| ||||
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 |
Schedules of Investments |
||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
24 | ||||
26 | ||||
28 | ||||
32 | ||||
42 | ||||
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 |
|
151,896,461 | ||||||
|
|
|||||||
Money Market Funds-0.21% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
326,938 | 326,938 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
152,223,399 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-11.79% |
| |||||||
Invesco Private Government Fund, |
4,456,880 | 4,456,880 | ||||||
Invesco Private Prime Fund, |
13,463,584 | 13,468,969 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
17,925,849 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-111.90% |
|
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., |
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 |
|
110,823,367 | ||||||
|
|
|||||||
Money Market Funds-0.21% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
235,067 | 235,067 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
111,058,434 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-12.92% |
| |||||||
Invesco Private Government Fund, |
4,296,723 | 4,296,723 | ||||||
Invesco Private Prime Fund, |
10,021,678 | 10,025,687 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
14,322,410 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-113.07% |
|
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 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain |
Value October 31, 2021 |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||
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, |
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 |
|
105,695,589 | ||||||
|
|
|||||||
Money Market Funds-0.20% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
213,572 | 213,572 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
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 |
|
13,477,127 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-112.89% |
|
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 |
||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
|
95,542,874 | ||||||
|
|
|||||||
Money Market Funds-0.20% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
187,611 | 187,611 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
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 |
|
20,025,951 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-121.11% |
|
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 |
||||||||||||||||||||||||||||||||||||||||||||||
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 |
|
107,069,837 | ||||||
|
|
|||||||
Money Market Funds-0.03% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
34,296 | 34,296 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
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 |
|
6,455,107 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-106.08% |
|
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, |
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 |
|
477,806,907 | ||||||
|
|
|||||||
Money Market Funds-0.09% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
409,194 | 409,194 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
478,216,101 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-8.46% |
| |||||||
Invesco Private Government Fund, |
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 |
|
40,412,776 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-108.58% |
|
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 |
|
267,163,044 | ||||||
|
|
|||||||
Money Market Funds-0.08% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
216,711 | 216,711 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
267,379,755 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-8.67% |
| |||||||
Invesco Private Government Fund, |
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 |
|
23,154,164 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-108.75% |
|
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 |
Purchases at Cost |
Proceeds from Sales |
Change
in |
Realized Gain |
Value October 31, 2021 |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||
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 |
|
368,040,353 | ||||||
|
|
|||||||
Money Market Funds-0.06% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
207,349 | 207,349 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-100.10% |
368,247,702 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-9.22% |
| |||||||
Invesco Private Government Fund, |
10,175,859 | 10,175,859 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
23,734,178 | 23,743,672 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
33,919,531 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-109.32% |
|
402,167,233 | ||||||
OTHER ASSETS LESS LIABILITIES-(9.32)% |
|
(34,296,711 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 367,870,522 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 |
||||
Invesco DWA Technology Momentum ETF (PTF)—(continued)
October 31, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at October 31, 2021. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 248,158 | $ | 1,710,887 | $ | (1,751,696 | ) | $ | - | $ | - | $ | 207,349 | $ | 39 | |||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
32,067,659 | 61,080,558 | (82,972,358 | ) | - | - | 10,175,859 | 752 | * | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
48,316,040 | 129,421,657 | (153,994,025 | ) | - | - | 23,743,672 | 12,438 | * | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Total |
$ | 80,631,857 | $ | 192,213,102 | $ | (238,718,079 | ) | $ | - | $ | - | $ | 34,126,880 | $ | 13,229 | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) |
The rate shown is the 7-day SEC standardized yield as of October 31, 2021. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Application Software |
29.51 | |||||||
Semiconductors |
28.34 | |||||||
Systems Software |
16.92 | |||||||
IT Consulting & Other Services |
8.09 | |||||||
Internet Services & Infrastructure |
6.84 | |||||||
Semiconductor Equipment |
4.01 | |||||||
Sub-Industry Types Each Less Than 3% |
6.33 | |||||||
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.
18 |
||||
Invesco DWA Utilities Momentum ETF (PUI)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.94% |
| |||||||
Electric Utilities-41.32% |
||||||||
Alliant Energy Corp. |
14,329 | $ | 810,591 | |||||
American Electric Power Co., Inc. |
10,886 | 922,153 | ||||||
Duke Energy Corp. |
16,556 | 1,688,878 | ||||||
Evergy, Inc. |
18,163 | 1,157,891 | ||||||
Eversource Energy |
13,529 | 1,148,612 | ||||||
Exelon Corp. |
16,994 | 903,911 | ||||||
FirstEnergy Corp. |
23,956 | 923,025 | ||||||
Hawaiian Electric Industries, Inc. |
12,832 | 520,466 | ||||||
IDACORP, Inc. |
7,387 | 770,612 | ||||||
NextEra Energy, Inc. |
23,834 | 2,033,755 | ||||||
NRG Energy, Inc. |
40,330 | 1,608,764 | ||||||
PG&E Corp.(b)(c) |
85,142 | 987,647 | ||||||
Pinnacle West Capital Corp. |
12,757 | 822,699 | ||||||
Portland General Electric Co. |
13,323 | 656,957 | ||||||
Southern Co. (The) |
24,491 | 1,526,279 | ||||||
Xcel Energy, Inc. |
28,313 | 1,828,737 | ||||||
|
|
|||||||
18,310,977 | ||||||||
|
|
|||||||
Electrical Components & Equipment-1.37% |
| |||||||
Beam Global(b)(c) |
19,203 | 604,894 | ||||||
|
|
|||||||
Gas Utilities-5.85% |
||||||||
Atmos Energy Corp. |
9,867 | 908,948 | ||||||
National Fuel Gas Co. |
17,392 | 998,823 | ||||||
UGI Corp. |
15,766 | 684,402 | ||||||
|
|
|||||||
2,592,173 | ||||||||
|
|
|||||||
Independent Power Producers & Energy Traders-2.59% |
| |||||||
AES Corp. (The) |
45,666 | 1,147,587 | ||||||
|
|
|||||||
Integrated Telecommunication Services-4.05% |
| |||||||
Frontier Communications Parent, |
27,345 | 846,601 | ||||||
IDT Corp., Class B(b) |
19,565 | 946,359 | ||||||
|
|
|||||||
1,792,960 | ||||||||
|
|
|||||||
Multi-Utilities-27.45% |
||||||||
Ameren Corp. |
11,252 | 948,431 | ||||||
CenterPoint Energy, Inc. |
38,899 | 1,012,930 | ||||||
CMS Energy Corp. |
21,726 | 1,311,164 | ||||||
DTE Energy Co. |
16,822 | 1,906,774 | ||||||
MDU Resources Group, Inc. |
22,855 | 702,334 | ||||||
NiSource, Inc. |
55,958 | 1,380,484 | ||||||
NorthWestern Corp. |
11,593 | 659,178 | ||||||
Public Service Enterprise Group, Inc. |
13,837 | 882,801 | ||||||
Sempra Energy |
13,175 | 1,681,525 | ||||||
WEC Energy Group, Inc. |
18,609 | 1,675,926 | ||||||
|
|
|||||||
12,161,547 | ||||||||
|
|
Shares | Value | |||||||
Oil & Gas Exploration & Production-1.99% |
| |||||||
EQT Corp.(b) |
44,374 | $ | 883,486 | |||||
|
|
|||||||
Oil & Gas Storage & Transportation-3.89% |
| |||||||
ONEOK, Inc. |
27,124 | 1,725,629 | ||||||
|
|
|||||||
Water Utilities-11.43% |
||||||||
American States Water Co. |
6,944 | 630,793 | ||||||
American Water Works Co., Inc. |
10,430 | 1,816,697 | ||||||
California Water Service Group |
8,945 | 544,572 | ||||||
Essential Utilities, Inc. |
21,207 | 998,214 | ||||||
Middlesex Water Co. |
9,759 | 1,074,661 | ||||||
|
|
|||||||
5,064,937 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
44,284,190 | ||||||
|
|
|||||||
Money Market Funds-0.28% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
125,365 | 125,365 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-100.22% |
44,409,555 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-4.04% |
||||||||
Invesco Private Government Fund, 0.02%(d)(e)(f) |
536,882 | 536,882 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
1,252,223 | 1,252,724 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
1,789,606 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.26% |
|
46,199,161 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.26)% |
|
(1,886,703 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 44,312,458 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 |
||||
Invesco DWA Utilities Momentum ETF (PUI)—(continued)
October 31, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at October 31, 2021. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 143,716 | $ | 1,004,227 | $ | (1,022,578 | ) | $ | - | $ | - | $ | 125,365 | $ | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
627,027 | 3,727,278 | (3,817,423 | ) | - | - | 536,882 | 34 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
940,540 | 8,051,895 | (7,739,711 | ) | - | - | 1,252,724 | 469 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,711,283 | $ | 12,783,400 | $ | (12,579,712 | ) | $ | - | $ | - | $ | 1,914,971 | $ | 523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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
Electric Utilities |
41.32 | |||||||
Multi-Utilities |
27.45 | |||||||
Water Utilities |
11.43 | |||||||
Gas Utilities |
5.85 | |||||||
Integrated Telecommunication Services |
4.05 | |||||||
Oil & Gas Storage & Transportation |
3.89 | |||||||
Sub-Industry Types Each Less Than 3% |
5.95 | |||||||
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.
20 |
||||
Invesco NASDAQ Internet ETF (PNQI)
October 31, 2021
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.02% |
| |||||||
Advertising-0.06% |
| |||||||
Criteo S.A., ADR (France)(b) |
20,237 | $ | 668,630 | |||||
|
|
|||||||
Application Software-19.72% |
| |||||||
Adobe, Inc.(b) |
133,364 | 86,734,611 | ||||||
Alarm.com Holdings, Inc.(b) |
16,412 | 1,382,875 | ||||||
Anaplan, Inc.(b) |
47,599 | 3,103,931 | ||||||
Box, Inc., Class A(b) |
50,886 | 1,314,385 | ||||||
Consensus Cloud Solutions, Inc.(b) |
5,295 | 335,332 | ||||||
Coupa Software, Inc.(b)(c) |
24,180 | 5,505,786 | ||||||
DocuSign, Inc.(b) |
64,404 | 17,922,989 | ||||||
Dropbox, Inc., Class A(b) |
103,701 | 3,161,844 | ||||||
eGain Corp.(b) |
10,274 | 106,028 | ||||||
Envestnet, Inc.(b) |
17,928 | 1,496,988 | ||||||
LivePerson, Inc.(b)(c) |
22,944 | 1,181,845 | ||||||
Momentive Global, Inc.(b) |
48,514 | 1,111,941 | ||||||
New Relic, Inc.(b) |
21,328 | 1,730,980 | ||||||
Open Text Corp. (Canada) |
89,372 | 4,499,880 | ||||||
Paylocity Holding Corp.(b) |
17,955 | 5,478,789 | ||||||
PROS Holdings, Inc.(b) |
14,594 | 437,820 | ||||||
salesforce.com, inc.(b) |
166,739 | 49,970,011 | ||||||
SPS Commerce, Inc.(b) |
11,785 | 1,799,923 | ||||||
Zoom Video Communications, Inc., Class A(b) |
79,570 | 21,853,901 | ||||||
|
|
|||||||
209,129,859 | ||||||||
|
|
|||||||
Automotive Retail-0.79% |
| |||||||
Carvana Co.(b) |
27,792 | 8,425,979 | ||||||
|
|
|||||||
Casinos & Gaming-0.58% |
| |||||||
DraftKings, Inc., Class A(b)(c) |
132,634 | 6,179,418 | ||||||
|
|
|||||||
Commercial Printing-0.07% |
| |||||||
Cimpress PLC (Ireland)(b)(c) |
8,240 | 735,997 | ||||||
|
|
|||||||
Data Processing & Outsourced Services-6.73% |
| |||||||
PayPal Holdings, Inc.(b) |
306,636 | 71,320,467 | ||||||
|
|
|||||||
Education Services-0.34% |
| |||||||
2U, Inc.(b)(c) |
24,539 | 724,882 | ||||||
Chegg, Inc.(b) |
47,581 | 2,828,215 | ||||||
|
|
|||||||
3,553,097 | ||||||||
|
|
|||||||
Health Care Technology-0.74% |
| |||||||
Teladoc Health, Inc.(b)(c) |
52,373 | 7,834,477 | ||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines-4.38% |
| |||||||
Booking Holdings, Inc.(b) |
13,564 | 32,835,460 | ||||||
Expedia Group, Inc.(b) |
48,174 | 7,920,288 | ||||||
MakeMyTrip Ltd. (India)(b)(c) |
21,396 | 677,611 | ||||||
Trip.com Group Ltd., ADR (China)(b) |
173,668 | 4,959,958 | ||||||
|
|
|||||||
46,393,317 | ||||||||
|
|
|||||||
Interactive Home Entertainment-4.89% |
| |||||||
Bilibili, Inc., ADR (China)(b)(c) |
64,353 | 4,717,075 | ||||||
NetEase, Inc., ADR (China) |
99,735 | 9,733,138 | ||||||
Sea Ltd., ADR (Taiwan)(b) |
108,824 | 37,388,662 | ||||||
|
|
|||||||
51,838,875 | ||||||||
|
|
|||||||
Interactive Media & Services-22.67% |
| |||||||
Alphabet, Inc., Class C(b) |
30,424 | 90,219,634 | ||||||
Autohome, Inc., ADR (China)(c) |
22,439 | 882,975 | ||||||
Baidu, Inc., ADR (China)(b) |
83,526 | 13,551,258 | ||||||
Cars.com, Inc.(b) |
22,680 | 295,293 |
Shares | Value | |||||||
Interactive Media & Services-(continued) |
| |||||||
Eventbrite, Inc., Class A(b)(c) |
24,853 | $ | 503,025 | |||||
Hello Group, Inc., ADR (China)(c) |
53,702 | 668,590 | ||||||
JOYY, Inc., ADR (China)(c) |
18,877 | 951,212 | ||||||
Meta Platforms, Inc., Class A(b) |
233,322 | 75,495,999 | ||||||
Snap, Inc., Class A(b) |
438,022 | 23,031,197 | ||||||
TripAdvisor, Inc.(b) |
40,979 | 1,351,078 | ||||||
Twitter, Inc.(b) |
263,853 | 14,126,690 | ||||||
Weibo Corp., ADR (China)(b)(c) |
24,529 | 1,103,314 | ||||||
Yandex N.V., Class A (Russia)(b) |
106,725 | 8,841,099 | ||||||
Yelp, Inc.(b) |
24,194 | 934,614 | ||||||
Ziff Davis, Inc.(b) |
15,852 | 2,033,336 | ||||||
Zillow Group, Inc., Class C(b)(c) |
61,165 | 6,338,529 | ||||||
|
|
|||||||
240,327,843 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail-19.49% |
| |||||||
1-800-Flowers.com, Inc., Class A(b)(c) |
12,146 | 390,130 | ||||||
Alibaba Group Holding Ltd., ADR (China)(b) |
264,899 | 43,692,441 | ||||||
Amazon.com, Inc.(b) |
25,501 | 86,000,338 | ||||||
Baozun, Inc., ADR (China)(b)(c) |
17,797 | 307,888 | ||||||
Chewy, Inc., Class A(b)(c) |
34,280 | 2,598,424 | ||||||
eBay, Inc. |
215,012 | 16,495,721 | ||||||
JD.com, Inc., ADR (China)(b)(c) |
260,896 | 20,422,939 | ||||||
Lands’ End, Inc.(b)(c) |
10,847 | 285,059 | ||||||
MercadoLibre, Inc. (Argentina)(b) |
16,426 | 24,327,235 | ||||||
Overstock.com, Inc.(b) |
14,145 | 1,347,028 | ||||||
PetMed Express, Inc.(c) |
6,694 | 190,310 | ||||||
Shutterstock, Inc. |
12,044 | 1,459,131 | ||||||
Stitch Fix, Inc., Class A(b) |
26,104 | 903,198 | ||||||
Vipshop Holdings Ltd., ADR |
171,264 | 1,911,306 | ||||||
Wayfair, Inc., Class A(b)(c) |
25,433 | 6,335,360 | ||||||
|
|
|||||||
206,666,508 | ||||||||
|
|
|||||||
Internet Services & Infrastructure-7.31% |
| |||||||
Akamai Technologies, Inc.(b) |
53,550 | 5,647,383 | ||||||
Brightcove, Inc.(b) |
13,422 | 133,146 | ||||||
Fastly, Inc., Class A(b)(c) |
38,346 | 1,940,691 | ||||||
GoDaddy, Inc., Class A(b) |
55,522 | 3,840,457 | ||||||
Okta, Inc.(b) |
47,536 | 11,749,949 | ||||||
Shopify, Inc., Class A (Canada)(b) |
29,006 | 42,543,970 | ||||||
VeriSign, Inc.(b) |
36,793 | 8,192,697 | ||||||
Wix.com Ltd. (Israel)(b) |
18,551 | 3,449,744 | ||||||
|
|
|||||||
77,498,037 | ||||||||
|
|
|||||||
Movies & Entertainment-7.98% |
| |||||||
iQIYI, Inc., ADR (China)(b)(c) |
120,517 | 997,881 | ||||||
Netflix, Inc.(b) |
77,700 | 53,637,087 | ||||||
Roku, Inc.(b) |
38,541 | 11,751,151 | ||||||
Spotify Technology S.A.(b) |
63,100 | 18,261,140 | ||||||
|
|
|||||||
84,647,259 | ||||||||
|
|
|||||||
Real Estate Services-0.17% |
| |||||||
Redfin Corp.(b)(c) |
34,502 | 1,771,333 | ||||||
|
|
|||||||
Research & Consulting Services-1.06% |
| |||||||
CoStar Group, Inc.(b) |
130,844 | 11,259,126 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 |
||||
Invesco NASDAQ Internet ETF (PNQI)—(continued)
October 31, 2021
(Unaudited)
Shares | Value | |||||||
Trucking-3.04% |
| |||||||
Lyft, Inc., Class A(b) |
107,366 | $ | 4,924,878 | |||||
Uber Technologies, Inc.(b) |
622,516 | 27,278,651 | ||||||
|
|
|||||||
32,203,529 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
1,060,453,751 | ||||||
|
|
|||||||
Money Market Funds-0.03% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e) |
314,297 | 314,297 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,060,768,048 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-4.51% |
| |||||||
Invesco Private Government Fund, 0.02%(d)(e)(f) |
13,435,001 | $ | 13,435,001 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
34,313,426 | 34,327,152 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
47,762,153 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.56% |
|
1,108,530,201 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.56)% |
|
(48,296,737 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 1,060,233,464 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at October 31, 2021. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2021. |
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value October 31, 2021 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
|
$ | 80,193 | $ | 2,393,449 | $ | (2,159,345 | ) | $ | - | $ | - | $ | 314,297 | $ | 30 | ||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
33,985,933 | 104,851,997 | (125,402,929 | ) | - | - | 13,435,001 | 1,574 | * | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
54,120,242 | 184,844,453 | (204,637,543 | ) | - | - | 34,327,152 | 23,909 | * | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Total |
$ | 88,186,368 | $ | 292,089,899 | $ | (332,199,817 | ) | $ | - | $ | - | $ | 48,076,450 | $ | 25,513 | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
This Fund has holdings greater than 10% of net assets in the following country:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 |
||||
Invesco NASDAQ Internet ETF (PNQI)—(continued)
October 31, 2021
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2021
Interactive Media & Services |
22.67 | |||||||
Application Software |
19.72 | |||||||
Internet & Direct Marketing Retail |
19.49 | |||||||
Movies & Entertainment |
7.98 | |||||||
Internet Services & Infrastructure |
7.31 | |||||||
Data Processing & Outsourced Services |
6.73 | |||||||
Interactive Home Entertainment |
4.89 | |||||||
Hotels, Resorts & Cruise Lines |
4.38 | |||||||
Trucking |
3.04 | |||||||
Sub-Industry Types Each Less Than 3% |
3.81 | |||||||
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.
23 |
||||
Statements of Assets and Liabilities
October 31, 2021
(Unaudited)
Invesco DWA Basic Materials Momentum ETF (PYZ) |
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) |
Invesco DWA Consumer Staples Momentum ETF (PSL) |
Invesco DWA Energy Momentum ETF (PXI) |
|||||||||||||||||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 151,896,461 | $ | 110,823,367 | $ | 105,695,589 | $ | 95,542,874 | ||||||||||||||||||||||||||||||||||
Affiliated investments in securities, at value |
18,252,787 | 14,557,477 | 13,690,699 | 20,213,562 | ||||||||||||||||||||||||||||||||||||||
Cash |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||
Receivable for: |
||||||||||||||||||||||||||||||||||||||||||
Dividends |
103,158 | 25,522 | 65,577 | 57,953 | ||||||||||||||||||||||||||||||||||||||
Securities lending |
1,557 | 1,408 | 3,115 | 5,728 | ||||||||||||||||||||||||||||||||||||||
Investments sold |
1,816,196 | - | - | - | ||||||||||||||||||||||||||||||||||||||
Fund shares sold |
- | - | - | 674,525 | ||||||||||||||||||||||||||||||||||||||
Foreign tax reclaims |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Total assets |
172,070,159 | 125,407,774 | 119,454,980 | 116,494,642 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||||||||||||
Due to custodian |
- | - | - | 175 | ||||||||||||||||||||||||||||||||||||||
Payable for: |
||||||||||||||||||||||||||||||||||||||||||
Investments purchased |
- | - | - | 674,092 | ||||||||||||||||||||||||||||||||||||||
Collateral upon return of securities loaned |
17,925,849 | 14,322,410 | 13,477,127 | 20,025,951 | ||||||||||||||||||||||||||||||||||||||
Fund shares repurchased |
1,817,381 | - | - | - | ||||||||||||||||||||||||||||||||||||||
Accrued unitary management fees |
- | - | - | - | ||||||||||||||||||||||||||||||||||||||
Accrued advisory fees |
56,037 | 34,309 | 33,974 | 28,102 | ||||||||||||||||||||||||||||||||||||||
Accrued trustees’ and officer’s fees |
55,837 | 50,969 | 57,461 | 62,125 | ||||||||||||||||||||||||||||||||||||||
Accrued expenses |
163,663 | 113,491 | 130,669 | 126,762 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Total liabilities |
20,018,767 | 14,521,179 | 13,699,231 | 20,917,207 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Net Assets |
$ | 152,051,392 | $ | 110,886,595 | $ | 105,755,749 | $ | 95,577,435 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Net assets consist of: |
||||||||||||||||||||||||||||||||||||||||||
Shares of beneficial interest |
$ | 187,280,820 | $ | 155,953,079 | $ | 179,345,008 | $ | 267,347,662 | ||||||||||||||||||||||||||||||||||
Distributable earnings (loss) |
(35,229,428 | ) | (45,066,484 | ) | (73,589,259 | ) | (171,770,227 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Net Assets |
$ | 152,051,392 | $ | 110,886,595 | $ | 105,755,749 | $ | 95,577,435 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
1,670,000 | 1,180,000 | 1,160,000 | 2,860,000 | ||||||||||||||||||||||||||||||||||||||
Net asset value |
$ | 91.05 | $ | 93.97 | $ | 91.17 | $ | 33.42 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Market price |
$ | 91.11 | $ | 93.87 | $ | 91.24 | $ | 33.46 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Unaffiliated investments in securities, at cost |
$ | 137,784,770 | $ | 94,826,852 | $ | 95,433,131 | $ | 83,923,476 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Affiliated investments in securities, at cost |
$ | 18,252,787 | $ | 14,557,477 | $ | 13,690,699 | $ | 20,213,562 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 17,865,309 | $ | 14,099,811 | $ | 13,392,957 | $ | 19,190,120 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 |
||||
Invesco DWA Financial Momentum ETF (PFI) |
Invesco DWA
Healthcare Momentum ETF (PTH) |
Invesco DWA
Industrials Momentum ETF (PRN) |
Invesco DWA
Technology Momentum ETF (PTF) |
Invesco DWA
Utilities Momentum ETF (PUI) |
Invesco NASDAQ Internet ETF (PNQI) |
|||||||||||||||||
$ | 107,069,837 | $ | 477,806,907 | $ | 267,163,044 | $ | 368,040,353 | $ | 44,284,190 | $ | 1,060,453,751 | |||||||||||
6,489,403 | 40,821,970 | 23,370,875 | 34,126,880 | 1,914,971 | 48,076,450 | |||||||||||||||||
11,455 | - | - | - | - | - | |||||||||||||||||
113,252 | 3,660 | 93,460 | 10 | 56,550 | 11 | |||||||||||||||||
452 | 10,319 | 1,733 | 1,181 | 2,630 | 4,097 | |||||||||||||||||
- | 4,907,974 | - | - | - | - | |||||||||||||||||
2,339,859 | - | - | - | - | - | |||||||||||||||||
- | - | - | 10,778 | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
116,024,258 | 523,550,830 | 290,629,112 | 402,179,202 | 46,258,341 | 1,108,534,309 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
- | - | - | - | - | - | |||||||||||||||||
2,340,434 | - | - | - | - | - | |||||||||||||||||
6,455,107 | 40,412,776 | 23,154,164 | 33,919,530 | 1,789,606 | 47,762,153 | |||||||||||||||||
- | 4,907,287 | - | - | - | - | |||||||||||||||||
- | - | - | - | - | 538,692 | |||||||||||||||||
36,341 | 165,226 | 104,735 | 119,776 | 10,458 | - | |||||||||||||||||
50,320 | 63,250 | 57,233 | 57,106 | 53,955 | - | |||||||||||||||||
93,490 | 359,721 | 151,782 | 212,268 | 91,864 | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
8,975,692 | 45,908,260 | 23,467,914 | 34,308,680 | 1,945,883 | 48,300,845 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 107,048,566 | $ | 477,642,570 | $ | 267,161,198 | $ | 367,870,522 | $ | 44,312,458 | $ | 1,060,233,464 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 109,357,433 | $ | 604,757,300 | $ | 279,348,381 | $ | 375,779,041 | $ | 68,083,180 | $ | 779,486,201 | |||||||||||
(2,308,867 | ) | (127,114,730 | ) | (12,187,183 | ) | (7,908,519 | ) | (23,770,722 | ) | 280,747,263 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 107,048,566 | $ | 477,642,570 | $ | 267,161,198 | $ | 367,870,522 | $ | 44,312,458 | $ | 1,060,233,464 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,830,000 | 2,920,000 | 2,430,000 | 2,170,000 | 1,310,000 | 4,320,000 | |||||||||||||||||
$ | 58.50 | $ | 163.58 | $ | 109.94 | $ | 169.53 | $ | 33.83 | $ | 245.42 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 58.50 | $ | 163.39 | $ | 109.83 | $ | 169.39 | $ | 33.88 | $ | 245.08 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 90,656,510 | $ | 438,248,974 | $ | 222,709,147 | $ | 305,992,188 | $ | 40,998,685 | $ | 728,884,807 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 6,489,403 | $ | 40,821,970 | $ | 23,370,875 | $ | 34,126,879 | $ | 1,914,971 | $ | 48,076,450 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 6,281,232 | $ | 38,570,123 | $ | 22,784,842 | $ | 33,268,601 | $ | 1,729,613 | $ | 46,462,525 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
25 |
||||
For the six months ended October 31, 2021
(Unaudited)
Invesco DWA Basic Materials Momentum ETF (PYZ) |
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) |
Invesco DWA Consumer Staples Momentum ETF (PSL) |
Invesco DWA Energy Momentum ETF (PXI) |
|||||||||||||||||||||||||||||||||||
Investment income: |
||||||||||||||||||||||||||||||||||||||
Unaffiliated dividend income |
$ | 842,439 | $ | 394,972 | $ | 771,293 | $ | 752,809 | ||||||||||||||||||||||||||||||
Affiliated dividend income |
35 | 28 | 31 | 36 | ||||||||||||||||||||||||||||||||||
Securities lending income |
15,923 | 18,895 | 380,954 | 25,359 | ||||||||||||||||||||||||||||||||||
Foreign withholding tax |
- | - | - | (111 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total investment income |
858,397 | 413,895 | 1,152,278 | 778,093 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||||||||
Unitary management fees |
- | - | - | - | ||||||||||||||||||||||||||||||||||
Advisory fees |
490,857 | 282,564 | 277,447 | 344,955 | ||||||||||||||||||||||||||||||||||
Sub-licensing fees |
147,257 | 84,770 | 83,235 | 103,487 | ||||||||||||||||||||||||||||||||||
Accounting & administration fees |
7,562 | 7,450 | 9,934 | 6,965 | ||||||||||||||||||||||||||||||||||
Professional fees |
11,791 | 11,795 | 11,925 | 11,689 | ||||||||||||||||||||||||||||||||||
Custodian & transfer agent fees |
1,384 | 1,151 | 1,238 | 1,417 | ||||||||||||||||||||||||||||||||||
Trustees’ and officer’s fees |
6,503 | 6,181 | 6,368 | 6,845 | ||||||||||||||||||||||||||||||||||
Other expenses |
11,703 | 11,474 | 15,479 | 13,262 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total expenses |
677,057 | 405,385 | 405,626 | 488,620 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Less: Waivers |
(86,517 | ) | (64,844 | ) | (72,690 | ) | (72,558 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net expenses |
590,540 | 340,541 | 332,936 | 416,062 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net investment income (loss) |
267,857 | 73,354 | 819,342 | 362,031 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities |
(8,853,293 | ) | (3,703,717 | ) | (5,387,543 | ) | 2,846,666 | |||||||||||||||||||||||||||||||
In-kind redemptions |
12,159,018 | 8,070,810 | 10,014,145 | 8,388,384 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net realized gain (loss) |
3,305,725 | 4,367,093 | 4,626,602 | 11,235,050 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities |
(142,443 | ) | 354,512 | (8,484,289 | ) | 5,803,720 | ||||||||||||||||||||||||||||||||
Affiliated investment securities |
- | (1 | ) | - | - | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(142,443 | ) | 354,511 | (8,484,289 | ) | 5,803,720 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
3,163,282 | 4,721,604 | (3,857,687 | ) | 17,038,770 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 3,431,139 | $ | 4,794,958 | $ | (3,038,345 | ) | $ | 17,400,801 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 |
||||
Invesco DWA Financial Momentum ETF (PFI) |
Invesco DWA Healthcare Momentum ETF (PTH) |
Invesco DWA Industrials Momentum ETF (PRN) |
Invesco DWA Technology Momentum ETF (PTF) |
Invesco DWA Utilities Momentum ETF (PUI) |
Invesco NASDAQ Internet ETF (PNQI) |
|||||||||||||||||||||||||||
$ | 937,509 | $ | 83,287 | $ | 862,406 | $ | 257,755 | $ | 659,976 | $ | 188,433 | |||||||||||||||||||||
18 | 92 | 35 | 39 | 20 | 30 | |||||||||||||||||||||||||||
2,121 | 155,714 | 141,205 | 334,847 | 13,641 | 31,964 | |||||||||||||||||||||||||||
(470 | ) | - | - | (2,612 | ) | - | (5,378 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
939,178 | 239,093 | 1,003,646 | 590,029 | 673,637 | 215,049 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
- | - | - | - | - | 3,243,544 | |||||||||||||||||||||||||||
187,448 | 1,315,806 | 695,177 | 731,066 | 116,213 | - | |||||||||||||||||||||||||||
40,879 | 394,744 | 135,651 | 219,321 | 34,864 | - | |||||||||||||||||||||||||||
7,196 | 29,603 | 8,919 | 14,308 | 8,445 | - | |||||||||||||||||||||||||||
11,735 | 13,722 | 12,099 | 12,666 | 11,760 | - | |||||||||||||||||||||||||||
1,151 | 5,847 | 1,072 | 1,675 | 1,333 | - | |||||||||||||||||||||||||||
5,809 | 9,063 | 7,180 | 7,321 | 5,913 | - | |||||||||||||||||||||||||||
10,197 | 21,616 | 14,766 | 13,363 | 14,872 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
264,415 | 1,790,401 | 874,864 | 999,720 | 193,400 | 3,243,544 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(39,299 | ) | (209,973 | ) | (37,053 | ) | (122,440 | ) | (53,945 | ) | (9 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
225,116 | 1,580,428 | 837,811 | 877,280 | 139,455 | 3,243,535 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
714,062 | (1,341,335 | ) | 165,835 | (287,251 | ) | 534,182 | (3,028,486 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(2,112,820 | ) | (72,557,607 | ) | (28,326,572 | ) | (23,317,116 | ) | (718,007 | ) | (99,951 | ) | |||||||||||||||||||||
6,922,592 | 76,250,198 | 25,802,184 | 43,259,022 | 457,392 | 38,280,065 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
4,809,772 | 3,692,591 | (2,524,388 | ) | 19,941,906 | (260,615 | ) | 38,180,114 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
7,251,247 | 14,333,740 | 18,618,297 | 31,120,407 | (409,447 | ) | (29,887,761 | ) | |||||||||||||||||||||||||
- | (1 | ) | - | - | - | - | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
7,251,247 | 14,333,739 | 18,618,297 | 31,120,407 | (409,447 | ) | (29,887,761 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
12,061,019 | 18,026,330 | 16,093,909 | 51,062,313 | (670,062 | ) | 8,292,353 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 12,775,081 | $ | 16,684,995 | $ | 16,259,744 | $ | 50,775,062 | $ | (135,880 | ) | $ | 5,263,867 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
27 |
||||
Statements of Changes in Net Assets
For the six months ended October 31, 2021 and the year ended April 30, 2021
(Unaudited)
Invesco DWA Basic Materials Momentum ETF (PYZ) |
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) |
|||||||||||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
|||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 267,857 | $ | 388,146 | $ | 73,354 | $ | (2,213 | ) | |||||||||||||||||||
Net realized gain (loss) |
3,305,725 | 17,592,752 | 4,367,093 | 14,387,637 | ||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(142,443 | ) | 14,434,519 | 354,511 | 14,316,767 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
3,431,139 | 32,415,417 | 4,794,958 | 28,702,191 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Distributions to Shareholders from: |
||||||||||||||||||||||||||||
Distributable earnings |
(246,413 | ) | (494,583 | ) | (105,433 | ) | (123,526 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Shareholder Transactions: |
||||||||||||||||||||||||||||
Proceeds from shares sold |
111,202,440 | 141,463,546 | 16,411,822 | 153,726,327 | ||||||||||||||||||||||||
Value of shares repurchased |
(77,137,510 | ) | (94,216,351 | ) | (37,207,161 | ) | (71,969,281 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
34,064,930 | 47,247,195 | (20,795,339 | ) | 81,757,046 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net increase (decrease) in net assets |
37,249,656 | 79,168,029 | (16,105,814 | ) | 110,335,711 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net assets: |
||||||||||||||||||||||||||||
Beginning of period |
114,801,736 | 35,633,707 | 126,992,409 | 16,656,698 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
End of period |
$ | 152,051,392 | $ | 114,801,736 | $ | 110,886,595 | $ | 126,992,409 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Changes in Shares Outstanding: |
||||||||||||||||||||||||||||
Shares sold |
1,220,000 | 1,880,000 | 180,000 | 1,980,000 | ||||||||||||||||||||||||
Shares repurchased |
(890,000 | ) | (1,290,000 | ) | (420,000 | ) | (960,000 | ) | ||||||||||||||||||||
Shares outstanding, beginning of period |
1,340,000 | 750,000 | 1,420,000 | 400,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Shares outstanding, end of period |
1,670,000 | 1,340,000 | 1,180,000 | 1,420,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 |
||||
Invesco DWA Consumer Staples Momentum ETF (PSL) |
Invesco DWA Energy Momentum ETF (PXI) |
Invesco DWA Financial Momentum ETF (PFI) |
Invesco DWA Healthcare Momentum ETF (PTH) | |||||||||||||||||||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended 2021 |
Six Months Ended 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 | |||||||||||||||||||||||||||||||
$ | 819,342 | $ | 1,028,841 | $ | 362,031 | $ | 408,878 | $ | 714,062 | $ | 399,750 | $ | (1,341,335 | ) | $ | (1,864,228 | ) | |||||||||||||||||||||
4,626,602 | 36,727,302 | 11,235,050 | (6,395,923 | ) | 4,809,772 | 9,940,288 | 3,692,591 | 223,715,652 | ||||||||||||||||||||||||||||||
(8,484,289 | ) | 12,096,448 | 5,803,720 | 10,421,946 | 7,251,247 | 7,153,093 | 14,333,739 | (10,660,214 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(3,038,345 | ) | 49,852,591 | 17,400,801 | 4,434,901 | 12,775,081 | 17,493,131 | 16,684,995 | 211,191,210 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(836,602 | ) | (924,650 | ) | (380,802 | ) | (439,364 | ) | (530,652 | ) | (493,130 | ) | - | - | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
46,955,582 | 94,323,110 | 71,602,953 | 151,890,596 | 86,088,764 | 62,009,415 | 347,754,018 | 1,159,423,493 | |||||||||||||||||||||||||||||||
(48,545,916 | ) | (141,542,658 | ) | (132,626,581 | ) | (33,783,947 | ) | (46,992,883 | ) | (51,995,758 | ) | (445,030,144 | ) | (1,077,844,258 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(1,590,334 | ) | (47,219,548 | ) | (61,023,628 | ) | 118,106,649 | 39,095,881 | 10,013,657 | (97,276,126 | ) | 81,579,235 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(5,465,281 | ) | 1,708,393 | (44,003,629 | ) | 122,102,186 | 51,340,310 | 27,013,658 | (80,591,131 | ) | 292,770,445 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
111,221,030 | 109,512,637 | 139,581,064 | 17,478,878 | 55,708,256 | 28,694,598 | 558,233,701 | 265,463,256 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
$ | 105,755,749 | $ | 111,221,030 | $ | 95,577,435 | $ | 139,581,064 | $ | 107,048,566 | $ | 55,708,256 | $ | 477,642,570 | $ | 558,233,701 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
510,000 | 1,210,000 | 2,390,000 | 6,520,000 | 1,640,000 | 1,490,000 | 2,090,000 | 8,300,000 | |||||||||||||||||||||||||||||||
(530,000 | ) | (1,830,000 | ) | (5,230,000 | ) | (1,970,000 | ) | (900,000 | ) | (1,300,000 | ) | (2,740,000 | ) | (7,430,000 | ) | |||||||||||||||||||||||
1,180,000 | 1,800,000 | 5,700,000 | 1,150,000 | 1,090,000 | 900,000 | 3,570,000 | 2,700,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
1,160,000 | 1,180,000 | 2,860,000 | 5,700,000 | 1,830,000 | 1,090,000 | 2,920,000 | 3,570,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 |
||||
Statements of Changes in Net Assets—(continued)
For the six months ended October 31, 2021 and the year ended April 30, 2021
(Unaudited)
Invesco DWA Industrials Momentum ETF (PRN) |
Invesco DWA
Technology |
|||||||||||||||||||||||||||||
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
Six Months Ended October 31, 2021 |
Year Ended April 30, 2021 |
|||||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 165,835 | $ | 81,807 | $ | (287,251 | ) | $ | (1,081,435 | ) | ||||||||||||||||||||
Net realized gain (loss) |
(2,524,388 | ) | 33,977,793 | 19,941,906 | 150,271,622 | |||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) |
18,618,297 | 21,688,873 | 31,120,407 | 7,611,313 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
16,259,744 | 55,748,473 | 50,775,062 | 156,801,500 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Distributions to Shareholders from: |
||||||||||||||||||||||||||||||
Distributable earnings |
(226,881 | ) | (88,644 | ) | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Shareholder Transactions: |
||||||||||||||||||||||||||||||
Proceeds from shares sold |
118,167,256 | 314,949,521 | 241,719,912 | 471,013,473 | ||||||||||||||||||||||||||
Value of shares repurchased |
(181,924,426 | ) | (114,154,628 | ) | (221,861,093 | ) | (487,674,653 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
(63,757,170 | ) | 200,794,893 | 19,858,819 | (16,661,180 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net increase (decrease) in net assets |
(47,724,307 | ) | 256,454,722 | 70,633,881 | 140,140,320 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net assets: |
||||||||||||||||||||||||||||||
Beginning of period |
314,885,505 | 58,430,783 | 297,236,641 | 157,096,321 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
End of period |
$ | 267,161,198 | $ | 314,885,505 | $ | 367,870,522 | $ | 297,236,641 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Changes in Shares Outstanding: |
||||||||||||||||||||||||||||||
Shares sold |
1,180,000 | 3,470,000 | 1,590,000 | 3,930,000 | ||||||||||||||||||||||||||
Shares repurchased |
(1,820,000 | ) | (1,350,000 | ) | (1,500,000 | ) | (3,900,000 | ) | ||||||||||||||||||||||
Shares outstanding, beginning of period |
3,070,000 | 950,000 | 2,080,000 | 2,050,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Shares outstanding, end of period |
2,430,000 | 3,070,000 | 2,170,000 | 2,080,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 |
||||
Invesco DWA
Utilities Momentum ETF (PUI) |
Invesco NASDAQ Internet ETF (PNQI) | ||||||||||||||||||||||||
Six Months Ended 2021 |
Year
Ended 2021 |
Six Months Ended 2021 |
Year Ended April 30, 2021 | ||||||||||||||||||||||
$ | 534,182 | $ | 1,281,339 | $ | (3,028,486 | ) | $ | (4,847,878 | ) | ||||||||||||||||
(260,615 | ) | (420,189 | ) | 38,180,114 | 101,371,036 | ||||||||||||||||||||
(409,447 | ) | 7,717,142 | (29,887,761 | ) | 297,046,224 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(135,880 | ) | 8,578,292 | 5,263,867 | 393,569,382 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(529,940 | ) | (1,605,292 | ) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
- | 5,919,080 | 63,700,820 | 358,276,717 | ||||||||||||||||||||||
(4,749,790 | ) | (44,690,000 | ) | (78,172,727 | ) | (240,301,737 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(4,749,790 | ) | (38,770,920 | ) | (14,471,907 | ) | 117,974,980 | |||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(5,415,610 | ) | (31,797,920 | ) | (9,208,040 | ) | 511,544,362 | |||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
49,728,068 | 81,525,988 | 1,069,441,504 | 557,897,142 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
$ | 44,312,458 | $ | 49,728,068 | $ | 1,060,233,464 | $ | 1,069,441,504 | ||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
- | 200,000 | 260,000 | 1,690,000 | ||||||||||||||||||||||
(140,000 | ) | (1,450,000 | ) | (320,000 | ) | (1,110,000 | ) | ||||||||||||||||||
1,450,000 | 2,700,000 | 4,380,000 | 3,800,000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
1,310,000 | 1,450,000 | 4,320,000 | 4,380,000 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
31 |
||||
Invesco DWA Basic Materials Momentum ETF (PYZ)
Six Months Ended 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
|
|||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 85.67 | $ | 47.51 | $ | 60.49 | $ | 66.74 | $ | 61.38 | $ | 54.35 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.12 | 0.47 | 0.79 | 0.72 | 0.49 | 0.46 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
5.36 | 38.31 | (12.77 | ) | (6.30 | ) | 5.27 | 7.14 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
5.48 | 38.78 | (11.98 | ) | (5.58 | ) | 5.76 | 7.60 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.10 | ) | (0.62 | ) | (1.00 | ) | (0.67 | ) | (0.40 | ) | (0.57 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 91.05 | $ | 85.67 | $ | 47.51 | $ | 60.49 | $ | 66.74 | $ | 61.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 91.11 | $ | 85.68 | $ | 47.63 | $ | 60.48 | $ | 66.79 | $ | 61.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
6.42 | % | 82.25 | % | (19.95 | )% | (8.36 | )% | 9.40 | % | 14.04 | % | ||||||||||||||||||
Market Price Total Return(c) |
6.47 | % | 81.80 | % | (19.74 | )% | (8.46 | )% | 9.48 | % | 13.98 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 152,051 | $ | 114,802 | $ | 35,634 | $ | 63,518 | $ | 100,114 | $ | 101,269 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(d) | 0.60 | % | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.69 | %(d) | 0.82 | % | 0.79 | %(e) | 0.76 | % | 0.76 | % | 0.69 | % | ||||||||||||||||||
Net investment income |
0.27 | %(d) | 0.70 | % | 1.40 | %(e) | 1.12 | % | 0.75 | % | 0.79 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
61 | % | 132 | % | 90 | % | 89 | % | 75 | % | 132 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 |
||||
Financial Highlights—(continued)
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
Six Months Ended 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 89.43 | $ | 41.64 | $ | 56.86 | $ | 50.42 | $ | 44.36 | $ | 42.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.06 | (0.00 | )(b) | 0.06 | 0.08 | 0.25 | 0.15 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
4.57 | 47.98 | (15.17 | ) | 6.53 | 6.03 | 2.30 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
4.63 | 47.98 | (15.11 | ) | 6.61 | 6.28 | 2.45 | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.09 | ) | (0.19 | ) | (0.11 | ) | (0.17 | ) | (0.22 | ) | (0.35 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 93.97 | $ | 89.43 | $ | 41.64 | $ | 56.86 | $ | 50.42 | $ | 44.36 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(c) |
$ | 93.87 | $ | 89.37 | $ | 41.67 | $ | 56.87 | $ | 50.48 | $ | 44.37 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(d) |
5.18 | % | 115.43 | % | (26.51 | )% | 13.15 | % | 14.20 | % | 5.85 | % | ||||||||||||||||||
Market Price Total Return(d) |
5.13 | % | 115.13 | % | (26.47 | )% | 13.03 | % | 14.31 | % | 5.90 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 110,887 | $ | 126,992 | $ | 16,657 | $ | 31,271 | $ | 55,464 | $ | 28,837 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(e) | 0.60 | % | 0.61 | %(f) | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.72 | %(e) | 0.80 | % | 0.82 | %(f) | 0.80 | % | 0.90 | % | 0.86 | % | ||||||||||||||||||
Net investment income |
0.13 | %(e) | (0.00 | )%(g) | 0.12 | %(f) | 0.15 | % | 0.52 | % | 0.35 | % | ||||||||||||||||||
Portfolio turnover rate(h) |
112 | % | 163 | % | 176 | % | 136 | % | 185 | % | 117 | % |
(a) |
Based on average shares outstanding. |
(b) |
Amount represents less than $(0.005). |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Annualized. |
(f) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) |
Amount represents less than 0.005%. |
(h) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 |
||||
Financial Highlights—(continued)
Invesco DWA Consumer Staples Momentum ETF (PSL)
Six Months Ended 2021 |
Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
|
|||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 94.26 | $ | 60.84 | $ | 72.67 | $ | 67.39 | $ | 59.38 | $ | 56.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.69 | 0.73 | 0.46 | 0.45 | 0.41 | 0.76 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.07 | ) | 33.35 | (11.78 | ) | 5.25 | 7.90 | 3.69 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(2.38 | ) | 34.08 | (11.32 | ) | 5.70 | 8.31 | 4.45 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.71 | ) | (0.66 | ) | (0.51 | ) | (0.42 | ) | (0.30 | ) | (1.12 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 91.17 | $ | 94.26 | $ | 60.84 | $ | 72.67 | $ | 67.39 | $ | 59.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 91.24 | $ | 94.31 | $ | 60.81 | $ | 72.65 | $ | 67.61 | $ | 59.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(2.53 | )% | 56.25 | % | (15.61 | )% | 8.50 | % | 14.03 | % | 8.12 | % | ||||||||||||||||||
Market Price Total Return(c) |
(2.51 | )% | 56.42 | % | (15.63 | )% | 8.12 | % | 14.40 | % | 8.12 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 105,756 | $ | 111,221 | $ | 109,513 | $ | 174,401 | $ | 90,977 | $ | 77,191 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.73 | %(d) | 0.75 | % | 0.71 | % | 0.71 | % | 0.79 | % | 0.71 | % | ||||||||||||||||||
Net investment income |
1.48 | %(d) | 0.93 | % | 0.65 | % | 0.64 | % | 0.65 | % | 1.33 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
51 | % | 97 | % | 119 | % | 118 | % | 80 | % | 106 | % |
(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.
34 |
||||
Financial Highlights—(continued)
Invesco DWA Energy Momentum ETF (PXI)
Six Months Ended October 31, 2021 |
||||||||||||||||||||||||||||||
Years Ended April 30, | ||||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
|
|||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 24.49 | $ | 15.20 | $ | 31.95 | $ | 42.26 | $ | 36.36 | $ | 37.97 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.07 | 0.17 | 0.74 | (b) | 0.28 | 0.41 | 0.14 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
8.96 | 9.33 | (16.70 | ) | (10.24 | ) | 5.80 | (1.50 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
9.03 | 9.50 | (15.96 | ) | (9.96 | ) | 6.21 | (1.36 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.10 | ) | (0.21 | ) | (0.79 | ) | (0.35 | ) | (0.31 | ) | (0.19 | ) | ||||||||||||||||||
Return of capital |
- | - | - | - | - | (0.06 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total distributions |
(0.10 | ) | (0.21 | ) | (0.79 | ) | (0.35 | ) | (0.31 | ) | (0.25 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 33.42 | $ | 24.49 | $ | 15.20 | $ | 31.95 | $ | 42.26 | $ | 36.36 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(c) |
$ | 33.46 | $ | 24.51 | $ | 15.24 | $ | 31.95 | $ | 42.32 | $ | 36.35 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(d) |
|
36.94 | % | 63.39 | % | (50.75 | )% | (23.63 | )% | 17.28 | % | (3.62 | )% | |||||||||||||||||
Market Price Total Return(d) |
37.00 | % | 63.10 | % | (50.62 | )% | (23.74 | )% | 17.47 | % | (3.60 | )% | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 95,577 | $ | 139,581 | $ | 17,479 | $ | 51,127 | $ | 88,738 | $ | 112,731 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(e) | 0.60 | % | 0.62 | %(f) | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.71 | %(e) | 0.85 | % | 0.86 | %(f) | 0.75 | % | 0.78 | % | 0.72 | % | ||||||||||||||||||
Net investment income |
0.52 | %(e) | 0.86 | % | 2.98 | %(b)(f) | 0.72 | % | 1.15 | % | 0.34 | % | ||||||||||||||||||
Portfolio turnover rate(g) |
70 | % | 196 | % | 92 | % | 113 | % | 95 | % | 116 | % |
(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 $0.58 and 2.35%, respectively. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Annualized. |
(f) |
Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(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.
35 |
||||
Financial Highlights—(continued)
Invesco DWA Financial Momentum ETF (PFI)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2021 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 51.11 | $ | 31.88 | $ | 35.52 | $ | 35.16 | $ | 30.66 | $ | 29.42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.51 | 0.47 | 0.52 | 0.41 | 0.35 | 0.47 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
7.23 | 19.34 | (3.54 | ) | 0.39 | 4.44 | 1.43 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
7.74 | 19.81 | (3.02 | ) | 0.80 | 4.79 | 1.90 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.35 | ) | (0.58 | ) | (0.62 | ) | (0.44 | ) | (0.29 | ) | (0.66 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 58.50 | $ | 51.11 | $ | 31.88 | $ | 35.52 | $ | 35.16 | $ | 30.66 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 58.50 | $ | 51.16 | $ | 31.86 | $ | 35.49 | $ | 35.22 | $ | 30.64 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
15.26 | % | 62.64 | % | (8.33 | )% | 2.44 | % | 15.64 | % | 6.51 | % | ||||||||||||||||||
Market Price Total Return(c) |
15.15 | % | 62.90 | % | (8.31 | )% | 2.18 | % | 15.91 | % | 6.41 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
|
$ | 107,049 | $ | 55,708 | $ | 28,695 | $ | 24,861 | $ | 70,330 | $ | 85,857 | |||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(d) | 0.60 | % | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.71 | %(d) | 0.82 | % | 0.71 | %(e) | 0.79 | % | 0.75 | % | 0.77 | % | ||||||||||||||||||
Net investment income |
1.90 | %(d) | 1.16 | % | 1.40 | %(e) | 1.22 | % | 1.04 | % | 1.53 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
63 | % | 167 | % | 158 | % | 132 | % | 105 | % | 204 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 |
||||
Financial Highlights—(continued)
Invesco DWA Healthcare Momentum ETF (PTH)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2021 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 156.37 | $ | 98.32 | $ | 77.79 | $ | 77.65 | $ | 55.03 | $ | 44.31 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income (loss)(a) |
(0.42 | ) | (0.47 | ) | (0.30 | ) | (0.33 | ) | (0.21 | ) | (0.19 | ) | ||||||||||||||||||
Net realized and unrealized gain on investments |
7.63 | 58.52 | 20.83 | 0.47 | 22.83 | 10.91 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
7.21 | 58.05 | 20.53 | 0.14 | 22.62 | 10.72 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 163.58 | $ | 156.37 | $ | 98.32 | $ | 77.79 | $ | 77.65 | $ | 55.03 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 163.39 | $ | 156.15 | $ | 98.49 | $ | 77.69 | $ | 77.80 | $ | 55.02 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
4.61 | % | 59.04 | % | 26.39 | % | 0.18 | % | 41.11 | % | 24.19 | % | ||||||||||||||||||
Market Price Total Return(c) |
4.63 | % | 58.54 | % | 26.78 | % | (0.15 | )% | 41.40 | % | 24.26 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 477,643 | $ | 558,234 | $ | 265,463 | $ | 163,351 | $ | 155,292 | $ | 63,279 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.68 | %(d) | 0.67 | % | 0.73 | % | 0.69 | % | 0.73 | % | 0.78 | % | ||||||||||||||||||
Net investment income (loss) |
(0.51 | )%(d) | (0.32 | )% | (0.34 | )% | (0.39 | )% | (0.31 | )% | (0.39 | )% | ||||||||||||||||||
Portfolio turnover rate(e) |
100 | % | 217 | % | 175 | % | 166 | % | 130 | % | 175 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 |
||||
Financial Highlights—(continued)
Invesco DWA Industrials Momentum ETF (PRN)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2021 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 102.57 | $ | 61.51 | $ | 63.65 | $ | 57.87 | $ | 52.27 | $ | 45.13 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.06 | 0.05 | 0.30 | 0.17 | 0.23 | 0.29 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
7.39 | 41.11 | (2.16 | ) | 5.76 | 5.73 | 7.14 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
7.45 | 41.16 | (1.86 | ) | 5.93 | 5.96 | 7.43 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.08 | ) | (0.10 | ) | (0.28 | ) | (0.15 | ) | (0.23 | ) | (0.29 | ) | ||||||||||||||||||
Return of capital |
- | - | - | - | (0.13 | ) | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total distributions |
(0.08 | ) | (0.10 | ) | (0.28 | ) | (0.15 | ) | (0.36 | ) | (0.29 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 109.94 | $ | 102.57 | $ | 61.51 | $ | 63.65 | $ | 57.87 | $ | 52.27 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 109.83 | $ | 102.49 | $ | 61.72 | $ | 63.64 | $ | 57.91 | $ | 52.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
7.27 | % | 66.98 | % | (2.95 | )% | 10.28 | % | 11.43 | % | 16.50 | % | ||||||||||||||||||
Market Price Total Return(c) |
7.25 | % | 66.28 | % | (2.61 | )% | 10.19 | % | 11.53 | % | 16.48 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 267,161 | $ | 314,886 | $ | 58,431 | $ | 101,839 | $ | 107,053 | $ | 130,669 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(d) | 0.60 | % | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.63 | %(d) | 0.64 | % | 0.62 | %(e) | 0.64 | % | 0.64 | % | 0.65 | % | ||||||||||||||||||
Net investment income |
0.12 | %(d) | 0.06 | % | 0.46 | %(e) | 0.29 | % | 0.39 | % | 0.59 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
70 | % | 169 | % | 111 | % | 104 | % | 106 | % | 122 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 |
||||
Financial Highlights—(continued)
Invesco DWA Technology Momentum ETF (PTF)
Six Months Ended | ||||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||||
2021 | Years Ended April 30, | |||||||||||||||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 142.90 | $ | 76.63 | $ | 71.82 | $ | 56.19 | $ | 45.25 | $ | 36.16 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income (loss)(a) |
(0.15 | ) | (0.46 | ) | (0.12 | ) | (0.09 | ) | 0.04 | 0.07 | ||||||||||||||||||||||
Net realized and unrealized gain on investments |
26.78 | 66.73 | 4.93 | 15.76 | 10.92 | 9.12 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total from investment operations |
26.63 | 66.27 | 4.81 | 15.67 | 10.96 | 9.19 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||
Net investment income |
- | - | - | (0.04 | ) | (0.02 | ) | (0.05 | ) | |||||||||||||||||||||||
Return of capital |
- | - | - | - | - | (0.05 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total distributions |
- | - | - | (0.04 | ) | (0.02 | ) | (0.10 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value at end of period |
$ | 169.53 | $ | 142.90 | $ | 76.63 | $ | 71.82 | $ | 56.19 | $ | 45.25 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Market price at end of period(b) |
$ | 169.39 | $ | 142.85 | $ | 76.69 | $ | 71.91 | $ | 56.21 | $ | 45.22 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Asset Value Total Return(c) |
18.64 | % | 86.48 | % | 6.70 | % | 27.90 | % | 24.22 | % | 25.46 | % | ||||||||||||||||||||
Market Price Total Return(c) |
18.57 | % | 86.28 | % | 6.65 | % | 28.01 | % | 24.35 | % | 25.38 | % | ||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 367,871 | $ | 297,237 | $ | 157,096 | $ | 175,966 | $ | 117,996 | $ | 131,217 | ||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||||
Expenses, prior to Waivers |
0.68 | %(d) | 0.69 | % | 0.69 | % | 0.72 | % | 0.74 | % | 0.72 | % | ||||||||||||||||||||
Net investment income (loss) |
(0.20 | )%(d) | (0.37 | )% | (0.17 | )% | (0.15 | )% | 0.08 | % | 0.17 | % | ||||||||||||||||||||
Portfolio turnover rate(e) |
98 | % | 172 | % | 159 | % | 133 | % | 107 | % | 147 | % |
(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.
39 |
||||
Financial Highlights—(continued)
Invesco DWA Utilities Momentum ETF (PUI)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2021 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 34.30 | $ | 30.19 | $ | 32.18 | $ | 27.11 | $ | 27.50 | $ | 25.12 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.39 | 0.64 | 0.65 | 0.63 | 0.65 | 0.65 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.47 | ) | 4.27 | (1.87 | ) | 4.98 | (0.31 | ) | 2.71 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(0.08 | ) | 4.91 | (1.22 | ) | 5.61 | 0.34 | 3.36 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.39 | ) | (0.80 | ) | (0.77 | ) | (0.54 | ) | (0.73 | ) | (0.98 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 33.83 | $ | 34.30 | $ | 30.19 | $ | 32.18 | $ | 27.11 | $ | 27.50 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 33.88 | $ | 34.24 | $ | 30.29 | $ | 32.18 | $ | 27.13 | $ | 27.51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(0.21 | )% | 16.63 | % | (3.84 | )% | 20.98 | % | 1.16 | % | 13.65 | % | ||||||||||||||||||
Market Price Total Return(c) |
0.11 | % | 16.05 | % | (3.53 | )% | 20.89 | % | 1.19 | % | 13.78 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 44,312 | $ | 49,728 | $ | 81,526 | $ | 223,637 | $ | 44,730 | $ | 137,476 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers |
0.83 | %(d) | 0.81 | % | 0.69 | % | 0.73 | % | 0.83 | % | 0.71 | % | ||||||||||||||||||
Net investment income |
2.30 | %(d) | 2.06 | % | 1.93 | % | 2.08 | % | 2.35 | % | 2.46 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
30 | % | 64 | % | 69 | % | 49 | % | 41 | % | 54 | % |
(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.
40 |
||||
Financial Highlights—(continued)
Invesco NASDAQ Internet ETF (PNQI)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2021 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 244.16 | $ | 146.82 | $ | 142.44 | $ | 129.15 | $ | 99.14 | $ | 76.48 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income (loss)(a) |
(0.70 | ) | (1.15 | ) | (0.44 | ) | (0.44 | ) | (0.36 | ) | (0.22 | ) | ||||||||||||||||||
Net realized and unrealized gain on investments |
1.96 | 98.49 | 4.82 | 13.73 | 30.40 | 22.88 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
1.26 | 97.34 | 4.38 | 13.29 | 30.04 | 22.66 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
- | - | - | - | (0.03 | ) | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of period |
$ | 245.42 | $ | 244.16 | $ | 146.82 | $ | 142.44 | $ | 129.15 | $ | 99.14 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of period(b) |
$ | 245.08 | $ | 244.35 | $ | 146.75 | $ | 142.41 | $ | 129.29 | $ | 99.17 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
0.52 | % | 66.30 | % | 3.07 | % | 10.29 | % | 30.30 | % | 29.63 | % | ||||||||||||||||||
Market Price Total Return(c) |
0.29 | % | 66.50 | % | 3.05 | % | 10.15 | % | 30.40 | % | 29.73 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 1,060,233 | $ | 1,069,442 | $ | 557,897 | $ | 598,232 | $ | 600,535 | $ | 351,939 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.60 | %(d) | 0.60 | % | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Net investment income (loss) |
(0.56 | )%(d) | (0.54 | )% | (0.32 | )% | (0.34 | )% | (0.31 | )% | (0.26 | )% | ||||||||||||||||||
Portfolio turnover rate(f) |
7 | % | 27 | % | 41 | % | 20 | % | 20 | % | 14 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) |
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.
41 |
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Invesco Exchange-Traded Fund Trust
October 31, 2021
(Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco DWA Basic Materials Momentum ETF (PYZ) |
“DWA Basic Materials Momentum ETF” | |
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) |
“DWA Consumer Cyclicals Momentum ETF” | |
Invesco DWA Consumer Staples Momentum ETF (PSL) |
“DWA Consumer Staples Momentum ETF” | |
Invesco DWA Energy Momentum ETF (PXI) |
“DWA Energy Momentum ETF” | |
Invesco DWA Financial Momentum ETF (PFI) |
“DWA Financial Momentum ETF” | |
Invesco DWA Healthcare Momentum ETF (PTH) |
“DWA Healthcare Momentum ETF” | |
Invesco DWA Industrials Momentum ETF (PRN) |
“DWA Industrials Momentum ETF” | |
Invesco DWA Technology Momentum ETF (PTF) |
“DWA Technology Momentum ETF” | |
Invesco DWA Utilities Momentum ETF (PUI) |
“DWA Utilities Momentum ETF” | |
Invesco NASDAQ Internet ETF (PNQI) |
“NASDAQ Internet 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 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 | |
DWA Basic Materials Momentum ETF |
Dorsey Wright® Basic Materials Technical Leaders Index | |
DWA Consumer Cyclicals Momentum ETF |
Dorsey Wright® Consumer Cyclicals Technical Leaders Index | |
DWA Consumer Staples Momentum ETF |
Dorsey Wright® Consumer Staples Technical Leaders Index | |
DWA Energy Momentum ETF |
Dorsey Wright® Energy Technical Leaders Index | |
DWA Financial Momentum ETF |
Dorsey Wright® Financials Technical Leaders Index | |
DWA Healthcare Momentum ETF |
Dorsey Wright® Healthcare Technical Leaders Index | |
DWA Industrials Momentum ETF |
Dorsey Wright® Industrials Technical Leaders Index | |
DWA Technology Momentum ETF |
Dorsey Wright® Technology Technical Leaders Index | |
DWA Utilities Momentum ETF |
Dorsey Wright® Utilities Technical Leaders Index | |
NASDAQ Internet ETF |
NASDAQ CTA Internet IndexSM |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. |
Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued.
42 |
||||
Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent 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 |
43 |
||||
withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
C. |
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. |
Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
E. |
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. |
Expenses - Each Fund (except for NASDAQ Internet ETF) is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
NASDAQ Internet ETF has 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).
44 |
||||
Expenses of the Trust that are excluded from a Fund’s unitary management fee 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 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 Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. |
Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. BNY Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with Invesco.
J. |
Other Risks |
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished
45 |
||||
trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index will be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. As a result, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary 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 NASDAQ Internet ETF is non-diversified and can invest a greater portion of its 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 the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary,
46 |
||||
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.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.
The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
NOTE 3—Investment Advisory 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 NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% 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 NASDAQ Internet 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 NASDAQ Internet ETF), pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except NASDAQ Internet ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2023. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2023. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.
Further, through at least August 31, 2023, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended October 31, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA Basic Materials Momentum ETF |
$ | 86,517 | ||
DWA Consumer Cyclicals Momentum ETF |
64,844 | |||
DWA Consumer Staples Momentum ETF |
72,690 | |||
DWA Energy Momentum ETF |
72,558 | |||
DWA Financial Momentum ETF |
39,299 | |||
DWA Healthcare Momentum ETF |
209,973 | |||
DWA Industrials Momentum ETF |
37,053 | |||
DWA Technology Momentum ETF |
122,440 | |||
DWA Utilities Momentum ETF |
53,945 | |||
NASDAQ Internet ETF |
9 |
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.
47 |
||||
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2021 are as follows:
Total | ||||||||||||||||||||
Potential | ||||||||||||||||||||
Recapture | Potential Recapture Amounts Expiring | |||||||||||||||||||
Amounts | 4/30/22 | 4/30/23 | 4/30/24 | 4/30/25 | ||||||||||||||||
DWA Basic Materials Momentum ETF |
$ | 355,222 | $ | 58,083 | $ | 90,387 | $ | 120,236 | $ | 86,516 | ||||||||||
DWA Consumer Cyclicals Momentum ETF |
305,184 | 46,510 | 80,322 | 113,510 | 64,842 | |||||||||||||||
DWA Consumer Staples Momentum ETF |
483,621 | 81,729 | 165,252 | 163,949 | 72,691 | |||||||||||||||
DWA Energy Momentum ETF |
323,175 | 53,510 | 80,048 | 117,061 | 72,556 | |||||||||||||||
DWA Financial Momentum ETF |
199,485 | 30,755 | 53,809 | 75,623 | 39,298 | |||||||||||||||
DWA Healthcare Momentum ETF |
925,315 | 105,569 | 183,777 | 426,000 | 209,969 | |||||||||||||||
DWA Industrials Momentum ETF |
131,732 | 19,569 | 14,359 | 60,753 | 37,051 | |||||||||||||||
DWA Technology Momentum ETF |
631,996 | 75,808 | 178,081 | 255,670 | 122,437 | |||||||||||||||
DWA Utilities Momentum ETF |
438,469 | 78,052 | 174,961 | 131,512 | 53,944 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund |
Licensor | |
DWA Basic Materials Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Consumer Cyclicals Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Consumer Staples Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Energy Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Financial Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Healthcare Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Industrials Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Technology Momentum ETF |
Dorsey Wright & Associates, LLC | |
DWA Utilities Momentum ETF |
Dorsey Wright & Associates, LLC | |
NASDAQ Internet ETF |
Nasdaq, Inc. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet 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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the six months ended October 31, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
DWA Basic Materials Momentum ETF |
$ | 11,860 | ||
DWA Consumer Cyclicals Momentum ETF |
25,433 | |||
DWA Consumer Staples Momentum ETF |
8,817 | |||
DWA Energy Momentum ETF |
26,007 | |||
DWA Financial Momentum ETF |
8,876 | |||
DWA Healthcare Momentum ETF |
4,270 | |||
DWA Industrials Momentum ETF |
4,470 | |||
DWA Technology Momentum ETF |
12,263 | |||
DWA Utilities Momentum ETF |
4,342 | |||
NASDAQ Internet ETF |
2,310 |
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.
48 |
||||
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2021. 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 | |||||||||||||||||||||||||
DWA Basic Materials Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 151,896,461 | $ | - | $ | - | $ | 151,896,461 | ||||||||||||||||||||
Money Market Funds |
326,938 | 17,925,849 | - | 18,252,787 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 152,223,399 | $ | 17,925,849 | $ | - | $ | 170,149,248 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DWA Consumer Cyclicals Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 110,823,367 | $ | - | $ | - | $ | 110,823,367 | ||||||||||||||||||||
Money Market Funds |
235,067 | 14,322,410 | - | 14,557,477 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 111,058,434 | $ | 14,322,410 | $ | - | $ | 125,380,844 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DWA Consumer Staples Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 105,695,589 | $ | - | $ | - | $ | 105,695,589 | ||||||||||||||||||||
Money Market Funds |
213,572 | 13,477,127 | - | 13,690,699 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 105,909,161 | $ | 13,477,127 | $ | - | $ | 119,386,288 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DWA Energy Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 95,542,874 | $ | - | $ | - | $ | 95,542,874 | ||||||||||||||||||||
Money Market Funds |
187,611 | 20,025,951 | - | 20,213,562 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 95,730,485 | $ | 20,025,951 | $ | - | $ | 115,756,436 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DWA Financial Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 107,069,837 | $ | - | $ | - | $ | 107,069,837 | ||||||||||||||||||||
Money Market Funds |
34,296 | 6,455,107 | - | 6,489,403 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 107,104,133 | $ | 6,455,107 | $ | - | $ | 113,559,240 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DWA Healthcare Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 477,806,907 | $ | - | $ | - | $ | 477,806,907 | ||||||||||||||||||||
Money Market Funds |
409,194 | 40,412,776 | - | 40,821,970 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 478,216,101 | $ | 40,412,776 | $ | - | $ | 518,628,877 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
49 |
||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
DWA Industrials Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 267,163,044 | $ | - | $- | $ | 267,163,044 | |||||||||||||||||||||
Money Market Funds |
216,711 | 23,154,164 | - | 23,370,875 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 267,379,755 | $ | 23,154,164 | $- | $ | 290,533,919 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DWA Technology Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 368,040,353 | $ | - | $- | $ | 368,040,353 | |||||||||||||||||||||
Money Market Funds |
207,349 | 33,919,531 | - | 34,126,880 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 368,247,702 | $ | 33,919,531 | $- | $ | 402,167,233 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
DWA Utilities Momentum ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 44,284,190 | $ | - | $- | $ | 44,284,190 | |||||||||||||||||||||
Money Market Funds |
125,365 | 1,789,606 | - | 1,914,971 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 44,409,555 | $ | 1,789,606 | $- | $ | 46,199,161 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NASDAQ Internet ETF |
||||||||||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 1,060,453,751 | $ | - | $- | $ | 1,060,453,751 | |||||||||||||||||||||
Money Market Funds |
314,297 | 47,762,153 | - | 48,076,450 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Investments |
$ | 1,060,768,048 | $ | 47,762,153 | $- | $ | 1,108,530,201 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
NOTE 5—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2021, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
DWA Basic Materials Momentum ETF |
$ | 39,665,366 | $ | 12,399,244 | $ | 52,064,610 | ||||||
DWA Consumer Cyclicals Momentum ETF |
63,931,682 | 65,024 | 63,996,706 | |||||||||
DWA Consumer Staples Momentum ETF |
83,114,821 | 5,474,465 | 88,589,286 | |||||||||
DWA Energy Momentum ETF |
159,451,878 | 31,531,201 | 190,983,079 | |||||||||
DWA Financial Momentum ETF |
23,456,031 | 177,119 | 23,633,150 | |||||||||
DWA Healthcare Momentum ETF |
167,310,130 | - | 167,310,130 | |||||||||
DWA Industrials Momentum ETF |
53,553,778 | - | 53,553,778 | |||||||||
DWA Technology Momentum ETF |
87,286,115 | - | 87,286,115 | |||||||||
DWA Utilities Momentum ETF |
23,123,645 | 3,552,454 | 26,676,099 | |||||||||
NASDAQ Internet ETF |
17,639,121 | 45,440,623 | 63,079,744 |
* |
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. |
50 |
||||
NOTE 6—Investment Transactions
For the six months ended October 31, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA Basic Materials Momentum ETF |
$ | 113,740,827 | $ | 114,127,663 | ||||
DWA Consumer Cyclicals Momentum ETF |
127,581,280 | 127,819,276 | ||||||
DWA Consumer Staples Momentum ETF |
59,088,420 | 59,122,655 | ||||||
DWA Energy Momentum ETF |
92,176,442 | 92,130,772 | ||||||
DWA Financial Momentum ETF |
50,968,958 | 49,339,715 | ||||||
DWA Healthcare Momentum ETF |
562,236,544 | 561,717,546 | ||||||
DWA Industrials Momentum ETF |
205,082,497 | 205,087,806 | ||||||
DWA Technology Momentum ETF |
316,572,865 | 315,665,151 | ||||||
DWA Utilities Momentum ETF |
14,017,964 | 13,959,642 | ||||||
NASDAQ Internet ETF |
77,847,403 | 82,930,745 |
For the six months ended October 31, 2021, in-kind transactions associated with creations and redemptions were as follows:
In-kind Purchases |
In-kind Sales |
|||||||
DWA Basic Materials Momentum ETF |
$ | 111,157,861 | $ | 76,855,917 | ||||
DWA Consumer Cyclicals Momentum ETF |
16,377,064 | 37,087,330 | ||||||
DWA Consumer Staples Momentum ETF |
46,919,971 | 48,529,987 | ||||||
DWA Energy Momentum ETF |
71,443,554 | 132,516,184 | ||||||
DWA Financial Momentum ETF |
84,622,692 | 46,930,937 | ||||||
DWA Healthcare Momentum ETF |
347,771,866 | 447,029,241 | ||||||
DWA Industrials Momentum ETF |
118,079,104 | 181,851,567 | ||||||
DWA Technology Momentum ETF |
241,829,942 | 223,215,661 | ||||||
DWA Utilities Momentum ETF |
- | 4,748,714 | ||||||
NASDAQ Internet ETF |
63,763,494 | 76,358,486 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation |
Cost | |||||||||||||
DWA Basic Materials Momentum ETF |
$ | 16,216,071 | $ | (2,659,664 | ) | $ | 13,556,407 | $ | 156,592,841 | |||||||
DWA Consumer Cyclicals Momentum ETF |
16,310,159 | (1,669,549 | ) | 14,640,610 | 110,740,234 | |||||||||||
DWA Consumer Staples Momentum ETF |
11,561,802 | (1,382,981 | ) | 10,178,821 | 109,207,467 | |||||||||||
DWA Energy Momentum ETF |
13,202,537 | (5,180,050 | ) | 8,022,487 | 107,733,949 | |||||||||||
DWA Financial Momentum ETF |
16,542,086 | (167,796 | ) | 16,374,290 | 97,184,950 | |||||||||||
DWA Healthcare Momentum ETF |
48,470,753 | (9,594,660 | ) | 38,876,093 | 479,752,784 | |||||||||||
DWA Industrials Momentum ETF |
46,777,539 | (2,819,371 | ) | 43,958,168 | 246,575,751 | |||||||||||
DWA Technology Momentum ETF |
66,560,070 | (6,396,025 | ) | 60,164,045 | 342,003,188 | |||||||||||
DWA Utilities Momentum ETF |
4,324,680 | (1,116,905 | ) | 3,207,775 | 42,991,386 | |||||||||||
NASDAQ Internet ETF |
353,229,524 | (42,618,154 | ) | 310,611,370 | 797,918,831 |
NOTE 7—Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet 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 ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with
51 |
||||
contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
52 |
||||
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco NASDAQ Internet ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Invesco NASDAQ Internet ETF, you incur a unitary management fee. In addition to the 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 May 1, 2021 through October 31, 2021.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2021 |
Ending Account Value October 31, 2021 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Basic Materials Momentum ETF
(PYZ) |
||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 1,064.20 | 0.60 | % | $ | 3.12 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF
(PEZ) |
||||||||||||||||||||
Actual |
1,000.00 | 1,051.80 | 0.60 | 3.10 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco DWA Consumer Staples Momentum ETF
(PSL) |
||||||||||||||||||||
Actual |
1,000.00 | 974.70 | 0.60 | 2.99 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco DWA Energy Momentum ETF (PXI) |
||||||||||||||||||||
Actual |
1,000.00 | 1,369.40 | 0.60 | 3.58 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco DWA Financial Momentum ETF (PFI) |
||||||||||||||||||||
Actual |
1,000.00 | 1,152.60 | 0.60 | 3.26 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 |
53 |
||||
Calculating your ongoing Fund expenses—(continued)
Beginning Account Value May 1, 2021 |
Ending Account Value October 31, 2021 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Healthcare Momentum ETF (PTH) |
||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 1,046.10 | 0.60 | % | $ | 3.09 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco DWA Industrials Momentum ETF (PRN) |
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Actual |
1,000.00 | 1,072.70 | 0.60 | 3.13 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco DWA Technology Momentum ETF (PTF) |
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Actual |
1,000.00 | 1,186.40 | 0.60 | 3.31 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco DWA Utilities Momentum ETF (PUI) |
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Actual |
1,000.00 | 997.90 | 0.60 | 3.02 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco NASDAQ Internet ETF (PNQI) |
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Actual |
1,000.00 | 1,005.20 | 0.60 | 3.03 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.18 | 0.60 | 3.06 |
(1) |
Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
54 |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 |
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Downers Grove, IL 60515 | P-PS-SAR-3 | invesco.com/ETFs |