LOGO  

 

Invesco Semi-Annual Report to Shareholders

 

 

October 31, 2023

 

 

PYZ

 

 

Invesco Dorsey Wright Basic Materials Momentum ETF (formerly, Invesco DWA Basic Materials Momentum ETF)

 

 

PEZ

 

 

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (formerly, Invesco DWA Consumer Cyclicals Momentum ETF)

 

 

PSL

 

 

Invesco Dorsey Wright Consumer Staples Momentum ETF (formerly, Invesco DWA Consumer Staples Momentum ETF)

 

 

PXI

 

 

Invesco Dorsey Wright Energy Momentum ETF (formerly, Invesco DWA Energy Momentum ETF)

 

 

PFI

 

 

Invesco Dorsey Wright Financial Momentum ETF (formerly, Invesco DWA Financial Momentum ETF)

 

 

PTH

 

 

Invesco Dorsey Wright Healthcare Momentum ETF (formerly, Invesco DWA Healthcare Momentum ETF)

 

 

PRN

 

 

Invesco Dorsey Wright Industrials Momentum ETF (formerly, Invesco DWA Industrials Momentum ETF)

 

 

PTF

 

 

Invesco Dorsey Wright Technology Momentum ETF (formerly, Invesco DWA Technology Momentum ETF)

 

 

PUI

 

 

Invesco Dorsey Wright Utilities Momentum ETF (formerly, Invesco DWA Utilities Momentum ETF)

 

 

PNQI

 

 

Invesco NASDAQ Internet ETF

 


 

Table of Contents

 

Schedules of Investments   

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)

     3  

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)

     5  

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)

     7  

Invesco Dorsey Wright Energy Momentum ETF (PXI)

     9  

Invesco Dorsey Wright Financial Momentum ETF (PFI)

     11  

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)

     13  

Invesco Dorsey Wright Industrials Momentum ETF (PRN)

     15  

Invesco Dorsey Wright Technology Momentum ETF (PTF)

     17  

Invesco Dorsey Wright Utilities Momentum ETF (PUI)

     19  

Invesco NASDAQ Internet ETF (PNQI)

     21  
Statements of Assets and Liabilities      24  
Statements of Operations      26  
Statements of Changes in Net Assets      28  
Financial Highlights      32  
Notes to Financial Statements      42  
Fund Expenses      54  

 

    2    

 

 

 

 


 

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.99%

 

Aluminum-1.07%

     

Kaiser Aluminum Corp.

     18,746      $     1,064,773  
     

 

 

 

Automotive Retail-1.69%

     

Valvoline, Inc.

     56,757        1,683,980  
     

 

 

 

Commodity Chemicals-14.51%

     

Cabot Corp.(b)

     26,669        1,772,955  

Dow, Inc.

     44,759        2,163,650  

LyondellBasell Industries N.V., Class A

     33,003        2,978,191  

Olin Corp.(b)

     67,714        2,892,742  

Orion S.A. (Germany)

     66,875        1,357,563  

PureCycle Technologies, Inc.(b)(c)

     227,351        1,011,712  

Westlake Corp.(b)

     19,831        2,287,704  
     

 

 

 
        14,464,517  
     

 

 

 

Construction Materials-2.42%

     

Summit Materials, Inc., Class A(c)

     73,322        2,412,294  
     

 

 

 

Copper-2.01%

     

Freeport-McMoRan, Inc.

     59,329        2,004,134  
     

 

 

 

Diversified Chemicals-4.73%

     

Chemours Co. (The)

     71,945        1,734,594  

Huntsman Corp.

     73,524        1,715,315  

LSB Industries, Inc.(b)(c)

     138,172        1,258,747  
     

 

 

 
        4,708,656  
     

 

 

 

Diversified Metals & Mining-1.58%

     

Materion Corp.(b)

     16,236        1,574,567  
     

 

 

 

Fertilizers & Agricultural Chemicals-4.48%

 

  

CF Industries Holdings, Inc.(b)

     26,916        2,147,358  

Corteva, Inc.

     48,126        2,316,786  
     

 

 

 
        4,464,144  
     

 

 

 

Forest Products-1.83%

     

Louisiana-Pacific Corp.

     35,572        1,824,132  
     

 

 

 

Gold-1.55%

     

Royal Gold, Inc.(b)

     14,782        1,542,206  
     

 

 

 

Industrial Gases-7.21%

     

Air Products and Chemicals, Inc.

     13,400        3,784,696  

Linde PLC(b)

     8,891        3,397,785  
     

 

 

 
        7,182,481  
     

 

 

 

Metal, Glass & Plastic Containers-1.60%

     

O-I Glass, Inc.(b)(c)

     103,301        1,596,000  
     

 

 

 

Paper & Plastic Packaging Products & Materials-3.57%

 

Avery Dennison Corp.

     20,449        3,559,557  
     

 

 

 

Paper Products-2.00%

     

Sylvamo Corp.(b)

     44,896        1,988,893  
     

 

 

 

Specialty Chemicals-25.91%

     

Albemarle Corp.(b)

     16,616        2,106,576  

Alto Ingredients, Inc.(b)(c)

     378,943        1,576,403  

Avient Corp.

     65,132        2,059,474  

Celanese Corp.(b)

     17,937        2,053,966  

DuPont de Nemours, Inc.

     30,292        2,207,681  

Ecolab, Inc.

     12,292        2,061,860  
         Shares              Value      

Specialty Chemicals-(continued)

     

Ecovyst, Inc.(b)(c)

     137,244      $ 1,262,645  

Element Solutions, Inc.(b)

     91,929        1,675,866  

H.B. Fuller Co.(b)

     25,795        1,706,339  

Innospec, Inc.

     15,670        1,535,660  

NewMarket Corp.

     4,029        1,942,582  

PPG Industries, Inc.

     16,084        1,974,633  

Quaker Chemical Corp.(b)

     10,167        1,461,201  

RPM International, Inc.(b)

     24,057        2,195,682  
     

 

 

 
        25,820,568  
     

 

 

 

Steel-20.36%

     

ATI, Inc.(b)(c)

     62,456        2,358,963  

Carpenter Technology Corp.

     38,786        2,432,658  

Commercial Metals Co.

     49,569        2,096,273  

Nucor Corp.

     22,707        3,355,867  

Reliance Steel & Aluminum Co.

     14,389        3,660,274  

Ryerson Holding Corp.(b)

     53,099        1,542,526  

Steel Dynamics, Inc.

     31,429        3,347,503  

Worthington Industries, Inc.

     24,322        1,498,722  
     

 

 

 
        20,292,786  
     

 

 

 

Timber REITs-3.47%

     

PotlatchDeltic Corp.(b)

     35,558        1,523,660  

Weyerhaeuser Co.(b)

     67,432        1,934,624  
     

 

 

 
        3,458,284  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $101,723,740)

 

     99,641,972  
     

 

 

 

Money Market Funds-0.14%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $144,602)

     144,602        144,602  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.13%
(Cost $101,868,342)

 

     99,786,574  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-24.43%

 

  

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

     6,890,961        6,890,961  

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

     17,454,843        17,456,588  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $24,347,610)

 

     24,347,549  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-124.56%
(Cost $126,215,952)

 

     124,134,123  

OTHER ASSETS LESS LIABILITIES-(24.56)%

 

     (24,478,526
     

 

 

 

NET ASSETS-100.00%.

      $ 99,655,597  
     

 

 

 

 

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

 

    3    

 

 

 

 


 

Invesco Dorsey Wright Basic Materials Momentum ETF (PYZ)–(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) Non-income producing security.

(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

     $ 180,435      $ 1,770,660      $ (1,806,493     $ -      $ -      $ 144,602      $ 5,646

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

       5,834,163        43,034,305        (41,977,507 )       -        -        6,890,961        132,734 *

Invesco Private Prime Fund

       15,002,132        88,190,455        (85,736,691 )       268        424        17,456,588        356,234 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 21,016,730      $ 132,995,420      $ (129,520,691     $ 268      $ 424      $ 24,492,151      $ 494,614
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 2I.

Portfolio Composition

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

as of October 31, 2023

 

     

Specialty Chemicals

     25.91                                       

Steel

     20.36     

Commodity Chemicals

     14.51     

Industrial Gases

     7.21     

Diversified Chemicals

     4.73     

Fertilizers & Agricultural Chemicals

     4.48     

Paper & Plastic Packaging Products &
Materials

     3.57     

Timber REITs

     3.47     

Sub-Industry Types Each Less Than 3%

     15.75     

Money Market Funds Plus Other Assets Less Liabilities

     0.01     

 

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

 

    4    

 

 

 

 


 

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-100.14%

 

Apparel Retail-6.62%

     

Abercrombie & Fitch Co., Class A(b)(c)

     12,854      $ 781,780  

Guess?, Inc.

     13,948        299,882  
     

 

 

 
        1,081,662  
     

 

 

 

Automotive Parts & Equipment-2.83%

     

Modine Manufacturing Co.(b)

     11,698        462,071  
     

 

 

 

Automotive Retail-12.11%

     

AutoNation, Inc.(b)(c)

     4,572        594,726  

Carvana Co.(b)(c)

     8,843        238,761  

Group 1 Automotive, Inc.(c)

     1,841        464,539  

Penske Automotive Group, Inc.

     4,745        678,915  
     

 

 

 
          1,976,941  
     

 

 

 

Broadline Retail-3.00%

     

Groupon, Inc.(b)(c)

     38,323        490,151  
     

 

 

 

Casinos & Gaming-3.76%

     

DraftKings, Inc., Class A(b)

     22,251        614,573  
     

 

 

 

Education Services-3.65%

     

Duolingo, Inc.(b)(c)

     4,078        595,592  
     

 

 

 

Footwear-4.14%

     

Deckers Outdoor Corp.(b)(c)

     1,131        675,275  
     

 

 

 

Home Improvement Retail-3.05%

     

Lowe’s Cos., Inc.

     2,617        498,722  
     

 

 

 

Homebuilding-34.74%

     

Century Communities, Inc.(c)

     3,504        215,496  

D.R. Horton, Inc.

     4,708        491,515  

Hovnanian Enterprises, Inc., Class A(b)

     2,782        193,293  

Installed Building Products, Inc.(c)

     2,713        302,961  

KB Home

     10,786        476,741  

Lennar Corp., Class A

     4,463        476,113  

M.D.C. Holdings, Inc.

     7,233        274,492  

M/I Homes, Inc.(b)(c)

     4,531        371,859  

Meritage Homes Corp.

     2,703        308,196  

NVR, Inc.(b)

     101        546,675  

PulteGroup, Inc.

     7,530        554,133  

Taylor Morrison Home Corp., Class A(b)

     8,396        321,735  

Toll Brothers, Inc.(c)

     7,902        558,750  

TopBuild Corp.(b)

     1,255        287,094  

Tri Pointe Homes, Inc.(b)(c)

     11,759        294,681  
     

 

 

 
        5,673,734  
     

 

 

 

Hotels, Resorts & Cruise Lines-12.11%

     

Booking Holdings, Inc.(b)

     169        471,436  

Hilton Worldwide Holdings, Inc.

     3,313        502,019  
         Shares              Value      

Hotels, Resorts & Cruise Lines-(continued)

 

  

Marriott International, Inc., Class A

     2,798      $ 527,591  

Royal Caribbean Cruises Ltd.(b)

     5,629        476,945  
     

 

 

 
        1,977,991  
     

 

 

 

Other Specialty Retail-4.72%

     

Signet Jewelers Ltd.(c)

     6,700        467,861  

Winmark Corp.

     750        302,490  
     

 

 

 
        770,351  
     

 

 

 

Passenger Airlines-2.49%

     

SkyWest, Inc.(b)(c)

     9,661        407,404  
     

 

 

 

Restaurants-2.76%

     

DoorDash, Inc., Class A(b)

     6,010        450,449  
     

 

 

 

Specialized Consumer Services-1.58%

     

Rover Group, Inc.(b)

     39,966        257,781  
     

 

 

 

Trading Companies & Distributors-2.58%

     

Beacon Roofing Supply, Inc.(b)

     5,925        421,682  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $16,968,373)

 

     16,354,379  
     

 

 

 

Money Market Funds-0.68%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $111,665)

     111,665        111,665  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.82%
(Cost $17,080,038)

 

     16,466,044  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-24.94%

 

  

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

     1,140,388        1,140,388  

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

     2,932,537        2,932,830  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $4,073,193)

 

     4,073,218  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-125.76%
(Cost $21,153,231)

 

     20,539,262  

OTHER ASSETS LESS LIABILITIES-(25.76)%

 

     (4,207,605
     

 

 

 

NET ASSETS-100.00%

      $ 16,331,657  
     

 

 

 

 

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

 

    5    

 

 

 

 


 

Invesco Dorsey Wright Consumer Cyclicals Momentum ETF (PEZ)–(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
   Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                 

Invesco Government & Agency Portfolio, Institutional Class

     $ 144,833      $ 174,635      $ (207,803 )     $ -      $ -      $ 111,665      $ 3,795

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

       1,999,085        17,375,274        (18,233,971 )       -        -        1,140,388        39,400 *

Invesco Private Prime Fund

       5,121,565        33,264,205        (35,453,234 )       69        225        2,932,830        105,264 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 7,265,483      $ 50,814,114      $ (53,895,008 )     $ 69      $ 225      $ 4,184,883      $ 148,459
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 2I.

Portfolio Composition

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

as of October 31, 2023

 

     

Homebuilding

     34.74                                      

Hotels, Resorts & Cruise Lines

     12.11    

Automotive Retail

     12.11    

Apparel Retail

     6.62    

Other Specialty Retail

     4.72    

Footwear

     4.14    

Casinos & Gaming

     3.76    

Education Services

     3.65    

Home Improvement Retail

     3.05    

Broadline Retail

     3.00    

Sub-Industry Types Each Less Than 3%

     12.24    

Money Market Funds Plus Other Assets Less Liabilities

     (0.14  

 

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

 

    6    

 

 

 

 


 

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.94%

 

Agricultural Products & Services-5.86%

 

Bunge Ltd.

     28,642      $    3,035,479  

Ingredion, Inc.

     14,634        1,369,450  
     

 

 

 
        4,404,929  
     

 

 

 

Brewers-3.15%

     

Molson Coors Beverage Co., Class B

     40,980        2,367,415  
     

 

 

 

Consumer Staples Merchandise Retail-5.53%

 

  

Costco Wholesale Corp.

     7,527        4,158,216  
     

 

 

 

Distillers & Vintners-1.98%

     

MGP Ingredients, Inc.(b)

     15,731        1,489,096  
     

 

 

 

Education Services-3.71%

     

Laureate Education, Inc., Class A(b)

     103,858        1,468,552  

Perdoceo Education Corp.

     73,269        1,325,436  
     

 

 

 
        2,793,988  
     

 

 

 

Food Distributors-9.86%

     

Andersons, Inc. (The)

     34,423        1,725,625  

Performance Food Group Co.(c)

     45,433        2,624,210  

US Foods Holding Corp.(c)

     78,746        3,066,369  
     

 

 

 
        7,416,204  
     

 

 

 

Food Retail-6.38%

     

Casey’s General Stores, Inc.

     10,010        2,721,819  

Sprouts Farmers Market, Inc.(b)(c)

     49,352        2,073,771  
     

 

 

 
        4,795,590  
     

 

 

 

Household Appliances-1.73%

     

Helen of Troy Ltd.(b)(c)

     13,220        1,299,790  
     

 

 

 

Household Products-6.05%

     

Procter & Gamble Co. (The)

     20,517        3,078,165  

WD-40 Co.(b)

     6,949        1,469,019  
     

 

 

 
        4,547,184  
     

 

 

 

Packaged Foods & Meats-18.97%

     

Freshpet, Inc.(b)(c)

     23,856        1,369,334  

Hershey Co. (The)

     15,749        2,950,575  

JM Smucker Co. (The)

     15,203        1,730,710  

Kraft Heinz Co. (The)

     64,528        2,030,051  

Lamb Weston Holdings, Inc.

     29,089        2,612,192  

Mondelez International, Inc., Class A

     33,149        2,194,795  

Post Holdings, Inc.(b)(c)

     17,159        1,377,525  
     

 

 

 
        14,265,182  
     

 

 

 

Personal Care Products-12.53%

     

BellRing Brands, Inc.(b)(c)

     45,626        1,995,225  

Coty, Inc., Class A(c)

     154,855        1,450,991  
         Shares              Value      

Personal Care Products-(continued)

     

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

     39,428      $ 3,652,216  

Inter Parfums, Inc.

     18,260        2,321,029  
     

 

 

 
        9,419,461  
     

 

 

 

Soft Drinks & Non-alcoholic Beverages-16.15%

 

  

Celsius Holdings, Inc.(b)(c)

     20,564        3,127,579  

Coca-Cola Consolidated, Inc.

     4,589        2,920,486  

Monster Beverage Corp.(c)

     44,484        2,273,132  

National Beverage Corp.(b)(c)

     27,613        1,280,691  

PepsiCo, Inc.

     15,589        2,545,372  
     

 

 

 
        12,147,260  
     

 

 

 

Specialized Consumer Services-8.04%

     

H&R Block, Inc.(b)

     55,618        2,283,119  

Service Corp. International(b)

     47,941        2,608,949  

WW International, Inc.(b)(c)

     147,469        1,153,208  
     

 

 

 
        6,045,276  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $73,191,054)

 

     75,149,591  
     

 

 

 

Money Market Funds-0.31%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $228,835)

     228,835        228,835  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.25%
(Cost $73,419,889)

 

     75,378,426  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-21.86%

 

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

     4,602,309        4,602,309  

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

     11,836,797        11,837,981  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $16,440,131)

 

     16,440,290  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-122.11%
(Cost $89,860,020)

 

     91,818,716  

OTHER ASSETS LESS LIABILITIES-(22.11)%

 

     (16,623,591
     

 

 

 

NET ASSETS-100.00%.

 

   $ 75,195,125  
     

 

 

 

 

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

 

    7    

 

 

 

 


 

Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL)–(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) 

Non-income producing security.

(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

     $ 146,579      $ 1,833,215      $ (1,750,959 )     $ -      $ -      $ 228,835      $ 5,210

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

       3,940,344        48,742,487        (48,080,522 )       -        -        4,602,309        105,291 *

Invesco Private Prime Fund

       10,132,313        77,991,673        (76,286,522 )       174        343        11,837,981        279,755 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 14,219,236      $ 128,567,375      $ (126,118,003 )     $ 174      $ 343      $ 16,669,125      $ 390,256
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 2I.

Portfolio Composition

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

as of October 31, 2023

 

     

Packaged Foods & Meats

     18.97                                       

Soft Drinks & Non-alcoholic Beverages

     16.15     

Personal Care Products

     12.53     

Food Distributors

     9.86     

Specialized Consumer Services

     8.04     

Food Retail

     6.38     

Household Products

     6.05     

Agricultural Products & Services

     5.86     

Consumer Staples Merchandise Retail

     5.53     

Education Services

     3.71     

Brewers

     3.15     

Sub-Industry Types Each Less Than 3%

     3.71     

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.

 

    8    

 

 

 

 


 

Invesco Dorsey Wright Energy Momentum ETF (PXI)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.93%

 

Coal & Consumable Fuels-1.79%

 

CONSOL Energy, Inc.(b)

     22,215      $     2,041,336  
     

 

 

 

Oil & Gas Drilling-7.34%

     

Diamond Offshore Drilling, Inc.(c)

     172,709        2,143,319  

Transocean Ltd.(b)(c)

     508,738        3,367,846  

Valaris Ltd.(c)

     43,013        2,840,578  
     

 

 

 
        8,351,743  
     

 

 

 

Oil & Gas Equipment & Services-28.40%

     

Archrock, Inc.

     132,491        1,678,661  

Baker Hughes Co., Class A

     77,349        2,662,352  

ChampionX Corp.(b)

     76,641        2,360,543  

Expro Group Holdings N.V.(c)

     94,184        1,483,398  

Halliburton Co.

     65,447        2,574,685  

Helix Energy Solutions Group, Inc.(b)(c)

     278,520        2,729,496  

Oceaneering International, Inc.(b)(c)

     106,701        2,346,355  

RPC, Inc.

     170,646        1,419,775  

Schlumberger N.V

     46,565        2,591,808  

Tidewater, Inc.(b)(c)

     50,898        3,478,878  

Weatherford International PLC(b)(c)

     96,829        9,013,812  
     

 

 

 
        32,339,763  
     

 

 

 

Oil & Gas Exploration & Production-30.31%

 

  

APA Corp.

     58,388        2,319,171  

California Resources Corp.(b)

     33,582        1,766,077  

Civitas Resources, Inc.(b)

     57,202        4,314,747  

CNX Resources Corp.(b)(c)

     87,440        1,899,197  

ConocoPhillips(b)

     37,061        4,402,847  

Murphy Oil Corp.

     88,205        3,957,758  

Northern Oil and Gas, Inc.(b)

     80,581        3,089,476  

Permian Resources Corp.(b)

     246,695        3,594,346  

SilverBow Resources, Inc.(c)

     44,180        1,506,538  

Texas Pacific Land Corp.(b)

     2,370        4,374,902  

Vital Energy, Inc.(c)

     33,642        1,683,446  

Vitesse Energy, Inc.(b)

     67,676        1,603,244  
     

 

 

 
        34,511,749  
     

 

 

 

Oil & Gas Refining & Marketing-14.25%

     

Marathon Petroleum Corp.

     27,776        4,201,120  

Par Pacific Holdings, Inc.(b)(c)

     74,076        2,431,174  

PBF Energy, Inc., Class A(b)

     97,696        4,643,491  

Phillips 66

     21,689        2,474,064  

Valero Energy Corp.

     19,459        2,471,293  
     

 

 

 
        16,221,142  
     

 

 

 
         Shares              Value      

Oil & Gas Storage & Transportation-8.89%

 

  

Antero Midstream Corp.(b)

     156,000      $ 1,925,040  

Kinder Morgan, Inc.

     133,989        2,170,622  

Targa Resources Corp.

     72,102        6,028,448  
     

 

 

 
        10,124,110  
     

 

 

 

Steel-8.95%

     

Alpha Metallurgical Resources, Inc.(b)

     36,106        7,941,876  

Warrior Met Coal, Inc.

     46,217        2,252,154  
     

 

 

 
        10,194,030  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $108,471,822)

 

     113,783,873  
     

 

 

 

Money Market Funds-0.15%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $177,509)

     177,509        177,509  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.08%
(Cost $108,649,331)

 

     113,961,382  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-21.40%

 

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

     6,820,317        6,820,317  

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

     17,541,116        17,542,870  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $24,362,638)

 

     24,363,187  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-121.48%
(Cost $133,011,969)

 

     138,324,569  

OTHER ASSETS LESS LIABILITIES-(21.48)%

 

     (24,457,630
     

 

 

 

NET ASSETS-100.00%.

 

   $ 113,866,939  
     

 

 

 

 

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

 

    9    

 

 

 

 


 

Invesco Dorsey Wright Energy Momentum ETF (PXI)–(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) 

Non-income producing security.

(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

     $ 221,047      $ 2,063,801      $ (2,107,339 )     $ -      $ -      $ 177,509      $ 4,619

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

       5,805,002        51,939,908        (50,924,593 )       -        -        6,820,317        116,296 *

Invesco Private Prime Fund

       14,927,149        97,547,927        (94,933,692 )       549        937        17,542,870        309,793 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 20,953,198      $ 151,551,636      $ (147,965,624 )     $ 549      $ 937      $ 24,540,696      $ 430,708
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 2I.

Portfolio Composition

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

as of October 31, 2023

 

     

Oil & Gas Exploration & Production

     30.31                                       

Oil & Gas Equipment & Services

     28.40     

Oil & Gas Refining & Marketing

     14.25     

Steel

     8.95     

Oil & Gas Storage & Transportation

     8.89     

Oil & Gas Drilling

     7.34     

Coal & Consumable Fuels

     1.79     

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.

 

    10    

 

 

 

 


 

Invesco Dorsey Wright Financial Momentum ETF (PFI)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.98%

 

Asset Management & Custody Banks-6.57%

 

Ares Management Corp., Class A

     11,358      $   1,119,785  

Victory Capital Holdings, Inc., Class A(b)

     9,785        288,266  

WisdomTree, Inc.

     37,553        232,829  
     

 

 

 
        1,640,880  
     

 

 

 

Commercial & Residential Mortgage Finance-7.85%

 

Federal Agricultural Mortgage Corp., Class C

     2,271        337,380  

MGIC Investment Corp.

     20,954        352,865  

Mr. Cooper Group, Inc.(b)(c)

     12,459        704,307  

NMI Holdings, Inc., Class A(c)

     9,118        249,377  

Radian Group, Inc.

     12,514        317,105  
     

 

 

 
        1,961,034  
     

 

 

 

Consumer Finance-1.31%

     

OneMain Holdings, Inc.

     9,080        326,245  
     

 

 

 

Diversified Banks-6.81%

     

First Citizens BancShares, Inc., Class A(b)

     523        722,127  

JPMorgan Chase & Co.

     7,042        979,261  
     

 

 

 
        1,701,388  
     

 

 

 

Diversified Financial Services-4.92%

     

Apollo Global Management, Inc.

     11,615        899,465  

Jackson Financial, Inc., Class A(b)

     8,966        329,142  
     

 

 

 
        1,228,607  
     

 

 

 

Diversified Real Estate Activities-0.84%

     

St. Joe Co. (The)

     4,474        208,667  
     

 

 

 

Diversified REITs-1.31%

     

Essential Properties Realty Trust, Inc.(b)

     14,939        327,911  
     

 

 

 

Financial Exchanges & Data-1.69%

     

Donnelley Financial Solutions, Inc.(c)

     7,733        420,907  
     

 

 

 

Insurance Brokers-14.61%

     

Aon PLC, Class A

     2,090        646,646  

Arthur J. Gallagher & Co.

     4,076        959,857  

Brown & Brown, Inc.

     9,525        661,225  

Goosehead Insurance, Inc., Class A(b)(c)

     5,208        337,843  

Marsh & McLennan Cos., Inc.

     3,838        727,877  

Ryan Specialty Holdings, Inc., Class A(b)(c)

     7,294        315,101  
     

 

 

 
        3,648,549  
     

 

 

 

Investment Banking & Brokerage-6.62%

     

Houlihan Lokey, Inc.

     4,101        412,233  

LPL Financial Holdings, Inc.

     5,531        1,241,820  
     

 

 

 
        1,654,053  
     

 

 

 

Life & Health Insurance-4.30%

     

Aflac, Inc.

     7,525        587,778  

Primerica, Inc.

     2,549        487,267  
     

 

 

 
        1,075,045  
     

 

 

 

Multi-Sector Holdings-1.68%

     

Berkshire Hathaway, Inc., Class B(c)

     1,226        418,471  
     

 

 

 

Property & Casualty Insurance-10.58%

     

Arch Capital Group Ltd.(c)

     7,099        615,341  

Erie Indemnity Co., Class A(b)

     1,764        487,199  

Kinsale Capital Group, Inc.(b)

     3,524        1,176,699  

Old Republic International Corp.

     13,291        363,908  
     

 

 

 
        2,643,147  
     

 

 

 
         Shares              Value      

Real Estate Operating Companies-1.17%

     

DigitalBridge Group, Inc.(b)

     18,375      $ 291,244  
     

 

 

 

Regional Banks-14.57%

     

BancFirst Corp.

     3,077        249,575  

Bancorp, Inc. (The)(b)(c)

     7,572        269,942  

Customers Bancorp, Inc.(b)(c)

     8,502        341,865  

First Bancorp

     34,179        456,290  

First Foundation, Inc.

     35,058        159,163  

New York Community Bancorp, Inc.

     40,663        385,485  

OFG Bancorp

     10,625        314,713  

Pathward Financial, Inc.

     5,657        256,206  

ServisFirst Bancshares, Inc.(b)

     7,750        365,490  

Western Alliance Bancorporation(b)

     12,371        508,448  

Wintrust Financial Corp.

     4,440        331,624  
     

 

 

 
        3,638,801  
     

 

 

 

Reinsurance-1.35%

     

Reinsurance Group of America, Inc.

     2,253        336,756  
     

 

 

 

Retail REITs-2.66%

     

Kite Realty Group Trust(b)

     15,692        334,553  

Tanger Factory Outlet Centers, Inc.

     14,600        329,230  
     

 

 

 
        663,783  
     

 

 

 

Trading Companies & Distributors-1.67%

     

FTAI Aviation Ltd.(b)

     11,094        417,245  
     

 

 

 

Transaction & Payment Processing Services-9.47%

 

  

Mastercard, Inc., Class A

     3,751        1,411,689  

Visa, Inc., Class A(b)

     4,051        952,390  
     

 

 

 
        2,364,079  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $24,269,866)

 

     24,966,812  
     

 

 

 

Money Market Funds-0.56%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $139,625)

     139,625        139,625  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.54%
(Cost $24,409,491)

 

     25,106,437  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-19.89%

 

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

     1,390,977        1,390,977  

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

     3,577,512        3,577,870  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $4,968,770)

 

     4,968,847  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-120.43%
(Cost $29,378,261)

 

     30,075,284  

OTHER ASSETS LESS LIABILITIES-(20.43)%

 

     (5,102,858
     

 

 

 

NET ASSETS-100.00%

 

   $ 24,972,426  
     

 

 

 

 

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

 

    11    

 

 

 

 


 

Invesco Dorsey Wright Financial Momentum ETF (PFI)–(continued)

October 31, 2023

(Unaudited)

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

All or a portion of this security was out on loan at October 31, 2023.

(c) 

Non-income producing security.

(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

     $ 135,073      $ 422,551      $ (417,999 )     $ -      $ -      $ 139,625      $ 3,554

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

       1,083,298        16,990,522        (16,682,843 )       -        -        1,390,977        42,346 *

Invesco Private Prime Fund

       2,785,624        33,048,883        (32,257,363 )       175        551        3,577,870        114,510 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 4,003,995      $ 50,461,956      $ (49,358,205 )     $ 175      $ 551      $ 5,108,472      $ 160,410
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 2I.

Portfolio Composition

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

as of October 31, 2023

 

     

Insurance Brokers

     14.61                                       

Regional Banks

     14.57     

Property & Casualty Insurance

     10.58     

Transaction & Payment Processing Services

     9.47     

Commercial & Residential Mortgage Finance

     7.85     

Diversified Banks

     6.81     

Investment Banking & Brokerage

     6.62     

Asset Management & Custody Banks

     6.57     

Diversified Financial Services

     4.92     

Life & Health Insurance

     4.30     

Sub-Industry Types Each Less Than 3%

     13.68     

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 Dorsey Wright Healthcare Momentum ETF (PTH)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.96%

 

Biotechnology-54.48%

     

Agios Pharmaceuticals, Inc.(b)(c)

     126,585      $     2,659,551  

Akero Therapeutics, Inc.(b)(c)

     95,429        1,137,514  

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

     119,978        2,291,580  

Ardelyx, Inc.(b)(c)

     1,113,084        4,396,682  

Bridgebio Pharma, Inc.(b)(c)

     184,971        4,816,645  

Cabaletta Bio, Inc.(b)(c)

     234,802        3,348,275  

Crinetics Pharmaceuticals, Inc.(b)(c)

     130,291        3,816,223  

Disc Medicine, Inc.(b)(c)

     74,948        3,433,368  

Ideaya Biosciences, Inc.(b)(c)

     156,113        4,241,590  

Kiniksa Pharmaceuticals Ltd., Class A(b)(c)

     186,740        2,847,785  

Mirum Pharmaceuticals, Inc.(b)(c)

     121,308        3,327,478  

MoonLake Immunotherapeutics(b)(c)

     80,476        4,169,462  

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

     75,407        3,927,951  

REVOLUTION Medicines, Inc.(b)(c)

     125,265        2,480,247  

Roivant Sciences Ltd.(b)(c)

     435,357        3,761,484  

Tango Therapeutics, Inc.(b)(c)

     425,696        3,575,846  

Vera Therapeutics, Inc.(b)(c)

     217,819        2,269,674  

Veracyte, Inc.(b)(c)

     130,315        2,700,127  

Viking Therapeutics, Inc.(b)(c)

     316,921        3,108,995  
     

 

 

 
        62,310,477  
     

 

 

 

Health Care Equipment-10.29%

     

Glaukos Corp.(b)(c)

     51,020        3,479,564  

IDEXX Laboratories, Inc.(b)

     10,787        4,309,083  

Stryker Corp.

     14,745        3,984,394  
     

 

 

 
        11,773,041  
     

 

 

 

Health Care Facilities-3.47%

     

HCA Healthcare, Inc.

     17,528        3,963,782  
     

 

 

 

Health Care Services-6.30%

     

CorVel Corp.(b)(c)

     18,404        3,569,272  

RadNet, Inc.(b)(c)

     134,748        3,632,806  
     

 

 

 
        7,202,078  
     

 

 

 

Health Care Supplies-3.13%

     

Haemonetics Corp.(b)(c)

     41,927        3,573,438  
     

 

 

 

Life Sciences Tools & Services-7.43%

     

Medpace Holdings, Inc.(b)

     22,213        5,390,429  

Quanterix Corp.(b)

     143,046        3,106,959  
     

 

 

 
        8,497,388  
     

 

 

 
         Shares              Value      

Pharmaceuticals-14.86%

     

ANI Pharmaceuticals, Inc.(b)(c)

     56,106      $ 3,463,984  

Corcept Therapeutics, Inc.(b)(c)

     115,826        3,252,394  

Cymabay Therapeutics, Inc.(b)(c)

     302,270        4,951,183  

Eli Lilly and Co.

     9,618        5,327,699  
     

 

 

 
        16,995,260  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $125,885,385)

 

     114,315,464  
     

 

 

 

Money Market Funds-0.28%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $325,384)

     325,384        325,384  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.24%
(Cost $126,210,769)

 

     114,640,848  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-31.74%

 

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

     10,484,190        10,484,190  

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

     25,812,551        25,815,132  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $36,299,253)

 

     36,299,322  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-131.98%
(Cost $162,510,022)

 

     150,940,170  

OTHER ASSETS LESS LIABILITIES-(31.98)%

 

     (36,574,069
     

 

 

 

NET ASSETS-100.00%.

 

   $ 114,366,101  
     

 

 

 

 

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

     $       272,087      $     1,332,710      $     (1,279,413     $         -      $         -      $       325,384      $       7,114

 

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

 

    13    

 

 

 

 


 

Invesco Dorsey Wright Healthcare Momentum ETF (PTH)–(continued)

October 31, 2023

(Unaudited)

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                                 

Invesco Private Government Fund

     $ 11,949,604      $ 72,007,778      $ (73,473,192 )     $ -      $ -      $ 10,484,190      $ 273,324 *

Invesco Private Prime Fund

       30,727,554        150,904,443        (155,820,086 )       69        3,152        25,815,132        721,659 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 42,949,245      $ 224,244,931      $ (230,572,691 )     $ 69      $ 3,152      $ 36,624,706      $ 1,002,097
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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 2I.

Portfolio Composition

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

as of October 31, 2023

 

     

Biotechnology

     54.48                                       

Pharmaceuticals

     14.86     

Health Care Equipment

     10.29     

Life Sciences Tools & Services

     7.43     

Health Care Services

     6.30     

Health Care Facilities

     3.47     

Health Care Supplies

     3.13     

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.

 

    14    

 

 

 

 


 

Invesco Dorsey Wright Industrials Momentum ETF (PRN)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-99.95%

 

Aerospace & Defense-6.64%

 

HEICO Corp.(b)

     19,673      $     3,116,400  

Howmet Aerospace, Inc.

     61,380        2,706,858  

TransDigm Group, Inc.(c)

     3,758        3,111,962  
     

 

 

 
        8,935,220  
     

 

 

 

Building Products-14.46%

     

A.O. Smith Corp.

     36,310        2,532,985  

Builders FirstSource, Inc.(b)(c)

     55,139        5,983,684  

Carlisle Cos., Inc.(b)

     11,107        2,822,178  

CSW Industrials, Inc.

     6,981        1,237,452  

Trane Technologies PLC.

     27,799        5,290,428  

UFP Industries, Inc.

     16,898        1,608,183  
     

 

 

 
        19,474,910  
     

 

 

 

Cargo Ground Transportation-11.62%

     

ArcBest Corp.

     22,464        2,445,880  

Old Dominion Freight Line, Inc.

     18,515        6,973,860  

Saia, Inc.(b)(c)

     17,360        6,223,387  
     

 

 

 
        15,643,127  
     

 

 

 

Commercial Printing-0.79%

     

Cimpress PLC (Ireland)(c)

     17,850        1,065,109  
     

 

 

 

Construction & Engineering-10.41%

     

API Group Corp.(b)(c)

     70,099        1,813,461  

Comfort Systems USA, Inc.

     12,043        2,190,020  

Limbach Holdings, Inc.(b)(c)

     55,595        1,656,731  

MYR Group, Inc.(c)

     10,889        1,261,273  

Quanta Services, Inc.

     24,901        4,161,455  

Sterling Infrastructure, Inc.(c)

     40,343        2,938,987  
     

 

 

 
        14,021,927  
     

 

 

 

Construction Machinery & Heavy Transportation Equipment-1.01%

 

Terex Corp.

     29,717        1,361,039  
     

 

 

 

Diversified Support Services-8.65%

     

Cintas Corp.

     12,138        6,155,422  

Copart, Inc.(c)

     126,086        5,487,263  
     

 

 

 
        11,642,685  
     

 

 

 

Electrical Components & Equipment-13.69%

 

  

AMETEK, Inc.

     51,693        7,276,824  

Fluence Energy, Inc.(b)(c)

     86,443        1,497,193  

Hubbell, Inc.

     17,896        4,833,709  

Powell Industries, Inc.

     18,320        1,404,228  

Vertiv Holdings Co.

     87,333        3,429,567  
     

 

 

 
        18,441,521  
     

 

 

 

Electronic Equipment & Instruments-1.26%

 

  

Crane NXT Co.(b)

     32,516        1,690,832  
     

 

 

 

Electronic Manufacturing Services-2.89%

 

  

Jabil, Inc.(b)

     31,735        3,897,058  
     

 

 

 

Environmental & Facilities Services-1.17%

 

  

Clean Harbors, Inc.(b)(c)

     10,212        1,569,278  
     

 

 

 
         Shares              Value      

Industrial Machinery & Supplies & Components-8.02%

 

Graco, Inc.(b)

     41,804      $ 3,108,128  

Illinois Tool Works, Inc.

     12,618        2,827,946  

Parker-Hannifin Corp.

     13,186        4,864,447  
     

 

 

 
        10,800,521  
     

 

 

 

Oil & Gas Storage & Transportation-2.19%

 

  

Dorian LPG Ltd.

     92,394        2,953,836  
     

 

 

 

Research & Consulting Services-3.18%

     

CBIZ, Inc.(c)

     23,078        1,199,133  

KBR, Inc.

     53,065        3,085,730  
     

 

 

 
        4,284,863  
     

 

 

 

Trading Companies & Distributors-11.73%

 

  

GMS, Inc.(b)(c)

     28,983        1,694,926  

Herc Holdings, Inc.(b)

     22,666        2,420,502  

Rush Enterprises, Inc., Class A

     29,068        1,034,239  

United Rentals, Inc.

     7,883        3,202,626  

W.W. Grainger, Inc.

     4,570        3,335,323  

WESCO International, Inc.

     32,033        4,106,631  
     

 

 

 
        15,794,247  
     

 

 

 

Transaction & Payment Processing Services-2.24%

 

  

Fiserv, Inc.(c)

     26,580        3,023,475  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $123,392,676)

 

     134,599,648  
     

 

 

 

Money Market Funds-0.13%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $172,330)

     172,330        172,330  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.08%
(Cost $123,565,006)

 

     134,771,978  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.14%

 

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

     2,313,885        2,313,885  

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

     5,952,352        5,952,947  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $8,267,151)

 

     8,266,832  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.22%
(Cost $131,832,157)

 

     143,038,810  

OTHER ASSETS LESS LIABILITIES-(6.22)%

 

     (8,381,759
     

 

 

 

NET ASSETS-100.00%.

 

   $ 134,657,051  
     

 

 

 

 

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

 

    15    

 

 

 

 


 

Invesco Dorsey Wright Industrials Momentum ETF (PRN)–(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) 

Non-income producing security.

(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
(Depreciation)
  Realized
Gain
   Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

     $ 166,062      $ 1,070,956      $ (1,064,688 )     $ -     $ -      $ 172,330      $ 5,057

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       3,700,195        29,594,566        (30,980,876 )       -       -        2,313,885        75,042 *

Invesco Private Prime Fund

       9,618,556        59,121,162        (62,788,279 )       (176 )       1,684        5,952,947        203,005 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

Total

     $ 13,484,813      $ 89,786,684      $ (94,833,843 )     $ (176 )     $ 1,684      $ 8,439,162      $ 283,104
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

 

*

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 2I.

Portfolio Composition

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

as of October 31, 2023

 

     

Building Products

     14.46                                       

Electrical Components & Equipment

     13.69     

Trading Companies & Distributors

     11.73     

Cargo Ground Transportation

     11.62     

Construction & Engineering

     10.41     

Diversified Support Services

     8.65     

Industrial Machinery & Supplies & Components

     8.02     

Aerospace & Defense

     6.64     

Research & Consulting Services

     3.18     

Sub-Industry Types Each Less Than 3%

     11.55     

Money Market Funds Plus Other Assets Less Liabilities

     0.05     

 

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

 

    16    

 

 

 

 


 

Invesco Dorsey Wright Technology Momentum ETF (PTF)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value      

Common Stocks & Other Equity Interests-100.01%

 

Advertising-2.20%

 

Cardlytics, Inc.(b)(c)

     505,371      $ 6,261,546  
     

 

 

 

Application Software-43.86%

     

AppFolio, Inc., Class A(b)

     39,477        7,404,701  

AppLovin Corp., Class A(b)

     290,492        10,585,529  

Braze, Inc., Class A(b)

     150,319        6,400,583  

Cadence Design Systems, Inc.(b)

     62,869        15,079,130  

Fair Isaac Corp.(b)

     11,776        9,960,965  

Freshworks, Inc., Class A(b)

     336,777        6,041,779  

HubSpot, Inc.(b)

     16,342        6,925,249  

InterDigital, Inc.(c)

     83,261        6,265,390  

Manhattan Associates, Inc.(b)

     49,986        9,746,270  

PowerSchool Holdings, Inc., Class A(b)(c)

     325,643        6,486,809  

PROS Holdings, Inc.(b)(c)

     177,021        5,514,204  

Samsara, Inc., Class A(b)

     373,872        8,625,227  

SPS Commerce, Inc.(b)

     46,814        7,506,157  

Synopsys, Inc.(b)

     23,416        10,992,407  

Vertex, Inc., Class A(b)

     298,253        7,220,705  
     

 

 

 
        124,755,105  
     

 

 

 

Communications Equipment-3.92%

     

Arista Networks, Inc.(b)

     55,678        11,156,201  
     

 

 

 

Electronic Equipment & Instruments-1.52%

 

  

PAR Technology Corp.(b)(c)

     147,541        4,306,722  
     

 

 

 

Internet Services & Infrastructure-1.92%

 

  

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

     372,367        5,462,624  
     

 

 

 

Semiconductor Materials & Equipment-6.09%

 

  

Axcelis Technologies, Inc.(b)(c)

     76,833        9,796,207  

Onto Innovation, Inc.(b)

     67,034        7,532,611  
     

 

 

 
        17,328,818  
     

 

 

 

Semiconductors-13.37%

     

Broadcom, Inc.

     12,195        10,260,507  

MACOM Technology Solutions Holdings, Inc.(b)

     105,927        7,472,091  

NVIDIA Corp.

     29,719        12,119,408  

ON Semiconductor Corp.(b)

     130,316        8,162,994  
     

 

 

 
        38,015,000  
     

 

 

 

Systems Software-11.67%

     

Microsoft Corp.

     30,521        10,319,455  

Oracle Corp.

     74,202        7,672,487  
         Shares              Value      

Systems Software-(continued)

     

Palo Alto Networks, Inc.(b)

     34,456      $ 8,373,497  

Qualys, Inc.(b)

     44,569        6,816,829  
     

 

 

 
        33,182,268  
     

 

 

 

Technology Hardware, Storage & Peripherals-9.87%

 

  

Apple, Inc.

     109,173        18,643,473  

Dell Technologies, Inc., Class C

     141,100        9,441,001  
     

 

 

 
        28,084,474  
     

 

 

 

Transaction & Payment Processing Services-2.64%

 

  

Affirm Holdings, Inc.(b)(c)

     425,818        7,498,655  
     

 

 

 

Wireless Telecommunication Services-2.95%

 

  

United States Cellular Corp.(b)

     199,802        8,397,678  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $287,126,453)

 

     284,449,091  
     

 

 

 

Money Market Funds-0.11%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $321,703)

     321,703        321,703  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $287,448,156)

 

     284,770,794  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-12.83%

 

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

     10,215,882        10,215,882  

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

     26,272,838        26,275,465  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $36,491,347)

 

     36,491,347  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-112.95%
(Cost $323,939,503)

 

     321,262,141  

OTHER ASSETS LESS LIABILITIES-(12.95)%

 

     (36,830,276
     

 

 

 

NET ASSETS-100.00%.

 

   $ 284,431,865  
     

 

 

 

 

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

 

    17    

 

 

 

 


 

Invesco Dorsey Wright Technology Momentum ETF (PTF)–(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
   Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds: