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Invesco Semi-Annual Report to Shareholders

  October 31, 2023
  IGPT   Invesco AI and Next Gen Software ETF (formerly, Invesco Dynamic Software ETF)
  PBE   Invesco Biotechnology & Genome ETF (formerly, Invesco Dynamic Biotechnology & Genome ETF)
  PKB   Invesco Building & Construction ETF (formerly, Invesco Dynamic Building & Construction ETF)
  PXE   Invesco Energy Exploration & Production ETF (formerly, Invesco Dynamic Energy Exploration & Production ETF)
  PBJ   Invesco Food & Beverage ETF (formerly, Invesco Dynamic Food & Beverage ETF)
  PEJ   Invesco Leisure and Entertainment ETF (formerly, Invesco Dynamic Leisure and Entertainment ETF)
  KNCT      Invesco Next Gen Connectivity ETF (formerly, Invesco Dynamic Networking ETF)
  GGME   Invesco Next Gen Media and Gaming ETF (formerly, Invesco Dynamic Media ETF)
  PXJ   Invesco Oil & Gas Services ETF (formerly, Invesco Dynamic Oil & Gas Services ETF)
  PJP   Invesco Pharmaceuticals ETF (formerly, Invesco Dynamic Pharmaceuticals ETF)
  PSI   Invesco Semiconductors ETF (formerly, Invesco Dynamic Semiconductors ETF)


 

Table of Contents

 

Schedules of Investments

  

Invesco AI and Next Gen Software ETF (IGPT)

     3  

Invesco Biotechnology & Genome ETF (PBE)

     6  

Invesco Building & Construction ETF (PKB)

     8  

Invesco Energy Exploration & Production ETF (PXE)

     10  

Invesco Food & Beverage ETF (PBJ)

     12  

Invesco Leisure and Entertainment ETF (PEJ)

     14  

Invesco Next Gen Connectivity ETF (KNCT)

     16  

Invesco Next Gen Media and Gaming ETF (GGME)

     19  

Invesco Oil & Gas Services ETF (PXJ)

     22  

Invesco Pharmaceuticals ETF (PJP)

     24  

Invesco Semiconductors ETF (PSI)

     26  

Statements of Assets and Liabilities

     28  

Statements of Operations

     30  

Statements of Changes in Net Assets

     32  

Financial Highlights

     36  

Notes to Financial Statements

     47  

Fund Expenses

     60  

 

   

 

  2   

   
 


 

Invesco AI and Next Gen Software ETF (IGPT)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

           Shares          Value  

Common Stocks & Other Equity Interests-100.03%

 

Advertising-1.39%

 

  

Magnite, Inc.(b)(c)

     9,081      $ 60,298  

Trade Desk, Inc. (The), Class A(b)

     29,518        2,094,597  
     

 

 

 
        2,154,895  
     

 

 

 

Alternative Carriers-0.12%

 

  

Cogent Communications Holdings, Inc.

     2,923        189,937  
     

 

 

 

Application Software-21.16%

 

  

Adobe, Inc.(b)

     23,809        12,667,817  

Altair Engineering, Inc., Class A(b)(c)

     3,178        197,417  

Alteryx, Inc., Class A(b)(c)

     4,193        134,218  

Altium Ltd. (Australia)

     6,196        154,880  

ANSYS, Inc.(b)

     5,746        1,598,882  

Autodesk, Inc.(b)

     14,141        2,794,686  

Bentley Systems, Inc., Class B(c)

     15,516        754,698  

Cadence Design Systems, Inc.(b)

     15,882        3,809,298  

Dassault Systemes SE (France)

     47,935        1,966,652  

DoubleVerify Holdings, Inc.(b)(c)

     7,571        210,701  

Elastic N.V.(b)

     4,753        356,665  

Enghouse Systems Ltd. (Canada)

     2,223        52,138  

Five9, Inc.(b)

     4,781        276,676  

HubSpot, Inc.(b)

     3,310        1,402,679  

IRESS Ltd. (Australia)

     7,148        22,583  

MicroStrategy, Inc., Class A(b)(c)

     798        337,865  

Nemetschek SE (Germany)

     2,289        170,331  

Nice Ltd. (Israel)(b)

     3,431        529,718  

Pegasystems, Inc.(c)

     2,786        119,074  

PTC, Inc.(b)

     5,264        739,171  

Sinch AB(b)(c)(d)

     43,061        67,848  

Splunk, Inc.(b)

     10,105        1,487,052  

Synopsys, Inc.(b)

     5,116        2,401,655  

Unity Software, Inc.(b)(c)

     17,362        440,474  

Verint Systems, Inc.(b)(c)

     4,254        80,018  
     

 

 

 
          32,773,196  
     

 

 

 

Automotive Parts & Equipment-0.03%

 

Luminar Technologies, Inc.(b)(c)

     15,901        50,406  
     

 

 

 

Consumer Electronics-0.41%

 

  

Garmin Ltd.

     6,192        634,866  
     

 

 

 

Data Center REITs-4.52%

 

  

Digital Realty Trust, Inc.

     20,024        2,490,185  

Equinix, Inc.

     6,193        4,518,660  
     

 

 

 
        7,008,845  
     

 

 

 

Electrical Components & Equipment-1.59%

 

AMETEK, Inc.

     10,999        1,548,329  

Nidec Corp. (Japan)

     25,757        921,977  
     

 

 

 
        2,470,306  
     

 

 

 

Electronic Components-0.29%

 

  

Largan Precision Co. Ltd. (Taiwan)

     7,048        449,803  
     

 

 

 

Electronic Equipment & Instruments-4.97%

 

  

Cognex Corp.

     11,419        410,970  

Halma PLC (United Kingdom)

     17,871        400,099  

Hexagon AB, Class B (Sweden)

     133,776        1,085,999  

Inficon Holding AG (Switzerland)

     115        124,471  

Jenoptik AG (Germany)

     2,967        70,124  

Keyence Corp. (Japan)

     13,678        5,251,911  
           Shares          Value  

Electronic Equipment & Instruments-(continued)

 

Novanta, Inc.(b)

     1,610      $ 212,617  

Spectris PLC (United Kingdom)

     3,602        135,496  
     

 

 

 
        7,691,687  
     

 

 

 

Electronic Manufacturing Services-0.13%

 

IPG Photonics Corp.(b)

     2,276        195,508  
     

 

 

 

Health Care Equipment-3.94%

 

Intuitive Surgical, Inc.(b)

     23,256        6,098,188  
     

 

 

 

Health Care Services-0.06%

 

RadNet, Inc.(b)(c)

     3,716        100,183  
     

 

 

 

Industrial Machinery & Supplies & Components-1.59%

 

3D Systems Corp.(b)(c)

     8,844        32,988  

ATS Corp. (Canada)(b)

     4,830        162,479  

AutoStore Holdings Ltd. (Norway)(b)(d)

     64,994        71,675  

Duerr AG (Germany)

     2,884        59,047  

Fortive Corp.(c)

     18,029        1,176,933  

Harmonic Drive Systems, Inc. (Japan)

     4,170        89,213  

Hiwin Technologies Corp. (Taiwan)

     16,958        102,213  

MINEBEA MITSUMI, Inc. (Japan)

     18,521        284,887  

Yaskawa Electric Corp. (Japan)

     14,979        482,370  
     

 

 

 
        2,461,805  
     

 

 

 

Interactive Home Entertainment-1.54%

 

Electronic Arts, Inc.

     10,265        1,270,704  

Take-Two Interactive Software, Inc.(b)

     7,555        1,010,481  

Ubisoft Entertainment S.A. (France)(b)

     3,718        105,637  
     

 

 

 
        2,386,822  
     

 

 

 

Interactive Media & Services-18.04%

 

Alphabet, Inc., Class A(b)

     98,646        12,239,996  

Baidu, Inc., A Shares (China)(b)

     83,263        1,092,849  

Meta Platforms, Inc., Class A(b)

     44,674        13,458,936  

Pinterest, Inc., Class A(b)(c)

     38,559        1,152,143  
     

 

 

 
          27,943,924  
     

 

 

 

Internet Services & Infrastructure-2.22%

 

GDS Holdings Ltd., A Shares (China)(b)

     43,488        53,800  

NEXTDC Ltd. (Australia)(b)

     34,163        254,156  

Snowflake, Inc., Class A(b)

     21,570        3,130,454  
     

 

 

 
        3,438,410  
     

 

 

 

IT Consulting & Other Services-0.02%

 

Addnode Group AB (Sweden)(c)

     4,818        29,949  
     

 

 

 

Movies & Entertainment-0.27%

 

Roku, Inc., Class A(b)(c)

     7,138        425,211  
     

 

 

 

Research & Consulting Services-0.09%

 

Clarivate PLC(b)(c)

     21,643        138,082  
     

 

 

 

Semiconductors-34.26%

 

Advanced Micro Devices, Inc.(b)

     106,945        10,534,082  

Alchip Technologies Ltd. (Taiwan)

     4,447        359,901  

Ambarella, Inc.(b)

     2,629        118,279  

AP Memory Technology Corp. (Taiwan)

     8,912        98,091  

ASMedia Technology, Inc. (Taiwan)

     1,778        72,085  

Diodes, Inc.(b)

     3,034        197,453  

Faraday Technology Corp. (Taiwan)

     12,728        118,510  

Global Unichip Corp. (Taiwan)

     4,261        188,517  

Intel Corp.

     264,293        9,646,694  

Lattice Semiconductor Corp.(b)

     8,897        494,762  

 

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

   
   

 

  3   

   
 


 

Invesco AI and Next Gen Software ETF (IGPT)–(continued)

October 31, 2023

(Unaudited)

 

           Shares          Value  

Semiconductors-(continued)

     

Macronix International Co. Ltd. (Taiwan)

     81,503      $ 67,846  

Marvell Technology, Inc.

     33,737        1,593,061  

MaxLinear, Inc.(b)

     2,841        43,183  

Microchip Technology, Inc.

     25,872        1,844,415  

Micron Technology, Inc.

     72,461        4,845,467  

Nanya Technology Corp. (Taiwan)

     77,829        155,250  

NVIDIA Corp.

     28,855        11,767,069  

QUALCOMM, Inc.

     63,240        6,892,528  

Renesas Electronics Corp. (Japan)(b)

     54,017        697,483  

Sanken Electric Co. Ltd. (Japan)

     1,660        80,213  

Silicon Laboratories, Inc.(b)(c)

     2,116        195,053  

SK hynix, Inc. (South Korea)

     33,825        2,912,774  

Winbond Electronics Corp. (Taiwan)

     189,005        145,388  

Winbond Electronics Corp., Rts., expiring 11/30/2023 (Taiwan)(b)

     7,598        691  
     

 

 

 
        53,068,795  
     

 

 

 

Systems Software-0.39%

     

Dolby Laboratories, Inc., Class A(c)

     3,946        319,389  

Teradata Corp.(b)

     6,626        283,063  
     

 

 

 
        602,452  
     

 

 

 

Technology Hardware, Storage & Peripherals-3.00%

 

Hewlett Packard Enterprise Co.

     51,583        793,346  

NetApp, Inc.

     9,706        706,403  

Pure Storage, Inc., Class A(b)(c)

     12,349        417,520  

Seagate Technology Holdings PLC(c)

     13,740        937,755  

Super Micro Computer, Inc.(b)

     2,547        609,930  

Western Digital Corp.(b)

     21,200        851,180  

Wiwynn Corp. (Taiwan)

     7,214        338,069  
     

 

 

 
        4,654,203  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $160,135,413)

 

     154,967,473  
     

 

 

 
           Shares          Value  

Money Market Funds-0.06%

 

  

Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(e)(f)
(Cost $83,253)

     83,253      $ 83,253  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $160,218,666)

        155,050,726  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.65%

 

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

     1,581,715        1,581,715  

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

     4,068,893        4,069,300  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,651,071)

 

     5,651,015  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.74%
(Cost $165,869,737)

 

     160,701,741  

OTHER ASSETS LESS LIABILITIES-(3.74)%

 

     (5,786,179
     

 

 

 

NET ASSETS-100.00%.

      $ 154,915,562  
     

 

 

 

 

Investment Abbreviations:

Rts.-Rights

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $139,523, which represented less than 1% of the Fund’s Net Assets.

(e) 

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

 

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

Investments in Affiliated Money Market Funds:

                                

Invesco Government & Agency Portfolio, Institutional Class

   $ 154,502        $   18,438,104        $   (18,509,353)          $        -          $        -          $  83,253        $   6,873  

 

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

   
   

 

  4   

   
 


 

Invesco AI and Next Gen Software ETF (IGPT)–(continued)

October 31, 2023

(Unaudited)

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                                    

Invesco Private Government Fund

            $ 5,666,175               $ 55,212,884      $ (59,297,344             $ -                        $ -                        $ 1,581,715               $ 106,622

Invesco Private Prime Fund

       14,570,164          118,222,383        (128,722,481        1,123            (1,889          4,069,300          282,565
    

 

 

      

 

 

    

 

 

      

 

 

 

      

 

 

 

      

 

 

      

 

 

 

Total

     $ 20,390,841        $ 191,873,371      $ (206,529,178      $ 1,123          $ (1,889        $ 5,734,268        $ 396,060  
    

 

 

      

 

 

    

 

 

      

 

 

 

      

 

 

 

      

 

 

      

 

 

 

 

*

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

 

(f) 

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

(g) 

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

 

Portfolio Composition

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

as of October 31, 2023

 

 
     

Semiconductors

    34.26                                              

Application Software

    21.16    

Interactive Media & Services

    18.04    

Electronic Equipment & Instruments

    4.97    

Data Center REITs

    4.52    

Health Care Equipment

    3.94    

Technology Hardware, Storage & Peripherals

    3.00    

Sub-Industry Types Each Less Than 3%

    10.14    

Money Market Funds Plus Other Assets Less Liabilities

    (0.03  

 

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

   
   

 

  5   

   
 


 

Invesco Biotechnology & Genome ETF (PBE)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

           Shares          Value  

Common Stocks & Other Equity Interests-100.05%

 

Biotechnology-83.31%

     

Acadia Pharmaceuticals, Inc.(b)

     225,189      $ 5,082,516  

Alkermes PLC(b)(c)

     222,135        5,373,446  

Amgen, Inc.

     46,617        11,919,967  

Amicus Therapeutics, Inc.(b)

     525,320        5,762,760  

Arrowhead Pharmaceuticals, Inc.(b)(c) 

     230,824        5,675,962  

Biogen, Inc.(b)

     45,668        10,847,977  

BioMarin Pharmaceutical, Inc.(b)

     132,659        10,805,076  

Catalyst Pharmaceuticals, Inc.(b)(c)

     454,282        5,637,640  

Dynavax Technologies Corp.(b)(c)

     438,177        6,226,495  

Exelixis, Inc.(b)

     304,970        6,279,332  

Gilead Sciences, Inc.(c)

     157,299        12,354,263  

Halozyme Therapeutics, Inc.(b)

     153,414        5,196,132  

Incyte Corp.(b)

     185,363        9,996,627  

MannKind Corp.(b)(c)

     1,442,898        6,190,032  

Myriad Genetics, Inc.(b)

     377,129        5,875,670  

Neurocrine Biosciences, Inc.(b)

     61,170        6,786,200  

PTC Therapeutics, Inc.(b)(c)

     166,263        3,117,431  

Regeneron Pharmaceuticals, Inc.(b)

     14,288        11,143,068  

United Therapeutics Corp.(b)

     51,978        11,583,817  

Veracyte, Inc.(b)(c)

     252,050        5,222,476  

Vericel Corp.(b)(c)

     200,266        7,045,358  

Vertex Pharmaceuticals, Inc.(b)

     34,275        12,411,320  

Xencor, Inc.(b)(c)

     285,312        4,950,163  
     

 

 

 
        175,483,728  
     

 

 

 

Health Care Services-4.48%

 

Fulgent Genetics, Inc.(b)(c)

     193,467        4,631,600  

OPKO Health, Inc.(b)(c)

     3,853,383        4,816,729  
     

 

 

 
        9,448,329  
     

 

 

 

Life Sciences Tools & Services-7.09%

 

Pacific Biosciences of California,
Inc.(b)(c)

     637,853        3,941,932  

QIAGEN N.V.(b)

     148,072        5,542,335  

Repligen Corp.(b)(c)

     40,484        5,447,527  
     

 

 

 
        14,931,794  
     

 

 

 
           Shares          Value  

Pharmaceuticals-5.17%

     

Catalent, Inc.(b)(c)

     147,507      $ 5,072,766  

Intra-Cellular Therapies, Inc.(b)

     116,728        5,808,385  
     

 

 

 
        10,881,151  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $220,233,567)

 

     210,745,002  
     

 

 

 
Money Market Funds-0.07%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $149,552)

     149,552        149,552  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.12%
(Cost $220,383,119)

        210,894,554  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-26.63%

 

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

     15,706,345        15,706,345  

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

     40,394,421        40,398,460  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $56,103,638)

 

     56,104,805  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-126.75%
(Cost $276,486,757)

 

     266,999,359  

OTHER ASSETS LESS LIABILITIES-(26.75)%

 

     (56,349,095
     

 

 

 

NET ASSETS-100.00%.

 

   $ 210,650,264  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    

Value
April 30, 2023

           Purchases
at Cost
            Proceeds
from Sales
           

Change in
Unrealized
Appreciation

            Realized
Gain
(Loss)
           

Value
October 31, 2023

           

Dividend
Income

 

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $    294,606         $    1,647,557          $    (1,792,611)          $        -          $        -          $    149,552        $ 5,086  

 

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

   
   

 

  6   

   
 


 

Invesco Biotechnology & Genome ETF (PBE)–(continued)

October 31, 2023

(Unaudited)

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                                                                                     

Invesco Private Government Fund

              $ 10,396,545                       $ 83,642,792               $ (78,332,992 )           $ -                    $ -                    $ 15,706,345               $ 351,325 *

Invesco Private Prime Fund

           26,733,973               172,490,200            (158,829,204 )           6,254               (2,763 )               40,398,460            944,072 *
        

 

 

             

 

 

          

 

 

         

 

 

             

 

 

             

 

 

          

 

 

 

Total

         $ 37,425,124             $ 257,780,549          $ (238,954,807 )         $ 6,254             $ (2,763 )             $ 56,254,357          $ 1,300,483
        

 

 

             

 

 

          

 

 

         

 

 

             

 

 

             

 

 

          

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

Portfolio Composition

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

as of October 31, 2023

 

 
     

Biotechnology

    83.31                                              

Life Sciences Tools & Services

    7.09    

Pharmaceuticals

    5.17    

Health Care Services

    4.48    

Money Market Funds Plus Other Assets Less Liabilities

    (0.05  

 

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

   
   

 

  7   

   
 


 

Invesco Building & Construction ETF (PKB)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

           Shares          Value  

Common Stocks & Other Equity Interests-100.05%

 

Building Products-16.80%

     

American Woodmark Corp.(b)(c)

     80,834      $ 5,434,470  

Gibraltar Industries, Inc.(b)

     82,332        5,010,726  

Griffon Corp.

     145,248        5,801,205  

Lennox International, Inc.(c)

     30,762        11,398,551  

Owens Corning

     43,277        4,906,314  
     

 

 

 
          32,551,266  
     

 

 

 

Construction & Engineering-8.83%

 

Comfort Systems USA, Inc.

     32,949        5,991,775  

EMCOR Group, Inc.(c)

     27,083        5,596,702  

Sterling Infrastructure, Inc.(b)(c)

     75,749        5,518,315  
     

 

 

 
        17,106,792  
     

 

 

 

Construction Materials-15.89%

 

Eagle Materials, Inc.(c)

     32,986        5,076,875  

Martin Marietta Materials, Inc.

     24,716        10,107,361  

United States Lime & Minerals, Inc.(c)

     28,891        5,720,129  

Vulcan Materials Co.

     50,259        9,875,391  
     

 

 

 
        30,779,756  
     

 

 

 

Forest Products-2.61%

 

Louisiana-Pacific Corp.

     98,761        5,064,464  
     

 

 

 

Home Improvement Retail-4.88%

 

  

Home Depot, Inc. (The)

     33,237        9,462,242  
     

 

 

 

Homebuilding-48.33%

 

  

Beazer Homes USA, Inc.(b)(c)

     208,240        5,037,326  

D.R. Horton, Inc.

     92,009        9,605,739  

Dream Finders Homes, Inc.,
Class A(b)(c)

     221,979        4,370,766  

Green Brick Partners, Inc.(b)(c)

     122,617        4,745,278  

KB Home

     119,814        5,295,779  

Lennar Corp., Class A

     92,478        9,865,553  

M.D.C. Holdings, Inc.

     126,945        4,817,563  

M/I Homes, Inc.(b)

     63,416        5,204,551  

Meritage Homes Corp.

     43,421        4,950,862  

NVR, Inc.(b)

     1,769        9,574,925  

PulteGroup, Inc.

     136,764        10,064,463  
           Shares          Value  

Homebuilding-(continued)

     

Taylor Morrison Home Corp., Class A(b)(c)

     128,621      $ 4,928,757  

Toll Brothers, Inc.(c)

     77,419        5,474,297  

TopBuild Corp.(b)

     20,664        4,727,097  

Tri Pointe Homes, Inc.(b)

     198,604        4,977,016  
     

 

 

 
        93,639,972  
     

 

 

 

Specialized Consumer Services-2.71%

 

Frontdoor, Inc.(b)

     181,211        5,242,434  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $190,888,515)

 

     193,846,926  
     

 

 

 
Money Market Funds-0.06%

 

Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(d)(e)
(Cost $111,483)

     111,483        111,483  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.11%
(Cost $190,999,998)

 

     193,958,409  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.31%

 

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

     3,424,000        3,424,000  

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

     8,805,077        8,805,958  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,229,934)

 

     12,229,958  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.42%
(Cost $203,229,932)

 

     206,188,367  

OTHER ASSETS LESS LIABILITIES-(6.42)%

 

     (12,443,631
     

 

 

 

NET ASSETS-100.00%.

 

   $ 193,744,736  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    

Value
April 30, 2023

           Purchases
at Cost
            Proceeds
from Sales
           

Change in
Unrealized
Appreciation

            Realized
Gain
(Loss)
           

Value
October 31, 2023

           

Dividend
Income

 

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $    152,257         $    1,707,328          $    (1,748,102)          $        -          $        -          $    111,483        $ 4,136  

 

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

   
   

 

  8   

   
 


 

Invesco Building & Construction ETF (PKB)–(continued)

October 31, 2023

(Unaudited)

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                                                                                                                            

Invesco Private Government Fund

         $ 3,829,706              $ 55,054,562          $ (55,460,268 )          $ -              $ -              $ 3,424,000          $ 120,738 *

Invesco Private Prime Fund

           9,847,815                125,202,452            (126,244,311 )            137                (135 )                8,805,958            325,016 *
        

 

 

              

 

 

          

 

 

          

 

 

              

 

 

              

 

 

          

 

 

 

Total

         $ 13,829,778              $ 181,964,342          $ (183,452,681 )          $ 137              $ (135 )              $ 12,341,441          $ 449,890
        

 

 

              

 

 

          

 

 

          

 

 

              

 

 

              

 

 

          

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

Portfolio Composition

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

as of October 31, 2023

 

 
     

Homebuilding

     48.33                                              

Building Products

     16.80    

Construction Materials

     15.89    

Construction & Engineering

     8.83    

Home Improvement Retail

     4.88    

Sub-Industry Types Each Less Than 3%

     5.32    

Money Market Funds Plus Other Assets Less Liabilities

     (0.05  

 

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

   
   

 

  9   

   
 


 

Invesco Energy Exploration & Production ETF (PXE)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

           Shares         Value  

Common Stocks & Other Equity Interests-99.99%

 

Gas Utilities-2.62%

    

National Fuel Gas Co.

     86,706      $ 4,417,671  
    

 

 

 

Oil & Gas Exploration & Production-71.77%

 

 

APA Corp.

     107,314       4,262,512  

California Resources Corp.(b)

     82,943       4,361,972  

Callon Petroleum Co.(b)(c)

     125,212       4,676,668  

Chesapeake Energy Corp.(b)

     53,114       4,572,053  

Chord Energy Corp.(b)

     29,024       4,798,248  

Civitas Resources, Inc.(b)

     57,965       4,372,300  

CNX Resources Corp.(b)(c)

     208,020       4,518,195  

Comstock Resources, Inc.(b)

     386,197       4,866,082  

Coterra Energy, Inc.(b)

     300,462       8,262,705  

Diamondback Energy, Inc.

     56,525       9,062,088  

EOG Resources, Inc.

     64,867       8,189,459  

EQT Corp.(b)

     193,163       8,186,248  

Gulfport Energy Corp.(c)

     41,217       5,094,833  

Magnolia Oil & Gas Corp., Class A(b)

     203,685       4,572,728  

Murphy Oil Corp.

     102,092       4,580,868  

Ovintiv, Inc.

     95,966       4,606,368  

Permian Resources Corp.(b)

     340,469       4,960,633  

Pioneer Natural Resources Co.

     35,656       8,521,784  

Range Resources Corp.(b)

     144,143       5,166,085  

SM Energy Co.(b)

     113,519       4,577,086  

Southwestern Energy Co.(c)

     693,841       4,947,086  

Vital Energy, Inc.(b)(c)

     78,960       3,951,159  
    

 

 

 
       121,107,160  
    

 

 

 

Oil & Gas Refining & Marketing-25.60%

 

 

CVR Energy, Inc.(b)

     131,849       4,318,055  

HF Sinclair Corp.(b)

     80,845       4,477,196  

Marathon Petroleum Corp.

     58,648       8,870,510  

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

     129,602       4,253,538  

PBF Energy, Inc., Class A(b)

     98,617       4,687,266  
           Shares            Value  

Oil & Gas Refining & Marketing-(continued)

 

Phillips 66

     74,218      $ 8,466,047  

Valero Energy Corp.(b)

     64,057        8,135,239  
     

 

 

 
        43,207,851  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $158,855,107)

 

     168,732,682  
     

 

 

 
Money Market Funds-0.10%

 

Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(d)(e)
(Cost $163,043)

     163,043        163,043  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $159,018,150)

 

     168,895,725  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-28.53%

 

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

     13,479,602        13,479,602  

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

     34,665,968        34,669,435  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $48,148,295)

 

     48,149,037  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-128.62%
(Cost $207,166,445)

 

     217,044,762  

OTHER ASSETS LESS LIABILITIES-(28.62)%

 

     (48,297,273
     

 

 

 

NET ASSETS-100.00%.

 

   $ 168,747,489  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

Non-income producing security.

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                                           

Invesco Government & Agency Portfolio, Institutional Class

    $      108,993       $     2,600,536     $     (2,546,486)              $     -                       $        -                       $      163,043              $        2,472  

 

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

   
   

 

  10   

   
 


 

Invesco Energy Exploration & Production ETF (PXE)–(continued)

October 31, 2023

(Unaudited)

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                             

Invesco Private Government Fund

           $ 5,820,927              $ 84,552,443     $ (76,893,768            $ -                       $ -                       $ 13,479,602              $ 311,845

Invesco Private Prime Fund

      14,968,098         154,068,932       (134,374,635       782           6,258           34,669,435         820,842
   

 

 

     

 

 

   

 

 

     

 

 

       

 

 

       

 

 

     

 

 

 

Total

    $ 20,898,018       $ 241,221,911     $ (213,814,889     $ 782         $ 6,258         $ 48,312,080       $ 1,135,159  
   

 

 

     

 

 

   

 

 

     

 

 

       

 

 

       

 

 

     

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

Portfolio Composition

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

as of October 31, 2023

 

 
     

Oil & Gas Exploration & Production

     71.77                                               

Oil & Gas Refining & Marketing

     25.60     

Gas Utilities

     2.62     

Money Market Funds Plus Other Assets Less Liabilities

     0.01     

 

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

   
   

 

  11   

   
 


 

Invesco Food & Beverage ETF (PBJ)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

           Shares         Value  

Common Stocks & Other Equity Interests-99.98%

 

Agricultural Products & Services-10.30%

 

Archer-Daniels-Midland Co.

     121,402      $ 8,688,741  

Bunge Ltd.

     48,050       5,092,339  

Fresh Del Monte Produce, Inc.

     207,612       5,190,300  
    

 

 

 
       18,971,380  
    

 

 

 

Brewers-2.68%

 

Molson Coors Beverage Co., Class B

     85,625       4,946,556  
    

 

 

 

Distillers & Vintners-4.84%

 

Constellation Brands, Inc., Class A

     38,127       8,927,437  
    

 

 

 

Food Distributors-8.44%

 

Andersons, Inc. (The)

     105,468       5,287,111  

Performance Food Group Co.(b)(c)

     87,725       5,066,996  

US Foods Holding Corp.(b)

     133,320       5,191,481  
    

 

 

 
       15,545,588  
    

 

 

 

Food Retail-8.81%

 

Kroger Co. (The)

     113,773       5,161,881  

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

     138,247       5,809,139  

Weis Markets, Inc.(c)

     80,756       5,257,216  
    

 

 

 
       16,228,236  
    

 

 

 

Packaged Foods & Meats-31.01%

 

Adecoagro S.A. (Brazil)

     484,560       5,112,108  

B&G Foods, Inc.(c)

     440,994       3,558,822  

Cal-Maine Foods, Inc.

     112,934       5,117,039  

Dole PLC(c)

     449,523       5,133,553  

John B. Sanfilippo & Son, Inc.

     52,500       5,368,650  

Kraft Heinz Co. (The)

     294,513       9,265,379  

Lamb Weston Holdings, Inc.

     55,585       4,991,533  

Mondelez International, Inc., Class A

     139,700       9,249,537  

Nomad Foods Ltd. (United
Kingdom)(b)(c)

     293,295       4,053,337  

Seaboard Corp.

     1,509       5,291,987  
    

 

 

 
       57,141,945  
    

 

 

 

Personal Care Products-3.16%

 

BellRing Brands, Inc.(b)

     133,167       5,823,393  
    

 

 

 

Restaurants-10.45%

 

Arcos Dorados Holdings, Inc., Class A (Brazil)(c)

     536,037       4,835,053  
           Shares           Value  

Restaurants-(continued)

    

Chipotle Mexican Grill, Inc.(b)

     5,240     $ 10,177,128  

Dutch Bros, Inc., Class A(b)(c)

     174,764       4,253,756  
    

 

 

 
       19,265,937  
    

 

 

 

Soft Drinks & Non-alcoholic Beverages-20.29%

 

Coca-Cola Co. (The)

     163,311        9,225,438  

Coca-Cola Consolidated, Inc.

     7,772       4,946,178  

Monster Beverage Corp.(b)

     170,986       8,737,385  

PepsiCo, Inc.

     55,814       9,113,310  

Vita Coco Co., Inc. (The)(b)(c)

     197,706       5,357,833  
    

 

 

 
       37,380,144  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $195,340,968)

 

    184,230,616  
    

 

 

 
Money Market Funds-0.13%

 

 

Invesco Government & Agency Portfolio,
Institutional Class, 5.27%(d)(e)
(Cost $241,490)

     241,490       241,490  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.11%
(Cost $195,582,458)

 

    184,472,106  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-7.76%

 

 

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

     4,003,938       4,003,938  

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

     10,298,795       10,299,825  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,304,000)

 

    14,303,763  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-107.87%
(Cost $209,886,458)

 

    198,775,869  

OTHER ASSETS LESS LIABILITIES-(7.87)%

 

    (14,508,518
    

 

 

 

NET ASSETS-100.00%.

     $ 184,267,351  
    

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $                -         $  3,392,666          $    (3,151,176)          $        -          $        -          $     241,490        $     3,134  

 

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

   
   

 

  12   

   
 


 

Invesco Food & Beverage ETF (PBJ)–(continued)

October 31, 2023

(Unaudited)

 

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

(Loss)
  Value
October 31, 2023
  Dividend
Income

Investments Purchased with Cash Collateral from Securities on Loan:

                                                           

Invesco Private Government Fund

     

  


    $ 8,310,046              $ 65,124,134     $ (69,430,242 )              $ -                       $ -                       $ 4,003,938              $ 198,801 *

Invesco Private Prime Fund

          21,368,689           139,233,113       (150,300,346 )           (237 )               (1,394 )               10,299,825           541,188 *
       

 

 

         

 

 

     

 

 

         

 

 

             

 

 

             

 

 

         

 

 

 

Total

        $ 29,678,735         $ 207,749,913     $ (222,881,764 )         $ (237 )             $ (1,394 )             $ 14,545,253         $ 743,123
       

 

 

         

 

 

     

 

 

         

 

 

             

 

 

             

 

 

         

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

Portfolio Composition

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

as of October 31, 2023

 

 
     

Packaged Foods & Meats

     31.01     

Soft Drinks & Non-alcoholic Beverages

     20.29                                       

Restaurants

     10.45     

Agricultural Products & Services

     10.30     

Food Retail

     8.81     

Food Distributors

     8.44     

Distillers & Vintners

     4.84     

Personal Care Products

     3.16     

Brewers

     2.68     

Money Market Funds Plus Other Assets Less Liabilities

     0.02     

 

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

   
   

 

  13   

   
 


 

Invesco Leisure and Entertainment ETF (PEJ)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

           Shares          Value  

Common Stocks & Other Equity Interests-99.99%

 

Broadcasting-2.84%

     

Fox Corp., Class A(b)

     267,616      $ 8,132,850  
     

 

 

 

Casinos & Gaming-12.93%

 

Accel Entertainment, Inc.(b)(c)

     804,466        7,923,990  

Caesars Entertainment, Inc.(b)(c)

     169,952        6,779,385  

Las Vegas Sands Corp.

     301,056        14,288,118  

Wynn Resorts Ltd.

     92,302        8,102,270  
     

 

 

 
          37,093,763  
     

 

 

 

Food Distributors-2.98%

     

US Foods Holding Corp.(c)

     219,099        8,531,715  
     

 

 

 

Hotels, Resorts & Cruise Lines-25.87%

 

Airbnb, Inc., Class A(c)

     126,600        14,975,514  

Booking Holdings, Inc.(c)

     5,224        14,572,661  

MakeMyTrip Ltd. (India)(b)(c)

     235,590        9,124,401  

Marriott International, Inc., Class A

     78,913        14,879,835  

Norwegian Cruise Line Holdings Ltd.(b)(c)

     509,491        6,929,078  

Royal Caribbean Cruises Ltd.(c)

     161,879        13,716,008  
     

 

 

 
        74,197,497  
     

 

 

 

Interactive Media &  Services-5.46%

     

Eventbrite, Inc., Class A(b)(c)

     863,714        7,151,552  

TripAdvisor, Inc.(b)(c)

     576,003        8,501,804  
     

 

 

 
        15,653,356  
     

 

 

 

Movies &  Entertainment-19.22%

     

Cinemark Holdings, Inc.(b)(c)

     509,717        8,405,234  

Liberty Media Corp.-Liberty Formula One(c)

     133,219        8,617,937  

Lions Gate Entertainment Corp.,
Class A(b)(c)

     1,234,227        9,701,024  

Live Nation Entertainment, Inc.(b)(c)

     104,366        8,351,367  

Sphere Entertainment Co.(b)(c)

     222,120        7,309,969  

Warner Bros Discovery, Inc.(b)(c)

     1,283,110        12,754,114  
     

 

 

 
        55,139,645  
     

 

 

 

Passenger Airlines-14.45%

     

American Airlines Group, Inc.(b)(c)

     592,961        6,611,515  

Copa Holdings S.A., Class A (Panama)(b)

     89,789        7,331,272  

Delta Air Lines, Inc.

     386,630        12,082,187  

SkyWest, Inc.(b)(c)

     218,006        9,193,313  

United Airlines Holdings, Inc.(b)(c)

     177,869        6,227,194  
     

 

 

 
        41,445,481  
     

 

 

 
           Shares            Value  

Restaurants-16.24%

     

Arcos Dorados Holdings, Inc., Class A (Brazil)

     879,561      $ 7,933,640  

Chipotle Mexican Grill, Inc.(c)

     8,579        16,662,134  

Dutch Bros, Inc., Class A(b)(c)

     287,230        6,991,178  

First Watch Restaurant Group, Inc.(b)(c)

     480,722        8,032,865  

Shake Shack, Inc., Class A(b)(c)

     124,438        6,973,505  
     

 

 

 
        46,593,322  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $320,277,016)

 

     286,787,629  
     

 

 

 
Money Market Funds-0.15%

 

Invesco Government & Agency Portfolio, Institutional Class,
5.27%(d)(e)
(Cost $440,194)

     440,194        440,194  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash
collateral from securities on loan)-100.14%
(Cost $320,717,210)

 

     287,227,823  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-21.67%

 

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

     17,396,824        17,396,824  

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

     44,745,629        44,750,104  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $62,148,183)

 

     62,146,928  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-121.81%
(Cost $382,865,393)

 

     349,374,751  

OTHER ASSETS LESS LIABILITIES-(21.81)%

 

     (62,549,614
     

 

 

 

NET ASSETS-100.00%.

      $ 286,825,137  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

Non-income producing security.

(d) 

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

 

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

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $       392,263         $    2,282,077          $    (2,234,146)          $        -          $        -          $     440,194        $        8,253  

 

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

   
   

 

  14   

   
 


 

Invesco Leisure and Entertainment ETF (PEJ)–(continued)

October 31, 2023

(Unaudited)

 

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

Investments Purchased with Cash Collateral from Securities on Loan:

                                    

Invesco Private Government Fund

     $ 29,897,937        $ 177,445,385      $ (189,946,498             $ -                        $ -                        $ 17,396,824               $ 570,982

Invesco Private Prime Fund

       76,880,409          397,406,960        (429,539,354        6,345            (4,256          44,750,104          1,521,135
    

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

      

 

 

 

Total

     $ 107,170,609        $ 577,134,422      $ (621,719,998      $ 6,345          $ (4,256        $ 62,587,122        $ 2,100,370  
    

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

      

 

 

 

 

*

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

 

(e)

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

(f) 

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

 

Portfolio Composition

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

as of October 31, 2023

 

 
     

Hotels, Resorts & Cruise Lines

     25.87                                               

Movies & Entertainment

     19.22     

Restaurants

     16.24     

Passenger Airlines

     14.45     

Casinos & Gaming

     12.93     

Interactive Media & Services

     5.46     

Sub-Industry Types Each Less Than 3%

     5.82     

Money Market Funds Plus Other Assets Less Liabilities

     0.01     

 

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

   
   

 

  15   

   
 


 

Invesco Next Gen Connectivity ETF (KNCT)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

           Shares          Value  

Common Stocks & Other Equity Interests-99.93%

 

Alternative Carriers-0.20%

     

Iridium Communications, Inc.

     1,088      $ 40,310  

Liberty Global PLC, Class C (United Kingdom)(b)(c)

     1,809        30,681  
     

 

 

 
        70,991  
     

 

 

 

Application Software-3.09%

     

Confluent, Inc., Class A(b)(c)

     2,047        59,179  

Datadog, Inc., Class A(b)

     2,888        235,285  

Dynatrace, Inc.(b)(c)

     2,333        104,308  

Nutanix, Inc., Class A(b)(c)

     2,277        82,405  

Synopsys, Inc.(b)

     1,327        622,947  
     

 

 

 
        1,104,124  
     

 

 

 

Cable & Satellite-4.39%

     

Charter Communications, Inc., Class A(b)

     951        383,063  

Comcast Corp., Class A

     26,257        1,084,151  

Liberty Broadband Corp., Class C(b)

     1,209        100,722  
     

 

 

 
          1,567,936  
     

 

 

 

Communications Equipment-8.89%

 

  

Accton Technology Corp. (Taiwan)

     4,974        76,446  

Arista Networks, Inc.(b)

     2,534        507,738  

Ciena Corp.(b)(c)

     1,444        60,937  

Cisco Systems, Inc.

     31,936        1,664,824  

F5, Inc.(b)

     573        86,861  

Juniper Networks, Inc.

     3,104        83,560  

Motorola Solutions, Inc.

     1,409        392,350  

Nokia OYJ (Finland)(c)

     51,257        170,121  

Telefonaktiebolaget LM Ericsson, Class B (Sweden)(c)

     29,769        133,249  
     

 

 

 
        3,176,086  
     

 

 

 

Data Center REITs-2.85%

     

Digital Realty Trust, Inc.(c)

     2,906        361,390  

Equinix, Inc.

     900        656,676  
     

 

 

 
        1,018,066  
     

 

 

 

Data Processing & Outsourced Services-0.08%

 

  

Genpact Ltd

     845        28,341  
     

 

 

 

Electronic Components-1.28%

     

Amphenol Corp., Class A

     3,860        310,923  

Coherent Corp.(b)

     1,229        36,379  

Hamamatsu Photonics K.K. (Japan)

     1,195        43,848  

Largan Precision Co. Ltd. (Taiwan)

     1,028        65,607  
     

 

 

 
        456,757  
     

 

 

 

Electronic Equipment & Instruments-0.41%

 

  

Keysight Technologies, Inc.(b)

     1,205        147,070  
     

 

 

 

Integrated Telecommunication Services-12.55%

 

  

AT&T, Inc.

     68,568        1,055,947  

BCE, Inc. (Canada)

     3,620        134,239  

BT Group PLC (United Kingdom)

     38,243        52,323  

Cellnex Telecom S.A. (Spain)(d)

     4,375        128,188  

China Tower Corp. Ltd., H Shares (China)(d)

     404,487        37,737  

Chunghwa Telecom Co. Ltd. (Taiwan)

     20,073        71,789  

Deutsche Telekom AG (Germany)

     22,077        477,792  

Elisa OYJ (Finland)

     1,454        61,598  

Emirates Telecommunications Group Co. PJSC (United Arab Emirates)

     27,910        140,272  
           Shares          Value  

Integrated Telecommunication Services-(continued)

 

  

HKT Trust & HKT Ltd. (Hong Kong)

     26,918      $ 27,865  

Nippon Telegraph & Telephone Corp. (Japan)

     67,037        78,260  

Orange S.A. (France)(c)

     13,536        158,957  

PT Telkom Indonesia (Persero) Tbk (Indonesia)

     431,263        94,750  

Spark New Zealand Ltd. (New Zealand)

     14,490        41,888  

Telefonica S.A. (Spain)

     53,753        207,155  

Telenor ASA (Norway)

     5,946        60,755  

Telia Co. AB (Sweden)(c)

     18,527        39,151  

Telstra Group Ltd. (Australia)

     35,074        84,609  

TELUS Corp. (Canada)

     6,434        103,630  

Verizon Communications, Inc.

     40,645        1,427,859  
     

 

 

 
        4,484,764  
     

 

 

 

Internet Services &  Infrastructure-1.81%

     

Akamai Technologies, Inc.(b)

     1,468        151,689  

Cloudflare, Inc., Class A(b)(c)

     2,826        160,206  

MongoDB, Inc.(b)

     682        235,010  

Okta, Inc.(b)

     1,498        100,980  
     

 

 

 
        647,885  
     

 

 

 

IT Consulting & Other Services-4.35%

     

Accenture PLC, Class A

     4,021        1,194,599  

DXC Technology Co.(b)

     1,982        39,977  

Fujitsu Ltd. (Japan)

     1,321        169,350  

NEC Corp. (Japan)

     1,441        68,556  

Otsuka Corp. (Japan)

     1,221        48,559  

TIS, Inc. (Japan)

     1,562        33,056  
     

 

 

 
        1,554,097  
     

 

 

 

Research & Consulting Services-0.42%

     

Booz Allen Hamilton Holding Corp.

     690        82,751  

CACI International, Inc., Class A(b)

     209        67,875  
     

 

 

 
        150,626  
     

 

 

 

Security & Alarm Services-0.27%

     

SECOM Co. Ltd. (Japan)

     1,385        95,568  
     

 

 

 

Semiconductors-28.74%

     

Broadcom, Inc.

     3,477        2,925,443  

Intel Corp.

     39,177        1,429,961  

Lattice Semiconductor Corp.(b)

     1,331        74,017  

Marvell Technology, Inc.

     8,263        390,179  

Microchip Technology, Inc.

     3,776        269,191  

Micron Technology, Inc.

     8,963        599,356  

QUALCOMM, Inc.

     10,791        1,176,111  

Rambus, Inc.(b)(c)

     1,054        57,264  

Silicon Laboratories, Inc.(b)(c)

     308        28,391  

SK hynix, Inc. (South Korea)

     3,283        282,709  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

     176,033        2,871,018  

United Microelectronics Corp. (Taiwan)

     115,076        163,913  
     

 

 

 
        10,267,553  
     

 

 

 

Systems Software-6.25%

     

Check Point Software Technologies Ltd. (Israel)(b)

     876        117,603  

CrowdStrike Holdings, Inc., Class A(b)

     2,165        382,707  

CyberArk Software Ltd.(b)

     403        65,947  

Fortinet, Inc.(b)

     6,302        360,285  

Palo Alto Networks, Inc.(b)(c)

     2,959        719,096  

 

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

   
   

 

  16   

   
 


 

Invesco Next Gen Connectivity ETF (KNCT)–(continued)

October 31, 2023

(Unaudited)

 

           Shares          Value  

Systems Software-(continued)

     

Qualys, Inc.(b)(c)

     355      $ 54,297  

Tenable Holdings, Inc.(b)(c)

     1,117        47,037  

Trend Micro, Inc. (Japan)

     1,004        37,404  

VMware, Inc., Class A(b)(c)

     2,116        308,195  

Zscaler, Inc.(b)

     889        141,076  
     

 

 

 
        2,233,647  
     

 

 

 

Technology Hardware, Storage & Peripherals-15.00%

 

  

Apple, Inc.

     16,782        2,865,862  

Lite-On Technology Corp. (Taiwan)

     12,046        37,139  

NetApp, Inc.

     2,036        148,180  

Samsung Electronics Co. Ltd. (South Korea)

     42,570        2,108,721  

Xiaomi Corp., B Shares (China)(b)(d)

     112,099        200,857  
     

 

 

 
        5,360,759  
     

 

 

 

Telecom Tower REITs-3.63%

     

American Tower Corp.(c)

     4,485        799,182  

Crown Castle, Inc.

     3,002        279,126  

SBA Communications Corp., Class A

     1,047        218,436  
     

 

 

 
          1,296,744  
     

 

 

 

Wireless Telecommunication Services-5.72%

 

  

America Movil S.A.B. de C.V., Class B (Mexico)(b)

     235,164        193,962  

KDDI Corp. (Japan)

     12,273        363,623  

MTN Group Ltd. (South Africa)

     8,758        42,503  

Rogers Communications, Inc., Class B (Canada)

     1,607        59,476  

SoftBank Corp. (Japan)

     16,291        183,408  

SoftBank Group Corp. (Japan)

     5,976        241,652  
           Shares            Value  

Wireless Telecommunication Services-(continued)

 

  

Tele2 AB, Class B (Sweden)

     4,139      $ 29,318  

T-Mobile US, Inc.(b)

     5,064        728,507  

Vodacom Group Ltd. (South Africa)

     3,417        18,493  

Vodafone Group PLC (United Kingdom)

     200,242        183,939  
     

 

 

 
        2,044,881  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from
securities on loan)-99.93%
(Cost $34,985,423)

 

     35,705,895  
     

 

 

 

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

  

Money Market Funds-6.52%

 

  

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

     651,686        651,686  

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

     1,676,029        1,676,197  
     

 

 

 

Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $2,327,879)

 

     2,327,883  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.45%
(Cost $37,313,302)

 

     38,033,778  

OTHER ASSETS LESS LIABILITIES-(6.45)%

 

     (2,304,192
     

 

 

 

NET ASSETS-100.00%

      $ 35,729,586  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $366,782, which represented 1.03% of the Fund’s Net Assets.

(e) 

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

 

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

Investments in Affiliated Money

Market Funds:

                                                                  

Invesco Government & Agency Portfolio, Institutional Class

              $ 94,897               $ 4,949,871      $ (5,044,768 )               $ -                        $ -                        $ -               $ 3,357

Investments Purchased with Cash

Collateral from Securities on Loan:

                                                                  

Invesco Private Government Fund

           2,545,282            13,276,076        (15,169,672 )            -                -                651,686            38,386 *