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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 *

Invesco Private Prime Fund

           6,478,220            26,602,930        (31,405,457 )            4                500                1,676,197            98,102 *
        

 

 

          

 

 

      

 

 

          

 

 

              

 

 

              

 

 

          

 

 

 

Total

         $ 9,118,399          $ 44,828,877      $ (51,619,897 )          $ 4              $ 500              $ 2,327,883          $ 139,845
        

 

 

          

 

 

      

 

 

          

 

 

              

 

 

              

 

 

          

 

 

 

 

*

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.

 

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

   
   

 

  17   

   
 


 

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

October 31, 2023

(Unaudited)

 

Portfolio Composition

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

as of October 31, 2023

     

Semiconductors

     28.74                                               

Technology Hardware, Storage & Peripherals

     15.00     

Integrated Telecommunication Services

     12.55     

Communications Equipment

     8.89     

Systems Software

     6.25     

Wireless Telecommunication Services

     5.72     

Cable & Satellite

     4.39     

IT Consulting & Other Services

     4.35     

Telecom Tower REITs

     3.63     

Application Software

     3.09     

Sub-Industry Types Each Less Than 3%

     7.32     

Money Market Funds Plus Other Assets Less Liabilities

     0.07     

 

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

   
   

 

  18   

   
 


 

Invesco Next Gen Media and Gaming ETF (GGME)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

         Shares              Value        

Common Stocks & Other Equity Interests-99.82%

 

Advertising-2.00%

     

Magnite, Inc.(b)

     2,480      $ 16,467  

Trade Desk, Inc. (The), Class A(b)

     8,079        573,286  
     

 

 

 
        589,753  
     

 

 

 

Application Software-17.71%

     

Adobe, Inc.(b)

     4,607        2,451,200  

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

     867        53,858  

ANSYS, Inc.(b)

     1,572        437,425  

AppLovin Corp., Class A(b)(c)

     1,501        54,696  

Autodesk, Inc.(b)

     3,816        754,156  

Bentley Systems, Inc., Class B(c)

     4,238        206,136  

Dassault Systemes SE (France)

     13,124        538,445  

DoubleVerify Holdings, Inc.(b)(c)

     2,068        57,552  

Iflytek Co. Ltd., A Shares (China)

     1,500        9,339  

Matterport, Inc.(b)(c)

     4,600        9,384  

Nemetschek SE (Germany)

     627        46,658  

PTC, Inc.(b)

     1,440        202,205  

Unity Software, Inc.(b)(c)

     4,744        120,355  

Zoom Video Communications, Inc., Class A(b)

     4,543        272,489  
     

 

 

 
        5,213,898  
     

 

 

 

Broadcasting-0.01%

     

Viaplay Group AB, Class B (Sweden)(b)(c)

     1,375        2,931  
     

 

 

 

Casinos & Gaming-3.25%

     

Aristocrat Leisure Ltd. (Australia)(c)

     11,756        286,791  

DraftKings, Inc., Class A(b)

     8,401        232,036  

Everi Holdings, Inc.(b)(c)

     888        9,581  

Evolution AB (Sweden)(d)

     3,499        310,639  

Light & Wonder, Inc.(b)

     1,086        79,397  

Playtech PLC (United Kingdom)(b)

     5,300        25,249  

Sportradar Holding AG (Switzerland)(b)(c)

     1,454        12,839  
     

 

 

 
        956,532  
     

 

 

 

Consumer Electronics-0.20%

     

Merry Electronics Co. Ltd. (Taiwan)

     3,943        10,771  

Sharp Corp. (Japan)(b)

     2,847        17,665  

Skyworth Group Ltd. (Hong Kong)

     12,485        4,516  

Sonos, Inc.(b)(c)

     2,322        25,031  
     

 

 

 
        57,983  
     

 

 

 

Electrical Components & Equipment-0.03%

 

  

Phihong Technology Co. Ltd. (Taiwan)(b)

     5,097        8,250  
     

 

 

 

Electronic Equipment & Instruments-0.02%

 

  

MicroVision, Inc.(b)(c)

     3,401        6,428  
     

 

 

 

Electronic Manufacturing Services-0.04%

 

  

Primax Electronics Ltd. (Taiwan)

     5,455        11,605  
     

 

 

 

Interactive Home Entertainment-11.85%

 

  

37 Interactive Entertainment Network Technology Group Co. Ltd., A Shares (China)

     2,200        6,223  

Capcom Co. Ltd. (Japan)

     3,017        96,400  

CD Projekt S.A. (Poland)(c)

     1,015        25,291  

DeNA Co. Ltd. (Japan)

     1,156        11,202  

Electronic Arts, Inc.

     4,458        551,856  

Embracer Group AB (Sweden)(b)(c)

     16,147        26,167  

GungHo Online Entertainment, Inc. (Japan)

     876        13,087  

Kakao Games Corp. (South Korea)(b)

     859        14,820  

Kingsoft Corp. Ltd. (China)

     17,907        62,477  
         Shares                Value        

Interactive Home Entertainment-(continued)

 

  

Koei Tecmo Holdings Co. Ltd. (Japan)

     2,369      $ 30,722  

Konami Group Corp. (Japan)

     1,603        82,074  

Krafton, Inc. (South Korea)(b)

     628        76,166  

Mixi, Inc. (Japan)

     628        9,446  

Modern Times Group MTG AB, Class B (Sweden)(b)

     1,305        10,436  

NCSoft Corp. (South Korea)

     315        54,228  

NetEase, Inc. (China)

     28,518        613,396  

Netmarble Corp. (South Korea)(b)(d)

     383        10,946  

Nexon Co. Ltd. (Japan)

     6,342        114,972  

Nintendo Co. Ltd. (Japan)

     21,047        864,561  

Pearl Abyss Corp. (South Korea)(b)

     676        24,651  

Playtika Holding Corp.(b)

     619        5,200  

Roblox Corp., Class A(b)

     8,978        285,590  

Square Enix Holdings Co. Ltd. (Japan)

     1,277        42,160  

Stillfront Group AB (Sweden)(b)

     8,280        8,549  

Take-Two Interactive Software, Inc.(b)

     2,869        383,729  

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

     1,697        48,215  

Wemade Co. Ltd. (South Korea)

     335        9,736  

XD, Inc. (China)(b)(d)

     3,398        5,142  
     

 

 

 
        3,487,442  
     

 

 

 

Interactive Media & Services-15.49%

 

  

Bumble, Inc., Class A(b)

     1,808        24,300  

Hello Group, Inc., ADR (China)

     2,329        16,489  

JOYY, Inc., ADR (China)(c)

     805        31,331  

Meta Platforms, Inc., Class A(b)

     8,646        2,604,781  

Pinterest, Inc., Class A(b)

     10,537        314,846  

Rumble, Inc.(b)(c)

     1,462        6,564  

Snap, Inc., Class A(b)(c)

     23,542        235,655  

Tencent Holdings Ltd. (China)

     35,408        1,308,692  

Weibo Corp., ADR (China)

     1,441        17,047  
     

 

 

 
        4,559,705  
     

 

 

 

Internet Services & Infrastructure-2.94%

 

  

Cloudflare, Inc., Class A(b)(c)

     5,298        300,344  

GMO Internet Group, Inc. (Japan)

     675        9,728  

GoDaddy, Inc., Class A(b)

     1,827        133,791  

Squarespace, Inc., Class A(b)(c)

     472        13,409  

VeriSign, Inc.(b)

     1,635        326,444  

Wix.com Ltd. (Israel)(b)(c)

     1,029        82,217  
     

 

 

 
        865,933  
     

 

 

 

IT Consulting & Other Services-0.03%

 

  

Addnode Group AB (Sweden)(c)

     1,318        8,193  
     

 

 

 

Leisure Products-0.30%

 

  

Sankyo Co. Ltd. (Japan)

     805        33,190  

Sega Sammy Holdings, Inc. (Japan)

     3,010        46,627  

Tsuburaya Fields Holdings, Inc. (Japan)

     732        7,840  
     

 

 

 
        87,657  
     

 

 

 

Movies & Entertainment-10.07%

     

China Ruyi Holdings Ltd. (China)(b)

     107,891        24,820  

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

     7,542        35,146  

Netflix, Inc.(b)

     5,827        2,398,917  

Roku, Inc., Class A(b)(c)

     2,247        133,854  

Spotify Technology S.A.(b)

     2,257        371,863  
     

 

 

 
        2,964,600  
     

 

 

 

 

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

   
   

 

  19   

   
 


 

Invesco Next Gen Media and Gaming ETF (GGME)–(continued)

October 31, 2023

(Unaudited)

 

         Shares              Value        

Semiconductors-20.02%

     

Advanced Micro Devices, Inc.(b)

     13,627      $ 1,342,260  

Ambarella, Inc.(b)(c)

     717        32,258  

MediaTek, Inc. (Taiwan)

     28,966        751,946  

NVIDIA Corp.

     5,584        2,277,155  

QUALCOMM, Inc.

     13,652        1,487,931  
     

 

 

 
        5,891,550  
     

 

 

 

Systems Software-0.30%

     

Dolby Laboratories, Inc., Class A(c)

     1,078        87,253  
     

 

 

 

Technology Hardware, Storage & Peripherals-15.52%

 

Apple, Inc

     14,543        2,483,508  

HTC Corp. (Taiwan)(b)

     13,500        18,355  

Kinpo Electronics (Taiwan)

     24,583        10,535  

Lenovo Group Ltd. (China)

     128,396        149,324  

Logitech International S.A., Class R (Switzerland).

     2,706        211,592  

Samsung Electronics Co. Ltd. (South Korea)

     27,552        1,364,799  

Wacom Co. Ltd. (Japan)

     2,709        9,248  

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

     179,734        322,045  
     

 

 

 
        4,569,406  
     

 

 

 

Trading Companies & Distributors-0.04%

 

  

Xometry, Inc., Class A(b)(c)

     774        11,262  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $28,633,899)

 

     29,380,381  
     

 

 

 
         Shares                Value        

Money Market Funds-0.48%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(e)(f)
(Cost $140,022)

     140,022      $ 140,022  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.30%
(Cost $28,773,921)

 

     29,520,403  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.59%

 

  

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

     377,927        377,927  

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

     972,023        972,120  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,350,031)

 

     1,350,047  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.89%
(Cost $30,123,952)

 

     30,870,450  

OTHER ASSETS LESS LIABILITIES-(4.89)%

 

     (1,437,828
     

 

 

 

NET ASSETS-100.00%

      $ 29,432,622  
     

 

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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 $648,772, which represented 2.20% 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

              $ 79,956               $ 7,459,798      $ (7,399,732 )               $ -                        $ -                        $ 140,022               $ 4,743

Investments Purchased with Cash

Collateral from Securities on Loan:

                                                                  

Invesco Private Government Fund

           2,942,832            12,903,744        (15,468,649 )            -                -                377,927            38,623 *

Invesco Private Prime Fund

           7,567,281            26,180,076        (32,775,155 )            1,360                (1,442 )                972,120            104,915 *
        

 

 

          

 

 

      

 

 

          

 

 

              

 

 

              

 

 

          

 

 

 

Total

         $ 10,590,069          $ 46,543,618      $ (55,643,536 )          $ 1,360              $ (1,442 )              $ 1,490,069          $ 148,281
        

 

 

          

 

 

      

 

 

          

 

 

              

 

 

              

 

 

          

 

 

 

 

*

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.

 

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

   
   

 

  20   

   
 


 

Invesco Next Gen Media and Gaming ETF (GGME)–(continued)

October 31, 2023

(Unaudited)

 

 

Portfolio Composition

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

as of October 31, 2023

 

 

 

     

Semiconductors

     20.02                                           

Application Software

     17.71     

Technology Hardware, Storage & Peripherals

     15.52     

Interactive Media & Services

     15.49     

Interactive Home Entertainment

     11.85     

Movies & Entertainment

     10.07     

Casinos & Gaming

     3.25     

Sub-Industry Types Each Less Than 3%

     5.91     

Money Market Funds Plus Other Assets Less Liabilities

     0.18     

 

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

   
   

 

  21   

   
 


 

Invesco Oil & Gas Services ETF (PXJ)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.99%

 

Oil & Gas Drilling-13.69%

 

Helmerich & Payne, Inc.

     98,663      $ 3,904,095  

Nabors Industries Ltd.(b)(c)

     19,936        1,946,551  

Patterson-UTI Energy, Inc.

     152,977        1,942,808  

Transocean Ltd.(b)(c)

     509,874        3,375,366  
     

 

 

 
        11,168,820  
     

 

 

 

Oil & Gas Equipment & Services-62.21%

 

  

Archrock, Inc.

     173,865        2,202,870  

Atlas Energy Solutions, Inc.

     98,153        1,787,366  

Baker Hughes Co., Class A

     113,303        3,899,889  

ChampionX Corp.

     113,031        3,481,355  

Core Laboratories, Inc.(c)

     91,807        1,966,506  

Expro Group Holdings N.V.(b)

     94,291        1,485,083  

Halliburton Co.

     103,354        4,065,946  

Helix Energy Solutions Group, Inc.(b)

     231,809        2,271,728  

Liberty Energy, Inc., Class A

     136,152        2,682,194  

Oceaneering International, Inc.(b)

     101,731        2,237,065  

ProFrac Holding Corp., Class A(b)

     209,225        1,970,900  

ProPetro Holding Corp.(b)

     222,359        2,330,322  

RPC, Inc.(c)

     269,028        2,238,313  

Schlumberger N.V.

     70,768        3,938,947  

TechnipFMC PLC (United Kingdom)(c)

     219,835        4,730,849  

Tidewater, Inc.(b)

     35,311        2,413,507  

USA Compression Partners L.P.

     105,021        2,636,027  

Weatherford International PLC(b)

     47,234        4,397,013  
     

 

 

 
        50,735,880  
     

 

 

 

Oil & Gas Storage & Transportation-24.09%

 

  

DHT Holdings, Inc.

     224,560        2,497,107  

Dorian LPG Ltd.

     87,682        2,803,194  

Frontline PLC (Norway)(c)

     121,519        2,703,798  

Golar LNG Ltd. (Cameroon)

     98,404        2,207,202  

International Seaways, Inc.(c)

     48,127        2,314,427  
         Shares          Value  

Oil & Gas Storage & Transportation-(continued)

 

  

Navigator Holdings Ltd.(c)

     160,170      $ 2,250,388  

Scorpio Tankers, Inc. (Monaco)

     42,121        2,365,094  

Teekay Tankers Ltd., Class A (Canada)

     50,358        2,502,793  
     

 

 

 
        19,644,003  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $80,625,932)

 

     81,548,703  
     

 

 

 
Money Market Funds-0.07%

 

Invesco Government & Agency Portfolio, Institutional Class,
5.27%(d)(e)
(Cost $59,901)

     59,901        59,901  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.06%
(Cost $80,685,833)

 

     81,608,604  
     

 

 

 

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

Money Market Funds-9.41%

 

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

     2,148,441        2,148,441  

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

     5,520,765        5,521,317  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $7,669,745)

 

     7,669,758  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-109.47%
(Cost $88,355,578)

 

     89,278,362  

OTHER ASSETS LESS LIABILITIES-(9.47)%

 

     (7,719,877
     

 

 

 

NET ASSETS-100.00%

      $ 81,558,485  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    

Value
April 30, 2023

           Purchases
at Cost
            Proceeds
from Sales
           

Change in
Unrealized
Appreciation

            Realized
Gain
           

Value
October 31, 2023

           

Dividend
Income

 

Investments in Affiliated Money Market Funds:

                               

Invesco Government & Agency Portfolio, Institutional Class

     $       82,865         $  1,274,399          $    (1,297,363)          $   -          $   -          $   59,901        $     2,632  

 

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

   
   

 

  22   

   
 


 

Invesco Oil & Gas Services ETF (PXJ)–(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

              $   2,959,918                       $ 24,980,247               $ (25,791,724 )                $    -                    $    -                  $ 2,148,441               $   58,878 *

Invesco Private Prime Fund

           7,611,218               55,821,672            (57,911,636 )           34               29               5,521,317            157,441 *
        

 

 

             

 

 

          

 

 

         

 

 

             

 

 

             

 

 

          

 

 

 

Total

         $ 10,654,001             $ 82,076,318          $ (85,000,723 )         $ 34             $ 29             $ 7,729,659          $ 218,951
        

 

 

             

 

 

          

 

 

         

 

 

             

 

 

             

 

 

          

 

 

 

 

*

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 Equipment & Services

     62.21                                                   

Oil & Gas Storage & Transportation

     24.09     

Oil & Gas Drilling

     13.69     

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.

   
   

 

  23   

   
 


 

Invesco Pharmaceuticals ETF (PJP)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

         Shares          Value  

Common Stocks & Other Equity Interests-99.98%

 

Biotechnology-34.81%

 

AbbVie, Inc.

     105,482      $ 14,891,949  

Amgen, Inc.

     60,695        15,519,711  

Biogen, Inc.(b)

     35,678        8,474,952  

Geron Corp.(b)(c)

     4,114,816        7,818,150  

Gilead Sciences, Inc.(c)

     204,796        16,084,678  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)

     39,023        0  

OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)

     39,023        0  

Regeneron Pharmaceuticals, Inc.(b)

     11,167        8,709,032  

Travere Therapeutics, Inc.(b)(c)

     730,671        4,734,748  

United Therapeutics Corp.(b)

     40,609        9,050,122  
     

 

 

 
        85,283,342  
     

 

 

 

Health Care Equipment-5.74%

     

Abbott Laboratories

     148,703        14,059,869  
     

 

 

 

Pharmaceuticals-59.43%

     

Amphastar Pharmaceuticals, Inc.(b)(c)

     175,394        7,940,086  

ANI Pharmaceuticals, Inc.(b)

     150,106        9,267,544  

Bausch Health Cos., Inc.(b)(c)

     1,137,190        7,755,636  

Corcept Therapeutics, Inc.(b)(c)

     295,950        8,310,276  

Eli Lilly and Co.

     28,235        15,640,214  

Jazz Pharmaceuticals PLC(b)

     66,917        8,499,797  

Johnson & Johnson

     94,188        13,971,848  

Ligand Pharmaceuticals, Inc.(b)(c)

     141,292        7,388,159  

Merck & Co., Inc.

     145,816        14,975,303  

Pacira BioSciences, Inc.(b)(c)

     247,666        6,999,041  

Perrigo Co. PLC

     248,388        6,865,444  

Pfizer, Inc.

     424,432        12,970,642  

Prestige Consumer Healthcare, Inc.(b)(c)

     158,454        9,405,830  

Supernus Pharmaceuticals, Inc.(b)(c)

     293,915        7,009,873  

Taro Pharmaceutical Industries Ltd.(b)

     252,741        8,583,084  
     

 

 

 
        145,582,777  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $246,652,728)

 

     244,925,988  
     

 

 

 
         Shares          Value  

Money Market Funds-0.05%

     

Invesco Government & Agency Portfolio, Institutional Class,
5.27%(e)(f)
(Cost $127,571)

     127,571      $ 127,571  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.03%
(Cost $246,780,299)

 

     245,053,559  
     

 

 

 

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

Money Market Funds-4.24%

 

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

     2,904,537        2,904,537  

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

     7,470,459        7,471,206  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $10,375,384)

 

     10,375,743  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.27%
(Cost $257,155,683)

 

     255,429,302  

OTHER ASSETS LESS LIABILITIES-(4.27)%

 

     (10,455,239
     

 

 

 

NET ASSETS-100.00%

      $ 244,974,063  
     

 

 

 

 

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 valued using significant unobservable inputs (Level 3). See Note 4.

(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

     $    106,731          $  3,576,593          $  (3,555,753)          $        -          $        -          $  127,571          $  3,738  

 

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

   
   

 

  24   

   
 


 

Invesco Pharmaceuticals ETF (PJP)–(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

     $ 10,601,820          $ 123,997,913          $ (131,695,196 )          $      -               $     -             $ 2,904,537               $ 218,494 *

Invesco Private Prime Fund

       27,164,158            175,396,929            (195,091,472 )            1,029            562            7,471,206            561,396 *
    

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

     $ 37,872,709          $ 302,971,435          $ (330,342,421 )          $ 1,029          $ 562          $ 10,503,314          $ 783,628
    

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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

 

     

Pharmaceuticals

     59.43                                                   

Biotechnology

     34.81     

Health Care Equipment

     5.74     

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.

   
   

 

  25   

   
 


 

Invesco Semiconductors ETF (PSI)

October 31, 2023

(Unaudited)

 

Schedule of Investments(a)

 

         Shares        Value  

Common Stocks & Other Equity Interests-100.02%

 

Electronic Components-2.61%

 

Vishay Intertechnology, Inc.(b)

     636,740      $ 14,161,097  
     

 

 

 

Electronic Equipment & Instruments-2.41%

 

  

Advanced Energy Industries, Inc.(b)

     149,815        13,072,857  
     

 

 

 

Electronic Manufacturing Services-2.89%

 

  

TE Connectivity Ltd.

     133,017        15,676,053  
     

 

 

 

Semiconductor Materials & Equipment-44.35%

 

  

Aehr Test Systems(b)(c)

     422,021        9,942,815  

Amkor Technology, Inc.

     662,559        13,820,981  

Applied Materials, Inc.

     210,731        27,890,248  

Axcelis Technologies, Inc.(b)(c)

     98,839        12,601,973  

Camtek Ltd. (Israel)(b)(c)

     342,084        17,993,618  

Cohu, Inc.(c)

     478,039        14,408,095  

KLA Corp.

     64,012        30,066,436  

Kulicke & Soffa Industries, Inc. (Singapore)(b) .

     335,453        13,958,199  

Lam Research Corp.

     46,720        27,481,638  

Nova Ltd. (Israel)(c)

     141,200        13,409,764  

Onto Innovation, Inc.(b)(c)

     150,629        16,926,181  

Photronics, Inc.(c)

     750,308        13,775,655  

Teradyne, Inc.(b)

     165,399        13,772,775  

Veeco Instruments, Inc.(b)(c)

     599,239        14,345,782  
     

 

 

 
        240,394,160  
     

 

 

 

Semiconductors-47.76%

     

Allegro MicroSystems, Inc. (Japan) (b)(c)

     440,507        11,435,562  

Analog Devices, Inc.

     176,362        27,747,034  

Broadcom, Inc.

     36,398        30,624,185  

Intel Corp.

     947,302        34,576,523  

Lattice Semiconductor Corp.(b)(c)

     186,589        10,376,214  

Microchip Technology, Inc.

     211,818        15,100,505  

Micron Technology, Inc.

     491,352        32,856,708  

NVIDIA Corp.

     68,222        27,820,932  

NXP Semiconductors N.V. (China)

     85,113        14,676,035  

         Shares          Value  

Semiconductors-(continued)

     

ON Semiconductor Corp.(c)

     183,987      $ 11,524,946  

Qorvo, Inc.(c)

     169,677        14,833,163  

SiTime Corp.(b)(c)

     133,230        13,296,354  

Skyworks Solutions, Inc.

     161,445        14,003,739  
     

 

 

 
        258,871,900  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $525,819,452)

 

     542,176,067  
     

 

 

 
Money Market Funds-0.07%

 

Invesco Government & Agency Portfolio, Institutional Class,
5.27%(d)(e)
(Cost $400,327)

     400,327        400,327  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.09%
(Cost $526,219,779)

 

     542,576,394  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-10.04%

 

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

     15,231,836        15,231,836  

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

     39,174,039        39,177,956  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $54,408,831)

 

     54,409,792  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-110.13%
(Cost $580,628,610)

 

     596,986,186  

OTHER ASSETS LESS LIABILITIES-(10.13)%

 

     (54,920,010
     

 

 

 

NET ASSETS-100.00%.

      $ 542,066,176  
     

 

 

 

 

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

     $     483,981          $    2,943,386          $    (3,027,040)          $       -          $     -          $     400,327          $       6,261  

 

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

   
   

 

  26   

   
 


 

Invesco Semiconductors ETF (PSI)–(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

     $ 12,923,048          $ 105,858,816          $ (103,550,028 )          $        -               $       -             $ 15,231,836              $    400,122 *

Invesco Private Prime Fund

       33,230,696            213,181,608            (207,236,682 )            1,711            623            39,177,956            1,075,153 *
    

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

     $ 46,637,725          $ 321,983,810          $ (313,813,750 )          $ 1,711          $ 623          $ 54,810,119          $ 1,481,536
    

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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

 

     

Semiconductors

     47.76                                              

Semiconductor Materials & Equipment

     44.35    

Sub-Industry Types Each Less Than 3%

     7.91    

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.

   
   

 

  27   

   
 


 

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)

 

    Invesco AI
and Next Gen
Software
ETF (IGPT)
    Invesco
Biotechnology &
Genome
ETF (PBE)
    Invesco
Building &
Construction
ETF (PKB)
    Invesco
Energy
Exploration &
Production
ETF (PXE)
 

Assets:

                       

Unaffiliated investments in securities, at value(a)

    $ 154,967,473         $ 210,745,002         $ 193,846,926         $ 168,732,682    

Affiliated investments in securities, at value

      5,734,268           56,254,357           12,341,441           48,312,080    

Cash

      -           -           -           2,993    

Foreign currencies, at value

      1,264           -           -           -    

Receivable for:

                       

Dividends

      31,539           818           23,122           44,384    

Securities lending

      1,420           5,712           1,847           5,950    

Investments sold

      12,726           -           -           -    

Foreign tax reclaims.

      -           -           -           -    

Other assets

      36,838           34,637           33,963           48,893    
   

 

 

       

 

 

       

 

 

       

 

 

   

Total assets

      160,785,528           267,040,526           206,247,299           217,146,982    
   

 

 

       

 

 

       

 

 

       

 

 

   

Liabilities:

                       

Due to custodian

      -           -           -           -    

Due to foreign custodian

      -           -           -           -    

Payable for:

                       

Collateral upon return of securities loaned

      5,651,071           56,103,638           12,229,934           48,148,295    

Fund shares repurchased

      -           -           -           -    

Expenses recaptured

      18,714           -           -           2,896    

Accrued advisory fees

      67,991           92,835           84,609           72,809    

Accrued trustees’ and officer’s fees

      59,564           83,782           58,232           59,983    

Accrued expenses

      72,626           110,007           129,788           115,444    

Accrued tax expenses

      -           -           -           66    
   

 

 

       

 

 

       

 

 

       

 

 

   

Total liabilities

      5,869,966           56,390,262           12,502,563           48,399,493    
   

 

 

       

 

 

       

 

 

       

 

 

   

Net Assets

    $ 154,915,562         $ 210,650,264         $ 193,744,736         $ 168,747,489    
   

 

 

       

 

 

       

 

 

       

 

 

   

Net assets consist of:

                       

Shares of beneficial interest

    $ 345,768,339         $ 535,185,836         $ 286,204,354         $ 305,952,864    

Distributable earnings (loss)

      (190,852,777         (324,535,572         (92,459,618         (137,205,375  
   

 

 

       

 

 

       

 

 

       

 

 

   

Net Assets

    $ 154,915,562         $ 210,650,264         $ 193,744,736         $ 168,747,489    
   

 

 

       

 

 

       

 

 

       

 

 

   

Shares outstanding (unlimited amount authorized, $0.01 par value)

      4,930,000           3,930,000           4,040,000           5,230,000    

Net asset value

    $ 31.42         $ 53.60         $ 47.96         $ 32.27    
   

 

 

       

 

 

       

 

 

       

 

 

   

Market price

    $ 31.45         $ 53.59         $ 47.96         $ 32.25    
   

 

 

       

 

 

       

 

 

       

 

 

   

Unaffiliated investments in securities, at cost

    $ 160,135,413         $ 220,233,567         $ 190,888,515         $ 158,855,107    
   

 

 

       

 

 

       

 

 

       

 

 

   

Affiliated investments in securities, at cost

    $ 5,734,324         $ 56,253,190         $ 12,341,417         $ 48,311,338    
   

 

 

       

 

 

       

 

 

       

 

 

   

Foreign currencies (due to foreign custodian), at cost

    $ 1,383         $ -         $ -         $ -    
   

 

 

       

 

 

       

 

 

       

 

 

   

(a) Includes securities on loan with an aggregate value of:

    $ 5,660,767         $ 54,712,077         $ 12,203,285         $ 47,817,676    
   

 

 

       

 

 

       

 

 

       

 

 

   

 

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

   
   

 

  28   

   
 


 

    

    

    

 

Invesco

Food & Beverage
ETF (PBJ)

       Invesco
Leisure and
Entertainment
ETF (PEJ)
       Invesco
Next Gen
Connectivity
ETF (KNCT)
           
Invesco
Next Gen  Media
and Gaming
ETF (GGME)
       Invesco
Oil & Gas
Services

ETF (PXJ)
 

Invesco

Pharmaceuticals

      ETF (PJP)       

  Invesco
Semiconductors
ETF (PSI)
                                                     
  $ 184,230,616          $ 286,787,629          $ 35,705,895          $ 29,380,381          $ 81,548,703         $ 244,925,988         $ 542,176,067
    14,545,253            62,587,122            2,327,883            1,490,069            7,729,659           10,503,314           54,810,119
    -            -            -            -            -           -           -
    -            -            8,375            -            -           -           -
                                                     
    5,250            42,598            76,326            19,393            55,553           239,835           1,828
    9,662            20,384            363            317            1,642           1,797           7,448
    -            -            4            -            34,734           -           759,862
    -            -            38            605            -           -           -
    39,421            145,792            19,947            22,879            25,116           43,010           69,573
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
    198,830,202            349,583,525            38,138,831            30,913,644            89,395,407           255,713,944           597,824,897
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
                                                     
    -            -            10,726            -            -           -           -
    -            -            -            1,448            -           -           -
                                                     
    14,304,000            62,148,183            2,327,879            1,350,031            7,669,745           10,375,384           54,408,831
    -            -            -            -            -           -           758,779
    -            13,831            -            -            -           -           -
    80,782            130,327            12,159            7,924            22,661           108,795           252,471
    69,283            63,581            48,799            61,290            70,058           128,995           57,990
    108,786            402,466            9,682            60,329            74,458           126,707           280,650
    -            -            -            -            -           -           -
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
    14,562,851            62,758,388            2,409,245            1,481,022            7,836,922           10,739,881           55,758,721
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
  $ 184,267,351          $ 286,825,137          $ 35,729,586          $ 29,432,622          $ 81,558,485         $ 244,974,063         $ 542,066,176
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
                                                     
  $ 307,637,212          $ 872,660,154          $ 88,170,982          $ 140,457,093          $ 193,684,573         $ 704,152,428         $ 663,589,469
    (123,369,861 )            (585,835,017 )            (52,441,396 )            (111,024,471 )            (112,126,088 )           (459,178,365 )           (121,523,293 )
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
  $ 184,267,351          $ 286,825,137          $ 35,729,586          $ 29,432,622          $ 81,558,485         $ 244,974,063         $ 542,066,176
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
    4,470,000            8,030,000            470,000            910,000            2,755,978           3,550,000           14,240,000
  $ 41.22          $ 35.72          $ 76.02          $ 32.34          $ 29.59         $ 69.01         $ 38.07
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
  $ 41.23          $ 35.72          $ 76.06          $ 32.39          $ 29.59         $ 69.01         $ 38.05
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
  $ 195,340,968          $ 320,277,016          $ 34,985,423          $ 28,633,899          $ 80,625,932         $ 246,652,728         $ 525,819,452
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
  $ 14,545,490          $ 62,588,377          $ 2,327,879          $ 1,490,053          $ 7,729,646         $ 10,502,955         $ 54,809,158
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
  $ -          $ -          $ 8,470          $ (1,461 )          $ -         $ -         $ -
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 
  $ 14,451,918          $ 60,743,033          $ 2,313,862          $ 1,338,988          $ 7,492,239         $ 10,278,486         $ 51,723,074
 

 

 

          

 

 

          

 

 

          

 

 

          

 

 

         

 

 

         

 

 

 

 

   

 

  29   

   
 


 

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)

 

    Invesco
AI and Next  Gen
Software
ETF (IGPT)
          Invesco
Biotechnology &
Genome
ETF (PBE)
          Invesco
Building &
Construction
ETF (PKB)
          Invesco
Energy
Exploration &
Production
ETF (PXE)
 

Investment income:

                             

Unaffiliated dividend income

    $ 210,200           $ 351,536           $ 1,098,232           $ 2,338,312    

Affiliated dividend income

      6,873             5,086             4,136             2,472    

Securities lending income, net

      16,631             60,867             15,708             28,718    

Foreign withholding tax

      (5,510           -             -             -    
   

 

 

         

 

 

         

 

 

         

 

 

   

Total investment income

      228,194             417,489             1,118,076             2,369,502    
   

 

 

         

 

 

         

 

 

         

 

 

   

Expenses:

                             

Unitary management fees

      -             -             -             -    

Advisory fees

      452,505             603,172             563,912             400,535    

Sub-licensing fees

      18,380             36,192             33,836             24,033    

Accounting & administration fees

      13,270             14,281             10,171             15,675    

Professional fees

      20,001             20,122             19,808             20,236    

Custodian & transfer agent fees

      3,462             1,689             2,562             9,172    

Trustees’ and officer’s fees

      5,627             6,460             5,455             5,808    

Recapture (Note 3)

      18,714             -             -             -    

Other expenses

      20,955             19,508             17,126             20,379    
   

 

 

         

 

 

         

 

 

         

 

 

   

Total expenses

      552,914             701,424             652,870             495,838    
   

 

 

         

 

 

         

 

 

         

 

 

   

Less: Waivers

      (133           (109           (85           (2,956  
   

 

 

         

 

 

         

 

 

         

 

 

   

Net expenses

      552,781             701,315             652,785             492,882    
   

 

 

         

 

 

         

 

 

         

 

 

   

Net investment income (loss)

      (324,587           (283,826           465,291             1,876,620    
   

 

 

         

 

 

         

 

 

         

 

 

   

Realized and unrealized gain (loss) from:

                             

Net realized gain (loss) from:

                             

Unaffiliated investment securities

      3,515,435             (14,578,349           1,200,304             (13,696,496  

Affiliated investment securities

      (1,889           (2,763           (135           6,258    

In-kind redemptions

      2,677,934             2,095,316             11,004,921             2,139,369    

Foreign currencies

      (130,105           -             -             -    
   

 

 

         

 

 

         

 

 

         

 

 

   

Net realized gain (loss)

      6,061,375             (12,485,796           12,205,090             (11,550,869  
   

 

 

         

 

 

         

 

 

         

 

 

   

Change in net unrealized appreciation (depreciation) of:

                             

Unaffiliated investment securities

      (8,678,180           (22,709,073           (13,673,395           39,964,779    

Affiliated investment securities

      1,123             6,254             137             782    

Foreign currencies

      (680           -             -             -    
   

 

 

         

 

 

         

 

 

         

 

 

   

Change in net unrealized appreciation (depreciation)

      (8,677,737           (22,702,819           (13,673,258           39,965,561    
   

 

 

         

 

 

         

 

 

         

 

 

   

Net realized and unrealized gain (loss)

      (2,616,362           (35,188,615           (1,468,168           28,414,692    
   

 

 

         

 

 

         

 

 

         

 

 

   

Net increase (decrease) in net assets resulting from operations

    $ (2,940,949         $ (35,472,441         $ (1,002,877         $ 30,291,312    
   

 

 

         

 

 

         

 

 

         

 

 

   

 

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

   
   

 

  30   

   
 


 

    

    

    

 

Invesco
Food & Beverage
ETF (PBJ)
        
Invesco
Leisure and
Entertainment
ETF (PEJ)
    Invesco
Next Gen
Connectivity
ETF (KNCT)
    Invesco
Next Gen Media
and Gaming
ETF (GGME)
    Invesco
Oil & Gas
Services
ETF (PXJ)
    Invesco
Pharmaceuticals
ETF (PJP)
    Invesco
Semiconductors
ETF (PSI)
 
                                       
           $ 2,463,613                       $ 1,330,607                       $ 234,634                       $ 121,221                       $ 609,485                       $ 2,203,709                       $ 2,687,471           
    3,134           8,253           3,357           4,743           2,632           3,738           6,261    
    49,950           106,533           3,873           111,166           10,698           55,166           49,908    
    -           -           (8,989         (2,971         -           -           (26,586  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    2,516,697           1,445,393           232,875           234,159           622,815           2,262,613           2,717,054    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                       
    -           -           26,135           -           -           -           -    
    669,453           956,412           63,717           78,324           107,119           720,875           1,556,336    
    40,169           57,387           3,823           3,111           6,431           43,254           93,383    
    16,770           35,049           (4,856         7,384           7,329           16,802           23,512    
    20,348           21,173           2,229           19,601           19,690           20,303           21,442    
    16,300           1,795           (11,369         1,490           1,898           2,178           4,728    
    6,430           7,490           1,691           5,015           5,372           7,775           7,140    
    -           -           41,062           -           -           -           -    
    20,758           50,233           (3,161         13,654           13,244           20,578           30,436    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    790,228           1,129,539           119,271           128,579           161,083           831,765           1,736,977    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    (73         (8,808         (12,920         (31,566         (25,212         (79         (130  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    790,155           1,120,731           106,351           97,013           135,871           831,686           1,736,847    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    1,726,542           324,662           126,524           137,146           486,944           1,430,927           980,207    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                       
                                       
    (6,765,708         (11,987,197         1,675,506           (7,527,523         (3,985,350         7,709,117           (5,378,459  
    (1,394         (4,256         500           (1,442         29           562           623    
    5,362,633           4,568,359           488,538           201,389           (2,060,372         8,652,432           7,343,492    
    -           -           (41,796         (37,266         -           -           -    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    (1,404,469         (7,423,094         2,122,748           (7,364,842         (6,045,693         16,362,111           1,965,656    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                       
    (32,298,051         (42,508,934         (207,211         5,885,764           9,696,239           (48,037,497         10,621,189    
    (237         6,345           4           1,360           34           1,029           1,711    
    -           -           (304         (152         -           -           -    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    (32,298,288         (42,502,589         (207,511         5,886,972           9,696,273           (48,036,468         10,622,900    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    (33,702,757         (49,925,683         1,915,237           (1,477,870         3,650,580           (31,674,357         12,588,556    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
  $ (31,976,215       $ (49,601,021       $ 2,041,761         $ (1,340,724       $ 4,137,524         $ (30,243,430       $ 13,568,763    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

   

 

  31   

   
 


 

Statements of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

 

    Invesco AI and Next Gen
Software ETF (IGPT)
      Invesco Biotechnology &
Genome ETF (PBE)
    Six Months Ended
October  31,
2023
      Year Ended
April 30,
2023
      Six Months Ended
October  31,
2023
      Year Ended
April  30,
2023

Operations:

                                                         

Net investment income (loss)

        $ (324,587 )                 $ 2,368,114               $ (283,826 )                 $ (238,973 )    

Net realized gain (loss)

          6,061,375                   (58,255,316 )                 (12,485,796 )                   (10,970,866 )    

Change in net unrealized appreciation (depreciation)

          (8,677,737 )                   52,440,079                 (22,702,819 )                   35,128,107    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net increase (decrease) in net assets resulting from operations

          (2,940,949 )                   (3,447,123 )                 (35,472,441 )                   23,918,268    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Distributions to Shareholders from:

                                                         

Distributable earnings

          -                   (2,689,882 )                 (55,858 )                   -    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Shareholder Transactions:

                                                         

Proceeds from shares sold

          4,635,565                   2,006,325                 10,393,470                   90,047,476    

Value of shares repurchased

          (26,836,915 )                   (56,049,648 )                 (15,871,928 )                   (70,499,457 )    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net increase (decrease) in net assets resulting from share transactions

          (22,201,350 )                   (54,043,323 )                 (5,478,458 )                   19,548,019    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net increase (decrease) in net assets

          (25,142,299 )                   (60,180,328 )                 (41,006,757 )                   43,466,287    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net assets:

                                                         

Beginning of period

          180,057,861                   240,238,189                 251,657,021                   208,190,734    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

End of period

        $ 154,915,562                 $ 180,057,861               $ 210,650,264                 $ 251,657,021    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Changes in Shares Outstanding:

                                                         

Shares sold

          130,000 (a)                     60,000 (a)                   180,000                   1,480,000    

Shares repurchased

          (780,000 )(a)                   (1,770,000 )(a)                 (270,000 )                   (1,160,000 )    

Shares outstanding, beginning of period

          5,580,000 (a)                     7,290,000 (a)                   4,020,000                   3,700,000    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Shares outstanding, end of period

          4,930,000 (a)                     5,580,000 (a)                   3,930,000                   4,020,000    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

 

(a) 

Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 9.

 

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

   
   

 

  32   

   
 


 

    

    

    

 

Invesco Building &
Construction ETF (PKB)
    Invesco Energy Exploration &
Production ETF (PXE)
    Invesco Food &
Beverage ETF (PBJ)
    Invesco Leisure and
Entertainment ETF (PEJ)
 
Six Months Ended
October  31,
2023
    Year Ended
April 30,
2023
    Six Months Ended
October  31,
2023
    Year Ended
April 30,
2023
    Six Months Ended
October  31,
2023
    Year Ended
April 30,
2023
    Six Months Ended
October  31,
2023
    Year Ended
April 30,
2023
 
                                             
  $ 465,291         $ 622,124             $ 1,876,620         $ 9,327,805             $ 1,726,542         $ 7,704,222             $ 324,662         $ 3,617,656    
    12,205,090           (12,896,199         (11,550,869         65,482,071           (1,404,469         (5,378,167         (7,423,094         (272,836,513  
    (13,673,258         31,328,255           39,965,561           (96,932,926         (32,298,288         5,360,645           (42,502,589         145,238,017    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
   

    

(1,002,877

 

        19,054,180           30,291,312           (22,123,050         (31,976,215         7,686,700           (49,601,021         (123,980,840  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                             
    (553,177         (597,983         (1,910,815         (9,616,549         (2,488,777         (6,857,863         (489,803         (3,846,251  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                             
    87,475,900           68,792,752           20,942,200           375,874,783           8,468,370           236,684,423           18,668,729           111,142,758    
    (75,795,882         (50,950,001         (43,147,922         (445,778,697         (125,782,857         (204,319,168         (135,373,737         (879,116,414  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
   

    

11,680,018

 

 

        17,842,751           (22,205,722         (69,903,914         (117,314,487         32,365,255           (116,705,008         (767,973,656  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    10,123,964           36,298,948           6,174,775           (101,643,513         (151,779,479         33,194,092           (166,795,832         (895,800,747  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                             
    183,620,772           147,321,824           162,572,714           264,216,227           336,046,830           302,852,738           453,620,969           1,349,421,716    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
  $ 193,744,736         $ 183,620,772         $ 168,747,489         $ 162,572,714         $ 184,267,351         $ 336,046,830         $ 286,825,137         $ 453,620,969    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                             
    1,690,000           1,540,000           650,000           11,490,000           190,000           5,170,000           470,000           2,710,000    
    (1,510,000         (1,240,000         (1,510,000         (14,890,000         (2,840,000         (4,540,000         (3,390,000         (22,930,000  
    3,860,000           3,560,000           6,090,000           9,490,000           7,120,000           6,490,000           10,950,000           31,170,000    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    4,040,000           3,860,000           5,230,000           6,090,000           4,470,000           7,120,000           8,030,000           10,950,000    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

   

 

  33   

   
 


 

Statements of Changes in Net Assets–(continued)

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

 

    Invesco Next Gen
Connectivity ETF (KNCT)
      Invesco Next Gen Media
and Gaming ETF (GGME)
    Six Months Ended
October  31,
2023
      Year Ended
April 30,
2023
      Six Months Ended
October  31,
2023
      Year Ended
April  30,
2023

Operations:

                                                         

Net investment income

        $ 126,524                 $ 29,977               $ 137,146                 $ 775,383    

Net realized gain (loss)

          2,122,748                   (7,141,326 )                 (7,364,842 )                   (13,366,535 )    

Change in net unrealized appreciation (depreciation)

          (207,511 )                   2,778,829                 5,886,972                   7,381,796    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net increase (decrease) in net assets resulting from operations

          2,041,761                   (4,332,520 )                 (1,340,724 )                   (5,209,356 )    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Distributions to Shareholders from:

                                                         

Distributable earnings

          (58,200 )                   (598,396 )                 (341,459 )                   (672,062 )    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Shareholder Transactions:

                                                         

Proceeds from shares sold

          -                   8,138,121                 646,029                   10,335,959    

Value of shares repurchased

          (3,142,749 )                   (11,400,298 )                 (1,393,150 )                   (11,042,508 )    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net increase (decrease) in net assets resulting from share transactions

          (3,142,749 )                   (3,262,177 )                 (747,121 )                   (706,549 )    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net increase (decrease) in net assets

          (1,159,188 )                   (8,193,093 )                 (2,429,304 )                   (6,587,967 )    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Net assets:

                                                         

Beginning of period

          36,888,774                   45,081,867                 31,861,926                   38,449,893    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

End of period

        $ 35,729,586                 $ 36,888,774               $ 29,432,622                 $ 31,861,926    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Changes in Shares Outstanding:

                                                         

Shares sold

          -                   110,000                 20,000                   300,000    

Shares repurchased

          (40,000 )                   (160,000 )                 (40,000 )                   (320,000 )    

Shares outstanding, beginning of period

          510,000                   560,000                 930,000                   950,000    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

Shares outstanding, end of period.

          470,000                   510,000                 910,000                   930,000    
       

 

 

                 

 

 

               

 

 

                 

 

 

     

 

(a) 

Changes in shares outstanding have been restated to reflect a three-for-one stock split effective after the close of business on July 14, 2023. See Note 9.

(b) 

Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023. See Note 9.

 

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

   
   

 

  34   

   
 


 

    

    

    

 

Invesco Oil & Gas
Services ETF (PXJ)
    Invesco
Pharmaceuticals ETF (PJP)
    Invesco
Semiconductors ETF (PSI)
 
Six Months Ended
October  31,
2023
    Year Ended
April 30,
2023
    Six Months Ended
October  31,
2023
    Year Ended
April 30,
2023
    Six Months Ended
October  31,
2023
    Year Ended
April 30,
2023
 
                                                                                                              
  $ 486,944         $ 636,959         $ 1,430,927         $ 2,809,472         $ 980,207         $ 2,907,758    
    (6,045,693         3,208,517           16,362,111           (21,548,506         1,965,656           (96,385,960  
    9,696,273           (11,014,297         (48,036,468         27,040,908           10,622,900           97,546,144    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
   

    

4,137,524

 

 

        (7,168,821         (30,243,430         8,301,874           13,568,763           4,067,942    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                 
    (493,585         (636,965         (1,433,158         (3,108,674         (1,228,971         (3,263,542  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                 
    47,109,378           94,100,045           6,160,702           39,783,422           57,399,580           85,135,316    
    (51,922,034         (71,513,523         (35,110,641         (59,858,382         (38,686,048         (165,236,558  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
   

    

(4,812,656

 

        22,586,522           (28,949,939         (20,074,960         18,713,532           (80,101,242  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    (1,168,717         14,780,736           (60,626,527         (14,881,760         31,053,324           (79,296,842  
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                 
    82,727,202           67,946,466           305,600,590           320,482,350           511,012,852           590,309,694    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
  $ 81,558,485         $ 82,727,202         $ 244,974,063         $ 305,600,590         $ 542,066,176         $ 511,012,852    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                 
    1,550,000 (b)          3,696,000 (b)           80,000           520,000           1,410,000 (a)           2,190,000 (a)    
    (2,206,022 )(b)          (3,422,000 )(b)          (470,000         (800,000         (940,000 )(a)           (4,620,000 )(a)    
    3,412,000 (b)          3,138,000 (b)           3,940,000           4,220,000           13,770,000 (a)           16,200,000 (a)    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
    2,755,978 (b)          3,412,000 (b)           3,550,000           3,940,000           14,240,000 (a)           13,770,000 (a)    
 

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

   

 

  35   

   
 


 

Financial Highlights

    

Invesco AI and Next Gen Software ETF (IGPT)

 

     Six Months Ended
October 31,
2023
            Years Ended April 30,  
     (Unaudited)             2023(a)     2022(a)     2021(a)     2020(a)     2019(a)  

Per Share Operating Performance:

                                    

Net asset value at beginning of period

      $ 32.27           $ 32.95     $ 54.43     $ 32.95     $ 32.03     $ 23.60  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)(b)

        (0.06           0.38       0.21 (c)       (0.14     0.01       (0.07

Net realized and unrealized gain (loss) on investments

        (0.79           (0.63     (19.04     21.62       0.95       8.50  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (0.85           (0.25     (18.83     21.48       0.96       8.43  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        -             (0.43     (0.24     -       (0.04     -  

Net realized gains

        -             -       (2.41     -       -       -  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

        -             (0.43     (2.65     -       (0.04     -  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 31.42           $ 32.27     $ 32.95     $ 54.43     $ 32.95     $ 32.03  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(d)

      $ 31.45           $ 32.26     $ 32.93     $ 54.41     $ 32.93     $ 32.04  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

        (2.63 )%            (0.71 )%      (35.58 )%      65.17     2.99     35.71

Market Price Total Return(e)

        (2.52 )%            (0.67 )%      (35.59 )%      65.21     2.91     35.58

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 154,916           $ 180,058     $ 240,238     $ 622,085     $ 400,339     $ 437,243  

Ratio to average net assets of:

                     

Expenses, after Waivers

        0.61 %(f)             0.63     0.56     0.56     0.56     0.58

Expenses, prior to Waivers

        0.61 %(f)             0.64     0.56     0.56     0.56     0.58

Net investment income (loss)

        (0.36 )%(f)            1.18     0.44 %(c)       (0.31 )%      0.03     (0.27 )% 

Portfolio turnover rate(g)

        143           190     209     176     190     157

 

(a) 

Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

(b) 

Based on average shares outstanding.

(c) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $(0.36) and (0.26)%, respectively.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the period ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

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

   
   

 

  36   

   
 


 

Financial Highlights–(continued)

    

Invesco Biotechnology & Genome ETF (PBE)

 

    

Six Months Ended
October 31,
2023

            Years Ended April 30,  
     (Unaudited)             2023     2022     2021     2020     2019  

Per Share Operating Performance:

                                    

Net asset value at beginning of period

      $ 62.60           $ 56.27     $ 75.35     $ 53.16     $ 52.22     $ 48.02  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)(a)

        (0.07           (0.06     (0.10     (0.19     0.00 (b)       (0.16

Net realized and unrealized gain (loss) on investments

        (8.92           6.39       (18.98     22.38       0.97       4.36  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (8.99           6.33       (19.08     22.19       0.97       4.20  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.01           -       -       -       (0.03     (0.00 )(c)  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 53.60           $ 62.60     $ 56.27     $ 75.35     $ 53.16     $ 52.22  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(d)

      $ 53.59           $ 62.59     $ 56.24     $ 75.31     $ 53.27     $ 52.22  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

        (14.36 )%            11.25     (25.32 )%      41.74     1.87     8.75

Market Price Total Return(e)

        (14.36 )%            11.29     (25.32 )%      41.37     2.08     8.62

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 210,650           $ 251,657     $ 208,191     $ 287,833     $ 220,611     $ 248,027  

Ratio to average net assets of:

                     

Expenses

        0.58 %(f)             0.58     0.57     0.59     0.58     0.57

Net investment income (loss)

        (0.24 )%(f)            (0.10 )%      (0.14 )%      (0.30 )%      0.01     (0.29 )% 

Portfolio turnover rate(g)

        57           71     121     151     252     117

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

Amount represents less than $(0.005).

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

  37   

   
 


 

Financial Highlights–(continued)

    

Invesco Building & Construction ETF (PKB)

 

    

Six Months Ended
October 31,

2023

            Years Ended April 30,  
     (Unaudited)             2023     2022     2021     2020     2019  

Per Share Operating Performance:

                     

Net asset value at beginning of period

      $ 47.57           $ 41.38     $ 51.43     $ 25.83     $ 30.04     $ 30.33  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.11             0.21       0.14       0.10       0.12       0.13  

Net realized and unrealized gain (loss) on investments

        0.40 (b)             6.18       (10.05     25.62       (4.19     (0.29
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        0.51             6.39       (9.91     25.72       (4.07     (0.16
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.12           (0.20     (0.14     (0.12     (0.14     (0.13
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 47.96           $ 47.57     $ 41.38     $ 51.43     $ 25.83     $ 30.04  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(c)

      $ 47.96           $ 47.56     $ 41.38     $ 51.48     $ 25.89     $ 30.05  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

        1.07           15.53     (19.31 )%      99.81     (13.59 )%      (0.47 )% 

Market Price Total Return(d)

        1.09           15.50     (19.39 )%      99.54     (13.42 )%      (0.47 )% 

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 193,745           $ 183,621     $ 147,322     $ 279,793     $ 69,753     $ 118,639  

Ratio to average net assets of:

                     

Expenses

        0.58 %(e)             0.62     0.57     0.60     0.59     0.60

Net investment income.

        0.41 %(e)             0.49     0.29     0.25     0.38     0.44

Portfolio turnover rate(f)

        59           118     151     136     139     148

 

(a) 

Based on average shares outstanding.

(b) 

Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

  38   

   
 


 

Financial Highlights–(continued)

    

Invesco Energy Exploration & Production ETF (PXE)

 

     Six Months Ended
October 31,
2023
            Years Ended April 30,  
     (Unaudited)             2023     2022     2021     2020     2019  

Per Share Operating Performance:

                     

Net asset value at beginning of period

      $ 26.70           $ 27.84     $ 15.09     $ 10.12     $ 19.55     $ 24.06  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

                0.35                    1.01       0.51       0.15       0.26       0.20  

Net realized and unrealized gain (loss) on investments

        5.57             (1.12     12.68       5.22       (9.41     (4.48
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        5.92             (0.11     13.19       5.37       (9.15     (4.28
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.35           (1.03     (0.44     (0.40     (0.28     (0.23
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period.

      $ 32.27           $ 26.70     $ 27.84     $ 15.09     $ 10.12     $ 19.55  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(b)

      $ 32.25           $ 26.70     $ 27.79     $ 15.12     $ 10.11     $ 19.57  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

        22.33           (0.52 )%      88.75     55.47     (47.06 )%      (17.84 )% 

Market Price Total Return(c)

        22.26           (0.34 )%      88.04     55.94     (47.17 )%      (17.96 )% 

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 168,747           $ 162,573     $ 264,216     $ 59,593     $ 16,693     $ 40,078  

Ratio to average net assets of:

                     

Expenses, after Waivers

        0.62 %(d)             0.60     0.63     0.63     0.65 %(e)      0.63

Expenses, prior to Waivers

        0.62 %(d)             0.60     0.63     0.95     0.86 %(e)      0.64

Net investment income

        2.34 %(d)             3.38     2.41     1.30     1.80 %(e)      0.82

Portfolio turnover rate(f)

        61           94     63     73     126     110

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Annualized.

(e) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

  39   

   
 


 

Financial Highlights–(continued)

    

Invesco Food & Beverage ETF (PBJ)

 

    

Six Months Ended
October 31,

2023

            Years Ended April 30,  
     (Unaudited)             2023     2022     2021     2020     2019  

Per Share Operating Performance:

                     

Net asset value at beginning of period

      $ 47.20           $ 46.66     $ 41.25     $ 30.36     $ 34.21     $ 32.81  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.29             1.07 (b)       0.34       0.47       0.41       0.34  

Net realized and unrealized gain (loss) on investments

        (5.86           0.40 (c)       5.46       10.87       (3.81     1.39  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (5.57           1.47       5.80       11.34       (3.40     1.73  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.41           (0.93     (0.39     (0.45     (0.45     (0.33
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 41.22           $ 47.20     $ 46.66     $ 41.25     $ 30.36     $ 34.21  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(d)

      $ 41.23           $ 47.21     $ 46.70     $ 41.27     $ 30.38     $ 34.19  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

        (11.87 )%            3.25     14.14     37.65     (10.00 )%      5.37

Market Price Total Return(e)

        (11.86 )%            3.19     14.18     37.63     (9.90 )%      5.47

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 184,267           $ 336,047     $ 302,853     $ 83,735     $ 63,746     $ 71,831  

Ratio to average net assets of:

                     

Expenses, after Waivers

        0.59 %(f)             0.57     0.63     0.63     0.64 %(g)      0.63

Expenses, prior to Waivers

        0.59 %(f)             0.57     0.63     0.68     0.64 %(g)      0.65

Net investment income

        1.29 %(f)             2.36 %(b)       0.78     1.35     1.23 %(g)      1.05

Portfolio turnover rate(h)

        66           95     98     116     136     122

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.66 and 1.44%, respectively.

(c) 

Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Annualized.

(g) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(h) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

  40   

   
 


 

Financial Highlights–(continued)

    

Invesco Leisure and Entertainment ETF (PEJ)

 

     Six Months Ended
October 31,
2023
            Years Ended April 30,  
     (Unaudited)             2023     2022     2021     2020     2019  

Per Share Operating Performance:

                     

Net asset value at beginning of period

              $ 41.43                  $ 43.29     $ 46.00     $ 27.39     $ 44.80     $ 44.89  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.03             0.19       0.18       0.31 (b)       0.18       0.19  

Net realized and unrealized gain (loss) on investments

        (5.69           (1.82     (2.68     18.62       (17.35     (0.05
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (5.66           (1.63     (2.50     18.93       (17.17     0.14  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.05           (0.23     (0.21     (0.32     (0.24     (0.23
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 35.72           $ 41.43     $ 43.29     $ 46.00     $ 27.39     $ 44.80  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(c)

      $ 35.72           $ 41.41     $ 43.29     $ 45.93     $ 27.48     $ 44.78  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

        (13.67 )%            (3.71 )%      (5.47 )%      69.34     (38.42 )%      0.33

Market Price Total Return(d)

        (13.63 )%            (3.75 )%      (5.32 )%      68.53     (38.19 )%      0.12

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 286,825           $ 453,621     $ 1,349,422     $ 1,787,267     $ 135,590     $ 67,201  

Ratio to average net assets of:

                     

Expenses, after Waivers

        0.59 %(e)             0.58     0.54     0.55     0.64 %(f)       0.63

Expenses, prior to Waivers

        0.59 %(e)             0.58     0.55     0.55     0.70 %(f)       0.63

Net investment income

        0.17 %(e)             0.49     0.38     0.76 %(b)       0.47 %(f)       0.42

Portfolio turnover rate(g)

        90           165     153     126     163     207

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.01 and 0.02%, respectively.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

  41   

   
 


 

Financial Highlights–(continued)

    

Invesco Next Gen Connectivity ETF (KNCT)

 

     Six Months Ended
October 31,
2023
            Years Ended April 30,  
     (Unaudited)             2023     2022     2021     2020     2019  

Per Share Operating Performance:

                                    

Net asset value at beginning of period.

      $ 72.33           $ 80.50     $ 85.40     $ 57.59     $ 63.16     $ 50.08  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.25             0.06       2.23 (b)       0.08       0.10       0.66  

Net realized and unrealized gain (loss) on investments

        3.56             (7.12     (6.10     27.86       (5.51     13.13  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        3.81             (7.06     (3.87     27.94       (5.41     13.79  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.12           (1.11     (1.03     (0.13     (0.16     (0.71
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 76.02           $ 72.33     $ 80.50     $ 85.40     $ 57.59     $ 63.16  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(c)

      $ 76.06           $ 72.28     $ 80.36     $ 85.46     $ 57.51     $ 63.14  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

        5.27           (8.77 )%      (4.67 )%      48.59     (8.56 )%      27.90

Market Price Total Return(d)

        5.40           (8.66 )%      (4.91 )%      48.90     (8.66 )%      27.81

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 35,730           $ 36,889     $ 45,082     $ 41,848     $ 46,070     $ 101,051  

Ratio to average net assets of:

                     

Expenses, after Waivers

        0.55 %(e)            0.63     0.63     0.63     0.64 %(f)      0.63

Expenses, prior to Waivers

        0.62 %(e)            0.79     0.69     0.73     0.65 %(f)      0.64

Net investment income

        0.66 %(e)            0.08     2.42 %(b)      0.11     0.17 %(f)      1.21

Portfolio turnover rate(g)

        116           109     109     103     99     98

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.47 and 1.60%, respectively.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the period ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

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

   
   

 

  42   

   
 


 

Financial Highlights–(continued)

    

Invesco Next Gen Media and Gaming ETF (GGME)

 

    

Six Months Ended
October 31,

2023

            Years Ended April 30,  
     (Unaudited)             2023     2022     2021     2020     2019  

Per Share Operating Performance:

                     

Net asset value at beginning of period

              $ 34.26                  $ 40.47     $ 52.00     $ 27.88     $ 34.65     $ 29.14  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.15             0.78       0.06       0.40 (b)       0.12       0.16  

Net realized and unrealized gain (loss) on investments

        (1.70           (6.30     (11.42     23.96       (6.75     5.58  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (1.55           (5.52     (11.36     24.36       (6.63     5.74  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.37           (0.69     (0.17     (0.24     (0.14     (0.23
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 32.34           $ 34.26     $ 40.47     $ 52.00     $ 27.88     $ 34.65  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(c)

      $ 32.39           $ 34.24     $ 40.43     $ 51.96     $ 27.85     $ 34.65  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

        (4.58 )%            (13.54 )%      (21.90 )%      87.47     (19.20 )%      19.81

Market Price Total Return(d)

        (4.38 )%            (13.50 )%      (21.92 )%      87.53     (19.28 )%      19.73

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 29,433           $ 31,862     $ 38,450     $ 82,685     $ 30,668     $ 88,348  

Ratio to average net assets of:

                     

Expenses, after Waivers

        0.62 %(e)            0.63     0.63     0.63     0.64 %(f)      0.63

Expenses, prior to Waivers

        0.82 %(e)            0.80     0.64     0.72     0.67 %(f)      0.67

Net investment income

        0.88 %(e)            2.21     0.12     0.94 %(b)      0.36 %(f)      0.49

Portfolio turnover rate(g)

        133           91     99     99     146     103

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.04 and 0.08%, respectively.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the period ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

 

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

   
   

 

  43   

   
 


 

Financial Highlights–(continued)

    

Invesco Oil & Gas Services ETF (PXJ)

 

     Six Months Ended
October 31,
2023
          Years Ended April 30,  
     (Unaudited)           2023(a)     2022(a)     2021(a)     2020(a)     2019(a)  

Per Share Operating Performance:

                             

Net asset value at beginning of period

      $ 24.25              $ 21.65     $ 16.30     $ 11.95     $ 34.35     $ 48.50  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        0.31             0.25       0.02       0.35 (c)       0.35       0.20  

Net realized and unrealized gain (loss) on investments

        5.39             2.55 (d)       5.43       4.70 (d)       (22.35     (14.05
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        5.70             2.80       5.45       5.05       (22.00     (13.85
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.36           (0.20     (0.10     (0.70     (0.40     (0.30
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 29.59           $ 24.25     $ 21.65     $ 16.30     $ 11.95     $ 34.35  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(e)

      $ 29.59           $ 24.25     $ 21.65     $ 16.35     $ 12.00     $ 34.35  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(f)

        23.63           13.10     33.40     43.34     (63.87 )%      (28.69 )% 

Market Price Total Return(f)

        23.63           13.10     33.00     43.19     (63.72 )%      (28.69 )% 

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 81,558           $ 82,727     $ 67,946     $ 55,918     $ 5,971     $ 17,519  

Ratio to average net assets of:

                     

Expenses, after Waivers

        0.63 %(g)            0.63     0.63     0.63     0.67 %(h)      0.63

Expenses, prior to Waivers

        0.75 %(g)            0.68     0.74     1.17     1.09 %(h)      0.83

Net investment income

        2.27 %(g)            1.03     0.12     2.32 %(c)      1.51 %(h)      0.48

Portfolio turnover rate(i)

        39           64     109     63     82     81

 

(a) 

Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 14, 2023.

(b) 

Based on average shares outstanding.

(c) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.03 and 1.07%, respectively.

(d) 

Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(e) 

The mean between the last bid and ask prices.

(f) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(g) 

Annualized.

(h) 

Ratios include non-recurring costs associated with a proxy statement of 0.04%.

(i) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

  44   

   
 


 

Financial Highlights–(continued)

    

Invesco Pharmaceuticals ETF (PJP)

 

    

Six Months Ended

October 31,

2023

          Years Ended April 30,  
    

(Unaudited)

          2023     2022     2021     2020     2019  

Per Share Operating Performance:

                            

Net asset value at beginning of period

      $ 77.56           $ 75.94     $ 78.11     $ 62.54     $ 62.65     $ 61.49  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.38             0.67       0.73       0.53       0.55       0.69  

Net realized and unrealized gain (loss) on investments

        (8.55           1.70 (b)       (2.19     15.60       (0.08     1.17  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (8.17           2.37       (1.46     16.13       0.47       1.86  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.38           (0.75     (0.71     (0.56     (0.58     (0.70
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 69.01           $ 77.56     $ 75.94     $ 78.11     $ 62.54     $ 62.65  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(c)

      $ 69.01           $ 77.54     $ 75.97     $ 78.17     $ 62.49     $ 62.64  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

        (10.58 )%            3.17     (1.91 )%      25.91     0.83     3.02

Market Price Total Return(d)

        (10.55 )%            3.10     (1.94 )%      26.10     0.77     2.94

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 244,974           $ 305,601     $ 320,482     $ 358,503     $ 356,497     $ 416,591  

Ratio to average net assets of:

                     

Expenses

        0.58 %(e)             0.57     0.56     0.58     0.56     0.56

Net investment income

        0.99 %(e)             0.88     0.92     0.76     0.92     1.03

Portfolio turnover rate(f)

        18           36     40     48     63     81

 

(a) 

Based on average shares outstanding.

(b) 

Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $1.58. Total returns would have been lower.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

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Financial Highlights–(continued)

    

Invesco Semiconductors ETF (PSI)

 

    

Six Months Ended
October 31,

2023

            Years Ended April 30,  
     (Unaudited)             2023(a)     2022(a)     2021(a)     2020(a)     2019(a)  

Per Share Operating Performance:

                     

Net asset value at beginning of period

      $ 37.11           $ 36.44     $ 40.36     $ 21.20     $ 19.36     $ 16.30  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        0.07             0.20       0.12       0.06       0.10       0.13  

Net realized and unrealized gain (loss) on investments

        0.97             0.69       (3.94     19.16       1.87       3.06  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations.

        1.04             0.89       (3.82     19.22       1.97       3.19  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                     

Net investment income

        (0.08           (0.22     (0.10     (0.06     (0.13     (0.13
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 38.07           $ 37.11     $ 36.44     $ 40.36     $ 21.20     $ 19.36  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(c)

      $ 38.05           $ 37.10     $ 36.44     $ 40.32     $ 21.24     $ 19.35  
     

 

 

         

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

        2.78           2.49     (9.50 )%      90.85     10.23     19.71

Market Price Total Return(d)

        2.75           2.48     (9.41 )%      90.32     10.51     19.53

Ratios/Supplemental Data:

                     

Net assets at end of period (000’s omitted)

      $ 542,066           $ 511,013     $ 590,310     $ 633,276     $ 228,946     $ 200,423  

Ratio to average net assets of:

                     

Expenses

        0.56 %(e)             0.57     0.55     0.56     0.57     0.58

Net investment income

        0.31 %(e)             0.55     0.26     0.20     0.49     0.73

Portfolio turnover rate(f)

        50           108     84     95     94     98

 

(a) 

Per share amounts have been adjusted to reflect a three-for-one stock split effective after the close of business on July 14, 2023.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

   
   

 

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

October 31, 2023

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

  Full Name   

Former Fund Name

  

Short Name

  Invesco AI and Next Gen Software ETF (IGPT)*

   Invesco Dynamic Software ETF    “AI and Next Gen Software ETF”

  Invesco Biotechnology & Genome ETF (PBE)*

   Invesco Dynamic Biotechnology & Genome ETF    “Biotechnology & Genome ETF”

  Invesco Building & Construction ETF (PKB)*

   Invesco Dynamic Building & Construction ETF    “Building & Construction ETF”

  Invesco Energy Exploration & Production ETF (PXE)*

   Invesco Dynamic Energy Exploration & Production ETF    “Energy Exploration & Production ETF”

  Invesco Food & Beverage ETF (PBJ)*

   Invesco Dynamic Food & Beverage ETF    “Food & Beverage ETF”

  Invesco Leisure and Entertainment ETF (PEJ)*

   Invesco Dynamic Leisure and Entertainment ETF    “Leisure and Entertainment ETF”

  Invesco Next Gen Connectivity ETF (KNCT)*

   Invesco Dynamic Networking ETF    “Next Gen Connectivity ETF”

  Invesco Next Gen Media and Gaming ETF (GGME)*

   Invesco Dynamic Media ETF    “Next Gen Media and Gaming ETF”

  Invesco Oil & Gas Services ETF (PXJ)*

   Invesco Dynamic Oil & Gas Services ETF    “Oil & Gas Services ETF”

  Invesco Pharmaceuticals ETF (PJP)*

   Invesco Dynamic Pharmaceuticals ETF    “Pharmaceuticals ETF”

  Invesco Semiconductors ETF (PSI)*

   Invesco Dynamic Semiconductors ETF    “Semiconductors ETF”

 

*

Effective after the close of markets on August 25, 2023, the Fund’s name changed.

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

  Fund   

Underlying Index

  AI and Next Gen Software ETF

   STOXX World AC NexGen Software Development Index

  Biotechnology & Genome ETF

   Dynamic Biotech & Genome Intellidex® Index

  Building & Construction ETF

   Dynamic Building & Construction Intellidex® Index

  Energy Exploration & Production ETF

   Dynamic Energy Exploration & Production Intellidex® Index

  Food & Beverage ETF

   Dynamic Food & Beverage Intellidex® Index

  Leisure and Entertainment ETF

   Dynamic Leisure & Entertainment Intellidex® Index

  Next Gen Connectivity ETF

   STOXX World AC NexGen Connectivity Index

  Next Gen Media and Gaming ETF

   STOXX World AC NexGen Media Index

  Oil & Gas Services ETF

   Dynamic Oil Services Intellidex® Index

  Pharmaceuticals ETF

   Dynamic Pharmaceutical Intellidex® Index

  Semiconductors ETF

   Dynamic Semiconductor Intellidex® Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

 

   

 

  47   

   
 


 

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public

 

   

 

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health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

C.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

E.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

 

   

 

  49   

   
 


 

F.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended October 31, 2023, the Funds did not enter into any closing agreements.

G.

Expenses - Effective August 28, 2023, Next Gen Connectivity ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

Each Fund (except for Next Gen Connectivity ETF) is responsible for all of its own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Next Gen Connectivity ETF was responsible for all of its own expenses, including, but not limited to, the expenses listed directly above.

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated,

 

   

 

  50   

   
 


 

unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

 

    

Amount

AI and Next Gen Software ETF

     $ 1,071

Biotechnology & Genome ETF

       3,774

Building & Construction ETF

       731

Energy Exploration & Production ETF

       2,644

Food & Beverage ETF

       3,745

Leisure and Entertainment ETF

       8,209

Next Gen Connectivity ETF

       313

Next Gen Media and Gaming ETF

       4,389

Oil & Gas Services ETF

       784

Pharmaceuticals ETF

       2,127

Semiconductors ETF

       2,283

 

K.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

 

   

 

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L.

Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

 

   

 

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Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Valuation Time Risk. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, each Fund (except for Next Gen Connectivity ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Next Gen Connectivity ETF accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.40% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Next Gen Connectivity ETF accrued daily and paid monthly to the Adviser an annual fee of 0.50% of its average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Next Gen Connectivity ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except Next Gen Connectivity ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase a Fund’s Expense Cap without approval of the Board of Trustees.

Prior to August 28, 2023, the Trust also had entered into the Expense Agreement with the Adviser on behalf of Next Gen Connectivity ETF, pursuant to which the Adviser had agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Next Gen Connectivity ETF (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”).

The Adviser did not waive fees and/or pay Fund expenses during the period under the Expense Cap for Biotechnology & Genome ETF, Building & Construction ETF, Energy Exploration & Production ETF, Food & Beverage ETF, Leisure and Entertainment ETF, Pharmaceuticals ETF and Semiconductors ETF.

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

 

   

 

  53   

   
 


 

For the six months ended October 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

 

AI and Next Gen Software ETF

   $ 133  

Biotechnology & Genome ETF

     109  

Building & Construction ETF

     85  

Energy Exploration & Production ETF

     2,956  

Food & Beverage ETF

     73  

Leisure and Entertainment ETF

     8,808  

Next Gen Connectivity ETF

     12,920  

Next Gen Media and Gaming ETF

     31,566  

Oil & Gas Services ETF

     25,212  

Pharmaceuticals ETF

     79  

Semiconductors ETF

     130  

For each Fund (except for Next Gen Connectivity ETF), the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For Next Gen Connectivity ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap were subject to recapture by the Adviser, under the same conditions described above. Claims for any unreimbursed fees were terminated in connection with the implementation of Next Gen Connectivity ETF’s unitary management fee effective on August 28, 2023.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2023 are as follows:

 

    

Total

Potential

Recapture

 Amounts 

                           
                             
       Potential Recapture Amounts Expiring
      

 

 

 
       4/30/24      4/30/25      4/30/26      10/31/26

Next Gen Media and Gaming ETF

     $ 115,524        $ 13,184          $12,359          $58,501        $ 31,480

Oil & Gas Services ETF

       133,919          36,181          39,278          33,302          25,158

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):

 

  Fund   

Licensor

  AI and Next Gen Software ETF    STOXX Ltd.
  Biotechnology & Genome ETF    ICE Data Indices, LLC
  Building & Construction ETF    ICE Data Indices, LLC
  Energy Exploration & Production ETF    ICE Data Indices, LLC
  Food & Beverage ETF    ICE Data Indices, LLC
  Leisure and Entertainment ETF    ICE Data Indices, LLC
  Next Gen Connectivity ETF    STOXX Ltd.
  Next Gen Media and Gaming ETF    STOXX Ltd.
  Oil & Gas Services ETF    ICE Data Indices, LLC
  Pharmaceuticals ETF    ICE Data Indices, LLC
  Semiconductors ETF    ICE Data Indices, LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

 

   

 

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For the six months ended October 31, 2023, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

 

AI and Next Gen Software ETF

   $ 41,910  

Biotechnology & Genome ETF

     26,564  

Building & Construction ETF

     8,968  

Energy Exploration & Production ETF

     26,086  

Food & Beverage ETF

     22,718  

Leisure and Entertainment ETF

     60,871  

Next Gen Connectivity ETF

     11,506  

Next Gen Media and Gaming ETF

     15,434  

Oil & Gas Services ETF

     10,668  

Pharmaceuticals ETF

     13,863  

Semiconductors ETF

     21,529  

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

     Level 1    Level 2    Level 3    Total

AI and Next Gen Software ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 154,966,782      $ 691      $ -      $ 154,967,473

Money Market Funds

       83,253        5,651,015        -        5,734,268
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 155,050,035      $ 5,651,706      $ -      $ 160,701,741
    

 

 

      

 

 

      

 

 

      

 

 

 

Biotechnology & Genome ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 210,745,002      $ -      $ -      $ 210,745,002

Money Market Funds

       149,552        56,104,805        -        56,254,357
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 210,894,554      $ 56,104,805      $ -      $ 266,999,359
    

 

 

      

 

 

      

 

 

      

 

 

 

Building & Construction ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 193,846,926      $ -      $ -      $ 193,846,926

Money Market Funds

       111,483        12,229,958        -        12,341,441
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 193,958,409      $ 12,229,958      $ -      $ 206,188,367
    

 

 

      

 

 

      

 

 

      

 

 

 

 

   

 

  55   

   
 


 

 

     Level 1    Level 2    Level 3    Total

Energy Exploration & Production ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 168,732,682      $ -      $ -      $ 168,732,682

Money Market Funds

       163,043        48,149,037        -        48,312,080
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 168,895,725      $ 48,149,037      $ -      $ 217,044,762
    

 

 

      

 

 

      

 

 

      

 

 

 

Food & Beverage ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 184,230,616      $ -      $ -      $ 184,230,616

Money Market Funds

       241,490        14,303,763        -        14,545,253
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 184,472,106      $ 14,303,763      $ -      $ 198,775,869
    

 

 

      

 

 

      

 

 

      

 

 

 

Leisure and Entertainment ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 286,787,629      $ -      $ -      $ 286,787,629

Money Market Funds

       440,194        62,146,928        -        62,587,122
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 287,227,823      $ 62,146,928      $ -      $ 349,374,751
    

 

 

      

 

 

      

 

 

      

 

 

 

Next Gen Connectivity ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 35,705,895      $ -      $ -      $ 35,705,895

Money Market Funds

       -        2,327,883        -        2,327,883
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 35,705,895      $ 2,327,883      $ -      $ 38,033,778
    

 

 

      

 

 

      

 

 

      

 

 

 

Next Gen Media and Gaming ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 29,380,381      $ -      $ -      $ 29,380,381

Money Market Funds

       140,022        1,350,047        -        1,490,069
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 29,520,403      $ 1,350,047      $ -      $ 30,870,450
    

 

 

      

 

 

      

 

 

      

 

 

 

Oil & Gas Services ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 81,548,703      $ -      $ -      $ 81,548,703

Money Market Funds

       59,901        7,669,758        -        7,729,659
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 81,608,604      $ 7,669,758      $ -      $ 89,278,362
    

 

 

      

 

 

      

 

 

      

 

 

 

Pharmaceuticals ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 244,925,988      $ -      $ 0      $ 244,925,988

Money Market Funds

       127,571        10,375,743        -        10,503,314
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 245,053,559      $ 10,375,743      $ 0      $ 255,429,302
    

 

 

      

 

 

      

 

 

      

 

 

 

Semiconductors ETF

                   

Investments in Securities

                   

Common Stocks & Other Equity Interests

     $ 542,176,067      $ -      $ -      $ 542,176,067

Money Market Funds

       400,327        54,409,792        -        54,810,119
    

 

 

      

 

 

      

 

 

      

 

 

 

Total Investments

     $ 542,576,394      $ 54,409,792      $ -      $ 596,986,186
    

 

 

      

 

 

      

 

 

      

 

 

 

NOTE 5–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

 

   

 

  56   

   
 


 

The Funds had capital loss carryforwards as of April 30, 2023, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

AI and Next Gen Software ETF

   $ 175,559,773      $ 14,160,891      $ 189,720,664  

Biotechnology & Genome ETF

     259,186,035        39,771,749        298,957,784  

Building & Construction ETF

     99,459,024        7,894,024        107,353,048  

Energy Exploration & Production ETF

     96,514,158        34,867,387        131,381,545  

Food & Beverage ETF

     97,483,681        9,879,421        107,363,102  

Leisure and Entertainment ETF

     454,713,680        89,379,970        544,093,650  

Next Gen Connectivity ETF

     45,607,213        9,629,026        55,236,239  

Next Gen Media and Gaming ETF

     91,395,763        11,844,673        103,240,436  

Oil & Gas Services ETF

     57,758,745        48,347,346        106,106,091  

Pharmaceuticals ETF

     189,362,805        282,236,065        471,598,870  

Semiconductors ETF

     136,313,825        -        136,313,825  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 6–Investment Transactions

For the six months ended October 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

 

.    Purchases      Sales  

AI and Next Gen Software ETF

   $ 258,083,320      $ 258,672,109  

Biotechnology & Genome ETF

     135,382,347        135,515,620  

Building & Construction ETF

     129,341,868        129,429,536  

Energy Exploration & Production ETF

     97,454,316        97,549,104  

Food & Beverage ETF

     173,520,620        174,492,162  

Leisure and Entertainment ETF

     338,933,618        339,380,553  

Next Gen Connectivity ETF

     44,411,964        44,576,295  

Next Gen Media and Gaming ETF

     41,386,975        41,643,333  

Oil & Gas Services ETF

     19,947,290        19,848,569  

Pharmaceuticals ETF

     52,349,051        52,249,826  

Semiconductors ETF

     310,134,024        310,196,702  

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind
Purchases
     In-kind
Sales
 

AI and Next Gen Software ETF

   $ 4,635,560      $ 26,562,320  

Biotechnology & Genome ETF

     10,387,859        15,867,119  

Building & Construction ETF

     87,234,147        75,472,624  

Energy Exploration & Production ETF

     20,933,400        43,131,103  

Food & Beverage ETF

     8,454,153        125,559,867  

Leisure and Entertainment ETF

     18,686,293        135,158,551  

Next Gen Connectivity ETF

     -        2,958,687  

Next Gen Media and Gaming ETF

     645,779        1,393,655  

Oil & Gas Services ETF

     47,047,857        51,921,187  

Pharmaceuticals ETF

     6,156,510        35,103,542  

Semiconductors ETF

     57,387,849        38,704,118  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

 

   

 

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As of October 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

     Gross
Unrealized
Appreciation
     Gross
Unrealized
(Depreciation)
    Net
Unrealized
Appreciation
(Depreciation)
    Cost  

AI and Next Gen Software ETF

   $ 3,913,985      $ (10,405,137   $ (6,491,152   $ 167,192,893  

Biotechnology & Genome ETF

     17,538,871        (30,086,547     (12,547,676     279,547,035  

Building & Construction ETF

     10,740,143        (7,934,936     2,805,207       203,383,160  

Energy Exploration & Production ETF

     18,900,643        (13,084,133     5,816,510       211,228,252  

Food & Beverage ETF

     6,566,383        (21,213,215     (14,646,832     213,422,701  

Leisure and Entertainment ETF

     8,906,057        (43,001,327     (34,095,270     383,470,021  

Next Gen Connectivity ETF

     2,084,748        (1,442,797     641,951       37,391,827  

Next Gen Media and Gaming ETF

     2,040,183        (2,302,125     (261,942     31,132,392  

Oil & Gas Services ETF

     4,567,893        (4,155,534     412,359       88,866,003  

Pharmaceuticals ETF

     37,557,701        (41,491,931     (3,934,230     259,363,532  

Semiconductors ETF

     66,098,196        (52,971,454     13,126,742       583,859,444  

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Next Gen Connectivity ETF. Prior to August 28, 2023, Next Gen Connectivity ETF accrued amounts to pay for such remuneration. The Interested Trustee does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 9–Stock Split

On June 22, 2023, the Board of Trustees approved a three-for-one stock split for each of AI and Next Gen Software ETF and Semiconductors ETF. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for three shares effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.

On June 22, 2023, the Board of Trustees approved a one-for-five reverse stock split for Oil & Gas Services ETF. The effect of the reverse stock split was to decrease the number of shares outstanding of that Fund, whereby every five outstanding shares of

 

   

 

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the Fund were exchanged for one share effective after the close of business on July 14, 2023. The transaction did not change the net assets of the Fund or the net asset value of any shareholder’s investment in the Fund.

 

   

 

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Calculating your ongoing Fund expenses

    

 

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Next Gen Connectivity ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Next Gen Connectivity ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

     Beginning
Account Value
May 1, 2023
  Ending
Account Value
October 31, 2023
  Annualized
Expense Ratio
Based on the
Six-Month Period
  Expenses Paid
During the
Six-Month Period(1) 

Invesco AI and Next Gen Software ETF (IGPT)

                

Actual

       $1,000.00          $    973.70            0.61 %           $3.03     

Hypothetical (5% return before expenses)

       1,000.00       1,022.07       0.61       3.10

Invesco Biotechnology & Genome ETF (PBE)

                

Actual

       1,000.00       856.40       0.58       2.71

Hypothetical (5% return before expenses)

       1,000.00       1,022.22       0.58       2.95

Invesco Building & Construction ETF (PKB)

                

Actual

       1,000.00       1,010.70       0.58       2.93

Hypothetical (5% return before expenses)

       1,000.00       1,022.22       0.58       2.95

Invesco Energy Exploration & Production ETF (PXE)

                

Actual

       1,000.00       1,223.30       0.62       3.46

Hypothetical (5% return before expenses)

       1,000.00       1,022.02       0.62       3.15

Invesco Food & Beverage ETF (PBJ)

                

Actual

       1,000.00       881.30       0.59       2.79

Hypothetical (5% return before expenses)

       1,000.00       1,022.17       0.59       3.00

 

   

 

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Calculating your ongoing Fund expenses–(continued)

    

 

     Beginning
Account Value
May 1, 2023
  Ending
Account Value
October 31, 2023
  Annualized
Expense Ratio
Based on the
Six-Month Period
  Expenses Paid
During the
Six-Month Period(1)

Invesco Leisure and Entertainment ETF (PEJ)

        

Actual

     $1,000.00         $    863.30           0.59 %          $2.76      

Hypothetical (5% return before expenses)

     1,000.00       1,022.17       0.59       3.00  

Invesco Next Gen Connectivity ETF (KNCT)

        

Actual

     1,000.00       1,052.70       0.55       2.84  

Hypothetical (5% return before expenses)

     1,000.00       1,022.37       0.55       2.80  

Invesco Next Gen Media and Gaming ETF (GGME)

        

Actual

     1,000.00       954.20       0.62       3.05  

Hypothetical (5% return before expenses)

     1,000.00       1,022.02       0.62       3.15  

Invesco Oil & Gas Services ETF (PXJ)

        

Actual

     1,000.00       1,236.30       0.63       3.54  

Hypothetical (5% return before expenses)

     1,000.00       1,021.97       0.63       3.20  

Invesco Pharmaceuticals ETF (PJP)

        

Actual

     1,000.00       894.20       0.58       2.76  

Hypothetical (5% return before expenses)

     1,000.00       1,022.22       0.58       2.95  

Invesco Semiconductors ETF (PSI)

        

Actual

     1,000.00       1,027.80       0.56       2.85  

Hypothetical (5% return before expenses)

     1,000.00       1,022.32       0.56       2.85  

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366.

 

   

 

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.


 

 

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