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Invesco Annual Report to Shareholders

  August 31, 2023

 

  IMFL   Invesco International Developed Dynamic Multifactor ETF
  OMFL   Invesco Russell 1000® Dynamic Multifactor ETF
  OMFS   Invesco Russell 2000® Dynamic Multifactor ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      5  
Liquidity Risk Management Program      13  
Schedules of Investments   

Invesco International Developed Dynamic Multifactor ETF (IMFL)

     14  

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)

     21  

Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)

     26  
Statements of Assets and Liabilities      34  
Statements of Operations      35  
Statements of Changes in Net Assets      36  
Financial Highlights      37  
Notes to Financial Statements      40  
Report of Independent Registered Public Accounting Firm      50  
Fund Expenses      51  
Tax Information      52  
Trustees and Officers      53  
Approval of Investment Advisory Contracts      63  

 

   2   

 

 

 

 


 

The Market Environment

 

Domestic Equity

At the start of the fiscal year, volatility in the equity markets increased. US equity markets rose in August 2022 until the US Federal Reserve (the Fed) chairman Jerome Powell gave hawkish comments at an economic policy symposium held in Jackson Hole, sparking a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.1 After a continued decline in September 2022, US equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued rate hikes until data shows inflation meaningfully declining sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.1

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February of 2023 and again in March.1 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. The Consumer Price Index (CPI) rose 4% as of May 31, 2023, the smallest 12-month increase in nearly two years.2 The labor market maintained momentum in the second quarter with unemployment still at historic lows despite a slight uptick at the end of May. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting, but investors got a long-awaited “pause” in rate hikes as the Fed left rates unchanged at its June meeting, sending equity

markets higher. However, the Fed raised rates another 0.25% in July, bringing the rate to its highest level since June 2006.1 After two months of gains, equity markets declined in August as a resilient economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in June 2022, the highest level since 1981, the CPI rose by 0.2% in July and the 12-month headline inflation rate rose to 3.2% from 3% in June.2 At its annual Jackson Hole symposium in August 2023, Fed chair Jerome Powell remarked that while progress has been made, inflation is still too high, and the Fed intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”

Despite higher rates and increased market volatility, US stocks for the fiscal year had strong returns of 15.94%, as measured by the S&P 500 Index.3

 

1 

Source: US Federal Reserve

2 

Source: US Bureau of Labor Statistics

3 

Source: Lipper Inc.

Global Equity

Global equity markets declined at the beginning of the fiscal year weighed down by rising inflation, central bank tightening and a slowing global economy. To tame inflation, several central banks, including the US Federal Reserve, the European Central Bank and the Bank of England, continued to raise interest rates. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities. China faced headwinds, which included the country’s zero-COVID-19 policy and a growing property market crisis.

Global equity markets posted gains for the fourth quarter of 2022, after better inflation data sparked a rally in October and November. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023 as inflation remained above target levels. International stocks outperformed US stocks, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023 but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

 

   3   

 

 

 

 


The Market Environment–(continued)

Market volatility increased in August 2023, with both developed market equities and emerging market equities declining. For the overall fiscal year ended August 31, 2023, developed market equities posted a positive return, outperforming emerging market equities, which ended the period slightly positive.

 

   4   

 

 

 

 


 

 

IMFL    Management’s Discussion of Fund Performance
   Invesco International Developed Dynamic Multifactor ETF (IMFL)

 

As an index fund, the Invesco International Developed Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE” or the “Index Provider”) compiles and maintains the Index, which is an index of foreign equity securities designed to reflect a dynamic combination of “factor investing” strategies that, in the view of the Index Provider, have historically outperformed other factors during various parts of the economic cycle. The Index’s universe of investable stocks is taken from the FTSE Developed ex US Index (the “Benchmark Index”), which comprises large-capitalization (85%) and mid-capitalization (15%) stocks of companies located in 24 developed market countries around the world, excluding the United States.

The Index emphasizes investments that exhibit the following factors: low volatility, momentum, quality, size and value. At any given time, depending on the current stage of the economic cycle of the overall market, the Index will target different subsets (that is, two or three) of those five factors (referred to as “factor configurations”). The Index is designed to utilize factor configurations that, in the view of the Index Provider, have historically outperformed other factors in certain stages of the economic cycle. The specific factor configurations used by the Index will change depending on which of the following four stages of the economic cycle currently is prevalent: recovery, expansion, slowdown and contraction. 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, 2023, on a market price basis, the Fund returned 25.74%. On a net asset value (“NAV”) basis, the Fund returned 24.43%. During the same time period, the Index returned 25.64%. 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 the fees and expenses that the Fund incurred during the period and an increase in transaction costs.

During this same time period, the Benchmark Index returned 15.87%. The Benchmark Index is an unmanaged index weighted by market capitalization. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the materials and consumer staples sectors and most underweight in the financials and information technology sectors during the fiscal year ended August 31, 2023. The Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the industrials, materials, consumer discretionary and consumer staples sectors, as well as to the Fund’s underweight allocation to the financials sector.

For the fiscal year ended August 31, 2023, Japan was the country that contributed most significantly to the Fund’s return, followed by France and the United Kingdom, respectively. Israel was the country that detracted most significantly from the Fund’s return, followed by New Zealand and Hong Kong, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Novo Nordisk A/S, Class B, a Danish company (no longer held at fiscal year-end) and Novartis AG, a Swiss company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Goodman Group, an Australian company (no longer held at fiscal year-end) and Whitehaven Coal Ltd., an Australian company (portfolio average weight of 0.19%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Industrials      22.38  
Materials      17.11  
Financials      17.10  
Consumer Discretionary      13.51  
Consumer Staples      5.65  
Utilities      5.48  
Real Estate      4.19  
Health Care      3.94  
Communication Services      3.63  
Information Technology      3.52  
Energy      3.18  
Money Market Funds Plus Other Assets Less Liabilities      0.31  

 

 

  5  

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)

 

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
Centrica PLC      1.20  
Fairfax Financial Holdings Ltd.      1.03  
Covestro AG      1.00  
ACS Actividades de Construccion y Servicios S.A.      0.84  
Adecco Group AG      0.73  
Heidelberg Materials AG      0.71  
Bank of Ireland Group PLC      0.69  
Canadian Tire Corp. Ltd., Class A      0.69  
BlueScope Steel Ltd.      0.68  
ORLEN S.A.      0.64  
Total      8.21  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL) (continued)

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year           Fund Inception  
Index         Average
Annualized
    Cumulative  
FTSE Developed ex US Invesco Dynamic Multifactor Index (Net)     25.64       2.86     7.34
FTSE Developed ex US Index (Net)     15.87         0.26       0.64  
Fund        
NAV Return     24.43         2.14       5.45  
Market Price Return     25.74         1.43       3.62  

 

Fund Inception: February 24, 2021

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, 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 0.34% 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, Index and Benchmark Index are based on the inception date of the Fund.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  7  

 


 

 

OMFL    Management’s Discussion of Fund Performance
   Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)

 

As an index fund, the Invesco Russell 1000® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 1000® Index (the “Benchmark Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. 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, 2023, on a market price basis, the Fund returned 17.91%. On a net asset value (“NAV”) basis, the Fund returned 18.05%. During the same time period, the Index returned 18.46%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned 15.40%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. large-cap stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples and energy sectors and most underweight in the information technology and communication services sectors during the fiscal year ended August 31, 2023. 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 and security selection in the health care sector.

For the fiscal year ended August 31, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the information technology sector. The utilities sector detracted most significantly from the Fund’s return, followed by the communication services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Eli Lilly and Co., a health care company (no longer held at fiscal year-end) and Microsoft Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Alphabet Inc., Class A, a communication services company (no longer held at fiscal year-end) and Alphabet Inc., Class C, a communication services company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Financials      20.56  
Industrials      18.71  
Consumer Discretionary      15.19  
Materials      10.95  
Energy      7.77  
Information Technology      7.02  
Health Care      6.14  
Consumer Staples      5.05  
Real Estate      3.53  
Sector Types Each Less Than 3%      4.96  
Money Market Funds Plus Other Assets Less Liabilities      0.12  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
Hewlett Packard Enterprise Co.      1.07  
Builders FirstSource, Inc.      0.90  
Coterra Energy, Inc.      0.81  
Marathon Oil Corp.      0.80  
United Airlines Holdings, Inc.      0.79  
HP, Inc.      0.77  
EQT Corp.      0.76  
CF Industries Holdings, Inc.      0.73  
Jabil, Inc.      0.72  
Tyson Foods, Inc., Class A      0.72  
Total      8.07  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) (continued)

 

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
Russell 1000® Invesco Dynamic Multifactor Index     18.46     17.06     60.41     13.48     88.18       14.27     117.05
Russell 1000® Index     15.40       9.93       32.84       10.77       66.78         11.67       89.93  
Fund                
NAV Return     18.05       16.71       58.96       13.17       85.65         13.94       113.45  
Market Price Return     17.91       16.66       58.76       13.17       85.65         13.94       113.45  

 

Oppenheimer Russell 1000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

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, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  9  

 


 

 

OMFS    Management’s Discussion of Fund Performance
   Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)

 

As an index fund, the Invesco Russell 2000® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 2000 Index (the “Benchmark Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. 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, 2023, on a market price basis, the Fund returned 6.51%. On a net asset value (“NAV”) basis, the Fund returned 6.34%. During the same time period, the Index returned 6.96%. 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 the fees and expenses that the Fund incurred during the period and an increase in transaction costs.

During this same time period, the Benchmark Index returned 4.65%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials and industrials sectors and most underweight in the health care and information technology sectors during the fiscal year ended August 31, 2023. 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 and security selection in the industrials sector and the Fund’s underweight allocation to and security selection in the health care sector.

For the fiscal year ended August 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the utilities and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2023, included Telephone & Data Systems, Inc., a communication services company (portfolio average weight of 0.10%) and Rambus Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Rogers Corp., an information technology company (no longer held at fiscal year-end) and Qualys, Inc., an information technology company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2023
 
Financials      23.90  
Industrials      17.98  
Consumer Discretionary      15.63  
Energy      9.20  
Health Care      7.40  
Communication Services      6.13  
Real Estate      5.45  
Information Technology      5.45  
Materials      5.11  
Consumer Staples      3.15  
Utilities      0.50  
Money Market Funds Plus Other Assets Less Liabilities      0.10  

 

 

  10  

 


 

Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2023
 
Security   
Telephone & Data Systems, Inc.      1.02  
Caleres, Inc.      0.52  
SilverBow Resources, Inc.      0.50  
Berry Corp.      0.49  
Vital Energy, Inc.      0.48  
SunCoke Energy, Inc.      0.47  
Diversified Healthcare Trust      0.45  
Hovnanian Enterprises, Inc., Class A      0.44  
Designer Brands, Inc., Class A      0.43  
Beazer Homes USA, Inc.      0.43  
Total      5.23  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

 

 

LOGO

Fund Performance History as of August 31, 2023

 

    1 Year     3 Years
Average
Annualized
    3 Years
Cumulative
    5 Years
Average
Annualized
    5 Years
Cumulative
          Fund Inception  
Index         Average
Annualized
    Cumulative  
Russell 2000® Invesco Dynamic Multifactor Index     6.96     15.24     53.02     6.72     38.43       8.53     60.93
Russell 2000® Index     4.65       8.12       26.40       3.14       16.73         5.77       38.57  
Fund                
NAV Return     6.34       14.73       51.00       6.22       35.24         8.03       56.62  
Market Price Return     6.51       14.78       51.22       6.27       35.55         8.07       56.98  

 

 

 

  11  

 


 

Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) (continued)

 

Oppenheimer Russell 2000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

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 0.39% 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, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  12  

 


Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (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 24, 2023, 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, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns 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.

 

   13   

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)

August 31, 2023

Schedule of Investments

 

      Shares       Value  

Common Stocks & Other Equity Interests-99.69%

 

Australia-6.85%

     

Adbri Ltd.(a)

     116,361      $     166,548  

AGL Energy Ltd.

     170,526        1,224,793  

AMP Ltd.

     673,139        551,488  

Ampol Ltd.

     36,017        823,422  

Ansell Ltd.

     28,807        439,742  

Aurizon Holdings Ltd.

     197,014        465,726  

Beach Energy Ltd.

     449,244        452,432  

Bendigo & Adelaide Bank Ltd.(a)

     66,710        410,877  

BlueScope Steel Ltd.

     118,055        1,606,390  

Boral Ltd.(b)

     85,263        260,641  

Challenger Ltd.

     167,847        740,289  

Charter Hall Group

     47,901        336,290  

CSR Ltd.

     123,562        472,147  

Deterra Royalties Ltd.

     40,667        117,204  

Downer EDI Ltd.

     171,984        476,730  

EBOS Group Ltd.

     16,739        378,257  

Evolution Mining Ltd.(a)

     283,859        682,051  

GPT Group (The)

     166,295        452,344  

Harvey Norman Holdings Ltd.(a)

     131,443        343,922  

Iluka Resources Ltd.

     41,131        227,226  

JB Hi-Fi Ltd.(a)

     27,289        807,159  

Magellan Financial Group Ltd.

     35,486        205,694  

Metcash Ltd.

     241,094        582,419  

Mirvac Group

     257,537        403,641  

Nufarm Ltd.

     96,625        324,786  

Orora Ltd.

     207,860        473,864  

Perpetual Ltd.

     7,608        103,819  

Platinum Asset Management Ltd.

     96,709        89,566  

Region RE Ltd.

     180,657        252,725  

Seven Group Holdings Ltd.

     17,014        308,095  

Stockland

     223,159        612,803  

Tabcorp Holdings Ltd.

     562,565        398,958  

Vicinity Ltd.

     217,067        262,891  

Whitehaven Coal Ltd.

     200,272        789,911  
     

 

 

 
        16,244,850  
     

 

 

 

Austria-0.96%

     

ANDRITZ AG

     5,493        292,607  

OMV AG

     9,943        461,558  

Raiffeisen Bank International AG(b)

     32,151        462,360  

Telekom Austria AG(b)

     30,645        230,163  

voestalpine AG

     28,675        839,683  
     

 

 

 
        2,286,371  
     

 

 

 

Belgium-1.17%

     

Ackermans & van Haaren N.V

     2,352        370,658  

Proximus SADP(a)

     35,622        269,786  

Sofina S.A.

     1,631        367,495  

Solvay S.A., Class A

     5,949        690,227  

Umicore S.A.(a)

     31,967        848,996  

Warehouses De Pauw C.V.A

     8,264        236,790  
     

 

 

 
        2,783,952  
     

 

 

 

Burkina Faso-0.16%

     

Endeavour Mining PLC

     18,231        372,626  
     

 

 

 

Cambodia-0.04%

     

NagaCorp Ltd.(b)

     178,000        90,796  
     

 

 

 
      Shares       Value  

Canada-1.82%

     

Canadian Tire Corp. Ltd., Class A(a)

     13,755      $   1,629,718  

Fairfax Financial Holdings Ltd.

     2,965        2,441,931  

IGM Financial, Inc.

     8,882        252,880  
     

 

 

 
        4,324,529  
     

 

 

 

China-1.22%

     

AAC Technologies Holdings, Inc.

     169,000        327,580  

BOC Aviation Ltd.(c)

     25,600        192,120  

Huabao International Holdings Ltd.

     129,000        46,555  

Kerry Logistics Network Ltd.

     67,000        62,969  

Lenovo Group Ltd.

     1,124,000        1,271,385  

MMG Ltd.(a)(b)

     608,000        202,363  

Nexteer Automotive Group Ltd.(a)

     201,000        129,442  

SITC International Holdings Co. Ltd.

     138,000        257,284  

Xinyi Glass Holdings Ltd.

     275,000        406,096  
     

 

 

 
        2,895,794  
     

 

 

 

Denmark-1.00%

     

Danske Bank A/S

     52,032        1,171,808  

H Lundbeck A/S

     28,656        145,889  

H Lundbeck A/S, Class A

     15,149        67,771  

Pandora A/S

     7,509        780,539  

Rockwool A/S, Class B

     770        197,183  
     

 

 

 
        2,363,190  
     

 

 

 

Finland-1.17%

     

Fortum OYJ

     65,563        882,369  

Huhtamaki OYJ(a)

     6,912        237,887  

Kesko OYJ, Class B

     26,510        518,483  

Kojamo OYJ(a)

     29,675        296,311  

Valmet OYJ(a)

     12,718        324,382  

Wartsila OYJ Abp

     40,198        511,549  
     

 

 

 
        2,770,981  
     

 

 

 

France-5.69%

     

ALD S.A.(c)

     22,215        215,432  

Arkema S.A.

     13,574        1,423,753  

Bouygues S.A.(a)

     22,199        768,589  

Carrefour S.A.

     52,495        1,006,756  

Cie de L’Odet SE

     97        151,602  

Covivio S.A.

     4,977        243,404  

Eiffage S.A.

     11,200        1,110,079  

Eurazeo SE

     12,190        720,396  

ICADE

     5,059        191,299  

JCDecaux SE(b)

     14,103        262,357  

Renault S.A.

     33,185        1,344,708  

Rexel S.A.

     60,170        1,417,130  

SCOR SE

     37,595        1,172,700  

SEB S.A.

     7,310        805,292  

Valeo

     61,069        1,193,063  

Vivendi SE

     92,464        843,992  

Wendel SE

     6,714        615,391  
     

 

 

 
        13,485,943  
     

 

 

 

Germany-6.23%

     

Commerzbank AG

     91,027        1,002,781  

Continental AG

     7,485        557,458  

Covestro AG(b)(c)

     44,473        2,368,549  

DWS Group GmbH & Co. KGaA(c)

     3,209        110,756  

Evonik Industries AG

     15,471        297,293  

 

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

 

   14   

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023

 

      Shares       Value  

Germany-(continued)

     

Fresenius Medical Care AG& Co. KGaA

     25,253      $ 1,221,042  

Fresenius SE & Co. KGaA

     41,767          1,342,275  

FUCHS SE

     2,288        75,244  

Heidelberg Materials AG

     20,943        1,688,421  

HelloFresh SE(b)

     16,911        547,327  

HOCHTIEF AG

     5,425        580,854  

KION Group AG

     13,267        531,336  

Lanxess AG

     21,550        682,500  

LEG Immobilien SE(b)

     10,774        778,791  

METRO AG(b)

     33,338        265,948  

Sixt SE, Preference Shares

     1,123        73,009  

Talanx AG

     7,058        475,328  

Telefonica Deutschland Holding AG(a)

     46,719        88,939  

thyssenkrupp AG

     113,621        876,055  

Traton SE

     10,014        206,397  

United Internet AG

     23,131        445,618  

Wacker Chemie AG

     1,128        166,624  

Zalando SE(b)(c)

     12,921        402,904  
     

 

 

 
        14,785,449  
     

 

 

 

Hong Kong-1.70%

     

ASMPT Ltd.

     65,600        657,109  

Bank of East Asia Ltd. (The)

     216,600        308,807  

Cafe de Coral Holdings Ltd.

     58,000        70,265  

Dah Sing Banking Group Ltd.

     90,000        61,632  

Dah Sing Financial Holdings Ltd.

     34,800        76,507  

DFI Retail Group Holdings Ltd.

     76,494        188,940  

Guotai Junan International Holdings
Ltd.(a)

     613,000        50,811  

Haitong International Securities Group
Ltd.(a)(b)

     697,000        55,997  

Hang Lung Group Ltd.

     165,000        227,666  

Hutchison Port Holdings Trust, Class U

     1,286,109        213,494  

Hutchison Telecommunications Hong Kong

     

Holdings Ltd.

     302,000        42,363  

Hysan Development Co. Ltd.

     38,000        79,181  

Johnson Electric Holdings Ltd., Class H

     88,000        118,055  

Kerry Properties Ltd.

     148,000        273,663  

Man Wah Holdings Ltd.

     206,000        149,737  

PCCW Ltd.

     647,000        307,752  

United Energy Group Ltd.

     820,000        108,751  

VTech Holdings Ltd.

     36,200        221,122  

WH Group Ltd.

     1,150,000        592,470  

Yue Yuen Industrial Holdings Ltd.

     174,000        218,339  
     

 

 

 
        4,022,661  
     

 

 

 

Indonesia-0.10%

     

First Pacific Co. Ltd.

     570,000        242,777  
     

 

 

 

Ireland-1.21%

     

AIB Group PLC

     198,710        906,245  

Bank of Ireland Group PLC

     164,641        1,643,620  

Glanbia PLC(a)

     19,080        317,668  
     

 

 

 
        2,867,533  
     

 

 

 

Israel-1.26%

     

Airport City Ltd.(b)

     10,170        156,233  

Alony Hetz Properties & Investments Ltd.(a)

     17,658        134,586  

Ashtrom Group Ltd.

     9,752        134,022  

Bezeq The Israeli Telecommunication Corp. Ltd.

     213,226        288,994  

Big Shopping Centers Ltd.(b)

     856        71,666  

Delek Group Ltd.

     1,970        283,392  
      Shares       Value  

Israel-(continued)

     

Elco Ltd.

     2,404      $      77,722  

Gav-Yam Lands Corp. Ltd.

     4,480        28,803  

Harel Insurance Investments & Financial Services Ltd.

     28,277        206,291  

Israel Corp. Ltd.

     949        264,340  

Israel Discount Bank Ltd., Class A

     88,294        442,830  

Melisron Ltd.

     1,220        76,605  

Mivne Real Estate KD Ltd.

     44,695        107,257  

Phoenix Holdings Ltd. (The)

     30,262        303,632  

Shufersal Ltd.(b)

     67,917        316,670  

Strauss Group Ltd.(b)

     4,465        97,075  
     

 

 

 
        2,990,118  
     

 

 

 

Italy-3.64%

     

A2A S.p.A.

     380,172        730,131  

Banca Mediolanum S.p.A.

     51,060        467,728  

Buzzi S.p.A.

     21,400        641,516  

De’ Longhi S.p.A.

     17,604        466,581  

Hera S.p.A.

     195,976        594,716  

Italgas S.p.A.

     58,400        332,768  

Leonardo S.p.A.

     100,353        1,450,245  

Mediobanca Banca di Credito Finanziario
S.p.A.(a)

     107,907        1,413,601  

Pirelli & C. S.p.A.(c)

     99,214        496,091  

Poste Italiane S.p.A.(c)

     47,988        534,119  

Telecom Italia S.p.A.(a)(b)

     2,611,125        811,937  

Telecom Italia S.p.A., RSP(a)(b)

     1,535,495        471,634  

UnipolSai Assicurazioni S.p.A.

     86,477        219,064  
     

 

 

 
        8,630,131  
     

 

 

 

Japan-33.85%

     

Aeon Mall Co. Ltd.

     7,209        86,457  

AGC, Inc.

     17,308        607,863  

Aica Kogyo Co. Ltd.

     3,876        91,985  

Ain Holdings, Inc.

     1,443        51,571  

Air Water, Inc.

     40,004        503,674  

Aisin Corp.

     16,114        538,701  

Alfresa Holdings Corp.

     41,447        710,024  

Alps Alpine Co. Ltd.

     50,928        425,901  

Amada Co. Ltd.

     25,896        274,640  

Amano Corp.

     3,731        81,419  

Anritsu Corp.

     4,776        35,053  

ASKUL Corp.

     7,607        102,726  

Benesse Holdings, Inc.

     7,313        93,155  

Bic Camera, Inc.(a)

     36,257        269,465  

BIPROGY, Inc.

     5,174        134,019  

Brother Industries Ltd.

     13,875        235,261  

Canon Marketing Japan, Inc.

     3,876        101,889  

Chiba Bank Ltd. (The)

     35,063        250,837  

Chugin Financial Group, Inc.

     41,182        273,764  

Chugoku Electric Power Co., Inc. (The)(b)

     12,134        80,054  

Coca-Cola Bottlers Japan Holdings, Inc.

     25,860        337,227  

COMSYS Holdings Corp.

     12,134        258,624  

Concordia Financial Group Ltd.

     67,042        297,668  

Cosmo Energy Holdings Co. Ltd.

     18,502        665,937  

CyberAgent, Inc.

     23,472        149,617  

Dai Nippon Printing Co. Ltd.

     22,744        622,244  

Daicel Corp.

     63,090        527,393  

Daido Steel Co. Ltd.

     8,950        370,701  

Daio Paper Corp.

     20,790        177,290  

Daito Trust Construction Co. Ltd.

     2,692        297,057  

 

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

 

   15   

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023

 

      Shares       Value  

Japan-(continued)

     

DeNA Co. Ltd.(a)

     11,189      $     116,052  

Denka Co. Ltd.

     13,183        248,791  

DIC Corp.

     20,641        356,080  

DMG Mori Co. Ltd.

     21,735        397,197  

Dowa Holdings Co. Ltd.

     11,587        372,637  

Ebara Corp.

     9,452        471,285  

Electric Power Development Co. Ltd.

     41,198        642,936  

ENEOS Holdings, Inc.

     152,589        572,582  

EXEO Group, Inc.

     24,682        525,394  

Ezaki Glico Co. Ltd.

     6,268        165,413  

Food & Life Cos. Ltd.

     7,313        139,067  

FP Corp.

     1,990        38,273  

Fuji Media Holdings, Inc.

     11,338        118,493  

Fuji Oil Holdings, Inc.

     5,074        81,555  

Fukuoka Financial Group, Inc.

     15,865        375,634  

Furukawa Electric Co. Ltd.(a)

     15,574        267,973  

Fuyo General Lease Co. Ltd.

     4,776        395,307  

GS Yuasa Corp.

     9,452        179,516  

GungHo Online Entertainment, Inc.

     7,313        120,531  

H.U. Group Holdings, Inc.

     13,183        238,876  

Hachijuni Bank Ltd. (The)

     40,531        218,628  

Hakuhodo DY Holdings, Inc.

     27,307        259,499  

Haseko Corp.

     50,799        631,215  

Hino Motors Ltd.(b)

     40,531        158,995  

Hirogin Holdings, Inc.

     29,048        181,629  

Hitachi Construction Machinery Co. Ltd.

     10,393        324,172  

Horiba Ltd.

     3,731        194,309  

House Foods Group, Inc.

     2,935        63,403  

Hulic Co. Ltd.

     33,173        298,041  

Ibiden Co. Ltd.

     6,119        369,532  

Idemitsu Kosan Co. Ltd.

     25,076        533,092  

IHI Corp.

     23,074        575,483  

Iida Group Holdings Co. Ltd.

     17,706        290,367  

INFRONEER Holdings, Inc.

     57,618        602,360  

Itoham Yonekyu Holdings, Inc.

     33,471        186,225  

Iwatani Corp.

     6,811        359,065  

Iyogin Holdings, Inc.

     19,596        136,217  

Izumi Co. Ltd.

     9,995        260,885  

J. Front Retailing Co. Ltd.(a)

     17,855        188,257  

Japan Aviation Electronics Industry Ltd.

     4,925        103,855  

Japan Post Insurance Co. Ltd.

     16,014        258,219  

Japan Steel Works Ltd. (The)

     5,174        104,841  

JFE Holdings, Inc.

     86,521        1,368,967  

JTEKT Corp.

     56,130        508,731  

Kajima Corp.

     58,406        976,275  

Kaken Pharmaceutical Co. Ltd.

     3,184        78,296  

Kamigumi Co. Ltd.

     7,617        171,714  

Kandenko Co. Ltd.

     26,407        242,150  

Kaneka Corp.

     15,716        441,842  

Kansai Electric Power Co., Inc. (The)

     57,083        813,203  

Kawasaki Heavy Industries Ltd.

     36,522        937,980  

Kawasaki Kisen Kaisha Ltd.

     40,945        1,374,161  

Keikyu Corp.

     11,587        106,928  

Kewpie Corp.

     9,597        159,955  

Kinden Corp.

     20,641        283,843  

Kobe Steel Ltd.(a)

     82,243        1,033,793  

Kokuyo Co. Ltd.

     10,940        170,204  

Konica Minolta, Inc.

     73,410        227,161  

K’s Holdings Corp.

     38,794        357,602  

Kuraray Co. Ltd.

     75,726        861,108  
      Shares       Value  

Japan-(continued)

     

Kusuri no Aoki Holdings Co. Ltd.

     1,990      $     124,593  

Kyudenko Corp.

     7,607        234,190  

Kyushu Electric Power Co., Inc.(b)

     115,477        762,893  

Kyushu Financial Group, Inc.

     93,698        459,464  

Lawson, Inc.(a)

     7,715        368,355  

Lintec Corp.

     11,338        187,143  

Lixil Corp.

     27,054        339,046  

Maruichi Steel Tube Ltd.

     6,517        169,567  

Matsui Securities Co. Ltd.

     8,950        49,242  

Mazda Motor Corp.

     94,385        993,543  

Mebuki Financial Group, Inc.

     73,012        202,158  

Medipal Holdings Corp.

     36,124        619,580  

MEIJI Holdings Co. Ltd.

     11,840        297,006  

Mitsubishi Chemical Group Corp.

     162,016        968,524  

Mitsubishi Gas Chemical Co., Inc.

     28,501        388,797  

Mitsubishi HC Capital, Inc.

     73,559        478,435  

Mitsubishi Logistics Corp.

     4,925        130,952  

Mitsubishi Materials Corp.(a)

     30,946        520,036  

Mitsubishi Motors Corp.

     58,784        231,244  

Mitsui Chemicals, Inc.

     35,580        966,820  

Mitsui Mining & Smelting Co. Ltd.

     13,875        354,726  

Mitsui OSK Lines Ltd.

     26,917        746,210  

Morinaga & Co. Ltd.

     7,313        265,877  

Morinaga Milk Industry Co. Ltd.

     9,348        382,819  

Nabtesco Corp.

     14,273        270,489  

Nagase & Co. Ltd.

     21,586        370,529  

Nagoya Railroad Co. Ltd.

     8,005        128,610  

NEC Corp.

     11,197        591,133  

NEC Networks & System Integration Corp.

     4,527        60,418  

NGK Insulators Ltd.

     20,939        278,161  

NH Foods Ltd.

     21,445        665,512  

NHK Spring Co. Ltd.

     39,441        306,404  

Nichirei Corp.

     14,671        347,263  

Nifco, Inc.

     5,617        165,904  

Nihon Kohden Corp.

     9,850        262,378  

Nippon Electric Glass Co. Ltd.

     19,596        346,061  

Nippon Express Holdings, Inc.

     10,393        540,335  

Nippon Kayaku Co. Ltd.

     17,457        156,542  

Nippon Shokubai Co. Ltd.

     7,462        284,313  

Nippon Yusen K.K.

     22,780        608,051  

Nipro Corp.

     29,446        244,330  

Nishi-Nippon Railroad Co. Ltd.

     11,442        213,931  

Nisshin Seifun Group, Inc.

     14,522        191,568  

Niterra Co. Ltd.

     12,681        294,846  

NOK Corp.

     28,795        404,378  

Nomura Real Estate Holdings, Inc.

     5,174        130,358  

NS Solutions Corp.

     1,741        47,237  

NSK Ltd.

     43,570        254,175  

Obayashi Corp.

     70,174        635,776  

Oji Holdings Corp.

     214,140        876,652  

OKUMA Corp.

     2,935        137,794  

Open House Group Co. Ltd.

     3,731        126,242  

Orient Corp.(a)

     14,377        109,122  

Osaka Gas Co. Ltd.

     29,345        469,649  

OSG Corp.

     6,811        86,035  

PALTAC Corp.

     8,005        264,093  

Penta-Ocean Construction Co. Ltd.

     23,472        139,637  

Persol Holdings Co. Ltd.

     8,950        153,383  

Rakuten Group, Inc.(a)

     47,844        186,762  

Rengo Co. Ltd.

     53,018        360,458  

 

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

 

   16   

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023

 

      Shares       Value  

Japan-(continued)

     

Resonac Holdings Corp.(a)

     44,382      $     722,806  

Ricoh Co. Ltd.

     63,564        518,694  

Ryohin Keikaku Co. Ltd.(a)

     40,091        517,299  

Sankyo Co. Ltd.

     2,208        96,231  

Sankyu, Inc.

     12,182        425,410  

Santen Pharmaceutical Co. Ltd.

     33,571        312,339  

Sanwa Holdings Corp.

     19,741        300,824  

Sapporo Holdings Ltd.

     9,054        277,618  

SCREEN Holdings Co. Ltd.

     5,174        527,760  

Sega Sammy Holdings, Inc.

     7,448        148,796  

Seibu Holdings, Inc.

     9,850        104,227  

Seiko Epson Corp.(a)

     27,705        434,362  

Seino Holdings Co. Ltd.

     34,151        497,891  

Sekisui Chemical Co. Ltd.

     12,504        192,045  

Seven Bank Ltd.

     29,844        63,507  

Sharp Corp.(a)(b)

     44,764        275,776  

Shikoku Electric Power Co., Inc.(b)

     39,043        281,589  

Shimamura Co. Ltd.

     1,371        141,352  

Shimizu Corp.

     82,798        557,181  

Shinko Electric Industries Co. Ltd.

     4,278        175,604  

Ship Healthcare Holdings, Inc.

     15,069        256,334  

Shizuoka Financial Group, Inc.

     20,939        170,435  

Skylark Holdings Co. Ltd.(b)

     9,850        137,853  

Sohgo Security Services Co. Ltd.

     35,300        225,182  

Sojitz Corp.

     57,919        1,246,023  

Stanley Electric Co. Ltd.

     6,417        112,772  

Sugi Holdings Co. Ltd.

     2,284        102,587  

Sumitomo Bakelite Co. Ltd.

     4,925        233,184  

Sumitomo Chemical Co. Ltd.

     215,728        597,758  

Sumitomo Electric Industries Ltd.

     31,069        381,040  

Sumitomo Forestry Co. Ltd.

     33,985        958,494  

Sumitomo Heavy Industries Ltd.

     28,015        702,949  

Sumitomo Metal Mining Co. Ltd.

     15,724        488,185  

Sumitomo Pharma Co. Ltd.(a)

     36,257        126,639  

Sumitomo Rubber Industries Ltd.

     45,854        484,257  

Sundrug Co. Ltd.

     5,508        162,798  

Suzuken Co. Ltd.

     18,261        541,615  

Taiheiyo Cement Corp.

     29,048        557,576  

Taisei Corp.

     11,778        396,659  

Taiyo Yuden Co. Ltd.

     8,656        241,216  

Takara Holdings, Inc.

     24,666        213,054  

Takashimaya Co. Ltd.(a)

     22,780        342,205  

Teijin Ltd.

     46,903        476,810  

THK Co. Ltd.

     5,472        100,186  

Toda Corp.

     58,888        331,400  

Toho Gas Co. Ltd.

     8,258        148,047  

Tohoku Electric Power Co., Inc.(b)

     89,066        622,792  

Tokai Carbon Co. Ltd.

     30,387        240,449  

Tokyo Century Corp.

     10,646        409,431  

Tokyo Electric Power Co. Holdings, Inc.(b)

     245,423        1,078,894  

Tokyo Gas Co. Ltd.

     18,871        437,733  

Tokyo Ohka Kogyo Co. Ltd.

     1,443        97,750  

Tokyo Tatemono Co. Ltd.

     13,079        172,039  

Tokyu Fudosan Holdings Corp.

     53,420        332,625  

Toppan, Inc.

     36,020        871,150  

Toshiba TEC Corp.

     1,990        48,457  

Tosoh Corp.

     53,336        690,948  

Toyo Seikan Group Holdings Ltd.

     36,108        654,029  

Toyo Tire Corp.

     24,770        373,715  

Toyoda Gosei Co. Ltd.

     13,477        291,507  
      Shares       Value  

Japan-(continued)

     

Toyota Boshoku Corp.

     15,467      $     292,958  

Toyota Tsusho Corp.

     10,148        606,085  

TS Tech Co. Ltd.

     12,198        144,447  

Tsumura & Co.

     6,517        123,034  

Tsuruha Holdings, Inc.

     5,323        389,760  

UBE Corp.

     24,521        413,919  

Ulvac, Inc.

     4,527        175,812  

Ushio, Inc.

     8,005        101,008  

Welcia Holdings Co. Ltd.(a)

     3,876        71,285  

Yamada Holdings Co. Ltd.

     184,147        579,313  

Yamaha Motor Co. Ltd.

     25,325        657,370  

Yamato Holdings Co. Ltd.

     22,382        420,705  

Yamato Kogyo Co. Ltd.

     2,153        103,934  

Yamazaki Baking Co. Ltd.

     28,650        543,048  

Yaoko Co. Ltd.

     3,876        204,416  

Yokohama Rubber Co. Ltd. (The)

     32,787        667,631  

Zenkoku Hosho Co. Ltd.

     1,926        66,769  

Zeon Corp.

     22,382        246,827  
     

 

 

 
        80,274,168  
     

 

 

 

Jordan-0.47%

     

Hikma Pharmaceuticals PLC

     40,234        1,116,008  
     

 

 

 

Luxembourg-0.11%

     

RTL Group S.A.

     7,329        271,250  
     

 

 

 

Mexico-0.04%

     

Fresnillo PLC

     12,196        88,923  
     

 

 

 

Netherlands-1.11%

     

Aalberts N.V.

     8,861        369,400  

ASR Nederland N.V.

     18,999        832,453  

CTP N.V.(c)

     4,161        59,162  

Koninklijke Vopak N.V.

     12,368        446,872  

OCI N.V.

     6,866        174,079  

Randstad N.V.(a)

     12,572        739,287  
     

 

 

 
        2,621,253  
     

 

 

 

New Zealand-0.47%

     

Fletcher Building Ltd.

     196,359        564,733  

Kiwi Property Group Ltd.

     234,818        123,743  

Ryman Healthcare Ltd.

     110,809        438,115  
     

 

 

 
        1,126,591  
     

 

 

 

Nigeria-0.08%

     

Airtel Africa PLC(c)

     128,344        185,400  
     

 

 

 

Norway-0.42%

     

Leroy Seafood Group ASA

     19,447        80,478  

Schibsted ASA, Class A

     19,640        418,201  

Schibsted ASA, Class B

     24,720        486,166  
     

 

 

 
        984,845  
     

 

 

 

Poland-2.20%

     

Bank Polska Kasa Opieki S.A.

     9,666        253,069  

InPost S.A.(b)

     13,465        158,638  

KGHM Polska Miedz S.A.(a)

     34,115        944,500  

LPP S.A.

     139        468,139  

ORLEN S.A.

     99,270        1,518,707  

Powszechny Zaklad Ubezpieczen S.A.

     141,656        1,420,599  

Santander Bank Polska S.A.(a)(b)

     5,111        460,843  
     

 

 

 
        5,224,495  
     

 

 

 

Singapore-1.08%

     

CapitaLand Ascott Trust

     107,030        76,875  

 

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

 

   17   

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023

 

      Shares       Value  

Singapore-(continued)

     

ComfortDelGro Corp. Ltd.

     522,122      $     491,000  

Frasers Logistics & Commercial Trust(c)

     295,579        262,640  

Jardine Cycle & Carriage Ltd.

     10,940        270,726  

Kenon Holdings Ltd.

     4,132        98,396  

Keppel DC REIT

     102,354        166,737  

Olam Group Ltd.

     87,832        81,296  

Sembcorp Industries Ltd.

     141,208        559,395  

Singapore Post Ltd.

     335,020        122,795  

StarHub Ltd.

     146,720        110,814  

Suntec REIT

     151,794        136,002  

UOL Group Ltd.

     35,312        173,618  
     

 

 

 
        2,550,294  
     

 

 

 

South Korea-8.25%

     

Amorepacific Corp., Preference Shares

     1,704        50,730  

AMOREPACIFIC Group

     6,223        158,429  

BGF retail Co. Ltd.

     1,197        141,639  

BNK Financial Group, Inc.

     35,470        183,019  

Cheil Worldwide, Inc.

     6,319        90,118  

CJ CheilJedang Corp.

     1,746        394,972  

CJ Corp.

     3,162        168,178  

CJ ENM Co. Ltd.(b)

     2,527        111,270  

CJ Logistics Corp.

     2,009        119,924  

Daewoo Engineering & Construction Co. Ltd.(b)

     43,719        152,152  

DB Insurance Co. Ltd.

     11,319        699,650  

DGB Financial Group, Inc.

     37,892        215,010  

DL E&C Co. Ltd.

     7,465        175,082  

DL Holdings Co. Ltd.

     2,984        86,241  

Doosan Bobcat, Inc.

     3,265        132,897  

E-MART, Inc.

     4,870        271,917  

Fila Holdings Corp.

     12,690        363,874  

GS Engineering & Construction Corp.

     15,473        170,095  

GS Holdings Corp.

     12,579        357,361  

GS Retail Co. Ltd.

     9,605        171,862  

Hana Financial Group, Inc.

     13,375        400,213  

Hankook Tire & Technology Co. Ltd.

     9,875        289,507  

Hanwha Aerospace Co. Ltd.

     4,338        374,806  

Hanwha Corp.

     10,377        196,274  

Hanwha Corp., Third Pfd

     5,692        59,385  

Hanwha Life Insurance Co. Ltd.(b)

     67,896        129,191  

HD Hyundai Co. Ltd.

     9,053        404,791  

HD Hyundai Infracore Co. Ltd.

     33,711        268,566  

Hite Jinro Co. Ltd.

     4,087        60,018  

HL Mando Co. Ltd.

     6,007        190,424  

HMM Co. Ltd.

     37,254        469,568  

Hyundai Department Store Co. Ltd.

     3,592        188,602  

Hyundai Engineering & Construction Co. Ltd.

     14,176        380,744  

Hyundai Glovis Co. Ltd.

     3,178        414,757  

Hyundai Marine & Fire Insurance Co. Ltd.

     14,709        336,635  

Hyundai Steel Co.

     18,566        508,484  

Hyundai Wia Corp.

     3,896        169,782  

Industrial Bank of Korea

     47,534        386,961  

KCC Corp.

     444        73,398  

Korea Gas Corp.(b)

     6,407        121,669  

Korea Investment Holdings Co. Ltd.

     2,379        93,594  

Korean Air Lines Co. Ltd.

     9,148        157,802  

Kumho Petrochemical Co. Ltd.

     4,317        407,612  

LG Display Co. Ltd.(b)

     56,641        574,231  

LG Innotek Co. Ltd.

     1,110        226,745  
      Shares       Value  

South Korea-(continued)

     

LG Uplus Corp.

     52,231      $     412,948  

LOTTE Chemical Corp.

     3,773        389,931  

LOTTE Chilsung Beverage Co. Ltd.

     623        61,228  

LOTTE Corp.

     6,484        122,395  

LOTTE Fine Chemical Co. Ltd.

     4,317        197,274  

LOTTE Shopping Co. Ltd.

     2,765        148,527  

LS Corp.

     4,281        346,885  

Meritz Financial Group, Inc.(b)

     2,560        105,944  

Mirae Asset Securities Co. Ltd.

     9,408        47,405  

NH Investment & Securities Co. Ltd.

     33,525        261,250  

NHN Corp.(b)

     4,286        84,309  

NongShim Co. Ltd.

     242        83,947  

OCI Co. Ltd.(b)

     1,388        133,996  

OCI Holdings Co. Ltd.

     3,089        215,243  

Ottogi Corp.

     117        32,575  

Pan Ocean Co. Ltd.

     46,368        156,460  

POSCO Holdings, Inc.

     3,199        1,401,340  

Posco International Corp.

     12,143        727,615  

S-1 Corp.

     1,963        82,872  

Samsung Engineering Co. Ltd.(b)

     15,547        399,923  

Samsung Fire & Marine Insurance Co. Ltd.

     3,096        577,389  

Samsung Life Insurance Co. Ltd.

     5,533        282,982  

Samsung Securities Co. Ltd.

     2,732        77,201  

SD Biosensor, Inc.

     8,236        77,951  

Seegene, Inc.

     7,027        118,025  

Shinsegae, Inc.

     1,719        264,011  

SK Chemicals Co. Ltd.

     3,105        147,762  

SK Networks Co. Ltd.

     32,986        179,935  

SK, Inc.

     3,597        393,241  

S-Oil Corp.

     2,091        115,486  

Woori Financial Group, Inc.

     91,762        826,847  
     

 

 

 
        19,571,076  
     

 

 

 

Spain-1.79%

     

ACS Actividades de Construccion y Servicios S.A.

     56,633        1,990,905  

Bankinter S.A.

     171,632        1,102,037  

Enagas S.A.

     14,895        254,538  

Inmobiliaria Colonial SOCIMI S.A.

     31,707        193,058  

Mapfre S.A.(a)

     251,443        532,435  

Merlin Properties SOCIMI S.A.

     18,689        167,750  
     

 

 

 
        4,240,723  
     

 

 

 

Sweden-3.19%

     

Castellum AB(a)

     49,628        530,277  

Electrolux AB, Class B(a)

     54,751        603,266  

Fastighets AB Balder, Class B(a)(b)

     87,693        420,450  

Getinge AB, Class B

     27,976        486,327  

Husqvarna AB, Class B(a)

     80,567        695,311  

Industrivarden AB, Class A

     16,318        425,762  

Industrivarden AB, Class C(a)

     11,380        296,402  

Kinnevik AB, Class B(b)

     59,999        706,570  

Saab AB, Class B

     8,380        442,805  

Sagax AB, Class D

     21,608        52,294  

Securitas AB, Class B(a)

     92,628        755,073  

Skanska AB, Class B

     68,515        1,004,896  

SKF AB, Class B

     33,290        540,397  

Sweco AB, Class B

     13,853        135,115  

Trelleborg AB, Class B

     18,792        477,785  
     

 

 

 
        7,572,730  
     

 

 

 

 

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

 

   18   

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023

 

      Shares       Value  

Switzerland-1.93%

     

Adecco Group AG(a)

     40,083      $   1,730,387  

Baloise Holding AG

     8,449        1,321,995  

DKSH Holding AG

     5,718        437,630  

Georg Fischer AG

     5,337        345,629  

Helvetia Holding AG

     4,850        739,100  
     

 

 

 
        4,574,741  
     

 

 

 

United Kingdom-9.93%

     

abrdn PLC(a)

     538,811        1,127,228  

Admiral Group PLC

     17,032        537,395  

B&M European Value Retail S.A.

     152,012        1,112,586  

Barratt Developments PLC

     239,279        1,374,417  

British Land Co. PLC (The)

     136,536        559,866  

Centrica PLC

     1,484,076        2,853,732  

DCC PLC.

     22,963        1,259,053  

Direct Line Insurance Group PLC

     295,993        608,172  

DS Smith PLC

     320,466        1,268,184  

Howden Joinery Group PLC

     70,392        659,882  

IMI PLC

     21,543        410,019  

Intermediate Capital Group PLC

     20,456        350,579  

ITV PLC

     884,712        793,713  

J Sainsbury PLC

     431,552        1,477,019  

JD Sports Fashion PLC.

     275,565        507,188  

Johnson Matthey PLC

     45,169        932,946  

Kingfisher PLC.

     496,391        1,471,865  

Land Securities Group PLC

     62,825        479,722  

M&G PLC

     598,483        1,448,483  

Pepco Group N.V.(b)(c)

     6,932        54,430  

Persimmon PLC

     53,148        717,914  

Schroders PLC

     37,454        195,440  

St. James’s Place PLC

     82,393        923,770  

Taylor Wimpey PLC

     643,305        931,733  
     Shares      Value  

United Kingdom-(continued)

     

Wise PLC, Class A(b)

     81,458      $     660,812  

WPP PLC

     85,490        829,581  
     

 

 

 
        23,545,729  
     

 

 

 

United States-0.55%

     

JS Global Lifestyle Co. Ltd.(b)(c)

     155,000        22,138  

Signify N.V

     31,188        884,837  

Sims Ltd.

     40,734        404,690  
     

 

 

 
        1,311,665  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.69%
(Cost $230,090,817)

        236,417,592  
  

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-7.64%

 

Invesco Private Government Fund,
5.30%(d)(e)(f)

     5,071,761        5,071,761  

Invesco Private Prime Fund, 5.51%(d)(e)(f)

     13,041,667        13,041,667  
  

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $18,113,516)

        18,113,428  
  

 

 

 

TOTAL INVESTMENTS IN
SECURITIES-107.33%
(Cost $248,204,333)

        254,531,020  

OTHER ASSETS LESS
LIABILITIES-(7.33)%

        (17,378,660
  

 

 

 

NET ASSETS-100.00%

      $ 237,152,360  
     

 

 

 

 

Investment Abbreviations:

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $4,903,741, which represented 2.07% of the Fund’s Net Assets.

(d) 

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

 

     Value
August 31, 2022
     Purchases
at Cost
     Proceeds
from Sales
     Change in
Unrealized
Appreciation
(Depreciation)
     Realized
Gain
(Loss)
     Value
August 31, 2023
     Dividend
Income
 

Investments in Affiliated Money Market Funds:

                    

Invesco Government & Agency Portfolio, Institutional Class

   $ 144,588      $ 14,929,584      $ (15,074,172)      $ -      $ -      $ -      $ 4,712  

 

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

 

   19   

 

 

 

 


 

Invesco International Developed Dynamic Multifactor ETF (IMFL)–(continued)

August 31, 2023

 

     Value
August 31, 2022
     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
    Realized
Gain
(Loss)
    Value
August 31, 2023
     Dividend
Income
 
Investments Purchased with Cash Collateral from Securities on Loan:                  
Invesco Private Government Fund    $ 900,342      $ 24,843,685      $ (20,672,266   $ -     $ -     $ 5,071,761      $ 83,414
Invesco Private Prime Fund      2,315,165        55,280,915        (44,551,867     (252     (2,294     13,041,667        224,563
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
Total    $ 3,360,095      $ 95,054,184      $ (80,298,305   $ (252   $ (2,294   $ 18,113,428      $ 312,689  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

*

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, 2023.

(f) 

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

 

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

 

   20   

 

 

 

 


 

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)

August 31, 2023

Schedule of Investments(a)

 

      Shares       Value  

Common Stocks & Other Equity Interests-99.88%

 

Communication Services-2.29%

     

Cable One, Inc.(b)

     12,853      $     8,361,776  

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

     575,386        3,452,316  

Fox Corp., Class A

     262,343        8,673,060  

Fox Corp., Class B

     131,139        4,002,362  

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

     568,783        9,111,904  

Liberty Broadband Corp.(c)(d)

     64,295        0  

Liberty Media Corp.-Liberty Live,
Series A(b)(c)

     42,993        1,432,097  

Liberty Media Corp.-Liberty Live,
Series C(c)

     89,118        2,998,821  

Liberty Media Corp.-Liberty SiriusXM,
Series A(b)(c)

     172,832        4,153,153  

Liberty Media Corp.-Liberty SiriusXM,

     

Series C(c)

     357,239        8,730,921  

News Corp., Class A

     621,760        13,361,622  

News Corp., Class B

     198,694        4,371,268  

Nexstar Media Group, Inc., Class A(b)

     79,413        12,928,436  

Paramount Global, Class B(b)

     1,352,039        20,402,269  

Sirius XM Holdings, Inc.(b)

     806,361        3,547,988  

TripAdvisor, Inc.(b)(c)

     257,786        3,895,147  
     

 

 

 
        109,423,140  
     

 

 

 

Consumer Discretionary-15.19%

     

ADT, Inc.

     488,425        3,135,689  

Advance Auto Parts, Inc.(b)

     137,885        9,489,246  

Aramark

     352,779        13,116,323  

AutoNation, Inc.(c)

     70,600        11,090,554  

Bath & Body Works, Inc.

     536,288        19,772,939  

Best Buy Co., Inc.

     411,286        31,442,815  

BorgWarner, Inc.

     543,506        22,147,869  

Boyd Gaming Corp.

     171,144        11,444,399  

Brunswick Corp.(b)

     164,904        13,047,204  

Burlington Stores, Inc.(c)

     54,925        8,912,131  

Capri Holdings Ltd.(b)(c)

     284,266        14,921,122  

CarMax, Inc.(b)(c)

     367,370        30,006,782  

Carter’s, Inc.

     85,683        6,132,332  

Choice Hotels International, Inc.(b)

     22,663        2,875,935  

Columbia Sportswear Co.(b)

     42,535        3,119,517  

Crocs, Inc.(b)(c)

     91,764        8,932,308  

Dick’s Sporting Goods, Inc.(b)

     139,384        16,215,935  

Expedia Group, Inc.(c)

     208,567        22,606,577  

Gap, Inc. (The)(b)

     451,486        5,228,208  

Gentex Corp.(b)

     189,518        6,189,658  

Grand Canyon Education, Inc.(c)

     38,907        4,561,846  

H&R Block, Inc.

     352,806        14,105,184  

Harley-Davidson, Inc.

     304,347        10,271,711  

Hyatt Hotels Corp., Class A(b)

     38,609        4,340,038  

Kohl’s Corp.

     256,620        6,836,357  

Lear Corp.

     136,945        19,732,405  

Leggett & Platt, Inc.(b)

     308,240        8,692,368  

Lithia Motors, Inc., Class A

     62,840        19,355,977  

LKQ Corp.

     284,088        14,923,143  

Macy’s, Inc.(b)

     628,505        7,686,616  

Marriott Vacations Worldwide Corp.(b)

     85,121        9,251,801  

Mattel, Inc.(b)(c)

     662,736        14,686,230  

MGM Resorts International(b)

     381,871        16,794,687  

Mister Car Wash, Inc.(b)(c)

     114,959        832,303  
      Shares       Value  

Consumer Discretionary-(continued)

     

Mohawk Industries, Inc.(b)(c)

     123,221      $    12,493,377  

Murphy USA, Inc.

     46,153        14,660,039  

Newell Brands, Inc.

     884,423        9,357,195  

Nordstrom, Inc.

     265,087        4,299,711  

Ollie’s Bargain Outlet Holdings, Inc.(b)(c)

     57,979        4,469,021  

Penn Entertainment, Inc.(b)(c)

     356,614        8,448,186  

Penske Automotive Group, Inc.(b)

     46,834        7,694,826  

Petco Health & Wellness Co., Inc.(b)(c)

     190,885        971,605  

Phinia, Inc.(c)

     108,356        3,012,297  

Polaris, Inc.

     125,416        14,057,879  

PulteGroup, Inc.

     348,856        28,627,123  

PVH Corp.

     139,113        11,629,847  

Ralph Lauren Corp.(b)

     94,699        11,044,744  

RH(b)(c)

     36,750        13,420,732  

Service Corp. International

     127,108        8,021,786  

Skechers U.S.A., Inc., Class A(c)

     145,797        7,335,047  

Tapestry, Inc.

     367,664        12,250,564  

Tempur Sealy International, Inc.(b)

     300,592        14,043,658  

Texas Roadhouse, Inc.

     62,701        6,527,174  

Thor Industries, Inc.(b)

     118,910        12,464,146  

Toll Brothers, Inc.

     257,349        21,084,604  

TopBuild Corp.(c)

     66,284        19,227,663  

Travel + Leisure Co.(b)

     172,754        6,944,711  

Under Armour, Inc., Class A(b)(c)

     438,170        3,347,619  

Under Armour, Inc., Class C(c)

     430,561        2,966,565  

Victoria’s Secret & Co.(b)(c)

     182,030        3,491,335  

Wendy’s Co. (The)

     169,282        3,350,091  

Whirlpool Corp.(b)

     121,573        17,015,357  

Williams-Sonoma, Inc.(b)

     151,683        21,417,640  

Wyndham Hotels & Resorts, Inc.

     78,975        5,953,925  

YETI Holdings, Inc.(b)(c)

     77,295        3,860,885  
     

 

 

 
        725,387,561  
     

 

 

 

Consumer Staples-5.05%

     

Albertson’s Cos., Inc., Class A

     971,833        21,769,059  

BJ’s Wholesale Club Holdings, Inc.(b)(c)

     309,889        20,883,420  

Boston Beer Co., Inc. (The), Class A(b)(c)

     7,558        2,761,920  

Bunge Ltd.(b)

     175,061        20,012,974  

Casey’s General Stores, Inc.

     84,385        20,624,538  

Darling Ingredients, Inc.(b)(c)

     179,103        11,061,401  

Flowers Foods, Inc.

     328,345        7,735,808  

Grocery Outlet Holding Corp.(b)(c)

     220,884        6,814,271  

Ingredion, Inc.

     114,340        11,766,729  

Olaplex Holdings, Inc.(b)(c)

     302,769        820,504  

Performance Food Group Co.(b)(c)

     357,546        22,214,333  

Pilgrim’s Pride Corp.(b)(c)

     95,603        2,405,372  

Post Holdings, Inc.(b)(c)

     124,533        11,171,855  

Reynolds Consumer Products, Inc.

     56,949        1,554,138  

Seaboard Corp.

     548        2,066,141  

Spectrum Brands Holdings, Inc.(b)

     46,017        3,827,234  

Tyson Foods, Inc., Class A

     644,254        34,319,411  

US Foods Holding Corp.(c)

     527,424        21,323,752  

Walgreens Boots Alliance, Inc.

     707,261        17,900,776  
     

 

 

 
        241,033,636  
     

 

 

 

Energy-7.77%

     

Antero Midstream Corp.(b)

     620,533        7,520,860  

Antero Resources Corp.(b)(c)

     657,012        18,179,522  

APA Corp.

     720,606        31,591,367  

 

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

 

   21   

 

 

 

 


 

Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)–(continued)

August 31, 2023

 

      Shares       Value  

Energy-(continued)

     

Chesapeake Energy Corp.(b)

     294,972      $    26,019,480  

Coterra Energy, Inc.

     1,374,547        38,748,480  

Diamondback Energy, Inc.

     194,003        29,445,775  

DT Midstream, Inc.(b)

     225,421        11,787,264  

EQT Corp.(b)

     836,735        36,163,687  

HF Sinclair Corp.(b)

     328,422        18,092,768  

Marathon Oil Corp.

     1,441,417        37,981,338  

New Fortress Energy, Inc.(b)

     61,861        1,920,165  

NOV, Inc.

     425,232        8,985,152  

Ovintiv, Inc.(b)

     563,909        26,481,167  

Range Resources Corp.(b)

     544,282        17,623,851  

Southwestern Energy Co.(c)

     2,550,303        17,291,054  

Targa Resources Corp.

     328,702        28,350,548  

TechnipFMC PLC (United Kingdom)(b)

     781,320        14,876,333  
     

 

 

 
        371,058,811  
     

 

 

 

Financials-20.56%

     

Affiliated Managers Group, Inc.(b)

     82,507        11,056,763  

Ally Financial, Inc.

     630,196        17,450,127  

American Financial Group, Inc.

     94,429        10,946,210  

Annaly Capital Management, Inc.(b)

     1,150,837        23,327,466  

Assurant, Inc.

     110,891        15,450,443  

Assured Guaranty Ltd.

     132,418        7,791,475  

AXIS Capital Holdings Ltd.

     181,018        9,930,648  

Bank OZK(b)

     255,934        10,280,869  

Blue Owl Capital, Inc.(b)

     387,778        4,633,947  

BOK Financial Corp.(b)

     66,036        5,488,252  

Brighthouse Financial, Inc.(c)

     42,252        2,098,234  

Citizens Financial Group, Inc.

     963,460        27,102,130  

CNA Financial Corp.

     58,281        2,292,192  

Columbia Banking System, Inc.

     483,551        9,903,124  

Comerica, Inc.

     305,581        14,701,502  

Commerce Bancshares, Inc.

     111,287        5,463,079  

Corebridge Financial, Inc.(b)

     343,632        6,126,959  

Credit Acceptance Corp.(b)(c)

     14,155        7,102,554  

Cullen/Frost Bankers, Inc.

     68,683        6,492,604  

Discover Financial Services

     145,917        13,142,744  

East West Bancorp, Inc.

     327,195        18,106,971  

Equitable Holdings, Inc.

     593,145        17,082,576  

Euronet Worldwide, Inc.(b)(c)

     90,651        7,919,271  

Evercore, Inc., Class A

     82,385        11,538,019  

Everest Group Ltd.

     45,152        16,285,423  

F.N.B. Corp.

     830,802        9,662,227  

Fidelity National Financial, Inc.(b)

     604,175        25,012,845  

Fifth Third Bancorp

     942,411        25,021,012  

First American Financial Corp.

     233,001        14,371,502  

First Hawaiian, Inc.(b)

     295,374        5,585,522  

First Horizon Corp.

     1,241,828        15,584,941  

Franklin Resources, Inc.

     349,972        9,358,251  

Globe Life, Inc.

     93,180        10,396,093  

Hanover Insurance Group, Inc. (The)

     82,161        8,768,222  

Hartford Financial Services Group, Inc. (The)

     198,050        14,223,951  

Huntington Bancshares, Inc.