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Invesco Semi-Annual Report to Shareholders

 

October 31, 2023

 

 

PPA

 

 

Invesco Aerospace & Defense ETF

  PDP   Invesco Dorsey Wright Momentum ETF (formerly, Invesco DWA Momentum ETF)
  PSP   Invesco Global Listed Private Equity ETF
  PGJ   Invesco Golden Dragon China ETF
  ERTH   Invesco MSCI Sustainable Future ETF
  RYJ   Invesco Raymond James SB-1 Equity ETF
  PBP   Invesco S&P 500 BuyWrite ETF
  SPHQ   Invesco S&P 500® Quality ETF
  CSD   Invesco S&P Spin-Off ETF
  PHO   Invesco Water Resources ETF
  PBW   Invesco WilderHill Clean Energy ETF


 

Table of Contents

 

Schedules of Investments

  

Invesco Aerospace & Defense ETF (PPA)

     3  

Invesco Dorsey Wright Momentum ETF (PDP)

     5  

Invesco Global Listed Private Equity ETF (PSP)

     8  

Invesco Golden Dragon China ETF (PGJ)

     11  

Invesco MSCI Sustainable Future ETF (ERTH)

     14  

Invesco Raymond James SB-1 Equity ETF (RYJ)

     19  

Invesco S&P 500 BuyWrite ETF (PBP)

     22  

Invesco S&P 500® Quality ETF (SPHQ)

     28  

Invesco S&P Spin-Off ETF (CSD)

     31  

Invesco Water Resources ETF (PHO)

     33  

Invesco WilderHill Clean Energy ETF (PBW)

     35  

Statements of Assets and Liabilities

     38  

Statements of Operations

     40  

Statements of Changes in Net Assets

     42  

Financial Highlights

     46  

Notes to Financial Statements

     57  

Fund Expenses

     74  

 

   

 

  2   

   
 


 

Invesco Aerospace & Defense ETF (PPA)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-100.00%

 

Aerospace & Defense-68.08%

 

AAR Corp.(b)

     193,515      $      11,487,050  

AeroVironment, Inc.(b)(c)

     145,276       16,657,346  

Axon Enterprise, Inc.(b)

     367,421       75,133,920  

Boeing Co. (The)(b)

     676,848       126,448,743  

BWX Technologies, Inc.(c)

     409,126       30,389,879  

CAE, Inc. (Canada)(b)

     1,676,091       34,963,258  

Curtiss-Wright Corp.

     141,885       28,208,157  

Ducommun, Inc.(b)

     75,754       3,624,071  

Elbit Systems Ltd. (Israel)(c)

     245,338       45,760,444  

General Dynamics Corp.

     454,189       109,600,348  

HEICO Corp.(c)

     247,944       39,276,809  

Hexcel Corp.

     410,842       25,439,337  

Howmet Aerospace, Inc.

     1,435,596       63,309,784  

Huntington Ingalls Industries, Inc.

     210,463       46,263,977  

Kaman Corp.

     115,461       2,148,729  

Kratos Defense & Security Solutions, Inc.(b)(c)

     707,870       12,069,184  

L3Harris Technologies, Inc.

     545,081       97,792,982  

Leonardo DRS, Inc.(b)(c)

     1,325,243       25,272,384  

Lockheed Martin Corp.

     324,006       147,306,088  

Mercury Systems, Inc.(b)(c)

     321,605       11,571,348  

Moog, Inc., Class A

     103,268       11,984,251  

Northrop Grumman Corp.

     309,610       145,959,442  

RTX Corp.(c)

     1,862,842       151,616,710  

Spirit AeroSystems Holdings, Inc., Class A(c)

     581,969       13,152,500  

Textron, Inc.

     799,315       60,747,940  

TransDigm Group, Inc.(b)

     99,998       82,807,344  

Triumph Group, Inc.(b)

     411,475       3,069,604  

V2X, Inc.(b)(c)

     150,026       7,661,828  

Woodward, Inc.

     212,963       26,556,486  
    

 

 

 
       1,456,279,943  
    

 

 

 

Communications Equipment-0.40%

 

Comtech Telecommunications Corp.

     154,227       1,881,569  

Viasat, Inc.(b)(c)

     358,577       6,612,160  
    

 

 

 
       8,493,729  
    

 

 

 

Containers & Packaging-0.57%

 

Ball Corp.

     253,723       12,216,763  
    

 

 

 

Diversified Telecommunication Services-0.32%

 

Iridium Communications, Inc.

     184,985       6,853,694  
    

 

 

 

Electrical Equipment-2.50%

 

Eaton Corp. PLC

     257,221       53,478,818  
    

 

 

 

Electronic Equipment, Instruments & Components-2.26%

 

Keysight Technologies, Inc.(b)

     109,544       13,369,845  

OSI Systems, Inc.(b)

     58,239       6,072,580  

Teledyne Technologies, Inc.(b)

     70,323       26,342,293  

TTM Technologies, Inc.(b)

     230,246       2,645,527  
    

 

 

 
       48,430,245  
    

 

 

 
         Shares           Value      

Industrial Conglomerates-9.49%

 

General Electric Co.

     1,032,058      $    112,112,460  

Honeywell International, Inc.

     495,495       90,804,414  
    

 

 

 
       202,916,874  
    

 

 

 

Machinery-3.39%

 

Barnes Group, Inc.

     96,054       1,996,963  

Oshkosh Corp.

     99,611       8,738,873  

Parker-Hannifin Corp.

     167,616       61,835,218  
    

 

 

 
       72,571,054  
    

 

 

 

Metals & Mining-0.85%

 

ATI, Inc.(b)(c)

     478,846       18,086,013  
    

 

 

 

Professional Services-11.18%

 

Booz Allen Hamilton Holding Corp.

     497,251       59,635,313  

CACI International, Inc., Class A(b)

     93,792       30,459,890  

Jacobs Solutions, Inc.

     197,037       26,265,032  

KBR, Inc.(c)

     597,358       34,736,368  

Leidos Holdings, Inc.

     515,423       51,088,728  

Parsons Corp.(b)(c)

     226,128       12,787,538  

Science Applications International Corp.

     221,339       24,179,072  
    

 

 

 
       239,151,941  
    

 

 

 

Software-0.96%

 

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

     1,395,187       20,648,768  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $2,022,436,116)

 

    2,139,127,842  
    

 

 

 

Money Market Funds-0.05%

 

Invesco Government & Agency Portfolio, Institutional Class,
5.27%(d)(e)
(Cost $1,008,425)

     1,008,425       1,008,425  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.05%
(Cost $2,023,444,541)

 

    2,140,136,267  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-8.47%

 

Invesco Private Government Fund,
5.32%(d)(e)(f)

     48,860,813       48,860,813  

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     132,403,713       132,416,953  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $181,280,543)

 

    181,277,766  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-108.52%
(Cost $2,204,725,084)

 

    2,321,414,033  

OTHER ASSETS LESS LIABILITIES-(8.52)%

 

    (182,292,212
    

 

 

 

NET ASSETS-100.00%

 

  $ 2,139,121,821  
    

 

 

 

 

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

   
   

 

  3   

   
 


 

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

October 31, 2023

(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, 2023.

(d) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

 

     Value
April 30, 2023
   Purchases
     at Cost     
   Proceeds
  from Sales  
  Change in
Unrealized
Appreciation
   Realized
     Gain     

     (Loss)    
   Value
October 31, 2023
   Dividend
 Income 

Investments in Affiliated Money Market Funds:

                                                                                          

Invesco Government & Agency Portfolio, Institutional Class

     $ 718,890      $ 13,087,540      $ (12,798,005 )          $ -                $ -               $ 1,008,425               $ 24,311

Investments Purchased with Cash Collateral from Securities on Loan:

                                                             

Invesco Private Government Fund

       32,529,303        164,273,297        (147,941,787 )            -                  -                 48,860,813            761,305 *

Invesco Private Prime Fund

       83,646,779        386,498,435        (337,733,827 )            12,418                  (6,852 )                 132,416,953            2,030,360 *
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

               

 

 

          

 

 

 

Total

     $ 116,894,972      $ 563,859,272      $ (498,473,619 )          $ 12,418                $ (6,852 )               $ 182,286,191          $ 2,815,976
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

               

 

 

          

 

 

 

 

*

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, 2023.

(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 2J.

Portfolio Composition

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

as of October 31, 2023

 

     

Aerospace & Defense

    68.08                                  

Professional Services

    11.18    

Industrial Conglomerates

    9.49    

Machinery

    3.39    

Industry Types Each Less Than 3%

    7.86    

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.

   
   

 

  4   

   
 


 

Invesco Dorsey Wright Momentum ETF (PDP)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-1.27%

 

Alphabet, Inc., Class A(b)

     51,577      $        6,399,674  

Meta Platforms, Inc., Class A(b)

     20,387       6,141,992  
    

 

 

 
       12,541,666  
    

 

 

 

Consumer Discretionary-10.93%

 

AutoNation, Inc.(b)

     48,609       6,323,059  

Boyd Gaming Corp.

     139,728       7,719,972  

Chipotle Mexican Grill, Inc.(b)

     5,077       9,860,549  

Deckers Outdoor Corp.(b)(c)

     12,183       7,273,982  

DraftKings, Inc., Class A(b)

     195,120       5,389,214  

Murphy USA, Inc.

     17,248       6,255,677  

NVR, Inc.(b)

     1,891       10,235,264  

O’Reilly Automotive, Inc., Class R(b)

     33,030       30,732,433  

Penske Automotive Group, Inc.

     51,682       7,394,661  

Royal Caribbean Cruises Ltd.(b)(c)

     60,294       5,108,711  

TJX Cos., Inc. (The)

     130,780       11,517,795  
    

 

 

 
       107,811,317  
    

 

 

 

Consumer Staples-3.52%

 

Celsius Holdings, Inc.(b)(c)

     55,612       8,458,029  

Costco Wholesale Corp.

     23,769       13,130,946  

e.l.f. Beauty, Inc.(b)

     141,369       13,095,011  
    

 

 

 
       34,683,986  
    

 

 

 

Energy-9.24%

 

Antero Midstream Corp.

     562,525       6,941,559  

APA Corp.

     140,200       5,568,744  

Civitas Resources, Inc.(c)

     154,336       11,641,564  

Marathon Petroleum Corp.

     67,306       10,180,032  

Murphy Oil Corp.

     249,576       11,198,475  

Targa Resources Corp.

     217,285       18,167,199  

Texas Pacific Land Corp.(c)

     3,619       6,680,493  

Transocean Ltd.(b)(c)

     743,163       4,919,739  

Valaris Ltd.(b)(c)

     90,840       5,999,074  

Weatherford International PLC(b)

     105,703       9,839,892  
    

 

 

 
       91,136,771  
    

 

 

 

Financials-13.14%

 

Aon PLC, Class A

     27,469       8,498,908  

Apollo Global Management, Inc.

     71,110       5,506,758  

Ares Management Corp., Class A

     77,573       7,647,922  

Arthur J. Gallagher & Co.

     29,275       6,893,970  

Blackstone, Inc., Class A

     52,856       4,881,252  

Brown & Brown, Inc.

     79,876       5,544,992  

Fiserv, Inc.(b)

     143,933       16,372,379  

Kinsale Capital Group, Inc.

     51,215       17,101,201  

LPL Financial Holdings, Inc.

     29,057       6,523,878  

Marsh & McLennan Cos., Inc.

     30,103       5,709,034  

Mastercard, Inc., Class A

     71,224       26,805,152  

Primerica, Inc.

     30,110       5,755,828  

Visa, Inc., Class A(c)

     52,512       12,345,571  
    

 

 

 
       129,586,845  
    

 

 

 

Health Care-6.74%

 

Bridgebio Pharma, Inc.(b)(c)

     258,645       6,735,116  

Chemed Corp.(c)

     12,895       7,255,372  

Eli Lilly and Co.

     18,673       10,343,535  

IDEXX Laboratories, Inc.(b)

     31,237       12,478,244  

Intuitive Surgical, Inc.(b)

     22,828       5,985,958  
         Shares           Value      

Health Care-(continued)

 

Medpace Holdings, Inc.(b)

     55,366      $ 13,435,667  

Roivant Sciences Ltd.(b)(c)

     645,480       5,576,947  

Tenet Healthcare Corp.(b)

     87,257       4,685,701  
    

 

 

 
            66,496,540  
    

 

 

 

Industrials-27.53%

 

AMETEK, Inc.

     38,286       5,389,520  

API Group Corp.(b)(c)

     239,013       6,183,266  

Applied Industrial Technologies, Inc.

     37,922       5,821,406  

Atkore, Inc.(b)(c)

     100,190       12,451,613  

Beacon Roofing Supply, Inc.(b)

     91,857       6,537,463  

Booz Allen Hamilton Holding Corp.

     73,998       8,874,580  

Builders FirstSource, Inc.(b)(c)

     114,300       12,403,836  

Carlisle Cos., Inc.

     23,241       5,905,306  

Carrier Global Corp.

     109,260       5,207,332  

Cintas Corp.

     25,633       12,999,007  

Clean Harbors, Inc.(b)

     36,202       5,563,161  

Comfort Systems USA, Inc.

     43,225       7,860,466  

Copart, Inc.(b)

     634,053       27,593,987  

Graco, Inc.

     77,831       5,786,735  

Howmet Aerospace, Inc.

     127,711       5,632,055  

Hubbell, Inc.

     18,490       4,994,149  

Illinois Tool Works, Inc.

     26,289       5,891,891  

KBR, Inc.

     95,423       5,548,847  

Old Dominion Freight Line, Inc.

     59,571       22,438,013  

Quanta Services, Inc.

     53,440       8,930,893  

SiteOne Landscape Supply, Inc.(b)(c)

     38,777       5,342,307  

Snap-on, Inc.

     29,854       7,700,541  

Trane Technologies PLC

     63,227       12,032,730  

TransDigm Group, Inc.(b)

     25,386       21,021,893  

United Rentals, Inc.

     16,547       6,722,550  

Vertiv Holdings Co.

     209,999       8,246,661  

W.W. Grainger, Inc.

     24,806       18,104,163  

WESCO International, Inc.

     80,270       10,290,614  
    

 

 

 
       271,474,985  
    

 

 

 

Information Technology-25.58%

 

Amphenol Corp., Class A

     247,854       19,964,640  

ANSYS, Inc.(b)

     84,238       23,440,066  

Apple, Inc.

     178,860       30,543,922  

Applied Materials, Inc.

     63,075       8,347,976  

AppLovin Corp., Class A(b)(c)

     192,668       7,020,822  

Arista Networks, Inc.(b)

     32,160       6,443,899  

Axcelis Technologies, Inc.(b)(c)

     96,345       12,283,988  

Broadcom, Inc.

     7,051       5,932,500  

Cadence Design Systems, Inc.(b)

     114,657       27,500,481  

Fair Isaac Corp.(b)

     6,633       5,610,656  

Intuit, Inc.

     29,558       14,629,732  

Jabil, Inc.(c)

     59,319       7,284,373  

KLA Corp.

     20,107       9,444,258  

Manhattan Associates, Inc.(b)

     31,532       6,148,109  

Microsoft Corp.

     25,522       8,629,243  

NVIDIA Corp.

     14,777       6,026,061  

ON Semiconductor Corp.(b)

     145,458       9,111,489  

Onto Innovation, Inc.(b)(c)

     54,576       6,132,705  

Oracle Corp.

     65,302       6,752,227  

SPS Commerce, Inc.(b)(c)

     54,888       8,800,742  

 

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

   
   

 

  5   

   
 


 

Invesco Dorsey Wright Momentum ETF (PDP)–(continued)

October 31, 2023

(Unaudited)

 

         Shares           Value      

Information Technology-(continued)

 

Synopsys, Inc.(b)

     35,097      $ 16,475,936  

VeriSign, Inc.(b)

     28,908       5,771,771  
    

 

 

 
       252,295,596  
    

 

 

 

Materials-1.35%

    

ATI, Inc.(b)(c)

     207,066       7,820,883  

Reliance Steel & Aluminum Co.

     21,567       5,486,213  
    

 

 

 
       13,307,096  
    

 

 

 

Utilities-0.64%

    

Constellation Energy Corp.

     55,962       6,319,229  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $916,284,392)

 

       985,654,031  
    

 

 

 
         Shares           Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-9.56%

 

Invesco Private Government Fund,
5.32%(d)(e)(f)

     26,401,002      $ 26,401,002  

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     67,899,573       67,906,363  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $94,305,089)

 

    94,307,365  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-109.50%
(Cost $1,010,589,481)

 

    1,079,961,396  

OTHER ASSETS LESS LIABILITIES-(9.50)%

 

    (93,695,821
    

 

 

 

NET ASSETS-100.00%

 

  $ 986,265,575  
    

 

 

 

 

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, 2023.

(d) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

 

     Value
April 30, 2023
   Purchases
     at Cost     
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
     Gain     

     (Loss)    
   Value
October 31, 2023
   Dividend
  Income  

Investments in Affiliated Money Market Funds:

                                                                     

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 889,026      $ (889,026 )          $ -                $ -               $ -           $ 782

Investments Purchased with Cash Collateral from Securities on Loan:

                                                              

Invesco Private Government Fund

       20,775,244        184,584,840        (178,959,082 )                 -                  -                 26,401,002             594,867 *

Invesco Private Prime Fund

       53,422,056        388,295,689        (373,810,064 )            3,433                  (4,751 )                 67,906,363             1,605,192 *
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

               

 

 

           

 

 

 

Total

     $ 74,197,300      $ 573,769,555      $ (553,658,172 )          $ 3,433                $ (4,751 )               $ 94,307,365           $ 2,200,841
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

               

 

 

           

 

 

 

 

*

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, 2023.

(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 2J.

 

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

   
   

 

  6   

   
 


 

Invesco Dorsey Wright Momentum ETF (PDP)–(continued)

October 31, 2023

(Unaudited)

 

 Portfolio Composition

 Sector Breakdown (% of the Fund’s Net Assets)

 as of October 31, 2023

 

     

Industrials

    27.53                                 

Information Technology

    25.58    

Financials

    13.14    

Consumer Discretionary

    10.93    

Energy

    9.24    

Health Care

    6.74    

Consumer Staples

    3.52    

Sector Types Each Less Than 3%

    3.26    

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.

   
   

 

  7   

   
 


 

Invesco Global Listed Private Equity ETF (PSP)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-78.99%

 

Aerospace & Defense-4.32%

 

Melrose Industries PLC (United Kingdom)

     1,113,233      $     6,308,486  
    

 

 

 

Capital Markets-54.99%

 

3i Group PLC (United Kingdom)

     319,485       7,499,657  

Alaris Equity Partners Income (Canada)

     71,099       644,283  

Blackstone Secured Lending Fund(b)

     57,467       1,572,872  

Blackstone, Inc., Class A

     73,252       6,764,822  

Blue Owl Capital, Inc.(b)

     403,215       4,971,641  

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

     1,100,224       2,423,148  

Carlyle Group, Inc. (The)(b)

     221,975       6,113,191  

Chrysalis Investments Ltd.
(Guernsey)(d)

     901,840       607,358  

EQT AB (Sweden)(b)

     382,467       6,945,761  

Gimv N.V. (Belgium)(b)

     52,817       2,037,707  

Hamilton Lane, Inc., Class A

     34,598       2,910,384  

IP Group PLC (United Kingdom)

     1,648,448       877,136  

JAFCO Group Co. Ltd. (Japan)(b)

     91,435       977,472  

KKR & Co., Inc., Class A

     123,069       6,818,022  

Molten Ventures PLC
(United Kingdom)(d)

     262,762       750,570  

Mutares SE & Co. KGaA (Germany)

     33,959       1,019,409  

Onex Corp. (Canada)

     115,106       6,444,112  

P10, Inc., Class A

     102,954       969,827  

Partners Group Holding AG
(Switzerland)(b)

     7,090       7,454,219  

Patria Investments Ltd., Class A (Cayman Islands)

     82,779       1,067,021  

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

     1,457,756       2,610,919  

Ratos AB, Class B (Sweden)(b)

     517,858       1,437,793  

StepStone Group, Inc., Class A(b)

     78,407       2,218,918  

TPG, Inc.(b)

     186,720       5,160,941  
    

 

 

 
       80,297,183  
    

 

 

 

Diversified Consumer Services-1.35%

 

Graham Holdings Co., Class B

     3,405       1,970,542  
    

 

 

 

Financial Services-16.01%

 

Cannae Holdings, Inc.(b)(d)

     60,468       988,652  

Compass Diversified Holdings(b)

     76,441       1,313,256  

Eurazeo SE (France)

     122,662       6,891,098  

HAL Trust (Netherlands)

     16,008       1,800,337  

Kinnevik AB, Class B (Sweden)(d)

     422,251       3,589,605  

Sofina S.A. (Belgium)(b)

     32,569       6,162,154  

Wendel SE (France)

     35,349       2,637,892  
    

 

 

 
       23,382,994  
    

 

 

 

Interactive Media & Services-1.47%

 

IAC, Inc.(b)(d)

     50,581       2,152,221  
    

 

 

 

IT Services-0.85%

 

Digital Garage, Inc. (Japan)

     62,827       1,244,551  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $153,818,180)

 

    115,355,977  
    

 

 

 

Closed-End Funds-18.47%

 

Apax Global Alpha Ltd. (Guernsey)(b)(c)

     770,203       1,429,943  

 

Investment Abbreviations:

    

BDC-Business Development Company

    
         Shares           Value      

Ares Capital Corp.(b)

     268,584      $ 5,092,353  

Bain Capital Specialty Finance, Inc., BDC

     25,327       383,451  

Blue Owl Capital Corp., BDC(b)

     115,109       1,524,043  

FS KKR Capital Corp., BDC

     97,839       1,854,049  

Goldman Sachs BDC, Inc., BDC(b)

     27,818       380,829  

Golub Capital BDC, Inc.(b)

     55,800       803,520  

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

     9,869       1,717,762  

Hercules Capital, Inc.(b)

     49,218       757,957  

HgCapital Trust PLC (United Kingdom)(b)

     914,516       4,078,222  

Main Street Capital Corp.

     29,721       1,133,262  

NB Private Equity Partners Ltd. (Guernsey)

     83,027       1,583,777  

New Mountain Finance Corp., BDC(b)

     31,430       389,103  

Oakley Capital Investments Ltd. (Bermuda)(b)

     354,726       1,807,859  

Oaktree Specialty Lending Corp.(b)

     19,968       379,392  

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

     136,799       1,402,587  

Prospect Capital Corp.

     66,592       342,283  

Sixth Street Specialty Lending, Inc.(b)

     39,746       771,470  

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

     731,109       1,137,345  
    

 

 

 

Total Closed-End Funds
(Cost $30,684,806)

 

    26,969,207  
    

 

 

 
         Shares          

Money Market Funds-1.39%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(e)(f)
(Cost $2,024,540)

     2,024,540       2,024,540  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.85%
(Cost $186,527,526)

 

    144,349,724  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-29.16%

 

Invesco Private Government Fund,
5.32%(e)(f)(g)

     11,920,209       11,920,209  

Invesco Private Prime Fund,
5.53%(e)(f)(g)

     30,657,104       30,660,170  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $42,579,196)

 

    42,580,379  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-128.01%
(Cost $229,106,722)

 

    186,930,103  

OTHER ASSETS LESS LIABILITIES-(28.01)%

 

    (40,905,200
 

 

 

 

NET ASSETS-100.00%.

     $ 146,024,903  
    

 

 

 

 

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

   
   

 

  8   

   
 


 

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

October 31, 2023

(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, 2023.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $6,464,010, which represented 4.43% of the Fund’s Net Assets.

(d) 

Non-income producing security.

(e) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

 

     Value
April 30, 2023
   Purchases
     at Cost     
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain
   Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 2,007,766      $ 18,042,133      $ (18,025,359 )          $ -                $ -                $ 2,024,540           $ 52,235

Investments Purchased with Cash Collateral from Securities on Loan:

                                                               

Invesco Private Government Fund

       15,014,772        72,688,980        (75,783,543 )                 -                       -                  11,920,209             358,132 *

Invesco Private Prime Fund

       38,609,514        152,292,187        (160,247,344 )            4,220                  1,593                  30,660,170             962,474 *
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

                

 

 

           

 

 

 

Total

     $ 55,632,052      $ 243,023,300      $ (254,056,246 )          $ 4,220                $ 1,593                $ 44,604,919           $ 1,372,841
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

                

 

 

           

 

 

 

 

*

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

 

(f) 

The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

(g) 

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

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

 

United Kingdom

     17.59

 

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

  Counterparty

  

Pay/
Receive

  

    Reference Entity    

  

Rate

  

Payment
Frequency

  

Maturity Date

  

Notional Value(b)

  Upfront
Payments
Paid
(Received)
   Value   Unrealized
Appreciation

(Depreciation)

Equity Risk

                              

Citibank, N.A.

   Receive    Brookfield Business Partners LP   

1-Day CORRA

plus 55

basis points

   Monthly    October-2024    CAD 1,242,180     $ -      $ (70,046 )       $(70,046)
                     

 

 

      

 

 

     

 

 

 

Abbreviations:

CAD       -Canadian Dollar

CORRA-Canadian Overnight Repo Rate Average

 

(a) 

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

(b) 

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

 

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

   
   

 

  9   

   
 


 

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

October 31, 2023

(Unaudited)

 

 

Portfolio Composition

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

as of October 31, 2023

 

 

 

Capital Markets

     54.99                                  

Closed-End Funds

     18.47     

Financial Services

     16.01     

Aerospace & Defense

     4.32     

Industry Types Each Less Than 3%

     3.67     

Money Market Funds Plus Other Assets Less Liabilities

     2.54     

 

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

   
   

 

  10   

   
 


 

Invesco Golden Dragon China ETF (PGJ)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares           Value      

Common Stocks & Other Equity Interests-99.93%

 

Communication Services-22.40%

    

Autohome,Inc.,ADR

     63,879      $     1,708,763  

Baidu, Inc., ADR(b)(c)

     99,535       10,451,175  

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

     111,392       1,495,995  

DouYu International Holdings Ltd., ADR(b)

     168,565       145,252  

Hello Group, Inc., ADR

     164,245       1,162,855  

HUYA, Inc., ADR(b)

     89,440       279,947  

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

     489,992       2,283,363  

Kanzhun Ltd., ADR(b)(c)

     277,705       4,110,034  

NetEase, Inc., ADR(c)

     68,654       7,340,486  

Sohu.com Ltd., ADR(b)

     32,418       266,800  

So-Young International, Inc., ADR(b)

     75,420       69,401  

Tencent Music Entertainment Group, ADR(b)

     666,734       4,840,489  

Weibo Corp., ADR

     86,089       1,018,433  

Zhihu, Inc., ADR(b)

     266,771       264,423  
    

 

 

 
       35,437,416  
    

 

 

 

Consumer Discretionary-55.30%

    

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

     153,004       12,628,950  

Atour Lifestyle Holdings Ltd., ADR(c)

     27,800       529,868  

ATRenew, Inc., ADR(b)(c)

     83,910       123,348  

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

     40,429       122,096  

China Automotive Systems, Inc.(b)

     28,451       90,190  

ECARX Holdings, Inc.(b)(c)

     271,852       1,073,815  

Golden Heaven Group Holdings Ltd.(b)(c)

     39,350       533,192  

GSX Techedu, Inc., ADR(b)

     143,037       320,403  

H World Group Ltd., ADR(b)(c)

     166,607       6,274,420  

Hesai Group, ADR(b)(c)

     9,542       92,176  

JD.com, Inc., ADR(c)

     373,495       9,494,243  

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

     74,495       238,384  

Lanvin Group Holdings Ltd.(b)(c)

     110,575       356,051  

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

     170,665       5,770,184  

MINISO Group Holding Ltd., ADR(c)

     90,263       2,284,556  

NaaS Technology, Inc., ADR(b)(c)

     25,672       74,449  

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

     97,317       6,373,290  

NIO, Inc., ADR(b)

     1,076,992       7,862,042  

Niu Technologies, ADR(b)(c)

     47,855       103,367  

TAL Education Group, ADR(b)

     414,295       3,633,367  

TH International Ltd.(b)

     148,470       237,552  

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

     180,748       6,145,432  

U Power Ltd.(b)(c)

     49,481       137,557  

Vipshop Holdings Ltd., ADR(b)

     386,607       5,513,016  

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

     235,315       3,407,361  

Youdao, Inc., ADR(b)(c)

     35,342       147,376  

Yum China Holdings, Inc.

     264,739       13,914,682  
    

 

 

 
       87,481,367  
    

 

 

 

Consumer Staples-1.44%

    

111, Inc., ADR(b)

     45,990       99,798  

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

     105,954       406,863  

DingDong (Cayman) Ltd., ADR(b)(c)

     132,599       267,850  

RLX Technology, Inc., ADR(b)

     663,619       1,128,152  

YanGuFang International Group Co.
Ltd.(b)(c)

     30,986       89,550  

Yatsen Holding Ltd., ADR(b)

     339,340       279,175  
    

 

 

 
       2,271,388  
    

 

 

 

Financials-3.52%

    

Fanhua, Inc., ADR(b)(c)

     31,236       205,220  
         Shares            Value      

Financials-(continued)

 

FinVolution Group, ADR

     181,920      $ 860,482  

LexinFintech Holdings Ltd., ADR

     134,982        246,342  

Lufax Holding Ltd., ADR

     834,760        797,029  

Noah Holdings Ltd., ADR(c)

     31,554        360,978  

Qifu Technology, Inc., ADR(c)

     133,738        1,977,985  

Qudian, Inc., ADR(b)(c)

     188,734        317,073  

Up Fintech Holding Ltd., ADR(b)

     127,914        583,288  

Waterdrop, Inc., ADR(b)(c)

     127,041        130,852  

X Financial, ADR(c)

     20,639        82,969  
     

 

 

 
        5,562,218  
     

 

 

 

Health Care-1.04%

     

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

     64,184        215,658  

I-Mab, ADR(b)

     65,771        94,052  

Jin Medical International Ltd.(b)

     7,540        66,654  

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

     50,503        1,272,676  
     

 

 

 
        1,649,040  
     

 

 

 

Industrials-7.39%

     

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

     84,324        66,616  

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

     35,432        491,442  

Full Truck Alliance Co. Ltd., ADR(b)(c)

     614,115        4,034,735  

Shengfeng Development Ltd., A Shares(b)(c)

     38,190        440,331  

ZTO Express (Cayman), Inc., ADR

     282,590        6,660,646  
     

 

 

 
          11,693,770  
     

 

 

 

Information Technology-5.00%

     

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

     72,205        212,283  

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

     150,671        289,288  

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

     61,161        1,221,997  

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

     70,010        1,782,455  

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

     80,551        829,675  

HiTek Global, Inc.(b)

     14,127        18,224  

Hollysys Automation Technologies
Ltd.(b)(c)

     58,457        1,198,953  

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

     38,527        1,255,595  

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

     81,805        389,392  

Tuya, Inc., ADR(b)

     117,862        201,544  

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

     134,398        432,089  

Xunlei Ltd., ADR(b)(c)

     49,702        70,577  
     

 

 

 
        7,902,072  
     

 

 

 

Real Estate-3.84%

     

KE Holdings, Inc., ADR(c)

     413,081        6,076,422  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $248,224,401)

 

     158,073,693  
     

 

 

 

Money Market Funds-0.09%

 

Invesco Government & Agency Portfolio, Institutional Class,
5.27%(d)(e)
(Cost $141,161)

     141,161        141,161  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $248,365,562)

 

     158,214,854  
     

 

 

 

 

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

   
   

 

  11   

   
 


 

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

October 31, 2023

(Unaudited)

 

         Shares           Value      
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-33.57%

 

Invesco Private Government Fund,
5.32%(d)(e)(f)

     14,863,795      $ 14,863,795  

Invesco Private Prime Fund,
5.53%(d)(e)(f)

     38,227,724       38,231,547  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $53,095,271)

 

    53,095,342  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-133.59%
(Cost $301,460,833)

 

    211,310,196  

OTHER ASSETS LESS LIABILITIES-(33.59)%

 

    (53,128,735
    

 

 

 

NET ASSETS-100.00%

 

  $ 158,181,461  
    

 

 

 

    

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, 2023.

(d) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

 

     Value
April 30, 2023
   Purchases
     at Cost     
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
     Gain     
   Value
October 31, 2023
   Dividend
  Income  

Investments in Affiliated Money Market Funds:

                                                               

Invesco Government & Agency Portfolio, Institutional Class

     $ 93,062      $ 2,303,712      $ (2,255,613 )          $ -                $ -                $ 141,161           $ 8,594

Investments Purchased with Cash Collateral from Securities on Loan:

                                                               

Invesco Private Government Fund

       14,196,763        94,762,287        (94,095,255 )            -                  -                  14,863,795             272,638 *

Invesco Private Prime Fund

       37,413,796        165,832,067        (165,017,826 )                 836                       2,674                  38,231,547             697,694 *
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

                

 

 

           

 

 

 

Total

     $ 51,703,621      $ 262,898,066      $ (261,368,694 )          $ 836                $ 2,674                $ 53,236,503           $ 978,926
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

                

 

 

           

 

 

 

 

*

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, 2023.

(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 2J.

 

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

   
   

 

  12   

   
 


 

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

October 31, 2023

(Unaudited)

 

 

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of October 31, 2023

 

Consumer Discretionary

     55.30                                  

Communication Services

     22.40     

Industrials

     7.39     

Information Technology

     5.00     

Real Estate

     3.84     

Financials

     3.52     

Sector Types Each Less Than 3%

     2.48     

Money Market Funds Plus Other Assets Less Liabilities

     0.07     

 

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

   
   

 

  13   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares             Value      

Common Stocks & Other Equity Interests-98.55%

 

Automobiles-17.57%

    

Li Auto, Inc., A Shares (China)(b)

     580,380      $     9,917,032  

Lucid Group, Inc.(b)(c)

     470,427       1,938,159  

NIO, Inc., ADR (China)(b)(c)

     716,248       5,228,610  

Rivian Automotive, Inc., Class A(b)(c)

     336,946       5,465,264  

Tesla, Inc.(b)

     54,991       11,044,393  

XPeng, Inc. (China)(b)(c)

     535,976       3,959,233  
    

 

 

 
       37,552,691  
    

 

 

 

Building Products-4.81%

    

Advanced Drainage Systems, Inc.

     36,836       3,935,190  

Kingspan Group PLC (Ireland)

     79,359       5,324,860  

ROCKWOOL A/S, Class B (Denmark)(c)

     4,624       1,026,777  
    

 

 

 
       10,286,827  
    

 

 

 

Chemicals-1.20%

    

FutureFuel Corp.

     9,303       60,935  

Umicore S.A. (Belgium)(c)

     105,858       2,511,974  
    

 

 

 
       2,572,909  
    

 

 

 

Commercial Services & Supplies-0.36%

 

China Everbright Environment Group Ltd. (China)

     1,798,618       613,745  

Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)(d)

     135,137       40,068  

Sunny Friend Environmental Technology Co. Ltd. (Taiwan)

     36,853       117,598  
    

 

 

 
       771,411  
    

 

 

 

Construction & Engineering-0.43%

    

China Conch Venture Holdings Ltd. (China)

     733,557       606,563  

OX2 AB (Sweden)(b)(c)

     79,699       321,431  
    

 

 

 
       927,994  
    

 

 

 

Diversified REITs-0.95%

    

American Assets Trust, Inc.

     29,168       517,732  

Lar Espana Real Estate SOCIMI S.A. (Spain)

     21,612       125,184  

Merlin Properties SOCIMI S.A. (Spain)

     166,464       1,382,987  
    

 

 

 
       2,025,903  
    

 

 

 

Electrical Equipment-16.05%

    

Alfen N.V. (Netherlands)(b)(c)(d)

     11,390       357,204  

Array Technologies, Inc.(b)(c)

     78,070       1,352,953  

Blink Charging Co.(b)(c)

     31,276       74,437  

ChargePoint Holdings, Inc.(b)

     156,511       397,538  

China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)(b)(c)

     290,283       67,891  

Contemporary Amperex Technology Co. Ltd., A Shares (China)

     136,500       3,461,882  

CS Wind Corp. (South Korea)

     13,309       450,351  

Dajin Heavy Industry Co. Ltd., A Shares (China)

     22,300       84,378  

Energiekontor AG (Germany)

     3,689       271,779  

Ginlong Technologies Co. Ltd., A Shares (China)

     13,500       123,579  

Goldwind Science & Technology Co. Ltd., A Shares (China)

     77,200       92,727  

GoodWe Technologies Co. Ltd., A Shares (China)

     5,560       88,504  

Kempower OYJ (Finland)(b)(c)

     8,436       263,761  
         Shares             Value      

Electrical Equipment-(continued)

 

LG Energy Solution Ltd. (South Korea)(b)

     24,210      $     6,910,485  

Ming Yang Smart Energy Group Ltd., A Shares (China)

     72,000       137,446  

Nextracker, Inc., Class A(b)(c)

     25,560       888,466  

Nordex SE (Germany)(b)(c)

     60,785       637,743  

Plug Power, Inc.(b)(c)

     280,446       1,651,827  

PNE AG (Germany)(c)

     16,186       204,961  

PowerCell Sweden AB (Sweden)(b)(c)

     27,285       109,627  

Pylon Technologies Co. Ltd., A Shares (China)

     6,016       93,617  

Shoals Technologies Group, Inc., Class A(b)(c)

     87,919       1,350,436  

Signify N.V.

     65,603       1,696,115  

Soltec Power Holdings S.A. (Spain)(b)(c)

     17,483       48,749  

Stem, Inc.(b)(c)

     78,141       264,117  

Sungrow Power Supply Co. Ltd., A Shares (China)

     46,500       534,698  

SunPower Corp.(b)(c)

     46,387       198,072  

Sunrun, Inc.(b)(c)

     111,901       1,079,845  

Titan Wind Energy Suzhou Co. Ltd., A Shares (China)(b)

     58,500       106,638  

TPI Composites, Inc.(b)(c)

     23,432       54,128  

Vestas Wind Systems A/S (Denmark)(b)(c)

     522,031       11,256,267  
    

 

 

 
       34,310,221  
    

 

 

 

Electronic Equipment, Instruments & Components-0.96%

 

Badger Meter, Inc.

     14,787       2,048,739  
    

 

 

 

Food Products-2.87%

    

Darling Ingredients, Inc.(b)

     82,216       3,641,346  

Grieg Seafood ASA (Norway)

     23,949       158,957  

Minerva S.A. (Brazil)

     143,900       216,007  

SalMar ASA (Norway)

     37,299       1,765,507  

SLC Agricola S.A. (Brazil)

     49,695       362,242  
    

 

 

 
       6,144,059  
    

 

 

 

Ground Transportation-5.94%

    

Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China)

     937,300       640,398  

BTS Group Holdings PCL, NVDR (Thailand)

     3,896,315       807,611  

BTS Group Holdings PCL, Wts., expiring 11/20/2026 (Thailand)(b)

     1       0  

Central Japan Railway Co. (Japan)

     371,101       8,321,562  

MTR Corp. Ltd. (Hong Kong)

     784,211       2,931,546  
    

 

 

 
       12,701,117  
    

 

 

 

Household Durables-2.02%

    

Beazer Homes USA, Inc.(b)

     13,525       327,170  

KB Home

     40,450       1,787,890  

Meritage Homes Corp.

     18,575       2,117,921  

Neinor Homes S.A. (Spain)(b)(c)(d)

     7,194       74,064  
    

 

 

 
       4,307,045  
    

 

 

 

Independent Power and Renewable Electricity Producers-7.36%

 

Altus Power, Inc.(b)(c)

     36,271       192,599  

Audax Renovables S.A. (Spain)(b)(c)

     72,584       82,399  

BCPG PCL, NVDR (Thailand)

     668,005       164,481  

Boralex, Inc., Class A (Canada)

     50,331       935,741  

Canvest Environmental Protection Group Co. Ltd. (Hong Kong)(c)(d)

     302,276       146,413  

 

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

   
   

 

  14   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2023

(Unaudited)

 

         Shares             Value      

Independent Power and Renewable Electricity Producers-(continued)

 

CECEP Solar Energy Co. Ltd., A Shares (China)

     149,900      $ 117,575  

CECEP Wind-Power Corp., A Shares (China)

     257,300       111,455  

China Datang Corp. Renewable Power Co. Ltd., H Shares (China)

     1,278,321       289,169  

China Three Gorges Renewables Group Co. Ltd., A Shares (China)

     935,600       613,667  

Concord New Energy Group Ltd. (Hong Kong)

     3,940,920       322,341  

Corp ACCIONA Energias Renovables S.A. (Spain)(c)

     35,275       953,768  

EDP Renovaveis S.A. (Spain)(c)

     162,839           2,614,516  

Encavis AG (Germany)(b)(c)

     64,896       844,063  

Energix-Renewable Energies Ltd. (Israel)

     154,302       374,661  

Enlight Renewable Energy Ltd. (Israel)(b)

     64,199       863,429  

eRex Co. Ltd. (Japan)(c)

     19,121       93,430  

Greenvolt-Energias Renovaveis S.A. (Portugal)(b)(c)

     38,021       253,588  

Grenergy Renovables S.A.
(Spain)(b)(c)

     8,072       191,460  

Montauk Renewables, Inc.(b)(c)

     28,211       283,803  

Neoen S.A. (France)(d)

     36,559       961,435  

NextEra Energy Partners L.P.

     47,028       1,273,048  

Omega Energia S.A. (Brazil)(b)

     111,191       167,569  

Opdenergy Holding S.A. (Spain)(b)

     24,176       147,447  

Ormat Technologies, Inc.(c)

     28,201       1,735,490  

RENOVA, Inc. (Japan)(b)(c)

     23,315       166,112  

Scatec ASA (South Africa)(d)

     65,973       332,472  

Shinfox Energy Co. Ltd., Class C (Taiwan)

     56,000       171,099  

Solaria Energia y Medio Ambiente S.A. (Spain)(b)(c)

     44,347       663,278  

SPCG PCL, NVDR (Thailand)

     211,043       75,745  

Super Energy Corp. PCL, NVDR (Thailand)(b)

     10,092,147       120,738  

Voltalia S.A. (France)(b)(c)

     22,114       184,425  

West Holdings Corp. (Japan)

     13,510       295,276  
    

 

 

 
       15,742,692  
    

 

 

 

Industrial REITs-1.63%

    

Advance Logistics Investment Corp. (Japan)(c)

     381       309,691  

CRE Logistics REIT, Inc. (Japan)(c)

     354       371,660  

Mitsubishi Estate Logistics REIT Investment Corp. (Japan)

     264       663,290  

Nippon Prologis REIT, Inc. (Japan)

     1,205       2,138,756  
    

 

 

 
       3,483,397  
    

 

 

 

IT Services-0.44%

    

Chindata Group Holdings Ltd., ADR (China)(b)(c)

     73,193       649,954  

Kingsoft Cloud Holdings Ltd., ADR (China)(b)(c)

     58,667       279,255  
    

 

 

 
       929,209  
    

 

 

 

Machinery-1.68%

    

Alstom S.A. (France)(c)

     145,472       1,960,490  

Dawonsys Co. Ltd. (South Korea)(b)

     15,733       164,139  

Ebusco Holding N.V.
(Netherlands)(b)(c)

     6,551       40,023  

Energy Recovery, Inc.(b)

     27,528       418,426  

Lion Electric Co. (The) (Canada)(b)

     56,925       90,621  
         Shares             Value      

Machinery-(continued)

 

Riyue Heavy Industry Co. Ltd., A Shares (China)

     21,000      $ 40,375  

Stadler Rail AG (Switzerland)(c)

     25,916       874,831  
    

 

 

 
           3,588,905  
    

 

 

 

Metals & Mining-0.44%

    

Schnitzer Steel Industries, Inc., Class A

     12,623       286,668  

Sims Ltd.(c)

     81,761       646,052  
    

 

 

 
       932,720  
    

 

 

 

Office REITs-4.50%

    

Brandywine Realty Trust(c)

     97,528       364,755  

Centuria Office REIT (Australia)

     255,418       177,081  

Cousins Properties, Inc.

     80,334       1,435,569  

Covivio S.A. (France)

     26,148       1,116,593  

Douglas Emmett, Inc.(c)

     91,604       1,026,881  

Global One Real Estate Investment Corp. (Japan)

     504       382,048  

Inmobiliaria Colonial SOCIMI S.A.
(Spain)(c)

     135,231       756,148  

Japan Excellent, Inc. (Japan)(c)

     634       555,108  

Keppel REIT (Singapore)

     1,113,373       646,058  

Mori Hills REIT Investment Corp. (Japan)

     817       763,350  

Paramount Group, Inc.(c)

     89,651       383,706  

Piedmont Office Realty Trust, Inc., Class A

     70,230       365,898  

Vornado Realty Trust(c)

     85,783       1,647,034  
    

 

 

 
       9,620,229  
    

 

 

 

Oil, Gas & Consumable Fuels-0.31%

 

Enviva, Inc.(c)

     13,760       49,811  

REX American Resources Corp.(b)

     6,433       244,519  

VERBIO Vereinigte BioEnergie AG
(Germany)

     9,387       316,216  

Waga Energy S.A. (France)(b)(c)

     2,519       58,044  
    

 

 

 
       668,590  
    

 

 

 

Paper & Forest Products-3.06%

    

Canfor Corp. (Canada)(b)

     28,906       295,255  

Mercer International, Inc.
(Germany)(c)

     18,947       150,439  

Suzano S.A. (Brazil)

     406,500       4,156,892  

West Fraser Timber Co. Ltd. (Canada)

     28,884       1,947,238  
    

 

 

 
       6,549,824  
    

 

 

 

Real Estate Management & Development-4.58%

 

Daiwa House Industry Co. Ltd. (Japan)

     303,083       8,259,259  

Deutsche EuroShop AG (Germany)

     7,435       134,700  

Platzer Fastigheter Holding AB,
Class B (Sweden)(c)

     32,932       172,432  

SOHO China Ltd. (China)(b)(c)

     846,838       87,664  

Swire Properties Ltd. (Hong Kong)

     591,721       1,144,935  
    

 

 

 
       9,798,990  
    

 

 

 

Retail REITs-5.08%

    

AEON REIT Investment Corp. (Japan)

     891       847,199  

CapitaLand Integrated Commercial Trust (Singapore)

     2,786,949       3,580,183  

First Capital REIT (Canada)

     57,665       541,654  

Frasers Centrepoint Trust (Singapore)

     552,314       834,488  

Fukuoka REIT Corp. (Japan)

     328       352,593  

Klepierre S.A. (France)

     110,775       2,681,343  

Lendlease Global Commercial REIT (Singapore)

     1,004,603       373,963  

 

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

   
   

 

  15   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2023

(Unaudited)

    

 

         Shares            Value  

Retail REITs-(continued)

     

Mapletree Pan Asia Commercial Trust (Singapore)

     1,263,834      $ 1,226,889  

Mercialys S.A. (France)

     48,560        412,676  
     

 

 

 
          10,850,988  
     

 

 

 

Semiconductors & Semiconductor Equipment-9.36%

 

Duk San Neolux Co. Ltd. (South Korea)(b)

     5,472        156,395  

Enphase Energy, Inc.(b)(c)

     70,847        5,638,004  

First Solar, Inc.(b)

     52,383        7,461,958  

Flat Glass Group Co. Ltd., A Shares (China)

     40,700        143,488  

Flat Glass Group Co. Ltd., H Shares (China)(c)

     231,952        415,608  

HD Hyundai Energy Solutions Co. Ltd. (South Korea)

     2,794        45,100  

JA Solar Technology Co. Ltd., A Shares (China)

     102,308        313,714  

LONGi Green Energy Technology Co. Ltd., A Shares (China)

     233,172        768,839  

Maxeon Solar Technologies Ltd.(b)(c)

     17,658        110,186  

Risen Energy Co. Ltd., A Shares (China)

     33,800        82,074  

Shanghai Aiko Solar Energy Co. Ltd., A Shares (China)

     55,380        148,324  

SMA Solar Technology AG
(Germany)(b)

     7,983        487,296  

SolarEdge Technologies, Inc.(b)(c)

     29,103        2,210,373  

TSEC Corp. (Taiwan)

     262,059        229,458  

United Renewable Energy Co. Ltd. (Taiwan)

     695,075        319,304  

Xinyi Solar Holdings Ltd. (China)

     2,527,680        1,485,997  
     

 

 

 
        20,016,118  
     

 

 

 

Software-0.09%

     

Tuya, Inc., ADR (China)(b)

     116,597        199,381  
     

 

 

 

Specialized REITs-6.14%

     

Digital Realty Trust, Inc.(c)

     105,457        13,114,632  
     

 

 

 

Specialty Retail-0.09%

     

EVgo, Inc.(b)(c)

     52,428        108,264  

Fastned B.V., CVA (Netherlands)(b)(c)

     2,917        78,007  
     

 

 

 
        186,271  
     

 

 

 
         Shares            Value  

Transportation Infrastructure-0.41%

     

Taiwan High Speed Rail Corp. (Taiwan)

     966,000      $ 875,610  
     

 

 

 

Water Utilities-0.22%

     

Beijing Enterprises Water Group Ltd. (China)

     2,200,645        464,057  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $308,147,688)

 

     210,670,529  
     

 

 

 

Exchange-Traded Funds-1.42%

 

iShares MSCI India ETF(c)
(Cost $2,944,102)

     70,256        3,037,869  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $311,091,790)

 

     213,708,398  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-28.34%

 

Invesco Private Government Fund,
5.32%(e)(f)(g)

     17,592,216        17,592,216  

Invesco Private Prime Fund, 5.53%(e)(f)(g)

     42,975,375        42,979,673  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $60,571,312)

 

     60,571,889  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-128.31%
(Cost $371,663,102)

 

     274,280,287  

OTHER ASSETS LESS LIABILITIES-(28.31)%

 

     (60,510,814
     

 

 

 

NET ASSETS-100.00%.

      $ 213,769,473  
     

 

 

 

Investment Abbreviations:

ADR

-American Depositary Receipt

CVA

-Dutch Certificates

ETF

-Exchange-Traded Fund

NVDR

-Non-Voting Depositary Receipt

REIT

-Real Estate Investment Trust

Wts.

-Warrants

 

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

   
   

 

  16   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2023

(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, 2023.

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $1,911,656, which represented less than 1% of the Fund’s Net Assets.

(e) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

 

     Value
April 30, 2023
   Purchases
     at Cost     
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
     Gain     
   Value
October 31, 2023
   Dividend
  Income  

Investments in Affiliated Money Market Funds:

                                                               

Invesco Government & Agency Portfolio, Institutional Class

     $ -      $ 1,807,152      $ (1,807,152 )          $ -                $ -                $ -           $ 558

Investments Purchased with Cash Collateral from Securities on Loan:

                                                               

Invesco Private Government Fund

       17,921,494        78,988,885        (79,318,163 )            -                  -                  17,592,216             481,241 *

Invesco Private Prime Fund

       46,083,841        163,335,193        (166,445,137 )                 2,809                       2,967                  42,979,673             1,275,466 *
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

                

 

 

           

 

 

 

Total

     $ 64,005,335      $ 244,131,230      $ (247,570,452 )          $ 2,809                $ 2,967                $ 60,571,889           $ 1,757,265
    

 

 

      

 

 

      

 

 

          

 

 

                

 

 

                

 

 

           

 

 

 

 

*

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

 

(f) 

The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

(g) 

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

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

 

China

     14.94

Japan

     11.00

 

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

   
   

 

  17   

   
 


 

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

October 31, 2023

(Unaudited)

 

 

Portfolio Composition

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

as of October 31, 2023

 

 

 

Automobiles

     17.57                                  

Electrical Equipment

     16.05     

Semiconductors & Semiconductor Equipment

     9.36     

Independent Power and Renewable Electricity Producers

     7.36     

Specialized REITs

     6.14     

Ground Transportation

     5.94     

Retail REITs

     5.08     

Building Products

     4.81     

Real Estate Management & Development

     4.58     

Office REITs

     4.50     

Paper & Forest Products

     3.06     

Industry Types Each Less Than 3%

     15.52     

Money Market Funds Plus Other Assets Less Liabilities

     0.03     

 

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

   
   

 

  18   

   
 


 

Invesco Raymond James SB-1 Equity ETF (RYJ)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

 

         Shares           Value      

Common Stocks & Other Equity Interests-99.91%

 

Communication Services-4.18%

    

AT&T, Inc.

     41,767      $        643,212  

DISH Network Corp., Class A(b)(c)

     128,733       630,792  

EchoStar Corp., Class A(b)(c)

     45,462       630,103  

Frontier Communications Parent,
Inc.(b)(c)

     34,950       626,304  

Integral Ad Science Holding Corp.(b)(c)

     54,577       626,544  

Iridium Communications, Inc.

     16,694       618,513  

T-Mobile US, Inc.(b)

     4,689       674,559  
    

 

 

 
       4,450,027  
    

 

 

 

Consumer Discretionary-8.45%

    

Arko Corp.(c)

     84,635       638,994  

Bloomin’ Brands, Inc.(c)

     27,347       638,279  

Brinker International, Inc.(b)

     19,478       660,694  

Everi Holdings, Inc.(b)(c)

     57,872       624,439  

First Watch Restaurant Group, Inc.(b)

     36,791       614,778  

lululemon athletica, inc.(b)

     1,623       638,618  

Mobileye Global, Inc., Class A
(Israel)(b)(c)

     18,070       644,557  

Newell Brands, Inc.(c)

     92,163       619,335  

Planet Fitness, Inc., Class A(b)(c)

     12,084       667,883  

Tempur Sealy International, Inc.

     16,108       643,193  

Toll Brothers, Inc.

     9,355       661,492  

Tractor Supply Co.(c)

     3,290       633,522  

Ulta Beauty, Inc.(b)

     1,727       658,522  

Xponential Fitness, Inc., Class A(b)(c)

     45,753       652,895  
    

 

 

 
       8,997,201  
    

 

 

 

Consumer Staples-1.80%

    

Darling Ingredients, Inc.(b)(c)

     15,405       682,287  

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

     4,679       602,983  

Primo Water Corp.

     48,445       632,692  
    

 

 

 
       1,917,962  
    

 

 

 

Energy-15.25%

    

APA Corp.

     15,237       605,214  

Atlas Energy Solutions, Inc.

     32,087       584,304  

Cheniere Energy, Inc.

     3,738       622,078  

Clean Energy Fuels Corp.(b)(c)

     169,046       589,970  

ConocoPhillips

     5,178       615,146  

Devon Energy Corp.

     13,294       619,102  

Diamondback Energy, Inc.

     3,858       618,515  

Energy Transfer L.P.

     45,884       603,375  

Enterprise Products Partners L.P.

     23,368       608,503  

Enviva, Inc.(c)

     167,286       605,575  

EOG Resources, Inc.

     4,822       608,777  

Halliburton Co.

     15,255       600,132  

Kimbell Royalty Partners L.P.

     39,145       631,017  

Marathon Oil Corp.

     22,547       615,759