basic Materials Momentum ETF (PYZ)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

 

         Shares            Value      

Common Stocks & Other Equity Interests-99.90%

 

Aluminum-6.03%

 

Alcoa Corp.

     110,074      $ 5,057,900  

Arconic Corp.(b)(c)

     95,329        2,804,579  

Kaiser Aluminum Corp.

     13,442        1,305,756  
     

 

 

 
     9,168,235  
     

 

 

 

Commodity Chemicals-10.45%

 

AdvanSix, Inc.(b)

     56,064        2,724,710  

Cabot Corp.

     45,174        2,410,033  

LyondellBasell Industries N.V., Class A

     26,803        2,487,855  

Olin Corp.

     69,212        3,943,700  

Trinseo PLC

     40,777        2,285,959  

Valvoline, Inc.

     59,818        2,031,419  
     

 

 

 
     15,883,676  
     

 

 

 

Construction Materials-2.14%

 

Summit Materials, Inc., Class A(b)

     91,096        3,247,572  
     

 

 

 

Copper-3.01%

 

Freeport-McMoRan, Inc.

     121,285        4,574,870  
     

 

 

 

Diversified Chemicals-1.37%

 

Chemours Co. (The)

     74,208        2,079,308  
     

 

 

 

Fertilizers & Agricultural Chemicals-11.47%

 

CF Industries Holdings, Inc.

     52,062        2,957,121  

Corteva, Inc.

     85,420        3,685,873  

FMC Corp.

     46,062        4,192,103  

Mosaic Co. (The)

     159,067        6,612,415  
     

 

 

 
     17,447,512  
     

 

 

 

Forest Products-2.09%

 

Louisiana-Pacific Corp.

     54,026        3,183,752  
     

 

 

 

Industrial Gases-3.25%

 

Air Products and Chemicals, Inc.

     16,471        4,938,171  
     

 

 

 

Life Sciences Tools & Services-2.61%

 

Avantor, Inc.(b)

     98,450        3,975,411  
     

 

 

 

Metal & Glass Containers-0.87%

 

O-I Glass, Inc.(b)

     101,087        1,319,185  
     

 

 

 

Paper Packaging-3.45%

 

Avery Dennison Corp.

     24,104        5,247,923  
     

 

 

 

Specialty Chemicals-30.18%

 

Albemarle Corp.

     21,021        5,265,130  

Avient Corp.

     65,381        3,522,728  

Balchem Corp.

     10,427        1,596,270  

Celanese Corp.

     32,050        5,176,396  

Ecolab, Inc.

     13,944        3,098,636  

Element Solutions, Inc.

     128,199        2,911,399  

Ingevity Corp.(b)

     26,589        2,071,550  

Innospec, Inc.

     24,628        2,231,543  

Kraton Corp.(b)

     52,161        2,381,150  

 

         Shares              Value      

Specialty Chemicals-(continued)

 

Livent Corp.(b)(c)

     202,779      $ 5,722,423  

Minerals Technologies, Inc.

     24,027        1,704,475  

PPG Industries, Inc.

     24,228        3,890,290  

Quaker Houghton

     9,101        2,237,390  

RPM International, Inc.

     28,641        2,497,495  

Stepan Co.

     13,155        1,578,863  
     

 

 

 
     45,885,738  
     

 

 

 

Steel-22.98%

 

Allegheny Technologies, Inc.(b)

     107,836        1,736,160  

Carpenter Technology Corp.

     45,508        1,405,287  

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

     248,710        5,996,398  

Commercial Metals Co.

     82,367        2,650,570  

Nucor Corp.

     46,845        5,230,244  

Reliance Steel & Aluminum Co.

     19,168        2,801,595  

Schnitzer Steel Industries, Inc., Class A

     39,210        2,109,498  

Steel Dynamics, Inc.

     81,914        5,412,877  

TimkenSteel Corp.(b)(c)

     148,552        2,072,301  

United States Steel Corp.(c)

     154,042        4,065,168  

Worthington Industries, Inc.

     26,970        1,465,010  
     

 

 

 
        34,945,108  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $137,784,770)

 

     151,896,461  
     

 

 

 

Money Market Funds-0.21%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $326,938)

     326,938        326,938  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.11%
(Cost $138,111,708)

 

     152,223,399  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-11.79%

 

Invesco Private Government Fund,
0.02%
(d)(e)(f)

     4,456,880        4,456,880  

Invesco Private Prime Fund,
0.11%
(d)(e)(f)

     13,463,584        13,468,969  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $17,925,849)

 

     17,925,849  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-111.90%
(Cost $156,037,557)

 

     170,149,248  

OTHER ASSETS LESS LIABILITIES-(11.90)%

 

     (18,097,856
     

 

 

 

NET ASSETS-100.00%

 

   $ 152,051,392  
     

 

 

 

 

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

   
   

 

  3   

   
 


 

Invesco DWA Basic Materials Momentum ETF (PYZ)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

All or a portion of this security was out on loan at October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

   

Value

April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
     Realized
Gain
    Value
October 31, 2021
   

 Dividend

 Income 

 

Investments in Affiliated Money Market Funds:

                                  

Invesco Government & Agency Portfolio, Institutional Class

 

      

  $ 127,943      $ 929,303      $ (730,308               $ -                              $ -                            $ 326,938                  $ 35  

Investments Purchased with Cash Collateral from Securities on Loan:

                                  

Invesco Private Government Fund

      6,678,994        52,351,638        (54,573,752        -              -           4,456,880          764

Invesco Private Prime Fund

      10,018,491        101,282,243        (97,831,765        -              -           13,468,969          10,673
   

 

 

    

 

 

    

 

 

      

 

 

          

 

 

       

 

 

      

 

 

 

Total

    $ 16,825,428      $ 154,563,184      $ (153,135,825      $ -            $ -         $ 18,252,787        $ 11,472  
   

 

 

    

 

 

    

 

 

      

 

 

          

 

 

       

 

 

      

 

 

 

 

*

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

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(f)

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2021

 

     

Specialty Chemicals

     30.18                                      

Steel

     22.98     

Fertilizers & Agricultural Chemicals

     11.47     

Commodity Chemicals

     10.45     

Aluminum

     6.03     

Paper Packaging

     3.45     

Industrial Gases

     3.25     

Copper

     3.01     

Sub-Industry Types Each Less Than 3%

     9.08     

Money Market Funds Plus Other Assets Less Liabilities

     0.10     

 

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

   
   

 

  4   

   
 


 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

 

         Shares            Value      

Common Stocks & Other Equity Interests-99.94%

 

Apparel Retail-3.64%

 

Boot Barn Holdings, Inc.(b)

     26,101      $ 2,727,294  

Shoe Carnival, Inc.

     38,551        1,305,722  
     

 

 

 
     4,033,016  
     

 

 

 

Auto Parts & Equipment-1.63%

 

Fox Factory Holding Corp.(b)

     11,224        1,806,503  
     

 

 

 

Automotive Retail-7.31%

 

AutoNation, Inc.(b)

     22,532        2,729,076  

Carvana Co.(b)

     11,697        3,546,296  

TravelCenters of America, Inc.(b)

     33,922        1,828,735  
     

 

 

 
     8,104,107  
     

 

 

 

Casinos & Gaming-5.95%

 

Golden Entertainment, Inc.(b)

     35,007        1,819,314  

Scientific Games Corp.(b)

     59,717        4,780,346  
     

 

 

 
     6,599,660  
     

 

 

 

Computer & Electronics Retail-3.44%

 

GameStop Corp., Class A(b)(c)

     20,793        3,815,723  
     

 

 

 

Consumer Electronics-2.02%

 

Garmin Ltd.

     15,629        2,244,324  
     

 

 

 

Department Stores-5.88%

 

Dillard’s, Inc., Class A(c)

     12,073        2,790,553  

Macy’s, Inc.

     141,105        3,735,050  
     

 

 

 
     6,525,603  
     

 

 

 

Education Services-1.82%

 

Houghton Mifflin Harcourt Co.(b)

     142,345        2,019,876  
     

 

 

 

Footwear-9.59%

 

Crocs, Inc.(b)

     25,905        4,182,362  

Deckers Outdoor Corp.(b)

     5,610        2,217,689  

NIKE, Inc., Class B

     25,286        4,230,095  
     

 

 

 
     10,630,146  
     

 

 

 

General Merchandise Stores-2.62%

 

Target Corp.

     11,202        2,908,263  
     

 

 

 

Home Improvement Retail-7.73%

 

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

     20,303        2,759,584  

Home Depot, Inc. (The)

     8,180        3,040,833  

Lowe’s Cos., Inc.

     11,834        2,767,026  
     

 

 

 
     8,567,443  
     

 

 

 

Homebuilding-1.63%

 

Skyline Champion Corp.(b)

     28,468        1,802,594  
     

 

 

 

Homefurnishing Retail-3.70%

 

RH(b)(c)

     6,222        4,104,218  
     

 

 

 

Hypermarkets & Super Centers-2.65%

 

Costco Wholesale Corp.

     5,982        2,940,392  
     

 

 

 

Internet & Direct Marketing Retail-7.97%

 

eBay, Inc.

     40,527        3,109,232  

Etsy, Inc.(b)

     15,855        3,974,690  

Shutterstock, Inc.

     14,462        1,752,071  
     

 

 

 
     8,835,993  
     

 

 

 
         Shares              Value      

Leisure Facilities-2.26%

 

SeaWorld Entertainment, Inc.(b)

     39,441      $ 2,504,504  
     

 

 

 

Leisure Products-2.77%

 

YETI Holdings, Inc.(b)

     31,265        3,074,287  
     

 

 

 

Publishing-1.31%

 

Gannett Co., Inc.(b)

     251,505        1,458,729  
     

 

 

 

Restaurants-8.75%

 

Chipotle Mexican Grill, Inc.(b)

     2,043        3,634,558  

Domino’s Pizza, Inc.

     9,204        4,500,480  

Papa John’s International, Inc.

     12,597        1,563,036  
     

 

 

 
     9,698,074  
     

 

 

 

Specialty Stores-17.27%

 

Academy Sports & Outdoors, Inc.(b)(c)

     67,504        2,887,821  

Bath & Body Works, Inc.

     57,047        3,941,377  

Dick’s Sporting Goods, Inc.(c)

     28,874        3,586,440  

National Vision Holdings, Inc.(b)

     27,460        1,692,634  

Signet Jewelers Ltd.(c)

     51,301        4,575,023  

Tractor Supply Co.

     11,358        2,466,617  
     

 

 

 
     19,149,912  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $94,826,852)

 

     110,823,367  
     

 

 

 

Money Market Funds-0.21%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $235,067)

     235,067        235,067  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.15%
(Cost $95,061,919)

 

     111,058,434  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-12.92%

 

Invesco Private Government Fund,
0.02%
(d)(e)(f)

     4,296,723        4,296,723  

Invesco Private Prime Fund,
0.11%
(d)(e)(f)

     10,021,678        10,025,687  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,322,410)

 

     14,322,410  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-113.07%
(Cost $109,384,329)

 

     125,380,844  

OTHER ASSETS LESS LIABILITIES-(13.07)%

 

     (14,494,249
     

 

 

 

NET ASSETS-100.00%

 

   $ 110,886,595  
     

 

 

 

 

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

   
   

 

  5   

   
 


 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

All or a portion of this security was out on loan at October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

   

Value
April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation

(Depreciation)
     Realized
Gain
    Value
October 31, 2021
   

Dividend
 Income 

 

Investments in Affiliated Money Market Funds:

                                   

Invesco Government & Agency Portfolio, Institutional Class

          $ 161,516      $ 736,684      $ (663,133               $ -                             $ -                            $ 235,067                 $ 28  

Investments Purchased with Cash Collateral from Securities on Loan:

                                   

Invesco Private Government Fund

       8,926,332        41,088,185        (45,717,794        -             -            4,296,723          507

Invesco Private Prime Fund

       13,869,648        82,354,703        (86,198,663        (1           -            10,025,687          7,616
    

 

 

    

 

 

    

 

 

      

 

 

         

 

 

        

 

 

      

 

 

 

Total

     $ 22,957,496      $ 124,179,572      $ (132,579,590      $ (1         $ -          $ 14,557,477        $ 8,151  
    

 

 

    

 

 

    

 

 

      

 

 

         

 

 

        

 

 

      

 

 

 

 

*

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

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(f)

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

 Portfolio Composition

 Sub-Industry Breakdown (% of the Fund’s Net Assets)

 as of October 31, 2021

 

     

Specialty Stores

     17.27                                       

Footwear

     9.59     

Restaurants

     8.75     

Internet & Direct Marketing Retail

     7.97     

Home Improvement Retail

     7.73     

Automotive Retail

     7.31     

Casinos & Gaming

     5.95     

Department Stores

     5.88     

Homefurnishing Retail

     3.70     

Apparel Retail

     3.64     

Computer & Electronics Retail

     3.44     

Sub-Industry Types Each Less Than 3%

     18.71     

Money Market Funds Plus Other Assets Less Liabilities

     0.06     

 

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

   
   

 

  6   

   
 


 

Invesco DWA Consumer Staples Momentum ETF (PSL)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

         Shares            Value      

Common Stocks & Other Equity Interests-99.94%

 

Agricultural Products-5.41%

 

Bunge Ltd.

     26,622      $ 2,466,262  

Darling Ingredients, Inc.(b)

     38,492        3,253,344  
     

 

 

 
     5,719,606  
     

 

 

 

Distillers & Vintners-1.50%

 

Brown-Forman Corp., Class B

     23,394        1,588,219  
     

 

 

 

Education Services-7.23%

 

Bright Horizons Family Solutions,
Inc.
(b)

     11,940        1,982,040  

Chegg, Inc.(b)(c)

     59,201        3,518,907  

Stride, Inc.(b)(c)

     60,455        2,146,153  
     

 

 

 
     7,647,100  
     

 

 

 

Food Distributors-10.08%

 

Chefs’ Warehouse, Inc. (The)(b)(c)

     50,201        1,750,509  

Performance Food Group Co.(b)

     53,747        2,430,977  

Sysco Corp.

     26,834        2,063,535  

United Natural Foods, Inc.(b)

     48,074        2,085,931  

US Foods Holding Corp.(b)

     67,266        2,332,112  
     

 

 

 
     10,663,064  
     

 

 

 

Food Retail-6.67%

 

Albertsons Cos., Inc., Class A

     70,154        2,171,266  

Casey’s General Stores, Inc.

     12,466        2,387,738  

Kroger Co. (The)

     62,360        2,495,647  
     

 

 

 
     7,054,651  
     

 

 

 

Home Furnishings-3.59%

 

Tempur Sealy International, Inc.

     85,426        3,798,894  
     

 

 

 

Household Appliances-1.80%

 

Helen of Troy Ltd.(b)(c)

     8,436        1,897,678  
     

 

 

 

Household Products-11.24%

 

Church & Dwight Co., Inc.

     51,823        4,527,257  

Clorox Co. (The)

     12,763        2,080,496  

Procter & Gamble Co. (The)

     19,431        2,778,439  

Spectrum Brands Holdings, Inc.

     26,653        2,498,719  
     

 

 

 
     11,884,911  
     

 

 

 

Industrial Machinery-2.38%

 

Snap-on, Inc.

     12,383        2,516,597  
     

 

 

 

Packaged Foods & Meats-13.00%

 

B&G Foods, Inc.(c)

     57,848        1,703,045  

Freshpet, Inc.(b)

     19,403        3,025,122  

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

     42,488        1,906,436  

Hershey Co. (The)

     11,796        2,068,429  

McCormick & Co., Inc.

     35,808        2,872,876  

Mondelez International, Inc., Class A

     35,727        2,170,058  
     

 

 

 
     13,745,966  
     

 

 

 

Personal Products-13.92%

 

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

     124,381        3,416,746  
         Shares              Value      

Personal Products-(continued)

 

Coty, Inc., Class A(b)

     402,206      $ 3,410,707  

elf Beauty, Inc.(b)

     53,549        1,730,168  

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

     13,586        4,406,347  

Medifast, Inc.

     8,954        1,757,402  
     

 

 

 
     14,721,370  
     

 

 

 

Soft Drinks-17.24%

 

Celsius Holdings, Inc.(b)(c)

     52,677        5,084,384  

Keurig Dr Pepper, Inc.

     112,889        4,074,164  

Monster Beverage Corp.(b)

     49,002        4,165,170  

National Beverage Corp.(c)

     41,134        2,319,958  

PepsiCo, Inc.

     16,029        2,590,286  
     

 

 

 
     18,233,962  
     

 

 

 

Specialized Consumer Services-4.65%

 

H&R Block, Inc.

     78,191        1,803,866  

Service Corp. International

     45,483        3,115,131  
     

 

 

 
     4,918,997  
     

 

 

 

Tobacco-1.23%

 

Turning Point Brands, Inc.(c)

     34,178        1,304,574  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $95,433,131)

 

     105,695,589  
     

 

 

 

Money Market Funds-0.20%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $213,572)

     213,572        213,572  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.14%
(Cost $95,646,703)

 

     105,909,161  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.75%

 

Invesco Private Government Fund, 0.02%(d)(e)(f)

     4,043,138        4,043,138  

Invesco Private Prime Fund, 0.11%(d)(e)(f)

     9,430,217        9,433,989  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $13,477,127)

 

     13,477,127  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-112.89%
(Cost $109,123,830)

 

     119,386,288  

OTHER ASSETS LESS LIABILITIES-(12.89)%

 

     (13,630,539
     

 

 

 

NET ASSETS-100.00%

 

   $ 105,755,749  
     

 

 

 

 

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

   
   

 

  7   

   
 


 

Invesco DWA Consumer Staples Momentum ETF (PSL)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

All or a portion of this security was out on loan at October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

   

Value

April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
     Realized
Gain
    Value
October 31, 2021
   

Dividend
 Income 

 

Investments in Affiliated Money Market Funds:

                                                                                                 

Invesco Government & Agency Portfolio, Institutional Class

     $ 118,265      $ 1,714,176      $ (1,618,869      $ -            $-        $ 213,572        $ 31    

Investments Purchased with Cash Collateral from Securities on Loan:

                                      

Invesco Private Government Fund

       5,502,892        16,983,922        (18,443,676        -            -          4,043,138          171  

Invesco Private Prime Fund

       8,254,338        32,161,561        (30,981,910        -            -          9,433,989          2,696  
    

 

 

    

 

 

    

 

 

      

 

 

          

 

      

 

 

      

 

 

   

Total

     $ 13,875,495      $ 50,859,659      $ (51,044,455      $ -            $-        $ 13,690,699        $ 2,898    
    

 

 

    

 

 

    

 

 

      

 

 

          

 

      

 

 

      

 

 

   

 

*

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

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(f)

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

 Portfolio Composition

 Sub-Industry Breakdown (% of the Fund’s Net Assets)

 as of October 31, 2021

 

     

Soft Drinks

     17.24                                           

Personal Products

     13.92     

Packaged Foods & Meats

     13.00     

Household Products

     11.24     

Food Distributors

     10.08     

Education Services

     7.23     

Food Retail

     6.67     

Agricultural Products

     5.41     

Specialized Consumer Services

     4.65     

Home Furnishings

     3.59     

Sub-Industry Types Each Less Than 3%

     6.91     

Money Market Funds Plus Other Assets Less Liabilities

     0.06     

 

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

   
   

 

  8   

   
 


 

Invesco DWA Energy Momentum ETF (PXI)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

         Shares            Value      

Common Stocks & Other Equity Interests-99.96%

 

Coal & Consumable Fuels-3.05%

 

Arch Resources, Inc.(b)(c)

     16,491      $ 1,502,000  

CONSOL Energy, Inc.(b)

     51,385        1,413,602  
     

 

 

 
     2,915,602  
     

 

 

 

Integrated Oil & Gas-2.14%

 

Occidental Petroleum Corp.

     61,162        2,050,762  
     

 

 

 

Oil & Gas Drilling-1.13%

 

Valaris Ltd.(b)

     30,627        1,078,683  
     

 

 

 

Oil & Gas Equipment & Services-3.00%

 

Baker Hughes Co., Class A

     62,667        1,571,688  

Cactus, Inc., Class A

     29,696        1,291,776  
     

 

 

 
     2,863,464  
     

 

 

 

Oil & Gas Exploration & Production-69.48%

 

Antero Resources Corp.(b)

     154,450        3,068,922  

Bonanza Creek Energy, Inc.(c)

     34,239        1,922,177  

California Resources Corp.(b)

     30,039        1,385,699  

Callon Petroleum Co.(b)(c)

     68,967        3,567,663  

Centennial Resource Development, Inc.,

 

Class A(b)(c)

     339,992        2,447,942  

Chesapeake Energy Corp.(c)

     23,482        1,496,743  

Comstock Resources, Inc.(b)

     140,051        1,382,303  

ConocoPhillips

     34,701        2,584,877  

Continental Resources, Inc.(c)

     64,094        3,128,428  

Denbury, Inc.(b)

     20,367        1,724,270  

Devon Energy Corp.

     75,480        3,025,238  

Diamondback Energy, Inc.

     25,219        2,703,225  

EOG Resources, Inc.

     24,398        2,255,839  

Hess Corp.

     25,945        2,142,279  

Laredo Petroleum, Inc.(b)(c)

     24,014        1,810,656  

Magnolia Oil & Gas Corp., Class A(c)

     87,440        1,825,747  

Marathon Oil Corp.

     157,375        2,568,360  

Matador Resources Co.

     64,634        2,704,933  

Murphy Oil Corp.

     64,160        1,785,573  

Noble Corp.(b)(c)

     37,431        941,764  

Oasis Petroleum, Inc.

     14,923        1,799,714  

Ovintiv, Inc.

     109,030        4,090,806  

PDC Energy, Inc.

     38,940        2,036,951  

Pioneer Natural Resources Co.

     10,110        1,890,368  

Range Resources Corp.(b)(c)

     157,244        3,666,930  

SandRidge Energy, Inc.(b)

     117,903        1,509,158  

SM Energy Co.

     85,846        2,946,235  

Southwestern Energy Co.(b)

     498,108        2,430,767  

Whiting Petroleum Corp.(b)

     24,036        1,565,465  
     

 

 

 
     66,409,032  
     

 

 

 
         Shares              Value      

Oil & Gas Refining & Marketing-8.82%

 

Aemetis, Inc.(b)

     72,593      $ 1,444,601  

Green Plains, Inc.(b)(c)

     52,345        1,986,493  

Marathon Petroleum Corp.

     29,976        1,976,317  

Valero Energy Corp.

     39,069        3,021,206  
     

 

 

 
     8,428,617  
     

 

 

 

Oil & Gas Storage & Transportation-8.82%

 

Antero Midstream Corp.

     161,536        1,718,743  

Cheniere Energy, Inc.(b)

     37,496        3,877,086  

Targa Resources Corp.

     51,792        2,831,469  
     

 

 

 
     8,427,298  
     

 

 

 

Semiconductors-1.77%

 

Meta Materials, Inc.(b)(c)

     360,658        1,695,092  
     

 

 

 

Steel-1.75%

 

Alpha Metallurgical Resources, Inc.(b)

     27,097        1,674,324  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $83,923,476)

 

     95,542,874  
     

 

 

 

Money Market Funds-0.20%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $187,611)

     187,611        187,611  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.16%
(Cost $84,111,087)

 

     95,730,485  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-20.95%

 

Invesco Private Government Fund, 0.02%(d)(e)(f)

     6,007,785        6,007,785  

Invesco Private Prime Fund, 0.11%(d)(e)(f)

     14,012,561        14,018,166  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $20,025,951)

 

     20,025,951  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-121.11%
(Cost $104,137,038)

 

     115,756,436  

OTHER ASSETS LESS LIABILITIES-(21.11)%

 

     (20,179,001
     

 

 

 

NET ASSETS-100.00%

 

   $ 95,577,435  
     

 

 

 

 

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

   
   

 

  9   

   
 


 

Invesco DWA Energy Momentum ETF (PXI)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

All or a portion of this security was out on loan at October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

   

Value

April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
     Realized
Gain
    Value
October 31, 2021
   

Dividend
 Income 

 

Investments in Affiliated Money Market Funds:

                                                                                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 199,021      $ 1,464,659      $ (1,476,069      $ -            $-        $ 187,611        $ 36  

Investments Purchased with Cash Collateral from Securities on Loan:

                                    

Invesco Private Government Fund

       9,115,654        48,006,979        (51,114,848        -            -          6,007,785          475

Invesco Private Prime Fund

       13,673,482        75,871,858        (75,527,174        -            -          14,018,166          6,977
    

 

 

    

 

 

    

 

 

      

 

 

          

 

      

 

 

      

 

 

 

Total

     $ 22,988,157      $ 125,343,496      $ (128,118,091      $ -            $-        $ 20,213,562        $ 7,488  
    

 

 

    

 

 

    

 

 

      

 

 

          

 

      

 

 

      

 

 

 

 

*

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

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(f)

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2021

 

     

Oil & Gas Exploration & Production

     69.48                                       

Oil & Gas Refining & Marketing

     8.82     

Oil & Gas Storage & Transportation

     8.82     

Coal & Consumable Fuels

     3.05     

Oil & Gas Equipment & Services

     3.00     

Sub-Industry Types Each Less Than 3%

     6.79     

Money Market Funds Plus Other Assets Less Liabilities

     0.04     

 

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

   
   

 

  10   

   
 


 

Invesco DWA Financial Momentum ETF (PFI)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-100.02%

 

Asset Management & Custody Banks-20.64%

 

Ameriprise Financial, Inc.

     13,002      $ 3,928,294  

Apollo Global Management, Inc.(b)

     44,147        3,397,112  

Ares Management Corp., Class A

     25,319        2,145,532  

Blackstone, Inc., Class A

     28,735        3,977,499  

Brightsphere Investment Group, Inc.

     48,342        1,449,293  

Carlyle Group, Inc. (The)

     48,921        2,746,914  

KKR & Co., Inc., Class A

     41,416        3,299,613  

Virtus Investment Partners, Inc.

     3,592        1,149,440  
     

 

 

 
     22,093,697  
     

 

 

 

Consumer Finance-19.09%

 

Ally Financial, Inc.

     43,542        2,078,695  

American Express Co.

     14,008        2,434,310  

Discover Financial Services

     19,941        2,259,714  

LendingClub Corp.(c)

     120,821        5,552,933  

Navient Corp.

     65,644        1,293,187  

OneMain Holdings, Inc.

     44,890        2,370,641  

Upstart Holdings, Inc.(c)

     13,820        4,450,593  
     

 

 

 
     20,440,073  
     

 

 

 

Diversified Banks-3.25%

 

JPMorgan Chase & Co.

     20,473        3,478,158  
     

 

 

 

Diversified REITs-1.36%

 

iStar, Inc.

     57,585        1,453,445  
     

 

 

 

Financial Exchanges & Data-8.42%

 

Moody’s Corp.

     10,072        4,070,599  

Morningstar, Inc.

     5,342        1,692,078  

Nasdaq, Inc.

     15,487        3,250,257  
     

 

 

 
     9,012,934  
     

 

 

 

Industrial REITs-2.27%

 

Innovative Industrial Properties, Inc.(b)

     9,219        2,425,427  
     

 

 

 

Insurance Brokers-2.42%

 

Marsh & McLennan Cos., Inc.

     15,505        2,586,234  
     

 

 

 

Investment Banking & Brokerage-10.00%

 

LPL Financial Holdings, Inc.

     23,361        3,831,671  

Morgan Stanley

     24,158        2,482,959  

Raymond James Financial, Inc.

     44,496        4,386,861  
     

 

 

 
     10,701,491  
     

 

 

 

Mortgage REITs-8.14%

 

Apollo Commercial Real Estate Finance, Inc.

     69,721        1,055,576  

Arbor Realty Trust, Inc.(b)

     86,784        1,745,226  

Ares Commercial Real Estate Corp.

     67,037        1,047,118  

Ellington Financial, Inc.

     61,880        1,124,978  

MFA Financial, Inc.

     315,784        1,424,186  

New York Mortgage Trust, Inc.

     248,771        1,092,105  

Redwood Trust, Inc.

     90,704        1,229,946  
     

 

 

 
     8,719,135  
     

 

 

 

Multi-line Insurance-1.49%

 

American Financial Group, Inc.

     11,728        1,595,477  
     

 

 

 

Investment Abbreviations:

 

REIT-Real Estate Investment Trust

 

         Shares              Value      

Paper Packaging-1.58%

 

Ranpak Holdings Corp.(c)

     49,241      $ 1,696,845  
     

 

 

 

Property & Casualty Insurance-1.37%

 

HCI Group, Inc.

     10,963        1,469,152  
     

 

 

 

Real Estate Services-2.98%

 

Newmark Group, Inc., Class A

     84,512        1,257,539  

Realogy Holdings Corp.(c)

     111,613        1,933,137  
     

 

 

 
     3,190,676  
     

 

 

 

Regional Banks-12.88%

 

First Bancorp

     127,794        1,744,388  

First Republic Bank

     11,611        2,511,808  

Pinnacle Financial Partners, Inc.

     19,235        1,857,524  

ServisFirst Bancshares, Inc.

     19,639        1,577,208  

Signature Bank

     9,003        2,681,273  

SVB Financial Group(c)

     4,767        3,419,846  
     

 

 

 
     13,792,047  
     

 

 

 

Specialized REITs-2.06%

 

CubeSmart

     40,065        2,203,976  
     

 

 

 

Thrifts & Mortgage Finance-2.07%

 

Mr. Cooper Group, Inc.(c)

     50,435        2,211,070  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $90,656,510)

 

     107,069,837  
     

 

 

 

Money Market Funds-0.03%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $34,296)

     34,296        34,296  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.05%
(Cost $90,690,806)

        107,104,133  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-6.03%

 

Invesco Private Government Fund, 0.02%(d)(e)(f)

     1,936,532        1,936,532  

Invesco Private Prime Fund, 0.11%(d)(e)(f)

     4,516,768        4,518,575  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $6,455,107)

 

     6,455,107  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.08%
(Cost $97,145,913)

 

     113,559,240  

OTHER ASSETS LESS LIABILITIES-(6.08)%

 

     (6,510,674
     

 

 

 

NET ASSETS-100.00%

 

   $ 107,048,566  
     

 

 

 

 

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

   
   

 

  11   

   
 


 

Invesco DWA Financial Momentum ETF (PFI)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

All or a portion of this security was out on loan at October 31, 2021.

(c)

Non-income producing security.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

     Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
    

Realized

    Gain    

   

Value

October 31, 2021

   

Dividend

 Income 

 

Investments in Affiliated Money Market Funds:

                                 

Invesco Government & Agency Portfolio, Institutional Class

   $ 182,366      $ 1,443,985      $ (1,592,055    
    

 
   $ -       
    

 
    
    

 
   $ -      
    

 
   
    

 
   $ 34,296                $ 18  

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

     832,889        11,768,420        (10,664,777        -              -            1,936,532         91

Invesco Private Prime Fund

     1,249,334        23,705,400        (20,436,159        -              -            4,518,575         1,354
  

 

 

    

 

 

    

 

 

      

 

 

          

 

 

        

 

 

     

 

 

 

Total

   $ 2,264,589      $ 36,917,805      $ (32,692,991      $ -            $ -          $ 6,489,403       $ 1,463  
  

 

 

    

 

 

    

 

 

      

 

 

          

 

 

        

 

 

     

 

 

 

 

*

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

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

 

(f)

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

 

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2021

 

     

Asset Management & Custody Banks

  

20.64

  

                         

Consumer Finance

  

19.09

  

Regional Banks

  

12.88

  

Investment Banking & Brokerage

  

10.00

  

Financial Exchanges & Data

  

8.42

  

Mortgage REITs

  

8.14

  

Diversified Banks

  

3.25

  

Sub-Industry Types Each Less Than 3%

  

17.60

  

Money Market Funds Plus Other Assets Less Liabilities

  

(0.02)

  

    

 

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

   
   

 

  12   

   
 


 

Invesco DWA Healthcare Momentum ETF (PTH)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-100.03%

 

Biotechnology-23.88%

 

Celldex Therapeutics, Inc.(b)(c)

     195,020      $ 8,296,151  

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

     276,900        11,255,985  

Gritstone bio, Inc.(b)

     382,009        4,198,279  

Horizon Therapeutics PLC(b)

     186,218        22,329,400  

Ideaya Biosciences, Inc.(b)

     220,364        4,724,604  

IVERIC bio, Inc.(b)

     1,874,987        33,187,270  

Morphic Holding, Inc.(b)

     70,054        4,028,105  

Natera, Inc.(b)(c)

     123,561        14,156,384  

Pieris Pharmaceuticals, Inc.(b)

     1,112,083        5,093,340  

Prothena Corp. PLC (Ireland)(b)(c)

     122,416        6,775,726  
     

 

 

 
     114,045,244  
     

 

 

 

Health Care Equipment-26.87%

 

AtriCure, Inc.(b)

     80,274        6,025,366  

Axonics, Inc.(b)(c)

     81,429        5,972,817  

Cutera, Inc.(b)(c)

     88,244        3,794,492  

Danaher Corp.

     80,577        25,121,491  

Edwards Lifesciences Corp.(b)

     155,429        18,623,503  

Heska Corp.(b)(c)

     16,337        3,651,810  

IDEXX Laboratories, Inc.(b)

     28,334        18,874,411  

Intuitive Surgical, Inc.(b)

     34,893        12,600,909  

ResMed, Inc.

     38,889        10,224,307  

Shockwave Medical, Inc.(b)

     87,978        18,800,898  

ViewRay, Inc.(b)

     638,954        4,670,754  
     

 

 

 
     128,360,758  
     

 

 

 

Health Care Facilities-4.73%

 

Acadia Healthcare Co., Inc.(b)

     105,251        6,525,562  

Joint Corp. (The)(b)(c)

     107,645        9,416,785  

Tenet Healthcare Corp.(b)

     92,743        6,645,963  
     

 

 

 
     22,588,310  
     

 

 

 

Health Care Services-3.07%

 

Apollo Medical Holdings, Inc.(b)(c)

     213,659        14,663,417  
     

 

 

 

Health Care Supplies-5.71%

 

Align Technology, Inc.(b)

     15,185        9,481,059  

West Pharmaceutical Services, Inc.

     41,398        17,796,172  
     

 

 

 
     27,277,231  
     

 

 

 

Health Care Technology-2.55%

 

Evolent Health, Inc., Class A(b)(c)

     164,241        4,807,334  

Omnicell, Inc.(b)

     41,438        7,382,180  
     

 

 

 
     12,189,514  
     

 

 

 

Life Sciences Tools & Services-26.11%

 

Agilent Technologies, Inc.

     54,853        8,638,799  
         Shares              Value      

Life Sciences Tools & Services-(continued)

 

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

     14,986      $ 11,909,075  

Bio-Techne Corp.

     20,743        10,862,072  

Charles River Laboratories International, Inc.(b)

     29,572        13,268,365  

Medpace Holdings, Inc.(b)

     46,398        10,511,467  

Mettler-Toledo International, Inc.(b)

     6,397        9,473,189  

NeoGenomics, Inc.(b)

     158,411        7,286,906  

PerkinElmer, Inc.

     51,442        9,099,575  

Repligen Corp.(b)

     76,236        22,146,558  

Thermo Fisher Scientific, Inc.

     34,017        21,535,142  
     

 

 

 
     124,731,148  
     

 

 

 

Pharmaceuticals-7.11%

 

Catalent, Inc.(b)

     82,577        11,384,065  

Fulcrum Therapeutics, Inc.(b)

     492,105        10,895,205  

Oramed Pharmaceuticals, Inc. (Israel)(b)(c)

     498,591        11,672,015  
     

 

 

 
     33,951,285  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $438,248,974)

 

     477,806,907  
     

 

 

 

Money Market Funds-0.09%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $409,194)

     409,194        409,194  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $438,658,168)

 

     478,216,101  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-8.46%

 

Invesco Private Government Fund,
0.02%
(d)(e)(f)

     12,123,833        12,123,833  

Invesco Private Prime Fund, 0.11%(d)(e)(f)

     28,277,632        28,288,943  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $40,412,776)

 

     40,412,776  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-108.58%
(Cost $479,070,944)

 

     518,628,877  

OTHER ASSETS LESS LIABILITIES-(8.58)%

 

     (40,986,307
     

 

 

 

NET ASSETS-100.00%

 

   $ 477,642,570  
     

 

 

 

 

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

   
   

 

  13   

   
 


 

Invesco DWA Healthcare Momentum ETF (PTH)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

All or a portion of this security was out on loan at October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

     Value
April 30, 2021
     Purchases
at Cost
     Proceeds
from Sales
   

Change in

Unrealized

Appreciation

(Depreciation)

    

Realized

    Gain    

   

Value

October 31, 2021

   

Dividend

 Income 

 

Investments in Affiliated Money Market Funds:

                                                  

Invesco Government & Agency Portfolio, Institutional Class

   $ 672,989      $ 7,036,977      $ (7,300,772      $ -           $ -          $ 409,194       $ 92  

Investments Purchased with Cash Collateral from Securities on Loan:

                                                  

Invesco Private Government Fund

     42,212,390        139,238,317        (169,326,874        -             -            12,123,833         1,985

Invesco Private Prime Fund

     63,489,211        273,303,549        (308,503,816        (1                    -                     28,288,943         30,773
  

 

 

    

 

 

    

 

 

      

 

 

         

 

 

        

 

 

     

 

 

 

Total

   $ 106,374,590      $ 419,578,843      $ (485,131,462      $ (1         $ -          $ 40,821,970       $ 32,850  
  

 

 

    

 

 

    

 

 

      

 

 

         

 

 

        

 

 

     

 

 

 

 

*

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

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(f)

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

Portfolio Composition

Sub-Industry Breakdown (% of the Fund’s Net Assets)

as of October 31, 2021

     

Health Care Equipment

     26.87                                 

Life Sciences Tools & Services

     26.11    

Biotechnology

     23.88    

Pharmaceuticals

     7.11    

Health Care Supplies

     5.71    

Health Care Facilities

     4.73    

Health Care Services

     3.07    

Health Care Technology

     2.55    

Money Market Funds Plus Other Assets Less Liabilities

     (0.03  

    

 

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

   
   

 

  14   

   
 


 

Invesco DWA Industrials Momentum ETF (PRN)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-100.00%

 

Agricultural & Farm Machinery-1.79%

 

Toro Co. (The)

     50,027      $ 4,776,078  
     

 

 

 

Air Freight & Logistics-1.76%

 

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

     57,927        4,699,038  
     

 

 

 

Building Products-11.73%

 

A.O. Smith Corp.

     80,704        5,897,041  

Advanced Drainage Systems, Inc.

     48,733        5,497,082  

Builders FirstSource, Inc.(b)(c)

     121,572        7,084,001  

Carrier Global Corp.

     107,283        5,603,391  

Trane Technologies PLC

     40,072        7,250,227  
     

 

 

 
     31,331,742  
     

 

 

 

Construction & Engineering-10.13%

 

Ameresco, Inc., Class A(b)(c)

     93,434        7,673,735  

Granite Construction, Inc.(c)

     84,443        3,134,524  

MYR Group, Inc.(b)

     35,576        3,634,088  

Quanta Services, Inc.

     53,853        6,531,292  

WillScot Mobile Mini Holdings Corp.(b)

     175,313        6,092,127  
     

 

 

 
     27,065,766  
     

 

 

 

Distributors-3.48%

 

Pool Corp.

     18,033        9,289,880  
     

 

 

 

Diversified Support Services-3.43%

 

Copart, Inc.(b)

     58,992        9,160,868  
     

 

 

 

Electrical Components & Equipment-13.27%

 

AMETEK, Inc.

     70,251        9,301,233  

Atkore, Inc.(b)

     56,959        5,384,334  

Generac Holdings, Inc.(b)

     19,107        9,525,986  

Rockwell Automation, Inc.

     21,668        6,920,759  

Vertiv Holdings Co.

     167,891        4,311,441  
     

 

 

 
     35,443,753  
     

 

 

 

Industrial Conglomerates-2.06%

 

Honeywell International, Inc.

     25,145        5,497,200  
     

 

 

 

Industrial Machinery-16.82%

 

Chart Industries, Inc.(b)(c)

     42,567        7,556,494  

Evoqua Water Technologies Corp.(b)

     120,337        5,033,697  

Graco, Inc.

     55,252        4,153,845  

IDEX Corp.

     26,949        5,998,039  

Illinois Tool Works, Inc.

     26,906        6,131,070  

ITT, Inc.

     65,306        6,143,335  

Watts Water Technologies, Inc., Class A

     23,855        4,532,927  

Xylem, Inc.

     41,364        5,401,725  
     

 

 

 
     44,951,132  
     

 

 

 

IT Consulting & Other Services-3.28%

 

Accenture PLC, Class A

     24,474        8,781,026  
     

 

 

 

Marine-2.49%

 

Eagle Bulk Shipping, Inc.(b)(c)

     77,276        3,326,732  

Genco Shipping & Trading Ltd.

     193,570        3,323,597  
     

 

 

 
     6,650,329  
     

 

 

 
         Shares              Value      

Oil & Gas Equipment & Services-1.97%

 

Aspen Aerogels, Inc.(b)

     96,859      $ 5,274,941  
     

 

 

 

Research & Consulting Services-4.03%

 

Equifax, Inc.

     22,894        6,351,482  

Exponent, Inc.

     38,442        4,413,142  
     

 

 

 
     10,764,624  
     

 

 

 

Trading Companies & Distributors-13.04%

 

Herc Holdings, Inc.

     45,884        8,352,724  

SiteOne Landscape Supply, Inc.(b)

     37,661        8,848,828  

United Rentals, Inc.(b)

     17,436        6,610,162  

Veritiv Corp.(b)

     49,144        5,271,677  

WESCO International, Inc.(b)

     44,421        5,755,185  
     

 

 

 
     34,838,576  
     

 

 

 

Trucking-10.72%

 

ArcBest Corp.

     59,586        5,353,802  

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

     75,895        13,153,362  

Old Dominion Freight Line, Inc.

     29,679        10,130,927  
     

 

 

 
     28,638,091  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $222,709,147)

 

     267,163,044  
     

 

 

 

Money Market Funds-0.08%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $216,711)

     216,711        216,711  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.08%
(Cost $222,925,858)

 

     267,379,755  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-8.67%

 

Invesco Private Government Fund,
0.02%
(d)(e)(f)

     6,946,249        6,946,249  

Invesco Private Prime Fund, 0.11%(d)(e)(f)

     16,201,434        16,207,915  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $23,154,164)

 

     23,154,164  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-108.75%
(Cost $246,080,022)

 

     290,533,919  

OTHER ASSETS LESS LIABILITIES-(8.75)%

 

     (23,372,721
     

 

 

 

NET ASSETS-100.00%

 

   $ 267,161,198  
     

 

 

 

 

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

   
   

 

  15   

   
 


 

Invesco DWA Industrials Momentum ETF (PRN)—(continued)

October 31, 2021

(Unaudited)

 

Notes to Schedule of Investments:

(a)

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

(b)

Non-income producing security.

(c)

All or a portion of this security was out on loan at October 31, 2021.

(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021.

 

   

Value
April 30, 2021

     Purchases
at Cost
     Proceeds
from Sales
   

Change in
Unrealized
Appreciation

     Realized
Gain
    Value
October 31, 2021
   

Dividend
 Income 

 

Investments in Affiliated Money Market Funds:

                                    

Invesco Government & Agency Portfolio, Institutional Class

          $ 216,703      $ 1,656,613      $ (1,656,605      $ -            $-        $ 216,711        $ 35  

Investments Purchased with Cash Collateral from Securities on Loan:

                                                      

Invesco Private Government Fund

       10,167,957        40,549,107        (43,770,815        -            -          6,946,249          354

Invesco Private Prime Fund

       15,251,935        71,971,124        (71,015,144             -                              -                   16,207,915          5,705
    

 

 

    

 

 

    

 

 

      

 

 

          

 

      

 

 

      

 

 

 

Total

     $ 25,636,595      $ 114,176,844      $ (116,442,564      $ -            $-        $ 23,370,875        $ 6,094  
    

 

 

    

 

 

    

 

 

      

 

 

          

 

      

 

 

      

 

 

 

 

*

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

 

(e)

The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(f)

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

 Portfolio Composition

 Sub-Industry Breakdown (% of the Fund’s Net Assets)

 as of October 31, 2021

 

     

Industrial Machinery

     16.82                                  

Electrical Components & Equipment

     13.27     

Trading Companies & Distributors

     13.04     

Building Products

     11.73     

Trucking

     10.72     

Construction & Engineering

     10.13     

Research & Consulting Services

     4.03     

Distributors

     3.48     

Diversified Support Services

     3.43     

IT Consulting & Other Services

     3.28     

Sub-Industry Types Each Less Than 3%

     10.07     

Money Market Funds Plus Other Assets Less Liabilities

     0.00     

 

 

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

   
   

 

  16   

   
 


 

Invesco DWA Technology Momentum ETF (PTF)

October 31, 2021

(Unaudited)

 

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.04%

 

Advertising-1.89%

    

TechTarget, Inc.(b)(c)

     73,932     $ 6,972,527  
    

 

 

 

Application Software-29.51%

    

Asana, Inc., Class A(b)(c)

     96,140       13,055,812  

Bill.com Holdings, Inc.(b)

     38,579       11,354,186  

DocuSign, Inc.(b)

     34,751       9,670,856  

Dynatrace, Inc.(b)

     115,513       8,663,475  

HubSpot, Inc.(b)

     17,148       13,893,824  

Intuit, Inc.

     27,177       17,012,530  

Sprout Social, Inc., Class A(b)

     92,829       11,852,407  

SPS Commerce, Inc.(b)

     45,602       6,964,793  

Synopsys, Inc.(b)

     24,745       8,244,539  

Workiva, Inc.(b)(c)

     52,493           7,850,328  
    

 

 

 
       108,562,750  
    

 

 

 

Interactive Media & Services-2.27%

    

Snap, Inc., Class A(b)(c)

     159,028       8,361,692  
    

 

 

 

Internet Services & Infrastructure-6.84%

 

 

Cloudflare, Inc., Class A(b)

     83,894       16,335,840  

MongoDB, Inc.(b)

     16,905       8,812,407  
    

 

 

 
       25,148,247  
    

 

 

 

IT Consulting & Other Services-8.09%

 

 

EPAM Systems, Inc.(b)

     22,722       15,297,359  

Grid Dynamics Holdings, Inc.(b)

     246,212       7,078,595  

Perficient, Inc.(b)(c)

     59,868       7,399,685  
    

 

 

 
       29,775,639  
    

 

 

 

Semiconductor Equipment-4.01%

    

Amkor Technology, Inc.

     252,391       5,532,411  

Brooks Automation, Inc.

     79,034       9,203,509  
    

 

 

 
       14,735,920  
    

 

 

 

Semiconductors-28.34%

    

Advanced Micro Devices, Inc.(b)

     110,589       13,296,115  

Ambarella, Inc.(b)(c)

     58,188       10,813,076  

Lattice Semiconductor Corp.(b)

     127,420       8,848,045  

Marvell Technology, Inc.

     132,744       9,092,964  

MaxLinear, Inc.(b)

     141,666       8,924,958  

Monolithic Power Systems, Inc.

     27,695       14,552,615  

NVIDIA Corp.

     43,384       11,091,987  

ON Semiconductor Corp.(b)

     188,658       9,068,790  

SiTime Corp.(b)

     30,864       8,175,565  

Synaptics, Inc.(b)

     53,398       10,389,649  
    

 

 

 
       104,253,764  
    

 

 

 
         Shares          Value  

Systems Software-16.92%

     

Crowdstrike Holdings, Inc., Class A(b)

     40,386      $ 11,380,776  

Fortinet, Inc.(b)

     32,101        10,796,850  

Microsoft Corp.

     28,040        9,298,625  

Rapid7, Inc.(b)(c)

     60,341        7,768,904  

ServiceNow, Inc.(b)

     14,923        10,412,672  

Zscaler, Inc.(b)

     39,456        12,580,940  
     

 

 

 
        62,238,767  
     

 

 

 

Technology Distributors-2.17%

     

CDW Corp.

     42,813        7,991,047  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $305,992,188)

 

     368,040,353  
     

 

 

 

Money Market Funds-0.06%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $207,349)

     207,349        207,349  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $306,199,537)

        368,247,702  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-9.22%

 

Invesco Private Government Fund,
0.02%
(d)(e)(f)

     10,175,859