Invesco Annual Report to Shareholders
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August 31, 2022
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DWAS | Invesco DWA SmallCap Momentum ETF | |||
PSCD | Invesco S&P SmallCap Consumer Discretionary ETF | |||
PSCC | Invesco S&P SmallCap Consumer Staples ETF | |||
PSCE | Invesco S&P SmallCap Energy ETF | |||
PSCF | Invesco S&P SmallCap Financials ETF | |||
PSCH | Invesco S&P SmallCap Health Care ETF | |||
PSCI | Invesco S&P SmallCap Industrials ETF | |||
PSCT | Invesco S&P SmallCap Information Technology ETF | |||
PSCM | Invesco S&P SmallCap Materials ETF | |||
PSCU | Invesco S&P SmallCap Utilities & Communication Services ETF |
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2 |
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Domestic Equity
The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,1 the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.
Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,2 causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.1 To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.
Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.2 The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.1 To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.
As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.3
US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,1 down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23%) for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.4
1 |
Source: US Bureau of Labor Statistics |
2 |
Source: Bloomberg LP |
3 |
Source: US Federal Reserve |
4 |
Source: Lipper Inc. |
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3 |
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DWAS | Management’s Discussion of Fund Performance | |
Invesco DWA SmallCap Momentum ETF (DWAS) |
As an index fund, the Invesco DWA SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® SmallCap Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities of small capitalization companies trading on U.S. exchanges for inclusion in the Index pursuant to a proprietary methodology that is designed to identify securities that demonstrate powerful relative strength (or momentum) characteristics. “Relative strength” is an investing technique that compares the performance of a particular asset to the overall performance of the market. The Index Provider assigns a relative strength score to each eligible security by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index Provider selects securities for inclusion in the Index from an eligible universe of the constituents ranked between 1,001 and 3,000 by market capitalization within the NASDAQ US Benchmark Index. The Index Provider assigns a relative strength score to each eligible security and selects approximately 200 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (12.15)%. On a net asset value (“NAV”) basis, the Fund returned (12.25)%. During the same time period, the Index returned (11.66)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and utilities sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included LSB Industries, Inc., a materials company (no longer held at fiscal year-end), and SM Energy Co., an energy company (portfolio average weight of 1.84%). Positions that detracted most significantly from the Fund’s return included Hovnanian Enterprises, Inc., Class A, a consumer discretionary company (no longer held at fiscal year-end), and Aspen Aerogels Inc, an energy company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
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Energy | 25.57 | |||
Industrials | 18.41 | |||
Financials | 13.12 | |||
Health Care | 12.51 | |||
Consumer Discretionary | 10.91 | |||
Information Technology | 6.34 | |||
Materials | 4.71 | |||
Consumer Staples | 3.54 | |||
Sector Types Each Less Than 3% | 4.80 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.09 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
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Security | ||||
CONSOL Energy, Inc. | 1.84 | |||
SM Energy Co. | 1.66 | |||
Alpha Metallurgical Resources, Inc. | 1.60 | |||
Weatherford International PLC | 1.49 | |||
Permian Resources Corp., Class A | 1.34 | |||
Veritiv Corp. | 1.31 | |||
Clearfield, Inc. | 1.26 | |||
Kinsale Capital Group, Inc. | 1.19 | |||
SilverBow Resources, Inc. | 1.19 | |||
Dillard’s, Inc., Class A | 1.17 | |||
Total | 14.05 |
* |
Excluding money market fund holdings. |
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4 |
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Invesco DWA SmallCap Momentum ETF (DWAS) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Dorsey Wright® SmallCap Technical Leaders Index | (11.66 | )% | 13.57 | % | 46.48 | % | 12.36 | % | 79.11 | % | 12.42 | % | 222.44 | % | 12.61 | % | 232.54 | % | ||||||||||||||||||||||
Russell 2000® Index | (17.88 | ) | 8.59 | 28.05 | 6.95 | 39.92 | 10.01 | 159.54 | 10.04 | 163.16 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (12.25 | ) | 12.96 | 44.12 | 11.74 | 74.19 | 11.78 | 204.49 | 11.97 | 213.87 | ||||||||||||||||||||||||||||||
Market Price Return | (12.15 | ) | 12.96 | 44.14 | 11.75 | 74.27 | 11.76 | 203.99 | 11.96 | 213.57 |
Fund Inception: July 19, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.60% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
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Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
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5 |
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PSCD | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) |
As an index fund, the Invesco S&P SmallCap Consumer Discretionary ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the consumer discretionary sector, as defined by the Global Industry Classification Standard (“GICS®”). These companies are principally engaged in the business of providing consumer goods and services that are cyclical in nature, including, but not limited to, household durables, leisure products and services, apparel and luxury goods, computers and electronics, automobiles and auto components, and hotel and restaurant services. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (27.91)%. On a net asset value (“NAV”) basis, the Fund returned (28.01)%. During the same time period, the Index returned (27.84)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the specialty retail industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the household durables, specialty retail and hotels, restaurants and leisure industries.
For the fiscal year ended August 31, 2022, no industry contributed to the Fund’s return. The specialty retail industry detracted most significantly from the Fund’s return during the
period, followed by the household durables and hotels, restaurants & leisure industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Academy Sports & Outdoors, Inc., a specialty retail company (portfolio average weight of 1.39%) and National Vision Holdings, Inc., a specialty retail company (portfolio average weight of 0.47%). Positions that detracted most significantly from the Fund’s return included Sonos, Inc., a household durables company (portfolio average weight of 1.04%), and Rent-A-Center, Inc., a specialty retail company (portfolio average weight of 1.76%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
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Specialty Retail | 34.85 | |||
Household Durables | 19.91 | |||
Hotels, Restaurants & Leisure | 13.95 | |||
Auto Components | 10.73 | |||
Textiles, Apparel & Luxury Goods | 8.00 | |||
Diversified Consumer Services | 7.20 | |||
Industry Types Each Less Than 3% | 5.26 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
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Security | ||||
Asbury Automotive Group, Inc. | 3.46 | |||
Academy Sports & Outdoors, Inc. | 3.30 | |||
Signet Jewelers Ltd. | 2.78 | |||
Group 1 Automotive, Inc. | 2.66 | |||
LCI Industries | 2.64 | |||
Meritage Homes Corp. | 2.58 | |||
National Vision Holdings, Inc. | 2.43 | |||
Dorman Products, Inc. | 2.30 | |||
Steven Madden Ltd. | 1.96 | |||
Installed Building Products, Inc. | 1.88 | |||
Total | 25.99 |
* |
Excluding money market fund holdings. |
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6 |
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Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Consumer Discretionary Index | (27.84 | )% | 13.43 | % | 45.95 | % | 10.60 | % | 65.53 | % | 11.02 | % | 184.47 | % | 10.84 | % | 258.30 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (28.01 | ) | 13.21 | 45.11 | 10.40 | 64.04 | 10.80 | 178.94 | 10.61 | 248.93 | ||||||||||||||||||||||||||||||
Market Price Return | (27.91 | ) | 13.21 | 45.09 | 10.42 | 64.13 | 10.79 | 178.71 | 10.61 | 249.11 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.
See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
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7 |
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PSCC | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Consumer Staples ETF (PSCC) |
As an index fund, the Invesco S&P SmallCap Consumer Staples ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the consumer staples sector, as defined by the Global Industry Classification Standard (“GICS®”). These companies are principally engaged in the business of providing consumer goods and services that have non-cyclical characteristics, including, but not limited to, tobacco, food and beverage, and non-discretionary retail, such as non-durable household goods and personal products. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 1.62%. On a net asset value (“NAV”) basis, the Fund returned 1.48%. During the same time period, the Index returned 1.70%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the beverages and food products industries, respectively.
For the fiscal year ended August 31, 2022, the beverages industry contributed most significantly to the Fund’s return, followed by the food & staples retailing and food products industries, respectively. The personal products industry detracted
most significantly from the Fund’s return during the period, followed by the household products industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Cal-Maine Foods, Inc., a food products company (portfolio average weight of 3.61%), and Celsius Holdings, Inc., a beverages company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Medifast, Inc., a personal products company (portfolio average weight of 6.18%), and WD-40 Co., a household products company (portfolio average weight of 6.18%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
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Food Products | 41.65 | |||
Personal Products | 17.70 | |||
Food & Staples Retailing | 17.65 | |||
Household Products | 10.58 | |||
Beverages | 6.31 | |||
Tobacco | 6.03 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
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Security | ||||
Hostess Brands, Inc. | 7.59 | |||
Simply Good Foods Co. (The) | 6.39 | |||
TreeHouse Foods, Inc. | 6.18 | |||
WD-40 Co. | 6.12 | |||
United Natural Foods, Inc. | 6.08 | |||
J&J Snack Foods Corp. | 5.28 | |||
Edgewell Personal Care Co. | 4.87 | |||
Cal-Maine Foods, Inc. | 4.76 | |||
elf Beauty, Inc. | 4.33 | |||
PriceSmart, Inc. | 3.61 | |||
Total | 55.21 |
* |
Excluding money market fund holdings. |
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8 |
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Invesco S&P SmallCap Consumer Staples ETF (PSCC) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Consumer Staples Index | 1.70 | % | 14.59 | % | 50.47 | % | 10.37 | % | 63.80 | % | 12.99 | % | 239.29 | % | 13.55 | % | 383.37 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 1.48 | 14.35 | 49.52 | 10.14 | 62.05 | 12.70 | 230.65 | 13.28 | 369.37 | |||||||||||||||||||||||||||||||
Market Price Return | 1.62 | 14.47 | 50.01 | 10.18 | 62.40 | 12.70 | 230.63 | 13.29 | 369.47 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.
See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
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9 |
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PSCE | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Energy ETF (PSCE) |
As an index fund, the Invesco S&P SmallCap Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the energy sector, as defined by the Global Industry Classification Standard (“GICS®”). These companies are principally engaged in the business of producing, distributing or servicing energy related products and equipment, including relating to oil and gas exploration and production, refining, marketing, storage and transportation; and manufacturing equipment and the production and mining of coal, related products and other consumable fuels related to the generation of energy. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 53.18%. On a net asset value (“NAV”) basis, the Fund returned 53.42%. During the same time period, the Index returned 53.93%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, the effects of which were compounded during a time period of high returns.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2022, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the energy equipment & services industry. No industry detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Matador Resources Co., an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Range Resources Corp., an oil, gas & consumable fuels company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Core Laboratories N.V., an energy equipment & services company (portfolio average weight of 2.41%), and DMC Global, Inc., an energy equipment & services company (portfolio average weight of 1.25%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Oil, Gas & Consumable Fuels | 60.68 | |||
Energy Equipment & Services | 38.34 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.98 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
SM Energy Co. | 12.49 | |||
Civitas Resources, Inc. | 11.29 | |||
Helmerich & Payne, Inc. | 10.47 | |||
CONSOL Energy, Inc. | 5.92 | |||
PBF Energy, Inc., Class A | 5.61 | |||
Green Plains, Inc. | 4.82 | |||
Patterson-UTI Energy, Inc. | 4.76 | |||
Callon Petroleum Co. | 4.70 | |||
World Fuel Services Corp. | 4.18 | |||
Nabors Industries Ltd. | 3.01 | |||
Total | 67.25 |
* |
Excluding money market fund holdings. |
|
10 |
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Invesco S&P SmallCap Energy ETF (PSCE) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Energy Index | 53.93 | % | 13.61 | % | 46.65 | % | (3.13 | )% | (14.68 | )% | (10.64 | )% | (67.52 | )% | (6.68 | )% | (57.54 | )% | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 53.42 | 13.33 | 45.54 | (3.40 | ) | (15.89 | ) | (10.86 | ) | (68.34 | ) | (6.93 | ) | (58.96 | ) | |||||||||||||||||||||||||
Market Price Return | 53.18 | 13.27 | 45.33 | (3.42 | ) | (15.96 | ) | (10.88 | ) | (68.39 | ) | (6.92 | ) | (58.90 | ) |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.
See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
11 |
|
PSCF | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Financials ETF (PSCF) |
As an index fund, the Invesco S&P SmallCap Financials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Financials & Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the financials and real estate sectors, as defined by the Global Industry Classification Standard (“GICS®”). These companies, which may include real estate investment trusts (“REITs”), are principally engaged in the business of providing financial services and products, including banking, diversified financials, insurance and REITs and real estate management and development. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.67)%. On a net asset value (“NAV”) basis, the Fund returned (11.81)%. During the same time period, the Index returned (11.60)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the machinery industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the banks industry.
For the fiscal year ended August 31, 2022, the banks industry was the only industry to contribute to the Fund’s return. The equity REITs industry detracted most significantly from the Fund’s return during the period, followed by the consumer finance and insurance industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included BancFirst Corp., a banks company (portfolio average weight of 0.59%), and CVB Financial Corp., a banks company (portfolio average weight of 1.16%). Positions that detracted most significantly from the Fund’s return included Innovative Industrial Properties, Inc., an equity REITS company (portfolio average weight of 1.75%), and Green Dot Corp., Class A, a consumer finance company (portfolio average weight of 0.68%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Banks | 40.12 | |||
Equity REITs | 27.32 | |||
Insurance | 10.16 | |||
Thrifts & Mortgage Finance | 8.45 | |||
Mortgage REITs | 5.22 | |||
Capital Markets | 3.72 | |||
Consumer Finance | 3.13 | |||
Real Estate Management & Development | 1.76 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.12 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
Agree Realty Corp. | 2.44 | |||
ServisFirst Bancshares, Inc. | 1.78 | |||
Independent Bank Corp. | 1.58 | |||
United Community Banks, Inc. | 1.52 | |||
Community Bank System, Inc. | 1.52 | |||
CVB Financial Corp. | 1.50 | |||
First Hawaiian, Inc. | 1.42 | |||
Assured Guaranty Ltd. | 1.41 | |||
Essential Properties Realty Trust, Inc. | 1.36 | |||
Mr. Cooper Group, Inc. | 1.35 | |||
Total | 15.88 |
* |
Excluding money market fund holdings. |
|
12 |
|
Invesco S&P SmallCap Financials ETF (PSCF) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Financials & Real Estate Index | (11.60 | )% | 2.47 | % | 7.60 | % | 3.90 | % | 21.06 | % | 8.69 | % | 130.13 | % | 8.87 | % | 186.85 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (11.81 | ) | 2.28 | 6.99 | 3.69 | 19.84 | 8.43 | 124.74 | 8.60 | 177.95 | ||||||||||||||||||||||||||||||
Market Price Return | (11.67 | ) | 2.34 | 7.19 | 3.70 | 19.92 | 8.43 | 124.73 | 8.60 | 177.94 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.
See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
13 |
|
PSCH | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Health Care ETF (PSCH) |
As an index fund, the Invesco S&P SmallCap Health Care ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the health care sector, as defined by the Global Industry Classification Standard (“GICS®”). These companies are principally engaged in the business of providing healthcare-related products, facilities, equipment and services, including in areas such as biotechnology, pharmaceuticals, life sciences, medical technology and supplies. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (26.24)%. On a net asset value (“NAV”) basis, the Fund returned (26.41)%. During the same time period, the Index returned (26.41)%. During the fiscal year, the Fund fully replicated the components of the Index. The fees and operating expenses that the Fund incurred during the period were offset by proceeds from the securities lending program in which the Fund participates and the contribution of the Fund being underweight a single security relative to the Index due to holdings restrictions enacted on the Fund, such that the Fund’s performance, on a NAV basis, matched the return of the Index.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the health care providers & services industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the health care providers & services, biotechnology and life sciences tools & services industries, respectively.
For the fiscal year ended August 31, 2022, no industry contributed to the Fund’s return. The health care providers & services industry detracted most significantly from the Fund’s
return during the period, followed by the health care equipment & supplies and biotechnology industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Lantheus Holdings, Inc., a health care equipment & supplies company (portfolio average weight of 2.75%), and Cytokinetics, Inc., a biotechnology company (portfolio average weight of 2.81%). Positions that detracted most significantly from the Fund’s return included NeoGenomics, Inc., a life sciences tools & services company (portfolio average weight of 2.35%), and Omnicell, Inc., a health care equipment & supplies company (no longer held at fiscal year-end).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Health Care Providers & Services | 29.65 | |||
Health Care Equipment & Supplies | 27.75 | |||
Biotechnology | 22.78 | |||
Pharmaceuticals | 13.80 | |||
Health Care Technology | 4.83 | |||
Life Sciences Tools & Services | 1.18 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
Lantheus Holdings, Inc. | 5.07 | |||
AMN Healthcare Services, Inc. | 4.30 | |||
Cytokinetics, Inc. | 4.25 | |||
Ensign Group, Inc. (The) | 4.21 | |||
Merit Medical Systems, Inc. | 2.83 | |||
Select Medical Holdings Corp. | 2.48 | |||
CONMED Corp. | 2.45 | |||
Prestige Consumer Healthcare, Inc. | 2.38 | |||
Corcept Therapeutics, Inc. | 2.32 | |||
Pacira BioSciences, Inc. | 2.24 | |||
Total | 32.53 |
* |
Excluding money market fund holdings. |
|
14 |
|
Invesco S&P SmallCap Health Care ETF (PSCH) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Health Care Index | (26.41 | )% | 7.22 | % | 23.26 | % | 10.07 | % | 61.53 | % | 15.16 | % | 310.28 | % | 15.61 | % | 504.05 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (26.41 | ) | 7.02 | 22.59 | 9.84 | 59.87 | 14.88 | 300.35 | 15.32 | 485.49 | ||||||||||||||||||||||||||||||
Market Price Return | (26.24 | ) | 7.04 | 22.65 | 9.84 | 59.92 | 14.87 | 300.00 | 15.33 | 486.09 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares.
See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
15 |
|
PSCI | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Industrials ETF (PSCI) |
As an index fund, the Invesco S&P SmallCap Industrials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the industrials sector, as defined by the Global Industry Classification Standard (“GICS®”). These companies are principally engaged in the business of producing capital goods, such as manufacturing aerospace and defense products, building products, electrical equipment, and machinery; providing commercial and professional services; and transportation such as railroads, air freight and logistics, airlines, and trucking. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (7.43)%. On a net asset value (“NAV”) basis, the Fund returned (7.52)%. During the same time period, the Index returned (7.24)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocations to the trading companies & distributors, air freight & logistics and construction & engineering industries, respectively.
For the fiscal year ended August 31, 2022, the air freight & logistics industry contributed most significantly to the Fund’s return, followed by the trading companies & distributors and construction & engineering industries, respectively. The commercial services & supplies industry detracted most
significantly from the Fund’s return during the period, followed by the machinery and airlines industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Mueller Industries, Inc., a machinery company (portfolio average weight of 1.95%), and Meritor, Inc., a machinery company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Resideo Technologies, Inc., a building products company (portfolio average weight of 2.15%), and Allegiant Travel Co., an airlines company (portfolio average weight of 1.47%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Machinery | 26.95 | |||
Commercial Services & Supplies | 12.60 | |||
Building Products | 12.07 | |||
Professional Services | 9.35 | |||
Trading Companies & Distributors | 8.27 | |||
Aerospace & Defense | 7.65 | |||
Construction & Engineering | 7.57 | |||
Air Freight & Logistics | 5.44 | |||
Industry Types Each Less Than 3% | 10.01 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.09 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
UFP Industries, Inc. | 3.41 | |||
Exponent, Inc. | 3.33 | |||
Applied Industrial Technologies, Inc. | 2.79 | |||
Comfort Systems USA, Inc. | 2.47 | |||
Mueller Industries, Inc. | 2.46 | |||
Franklin Electric Co., Inc. | 2.31 | |||
Korn Ferry | 2.25 | |||
John Bean Technologies Corp. | 2.25 | |||
Aerojet Rocketdyne Holdings, Inc. | 2.21 | |||
ABM Industries, Inc. | 2.12 | |||
Total | 25.60 |
* |
Excluding money market fund holdings. |
|
16 |
|
Invesco S&P SmallCap Industrials ETF (PSCI) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Industrials Index | (7.24 | )% | 11.76 | % | 39.60 | % | 10.64 | % | 65.78 | % | 12.82 | % | 234.14 | % | 11.69 | % | 293.78 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (7.52 | ) | 11.46 | 38.46 | 10.32 | 63.41 | 12.51 | 225.12 | 11.38 | 280.28 | ||||||||||||||||||||||||||||||
Market Price Return | (7.43 | ) | 11.43 | 38.35 | 10.34 | 63.53 | 12.50 | 224.70 | 11.38 | 280.41 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
17 |
|
PSCT | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Information Technology ETF (PSCT) |
As an index fund, the Invesco S&P SmallCap Information Technology ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the information technology sector, as defined by the Global Industry Classification Standard (“GICS®”). These companies are principally engaged in the business of providing information technology-related products and services, including, but not limited to, developing and producing software; manufacturing communication equipment and products, and electronic equipment and instruments; providing commercial electronic data processing; and manufacturing semiconductors and related products. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (16.79)%. On a net asset value (“NAV”) basis, the Fund returned (16.87)%. During the same time period, the Index returned (16.65)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the electronic equipment, instruments & components industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the semiconductors & semiconductor equipment and software industries, respectively.
For the fiscal year ended August 31, 2022, the communications equipment industry was the only industry to contribute to the Fund’s return. The semiconductors & semiconductor equipment industry detracted most significantly from the Fund’s return during the period, followed by the software and technology hardware storage & peripherals industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Vonage Holdings Corp., a diversified telecommunication services company (no longer held at fiscal year-end), and ExlService Holdings, Inc., an IT services company (portfolio average weight of 3.49%). Positions that detracted most significantly from the Fund’s return included LivePerson, Inc., a software company (portfolio average weight of 1.50%), and 3D Systems Corp., a technology hardware, storage & peripherals company (portfolio average weight of 1.69%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Electronic Equipment, Instruments & Components | 31.66 | |||
Semiconductors & Semiconductor Equipment | 23.68 | |||
Software | 18.34 | |||
Communications Equipment | 11.95 | |||
IT Services | 11.77 | |||
Technology Hardware, Storage & Peripherals | 2.60 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.00 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
ExlService Holdings, Inc. | 4.74 | |||
Rogers Corp. | 3.98 | |||
SPS Commerce, Inc. | 3.74 | |||
Fabrinet | 3.21 | |||
Onto Innovation, Inc. | 2.98 | |||
Advanced Energy Industries, Inc. | 2.86 | |||
Diodes, Inc. | 2.73 | |||
Viavi Solutions, Inc. | 2.72 | |||
Insight Enterprises, Inc. | 2.71 | |||
Alarm.com Holdings, Inc. | 2.60 | |||
Total | 32.27 |
* |
Excluding money market fund holdings. |
|
18 |
|
Invesco S&P SmallCap Information Technology ETF (PSCT) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Information Technology Index | (16.65 | )% | 14.17 | % | 48.83 | % | 10.97 | % | 68.27 | % | 15.66 | % | 328.53 | % | 14.06 | % | 411.06 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (16.87 | ) | 13.86 | 47.61 | 10.69 | 66.16 | 15.35 | 317.20 | 13.75 | 393.85 | ||||||||||||||||||||||||||||||
Market Price Return | (16.79 | ) | 13.93 | 47.88 | 10.74 | 66.52 | 15.35 | 317.20 | 13.76 | 394.53 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
19 |
|
PSCM | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Materials ETF (PSCM) |
As an index fund, the Invesco S&P SmallCap Materials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the basic materials sector, as defined by the Global Industry Classification Standard (“GICS®”). These companies are principally engaged in the business of producing raw materials, including producing and manufacturing chemical products; manufacturing construction materials, containers, and packaging; mining metals and the production of related products; and manufacturing paper and forest products. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (3.60)%. On a net asset value (“NAV”) basis, the Fund returned (3.69)%. During the same time period, the Index returned (3.55)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the chemicals and metals & mining industries, respectively.
For the fiscal year ended August 31, 2022, no industry contributed to the Fund’s return. The chemicals industry detracted most significantly from the Fund’s return during the period, followed by the containers & packaging and paper & forest products industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included ATI Inc., a metals & mining company (portfolio average weight of 5.37%), and Livent Corp., a chemicals company (portfolio average weight of 7.74%). Positions that detracted most significantly from the Fund’s return included Quaker Chemical Corp., a chemicals company (portfolio average weight of 4.99%), and Trinseo PLC, a chemicals company (portfolio average weight of 3.49%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Chemicals | 54.87 | |||
Metals & Mining | 33.13 | |||
Paper & Forest Products | 6.41 | |||
Containers & Packaging | 5.54 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.05 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
Livent Corp. | 10.54 | |||
Balchem Corp. | 8.57 | |||
ATI, Inc. | 7.52 | |||
H.B. Fuller Co. | 6.97 | |||
Arconic Corp. | 5.40 | |||
Quaker Chemical Corp. | 4.77 | |||
Stepan Co. | 4.51 | |||
Innospec, Inc. | 4.40 | |||
O-I Glass, Inc. | 4.12 | |||
Materion Corp. | 3.61 | |||
Total | 60.41 |
* |
Excluding money market fund holdings. |
|
20 |
|
Invesco S&P SmallCap Materials ETF (PSCM) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Materials Index | (3.55 | )% | 17.19 | % | 60.93 | % | 8.13 | % | 47.82 | % | 9.59 | % | 149.87 | % | 8.82 | % | 185.21 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (3.69 | ) | 17.05 | 60.37 | 7.96 | 46.67 | 9.34 | 144.16 | 8.56 | 176.94 | ||||||||||||||||||||||||||||||
Market Price Return | (3.60 | ) | 17.05 | 60.36 | 8.01 | 46.97 | 9.31 | 143.61 | 8.56 | 176.80 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
21 |
|
PSCU | Management’s Discussion of Fund Performance | |
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) |
As an index fund, the Invesco S&P SmallCap Utilities & Communication Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Utilities & Communication Services Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the utilities and communication services sectors, as defined by the Global Industry Classification Standard (“GICS®”). The utilities companies are principally engaged in providing either energy, water, electric or natural gas utilities. These companies may include companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater. The communication services sector includes companies that facilitate communication or offer related content and information through various types of media and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media and services. The Index selects constituents from the S&P SmallCap 600® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.23)%. On a net asset value (“NAV”) basis, the Fund returned (11.42)%. During the same time period, the Index returned (11.21)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.
During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
Relative to the Benchmark Index, the Fund was most overweight in the water utilities industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark
Index during the period can be attributed to the Fund’s overweight allocations to the gas utilities and multi-utilities industries, respectively.
For the fiscal year ended August 31, 2022, the gas utilities industry contributed most significantly to the Fund’s return, followed by the multi-utilities industry. The media industry detracted most significantly from the Fund’s return during the period, followed by the wireless telecommunication services and diversified telecommunication services industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included South Jersey Industries, Inc., a gas utilities company (portfolio average weight of 8.99%), and Meredith Corp., a media company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Loyalty Ventures, Inc., a media company (no longer held at fiscal year-end), and AMC Networks, Inc., Class A, a media company (portfolio average weight of 3.39%).
Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Water Utilities | 20.22 | |||
Gas Utilities | 18.76 | |||
Media | 14.86 | |||
Interactive Media & Services | 12.57 | |||
Wireless Telecommunication Services | 10.30 | |||
Multi-Utilities | 9.84 | |||
Diversified Telecommunication Services | 8.37 | |||
Entertainment | 4.94 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.14 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
South Jersey Industries, Inc. | 10.62 | |||
California Water Service Group | 8.06 | |||
American States Water Co. | 7.86 | |||
Avista Corp. | 7.54 | |||
Cogent Communications Holdings, Inc. | 5.82 | |||
Yelp, Inc. | 5.06 | |||
Telephone & Data Systems, Inc. | 4.43 | |||
Middlesex Water Co. | 4.30 | |||
Chesapeake Utilities Corp. | 4.28 | |||
TechTarget, Inc. | 4.28 | |||
Total | 62.25 |
* |
Excluding money market fund holdings. |
|
22 |
|
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600® Capped Utilities & Communication Services Index | (11.21 | )% | 5.58 | % | 17.68 | % | 3.82 | % | 20.61 | % | 9.98 | % | 158.99 | % | 10.35 | % | 239.17 | % | ||||||||||||||||||||||
S&P SmallCap 600® Index | (12.12 | ) | 10.40 | 34.56 | 8.65 | 51.40 | 11.50 | 196.93 | 11.29 | 276.48 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (11.42 | ) | 5.28 | 16.70 | 3.60 | 19.34 | 9.71 | 152.63 | 10.07 | 228.48 | ||||||||||||||||||||||||||||||
Market Price Return | (11.23 | ) | 5.32 | 16.83 | 3.60 | 19.32 | 9.69 | 152.25 | 10.07 | 228.52 |
Fund Inception: April 7, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
23 |
|
Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.
The Report stated, in relevant part, that during the Program Reporting Period:
● |
The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
● |
Each Fund’s investment strategy remained appropriate for an open-end fund; |
● |
Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
● |
The Funds did not breach the 15% limit on Illiquid Investments; and |
● |
The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
24 | ||||
|
| |||
Invesco DWA SmallCap Momentum ETF (DWAS)
August 31, 2022
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.91% |
| |||||||
Communication Services-2.87% |
||||||||
DHI Group, Inc.(b) |
288,953 | $ | 1,473,660 | |||||
Gogo, Inc.(b)(c) |
82,032 | 1,218,996 | ||||||
Iridium Communications, Inc.(b) |
51,318 | 2,278,006 | ||||||
Playstudios, Inc.(b)(c) |
223,978 | 810,800 | ||||||
Radius Global Infrastructure, Inc., |
89,643 | 1,234,384 | ||||||
Stagwell, Inc.(b)(c) |
320,797 | 2,175,004 | ||||||
TechTarget, Inc.(b)(c) |
30,933 | 2,007,552 | ||||||
|
|
|||||||
11,198,402 | ||||||||
|
|
|||||||
Consumer Discretionary-10.91% |
||||||||
Academy Sports & Outdoors, Inc.(c) |
38,257 | 1,648,112 | ||||||
Adient PLC(b)(c) |
45,196 | 1,500,507 | ||||||
Asbury Automotive Group, Inc.(b)(c) |
8,558 | 1,493,200 | ||||||
Bluegreen Vacations Holding Corp. |
59,262 | 1,235,020 | ||||||
Build-A-Bear Workshop, Inc.(c) |
257,843 | 3,950,155 | ||||||
Chico’s FAS, Inc.(b)(c) |
489,278 | 2,779,099 | ||||||
Dave & Buster’s Entertainment, Inc.(b) |
57,453 | 2,375,107 | ||||||
Designer Brands, Inc., Class A(c) |
104,386 | 1,780,825 | ||||||
Dillard’s, Inc., Class A(c) |
15,356 | 4,549,061 | ||||||
Dine Brands Global, Inc.(c) |
21,519 | 1,433,165 | ||||||
Funko, Inc., Class A(b)(c) |
96,226 | 2,142,953 | ||||||
Genesco, Inc.(b) |
30,094 | 1,702,718 | ||||||
Golden Entertainment, Inc.(b)(c) |
79,407 | 3,038,112 | ||||||
Group 1 Automotive, Inc. |
8,979 | 1,603,560 | ||||||
H&R Block, Inc. |
40,800 | 1,836,000 | ||||||
MasterCraft Boat Holdings, Inc.(b) |
66,204 | 1,594,854 | ||||||
Modine Manufacturing Co.(b) |
127,090 | 1,903,808 | ||||||
Movado Group, Inc. |
46,685 | 1,488,785 | ||||||
Oxford Industries, Inc.(c) |
14,982 | 1,599,029 | ||||||
Playa Hotels & Resorts N.V.(b) |
209,394 | 1,373,625 | ||||||
Vista Outdoor, Inc.(b)(c) |
54,830 | 1,541,820 | ||||||
|
|
|||||||
42,569,515 | ||||||||
|
|
|||||||
Consumer Staples-3.54% |
||||||||
Chefs’ Warehouse, Inc. (The)(b) |
41,670 | 1,389,278 | ||||||
Coca-Cola Consolidated, Inc. |
2,672 | 1,267,410 | ||||||
elf Beauty, Inc.(b) |
51,872 | 1,977,879 | ||||||
Grocery Outlet Holding Corp.(b)(c) |
33,222 | 1,332,867 | ||||||
Ingles Markets, Inc., Class A |
15,575 | 1,363,280 | ||||||
MGP Ingredients, Inc. |
15,740 | 1,722,900 | ||||||
National Beverage Corp.(c) |
29,979 | 1,662,635 | ||||||
SpartanNash Co. |
45,050 | 1,370,871 | ||||||
United Natural Foods, Inc.(b)(c) |
38,575 | 1,700,386 | ||||||
|
|
|||||||
13,787,506 | ||||||||
|
|
|||||||
Energy-25.57% |
||||||||
Antero Midstream Corp. |
163,876 | 1,650,231 | ||||||
Arch Resources, Inc. |
18,839 | 2,742,582 | ||||||
Archrock, Inc.(c) |
163,515 | 1,208,376 | ||||||
Berry Corp.(c) |
174,659 | 1,598,130 | ||||||
Brigham Minerals, Inc., Class A |
52,163 | 1,551,849 | ||||||
California Resources Corp. |
40,954 | 2,046,062 | ||||||
Callon Petroleum Co.(b)(c) |
28,202 | 1,200,277 | ||||||
ChampionX Corp.(c) |
64,719 | 1,411,521 | ||||||
Chord Energy Corp. |
15,910 | 2,252,060 | ||||||
Civitas Resources, Inc.(c) |
28,264 | 1,899,058 | ||||||
Comstock Resources, Inc.(b)(c) |
129,002 | 2,528,439 |
Shares | Value | |||||||
Energy-(continued) |
||||||||
CONSOL Energy, Inc. |
100,151 | $ | 7,188,839 | |||||
CVR Energy, Inc. |
50,060 | 1,634,960 | ||||||
Delek US Holdings, Inc.(c) |
49,894 | 1,409,505 | ||||||
Denbury, Inc.(b)(c) |
27,221 | 2,420,764 | ||||||
Earthstone Energy, Inc., Class A(b)(c) |
202,017 | 3,070,658 | ||||||
Evolution Petroleum Corp. |
229,811 | 1,594,888 | ||||||
Green Plains, Inc.(b)(c) |
72,525 | 2,656,591 | ||||||
Helmerich & Payne, Inc. |
34,603 | 1,479,278 | ||||||
Kinetik Holdings, Inc., Class A(c) |
97,862 | 3,608,172 | ||||||
Kosmos Energy Ltd. (Ghana)(b)(c) |
300,245 | 2,122,732 | ||||||
Magnolia Oil & Gas Corp., Class A(c) |
121,801 | 2,907,390 | ||||||
NACCO Industries, Inc., Class A |
32,111 | 1,444,032 | ||||||
NexTier Oilfield Solutions, Inc.(b) |
229,932 | 2,154,463 | ||||||
Noble Corp.(b) |
44,333 | 1,345,507 | ||||||
Patterson-UTI Energy, Inc. |
160,962 | 2,398,334 | ||||||
PBF Energy, Inc., Class A(b) |
79,909 | 2,729,691 | ||||||
Peabody Energy Corp.(b)(c) |
66,964 | 1,651,332 | ||||||
Permian Resources Corp., Class A(b)(c) |
635,256 | 5,228,157 | ||||||
ProPetro Holding Corp.(b) |
126,095 | 1,155,030 | ||||||
Ranger Oil Corp., Class A(c) |
66,238 | 2,582,620 | ||||||
Riley Exploration Permian, Inc. |
49,768 | 1,251,168 | ||||||
Select Energy Services, Inc., Class A(b) |
175,853 | 1,250,315 | ||||||
SilverBow Resources, Inc.(b) |
116,354 | 4,626,235 | ||||||
Sitio Royalties Corp.(c) |
59,257 | 1,507,498 | ||||||
SM Energy Co.(c) |
146,522 | 6,457,225 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A |
114,589 | 1,226,102 | ||||||
Talos Energy, Inc.(b) |
74,268 | 1,539,576 | ||||||
Tidewater, Inc.(b)(c) |
62,138 | 1,376,978 | ||||||
VAALCO Energy, Inc. |
461,211 | 2,310,667 | ||||||
Valaris Ltd.(b)(c) |
29,833 | 1,520,886 | ||||||
Weatherford International PLC(b)(c) |
206,380 | 5,807,533 | ||||||
|
|
|||||||
99,745,711 | ||||||||
|
|
|||||||
Financials-13.12% |
||||||||
A-Mark Precious Metals, Inc.(c) |
115,440 | 3,568,250 | ||||||
Amerant Bancorp, Inc.(c) |
49,277 | 1,290,565 | ||||||
Assured Guaranty Ltd. |
25,174 | 1,285,636 | ||||||
BancFirst Corp.(c) |
14,532 | 1,567,422 | ||||||
BCB Bancorp, Inc. |
76,460 | 1,376,280 | ||||||
Coastal Financial Corp.(b)(c) |
37,286 | 1,498,897 | ||||||
Cowen, Inc., Class A |
57,143 | 2,197,148 | ||||||
Ellington Financial, Inc. |
97,101 | 1,425,443 | ||||||
Encore Capital Group, Inc.(b)(c) |
23,576 | 1,289,136 | ||||||
Esquire Financial Holdings, Inc. |
39,932 | 1,492,658 | ||||||
Farmers & Merchants Bancorp, Inc.(c) |
37,524 | 1,071,686 | ||||||
First Bancorp |
102,205 | 1,461,532 | ||||||
First Business Financial Services, Inc. |
41,318 | 1,375,063 | ||||||
First Internet Bancorp |
36,585 | 1,341,572 | ||||||
First Merchants Corp. |
37,693 | 1,500,935 | ||||||
Greene County Bancorp, Inc. |
28,897 | 1,537,320 | ||||||
Hancock Whitney Corp. |
30,696 | 1,480,468 | ||||||
Kinsale Capital Group, Inc.(c) |
18,344 | 4,651,672 | ||||||
LendingClub Corp.(b) |
109,429 | 1,430,237 | ||||||
MVB Financial Corp. |
42,527 | 1,360,014 | ||||||
Nexpoint Real Estate Finance, Inc. |
65,977 | 1,353,848 | ||||||
Northeast Bank(c) |
40,689 | 1,577,513 | ||||||
OFG Bancorp |
59,037 | 1,605,806 | ||||||
Premier Financial Corp.(c) |
52,608 | 1,421,468 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)
August 31, 2022
Shares | Value | |||||||
Financials-(continued) |
||||||||
RLI Corp. |
24,786 | $ | 2,720,511 | |||||
Seacoast Banking Corp. of Florida(c) |
40,951 | 1,323,536 | ||||||
Selective Insurance Group, Inc. |
17,390 | 1,381,114 | ||||||
ServisFirst Bancshares, Inc. |
17,803 | 1,501,861 | ||||||
Stock Yards Bancorp, Inc.(c) |
22,570 | 1,495,488 | ||||||
United Fire Group, Inc. |
39,696 | 1,168,253 | ||||||
Unity Bancorp, Inc. |
50,464 | 1,414,506 | ||||||
|
|
|||||||
51,165,838 | ||||||||
|
|
|||||||
Health Care-12.51% |
||||||||
Acadia Healthcare Co., Inc.(b) |
25,277 | 2,070,945 | ||||||
Catalyst Pharmaceuticals, Inc.(b)(c) |
210,588 | 2,851,361 | ||||||
Chinook Therapeutics, Inc.(b)(c) |
72,792 | 1,514,074 | ||||||
Cogent Biosciences, Inc.(b) |
146,003 | 2,407,589 | ||||||
Cross Country Healthcare, Inc.(b)(c) |
76,676 | 1,946,037 | ||||||
CTI BioPharma Corp.(b)(c) |
402,487 | 2,527,618 | ||||||
Cytokinetics, Inc.(b)(c) |
33,558 | 1,777,232 | ||||||
Day One Biopharmaceuticals, Inc.(b)(c) |
93,801 | 2,203,385 | ||||||
Deciphera Pharmaceuticals, Inc.(b) |
109,631 | 1,779,311 | ||||||
EQRx, Inc.(b) |
266,027 | 1,300,872 | ||||||
Evolent Health, Inc., Class A(b)(c) |
73,345 | 2,695,429 | ||||||
Evolus, Inc.(b)(c) |
122,602 | 1,178,205 | ||||||
Harmony Biosciences Holdings, Inc.(b)(c) |
29,832 | 1,309,923 | ||||||
Intra-Cellular Therapies, Inc.(b) |
26,199 | 1,316,762 | ||||||
Lantheus Holdings, Inc.(b) |
39,704 | 3,128,675 | ||||||
Meridian Bioscience, Inc.(b) |
47,007 | 1,531,958 | ||||||
Merit Medical Systems, Inc.(b) |
26,190 | 1,551,234 | ||||||
Multiplan Corp.(b)(c) |
249,452 | 878,071 | ||||||
Option Care Health, Inc.(b) |
52,088 | 1,612,644 | ||||||
Point Biopharma Global, Inc.(b)(c) |
168,107 | 1,639,043 | ||||||
PROCEPT BioRobotics Corp.(b)(c) |
39,244 | 1,588,597 | ||||||
SIGA Technologies, Inc.(c) |
117,819 | 1,776,711 | ||||||
TransMedics Group, Inc.(b) |
49,056 | 2,552,384 | ||||||
Tricida, Inc.(b)(c) |
178,269 | 2,231,928 | ||||||
UFP Technologies, Inc.(b)(c) |
18,820 | 1,750,072 | ||||||
Y-mAbs Therapeutics, Inc.(b)(c) |
104,885 | 1,686,551 | ||||||
|
|
|||||||
48,806,611 | ||||||||
|
|
|||||||
Industrials-18.41% |
||||||||
AAR Corp.(b) |
33,619 | 1,441,583 | ||||||
Albany International Corp., Class A |
17,434 | 1,537,504 | ||||||
ArcBest Corp. |
21,978 | 1,769,888 | ||||||
Array Technologies, Inc.(b) |
108,278 | 2,263,010 | ||||||
Beacon Roofing Supply, Inc.(b)(c) |
27,537 | 1,512,057 | ||||||
Boise Cascade Co. |
21,628 | 1,348,073 | ||||||
CBIZ, Inc.(b) |
45,384 | 1,981,465 | ||||||
Chart Industries, Inc.(b)(c) |
18,022 | 3,493,745 | ||||||
CoreCivic, Inc.(b) |
122,753 | 1,169,836 | ||||||
Covenant Logistics Group, Inc., Class A |
61,467 | 1,728,452 | ||||||
CRA International, Inc. |
16,248 | 1,485,230 | ||||||
CSW Industrials, Inc. |
14,006 | 1,773,160 | ||||||
Eagle Bulk Shipping, Inc.(c) |
23,842 | 1,035,696 | ||||||
Encore Wire Corp.(c) |
12,716 | 1,654,352 | ||||||
Energy Recovery, Inc.(b)(c) |
71,786 | 1,646,771 | ||||||
Federal Signal Corp. |
39,015 | 1,555,528 | ||||||
Fluor Corp.(b)(c) |
54,856 | 1,450,393 | ||||||
Genco Shipping & Trading Ltd. |
84,508 | 1,158,605 | ||||||
GMS, Inc.(b) |
34,308 | 1,653,646 | ||||||
Hudson Technologies, Inc.(b) |
472,454 | 3,921,368 | ||||||
ICF International, Inc. |
14,790 | 1,502,072 | ||||||
Kadant, Inc.(c) |
13,623 | 2,444,375 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
McGrath RentCorp. |
18,068 | $ | 1,527,107 | |||||
MRC Global, Inc.(b) |
139,868 | 1,360,916 | ||||||
NOW, Inc.(b) |
138,912 | 1,683,613 | ||||||
NV5 Global, Inc.(b)(c) |
12,587 | 1,771,746 | ||||||
PAM Transportation Services, Inc.(b) |
60,047 | 1,783,996 | ||||||
Resideo Technologies, Inc.(b) |
82,489 | 1,717,421 | ||||||
Rush Enterprises, Inc., Class A |
28,761 | 1,353,493 | ||||||
Shoals Technologies Group, Inc., |
72,207 | 1,904,099 | ||||||
SPX Technologies, Inc.(b)(c) |
38,499 | 2,196,753 | ||||||
Sterling Infrastructure, Inc.(b) |
61,305 | 1,550,403 | ||||||
Titan International, Inc.(b) |
272,182 | 3,818,713 | ||||||
Triton International Ltd. (Bermuda) |
27,674 | 1,649,094 | ||||||
Univar Solutions, Inc.(b) |
51,581 | 1,300,873 | ||||||
USA Truck, Inc.(b) |
113,182 | 3,549,388 | ||||||
Veritiv Corp.(b) |
43,007 | 5,126,004 | ||||||
|
|
|||||||
71,820,428 | ||||||||
|
|
|||||||
Information Technology-6.34% |
||||||||
A10 Networks, Inc. |
95,680 | 1,329,952 | ||||||
ADTRAN Holdings, Inc. |
73,869 | 1,716,715 | ||||||
Avid Technology, Inc.(b) |
68,085 | 1,862,125 | ||||||
Badger Meter, Inc. |
17,828 | 1,688,133 | ||||||
Clearfield, Inc.(b)(c) |
42,302 | 4,911,685 | ||||||
Cyxtera Technologies, Inc.(b)(c) |
93,576 | 593,272 | ||||||
Digi International, Inc.(b) |
59,104 | 1,956,933 | ||||||
DZS, Inc.(b)(c) |
79,953 | 1,064,174 | ||||||
ExlService Holdings, Inc.(b) |
9,866 | 1,654,627 | ||||||
Impinj, Inc.(b)(c) |
26,957 | 2,406,721 | ||||||
Insight Enterprises, Inc.(b)(c) |
16,855 | 1,535,828 | ||||||
Onto Innovation, Inc.(b) |
25,437 | 1,805,773 | ||||||
PFSweb, Inc.(b) |
112,841 | 1,067,476 | ||||||
Photronics, Inc.(b) |
66,792 | 1,122,106 | ||||||
|
|
|||||||
24,715,520 | ||||||||
|
|
|||||||
Materials-4.71% |
||||||||
Alpha Metallurgical Resources, Inc. |
39,705 | 6,239,641 | ||||||
ATI, Inc.(b)(c) |
60,706 | 1,816,931 | ||||||
Avient Corp. |
33,242 | 1,456,997 | ||||||
Commercial Metals Co. |
37,343 | 1,512,765 | ||||||
Ramaco Resources, Inc. |
216,649 | 2,283,480 | ||||||
SunCoke Energy, Inc. |
195,411 | 1,287,759 | ||||||
TimkenSteel Corp.(b) |
159,921 | 2,453,188 | ||||||
Warrior Met Coal, Inc. |
40,868 | 1,330,253 | ||||||
|
|
|||||||
18,381,014 | ||||||||
|
|
|||||||
Real Estate-1.07% |
||||||||
Farmland Partners, Inc.(c) |
95,882 | 1,391,248 | ||||||
Independence Realty Trust, Inc. |
66,326 | 1,290,041 | ||||||
Tanger Factory Outlet Centers, Inc.(c) |
97,048 | 1,496,480 | ||||||
|
|
|||||||
4,177,769 | ||||||||
|
|
|||||||
Utilities-0.86% |
||||||||
Middlesex Water Co. |
17,399 | 1,544,509 | ||||||
Montauk Renewables, Inc.(b)(c) |
102,592 | 1,821,008 | ||||||
|
|
|||||||
3,365,517 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
389,733,831 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco DWA SmallCap Momentum ETF (DWAS)–(continued)
August 31, 2022
Shares | Value | |||||||
Money Market Funds-0.05% |
||||||||
Invesco Government & Agency
Portfolio, Institutional Class, 2.22%(d)(e) |
202,856 | $ | 202,856 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
389,936,687 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-24.12% |
||||||||
Invesco Private Government Fund, |
25,614,890 | 25,614,890 |
Shares | Value | |||||||
Money Market Funds-(continued) |
||||||||
Invesco Private Prime Fund, |
68,437,358 | $ | 68,444,203 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
94,059,093 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-124.08% |
|
483,995,780 | ||||||
OTHER ASSETS LESS LIABILITIES-(24.08)% |
|
(93,915,674 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 390,080,106 | |||||
|
|
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 August 31, 2022. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized (Loss) |
Value August 31, 2022 |
Dividend |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 11,980,373 | $ | (11,777,517 | ) | $ | - | $ | - | $ | 202,856 | $ | 687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 27,265,424 | 182,610,206 | (184,260,740 | ) | - | - | 25,614,890 | 140,999 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 64,045,154 | 365,059,957 | (360,641,590 | ) | 4,488 | (23,806 | ) | 68,444,203 | 411,602 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 91,310,578 | $ | 559,650,536 | $ | (556,679,847 | ) | $ | 4,488 | $ | (23,806 | ) | $ | 94,261,949 | $ | 553,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Auto Components-10.73% |
||||||||
American Axle & Manufacturing Holdings, Inc.(b)(c) |
25,760 | $ | 266,616 | |||||
Dorman Products, Inc.(b) |
6,369 | 577,350 | ||||||
Gentherm, Inc.(b)(c) |
7,456 | 446,614 | ||||||
LCI Industries |
5,719 | 662,661 | ||||||
Motorcar Parts of America, Inc.(b)(c) |
4,297 | 63,853 | ||||||
Patrick Industries, Inc. |
4,917 | 260,454 | ||||||
Standard Motor Products, Inc. |
4,273 | 156,819 | ||||||
XPEL, Inc.(b)(c)(d) |
3,728 | 255,480 | ||||||
|
|
|||||||
2,689,847 | ||||||||
|
|
|||||||
Automobiles-1.69% |
||||||||
Winnebago Industries, Inc. |
7,375 | 424,653 | ||||||
|
|
|||||||
Diversified Consumer Services-7.20% |
||||||||
Adtalem Global Education, Inc.(b) |
10,157 | 382,817 | ||||||
American Public Education, Inc.(b)(c) |
4,242 | 43,820 | ||||||
frontdoor, inc.(b)(c) |
18,508 | 434,568 | ||||||
Perdoceo Education Corp.(b)(c) |
15,476 | 179,212 | ||||||
Strategic Education, Inc. |
5,165 | 334,175 | ||||||
Stride, Inc.(b)(c) |
9,620 | 366,907 | ||||||
WW International, Inc.(b) |
12,026 | 62,776 | ||||||
|
|
|||||||
1,804,275 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-13.95% |
||||||||
BJ’s Restaurants, Inc.(b) |
5,274 | 132,272 | ||||||
Bloomin’ Brands, Inc.(c) |
18,162 | 367,236 | ||||||
Brinker International, Inc.(b) |
9,864 | 241,767 | ||||||
Cheesecake Factory, Inc. (The)(c) |
11,046 | 338,229 | ||||||
Chuy’s Holdings, Inc.(b) |
4,262 | 95,170 | ||||||
Dave & Buster’s Entertainment, Inc.(b)(c) |
8,758 | 362,056 | ||||||
Dine Brands Global, Inc.(c) |
3,769 | 251,015 | ||||||
El Pollo Loco Holdings, Inc.(b) |
4,385 | 39,684 | ||||||
Golden Entertainment, Inc.(b) |
4,565 | 174,657 | ||||||
Jack in the Box, Inc. |
4,734 | 378,057 | ||||||
Monarch Casino & Resort, Inc.(b) |
2,973 | 179,539 | ||||||
Ruth’s Hospitality Group, Inc.(c) |
7,045 | 128,360 | ||||||
Shake Shack, Inc., Class A(b)(c) |
8,825 | 420,599 | ||||||
Six Flags Entertainment Corp.(b)(c) |
17,505 | 387,736 | ||||||
|
|
|||||||
3,496,377 | ||||||||
|
|
|||||||
Household Durables-19.91% |
||||||||
Cavco Industries, Inc.(b) |
1,917 | 448,597 | ||||||
Century Communities, Inc. |
6,520 | 304,419 | ||||||
Ethan Allen Interiors, Inc.(c) |
4,956 | 117,804 | ||||||
Green Brick Partners, Inc.(b)(c) |
10,352 | 252,175 | ||||||
Installed Building Products, Inc. |
5,207 | 471,546 | ||||||
iRobot Corp.(b)(c) |
6,101 | 359,227 | ||||||
La-Z-Boy, Inc. |
9,724 | 256,616 | ||||||
LGI Homes, Inc.(b)(c) |
4,686 | 444,748 | ||||||
M.D.C. Holdings, Inc.(c) |
12,810 | 398,135 | ||||||
M/I Homes, Inc.(b) |
6,366 | 275,266 | ||||||
Meritage Homes Corp.(b) |
8,257 | 646,936 | ||||||
Sonos, Inc.(b)(c) |
28,776 | 432,791 | ||||||
Tri Pointe Homes, Inc.(b) |
23,274 | 403,338 | ||||||
Tupperware Brands Corp.(b)(c) |
10,315 | 115,941 | ||||||
Universal Electronics, Inc.(b) |
2,841 | 63,155 | ||||||
|
|
|||||||
4,990,694 | ||||||||
|
|
Shares | Value | |||||||
Internet & Direct Marketing Retail-0.80% |
|
|||||||
Liquidity Services, Inc.(b)(c) |
6,003 | $ | 104,992 | |||||
PetMed Express, Inc.(c) |
4,721 | 97,111 | ||||||
|
|
|||||||
202,103 | ||||||||
|
|
|||||||
Leisure Products-2.24% |
||||||||
Sturm Ruger & Co., Inc. |
3,962 | 207,014 | ||||||
Vista Outdoor, Inc.(b)(c) |
12,621 | 354,903 | ||||||
|
|
|||||||
561,917 | ||||||||
|
|
|||||||
Multiline Retail-0.53% |
||||||||
Big Lots, Inc. |
6,426 | 132,183 | ||||||
|
|
|||||||
Specialty Retail-34.85% |
||||||||
Aaron’s Co., Inc. (The) |
6,910 | 82,229 | ||||||
Abercrombie & Fitch Co., Class A(b) |
11,344 | 163,240 | ||||||
Academy Sports & Outdoors, Inc.(c) |
19,216 | 827,825 | ||||||
America’s Car-Mart, Inc.(b)(c) |
1,349 | 108,743 | ||||||
Asbury Automotive Group, Inc.(b)(c) |
4,978 | 868,561 | ||||||
Bed Bath & Beyond, Inc.(b)(c) |
17,964 | 171,197 | ||||||
Boot Barn Holdings, Inc.(b)(c) |
6,691 | 445,754 | ||||||
Buckle, Inc. (The)(c) |
6,649 | 214,630 | ||||||
Caleres, Inc. |
8,543 | 218,017 | ||||||
Cato Corp. (The), Class A |
3,940 | 42,591 | ||||||
Chico’s FAS, Inc.(b)(c) |
28,157 | 159,932 | ||||||
Children’s Place, Inc. (The)(b)(c) |
2,897 | 122,195 | ||||||
Conn’s, Inc.(b)(c) |
3,480 | 33,443 | ||||||
Designer Brands, Inc., Class A(c) |
13,654 | 232,937 | ||||||
Genesco, Inc.(b) |
2,903 | 164,252 | ||||||
Group 1 Automotive, Inc. |
3,735 | 667,034 | ||||||
Guess?, Inc. |
8,070 | 140,983 | ||||||
Haverty Furniture Cos., Inc., (Acquired 6/25/2020 - 7/29/2022; Cost $79,778)(e) |
3,123 | 83,759 | ||||||
Hibbett, Inc. |
2,743 | 160,740 | ||||||
LL Flooring Holdings, Inc.(b) |
6,701 | 54,546 | ||||||
MarineMax, Inc.(b)(c) |
4,846 | 176,104 | ||||||
Monro, Inc.(c) |
7,548 | 349,548 | ||||||
National Vision Holdings, Inc.(b)(c) |
18,320 | 608,774 | ||||||
ODP Corp. (The)(b) |
9,851 | 352,173 | ||||||
Rent-A-Center, Inc.(c) |
12,109 | 312,897 | ||||||
Sally Beauty Holdings, Inc.(b)(c) |
24,075 | 358,236 | ||||||
Shoe Carnival, Inc.(c) |
3,849 | 91,568 | ||||||
Signet Jewelers Ltd.(c) |
10,663 | 697,040 | ||||||
Sleep Number Corp.(b)(c) |
5,002 | 207,233 | ||||||
Sonic Automotive, Inc., Class A(c) |
4,398 | 233,930 | ||||||
Urban Outfitters, Inc.(b)(c) |
14,422 | 290,315 | ||||||
Zumiez, Inc.(b)(c) |
3,717 | 96,493 | ||||||
|
|
|||||||
8,736,919 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-8.00% |
|
|||||||
Fossil Group, Inc.(b)(c) |
10,599 | 44,834 | ||||||
G-III Apparel Group Ltd.(b)(c) |
9,703 | 204,442 | ||||||
Kontoor Brands, Inc.(c) |
10,462 | 389,500 | ||||||
Movado Group, Inc. |
3,624 | 115,569 | ||||||
Oxford Industries, Inc.(c) |
3,457 | 368,966 | ||||||
Steven Madden Ltd. |
16,891 | 491,697 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)–(continued)
August 31, 2022
Shares | Value | |||||||
Textiles, Apparel & Luxury Goods-(continued) |
|
|||||||
Unifi, Inc.(b) |
3,118 | $ | 35,421 | |||||
Wolverine World Wide, Inc. |
18,165 | 354,944 | ||||||
|
|
|||||||
2,005,373 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity Interests |
25,044,341 | |||||||
|
|
|||||||
Money Market Funds-0.07% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(f)(g) |
18,475 | 18,475 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
25,062,816 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-33.20% |
||||||||
Invesco Private Government Fund, |
2,330,277 | $ | 2,330,277 | |||||
Invesco Private Prime Fund, 2.37%(f)(g)(h) |
5,991,543 | 5,992,142 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
8,322,419 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-133.17% |
|
33,385,235 | ||||||
OTHER ASSETS LESS LIABILITIES-(33.17)% |
|
(8,314,660 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 25,070,575 | ||||||
|
|
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 August 31, 2022. |
(d) |
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2022 represented 1.02% of the Fund’s Net Assets. |
(e) |
Restricted security. The value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets. |
(f) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 41,673 | $ | 709,052 | $ | (732,250 | ) | $ | - | $ | - | $ | 18,475 | $ | 76 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,430,460 | 25,320,583 | (24,420,766 | ) | - | - | 2,330,277 | 14,197 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 3,337,740 | 47,670,488 | (45,013,998 | ) | 434 | (2,522 | ) | 5,992,142 | 40,764 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 4,809,873 | $ | 73,700,123 | $ | (70,167,014 | ) | $ | 434 | $ | (2,522 | ) | $ | 8,340,894 | $ | 55,037 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(g) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2022. |
(h) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | ||||
|
| |||
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.92% |
| |||||||
Beverages-6.31% |
||||||||
MGP Ingredients, Inc. |
18,236 | $ | 1,996,112 | |||||
National Beverage Corp.(b) |
33,955 | 1,883,144 | ||||||
|
|
|||||||
3,879,256 | ||||||||
|
|
|||||||
Food & Staples Retailing-17.65% |
||||||||
Andersons, Inc. (The)(b) |
45,782 | 1,695,308 | ||||||
Chefs’ Warehouse, Inc. (The)(b)(c) |
47,843 | 1,595,086 | ||||||
PriceSmart, Inc. |
35,042 | 2,217,107 | ||||||
SpartanNash Co.(b) |
52,601 | 1,600,648 | ||||||
United Natural Foods, Inc.(c) |
84,784 | 3,737,279 | ||||||
|
|
|||||||
10,845,428 | ||||||||
|
|
|||||||
Food Products-41.65% |
||||||||
B&G Foods, Inc.(b) |
100,240 | 2,171,199 | ||||||
Calavo Growers, Inc. |
25,781 | 1,083,833 | ||||||
Cal-Maine Foods, Inc. |
54,596 | 2,926,892 | ||||||
Fresh Del Monte Produce, Inc. |
48,710 | 1,331,732 | ||||||
Hostess Brands, Inc.(b)(c) |
201,229 | 4,664,488 | ||||||
J&J Snack Foods Corp.(b) |
21,765 | 3,243,638 | ||||||
John B. Sanfilippo & Son, Inc. |
12,995 | 1,049,086 | ||||||
Seneca Foods Corp., Class A(c) |
8,822 | 466,066 | ||||||
Simply Good Foods Co. (The)(c) |
128,526 | 3,926,469 | ||||||
Tootsie Roll Industries, Inc.(b) |
25,922 | 928,785 | ||||||
TreeHouse Foods, Inc.(b)(c) |
81,518 | 3,798,738 | ||||||
|
|
|||||||
25,590,926 | ||||||||
|
|
|||||||
Household Products-10.58% |
||||||||
Central Garden & Pet Co.(b)(c) |
14,184 | 566,225 | ||||||
Central Garden & Pet Co., Class A(c) |
57,625 | 2,175,920 | ||||||
WD-40 Co.(b) |
19,877 | 3,759,934 | ||||||
|
|
|||||||
6,502,079 | ||||||||
|
|
|||||||
Personal Products-17.70% |
||||||||
Edgewell Personal Care Co. |
76,837 | 2,993,570 | ||||||
elf Beauty, Inc.(c) |
69,777 | 2,660,597 | ||||||
Inter Parfums, Inc. |
25,947 | 2,037,358 | ||||||
Medifast, Inc.(b) |
16,753 | 2,102,166 | ||||||
USANA Health Sciences, Inc.(b)(c) |
16,752 | 1,080,839 | ||||||
|
|
|||||||
10,874,530 | ||||||||
|
|
Shares | Value | |||||||
Tobacco-6.03% |
||||||||
Universal Corp.(b) |
35,809 | $ | 1,827,692 | |||||
Vector Group Ltd. |
191,639 | 1,878,062 | ||||||
|
|
|||||||
3,705,754 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
61,397,973 | ||||||
|
|
|||||||
Money Market Funds-0.08% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(d)(e) |
48,841 | 48,841 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
61,446,814 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-24.14% |
||||||||
Invesco Private Government Fund, |
4,082,330 | 4,082,330 | ||||||
|
|
|||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
10,749,065 | 10,750,140 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
14,832,470 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-124.14% |
|
76,279,284 | ||||||
OTHER ASSETS LESS LIABILITIES-(24.14)% |
|
(14,831,782 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 61,447,502 | ||||||
|
|
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 August 31, 2022. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 6,948 | $ | 915,846 | $ | (873,953) | $ | - | $ | - | $ | 48,841 | $ | 70 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco S&P SmallCap Consumer Staples ETF (PSCC)–(continued)
August 31, 2022
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ 601,416 | $ | 35,864,183 | $ | (32,383,269 | ) | $ | - | $ | - | $ | 4,082,330 | $ | 20,565 | * | ||||||||||||||||||||
Invesco Private Prime Fund | 1,403,304 | 75,145,853 | (65,797,672 | ) | 722 | (2,067 | ) | 10,750,140 | 58,438 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $2,011,668 | $111,925,882 | $(99,054,894) | $722 | $(2,067) | $14,881,311 | $79,073 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | ||||
|
| |||
Invesco S&P SmallCap Energy ETF (PSCE)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.02% |
| |||||||
Energy Equipment & Services-38.34% |
||||||||
Archrock, Inc.(b) |
480,299 | $ | 3,549,410 | |||||
Bristow Group, Inc.(b)(c) |
82,321 | 2,388,132 | ||||||
Core Laboratories N.V.(b) |
164,237 | 2,652,428 | ||||||
DMC Global, Inc.(b)(c) |
69,118 | 1,542,714 | ||||||
Dril-Quip, Inc.(b)(c) |
122,423 | 2,709,221 | ||||||
Helix Energy Solutions Group, Inc.(b)(c) |
505,697 | 2,184,611 | ||||||
Helmerich & Payne, Inc.(b) |
338,403 | 14,466,728 | ||||||
Nabors Industries Ltd.(b)(c) |
31,442 | 4,166,379 | ||||||
Oceaneering International, Inc.(b)(c) |
355,606 | 3,147,113 | ||||||
Oil States International, Inc.(b)(c) |
219,571 | 1,075,898 | ||||||
Patterson-UTI Energy, Inc. |
441,532 | 6,578,827 | ||||||
ProPetro Holding Corp.(b)(c) |
303,233 | 2,777,614 | ||||||
RPC, Inc.(b) |
249,731 | 1,985,361 | ||||||
US Silica Holdings, Inc.(b)(c) |
268,429 | 3,766,059 | ||||||
|
|
|||||||
52,990,495 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-60.68% |
||||||||
Callon Petroleum Co.(b)(c) |
152,596 | 6,494,486 | ||||||
Civitas Resources, Inc.(b) |
232,118 | 15,596,009 | ||||||
CONSOL Energy, Inc. |
113,909 | 8,176,388 | ||||||
Dorian LPG Ltd. |
98,283 | 1,430,018 | ||||||
Green Plains, Inc.(b)(c) |
181,896 | 6,662,851 | ||||||
Laredo Petroleum, Inc.(b)(c) |
51,681 | 4,010,962 | ||||||
Par Pacific Holdings, Inc.(b)(c) |
162,090 | 3,047,292 | ||||||
PBF Energy, Inc., Class A(b)(c) |
226,758 | 7,746,053 | ||||||
Ranger Oil Corp., Class A(b) |
75,048 | 2,926,122 |
Shares | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
|
|||||||
REX American Resources Corp.(c) |
55,532 | $ | 1,682,619 | |||||
SM Energy Co. |
391,703 | 17,262,351 | ||||||
Talos Energy, Inc.(b)(c) |
146,373 | 3,034,312 | ||||||
World Fuel Services Corp. |
224,088 | 5,781,470 | ||||||
|
|
|||||||
83,850,933 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-99.02% |
136,841,428 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-32.21% |
||||||||
Invesco Private Government Fund, |
12,461,522 | 12,461,522 | ||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
32,040,710 | 32,043,914 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
44,505,436 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-131.23% |
|
181,346,864 | ||||||
OTHER ASSETS LESS LIABILITIES-(31.23)% |
|
(43,154,126 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 138,192,738 | ||||||
|
|
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 August 31, 2022. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 59,795 | $ | 14,304,841 | $ | (14,364,636 | ) | $ | - | $ | - | $ | - | $ | 951 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 2,682,300 | 110,260,413 | (100,481,191 | ) | - | - | 12,461,522 | 57,629 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 6,258,699 | 223,175,078 | (197,386,587 | ) | 1,234 | (4,510 | ) | 32,043,914 | 162,172 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,000,794 | $ | 347,740,332 | $ | (312,232,414 | ) | $ | 1,234 | $ | (4,510 | ) | $ | 44,505,436 | $ | 220,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco S&P SmallCap Financials ETF (PSCF)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.88% |
| |||||||
Banks-40.12% |
||||||||
Allegiance Bancshares, Inc. |
3,074 | $ | 130,215 | |||||
Ameris Bancorp |
10,742 | 501,436 | ||||||
Banc of California, Inc. |
8,611 | 145,354 | ||||||
BancFirst Corp.(b) |
3,089 | 333,179 | ||||||
Bancorp, Inc. (The)(c) |
9,210 | 218,461 | ||||||
BankUnited, Inc. |
13,313 | 493,247 | ||||||
Banner Corp. |
5,626 | 341,836 | ||||||
Berkshire Hills Bancorp, Inc. |
7,703 | 217,302 | ||||||
Brookline Bancorp, Inc. |
12,597 | 157,085 | ||||||
Central Pacific Financial Corp. |
4,513 | 98,338 | ||||||
City Holding Co.(b) |
2,437 | 207,169 | ||||||
Columbia Banking System, Inc.(b) |
12,675 | 379,616 | ||||||
Community Bank System, Inc. |
8,779 | 573,971 | ||||||
Customers Bancorp, Inc.(c) |
4,937 | 171,264 | ||||||
CVB Financial Corp. |
21,660 | 568,358 | ||||||
Dime Community Bancshares, Inc. |
5,230 | 163,490 | ||||||
Eagle Bancorp, Inc. |
5,215 | 253,084 | ||||||
FB Financial Corp. |
5,771 | 228,647 | ||||||
First Bancorp (Puerto Rico) |
32,282 | 461,633 | ||||||
First Bancorp/Southern Pines NC |
5,628 | 204,915 | ||||||
First Commonwealth Financial Corp. |
15,359 | 207,039 | ||||||
First Financial Bancorp |
15,371 | 331,706 | ||||||
First Hawaiian, Inc. |
20,928 | 538,059 | ||||||
Hanmi Financial Corp. |
4,989 | 123,328 | ||||||
Heritage Financial Corp. |
5,702 | 148,195 | ||||||
Hilltop Holdings, Inc.(b) |
8,098 | 213,787 | ||||||
HomeStreet, Inc. |
3,063 | 106,623 | ||||||
Hope Bancorp, Inc. |
19,596 | 283,554 | ||||||
Independent Bank Corp. |
7,616 | 595,800 | ||||||
Independent Bank Group, Inc.(b) |
5,916 | 398,502 | ||||||
Lakeland Financial Corp.(b) |
4,125 | 310,777 | ||||||
National Bank Holdings Corp., Class A |
4,892 | 196,316 | ||||||
NBT Bancorp, Inc. |
6,966 | 270,141 | ||||||
Northwest Bancshares, Inc.(b) |
20,608 | 289,955 | ||||||
OFG Bancorp (Puerto Rico) |
7,913 | 215,234 | ||||||
Pacific Premier Bancorp, Inc. |
15,518 | 508,370 | ||||||
Park National Corp.(b) |
2,355 | 310,460 | ||||||
Pathward Financial, Inc. |
4,779 | 157,516 | ||||||
Preferred Bank |
2,212 | 150,062 | ||||||
Renasant Corp. |
9,094 | 303,194 | ||||||
S&T Bancorp, Inc. |
6,396 | 189,577 | ||||||
Seacoast Banking Corp. of Florida(b) |
10,024 | 323,976 | ||||||
ServisFirst Bancshares, Inc. |
7,958 | 671,337 | ||||||
Simmons First National Corp., Class A |
20,636 | 486,803 | ||||||
Southside Bancshares, Inc.(b) |
5,227 | 196,953 | ||||||
Tompkins Financial Corp. |
1,911 | 136,904 | ||||||
Triumph Bancorp, Inc.(b)(c) |
3,846 | 238,106 | ||||||
Trustmark Corp. |
10,064 | 317,419 | ||||||
United Community Banks, Inc. |
17,149 | 575,006 | ||||||
Veritex Holdings, Inc. |
8,769 | 264,035 | ||||||
Westamerica Bancorporation(b) |
4,408 | 246,628 | ||||||
|
|
|||||||
15,153,962 | ||||||||
|
|
|||||||
Capital Markets-3.72% |
||||||||
B. Riley Financial, Inc. |
2,654 | 132,090 | ||||||
Blucora, Inc.(b)(c) |
7,675 | 154,114 | ||||||
Brightsphere Investment Group, Inc. |
5,291 | 90,423 |
Shares | Value | |||||||
Capital Markets-(continued) |
||||||||
Donnelley Financial Solutions, Inc.(c) |
4,543 | $ | 192,850 | |||||
Piper Sandler Cos. |
2,317 | 265,459 | ||||||
StoneX Group, Inc.(c) |
2,797 | 259,673 | ||||||
Virtus Investment Partners, Inc. |
1,144 | 218,790 | ||||||
WisdomTree Investments, Inc. |
18,003 | 90,195 | ||||||
|
|
|||||||
1,403,594 | ||||||||
|
|
|||||||
Consumer Finance-3.13% |
||||||||
Encore Capital Group, Inc.(b)(c) |
3,946 | 215,767 | ||||||
Enova International, Inc.(c) |
5,295 | 185,007 | ||||||
EZCORP, Inc., Class A(c) |
8,793 | 76,939 | ||||||
Green Dot Corp., Class A(c) |
8,811 | 178,775 | ||||||
LendingTree, Inc.(b)(c) |
1,798 | 54,821 | ||||||
PRA Group, Inc.(b)(c) |
6,468 | 238,928 | ||||||
PROG Holdings, Inc.(c) |
8,785 | 162,874 | ||||||
World Acceptance Corp.(b)(c) |
598 | 69,512 | ||||||
|
|
|||||||
1,182,623 | ||||||||
|
|
|||||||
Equity REITs-27.32% |
||||||||
Acadia Realty Trust(b) |
15,429 | 245,784 | ||||||
Agree Realty Corp. |
12,246 | 922,369 | ||||||
Alexander & Baldwin, Inc.(b) |
11,830 | 221,576 | ||||||
American Assets Trust, Inc. |
8,562 | 237,681 | ||||||
Armada Hoffler Properties, Inc. |
10,997 | 144,391 | ||||||
Brandywine Realty Trust |
27,864 | 223,748 | ||||||
CareTrust REIT, Inc. |
15,786 | 340,030 | ||||||
Centerspace |
2,502 | 188,601 | ||||||
Chatham Lodging Trust(c) |
7,993 | 97,195 | ||||||
Community Healthcare Trust, Inc. |
3,826 | 141,141 | ||||||
DiamondRock Hospitality Co.(c) |
34,298 | 299,422 | ||||||
Diversified Healthcare Trust |
39,142 | 57,147 | ||||||
Easterly Government Properties, Inc.(b) |
14,774 | 265,193 | ||||||
Essential Properties Realty Trust, Inc. |
22,604 | 511,755 | ||||||
Four Corners Property Trust, Inc. |
13,080 | 351,721 | ||||||
Franklin Street Properties Corp. |
15,205 | 42,726 | ||||||
Getty Realty Corp.(b) |
6,614 | 198,949 | ||||||
Global Net Lease, Inc.(b) |
16,848 | 231,997 | ||||||
Hersha Hospitality Trust(c) |
5,415 | 52,526 | ||||||
Industrial Logistics Properties Trust |
10,712 | 80,233 | ||||||
Innovative Industrial Properties, Inc.(b) |
4,553 | 417,601 | ||||||
iStar, Inc. |
13,486 | 185,702 | ||||||
LTC Properties, Inc.(b) |
6,415 | 287,969 | ||||||
LXP Industrial Trust(b) |
46,857 | 471,381 | ||||||
NexPoint Residential Trust, Inc. |
3,768 | 199,026 | ||||||
Office Properties Income Trust |
7,872 | 138,311 | ||||||
Orion Office REIT, Inc.(b) |
9,274 | 91,534 | ||||||
Retail Opportunity Investments Corp.(b) |
20,325 | 340,444 | ||||||
RPT Realty |
13,823 | 133,115 | ||||||
Safehold, Inc.(b) |
2,536 | 96,444 | ||||||
Saul Centers, Inc. |
2,152 | 95,312 | ||||||
Service Properties Trust(b) |
26,852 | 183,668 | ||||||
SITE Centers Corp. |
29,577 | 383,318 | ||||||
Summit Hotel Properties, Inc.(b) |
17,376 | 136,575 | ||||||
Sunstone Hotel Investors, Inc.(b)(c) |
35,048 | 381,673 | ||||||
Tanger Factory Outlet Centers, Inc.(b) |
16,988 | 261,955 | ||||||
Uniti Group, Inc. |
38,587 | 362,332 | ||||||
Universal Health Realty Income Trust |
2,100 | 106,869 | ||||||
Urban Edge Properties(b) |
17,957 | 282,464 | ||||||
Urstadt Biddle Properties, Inc., Class A |
4,940 | 82,597 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | ||||
|
| |||
Invesco S&P SmallCap Financials ETF (PSCF)–(continued)
August 31, 2022
Shares | Value | |||||||
Equity REITs-(continued) |
| |||||||
Veris Residential, Inc.(c) |
13,028 | $ | 175,096 | |||||
Washington REIT(b) |
14,320 | 280,815 | ||||||
Whitestone REIT |
7,566 | 74,449 | ||||||
Xenia Hotels & Resorts, Inc.(b)(c) |
18,725 | 296,979 | ||||||
|
|
|||||||
10,319,814 | ||||||||
|
|
|||||||
Insurance-10.16% |
| |||||||
Ambac Financial Group, Inc.(c) |
7,377 | 111,319 | ||||||
American Equity Investment Life Holding Co. |
12,575 | 477,850 | ||||||
AMERISAFE, Inc. |
3,138 | 150,059 | ||||||
Assured Guaranty Ltd. |
10,441 | 533,222 | ||||||
eHealth, Inc.(b)(c) |
3,955 | 25,312 | ||||||
Employers Holdings, Inc. |
4,513 | 176,729 | ||||||
Genworth Financial, Inc., Class A(c) |
83,050 | 350,471 | ||||||
HCI Group, Inc. |
1,293 | 61,793 | ||||||
Horace Mann Educators Corp. |
6,742 | 241,161 | ||||||
James River Group Holdings Ltd. |
6,078 | 144,413 | ||||||
Palomar Holdings, Inc.(c) |
3,893 | 308,676 | ||||||
ProAssurance Corp. |
8,789 | 187,997 | ||||||
Safety Insurance Group, Inc. |
2,280 | 205,314 | ||||||
Selectquote, Inc.(b)(c) |
20,464 | 22,715 | ||||||
SiriusPoint Ltd. (Bermuda)(c) |
14,170 | 63,340 | ||||||
Stewart Information Services Corp. |
4,399 | 222,765 | ||||||
Trupanion, Inc.(b)(c) |
5,632 | 397,507 | ||||||
United Fire Group, Inc. |
3,540 | 104,182 | ||||||
Universal Insurance Holdings, Inc. |
4,561 | 54,458 | ||||||
|
|
|||||||
3,839,283 | ||||||||
|
|
|||||||
Mortgage REITs-5.22% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. |
21,662 | 252,362 | ||||||
ARMOUR Residential REIT, Inc. |
16,898 | 119,976 | ||||||
Ellington Financial, Inc. |
9,204 | 135,115 | ||||||
Franklin BSP Realty Trust, Inc.(b) |
13,626 | 175,775 | ||||||
Granite Point Mortgage Trust, Inc. |
8,820 | 83,084 | ||||||
Invesco Mortgage Capital, Inc.(d) |
5,404 | 85,870 | ||||||
KKR Real Estate Finance Trust, Inc.(b) |
8,057 | 155,178 | ||||||
New York Mortgage Trust, Inc.(b) |
62,014 | 173,639 | ||||||
PennyMac Mortgage Investment Trust(b) |
14,971 | 222,319 | ||||||
Ready Capital Corp. |
10,925 | 143,118 | ||||||
Redwood Trust, Inc. |
19,553 | 151,536 | ||||||
Two Harbors Investment Corp.(b) |
55,977 | 271,488 | ||||||
|
|
|||||||
1,969,460 | ||||||||
|
|
|||||||
Real Estate Management & Development-1.76% |
| |||||||
Anywhere Real Estate, Inc.(b)(c) |
19,237 | 187,945 | ||||||
Douglas Elliman, Inc. |
11,309 | 52,134 | ||||||
Marcus & Millichap, Inc. |
3,981 | 148,810 |
Shares | Value | |||||||
Real Estate Management & Development-(continued) |
| |||||||
RE/MAX Holdings, Inc., Class A |
3,156 | $ | 71,831 | |||||
St. Joe Co. (The) |
5,373 | 205,249 | ||||||
|
|
|||||||
665,969 | ||||||||
|
|
|||||||
Thrifts & Mortgage Finance-8.45% |
| |||||||
Axos Financial, Inc.(c) |
8,783 | 366,954 | ||||||
Capitol Federal Financial, Inc. |
21,018 | 190,423 | ||||||
Flagstar Bancorp, Inc. |
8,664 | 333,824 | ||||||
Mr. Cooper Group, Inc.(c) |
12,078 | 510,899 | ||||||
NMI Holdings, Inc., Class A(c) |
14,095 | 289,370 | ||||||
Northfield Bancorp, Inc. |
7,048 | 103,888 | ||||||
Provident Financial Services, Inc. |
12,258 | 284,753 | ||||||
TrustCo Bank Corp. |
3,144 | 104,821 | ||||||
Walker & Dunlop, Inc. |
4,963 | 498,583 | ||||||
WSFS Financial Corp. |
10,539 | 509,561 | ||||||
|
|
|||||||
3,193,076 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
37,727,781 | ||||||
|
|
|||||||
Money Market Funds-0.05% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(d)(e) |
19,361 | 19,361 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
37,747,142 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-22.94% |
| |||||||
Invesco Private Government Fund, |
2,426,621 | 2,426,621 | ||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
6,239,259 | 6,239,883 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
8,666,504 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-122.87% |
|
46,413,646 | ||||||
OTHER ASSETS LESS LIABILITIES-(22.87)% |
|
(8,638,406 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 37,775,240 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | ||||
|
| |||
Invesco S&P SmallCap Financials ETF (PSCF)–(continued)
August 31, 2022
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
All or a portion of this security was out on loan at August 31, 2022. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Invesco Mortgage Capital, Inc. | $ | 161,607 | $ | 33,685 | $ | (27,632 | ) | $ | (75,741 | ) | $ | (6,047 | ) | $ | 85,870 | $ | 19,221 | ||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 1,269,475 | (1,250,114 | ) | - | - | 19,361 | 153 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,555,298 | 21,895,999 | (21,024,676 | ) | - | - | 2,426,621 | 10,599 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 3,629,029 | 46,601,941 | (43,989,250 | ) | 260 | (2,097 | ) | 6,239,883 | 30,131 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 5,345,934 | $ | 69,801,100 | $ | (66,291,672 | ) | $ | (75,481 | ) | $ | (8,144 | ) | $ | 8,771,735 | $ | 60,104 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | ||||
|
| |||
Invesco S&P SmallCap Health Care ETF (PSCH)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Biotechnology-22.78% |
| |||||||
Anika Therapeutics, Inc.(b) |
45,864 | $ | 1,036,526 | |||||
Arcus Biosciences, Inc.(b)(c) |
147,103 | 3,542,240 | ||||||
Avid Bioservices, Inc.(b)(c) |
194,689 | 3,352,545 | ||||||
Coherus Biosciences, Inc.(b)(c) |
202,706 | 2,266,253 | ||||||
Cytokinetics, Inc.(b)(c) |
270,187 | 14,309,104 | ||||||
Dynavax Technologies Corp.(b)(c) |
370,403 | 4,248,522 | ||||||
Eagle Pharmaceuticals, Inc.(b)(c) |
35,225 | 1,154,323 | ||||||
Emergent BioSolutions, Inc.(b) |
141,003 | 3,386,892 | ||||||
Enanta Pharmaceuticals, Inc.(b)(c) |
58,168 | 3,541,268 | ||||||
Ironwood Pharmaceuticals, Inc.(b)(c) |
485,170 | 5,220,429 | ||||||
iTeos Therapeutics, Inc.(b)(c) |
63,978 | 1,419,032 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) |
53,184 | 4,913,670 | ||||||
Myriad Genetics, Inc.(b)(c) |
253,442 | 5,661,894 | ||||||
Organogenesis Holdings, Inc.(b)(c) |
199,973 | 717,903 | ||||||
REGENXBIO, Inc.(b)(c) |
119,803 | 3,534,189 | ||||||
uniQure N.V. (Netherlands)(b) |
114,758 | 2,242,371 | ||||||
Vanda Pharmaceuticals, Inc.(b)(c) |
178,031 | 1,883,568 | ||||||
Vericel Corp.(b)(c) |
148,610 | 3,707,820 | ||||||
Vir Biotechnology, Inc.(b)(c) |
233,767 | 5,551,966 | ||||||
Xencor, Inc.(b)(c) |
187,768 | 4,955,198 | ||||||
|
|
|||||||
76,645,713 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-27.75% |
| |||||||
AngioDynamics, Inc.(b)(c) |
122,296 | 2,707,633 | ||||||
Artivion, Inc.(b)(c) |
126,804 | 2,809,977 | ||||||
Avanos Medical, Inc.(b)(c) |
149,314 | 3,677,604 | ||||||
BioLife Solutions, Inc.(b)(c) |
96,358 | 2,275,012 | ||||||
Cardiovascular Systems, Inc.(b) |
128,641 | 1,699,348 | ||||||
CONMED Corp.(c) |
93,125 | 8,248,081 | ||||||
Cutera, Inc.(b)(c) |
52,137 | 2,489,542 | ||||||
Embecta Corp. |
182,246 | 5,817,292 | ||||||
Glaukos Corp.(b) |
149,296 | 7,248,321 | ||||||
Heska Corp.(b)(c) |
34,033 | 3,099,385 | ||||||
Inogen, Inc.(b) |
64,851 | 1,856,684 | ||||||
Integer Holdings Corp.(b)(c) |
104,396 | 6,584,256 | ||||||
Lantheus Holdings, Inc.(b) |
216,497 | 17,059,964 | ||||||
LeMaitre Vascular, Inc. |
60,935 | 3,008,970 | ||||||
Meridian Bioscience, Inc.(b) |
137,433 | 4,478,941 | ||||||
Merit Medical Systems, Inc.(b)(c) |
160,889 | 9,529,456 | ||||||
Mesa Laboratories, Inc. |
16,616 | 2,839,010 | ||||||
OraSure Technologies, Inc.(b)(c) |
229,030 | 936,733 | ||||||
Orthofix Medical, Inc.(b)(c) |
62,783 | 1,249,382 | ||||||
SurModics, Inc.(b)(c) |
44,129 | 1,486,706 | ||||||
Varex Imaging Corp.(b)(c) |
125,588 | 2,648,651 | ||||||
Zimvie, Inc.(b)(c) |
65,774 | 1,001,080 | ||||||
Zynex, Inc.(c) |
70,094 | 626,640 | ||||||
|
|
|||||||
93,378,668 | ||||||||
|
|
|||||||
Health Care Providers & Services-29.65% |
|
|||||||
AdaptHealth Corp.(b)(c) |
309,268 | 5,557,546 | ||||||
Addus HomeCare Corp.(b)(c) |
50,704 | 4,523,811 | ||||||
AMN Healthcare Services, Inc.(b) |
141,048 | 14,477,167 | ||||||
Apollo Medical Holdings, Inc.(b)(c) |
120,179 | 5,183,320 | ||||||
Community Health Systems, Inc.(b)(c) |
398,992 | 1,061,319 | ||||||
CorVel Corp.(b) |
29,450 | 4,575,941 | ||||||
Covetrus, Inc.(b) |
329,747 | 6,881,820 | ||||||
Cross Country Healthcare, Inc.(b)(c) |
112,110 | 2,845,352 | ||||||
Enhabit, Inc.(b) |
157,337 | 2,611,794 |
Shares | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
Ensign Group, Inc. (The)(c) |
166,231 | $ | 14,179,504 | |||||
Fulgent Genetics, Inc.(b)(c) |
62,199 | 2,703,790 | ||||||
Hanger, Inc.(b) |
116,875 | 2,177,381 | ||||||
Joint Corp. (The)(b)(c) |
45,542 | 830,686 | ||||||
ModivCare, Inc.(b)(c) |
38,981 | 4,222,422 | ||||||
Owens & Minor, Inc.(c) |
240,007 | 7,082,607 | ||||||
Pediatrix Medical Group, Inc.(b)(c) |
271,660 | 4,840,981 | ||||||
Pennant Group, Inc. (The)(b)(c) |
85,430 | 1,338,688 | ||||||
RadNet, Inc.(b)(c) |
147,236 | 2,957,971 | ||||||
Select Medical Holdings Corp.(c) |
325,498 | 8,345,769 | ||||||
US Physical Therapy, Inc.(c) |
40,989 | 3,386,101 | ||||||
|
|
|||||||
99,783,970 | ||||||||
|
|
|||||||
Health Care Technology-4.83% |
|
|||||||
Allscripts Healthcare Solutions, Inc.(b) |
365,975 | 6,221,575 | ||||||
Computer Programs & Systems, Inc.(b)(c) |
46,549 | 1,420,210 | ||||||
HealthStream, Inc.(b) |
76,676 | 1,696,840 | ||||||
NextGen Healthcare, Inc.(b)(c) |
177,111 | 3,035,682 | ||||||
OptimizeRx Corp.(b)(c) |
57,242 | 908,431 | ||||||
Simulations Plus, Inc.(c) |
49,723 | 2,985,866 | ||||||
|
|
|||||||
16,268,604 | ||||||||
|
|
|||||||
Life Sciences Tools & Services-1.18% |
|
|||||||
NeoGenomics, Inc.(b)(c) |
393,505 | 3,954,725 | ||||||
|
|
|||||||
Pharmaceuticals-13.80% |
||||||||
Amphastar Pharmaceuticals, Inc.(b)(c) |
118,547 | 3,508,991 | ||||||
ANI Pharmaceuticals, Inc.(b)(c) |
41,285 | 1,523,004 | ||||||
Cara Therapeutics, Inc.(b)(c) |
133,390 | 1,376,585 | ||||||
Collegium Pharmaceutical, Inc.(b)(c) |
107,129 | 1,883,328 | ||||||
Corcept Therapeutics, Inc.(b) |
301,634 | 7,788,190 | ||||||
Harmony Biosciences Holdings, Inc.(b)(c) |
72,653 | 3,190,193 | ||||||
Innoviva, Inc.(b)(c) |
197,910 | 2,604,496 | ||||||
Nektar Therapeutics(b)(c) |
587,783 | 2,315,865 | ||||||
Pacira BioSciences, Inc.(b)(c) |
143,321 | 7,521,486 | ||||||
Phibro Animal Health Corp., Class A(c) |
64,110 | 949,469 | ||||||
Prestige Consumer Healthcare, Inc.(b)(c) |
158,566 | 8,020,268 | ||||||
Supernus Pharmaceuticals, Inc.(b)(c) |
168,479 | 5,767,036 | ||||||
|
|
|||||||
46,448,911 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
336,480,591 | ||||||
|
|
|||||||
Money Market Funds-0.00% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(d)(e) |
1,214 | 1,214 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
336,481,805 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-30.19% |
|
|||||||
Invesco Private Government Fund, |
28,445,085 | 28,445,085 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | ||||
|
| |||
Invesco S&P SmallCap Health Care ETF (PSCH)–(continued)
August 31, 2022
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
73,137,189 | $ | 73,144,505 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
101,589,590 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-130.18% |
|
438,071,395 | ||||||
OTHER ASSETS LESS LIABILITIES-(30.18)% |
|
(101,570,569 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 336,500,826 | |||||
|
|
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 August 31, 2022. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 155,654 | $ | 17,448,033 | $ | (17,602,473 | ) | $ | - | $ | - | $ | 1,214 | $ | 1,037 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 25,999,273 | 179,286,848 | (176,841,036 | ) | - | - | 28,445,085 | 164,658 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 60,664,971 | 352,352,402 | (339,852,860 | ) | 4,473 | (24,481 | ) | 73,144,505 | 480,144 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 86,819,898 | $ | 549,087,283 | $ | (534,296,369 | ) | $ | 4,473 | $ | (24,481 | ) | $ | 101,590,804 | $ | 645,839 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | ||||
|
| |||
Invesco S&P SmallCap Industrials ETF (PSCI)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.91% |
| |||||||
Aerospace & Defense-7.65% |
||||||||
AAR Corp.(b) |
15,545 | $ | 666,570 | |||||
Aerojet Rocketdyne Holdings, Inc.(b)(c) |
35,164 | 1,514,513 | ||||||
AeroVironment, Inc.(b)(c) |
10,887 | 965,133 | ||||||
Kaman Corp. |
13,147 | 417,023 | ||||||
Moog, Inc., Class A |
13,628 | 1,021,827 | ||||||
National Presto Industries, Inc. |
2,387 | 162,841 | ||||||
Park Aerospace Corp.(c) |
9,131 | 105,098 | ||||||
Triumph Group, Inc.(b) |
30,368 | 394,480 | ||||||
|
|
|||||||
5,247,485 | ||||||||
|
|
|||||||
Air Freight & Logistics-5.44% |
||||||||
Atlas Air Worldwide Holdings, Inc.(b)(c) |
12,318 | 1,230,815 | ||||||
Forward Air Corp. |
12,621 | 1,224,742 | ||||||
Hub Group, Inc., Class A(b) |
15,976 | 1,275,044 | ||||||
|
|
|||||||
3,730,601 | ||||||||
|
|
|||||||
Airlines-2.70% |
||||||||
Allegiant Travel Co.(b) |
7,149 | 689,878 | ||||||
Hawaiian Holdings, Inc.(b)(c) |
24,118 | 361,529 | ||||||
SkyWest, Inc.(b) |
23,740 | 505,425 | ||||||
Sun Country Airlines Holdings, Inc.(b)(c) |
14,715 | 293,123 | ||||||
|
|
|||||||
1,849,955 | ||||||||
|
|
|||||||
Building Products-12.07% |
||||||||
AAON, Inc.(c) |
19,701 | 1,132,413 | ||||||
American Woodmark Corp.(b)(c) |
7,785 | 403,497 | ||||||
Apogee Enterprises, Inc. |
10,429 | 425,920 | ||||||
Gibraltar Industries, Inc.(b) |
15,409 | 644,867 | ||||||
Griffon Corp. |
22,510 | 705,689 | ||||||
Insteel Industries, Inc. |
9,133 | 263,944 | ||||||
PGT Innovations, Inc.(b) |
28,156 | 589,024 | ||||||
Quanex Building Products Corp.(c) |
15,687 | 349,820 | ||||||
Resideo Technologies, Inc.(b) |
68,320 | 1,422,422 | ||||||
UFP Industries, Inc. |
29,478 | 2,340,258 | ||||||
|
|
|||||||
8,277,854 | ||||||||
|
|
|||||||
Commercial Services & Supplies-12.60% |
|
|||||||
ABM Industries, Inc.(c) |
31,419 | 1,457,842 | ||||||
Brady Corp., Class A |
22,585 | 1,051,106 | ||||||
CoreCivic, Inc.(b) |
57,135 | 544,496 | ||||||
Deluxe Corp.(c) |
20,200 | 388,648 | ||||||
GEO Group, Inc. (The)(b)(c) |
58,310 | 476,976 | ||||||
Harsco Corp.(b)(c) |
37,318 | 211,593 | ||||||
Healthcare Services Group, Inc. |
34,789 | 489,481 | ||||||
HNI Corp. |
19,916 | 637,312 | ||||||
Interface, Inc. |
27,941 | 312,101 | ||||||
KAR Auction Services, Inc.(b)(c) |
57,105 | 833,733 | ||||||
Matthews International Corp., Class A(c) |
14,711 | 367,922 | ||||||
Pitney Bowes, Inc. |
76,601 | 221,377 | ||||||
UniFirst Corp. |
7,134 | 1,285,975 | ||||||
Viad Corp.(b)(c) |
9,677 | 369,468 | ||||||
|
|
|||||||
8,648,030 | ||||||||
|
|
|||||||
Construction & Engineering-7.57% |
||||||||
Arcosa, Inc. |
22,706 | 1,327,166 | ||||||
Comfort Systems USA, Inc. |
16,908 | 1,696,549 | ||||||
Granite Construction, Inc.(c) |
21,315 | 639,024 |
Shares | Value | |||||||
Construction & Engineering-(continued) |
|
|||||||
MYR Group, Inc.(b) |
7,990 | $ | 742,590 | |||||
NV5 Global, Inc.(b)(c) |
5,606 | 789,100 | ||||||
|
|
|||||||
5,194,429 | ||||||||
|
|
|||||||
Electrical Equipment-2.63% |
||||||||
AZZ, Inc. |
11,600 | 494,276 | ||||||
Encore Wire Corp.(c) |
9,271 | 1,206,157 | ||||||
Powell Industries, Inc. |
4,262 | 105,101 | ||||||
|
|
|||||||
1,805,534 | ||||||||
|
|
|||||||
Machinery-26.95% |
||||||||
Alamo Group, Inc. |
4,664 | 609,865 | ||||||
Albany International Corp., Class A |
14,802 | 1,305,388 | ||||||
Astec Industries, Inc. |
10,733 | 409,786 | ||||||
Barnes Group, Inc. |
21,918 | 680,554 | ||||||
CIRCOR International, Inc.(b)(c) |
9,520 | 155,176 | ||||||
Enerpac Tool Group Corp.(c) |
28,452 | 551,969 | ||||||
EnPro Industries, Inc. |
9,773 | 885,043 | ||||||
ESCO Technologies, Inc.(c) |
12,146 | 989,049 | ||||||
Federal Signal Corp. |
28,479 | 1,135,458 | ||||||
Franklin Electric Co., Inc. |
18,281 | 1,587,705 | ||||||
Greenbrier Cos., Inc. (The)(c) |
15,312 | 436,545 | ||||||
Hillenbrand, Inc.(c) |
33,695 | 1,404,071 | ||||||
John Bean Technologies Corp. |
14,935 | 1,542,188 | ||||||
Lindsay Corp. |
5,159 | 827,297 | ||||||
Mueller Industries, Inc. |
26,739 | 1,689,103 | ||||||
Proto Labs, Inc.(b)(c) |
12,918 | 496,051 | ||||||
SPX Technologies, Inc.(b)(c) |
21,514 | 1,227,589 | ||||||
Standex International Corp. |
5,671 | 512,715 | ||||||
Tennant Co. |
8,729 | 526,795 | ||||||
Titan International, Inc.(b) |
24,141 | 338,698 | ||||||
Trinity Industries, Inc.(c) |
32,896 | 802,004 | ||||||
Wabash National Corp. |
23,038 | 378,975 | ||||||
|
|
|||||||
18,492,024 | ||||||||
|
|
|||||||
Marine-2.05% |
||||||||
Matson, Inc. |
19,050 | 1,403,223 | ||||||
|
|
|||||||
Professional Services-9.35% |
||||||||
Exponent, Inc. |
24,351 | 2,285,585 | ||||||
Forrester Research, Inc.(b) |
5,145 | 213,980 | ||||||
Heidrick & Struggles International, Inc. |
9,266 | 263,710 | ||||||
Kelly Services, Inc., Class A |
16,238 | 261,594 | ||||||
Korn Ferry |
25,327 | 1,542,921 | ||||||
ManTech International Corp., Class A |
12,943 | 1,241,363 | ||||||
Resources Connection, Inc. |
14,622 | 285,714 | ||||||
TrueBlue, Inc.(b)(c) |
15,633 | 321,102 | ||||||
|
|
|||||||
6,415,969 | ||||||||
|
|
|||||||
Road & Rail-2.63% |
||||||||
ArcBest Corp. |
11,503 | 926,336 | ||||||
Heartland Express, Inc.(c) |
21,882 | 331,512 | ||||||
Marten Transport Ltd. |
27,723 | 549,193 | ||||||
|
|
|||||||
1,807,041 | ||||||||
|
|
|||||||
Trading Companies & Distributors-8.27% |
|
|||||||
Applied Industrial Technologies, Inc. |
18,063 | 1,915,039 | ||||||
Boise Cascade Co. |
18,534 | 1,155,224 | ||||||
DXP Enterprises, Inc.(b) |
8,059 | 214,208 | ||||||
GMS, Inc.(b) |
20,224 | 974,797 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
Invesco S&P SmallCap Industrials ETF (PSCI)–(continued)
August 31, 2022
Shares | Value | |||||||
Trading Companies & Distributors-(continued) |
|
|||||||
NOW, Inc.(b) |
52,021 | $ | 630,495 | |||||
Veritiv Corp.(b) |
6,556 | 781,410 | ||||||
|
|
|||||||
5,671,173 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity Interests (Cost $78,892,999) |
68,543,318 | |||||||
|
|
|||||||
Money Market Funds-0.03% |
||||||||
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $19,939) |
19,939 | 19,939 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $78,912,938) |
68,563,257 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-19.72% |
||||||||
Invesco Private Government Fund, 2.29%(d)(e)(f) |
3,784,177 | $ | 3,784,177 | |||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
9,745,312 | 9,746,286 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
13,530,463 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-119.66% |
82,093,720 | |||||||
OTHER ASSETS LESS LIABILITIES-(19.66)% |
(13,486,249 | ) | ||||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 68,607,471 | ||||||
|
|
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 August 31, 2022. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 7,078,021 | $ | (7,058,082 | ) | $ | - | $ | - | $ | 19,939 | $ | 234 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,848,380 | 33,796,030 | (31,860,233 | ) | - | - | 3,784,177 | 17,265 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 4,312,886 | 78,209,541 | (72,774,804 | ) | 593 | (1,930 | ) | 9,746,286 | 48,374 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,161,266 | $ | 119,083,592 | $ | (111,693,119 | ) | $ | 593 | $ | (1,930 | ) | $ | 13,550,402 | $ | 65,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39 | ||||
|
| |||
Invesco S&P SmallCap Information Technology ETF (PSCT)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.00% |
| |||||||
Communications Equipment-11.95% |
||||||||
ADTRAN Holdings, Inc.(b) |
250,798 | $ | 5,828,545 | |||||
CalAmp Corp.(b)(c) |
117,035 | 723,276 | ||||||
Clearfield, Inc.(b)(c) |
37,169 | 4,315,693 | ||||||
Comtech Telecommunications Corp. |
86,146 | 972,588 | ||||||
Digi International, Inc.(b)(c) |
114,178 | 3,780,434 | ||||||
Extreme Networks, Inc.(c) |
425,403 | 6,096,025 | ||||||
Harmonic, Inc.(b)(c) |
339,766 | 3,825,765 | ||||||
NETGEAR, Inc.(c) |
93,532 | 2,206,420 | ||||||
NetScout Systems, Inc.(b)(c) |
240,036 | 7,618,743 | ||||||
Viavi Solutions, Inc.(b)(c) |
740,784 | 10,430,239 | ||||||
|
|
|||||||
45,797,728 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-31.66% |
| |||||||
Advanced Energy Industries, Inc.(b) |
122,125 | 10,965,604 | ||||||
Arlo Technologies, Inc.(c) |
282,150 | 1,718,293 | ||||||
Badger Meter, Inc. |
95,151 | 9,009,848 | ||||||
Benchmark Electronics, Inc.(b) |
114,168 | 3,133,912 | ||||||
CTS Corp.(b) |
104,295 | 4,413,764 | ||||||
ePlus, Inc.(c) |
87,445 | 4,120,408 | ||||||
Fabrinet (Thailand)(c) |
119,619 | 12,301,618 | ||||||
FARO Technologies, Inc.(b)(c) |
59,413 | 1,993,306 | ||||||
Insight Enterprises, Inc.(b)(c) |
114,039 | 10,391,234 | ||||||
Itron, Inc.(b)(c) |
146,488 | 6,969,899 | ||||||
Knowles Corp.(b)(c) |
298,340 | 4,519,851 | ||||||
Methode Electronics, Inc.(b) |
120,091 | 4,858,882 | ||||||
OSI Systems, Inc.(c) |
51,536 | 4,293,979 | ||||||
PC Connection, Inc. |
35,895 | 1,783,264 | ||||||
Plexus Corp.(b)(c) |
90,126 | 8,447,510 | ||||||
Rogers Corp.(c) |
60,903 | 15,257,420 | ||||||
Sanmina Corp.(c) |
197,839 | 9,599,148 | ||||||
ScanSource, Inc.(c) |
82,078 | 2,377,800 | ||||||
TTM Technologies, Inc.(b)(c) |
328,494 | 5,167,211 | ||||||
|
|
|||||||
121,322,951 | ||||||||
|
|
|||||||
IT Services-11.77% |
||||||||
CSG Systems International, Inc. |
101,159 | 5,852,048 | ||||||
EVERTEC, Inc. (Puerto Rico) |
211,709 | 7,113,422 | ||||||
ExlService Holdings, Inc.(c) |
108,230 | 18,151,253 | ||||||
Perficient, Inc.(b)(c) |
112,638 | 8,797,028 | ||||||
TTEC Holdings, Inc.(b) |
59,631 | 3,121,683 | ||||||
Unisys Corp.(b)(c) |
219,779 | 2,046,143 | ||||||
|
|
|||||||
45,081,577 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-23.68% |
| |||||||
Alpha & Omega Semiconductor Ltd.(b)(c) |
70,370 | 2,720,504 | ||||||
Axcelis Technologies, Inc.(c) |
107,365 | 7,187,013 | ||||||
CEVA, Inc.(b)(c) |
75,463 | 2,208,802 | ||||||
Cohu, Inc.(b)(c) |
158,173 | 4,243,782 | ||||||
Diodes, Inc.(c) |
147,135 | 10,471,598 | ||||||
FormFactor, Inc.(c) |
253,873 | 7,433,401 | ||||||
Ichor Holdings Ltd.(b)(c) |
93,034 | 2,858,005 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore)(b) |
192,229 | 8,081,307 | ||||||
MaxLinear, Inc.(b)(c) |
231,421 | 8,314,957 | ||||||
Onto Innovation, Inc.(b)(c) |
161,157 | 11,440,535 | ||||||
PDF Solutions, Inc.(b)(c) |
96,100 | 2,535,118 | ||||||
Photronics, Inc.(b)(c) |
200,765 | 3,372,852 | ||||||
Rambus, Inc.(b)(c) |
358,355 | 9,241,975 |
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment-(continued) |
| |||||||
SMART Global Holdings, Inc.(b)(c) |
153,765 | $ | 2,821,588 | |||||
Ultra Clean Holdings, Inc.(c) |
146,638 | 4,292,094 | ||||||
Veeco Instruments, Inc.(b)(c) |
166,639 | 3,522,749 | ||||||
|
|
|||||||
90,746,280 | ||||||||
|
|
|||||||
Software-18.34% |
||||||||
8x8, Inc.(b)(c) |
384,396 | 2,002,703 | ||||||
A10 Networks, Inc. |
189,836 | 2,638,720 | ||||||
Agilysys, Inc.(b)(c) |
63,555 | 3,290,242 | ||||||
Alarm.com Holdings, Inc.(b)(c) |
149,850 | 9,980,010 | ||||||
Cerence, Inc.(b)(c) |
127,818 | 2,557,638 | ||||||
Consensus Cloud Solutions, Inc.(b)(c) |
52,036 | 2,620,013 | ||||||
Digital Turbine, Inc.(b)(c) |
286,833 | 5,297,806 | ||||||
Ebix, Inc.(b) |
77,348 | 2,012,595 | ||||||
InterDigital, Inc.(b) |
100,357 | 5,033,907 | ||||||
LivePerson, Inc.(b)(c) |
225,076 | 2,610,882 | ||||||
LiveRamp Holdings, Inc.(c) |
221,697 | 4,400,685 | ||||||
OneSpan, Inc.(c) |
112,011 | 1,289,247 | ||||||
Progress Software Corp. |
142,317 | 6,849,717 | ||||||
SPS Commerce, Inc.(b)(c) |
117,368 | 14,332,980 | ||||||
Xperi Holding Corp. |
337,889 | 5,375,814 | ||||||
|
|
|||||||
70,292,959 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-2.60% |
|
|||||||
3D Systems Corp.(b)(c) |
423,695 | 4,292,030 | ||||||
Avid Technology, Inc.(c) |
115,863 | 3,168,853 | ||||||
Corsair Gaming, Inc.(b)(c) |
108,538 | 1,670,400 | ||||||
Diebold Nixdorf, Inc.(b)(c) |
238,667 | 830,561 | ||||||
|
|
|||||||
9,961,844 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
|
383,203,339 | ||||||
|
|
|||||||
Money Market Funds-1.04% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(d)(e) |
3,971,318 | 3,971,318 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
387,174,657 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-23.00% |
||||||||
Invesco Private Government Fund, |
24,677,602 | 24,677,602 | ||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
63,450,346 | 63,456,692 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
88,134,294 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-124.04% |
|
475,308,951 | ||||||
OTHER ASSETS LESS LIABILITIES-(24.04)% |
|
(92,104,685 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 383,204,266 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
Invesco S&P SmallCap Information Technology ETF (PSCT)–(continued)
August 31, 2022
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
All or a portion of this security was out on loan at August 31, 2022. |
(c) |
Non-income producing security. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 12,626,687 | $ | (8,655,369 | ) | $ | - | $ | - | $ | 3,971,318 | $ | 1,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 20,615,016 | 166,268,954 | (162,206,368 | ) | - | - | 24,677,602 | 122,560 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 48,449,778 | 317,342,320 | (302,326,090 | ) | 4,727 | (14,043 | ) | 63,456,692 | 352,840 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 69,064,794 | $ | 496,237,961 | $ | (473,187,827 | ) | $ | 4,727 | $ | (14,043 | ) | $ | 92,105,612 | $ | 476,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | ||||
|
| |||
Invesco S&P SmallCap Materials ETF (PSCM)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Chemicals-54.87% |
||||||||
AdvanSix, Inc. |
10,799 | $ | 391,572 | |||||
American Vanguard Corp. |
10,301 | 205,299 | ||||||
Balchem Corp. |
12,304 | 1,621,913 | ||||||
FutureFuel Corp. |
9,921 | 72,324 | ||||||
GCP Applied Technologies, Inc.(b)(c) |
20,806 | 653,724 | ||||||
H.B. Fuller Co. |
20,326 | 1,318,344 | ||||||
Hawkins, Inc. |
7,221 | 276,709 | ||||||
Innospec, Inc. |
8,909 | 832,635 | ||||||
Koppers Holdings, Inc. |
8,124 | 185,471 | ||||||
Livent Corp.(b)(c) |
61,961 | 1,993,905 | ||||||
Mativ Holdings, Inc., Class A |
21,017 | 496,422 | ||||||
Quaker Chemical Corp.(c) |
5,177 | 902,455 | ||||||
Rayonier Advanced Materials, Inc.(b)(c) |
24,534 | 110,894 | ||||||
Stepan Co. |
8,187 | 853,331 | ||||||
Tredegar Corp. |
9,886 | 100,936 | ||||||
Trinseo PLC |
13,891 | 368,528 | ||||||
|
|
|||||||
10,384,462 | ||||||||
|
|
|||||||
Containers & Packaging-5.54% |
||||||||
Myers Industries, Inc. |
13,965 | 269,804 | ||||||
O-I Glass, Inc.(b) |
59,874 | 778,960 | ||||||
|
|
|||||||
1,048,764 | ||||||||
|
|
|||||||
Metals & Mining-33.13% |
||||||||
Arconic Corp.(b) |
40,538 | 1,021,963 | ||||||
ATI, Inc.(b)(c) |
47,557 | 1,423,381 | ||||||
Carpenter Technology Corp. |
18,608 | 632,114 | ||||||
Century Aluminum Co.(b)(c) |
19,632 | 151,559 | ||||||
Compass Minerals International, Inc |
13,122 | 531,310 | ||||||
Haynes International, Inc. |
4,787 | 189,996 | ||||||
Kaiser Aluminum Corp. |
6,111 | 438,525 | ||||||
Materion Corp. |
7,904 | 682,194 | ||||||
Olympic Steel, Inc. |
3,592 | 94,542 |
Shares | Value | |||||||
Metals & Mining-(continued) |
||||||||
SunCoke Energy, Inc. |
32,039 | $ | 211,137 | |||||
TimkenSteel Corp.(b) |
15,945 | 244,596 | ||||||
Warrior Met Coal, Inc. |
19,907 | 647,973 | ||||||
|
|
|||||||
6,269,290 | ||||||||
|
|
|||||||
Paper & Forest Products-6.41% |
||||||||
Clearwater Paper Corp.(b) |
6,489 | 276,042 | ||||||
Glatfelter Corp. |
17,184 | 83,686 | ||||||
Mercer International, Inc. (Germany) |
15,501 | 251,426 | ||||||
Sylvamo Corp. |
13,560 | 602,607 | ||||||
|
|
|||||||
1,213,761 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
18,916,277 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-15.52% |
||||||||
Invesco Private Government Fund, |
822,594 | 822,594 | ||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
2,115,031 | 2,115,243 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
2,937,837 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-115.47% |
|
21,854,114 | ||||||
OTHER ASSETS LESS LIABILITIES-(15.47)% |
|
(2,927,565 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
|
$ | 18,926,549 | |||||
|
|
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 August 31, 2022. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income |
||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ - | $ | 1,533,111 | $ | (1,533,111 | ) | $ - | $ - | $ - | $ 88 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
Invesco S&P SmallCap Materials ETF (PSCM)–(continued)
August 31, 2022
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
$ | 452,121 | $ | 12,037,162 | $ | (11,666,689 | ) | $ | - | $ | - | $ | 822,594 | $ | 6,149 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
1,054,948 | 25,183,008 | (24,122,307 | ) | 150 | (556 | ) | 2,115,243 | 17,545 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,507,069 | $ | 38,753,281 | $ | (37,322,107 | ) | $ | 150 | $ | (556 | ) | $ | 2,937,837 | $ | 23,782 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43 | ||||
|
| |||
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.86% |
| |||||||
Diversified Telecommunication Services-8.37% |
|
|||||||
ATN International, Inc. |
6,779 | $ | 317,596 | |||||
Cogent Communications Holdings, Inc. |
24,757 | 1,318,310 | ||||||
Consolidated Communications Holdings, |
45,361 | 260,372 | ||||||
|
|
|||||||
1,896,278 | ||||||||
|
|
|||||||
Entertainment-4.94% |
||||||||
Cinemark Holdings, Inc.(b)(c) |
63,687 | 896,713 | ||||||
Marcus Corp. (The)(c) |
13,757 | 221,350 | ||||||
|
|
|||||||
1,118,063 | ||||||||
|
|
|||||||
Gas Utilities-18.76% |
||||||||
Chesapeake Utilities Corp. |
7,683 | 970,363 | ||||||
Northwest Natural Holding Co. |
18,364 | 874,310 | ||||||
South Jersey Industries, Inc. |
71,049 | 2,405,009 | ||||||
|
|
|||||||
4,249,682 | ||||||||
|
|
|||||||
Interactive Media & Services-12.57% |
||||||||
Cars.com, Inc.(b)(c) |
40,758 | 519,664 | ||||||
QuinStreet, Inc.(b)(c) |
31,461 | 377,847 | ||||||
Shutterstock, Inc. |
14,494 | 803,113 | ||||||
Yelp, Inc.(b) |
33,566 | 1,146,950 | ||||||
|
|
|||||||
2,847,574 | ||||||||
|
|
|||||||
Media-14.86% |
||||||||
AMC Networks, Inc., Class A(b) |
18,633 | 499,178 | ||||||
E.W. Scripps Co. (The), Class A(b)(c) |
36,064 | 539,157 | ||||||
Gannett Co., Inc.(b)(c) |
91,465 | 212,199 | ||||||
Scholastic Corp. |
19,043 | 874,264 | ||||||
TechTarget, Inc.(b)(c) |
14,932 | 969,087 | ||||||
Thryv Holdings, Inc.(b) |
10,682 | 273,245 | ||||||
|
|
|||||||
3,367,130 | ||||||||
|
|
|||||||
Multi-Utilities-9.84% |
||||||||
Avista Corp. |
42,043 | 1,708,207 | ||||||
Unitil Corp. |
10,003 | 521,056 | ||||||
|
|
|||||||
2,229,263 | ||||||||
|
|
Shares | Value | |||||||
Water Utilities-20.22% |
||||||||
American States Water Co.(c) |
21,448 | $ | 1,779,541 | |||||
California Water Service Group(c) |
31,210 | 1,826,721 | ||||||
Middlesex Water Co. |
10,975 | 974,251 | ||||||
|
|
|||||||
4,580,513 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-10.30% |
|
|||||||
Gogo, Inc.(b) |
42,629 | 633,467 | ||||||
Shenandoah Telecommunications Co.(c) |
31,232 | 696,161 | ||||||
Telephone & Data Systems, Inc. |
61,687 | 1,003,648 | ||||||
|
|
|||||||
2,333,276 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
22,621,779 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-15.18% |
||||||||
Invesco Private Government Fund, |
962,400 | 962,400 | ||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
2,474,495 | 2,474,743 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
3,437,143 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-115.04% |
|
26,058,922 | ||||||
OTHER ASSETS LESS LIABILITIES-(15.04)% |
|
(3,406,037 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 22,652,885 | ||||||
|
|
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 August 31, 2022. |
(d) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ - | $ 1,533,432 | $ (1,533,432) | $ - | $ - | $ - | $ 60 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | ||||
|
| |||
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)–(continued)
August 31, 2022
Value |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 850,628 | $ | 14,935,305 | $ | (14,823,533 | ) | $ | - | $ | - | $ | 962,400 | $ | 7,789 | * | |||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 1,984,799 | 33,361,041 | (32,869,870 | ) | 153 | (1,380 | ) | 2,474,743 | 22,323 | * | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,835,427 | $ | 49,829,778 | $ | (49,226,835 | ) | $ | 153 | $ | (1,380 | ) | $ | 3,437,143 | $ | 30,172 | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 2022. |
(f) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
45 | ||||
|
| |||
Statements of Assets and Liabilities
August 31, 2022
Invesco DWA SmallCap Momentum ETF (DWAS) |
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) |
Invesco S&P SmallCap Consumer Staples ETF (PSCC) |
Invesco S&P SmallCap Energy ETF (PSCE) |
|||||||||||||||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 389,733,831 | $ | 25,044,341 | $ | 61,397,973 | $ | 136,841,428 | ||||||||||||||||||||||||||||||||
Affiliated investments in securities, at value(a) |
94,261,949 | 8,340,894 | 14,881,311 | 44,505,436 | ||||||||||||||||||||||||||||||||||||
Cash |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Receivable for: |
||||||||||||||||||||||||||||||||||||||||
Dividends |
315,665 | 12,030 | 9,271 | 205,100 | ||||||||||||||||||||||||||||||||||||
Securities lending |
21,383 | 2,291 | 3,945 | 2,206 | ||||||||||||||||||||||||||||||||||||
Investments sold |
- | - | - | 1,259,722 | ||||||||||||||||||||||||||||||||||||
Fund shares sold |
2,294,404 | - | 2,048,226 | - | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total assets |
486,627,232 | 33,399,556 | 78,340,726 | 182,813,892 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||||||||||
Due to custodian |
- | - | - | 83,537 | ||||||||||||||||||||||||||||||||||||
Payable for: |
||||||||||||||||||||||||||||||||||||||||
Investments purchased |
2,293,113 | - | 2,046,565 | - | ||||||||||||||||||||||||||||||||||||
Collateral upon return of securities loaned |
94,054,605 | 8,321,985 | 14,831,748 | 44,504,202 | ||||||||||||||||||||||||||||||||||||
Fund shares repurchased |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
Accrued unitary management fees |
199,408 | 6,996 | 14,911 | 33,415 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total liabilities |
96,547,126 | 8,328,981 | 16,893,224 | 44,621,154 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net Assets |
$ | 390,080,106 | $ | 25,070,575 | $ | 61,447,502 | $ | 138,192,738 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net assets consist of: |
||||||||||||||||||||||||||||||||||||||||
Shares of beneficial interest |
$ | 804,589,746 | $ | 49,430,734 | $ | 74,690,989 | $ | 204,028,818 | ||||||||||||||||||||||||||||||||
Distributable earnings (loss) |
(414,509,640 | ) | (24,360,159 | ) | (13,243,487 | ) | (65,836,080 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net Assets |
$ | 390,080,106 | $ | 25,070,575 | $ | 61,447,502 | $ | 138,192,738 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
5,120,000 | 310,000 | 600,000 | 13,960,000 | ||||||||||||||||||||||||||||||||||||
Net asset value |
$ | 76.19 | $ | 80.87 | $ | 102.41 | $ | 9.90 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Market price |
$ | 76.21 | $ | 80.85 | $ | 102.43 | $ | 9.90 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Unaffiliated investments in securities, at cost |
$ | 363,386,243 | $ | 36,633,835 | $ | 62,834,827 | $ | 138,968,428 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Affiliated investments in securities, at cost |
$ | 94,257,461 | $ | 8,340,460 | $ | 14,880,589 | $ | 44,504,202 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 92,186,569 | $ | 7,947,082 | $ | 14,398,820 | $ | 44,277,198 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | ||||
|
| |||
Invesco S&P SmallCap Financials ETF (PSCF) |
Invesco S&P SmallCap Health Care ETF (PSCH) |
Invesco S&P SmallCap Industrials ETF (PSCI) |
Invesco S&P SmallCap Information Technology ETF (PSCT) |
Invesco S&P SmallCap Materials ETF (PSCM) |
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) | ||||||||||||||||||||||||||||||||||||||
$ | 37,641,911 | $ | 336,480,591 | $ | 68,543,318 | $ | 383,203,339 | $ | 18,916,277 | $ | 22,621,779 | ||||||||||||||||||||||||||||||||
8,771,735 | 101,590,804 | 13,550,402 | 92,105,612 | 2,937,837 | 3,437,143 | ||||||||||||||||||||||||||||||||||||||
- | - | - | 1,613,960 | - | - | ||||||||||||||||||||||||||||||||||||||
37,387 | 95,131 | 63,090 | 122,003 | 21,820 | 38,119 | ||||||||||||||||||||||||||||||||||||||
432 | 7,963 | 771 | 7,583 | 225 | 276 | ||||||||||||||||||||||||||||||||||||||
- | - | 1,735,146 | 1,206,611 | - | - | ||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
46,451,465 | 438,174,489 | 83,892,727 | 478,259,108 | 21,876,159 | 26,097,317 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
- | - | - | - | 7,127 | 1,538 | ||||||||||||||||||||||||||||||||||||||
- | - | - | 5,599,487 | - | - | ||||||||||||||||||||||||||||||||||||||
8,666,244 | 101,585,117 | 13,529,870 | 88,129,567 | 2,937,687 | 3,436,990 | ||||||||||||||||||||||||||||||||||||||
- | - | 1,736,883 | 1,224,284 | - | - | ||||||||||||||||||||||||||||||||||||||
9,981 | 88,546 | 18,503 | 101,504 | 4,796 | 5,904 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
8,676,225 | 101,673,663 | 15,285,256 | 95,054,842 | 2,949,610 | 3,444,432 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
$ | 37,775,240 | $ | 336,500,826 | $ | 68,607,471 | $ | 383,204,266 | $ | 18,926,549 | $ | 22,652,885 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
$ | 47,936,741 | $ | 477,989,890 | $ | 82,511,059 | $ | 374,612,541 | $ | 23,770,998 | $ | 33,303,469 | ||||||||||||||||||||||||||||||||
(10,161,501 | ) | (141,489,064 | ) | (13,903,588 | ) | 8,591,725 | (4,844,449 | ) | (10,650,584 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
$ | 37,775,240 | $ | 336,500,826 | $ | 68,607,471 | $ | 383,204,266 | $ | 18,926,549 | $ | 22,652,885 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
750,000 | 2,390,000 | 790,000 | 3,130,000 | 300,000 | 390,000 | ||||||||||||||||||||||||||||||||||||||
$ | 50.37 | $ | 140.80 | $ | 86.84 | $ | 122.43 | $ | 63.09 | $ | 58.08 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
$ | 50.38 | $ | 140.82 | $ | 86.84 | $ | 122.55 | $ | 63.05 | $ | 58.08 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
$ | 41,778,062 | $ | 367,532,048 | $ | 78,892,999 | $ | 359,680,369 | $ | 20,015,622 | $ | 23,316,788 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
$ | 9,125,912 | $ | 101,586,331 | $ | 13,549,809 | $ | 92,100,885 | $ | 2,937,687 | $ | 3,436,990 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
$ | 8,354,302 | $ | 98,640,083 | $ | 12,977,517 | $ | 85,372,944 | $ | 2,855,382 | $ | 3,329,780 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
47 | ||||
|
| |||
For the year ended August 31, 2022
Invesco DWA SmallCap Momentum ETF (DWAS) |
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) |
Invesco S&P SmallCap Consumer Staples ETF (PSCC) |
Invesco S&P SmallCap Energy ETF (PSCE) |
|||||||||||||||||||||||||||||||||||||
Investment income: |
||||||||||||||||||||||||||||||||||||||||
Unaffiliated dividend income |
$ | 4,990,820 | $ | 553,578 | $ | 700,187 | $ | 1,847,025 | ||||||||||||||||||||||||||||||||
Affiliated dividend income |
687 | 76 | 70 | 951 | ||||||||||||||||||||||||||||||||||||
Securities lending income, net |
397,008 | 12,031 | 38,813 | 31,876 | ||||||||||||||||||||||||||||||||||||
Foreign withholding tax |
(3,187 | ) | - | - | (813 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total investment income |
5,385,328 | 565,685 | 739,070 | 1,879,039 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||||||||||
Unitary management fees |
2,629,430 | 123,049 | 142,446 | 410,439 | ||||||||||||||||||||||||||||||||||||
Tax expenses |
- | 2,921 | - | 971 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total expenses |
2,629,430 | 125,970 | 142,446 | 411,410 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Less: Waivers |
(55 | ) | (7 | ) | (6 | ) | (172 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net expenses |
2,629,375 | 125,963 | 142,440 | 411,238 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income (loss) |
2,755,953 | 439,722 | 596,630 | 1,467,801 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities |
(128,971,482 | ) | (5,178,774 | ) | (1,280,042 | ) | 2,624,726 | |||||||||||||||||||||||||||||||||
Affiliated investment securities |
(23,806 | ) | (2,522 | ) | (2,067 | ) | (4,510 | ) | ||||||||||||||||||||||||||||||||
Unaffiliated in-kind redemptions |
78,279,559 | (1,107,045 | ) | 4,109,052 | 28,829,142 | |||||||||||||||||||||||||||||||||||
Affiliated in-kind redemptions |
- | - | - | - | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net realized gain (loss) |
(50,715,729 | ) | (6,288,341 | ) | 2,826,943 | 31,449,358 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||||||||||||||||||||||
Unaffiliated investment securities |
(22,141,806 | ) | (7,298,103 | ) | (3,375,445 | ) | 14,789,650 | |||||||||||||||||||||||||||||||||
Affiliated investment securities |
4,488 | 434 | 722 | 1,234 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(22,137,318 | ) | (7,297,669 | ) | (3,374,723 | ) | 14,790,884 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(72,853,047 | ) | (13,586,010 | ) | (547,780 | ) | 46,240,242 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | (70,097,094 | ) | $ | (13,146,288 | ) | $ | 48,850 | $ | 47,708,043 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48 | ||||
|
| |||
Invesco S&P SmallCap Financials ETF (PSCF) |
Invesco S&P SmallCap Health Care ETF (PSCH) |
Invesco S&P SmallCap Industrials ETF (PSCI) |
Invesco S&P SmallCap Information Technology ETF (PSCT) |
Invesco S&P SmallCap Materials ETF (PSCM) |
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) |
|||||||||||||||||||||||||||||||||||||||||||
$ | 1,171,373 | $ | 434,908 | $ | 979,200 | $ | 1,192,544 | $ | 238,246 | $ | 430,316 | |||||||||||||||||||||||||||||||||||||
19,374 | 1,037 | 234 | 1,005 | 88 | 60 | |||||||||||||||||||||||||||||||||||||||||||
12,373 | 144,662 | 8,457 | 97,067 | 2,937 | 4,878 | |||||||||||||||||||||||||||||||||||||||||||
(2,031 | ) | - | - | (13 | ) | (890 | ) | - | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
1,201,089 | 580,607 | 987,891 | 1,290,603 | 240,381 | 435,254 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
132,886 | 1,202,823 | 275,247 | 1,304,519 | 64,878 | 75,487 | |||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
132,886 | 1,202,823 | 275,247 | 1,304,519 | 64,878 | 75,487 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
(12 | ) | (50 | ) | (28 | ) | (72 | ) | (6 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
132,874 | 1,202,773 | 275,219 | 1,304,447 | 64,872 | 75,482 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
1,068,215 | (622,166 | ) | 712,672 | (13,844 | ) | 175,509 | 359,772 | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
(675,101 | ) | (32,759,919 | ) | 822,335 | (6,320,020 | ) | (46,166 | ) | (2,661,395 | ) | ||||||||||||||||||||||||||||||||||||||
(6,612 | ) | (24,481 | ) | (1,930 | ) | (14,043 | ) | (556 | ) | (1,380 | ) | |||||||||||||||||||||||||||||||||||||
1,866,228 | 13,223,295 | 13,681,067 | 39,156,125 | 1,292,994 | 1,745,162 | |||||||||||||||||||||||||||||||||||||||||||
(1,532 | ) | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
1,182,983 | (19,561,105 | ) | 14,501,472 | 32,822,062 | 1,246,272 | (917,613 | ) | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
(7,678,178 | ) | (112,447,215 | ) | (24,332,912 | ) | (116,983,199 | ) | (2,175,579 | ) | (2,859,282 | ) | |||||||||||||||||||||||||||||||||||||
(75,481 | ) | 4,473 | 593 | 4,727 | 150 | 153 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
(7,753,659 | ) | (112,442,742 | ) | (24,332,319 | ) | (116,978,472 | ) | (2,175,429 | ) | (2,859,129 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
(6,570,676 | ) | (132,003,847 | ) | (9,830,847 | ) | (84,156,410 | ) | (929,157 | ) | (3,776,742 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
$ | (5,502,461 | ) | $ | (132,626,013 | ) | $ | (9,118,175 | ) | $ | (84,170,254 | ) | $ | (753,648 | ) | $ | (3,416,970 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
49 | ||||
|
| |||
Statements of Changes in Net Assets
For the years ended August 31, 2022 and 2021
Invesco DWA SmallCap | Invesco S&P SmallCap | |||||||||||||||||||
Momentum ETF (DWAS) | Consumer Discretionary ETF (PSCD) | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Operations: |
||||||||||||||||||||
Net investment income |
$ | 2,755,953 | $ | 132,979 | $ | 439,722 | $ | 287,371 | ||||||||||||
Net realized gain (loss) |
(50,715,729 | ) | 131,106,926 | (6,288,341 | ) | 17,720,548 | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
(22,137,318 | ) | 3,864,196 | (7,297,669 | ) | (2,040,670 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(70,097,094 | ) | 135,104,101 | (13,146,288 | ) | 15,967,249 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders from: |
||||||||||||||||||||
Distributable earnings |
(1,517,201 | ) | (441,684 | ) | (447,217 | ) | (233,371 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shareholder Transactions: |
||||||||||||||||||||
Proceeds from shares sold |
463,001,703 | 767,918,832 | 7,543,321 | 120,948,147 | ||||||||||||||||
Value of shares repurchased |
(457,120,808 | ) | (681,140,855 | ) | (34,786,413 | ) | (90,244,850 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
5,880,895 | 86,777,977 | (27,243,092 | ) | 30,703,297 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets |
(65,733,400 | ) | 221,440,394 | (40,836,597 | ) | 46,437,175 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets: |
||||||||||||||||||||
Beginning of year |
455,813,506 | 234,373,112 | 65,907,172 | 19,469,997 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 390,080,106 | $ | 455,813,506 | $ | 25,070,575 | $ | 65,907,172 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Changes in Shares Outstanding: |
||||||||||||||||||||
Shares sold |
5,300,000 | 9,950,000 | 70,000 | 1,100,000 | ||||||||||||||||
Shares repurchased |
(5,410,000 | ) | (8,670,000 | ) | (340,000 | ) | (820,000 | ) | ||||||||||||
Shares outstanding, beginning of year |
5,230,000 | 3,950,000 | 580,000 | 300,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding, end of year |
5,120,000 | 5,230,000 | 310,000 | 580,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50 | ||||
|
| |||
Invesco S&P SmallCap Consumer Staples ETF (PSCC) |
Invesco S&P SmallCap Energy ETF (PSCE) |
Invesco
S&P SmallCap Financials ETF (PSCF) | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
$ | 596,630 | $ | 702,518 | $ | 1,467,801 | $ | 393,528 | $ | 1,068,215 | $ | 785,570 | |||||||||||||||||
2,826,943 | 3,010,821 | 31,449,358 | 16,587,489 | 1,182,983 | (1,013,441 | ) | ||||||||||||||||||||||
(3,374,723 | ) | 5,741,360 | 14,790,884 | (9,195,227 | ) | (7,753,659 | ) | 12,056,806 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
48,850 | 9,454,699 | 47,708,043 | 7,785,790 | (5,502,461 | ) | 11,828,935 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(553,632 | ) | (734,686 | ) | (1,206,030 | ) | (240,859 | ) | (1,022,746 | ) | (876,466 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
35,437,137 | 22,954,941 | 124,402,426 | 210,541,973 | 3,600,462 | 22,229,937 | |||||||||||||||||||||||
(20,467,022 | ) | (23,874,928 | ) | (138,300,452 | ) | (127,210,808 | ) | (9,588,046 | ) | (9,191,248 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
14,970,115 | (919,987 | ) | (13,898,026 | ) | 83,331,165 | (5,987,584 | ) | 13,038,689 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
14,465,333 | 7,800,026 | 32,603,987 | 90,876,096 | (12,512,791 | ) | 23,991,158 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
46,982,169 | 39,182,143 | 105,588,751 | 14,712,655 | 50,288,031 | 26,296,873 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 61,447,502 | $ | 46,982,169 | $ | 138,192,738 | $ | 105,588,751 | $ | 37,775,240 | $ | 50,288,031 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
340,000 | 220,000 | 13,590,000 | 31,060,000 | 60,000 | 400,000 | |||||||||||||||||||||||
(200,000 | ) | (260,000 | ) | (15,850,000 | ) | (19,040,000 | ) | (170,000 | ) | (190,000 | ) | |||||||||||||||||
460,000 | 500,000 | 16,220,000 | 4,200,000 | 860,000 | 650,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
600,000 | 460,000 | 13,960,000 | 16,220,000 | 750,000 | 860,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
51 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2022 and 2021
Invesco S&P SmallCap | Invesco S&P SmallCap | |||||||||||||||
Health Care ETF (PSCH) | Industrials ETF (PSCI) | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: |
||||||||||||||||
Net investment income (loss) |
$ | (622,166 | ) | $ | (785,555 | ) | $ | 712,672 | $ | 616,569 | ||||||
Net realized gain (loss) |
(19,561,105 | ) | 24,141,032 | 14,501,472 | 2,942,407 | |||||||||||
Change in net unrealized appreciation (depreciation) |
(112,442,742 | ) | 140,268,932 | (24,332,319 | ) | 17,999,704 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(132,626,013 | ) | 163,624,409 | (9,118,175 | ) | 21,558,680 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from: |
||||||||||||||||
Distributable earnings |
- | - | (699,479 | ) | (509,144 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shareholder Transactions: |
||||||||||||||||
Proceeds from shares sold |
7,487,611 | 93,123,057 | 15,464,593 | 74,571,539 | ||||||||||||
Value of shares repurchased |
(64,464,356 | ) | (115,601,310 | ) | (61,875,092 | ) | (16,953,241 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from share transactions |
(56,976,745 | ) | (22,478,253 | ) | (46,410,499 | ) | 57,618,298 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets |
(189,602,758 | ) | 141,146,156 | (56,228,153 | ) | 78,667,834 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets: |
||||||||||||||||
Beginning of year |
526,103,584 | 384,957,428 | 124,835,624 | 46,167,790 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 336,500,826 | $ | 526,103,584 | $ | 68,607,471 | $ | 124,835,624 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding: |
||||||||||||||||
Shares sold |
50,000 | 600,000 | 170,000 | 840,000 | ||||||||||||
Shares repurchased |
(410,000 | ) | (750,000 | ) | (700,000 | ) | (220,000 | ) | ||||||||
Shares outstanding, beginning of year |
2,750,000 | 2,900,000 | 1,320,000 | 700,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
2,390,000 | 2,750,000 | 790,000 | 1,320,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52 | ||||
|
| |||
Invesco
S&P
SmallCap Information Technology ETF (PSCT) |
Invesco
S&P SmallCap Materials ETF (PSCM) |
Invesco
S&P SmallCap Utilities & Communication Services ETF (PSCU) | ||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | (13,844 | ) | $ | 107,770 | $ | 175,509 | $ | 203,679 | $ | 359,772 | $ | 709,593 | ||||||||||||||||
32,822,062 | 25,821,446 | 1,246,272 | 2,206,293 | (917,613 | ) | 1,208,977 | ||||||||||||||||||||||
(116,978,472 | ) | 136,680,577 | (2,175,429 | ) | 3,054,922 | (2,859,129 | ) | 5,433,914 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(84,170,254 | ) | 162,609,793 | (753,648 | ) | 5,464,894 | (3,416,970 | ) | 7,352,484 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
- | (177,198 | ) | (157,069 | ) | (193,769 | ) | (801,868 | ) | (269,592 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
84,981,270 | 128,653,753 | 1,349,387 | 28,753,842 | 6,686,321 | 9,395,883 | |||||||||||||||||||||||
(94,763,303 | ) | (58,471,170 | ) | (9,223,604 | ) | (14,742,171 | ) | (6,848,398 | ) | (11,429,660 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(9,782,033 | ) | 70,182,583 | (7,874,217 | ) | 14,011,671 | (162,077 | ) | (2,033,777 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(93,952,287 | ) | 232,615,178 | (8,784,934 | ) | 19,282,796 | (4,380,915 | ) | 5,049,115 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
477,156,553 | 244,541,375 | 27,711,483 | 8,428,687 | 27,033,800 | 21,984,685 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 383,204,266 | $ | 477,156,553 | $ | 18,926,549 | $ | 27,711,483 | $ | 22,652,885 | $ | 27,033,800 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
580,000 | 1,020,000 | 20,000 | 460,000 | 100,000 | 150,000 | |||||||||||||||||||||||
(690,000 | ) | (480,000 | ) | (140,000 | ) | (240,000 | ) | (110,000 | ) | (200,000 | ) | |||||||||||||||||
3,240,000 | 2,700,000 | 420,000 | 200,000 | 400,000 | 450,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
3,130,000 | 3,240,000 | 300,000 | 420,000 | 390,000 | 400,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
53 | ||||
|
| |||
Invesco DWA SmallCap Momentum ETF (DWAS)
Years Ended August 31, | Ten Months Ended August 31, 2018 |
Year Ended October 31, 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 87.15 | $ | 59.33 | $ | 53.34 | $ | 59.34 | $ | 48.11 | $ | 35.42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income (loss)(a) |
0.53 | 0.03 | 0.20 | (0.01 | ) | (0.01 | ) | 0.14 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(11.20 | ) | 27.88 | 5.97 | (5.99 | ) | 11.34 | 12.71 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(10.67 | ) | 27.91 | 6.17 | (6.00 | ) | 11.33 | 12.85 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.29 | ) | (0.09 | ) | (0.18 | ) | - | (0.10 | ) | (0.16 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 76.19 | $ | 87.15 | $ | 59.33 | $ | 53.34 | $ | 59.34 | $ | 48.11 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(b) |
$ | 76.21 | $ | 87.07 | $ | 59.39 | $ | 53.34 | $ | 59.36 | $ | 48.16 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(12.25 | )% | 47.07 | % | 11.65 | % | (10.11 | )% | 23.60 | % | 36.38 | % | ||||||||||||||||||
Market Price Total Return(c) |
(12.15 | )% | 46.79 | % | 11.77 | % | (10.14 | )% | 23.51 | % | 36.60 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 390,080 | $ | 455,814 | $ | 234,373 | $ | 264,010 | $ | 453,972 | $ | 228,517 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | 0.60 | % | ||||||||||||||||||
Net investment income (loss) |
0.63 | % | 0.03 | % | 0.39 | % | (0.03 | )% | (0.02 | )%(d) | 0.34 | % | ||||||||||||||||||
Portfolio turnover rate(e) |
175 | % | 198 | % | 185 | % | 159 | % | 100 | % | 131 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Years Ended August 31, | Ten Months Ended August 31, 2018 |
Year Ended October 31, 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 113.63 | $ | 64.90 | $ | 57.37 | $ | 71.32 | $ | 55.45 | $ | 46.40 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.04 | 0.47 | 0.61 | 0.57 | 0.56 | 0.66 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(32.74 | ) | 48.59 | 7.57 | (13.81 | ) | 15.78 | 9.12 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(31.70 | ) | 49.06 | 8.18 | (13.24 | ) | 16.34 | 9.78 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.06 | ) | (0.33 | ) | (0.65 | ) | (0.71 | ) | (0.47 | ) | (0.73 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 80.87 | $ | 113.63 | $ | 64.90 | $ | 57.37 | $ | 71.32 | $ | 55.45 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(b) |
$ | 80.85 | $ | 113.46 | $ | 64.92 | $ | 57.36 | $ | 71.31 | $ | 55.51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(28.01 | )% | 75.74 | % | 14.68 | % | (18.57 | )% | 29.58 | % | 21.15 | % | ||||||||||||||||||
Market Price Total Return(c) |
(27.91 | )% | 75.42 | % | 14.74 | % | (18.58 | )% | 29.43 | % | 21.26 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 25,071 | $ | 65,907 | $ | 19,470 | $ | 22,949 | $ | 92,718 | $ | 66,543 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.30 | % | 0.29 | % | 0.29 | % | 0.30 | %(d) | 0.29 | %(e) | 0.29 | % | ||||||||||||||||||
Net investment income |
1.04 | % | 0.44 | % | 1.08 | % | 0.93 | %(d) | 1.07 | %(e) | 1.25 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
24 | % | 33 | % | 27 | % | 27 | % | 9 | % | 19 | % |
(a) |
Based on average shares outstanding |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 102.14 | $ | 78.36 | $ | 71.88 | $ | 85.41 | $ | 72.47 | $ | 63.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.25 | 1.55 | 1.21 | 1.09 | 0.56 | 0.94 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.22 | (b) | 23.85 | 6.60 | (13.48 | ) | 12.91 | 9.64 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
1.47 | 25.40 | 7.81 | (12.39 | ) | 13.47 | 10.58 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.20 | ) | (1.62 | ) | (1.33 | ) | (1.14 | ) | (0.53 | ) | (1.16 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 102.41 | $ | 102.14 | $ | 78.36 | $ | 71.88 | $ | 85.41 | $ | 72.47 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(c) |
$ | 102.43 | $ | 102.02 | $ | 78.57 | $ | 71.66 | $ | 85.34 | $ | 72.54 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(d) |
1.48 | % | 32.77 | % | 10.97 | % | (14.52 | )% | 18.70 | % | 16.88 | % | ||||||||||||||||||
Market Price Total Return(d) |
1.62 | % | 32.27 | % | 11.60 | % | (14.71 | )% | 18.49 | % | 17.11 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 61,448 | $ | 46,982 | $ | 39,182 | $ | 46,722 | $ | 89,681 | $ | 54,350 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.30 | %(e) | 0.29 | %(f) | 0.29 | % | ||||||||||||||||||
Net investment income |
1.21 | % | 1.64 | % | 1.66 | % | 1.41 | %(e) | 0.89 | %(f) | 1.38 | % | ||||||||||||||||||
Portfolio turnover rate(g) |
20 | % | 30 | % | 40 | % | 59 | % | 42 | % | 62 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Annualized. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
55 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Energy ETF (PSCE)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 6.51 | $ | 3.50 | $ | 6.97 | $ | 16.34 | $ | 14.26 | $ | 16.73 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income (loss)(a) |
0.09 | 0.03 | 0.05 | (0.02 | ) | (0.00 | )(b) | (0.01 | ) | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
3.37 | 3.00 | (3.49 | ) | (9.33 | ) | 2.09 | (2.44 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
3.46 | 3.03 | (3.44 | ) | (9.35 | ) | 2.09 | (2.45 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.07 | ) | (0.02 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||||||
Return of capital |
- | - | - | - | - | (0.01 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total distributions |
(0.07 | ) | (0.02 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 9.90 | $ | 6.51 | $ | 3.50 | $ | 6.97 | $ | 16.34 | $ | 14.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(c) |
$ | 9.90 | $ | 6.52 | $ | 3.52 | $ | 6.98 | $ | 16.33 | $ | 14.30 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(d) |
53.42 | % | 87.13 | % | (49.31 | )% | (57.29 | )% | 14.64 | % | (14.69 | )% | ||||||||||||||||||
Market Price Total Return(d) |
53.18 | % | 86.35 | % | (49.09 | )% | (57.20 | )% | 14.25 | % | (14.55 | )% | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 138,193 | $ | 105,589 | $ | 14,713 | $ | 19,523 | $ | 60,475 | $ | 48,477 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.31 | %(e) | 0.29 | %(f) | 0.29 | % | ||||||||||||||||||
Net investment income (loss) |
1.04 | % | 0.43 | % | 1.01 | % | (0.20 | )%(e) | 0.04 | %(f) | (0.05 | )% | ||||||||||||||||||
Portfolio turnover rate(g) |
58 | % | 26 | % | 74 | % | 48 | % | 40 | % | 39 | % |
(a) |
Based on average shares outstanding. |
(b) |
Amount represents less than $0.005. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(f) |
Annualized. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Financials ETF (PSCF)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 58.47 | $ | 40.46 | $ | 52.62 | $ | 60.04 | $ | 54.25 | $ | 43.73 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
1.32 | 1.06 | 1.45 | 1.48 | 1.05 | 1.25 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(8.16 | ) | 18.07 | (10.89 | ) | (6.48 | ) | 5.63 | 10.58 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(6.84 | ) | 19.13 | (9.44 | ) | (5.00 | ) | 6.68 | 11.83 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(1.26 | ) | (1.12 | ) | (2.23 | ) | (1.85 | ) | (0.89 | ) | (1.09 | ) | ||||||||||||||||||
Net realized gains |
- | - | (0.49 | ) | (0.57 | ) | - | (0.22 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total distributions |
(1.26 | ) | (1.12 | ) | (2.72 | ) | (2.42 | ) | (0.89 | ) | (1.31 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 50.37 | $ | 58.47 | $ | 40.46 | $ | 52.62 | $ | 60.04 | $ | 54.25 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(b) |
$ | 50.38 | $ | 58.39 | $ | 40.54 | $ | 52.54 | $ | 60.09 | $ | 54.31 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(11.81 | )% | 47.97 | % | (18.02 | )% | (8.05 | )% | 12.44 | % | 27.23 | % | ||||||||||||||||||
Market Price Total Return(c) |
(11.67 | )% | 47.48 | % | (17.72 | )% | (8.27 | )% | 12.41 | % | 27.37 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 37,775 | $ | 50,288 | $ | 26,297 | $ | 123,655 | $ | 267,169 | $ | 254,975 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.30 | %(d) | 0.29 | %(e) | 0.29 | % | ||||||||||||||||||
Net investment income |
2.33 | % | 2.01 | % | 2.83 | % | 2.73 | %(d) | 2.26 | %(e) | 2.44 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
19 | % | 19 | % | 31 | % | 16 | % | 17 | % | 21 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
57 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Health Care ETF (PSCH)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 191.31 | $ | 132.74 | $ | 114.85 | $ | 144.76 | $ | 91.43 | $ | 67.03 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income (loss)(a) |
(0.24 | ) | (0.28 | ) | (0.22 | ) | (0.16 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(50.27 | ) | 58.85 | 18.11 | (29.74 | ) | 53.37 | 24.45 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(50.51 | ) | 58.57 | 17.89 | (29.90 | ) | 53.33 | 24.42 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
- | - | - | (0.01 | ) | - | (0.02 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 140.80 | $ | 191.31 | $ | 132.74 | $ | 114.85 | $ | 144.76 | $ | 91.43 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(b) |
$ | 140.82 | $ | 190.92 | $ | 132.83 | $ | 114.81 | $ | 144.99 | $ | 91.58 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(26.40 | )% | 44.13 | % | 15.58 | % | (20.66 | )% | 58.32 | % | 36.44 | % | ||||||||||||||||||
Market Price Total Return(c) |
(26.24 | )% | 43.72 | % | 15.69 | % | (20.82 | )% | 58.31 | % | 36.72 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 336,501 | $ | 526,104 | $ | 384,957 | $ | 465,142 | $ | 1,172,569 | $ | 237,717 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | %(d) | 0.29 | % | ||||||||||||||||||
Net investment income (loss) |
(0.15 | )% | (0.16 | )% | (0.18 | )% | (0.13 | )% | (0.04 | )%(d) | (0.04 | )% | ||||||||||||||||||
Portfolio turnover rate(e) |
31 | % | 30 | % | 19 | % | 36 | % | 20 | % | 19 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Industrials ETF (PSCI)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 94.57 | $ | 65.95 | $ | 64.17 | $ | 75.22 | $ | 62.13 | $ | 47.51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.69 | 0.64 | 0.47 | 0.37 | 0.36 | 0.53 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(7.78 | ) | 28.53 | 1.81 | (11.03 | ) | 13.07 | 14.62 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(7.09 | ) | 29.17 | 2.28 | (10.66 | ) | 13.43 | 15.15 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.64 | ) | (0.55 | ) | (0.50 | ) | (0.39 | ) | (0.34 | ) | (0.53 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 86.84 | $ | 94.57 | $ | 65.95 | $ | 64.17 | $ | 75.22 | $ | 62.13 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(b) |
$ | 86.84 | $ | 94.49 | $ | 66.05 | $ | 64.21 | $ | 75.25 | $ | 62.21 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(7.52 | )% | 44.37 | % | 3.68 | % | (14.16 | )% | 21.69 | % | 32.00 | % | ||||||||||||||||||
Market Price Total Return(c) |
(7.43 | )% | 44.03 | % | 3.76 | % | (14.14 | )% | 21.59 | % | 32.42 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 68,607 | $ | 124,836 | $ | 46,168 | $ | 54,547 | $ | 154,205 | $ | 99,414 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.30 | %(d) | 0.29 | %(e) | 0.29 | % | ||||||||||||||||||
Net investment income |
0.75 | % | 0.74 | % | 0.74 | % | 0.58 | %(d) | 0.66 | %(e) | 0.94 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
15 | % | 9 | % | 10 | % | 9 | % | 2 | % | 7 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Information Technology ETF (PSCT)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 |
2017 | |||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 147.27 | $ | 90.57 | $ | 83.13 | $ | 89.80 | $ | 81.13 | $ | 61.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
(0.00 | )(b) | 0.04 | 0.11 | 0.25 | 0.27 | 0.19 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(24.84 | ) | 56.72 | 7.46 | (6.62 | ) | 8.69 | 19.83 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(24.84 | ) | 56.76 | 7.57 | (6.37 | ) | 8.96 | 20.02 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
- | (0.06 | ) | (0.13 | ) | (0.30 | ) | (0.29 | ) | (0.15 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 122.43 | $ | 147.27 | $ | 90.57 | $ | 83.13 | $ | 89.80 | $ | 81.13 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(c) |
$ | 122.55 | $ | 147.28 | $ | 90.67 | $ | 83.05 | $ | 89.71 | $ | 81.23 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(d) |
(16.87 | )% | 62.70 | % | 9.12 | % | (7.08 | )% | 11.09 | % | 32.71 | % | ||||||||||||||||||
Market Price Total Return(d) |
(16.79 | )% | 62.54 | % | 9.35 | % | (7.08 | )% | 10.85 | % | 32.84 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 383,204 | $ | 477,157 | $ | 244,541 | $ | 303,408 | $ | 475,958 | $ | 575,996 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | %(e) | 0.29 | % | ||||||||||||||||||
Net investment income |
(0.00 | )% | 0.03 | % | 0.13 | % | 0.32 | % | 0.40 | %(e) | 0.26 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
18 | % | 16 | % | 19 | % | 11 | % | 15 | % | 16 | % |
(a) |
Based on average shares outstanding. |
(b) |
Amount represents less than $(0.005) per share. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Materials ETF (PSCM)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||
Net asset value at beginning of year |
$ | 65.98 | $ | 42.14 | $ | 40.93 | $ | 55.57 | $ | 50.96 | $ | 38.70 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net investment income(a) |
0.51 | 0.61 | 0.66 | 0.44 | 0.40 | 0.41 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(2.94 | ) | 23.97 | 1.27 | (14.56 | ) | 4.54 | 12.19 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total from investment operations |
(2.43 | ) | 24.58 | 1.93 | (14.12 | ) | 4.94 | 12.60 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||
Net investment income |
(0.46 | ) | (0.74 | ) | (0.72 | ) | (0.52 | ) | (0.33 | ) | (0.34 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net asset value at end of year |
$ | 63.09 | $ | 65.98 | $ | 42.14 | $ | 40.93 | $ | 55.57 | $ | 50.96 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Market price at end of year(b) |
$ | 63.05 | $ | 65.88 | $ | 41.99 | $ | 40.91 | $ | 55.57 | $ | 51.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Asset Value Total Return(c) |
(3.69 | )% | 58.70 | % | 4.91 | % | (25.50 | )% | 9.73 | % | 32.62 | % | ||||||||||||||||||
Market Price Total Return(c) |
(3.60 | )% | 59.03 | % | 4.59 | % | (25.54 | )% | 9.65 | % | 32.48 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 18,927 | $ | 27,711 | $ | 8,429 | $ | 14,327 | $ | 30,566 | $ | 48,411 | ||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||
Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.32 | %(d) | 0.29 | %(e) | 0.29 | % | ||||||||||||||||||
Net investment income |
0.78 | % | 1.00 | % | 1.58 | % | 0.93 | %(d) | 0.91 | %(e) | 0.87 | % | ||||||||||||||||||
Portfolio turnover rate(f) |
21 | % | 25 | % | 25 | % | 24 | % | 9 | % | 21 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.03%. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended 2017 | ||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Per Share Operating Performance: |
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Net asset value at beginning of year |
$ | 67.58 | $ | 48.85 | $ | 53.08 | $ | 55.80 | $ | 55.67 | $ | 45.61 | ||||||||||||||||||
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Net investment income(a) |
0.88 | 1.75 | (b) | 0.91 | 1.22 | 1.14 | 0.87 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(8.44 | ) | 17.63 | (4.03 | ) | (2.70 | ) | 0.23 | 11.81 | |||||||||||||||||||||
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Total from investment operations |
(7.56 | ) | 19.38 | (3.12 | ) | (1.48 | ) | 1.37 | 12.68 | |||||||||||||||||||||
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Distributions to shareholders from: |
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Net investment income |
(1.94 | ) | (0.65 | ) | (1.11 | ) | (1.24 | ) | (1.24 | ) | (0.86 | ) | ||||||||||||||||||
Net realized gains |
- | - | - | - | - | (1.76 | ) | |||||||||||||||||||||||
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Total distributions |
(1.94 | ) | (0.65 | ) | (1.11 | ) | (1.24 | ) | (1.24 | ) | (2.62 | ) | ||||||||||||||||||
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Net asset value at end of year |
$ | 58.08 | $ | 67.58 | $ | 48.85 | $ | 53.08 | $ | 55.80 | $ | 55.67 | ||||||||||||||||||
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Market price at end of year(c) |
$ | 58.08 | $ | 67.44 | $ | 48.91 | $ | 53.01 | $ | 55.82 | $ | 55.70 | ||||||||||||||||||
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Net Asset Value Total Return(d) |
(11.42 | )% | 40.03 | % | (5.94 | )% | (2.58 | )% | 2.55 | % | 28.66 | % | ||||||||||||||||||
Market Price Total Return(d) |
(11.23 | )% | 39.57 | % | (5.70 | )% | (2.74 | )% | 2.54 | % | 28.83 | % | ||||||||||||||||||
Ratios/Supplemental Data: |
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Net assets at end of year (000’s omitted) |
$ | 22,653 | $ | 27,034 | $ | 21,985 | $ | 50,421 | $ | 61,381 | $ | 52,887 | ||||||||||||||||||
Ratio to average net assets of: |
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Expenses |
0.29 | % | 0.29 | % | 0.29 | % | 0.30 | %(e) | 0.29 | %(f) | 0.29 | % | ||||||||||||||||||
Net investment income |
1.38 | % | 2.98 | %(b) | 1.78 | % | 2.27 | %(e) | 2.58 | %(f) | 1.73 | % | ||||||||||||||||||
Portfolio turnover rate(g) |
40 | % | 70 | % | 64 | % | 66 | % | 48 | % | 48 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.69 and 1.17%, respectively. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Annualized. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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