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Invesco Semi-Annual Report to Shareholders

  

 

October 31, 2023

 

   RPG    Invesco S&P 500® Pure Growth ETF
   RPV    Invesco S&P 500® Pure Value ETF
   XLG    Invesco S&P 500® Top 50 ETF
   RFG    Invesco S&P MidCap 400® Pure Growth ETF
   RFV    Invesco S&P MidCap 400® Pure Value ETF
   RZG    Invesco S&P SmallCap 600® Pure Growth ETF
   RZV    Invesco S&P SmallCap 600® Pure Value ETF


 

Table of Contents

 

Schedules of Investments   

Invesco S&P 500® Pure Growth ETF (RPG)

     3  

Invesco S&P 500® Pure Value ETF (RPV)

     6  

Invesco S&P 500® Top 50 ETF (XLG)

     9  

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

     11  

Invesco S&P MidCap 400® Pure Value ETF (RFV)

     14  

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

     16  

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

     19  
Statements of Assets and Liabilities      22  
Statements of Operations      24  
Statements of Changes in Net Assets      26  
Financial Highlights      30  
Notes to Financial Statements      37  
Fund Expenses      47  

 

    2    

 

 

 

 


 

Invesco S&P 500® Pure Growth ETF (RPG)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares                Value          

Common Stocks & Other Equity Interests-99.94%

 

Consumer Discretionary-6.05%

     

AutoZone, Inc.(b)

     10,781      $ 26,705,939  

lululemon athletica, inc.(b)

     47,100        18,532,908  

O’Reilly Automotive, Inc., Class R(b)

     30,946        28,793,396  

Tractor Supply Co.(c)

     83,158        16,012,904  

Ulta Beauty, Inc.(b)

     29,354        11,192,974  
     

 

 

 
        101,238,121  
     

 

 

 

Consumer Staples-3.74%

     

Dollar General Corp.

     71,291        8,486,480  

Dollar Tree, Inc.(b)(c)

     104,663        11,627,013  

Hershey Co. (The)

     60,499        11,334,488  

Kenvue, Inc.

     664,507        12,359,830  

Monster Beverage Corp.(b)

     366,543        18,730,347  
     

 

 

 
        62,538,158  
     

 

 

 

Energy-29.56%

     

APA Corp.

     908,103        36,069,851  

Chevron Corp.

     129,588        18,884,859  

ConocoPhillips

     287,629        34,170,325  

Coterra Energy, Inc.

     1,572,373        43,240,258  

Devon Energy Corp.

     389,087        18,119,782  

Diamondback Energy, Inc.

     293,697        47,085,503  

EOG Resources, Inc.

     211,026        26,642,033  

EQT Corp.

     954,737        40,461,754  

Exxon Mobil Corp.

     214,582        22,713,505  

Hess Corp.

     181,758        26,245,855  

Marathon Oil Corp.

     1,039,542        28,389,892  

Occidental Petroleum Corp.(c)

     425,036        26,271,475  

ONEOK, Inc.

     416,251        27,139,565  

Pioneer Natural Resources Co.

     148,065        35,387,535  

Targa Resources Corp.

     549,660        45,957,073  

Williams Cos., Inc. (The)

     525,416        18,074,310  
     

 

 

 
        494,853,575  
     

 

 

 

Financials-6.71%

     

Ameriprise Financial, Inc.

     37,034        11,649,785  

Arch Capital Group Ltd.(b)

     310,903        26,949,072  

Blackstone, Inc., Class A

     150,056        13,857,672  

Jack Henry & Associates, Inc.

     79,126        11,155,975  

Progressive Corp. (The)

     109,286        17,277,024  

Raymond James Financial, Inc.

     158,012        15,080,665  

W.R. Berkley Corp.

     242,800        16,369,576  
     

 

 

 
        112,339,769  
     

 

 

 

Health Care-19.33%

     

AbbVie, Inc.

     122,164        17,247,114  

Amgen, Inc.

     46,179        11,807,970  

Bristol-Myers Squibb Co.

     235,476        12,134,078  

Danaher Corp.

     72,640        13,948,333  

DexCom, Inc.(b)

     98,568        8,755,795  

Elevance Health, Inc.

     43,362        19,516,803  

Eli Lilly and Co.

     47,708        26,426,892  

Gilead Sciences, Inc.

     140,077        11,001,648  

Hologic, Inc.(b)

     212,465        14,058,809  

Incyte Corp.(b)

     253,882        13,691,856  

Insulet Corp.(b)

     58,096        7,701,787  

Merck & Co., Inc.

     136,972        14,067,024  

Moderna, Inc.(b)

     122,862        9,332,598  
         Shares                Value          

Health Care-(continued)

     

Molina Healthcare, Inc.(b)

     78,694      $ 26,201,167  

Pfizer, Inc.

     440,541        13,462,933  

Regeneron Pharmaceuticals, Inc.(b)

     46,403        36,189,236  

Thermo Fisher Scientific, Inc.

     24,887        11,068,991  

UnitedHealth Group, Inc.

     27,498        14,726,829  

Vertex Pharmaceuticals, Inc.(b)

     116,793        42,291,913  
     

 

 

 
        323,631,776  
     

 

 

 

Industrials-8.08%

     

Axon Enterprise, Inc.(b)

     118,738        24,280,734  

Deere & Co.

     37,071        13,544,260  

Expeditors International of Washington, Inc.

     234,096        25,574,988  

J.B. Hunt Transport Services, Inc.

     82,251        14,136,479  

Quanta Services, Inc.

     115,616        19,321,746  

Rollins, Inc.(c)

     392,607        14,765,949  

Veralto Corp.(b)

     24,236        1,672,284  

W.W. Grainger, Inc.

     30,067        21,943,799  
     

 

 

 
        135,240,239  
     

 

 

 

Information Technology-14.38%

     

Apple, Inc.

     122,370        20,897,125  

Arista Networks, Inc.(b)

     122,822        24,609,844  

Enphase Energy, Inc.(b)(c)

     116,188        9,246,241  

Fair Isaac Corp.(b)

     21,873        18,501,714  

Fortinet, Inc.(b)

     360,474        20,608,299  

KLA Corp.

     64,471        30,282,029  

Lam Research Corp.

     38,842        22,847,641  

Monolithic Power Systems, Inc.

     41,259        18,225,751  

ON Semiconductor Corp.(b)

     216,695        13,573,775  

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

     111,909        27,196,125  

PTC, Inc.(b)

     130,913        18,382,803  

QUALCOMM, Inc.

     110,510        12,044,485  

SolarEdge Technologies, Inc.(b)(c)

     56,356        4,280,238  
     

 

 

 
        240,696,070  
     

 

 

 

Materials-10.23%

     

Albemarle Corp.(c)

     43,326        5,492,870  

CF Industries Holdings, Inc.

     403,628        32,201,442  

FMC Corp.

     109,778        5,840,190  

Freeport-McMoRan, Inc.

     393,570        13,294,795  

Mosaic Co. (The)

     909,850        29,551,928  

Nucor Corp.

     281,553        41,610,718  

Steel Dynamics, Inc.

     406,707        43,318,362  
     

 

 

 
        171,310,305  
     

 

 

 

Utilities-1.86%

     

PG&E Corp.(b)

     1,906,041        31,068,468  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $1,667,338,096)

 

     1,672,916,481  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.01%

 

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

     18,800,612        18,800,612  

 

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

 

    3    

 

 

 

 


 

Invesco S&P 500® Pure Growth ETF (RPG)–(continued)

October 31, 2023

(Unaudited)

 

         Shares                Value          

Money Market Funds-(continued)

 

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

     48,354,529      $ 48,359,364  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $67,157,633)

 

     67,159,976  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.95%
(Cost $1,734,495,729)

 

     1,740,076,457  

OTHER ASSETS LESS LIABILITIES-(3.95)%

 

     (66,172,414
     

 

 

 

NET ASSETS-100.00%

      $ 1,673,904,043  
     

 

 

 

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           $ 1,123,323             $ 14,891,742     $ (16,015,065           $ -                      $ -                      $ -             $ 8,680  
Investments Purchased with Cash Collateral from Securities on Loan:                              
Invesco Private Government Fund       15,236,858         261,877,707       (258,313,953       -           -           18,800,612         639,422
Invesco Private Prime Fund       39,180,492         472,065,543       (462,897,517       2,343           8,503           48,359,364         1,687,216
   

 

 

     

 

 

   

 

 

     

 

 

       

 

 

       

 

 

     

 

 

 
Total     $ 55,540,673       $ 748,834,992     $ (737,226,535     $ 2,343         $ 8,503         $ 67,159,976       $ 2,335,318  
   

 

 

     

 

 

   

 

 

     

 

 

       

 

 

       

 

 

     

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    4    

 

 

 

 


 

Invesco S&P 500® Pure Growth ETF (RPG)–(continued)

October 31, 2023

(Unaudited)

 

  Portfolio Composition

  Sector Breakdown (% of the Fund’s Net Assets)

  as of October 31, 2023

 

     

  Energy

     29.56                          

  Health Care

     19.33     

  Information Technology

     14.38     

  Materials

     10.23     

  Industrials

     8.08     

  Financials

     6.71     

  Consumer Discretionary

     6.05     

  Consumer Staples

     3.74     

  Utilities

     1.86     

  Money Market Funds Plus Other Assets Less Liabilities

     0.06     

 

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

 

    5    

 

 

 

 


 

Invesco S&P 500® Pure Value ETF (RPV)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares                Value          

Common Stocks & Other Equity Interests-99.86%

 

Communication Services-8.20%

     

AT&T, Inc.

     1,243,060      $ 19,143,124  

Fox Corp., Class A(b)

     294,241        8,941,984  

Fox Corp., Class B

     135,583        3,784,122  

News Corp., Class A

     682,966        14,123,737  

News Corp., Class B(b)

     211,471        4,533,938  

Paramount Global, Class B(b)

     3,115,813        33,900,045  

Verizon Communications, Inc.

     305,526        10,733,128  

Warner Bros Discovery, Inc.(c)

     3,050,922        30,326,165  
     

 

 

 
        125,486,243  
     

 

 

 

Consumer Discretionary-17.36%

     

Best Buy Co., Inc.

     324,029        21,651,618  

BorgWarner, Inc.(b)

     532,685        19,656,077  

CarMax, Inc.(b)(c)

     553,254        33,798,287  

Ford Motor Co.

     2,956,483        28,825,709  

General Motors Co.

     1,239,867        34,964,249  

Lennar Corp., Class A

     297,204        31,705,723  

Mohawk Industries, Inc.(c)

     386,371        31,056,501  

PulteGroup, Inc.

     595,365        43,812,910  

Whirlpool Corp.(b)

     193,865        20,270,524  
     

 

 

 
        265,741,598  
     

 

 

 

Consumer Staples-7.67%

     

Kraft Heinz Co. (The)

     428,517        13,481,145  

Kroger Co. (The)

     642,407        29,146,005  

Molson Coors Beverage Co., Class B

     461,017        26,632,952  

Tyson Foods, Inc., Class A

     558,296        25,877,020  

Walgreens Boots Alliance, Inc.

     1,052,977        22,196,755  
     

 

 

 
        117,333,877  
     

 

 

 

Energy-5.72%

     

Kinder Morgan, Inc.

     554,799        8,987,744  

Phillips 66

     373,840        42,643,929  

Valero Energy Corp.

     282,663        35,898,201  
     

 

 

 
        87,529,874  
     

 

 

 

Financials-23.32%

     

Allstate Corp. (The)

     92,325        11,829,602  

American International Group, Inc.

     390,856        23,963,381  

Assurant, Inc

     144,203        21,471,827  

Bank of America Corp.

     319,217        8,408,176  

Bank of New York Mellon Corp. (The)

     355,815        15,122,137  

Berkshire Hathaway, Inc., Class B(c)

     87,154        29,748,275  

Capital One Financial Corp.

     289,161        29,289,118  

Citigroup, Inc.

     799,276        31,563,409  

Citizens Financial Group, Inc.

     453,149        10,617,281  

Fidelity National Information Services, Inc.

     289,619        14,223,189  

Franklin Resources, Inc.(b)

     619,961        14,128,911  

Global Payments, Inc.

     96,206        10,219,001  

Goldman Sachs Group, Inc. (The)

     31,931        9,694,571  

Hartford Financial Services Group, Inc. (The)

     146,696        10,774,821  

Invesco Ltd.(d)

     1,480,419        19,201,034  

Loews Corp.

     418,658        26,798,299  

M&T Bank Corp.

     59,696        6,730,724  

MetLife, Inc.

     137,772        8,267,698  

Prudential Financial, Inc.

     128,815        11,778,844  

State Street Corp.

     166,269        10,745,965  
         Shares                Value          

Financials-(continued)

     

Synchrony Financial

     359,048      $ 10,071,296  

Truist Financial Corp.

     325,716        9,237,306  

Wells Fargo & Co.

     325,163        12,931,733  
     

 

 

 
        356,816,598  
     

 

 

 

Health Care-10.01%

     

Cardinal Health, Inc.

     267,143        24,310,013  

Cencora, Inc.(b)

     142,965        26,469,969  

Centene Corp.(c)

     364,507        25,143,693  

CVS Health Corp.

     272,809        18,826,549  

DaVita, Inc.(c)

     136,069        10,508,609  

Universal Health Services, Inc., Class B

     145,993        18,379,059  

Viatris, Inc.

     3,319,839        29,546,567  
     

 

 

 
        153,184,459  
     

 

 

 

Industrials-8.23%

     

Alaska Air Group, Inc.(c)

     427,818        13,531,883  

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

     1,313,207        14,642,258  

Delta Air Lines, Inc.

     439,799        13,743,719  

FedEx Corp.

     145,241        34,872,364  

Southwest Airlines Co.(b)

     251,417        5,589,000  

Stanley Black & Decker, Inc.

     276,184        23,489,449  

United Airlines Holdings, Inc.(c)

     574,541        20,114,681  
     

 

 

 
        125,983,354  
     

 

 

 

Information Technology-7.27%

     

Hewlett Packard Enterprise Co.

     1,824,270        28,057,272  

HP, Inc.

     492,915        12,978,452  

Intel Corp.

     507,394        18,519,881  

Micron Technology, Inc.

     245,202        16,396,658  

Western Digital Corp.(b)(c)

     878,585        35,275,188  
     

 

 

 
        111,227,451  
     

 

 

 

Materials-9.49%

     

Celanese Corp.(b)

     98,557        11,285,762  

Dow, Inc.(b)

     403,106        19,486,144  

DuPont de Nemours, Inc.(b)

     137,029        9,986,674  

Eastman Chemical Co.

     153,768        11,491,083  

International Paper Co.

     707,091        23,850,179  

LyondellBasell Industries N.V., Class A

     280,675        25,328,112  

WestRock Co.

     1,220,668        43,858,601  
     

 

 

 
        145,286,555  
     

 

 

 

Real Estate-0.62%

     

CBRE Group, Inc., Class A(c)

     136,564        9,469,348  
     

 

 

 

Utilities-1.97%

     

Evergy, Inc.

     149,214        7,332,376  

Exelon Corp.

     322,601        12,562,083  

Pinnacle West Capital Corp.

     138,120        10,245,742  
     

 

 

 
        30,140,201  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,928,689,328)

 

     1,528,199,558  
     

 

 

 

 

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

 

    6    

 

 

 

 


 

Invesco S&P 500® Pure Value ETF (RPV)–(continued)

October 31, 2023

(Unaudited)

 

         Shares                Value          

Money Market Funds-0.03%

     

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $495,406)

     495,406      $ 495,406  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.89%
(Cost $1,929,184,734)

 

     1,528,694,964  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-8.07%

     

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

     34,559,810        34,559,810  
         Shares                Value          

Money Market Funds-(continued)

 

  

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

     88,882,392      $ 88,891,280  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $123,449,996)

 

     123,451,090  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-107.96%
(Cost $2,052,634,730)

 

     1,652,146,054  

OTHER ASSETS LESS LIABILITIES-(7.96)%

 

     (121,885,052
     

 

 

 

NET ASSETS-100.00%

      $ 1,530,261,002  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

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

(c) 

Non-income producing security.

(d) 

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

 

     Value
April 30, 2023
     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
(Depreciation)
            Realized
Gain
(Loss)
    Value
October 31,  2023
     Dividend
Income
 
Invesco Ltd.    $ 39,169,938      $ 2,153,461      $ (14,559,388     $ (3,144,051)          $ (4,418,926     $ 19,201,034         $ 771,960  
Investments in Affiliated Money Market Funds:                             
Invesco Government & Agency Portfolio, Institutional Class      1,188,078        28,024,481        (28,717,153       -                     495,406           14,231  
Investments Purchased with Cash Collateral from Securities on Loan:                             
Invesco Private Government Fund      80,004,554        267,692,704        (313,137,448       -                     34,559,810           1,299,811
Invesco Private Prime Fund      205,725,996        555,549,923        (672,386,293       26,439            (24,785       88,891,280           3,493,476
  

 

 

    

 

 

    

 

 

     

 

 

       

 

 

     

 

 

       

 

 

 

Total

   $ 326,088,566      $ 853,420,569      $ (1,028,800,282           $ (3,117,612)                $ (4,443,711           $ 143,147,530               $ 5,579,478  
  

 

 

    

 

 

    

 

 

     

 

 

       

 

 

     

 

 

       

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    7    

 

 

 

 


 

Invesco S&P 500® Pure Value ETF (RPV)–(continued)

October 31, 2023

(Unaudited)

 

  Portfolio Composition

  Sector Breakdown (% of the Fund’s Net Assets)

  as of October 31, 2023

 

     

  Financials

     23.32     

  Consumer Discretionary

     17.36     

  Health Care

     10.01                          

  Materials

     9.49     

  Industrials

     8.23     

  Communication Services

     8.20     

  Consumer Staples

     7.67     

  Information Technology

     7.27     

  Energy

     5.72     

  Sector Types Each Less Than 3%

     2.59     

  Money Market Funds Plus Other Assets Less Liabilities

     0.14     

 

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

 

    8    

 

 

 

 


 

Invesco S&P 500® Top 50 ETF (XLG)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares                Value          

Common Stocks & Other Equity Interests-99.98%

 

Communication Services-13.41%

     

Alphabet, Inc., Class A(b)

     743,315      $ 92,230,525  

Alphabet, Inc., Class C(b)

     632,283        79,225,060  

Comcast Corp., Class A

     515,306        21,276,985  

Meta Platforms, Inc., Class A(b)

     278,457        83,890,740  

Netflix, Inc.(b)

     55,500        22,848,795  

Verizon Communications, Inc.

     526,107        18,482,139  

Walt Disney Co. (The)(b)

     229,274        18,706,466  
     

 

 

 
        336,660,710  
     

 

 

 

Consumer Discretionary-11.81%

     

Amazon.com, Inc.(b)

     1,137,475        151,386,548  

Home Depot, Inc. (The)

     125,957        35,858,698  

McDonald’s Corp.

     91,303        23,936,908  

NIKE,Inc.,Class B

     153,093        15,733,368  

Tesla, Inc.(b)

     345,922        69,474,974  
     

 

 

 
        296,390,496  
     

 

 

 

Consumer Staples-7.22%

     

Coca-Cola Co. (The)

     487,153        27,519,273  

Costco Wholesale Corp.

     55,471        30,644,399  

Kenvue, Inc.

     215,837        4,014,568  

PepsiCo, Inc.

     172,313        28,135,266  

Philip Morris International, Inc.

     194,348        17,328,068  

Procter & Gamble Co. (The)

     295,374        44,314,961  

Walmart, Inc.

     178,892        29,232,742  
     

 

 

 
        181,189,277  
     

 

 

 

Energy-3.40%

     

Chevron Corp.(c)

     222,285        32,393,593  

Exxon Mobil Corp.

     501,562        53,090,338  
     

 

 

 
        85,483,931  
     

 

 

 

Financials-10.21%

     

Bank of America Corp.

     865,097        22,786,655  

Berkshire Hathaway, Inc., Class B(b)

     228,394        77,957,724  

JPMorgan Chase & Co.

     364,156        50,639,533  

Mastercard, Inc., Class A

     104,266        39,240,509  

Visa, Inc., Class A(c)

     201,321        47,330,567  

Wells Fargo & Co.

     457,914        18,211,240  
     

 

 

 
        256,166,228  
     

 

 

 

Health Care-12.71%

     

Abbott Laboratories(c)

     217,225        20,538,624  

AbbVie, Inc.

     221,087        31,213,063  

Bristol-Myers Squibb Co.

     261,554        13,477,877  

Danaher Corp.

     82,267        15,796,909  

Eli Lilly and Co.

     99,852        55,311,018  

Johnson & Johnson

     301,594        44,738,454  

Merck & Co., Inc.

     317,871        32,645,352  
         Shares                Value          

Health Care-(continued)

     

Pfizer, Inc.

     706,548      $ 21,592,107  

Thermo Fisher Scientific, Inc.

     48,301        21,482,836  

UnitedHealth Group, Inc.

     115,984        62,116,391  
     

 

 

 
        318,912,631  
     

 

 

 

Industrials-0.07%

     

Veralto Corp.(b)

     27,539        1,900,191  
     

 

 

 

Information Technology-39.63%

     

Accenture PLC, Class A

     79,209        23,532,202  

Adobe, Inc.(b)

     57,263        30,467,352  

Advanced Micro Devices, Inc.(b)

     202,243        19,920,935  

Apple, Inc.

     1,841,256        314,431,287  

Broadcom, Inc.(c)

     51,714        43,510,608  

Cisco Systems, Inc.(c)

     510,525        26,613,668  

Intel Corp.

     524,244        19,134,906  

Microsoft Corp.

     930,846        314,728,341  

NVIDIA Corp.

     309,403        126,174,543  

Oracle Corp.

     196,894        20,358,840  

QUALCOMM, Inc.

     139,887        15,246,284  

Salesforce, Inc.(b)

     121,990        24,499,252  

Texas Instruments, Inc.

     113,561        16,126,798  
     

 

 

 
        994,745,016  
     

 

 

 

Materials-0.93%

     

Linde PLC(c)

     61,118        23,356,855  
     

 

 

 

Utilities-0.59%

     

NextEra Energy, Inc.

     253,419        14,774,328  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $2,254,493,587)

 

     2,509,579,663  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.16%

 

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

     15,180,932        15,180,932  

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

     39,045,258        39,049,163  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $54,230,095)

 

     54,230,095  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.14%
(Cost $2,308,723,682)

 

     2,563,809,758  

OTHER ASSETS LESS LIABILITIES-(2.14)%

 

     (53,835,277
     

 

 

 

NET ASSETS-100.00%

      $ 2,509,974,481  
     

 

 

 

 

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

 

    9    

 

 

 

 


 

Invesco S&P 500® Top 50 ETF (XLG)–(continued)

October 31, 2023

(Unaudited)

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

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

 

    

Value

April 30, 2023

   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain
   Value
October 31,  2023
   Dividend
Income
Investments in Affiliated Money Market Funds:                                                               
Invesco Government & Agency Portfolio, Institutional Class          $ -           $ 18,850,359      $ (18,850,359 )          $ -           $ -           $ -           $ 16,060
Investments Purchased with Cash Collateral from Securities on Loan:                                                               
Invesco Private Government Fund            10,832,299             184,450,388        (180,101,755 )                -                 -                 15,180,932                 526,961 *
Invesco Private Prime Fund            27,854,484             415,676,611        (404,487,225 )            163             5,130             39,049,163             1,395,298 *
        

 

 

           

 

 

      

 

 

          

 

 

           

 

 

           

 

 

           

 

 

 
Total          $ 38,686,783           $ 618,977,358      $ (603,439,339 )          $ 163           $ 5,130           $ 54,230,095           $ 1,938,319
        

 

 

           

 

 

      

 

 

          

 

 

           

 

 

           

 

 

           

 

 

 

 

*

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

 

(e) 

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

(f) 

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

  Portfolio Composition

  Sector Breakdown (% of the Fund’s Net Assets)

  as of October 31, 2023

 

     

Information Technology

     39.63     

Communication Services

     13.41                          

Health Care

     12.71     

Consumer Discretionary

     11.81     

Financials

     10.21     

Consumer Staples

     7.22     

Energy

     3.40     

Sector Types Each Less Than 3%

     1.59     

  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.

 

    10    

 

 

 

 


 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares                Value          

Common Stocks & Other Equity Interests-99.93%

 

Communication Services-2.41%

     

Nexstar Media Group, Inc., Class A

     22,858      $ 3,201,949  

TKO Group Holdings, Inc.(b)

     32,007        2,623,934  
     

 

 

 
        5,825,883  
     

 

 

 

Consumer Discretionary-11.23%

     

Crocs, Inc.(b)(c)

     17,204        1,536,661  

Deckers Outdoor Corp.(c)

     4,577        2,732,744  

Floor & Decor Holdings, Inc., Class A(b)(c)

     18,968        1,562,963  

Grand Canyon Education, Inc.(c)

     29,723        3,517,122  

H&R Block, Inc.(b)

     50,762        2,083,780  

Murphy USA, Inc.

     16,272        5,901,692  

Service Corp. International

     23,686        1,288,992  

Tempur Sealy International, Inc.(b)

     72,102        2,879,033  

Texas Roadhouse, Inc.

     21,874        2,221,086  

Visteon Corp.(c)

     9,813        1,129,771  

Wingstop, Inc.(b)

     12,277        2,243,867  
     

 

 

 
        27,097,711  
     

 

 

 

Consumer Staples-5.41%

     

Casey’s General Stores, Inc.

     13,154        3,576,704  

Celsius Holdings, Inc.(b)(c)

     40,009        6,084,969  

Darling Ingredients, Inc.(b)(c)

     44,709        1,980,162  

Lancaster Colony Corp.

     8,332        1,409,524  
     

 

 

 
        13,051,359  
     

 

 

 

Energy-23.84%

     

Antero Resources Corp.(b)(c)

     167,334        4,926,313  

Civitas Resources, Inc.(b)

     68,829        5,191,772  

CNX Resources Corp.(b)(c)

     224,053        4,866,431  

DT Midstream, Inc.(b)

     63,430        3,423,317  

Matador Resources Co.

     84,610        5,219,591  

Murphy Oil Corp.

     83,461        3,744,895  

NOV, Inc.

     112,500        2,245,500  

PBF Energy, Inc., Class A

     157,136        7,468,674  

Range Resources Corp.(b)

     177,800        6,372,352  

Southwestern Energy Co.(c)

     679,084        4,841,869  

Valaris Ltd.(b)(c)

     48,611        3,210,270  

Weatherford International PLC(c)

     64,495        6,003,840  
     

 

 

 
        57,514,824  
     

 

 

 

Financials-11.74%

     

Annaly Capital Management, Inc.(b)

     275,651        4,302,912  

Erie Indemnity Co., Class A(b)

     8,705        2,404,234  

FirstCash Holdings, Inc.

     18,483        2,013,168  

Jefferies Financial Group, Inc.

     98,587        3,172,530  

Kinsale Capital Group, Inc.

     15,838        5,288,467  

Morningstar, Inc.(b)

     6,241        1,580,471  

RLI Corp.

     28,958        3,858,364  

Selective Insurance Group, Inc.

     16,050        1,670,965  

SLM Corp.

     190,692        2,478,996  

WEX, Inc.(b)(c)

     9,278        1,544,601  
     

 

 

 
        28,314,708  
     

 

 

 

Health Care-11.63%

     

Exelixis, Inc.(c)

     90,225        1,857,733  

Halozyme Therapeutics, Inc.(b)(c)

     80,869        2,739,033  

HealthEquity, Inc.(b)(c)

     19,995        1,433,242  

Inari Medical, Inc.(b)(c)

     42,739        2,594,685  

Jazz Pharmaceuticals PLC(b)(c)

     15,067        1,913,810  
         Shares                Value          

Health Care-(continued)

     

Lantheus Holdings, Inc.(b)(c)

     34,806      $ 2,248,468  

Medpace Holdings, Inc.(c)

     11,720        2,844,092  

Neurocrine Biosciences, Inc.(c)

     34,323        3,807,794  

Option Care Health, Inc.(c)

     70,314        1,949,807  

Repligen Corp.(b)(c)

     9,770        1,314,651  

Shockwave Medical, Inc.(b)(c)

     19,783        4,080,441  

United Therapeutics Corp.(c)

     5,748        1,280,999  
     

 

 

 
        28,064,755  
     

 

 

 

Industrials-17.56%

     

Avis Budget Group, Inc.(c)

     15,205        2,475,374  

Builders FirstSource, Inc.(c)

     58,789        6,379,782  

BWX Technologies, Inc.

     30,628        2,275,048  

Carlisle Cos., Inc.

     7,671        1,949,124  

Clean Harbors, Inc.(c)

     18,133        2,786,498  

Concentrix Corp.

     16,539        1,260,437  

EMCOR Group, Inc.

     12,470        2,576,926  

ExlService Holdings, Inc.(b)(c)

     63,432        1,656,210  

FTI Consulting, Inc.(b)(c)

     10,866        2,306,417  

KBR, Inc.

     30,492        1,773,110  

Landstar System, Inc.

     17,963        2,959,943  

Paylocity Holding Corp.(c)

     7,348        1,318,231  

RBC Bearings, Inc.(b)(c)

     14,448        3,176,248  

Simpson Manufacturing Co., Inc.

     21,838        2,908,385  

Toro Co. (The)

     13,190        1,066,280  

UFP Industries, Inc.

     40,987        3,900,733  

Valmont Industries, Inc.

     8,166        1,607,967  
     

 

 

 
        42,376,713  
     

 

 

 

Information Technology-5.60%

     

Amkor Technology, Inc.

     128,639        2,683,410  

Belden, Inc.

     25,343        1,796,819  

Calix, Inc.(c)

     24,278        804,087  

Cirrus Logic, Inc.(c)

     29,841        1,997,258  

Dropbox, Inc., Class A(b)(c)

     82,555        2,171,196  

GoDaddy, Inc., Class A(c)

     33,930        2,484,694  

Onto Innovation, Inc.(b)(c)

     14,032        1,576,776  
     

 

 

 
        13,514,240  
     

 

 

 

Materials-8.23%

     

Cabot Corp.(b)

     27,732        1,843,623  

Eagle Materials, Inc.

     11,538        1,775,814  

Louisiana-Pacific Corp.

     58,503        3,000,034  

MP Materials Corp.(b)(c)

     78,841        1,292,993  

Olin Corp.

     39,636        1,693,250  

Reliance Steel & Aluminum Co.

     17,014        4,328,021  

Silgan Holdings, Inc.

     44,072        1,765,524  

Westlake Corp.(b)

     36,122        4,167,034  
     

 

 

 
        19,866,293  
     

 

 

 

Utilities-2.28%

     

Essential Utilities, Inc.

     59,663        1,996,324  

OGE Energy Corp.

     54,069        1,849,160  

ONE Gas, Inc.(b)

     27,386        1,654,114  
     

 

 

 
        5,499,598  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $233,358,024)

 

     241,126,084  
     

 

 

 

 

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

 

    11    

 

 

 

 


 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)–(continued)

October 31, 2023

(Unaudited)

 

         Shares                Value          

Money Market Funds-0.09%

 

  

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $225,062)

     225,062      $ 225,062  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $233,583,086)

 

     241,351,146  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-23.16%

     

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

     14,854,081        14,854,081  
     

 

 

 
         Shares                Value          

Money Market Funds-(continued)

 

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

     41,012,679      $ 41,016,780  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $55,869,618)

 

     55,870,861  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-123.18%
(Cost $289,452,704)

 

     297,222,007  

OTHER ASSETS LESS LIABILITIES-(23.18)%

 

     (55,926,618
     

 

 

 

NET ASSETS-100.00%

      $ 241,295,389  
     

 

 

 

 

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           $ 210,840          $ 1,526,119          $ (1,511,897 )              $ -              $ -             $ 225,062         $ 1,760
Investments Purchased with Cash Collateral from Securities on Loan:                                                                          
Invesco Private Government Fund             12,371,070            85,015,800            (82,532,789 )                -                -               14,854,081           300,179 *
Invesco Private Prime Fund             31,811,322            163,608,944            (154,406,891 )                1,674                1,731               41,016,780           801,063 *
         

 

 

          

 

 

          

 

 

              

 

 

              

 

 

             

 

 

         

 

 

 
Total           $ 44,393,232          $ 250,150,863          $ (238,451,577 )              $ 1,674              $ 1,731             $ 56,095,923         $ 1,103,002
         

 

 

          

 

 

          

 

 

              

 

 

              

 

 

             

 

 

         

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    12    

 

 

 

 


 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)–(continued)

October 31, 2023

(Unaudited)

 

  Portfolio Composition

  Sector Breakdown (% of the Fund’s Net Assets)

  as of October 31, 2023

 

     

Energy

     23.84     

Industrials

     17.56     

Financials

     11.74                          

Health Care

     11.63     

Consumer Discretionary

     11.23     

Materials

     8.23     

Information Technology

     5.60     

Consumer Staples

     5.41     

Sector Types Each Less Than 3%

     4.69     

   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.

 

    13    

 

 

 

 


 

Invesco S&P MidCap 400® Pure Value ETF (RFV)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value        

Common Stocks & Other Equity Interests-99.99%

 

Communication Services-0.48%

     

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

     61,603      $ 1,103,926  
     

 

 

 

Consumer Discretionary-34.36%

     

Adient PLC(b)

     119,786        4,035,590  

Gap, Inc. (The)(c)

     289,435        3,704,768  

Goodyear Tire & Rubber Co. (The)(b)(c)

     795,053        9,461,131  

Graham Holdings Co., Class B(c)

     6,588        3,812,607  

KB Home

     213,490        9,436,258  

Lear Corp.(c)

     21,935        2,846,285  

Lithia Motors, Inc., Class A

     25,539        6,185,801  

Macy’s, Inc.(c)

     213,989        2,606,386  

Nordstrom, Inc.(c)

     187,669        2,623,613  

Penske Automotive Group, Inc.(c)

     29,897        4,277,663  

PVH Corp.

     81,426        6,054,023  

Skechers U.S.A., Inc., Class A(b)

     33,355        1,608,378  

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

     230,618        8,837,282  

Thor Industries, Inc.

     71,387        6,277,059  

Toll Brothers, Inc.

     88,284        6,242,562  

Topgolf Callaway Brands Corp.(b)(c)

     113,150        1,382,693  
     

 

 

 
        79,392,099  
     

 

 

 

Consumer Staples-2.36%

     

Pilgrim’s Pride Corp.(b)(c)

     160,219        4,085,584  

Post Holdings, Inc.(b)(c)

     17,188        1,379,853  
     

 

 

 
        5,465,437  
     

 

 

 

Energy-0.73%

     

Chesapeake Energy Corp.(c)

     19,538        1,681,831  
     

 

 

 

Financials-14.99%

     

Associated Banc-Corp

     70,477        1,142,432  

Brighthouse Financial, Inc.(b)

     136,771        6,195,726  

CNO Financial Group, Inc.(c)

     73,602        1,706,094  

Essent Group Ltd.

     43,065        2,034,391  

F.N.B. Corp.(c)

     125,768        1,344,460  

First American Financial Corp.(c)

     51,702        2,659,551  

Janus Henderson Group PLC(c)

     85,449        1,971,309  

Kemper Corp.

     34,961        1,394,245  

MGIC Investment Corp.

     157,481        2,651,980  

New York Community Bancorp, Inc.(c)

     365,090        3,461,053  

Old Republic International Corp.

     93,110        2,549,352  

Reinsurance Group of America, Inc.

     11,141        1,665,245  

Starwood Property Trust, Inc.(c)

     76,379        1,355,727  

Unum Group

     92,424        4,519,534  
     

 

 

 
        34,651,099  
     

 

 

 

Health Care-5.34%

     

Enovis Corp.(b)(c)

     66,973        3,074,061  

Patterson Cos., Inc.(c)

     87,102        2,653,127  

Perrigo Co. PLC.

     77,157        2,132,619  

Tenet Healthcare Corp.(b)(c)

     83,347        4,475,734  
     

 

 

 
        12,335,541  
     

 

 

 

Industrials-10.07%

     

Fluor Corp.(b)

     74,086        2,466,323  

GXO Logistics, Inc.(b)

     47,282        2,388,214  

Hertz Global Holdings, Inc.(b)(c)

     84,764        714,560  

ManpowerGroup, Inc.

     53,826        3,766,205  
         Shares              Value        

Industrials-(continued)

     

Ryder System, Inc.

     49,270      $ 4,805,796  

XPO, Inc.(b)

     120,369        9,125,174  
     

 

 

 
        23,266,272  
     

 

 

 

Information Technology-14.89%

     

Arrow Electronics, Inc.(b)(c)

     53,368        6,052,465  

Avnet, Inc.

     148,196        6,865,921  

Coherent Corp.(b)

     52,111        1,542,486  

Jabil, Inc.

     51,763        6,356,496  

Kyndryl Holdings, Inc.(b)

     238,302        3,486,358  

MKS Instruments, Inc.

     20,210        1,326,989  

NCR Voyix Corp.(b)(c)

     148,497        2,270,519  

TD SYNNEX Corp.(c)

     55,950        5,129,496  

Vishay Intertechnology, Inc.(c)

     61,622        1,370,473  
     

 

 

 
        34,401,203  
     

 

 

 

Materials-9.76%

     

Alcoa Corp.

     38,368        983,755  

Avient Corp.(c)

     63,145        1,996,645  

Cleveland-Cliffs, Inc.(b)(c)

     393,644        6,605,346  

Greif, Inc., Class A(c)

     34,526        2,192,401  

United States Steel Corp.(c)

     317,722        10,767,599  
     

 

 

 
        22,545,746  
     

 

 

 

Real Estate-5.88%

     

Cousins Properties, Inc.

     81,674        1,459,514  

Jones Lang LaSalle, Inc.(b)(c)

     19,275        2,465,658  

Kilroy Realty Corp.(c)

     40,271        1,150,945  

Medical Properties Trust, Inc.(c)

     177,710        849,454  

Park Hotels & Resorts, Inc.(c)

     340,698        3,928,248  

Sabra Health Care REIT, Inc.

     105,116        1,433,782  

Vornado Realty Trust(c)

     120,063        2,305,210  
     

 

 

 
        13,592,811  
     

 

 

 

Utilities-1.13%

     

Southwest Gas Holdings, Inc.

     24,045        1,409,277  

UGI Corp.(c)

     58,017        1,206,754  
     

 

 

 
        2,616,031  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $252,496,956)

 

     231,051,996  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-20.65%

     

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

     13,444,279        13,444,279  

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

     34,270,037        34,273,464  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $47,717,212)

 

     47,717,743  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-120.64%
(Cost $300,214,168)

 

     278,769,739  

OTHER ASSETS LESS LIABILITIES-(20.64)%

 

     (47,698,143
     

 

 

 

NET ASSETS-100.00%

      $ 231,071,596  
     

 

 

 

 

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

 

    14    

 

 

 

 


 

Invesco S&P MidCap 400® Pure Value ETF (RFV)–(continued)

October 31, 2023

(Unaudited)

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

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           $ 110,321           $ 9,982,547      $ (10,092,868 )          $ -           $ -          $ -           $ 5,296
Investments Purchased with Cash Collateral from Securities on Loan:                                                               
Invesco Private Government Fund             14,295,372             79,774,494        (80,625,587 )                -                 -                13,444,279                 352,373 *
Invesco Private Prime Fund             36,759,529             155,110,300        (157,597,736 )            2,898             (1,527 )            34,273,464             938,739 *
         

 

 

           

 

 

      

 

 

          

 

 

           

 

 

          

 

 

           

 

 

 
Total           $ 51,165,222           $ 244,867,341      $ (248,316,191 )          $ 2,898           $ (1,527 )          $ 47,717,743           $ 1,296,408
         

 

 

           

 

 

      

 

 

          

 

 

           

 

 

          

 

 

           

 

 

 

 

*

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

 

(e) 

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

(f) 

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

  Portfolio Composition

  Sector Breakdown (% of the Fund’s Net Assets)

  as of October 31, 2023

 

     

Consumer Discretionary

     34.36     

Financials

     14.99     

Information Technology

     14.89     

Industrials

     10.07     

Materials

     9.76                          

Real Estate

     5.88     

Health Care

     5.34     

Sector Types Each Less Than 3%

     4.70     

   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 S&P SmallCap 600® Pure Growth ETF (RZG)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value        

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-1.47%

     

ATN International, Inc.

     17,463      $ 540,480  

Cars.com, Inc.(b)

     45,099        686,858  
     

 

 

 
        1,227,338  
     

 

 

 

Consumer Discretionary-8.39%

     

Adtalem Global Education, Inc.(b)

     23,614        1,223,205  

Cavco Industries, Inc.(b)

     2,960        738,550  

Ethan Allen Interiors, Inc.

     20,236        531,397  

Green Brick Partners, Inc.(b)

     42,447        1,642,699  

Jack in the Box, Inc.(c)

     10,324        652,270  

Monarch Casino & Resort, Inc.

     12,479        751,111  

Stride, Inc.(b)(c)

     16,466        905,301  

XPEL, Inc.(b)(c)(d)

     12,256        567,453  
     

 

 

 
        7,011,986  
     

 

 

 

Consumer Staples-5.81%

     

Cal-Maine Foods, Inc.

     17,126        775,979  

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

     14,618        1,354,065  

Hostess Brands, Inc.(b)

     16,917        565,028  

Medifast, Inc.(c)

     4,179        289,020  

MGP Ingredients, Inc.(c)

     7,161        677,860  

Simply Good Foods Co. (The)(b)(c)

     20,653        770,150  

Tootsie Roll Industries, Inc.(c)

     13,660        424,963  
     

 

 

 
        4,857,065  
     

 

 

 

Energy-12.03%

     

Comstock Resources, Inc.(c)

     130,397        1,643,002  

CONSOL Energy, Inc.

     6,957        639,279  

Dorian LPG Ltd.

     55,293        1,767,717  

Northern Oil and Gas, Inc.

     30,771        1,179,760  

REX American Resources Corp.(b)

     43,693        1,660,771  

RPC, Inc.

     47,565        395,741  

SM Energy Co.

     40,103        1,616,953  

Vital Energy, Inc.(b)(c)

     22,951        1,148,468  
     

 

 

 
        10,051,691  
     

 

 

 

Financials-13.93%

     

ARMOUR Residential REIT, Inc.(c)

     49,472        720,807  

Avantax, Inc.(b)

     26,837        692,663  

BancFirst Corp.

     5,796        470,114  

Bancorp, Inc. (The)(b)

     13,684        487,835  

Banner Corp.

     5,127        216,411  

City Holding Co.(c)

     4,682        425,032  

CVB Financial Corp.(c)

     12,692        198,249  

Dime Community Bancshares, Inc.

     17,654        324,657  

First Bancorp

     53,063        708,391  

Hanmi Financial Corp.

     29,285        429,904  

Heritage Financial Corp.

     12,890        209,720  

Mr. Cooper Group, Inc.(b)

     28,964        1,637,335  

NBT Bancorp, Inc.(c)

     11,477        384,135  

OFG Bancorp

     34,229        1,013,863  

Palomar Holdings, Inc.(b)(c)

     12,664        634,213  

Piper Sandler Cos

     5,544        775,328  

Preferred Bank(c)

     7,336        437,005  

ServisFirst Bancshares, Inc.(c)

     5,791        273,104  

Stellar Bancorp, Inc.(c)

     18,616        404,712  

StoneX Group, Inc.(b)

     12,561        1,197,314  
     

 

 

 
        11,640,792  
     

 

 

 
         Shares              Value        

Health Care-16.28%

     

AdaptHealth Corp.(b)(c)

     31,316      $ 229,546  

Addus HomeCare Corp.(b)

     3,479        274,493  

AMN Healthcare Services, Inc.(b)

     9,621        729,849  

Amphastar Pharmaceuticals, Inc.(b)

     23,785        1,076,747  

Arcus Biosciences, Inc.(b)(c)

     20,039        314,813  

Catalyst Pharmaceuticals, Inc.(b)(c)

     78,537        974,644  

Collegium Pharmaceutical, Inc.(b)

     16,941        368,636  

Corcept Therapeutics, Inc.(b)

     29,351        824,176  

Cross Country Healthcare, Inc.(b)(c)

     46,791        1,083,680  

Cytokinetics, Inc.(b)(c)

     27,337        952,968  

Dynavax Technologies Corp.(b)(c)

     94,093        1,337,062  

Ensign Group, Inc. (The)(c)

     8,901        859,837  

Innoviva, Inc.(b)(c)

     57,269        710,708  

NextGen Healthcare, Inc.(b)(c)

     20,717        495,551  

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

     2,880        0  

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

     2,881        0  

Pacira BioSciences, Inc.(b)

     7,432        210,028  

Privia Health Group, Inc.(b)(c)

     17,253        362,658  

REGENXBIO, Inc.(b)(c)

     33,360        430,010  

Supernus Pharmaceuticals, Inc.(b)

     16,867        402,278  

UFP Technologies, Inc.(b)(c)

     5,643        879,857  

Veradigm, Inc.(b)(c)

     25,737        339,471  

Vir Biotechnology, Inc.(b)

     64,712        513,166  

Xencor, Inc.(b)(c)

     13,509        234,381  
     

 

 

 
        13,604,559  
     

 

 

 

Industrials-18.23%

     

AAON, Inc.(c)

     13,016        709,112  

AeroVironment, Inc.(b)

     4,184        479,737  

Applied Industrial Technologies, Inc.

     3,656        561,233  

Boise Cascade Co.

     15,673        1,469,344  

Comfort Systems USA, Inc.

     7,216        1,312,230  

Encore Wire Corp.(c)

     8,540        1,527,208  

EnPro Industries, Inc.

     4,476        497,105  

Forward Air Corp.

     6,731        433,544  

Franklin Electric Co., Inc.

     4,698        407,411  

Hillenbrand, Inc.

     8,809        335,006  

Lindsay Corp.

     4,994        623,850  

Marten Transport Ltd.

     35,605        625,936  

Matson, Inc.

     18,486        1,609,206  

Mueller Industries, Inc.(c)

     28,992        1,093,288  

NV5 Global, Inc.(b)

     3,958        373,437  

PGT Innovations, Inc.(b)

     40,700        1,218,558  

Sun Country Airlines Holdings, Inc.(b)(c)

     33,376        434,555  

Titan International, Inc.(b)

     58,121        660,255  

Verra Mobility Corp., Class A(b)

     43,650        862,960  
     

 

 

 
        15,233,975  
     

 

 

 

Information Technology-17.62%

     

A10 Networks, Inc.

     21,029        228,585  

Advanced Energy Industries, Inc.(c)

     11,849        1,033,944  

Agilysys, Inc.(b)

     6,650        570,504  

Alpha & Omega Semiconductor Ltd.(b)

     23,646        560,883  

Axcelis Technologies, Inc.(b)(c)

     17,178        2,190,195  

Badger Meter, Inc.

     3,760        520,948  

Clearfield, Inc.(b)(c)

     12,685        304,694  

CTS Corp.

     10,626        397,519  

 

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

 

    16    

 

 

 

 


 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(continued)

October 31, 2023

(Unaudited)

 

         Shares              Value        

Information Technology-(continued)

 

Digi International, Inc.(b)(c)

     12,626      $ 317,923  

Diodes, Inc.(b)

     6,061        394,450  

DoubleVerify Holdings, Inc.(b)

     33,933        944,355  

Extreme Networks, Inc.(b)

     18,287        377,078  

Fabrinet (Thailand)(b)

     5,144        797,320  

Harmonic, Inc.(b)(c)

     47,120        508,425  

Kulicke & Soffa Industries, Inc. (Singapore)

     19,150        796,831  

MaxLinear, Inc.(b)

     11,441        173,903  

NetScout Systems, Inc.(b)

     10,194        222,535  

Photronics, Inc.(b)

     49,215        903,587  

Plexus Corp.(b)(c)

     5,039        495,434  

Progress Software Corp.

     9,855        506,350  

Rambus, Inc.(b)

     28,858        1,567,855  

SPS Commerce, Inc.(b)

     2,535        406,462  

Veeco Instruments, Inc.(b)(c)

     20,903        500,418  
     

 

 

 
        14,720,198  
     

 

 

 

Materials-3.70%

 

Hawkins, Inc.(c)

     22,498        1,292,060  

Innospec, Inc.

     4,561        446,978  

Kaiser Aluminum Corp.

     9,710        551,528  

Livent Corp.(b)(c)

     16,822        245,433  

Myers Industries, Inc.

     32,816        550,324  
     

 

 

 
        3,086,323  
     

 

 

 

Real Estate-1.66%

 

Marcus & Millichap, Inc.(c)

     17,264        495,477  

St. Joe Co. (The)

     19,056        888,772  
     

 

 

 
        1,384,249  
     

 

 

 
         Shares              Value        

Utilities-0.82%

 

SJW Group

     5,322      $ 332,518  

Unitil Corp.

     7,731        353,075  
     

 

 

 
        685,593  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $85,586,104)

 

     83,503,769  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-27.66%

 

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

     6,468,875        6,468,875  

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

     16,636,951        16,638,615  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $23,107,004)

 

     23,107,490  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-127.60%
(Cost $108,693,108)

 

     106,611,259  

OTHER ASSETS LESS LIABILITIES-(27.60)%

 

     (23,059,906
     

 

 

 

NET ASSETS-100.00%

      $ 83,551,353  
     

 

 

 

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

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 value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

(e) 

Security valued using significant unobservable inputs (Level 3). See Note 5.

(f) 

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    $ -        $1,504,713      $ (1,504,713      $       -         $     -         $ -         $ 1,022  

 

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

 

    17    

 

 

 

 


 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(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    $ 7,134,462      $ 25,631,384      $ (26,296,971      $      -       $      -      $ 6,468,875         $ 175,592
Invesco Private Prime Fund      20,506,800        56,928,035        (60,798,051      2,254         (423)        16,638,615           466,494
  

 

 

    

 

 

    

 

 

      

 

     

 

    

 

 

       

 

 

 
Total    $ 27,641,262      $ 84,064,132      $ (88,599,735      $2,254       $(423)      $ 23,107,490         $ 643,108  
  

 

 

    

 

 

    

 

 

      

 

     

 

    

 

 

       

 

 

 

 

*

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

 

(g) 

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

(h) 

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

  Portfolio Composition

  Sector Breakdown (% of the Fund’s Net Assets)

  as of October 31, 2023

 

     

Industrials

     18.23     

Information Technology

     17.62     

Health Care

     16.28                          

Financials

     13.93     

Energy

     12.03     

Consumer Discretionary

     8.39     

Consumer Staples

     5.81     

Materials

     3.70     

Sector Types Each Less Than 3%

     3.95     

   Money Market Funds Plus Other Assets Less Liabilities

     0.06     

 

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

 

    18    

 

 

 

 


 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

October 31, 2023

(Unaudited)

Schedule of Investments(a)

 

         Shares              Value        

Common Stocks & Other Equity Interests-99.95%

 

Communication Services-7.49%

     

AMC Networks, Inc., Class A(b)(c)

     137,922      $ 1,627,480  

Consolidated Communications Holdings, Inc.(b)

     367,904        1,534,160  

DISH Network Corp., Class A(b)(c)

     450,449        2,207,200  

E.W. Scripps Co. (The), Class A(b)(c)

     146,575        801,765  

Lumen Technologies, Inc.(b)(c)

     1,342,450        1,959,977  

Marcus Corp. (The)(c)

     41,466        644,382  

Scholastic Corp.

     14,075        519,367  

Telephone & Data Systems, Inc.

     281,012        5,111,608  

Thryv Holdings, Inc.(b)(c)

     46,048        802,617  
     

 

 

 
        15,208,556  
     

 

 

 

Consumer Discretionary-32.41%

     

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

     68,913        4,191,289  

American Axle & Manufacturing Holdings,
Inc.(b)

     125,765        848,914  

American Eagle Outfitters, Inc.(c)

     57,129        998,044  

America’s Car-Mart, Inc.(b)(c)

     31,477        2,108,329  

Caleres, Inc.(c)

     58,205        1,488,884  

Century Communities, Inc.

     52,993        3,259,069  

Chico’s FAS, Inc.(b)

     151,571        1,133,751  

Dana, Inc.

     136,779        1,570,223  

Designer Brands, Inc., Class A(c)

     111,913        1,131,440  

Foot Locker, Inc.(c)

     124,637        2,616,131  

G-III Apparel Group Ltd.(b)(c)

     216,373        5,528,330  

Group 1 Automotive, Inc.(c)

     10,114        2,552,066  

Guess?, Inc.(c)

     35,861        771,011  

Hanesbrands, Inc.(c)

     252,638        1,058,553  

Kohl’s Corp.(c)

     151,198        3,409,515  

La-Z-Boy, Inc.(c)

     48,735        1,425,011  

LGI Homes, Inc.(b)(c)

     5,580        527,366  

M.D.C. Holdings, Inc.

     72,449        2,749,439  

M/I Homes, Inc.(b)

     68,659        5,634,844  

MarineMax, Inc.(b)(c)

     71,908        1,968,841  

Meritage Homes Corp.

     19,998        2,280,172  

Newell Brands, Inc.(c)

     163,582        1,099,271  

ODP Corp. (The)(b)

     35,736        1,605,261  

Patrick Industries, Inc.(c)

     33,764        2,537,365  

Phinia, Inc.

     38,101        986,054  

Sally Beauty Holdings, Inc.(b)(c)

     86,162        732,377  

Shoe Carnival, Inc.(c)

     40,291        921,858  

Signet Jewelers Ltd.(c)

     14,799        1,033,414  

Sleep Number Corp.(b)(c)

     26,090        424,484  

Sonic Automotive, Inc., Class A(c)

     32,428        1,551,680  

Standard Motor Products, Inc.

     19,861        693,745  

Tri Pointe Homes, Inc.(b)

     123,850        3,103,681  

Upbound Group, Inc.(c)

     51,994        1,354,964  

Urban Outfitters, Inc.(b)

     31,745        1,099,012  

Wolverine World Wide, Inc.(c)

     170,316        1,371,044  
     

 

 

 
        65,765,432  
     

 

 

 

Consumer Staples-2.96%

     

B&G Foods, Inc.

     100,165        808,332  

Fresh Del Monte Produce, Inc.

     100,500        2,512,500  

SpartanNash Co.

     51,552        1,159,404  
         Shares              Value        

Consumer Staples-(continued)

     

United Natural Foods, Inc.(b)(c)

     43,051      $ 627,684  

Universal Corp.

     20,020        900,900  
     

 

 

 
        6,008,820  
     

 

 

 

Energy-4.02%

     

Bristow Group, Inc.(b)

     47,983        1,254,275  

Helix Energy Solutions Group, Inc.(b)

     141,496        1,386,661  

Oil States International, Inc.(b)

     254,353        1,846,603  

Par Pacific Holdings, Inc.(b)

     64,118        2,104,353  

World Kinect Corp.

     84,992        1,572,352  
     

 

 

 
        8,164,244  
     

 

 

 

Financials-12.88%

     

Ambac Financial Group, Inc.(b)

     61,863        750,398  

Apollo Commercial Real Estate Finance, Inc.(c)

     74,296        739,988  

Blackstone Mortgage Trust, Inc., Class A(c)

     36,315        724,484  

Bread Financial Holdings, Inc.

     35,580        961,727  

Encore Capital Group, Inc.(b)(c)

     19,394        730,766  

Enova International, Inc.(b)

     14,158        564,621  

EZCORP, Inc., Class A(b)(c)

     177,929        1,459,018  

Genworth Financial, Inc., Class A(b)

     608,521        3,645,041  

Green Dot Corp., Class A(b)(c)

     35,812        400,378  

Hilltop Holdings, Inc.

     19,561        540,275  

Hope Bancorp, Inc.

     52,076        456,186  

Lincoln National Corp.(c)

     49,727        1,082,557  

Navient Corp.(c)

     103,543        1,647,369  

NCR Atleos Corp.(b)(c)

     64,628        1,425,694  

PacWest Bancorp(c)

     89,852        636,152  

ProAssurance Corp.

     34,673        589,441  

PROG Holdings, Inc.(b)(c)

     66,731        1,827,762  

Radian Group, Inc.

     54,601        1,383,589  

Ready Capital Corp.

     50,485        476,074  

SiriusPoint Ltd. (Bermuda)(b)

     167,805        1,652,879  

Stewart Information Services Corp.(c)

     58,703        2,563,560  

United Fire Group, Inc.

     27,622        556,307  

World Acceptance Corp.(b)(c)

     13,385        1,320,029  
     

 

 

 
        26,134,295  
     

 

 

 

Health Care-1.65%

     

Enhabit, Inc.(b)(c)

     183,085        1,349,337  

Orthofix Medical, Inc.(b)

     28,273        312,134  

Owens & Minor, Inc.(b)(c)

     78,019        1,118,012  

Phibro Animal Health Corp., Class A(c)

     52,199        570,013  
     

 

 

 
        3,349,496  
     

 

 

 

Industrials-21.49%

     

ABM Industries, Inc.

     23,052        906,866  

Allegiant Travel Co.(c)

     9,209        613,503  

American Woodmark Corp.(b)

     25,717        1,728,954  

ArcBest Corp.

     16,176        1,761,243  

AZZ, Inc.(c)

     16,455        777,828  

CoreCivic, Inc.(b)

     75,001        952,513  

Deluxe Corp.(c)

     87,154        1,485,976  

DXP Enterprises, Inc.(b)

     61,895        2,017,777  

Enviri Corp.(b)

     244,913        1,405,801  

GEO Group, Inc. (The)(b)(c)

     107,950        943,483  

GMS, Inc.(b)

     21,216        1,240,712  

Granite Construction, Inc.

     16,867        682,776  

 

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

 

    19    

 

 

 

 


 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(continued)

October 31, 2023

(Unaudited)

 

         Shares              Value        

Industrials-(continued)

     

Greenbrier Cos., Inc. (The)

     47,039      $ 1,627,079  

Heidrick & Struggles International, Inc.

     35,074        853,701  

HNI Corp.

     23,688        821,737  

Interface, Inc.

     73,034        649,272  

JetBlue Airways Corp.(b)(c)

     498,970        1,876,127  

Kaman Corp.

     58,616        1,090,844  

Kelly Services, Inc., Class A

     186,348        3,326,312  

MillerKnoll, Inc.

     72,119        1,694,796  

OPENLANE, Inc.(b)(c)

     61,178        821,620  

Pitney Bowes, Inc.(c)

     201,414        650,567  

Powell Industries, Inc.

     26,469        2,028,849  

Proto Labs, Inc.(b)(c)

     32,316        762,981  

Resideo Technologies, Inc.(b)

     125,769        1,821,135  

RXO, Inc.(b)(c)

     73,251        1,282,625  

SkyWest, Inc.(b)

     169,453        7,145,833  

TrueBlue, Inc.(b)

     88,419        978,798  

Veritiv Corp.

     9,750        1,651,747  
     

 

 

 
        43,601,455  
     

 

 

 

Information Technology-6.64%

     

Benchmark Electronics, Inc.(c)

     66,419        1,608,004  

Cerence, Inc.(b)(c)

     38,094        583,219  

DXC Technology Co.(b)

     101,335        2,043,927  

Ichor Holdings Ltd.(b)(c)

     22,687        550,386  

Insight Enterprises, Inc.(b)(c)

     12,726        1,823,636  

PC Connection, Inc.

     16,748        897,358  

ScanSource, Inc.(b)

     75,942        2,308,637  

SMART Global Holdings, Inc.(b)(c)

     45,750        626,775  

TTM Technologies, Inc.(b)

     64,072        736,187  

Viasat, Inc.(b)(c)

     31,731        585,120  

Xerox Holdings Corp.(c)

     134,075        1,721,523  
     

 

 

 
        13,484,772  
     

 

 

 

Materials-6.67%

     

AdvanSix, Inc.

     20,652        568,963  

Century Aluminum Co.(b)(c)

     217,971        1,440,788  

Clearwater Paper Corp.(b)

     50,869        1,719,881  

Koppers Holdings, Inc.

     54,062        1,977,047  

Mativ Holdings, Inc., Class A(c)

     95,373        1,249,386  

Minerals Technologies, Inc.

     8,961        484,432  

Olympic Steel, Inc.

     81,314        4,128,312  

SunCoke Energy, Inc.

     206,003        1,959,088  
     

 

 

 
        13,527,897  
     

 

 

 
         Shares              Value        

Real Estate-3.74%

     

Anywhere Real Estate, Inc.(b)(c)

     425,640      $ 1,987,739  

Brandywine Realty Trust

     137,946        515,918  

Cushman & Wakefield PLC(b)(c)

     143,801        1,059,813  

Hudson Pacific Properties, Inc.(c)

     111,139        495,680  

JBG SMITH Properties(c)

     51,934        668,391  

Pebblebrook Hotel Trust(c)

     93,623        1,116,923  

Service Properties Trust

     85,853        622,434  

SL Green Realty Corp.

     38,308        1,122,041  
     

 

 

 
        7,588,939  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $212,703,002)

 

     202,833,906  
     

 

 

 

Money Market Funds-0.03%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)
(Cost $55,383)

     55,383        55,383  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $212,758,385)

 

     202,889,289  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-28.86%

 

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

     16,397,396        16,397,396  

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

     42,171,237        42,175,454  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $58,570,818)

 

     58,572,850  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-128.84%
(Cost $271,329,203)

 

     261,462,139  

OTHER ASSETS LESS LIABILITIES-(28.84)%

 

     (58,525,241
     

 

 

 

NET ASSETS-100.00%

      $ 202,936,898  
     

 

 

 

 

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    $ 10,655      $     1,622,570      $     (1,577,842)        $          -      $ -        $        55,383      $ 907  

 

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

 

    20    

 

 

 

 


 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(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      $ 19,104,887     $ 48,324,426      $ (51,031,917 )          $ -           $ -          $ 16,397,396           $ 425,806 *
Invesco Private Prime Fund        49,126,853       95,334,386        (102,290,684 )            8,037             (3,138 )            42,175,454             1,131,068 *
    

 

 

     

 

 

      

 

 

          

 

 

           

 

 

          

 

 

           

 

 

 
Total      $ 68,242,395     $ 145,281,382      $ (154,900,443 )          $ 8,037           $ (3,138 )          $ 58,628,233           $ 1,557,781
    

 

 

     

 

 

      

 

 

          

 

 

           

 

 

          

 

 

           

 

 

 

 

*

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

 

(e) 

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

(f) 

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

  Portfolio Composition

  Sector Breakdown (% of the Fund’s Net Assets)

  as of October 31, 2023

 

     

Consumer Discretionary

     32.41     

Industrials

     21.49     

Financials

     12.88                          

Communication Services

     7.49     

Materials

     6.67     

Information Technology

     6.64     

Energy

     4.02     

Real Estate

     3.74     

Sector Types Each Less Than 3%

     4.61     

   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.

 

    21    

 

 

 

 


 

Statements of Assets and Liabilities

October 31, 2023

(Unaudited)

 

     Invesco S&P 500®
Pure Growth
ETF (RPG)
   Invesco S&P 500®
Pure Value
ETF (RPV)
     Invesco S&P 500®
Top 50 ETF (XLG)
 

Assets:

                        

Unaffiliated investments in securities, at value(a)

      $ 1,672,916,481           $ 1,508,998,524           $ 2,509,579,663     

Affiliated investments in securities, at value

        67,159,976             143,147,530             54,230,095     

Cash

        -             33,797             -     

Receivable for:

                        

Dividends

        1,615,340             1,984,286             1,488,231     

Securities lending

        12,804             18,056             6,449     

Investments sold

        11,081,050             -             -     

Fund shares sold

        -             -             6,029,721     
     

 

 

         

 

 

         

 

 

    

Total assets

        1,752,785,651             1,654,182,193             2,571,334,159     
     

 

 

         

 

 

         

 

 

    

Liabilities:

                        

Due to custodian

        76,169             -             697,051     

Payable for:

                        

Investments purchased

        -             -             6,009,505     

Collateral upon return of securities loaned

        67,157,633             123,449,996             54,230,095     

Fund shares repurchased

        11,131,718             -             -     

Accrued unitary management fees

        516,088             471,195             423,027     
     

 

 

         

 

 

         

 

 

    

Total liabilities

        78,881,608             123,921,191             61,359,678     
     

 

 

         

 

 

         

 

 

    

Net Assets

      $ 1,673,904,043           $ 1,530,261,002           $ 2,509,974,481     
     

 

 

         

 

 

         

 

 

    

Net assets consist of:

                        

Shares of beneficial interest

      $ 2,444,479,116           $ 2,614,698,464           $ 2,218,062,342     

Distributable earnings (loss)

        (770,575,073           (1,084,437,462           291,912,139     
     

 

 

         

 

 

         

 

 

    

Net Assets

      $ 1,673,904,043           $ 1,530,261,002           $ 2,509,974,481     
     

 

 

         

 

 

         

 

 

    

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

        57,141,495             22,052,836             74,927,850     

Net asset value

      $ 29.29           $ 69.39           $ 33.50     
     

 

 

         

 

 

         

 

 

    

Market price

      $ 29.30           $ 69.41           $ 33.50     
     

 

 

         

 

 

         

 

 

    

Unaffiliated investments in securities, at cost

      $ 1,667,338,096           $ 1,893,347,336           $ 2,254,493,587     
     

 

 

         

 

 

         

 

 

    

Affiliated investments in securities, at cost

      $ 67,157,633           $ 159,287,394           $ 54,230,095     
     

 

 

         

 

 

         

 

 

    

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

      $ 66,633,846           $ 120,933,293           $ 53,611,858     
     

 

 

         

 

 

         

 

 

    

 

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

 

    22    

 

 

 

 


 

 

 

 

 

Invesco S&P
MidCap 400® Pure
Growth ETF (RFG)
     Invesco S&P
MidCap 400® Pure
Value ETF (RFV)
     Invesco S&P
SmallCap 600®
Pure Growth
ETF (RZG)
     Invesco S&P
SmallCap 600®

Pure Value
ETF (RZV)
 
                                     
   $ 241,126,084           $ 231,051,996           $ 83,503,769           $ 202,833,906    
     56,095,923             47,717,743             23,107,490             58,628,233    
     -             -             -             -    
                            
     10,714             106,883             78,345             103,272    
     5,673             6,134             2,586             7,357    
     -             2,795,554             -             2,546,149    
     -             -             -             -    
  

 

 

         

 

 

         

 

 

         

 

 

   
     297,238,394             281,678,310             106,692,190             264,118,917    
  

 

 

         

 

 

         

 

 

         

 

 

   
                                     
     -             23,309             8,432             -    
                            
     -             -             -             -    
     55,869,618             47,717,212             23,107,004             58,570,818    
     -             2,794,624             -             2,547,222    
     73,387             71,569             25,401             63,979    
  

 

 

         

 

 

         

 

 

         

 

 

   
     55,943,005             50,606,714             23,140,837             61,182,019    
  

 

 

         

 

 

         

 

 

         

 

 

   
   $ 241,295,389           $ 231,071,596           $ 83,551,353           $ 202,936,898    
  

 

 

         

 

 

         

 

 

         

 

 

   
                                     
   $ 486,915,594           $ 332,031,656           $ 225,262,262           $ 408,864,147    
     (245,620,205           (100,960,060           (141,710,909           (205,927,249  
  

 

 

         

 

 

         

 

 

         

 

 

   
   $ 241,295,389           $ 231,071,596           $ 83,551,353           $ 202,936,898    
  

 

 

         

 

 

         

 

 

         

 

 

   
     6,450,105             2,480,499             2,180,012             2,390,040    
   $ 37.41           $ 93.16           $ 38.33           $ 84.91    
  

 

 

         

 

 

         

 

 

         

 

 

   
   $ 37.40           $ 93.14           $ 38.31           $ 84.84    
  

 

 

         

 

 

         

 

 

         

 

 

   
   $ 233,358,024           $ 252,496,956           $ 85,586,104           $ 212,703,002    
  

 

 

         

 

 

         

 

 

         

 

 

   
   $ 56,094,680           $ 47,717,212           $ 23,107,004           $ 58,626,201    
  

 

 

         

 

 

         

 

 

         

 

 

   
   $ 55,095,952           $ 46,741,821           $ 22,859,357           $ 57,509,653    
  

 

 

         

 

 

         

 

 

         

 

 

   

 

    23    

 

 

 

 


 

Statements of Operations

For the six months ended October 31, 2023

(Unaudited)

 

     Invesco S&P 500®
Pure Growth
ETF (RPG)
     Invesco S&P 500®
Pure Value
ETF (RPV)
     Invesco S&P 500®
Top 50 ETF (XLG)
 

Investment income:

                       

Unaffiliated dividend income

      $ 14,437,135           $ 25,245,133           $ 14,756,075    

Affiliated dividend income

        8,680             786,191             16,060    

Securities lending income, net

        54,662             134,113             128,527    

Foreign withholding tax

        -             -             -    
     

 

 

         

 

 

         

 

 

   

Total investment income

        14,500,477             26,165,437             14,900,662    
     

 

 

         

 

 

         

 

 

   

Expenses:

                       

Unitary management fees

        3,242,135             3,480,590             2,410,948    
     

 

 

         

 

 

         

 

 

   

Less: Waivers

        (228           (387           (373  
     

 

 

         

 

 

         

 

 

   

Net expenses

        3,241,907             3,480,203             2,410,575    
     

 

 

         

 

 

         

 

 

   

Net investment income

        11,258,570             22,685,234             12,490,087    
     

 

 

         

 

 

         

 

 

   

Realized and unrealized gain (loss) from:

                       

Net realized gain (loss) from:

                       

Unaffiliated investment securities

        (6,662,934           (107,067,493           (12,689,100  

Affiliated investment securities

        8,503             (24,785           5,130    

Unaffiliated in-kind redemptions

        15,153,926             (2,652,368           160,764,102    

Affiliated in-kind redemptions

        -             (4,418,926           -    

Short Sales

        -             -             -    
     

 

 

         

 

 

         

 

 

   

Net realized gain (loss)

        8,499,495             (114,163,572           148,080,132    
     

 

 

         

 

 

         

 

 

   

Change in net unrealized appreciation (depreciation) of:

                       

Unaffiliated investment securities

        (78,207,012           (60,312,735           (36,362,708  

Affiliated investment securities

        2,343             (3,117,612           163    
     

 

 

         

 

 

         

 

 

   

Change in net unrealized appreciation (depreciation)

        (78,204,669           (63,430,347           (36,362,545  
     

 

 

         

 

 

         

 

 

   

Net realized and unrealized gain (loss)

        (69,705,174           (177,593,919           111,717,587    
     

 

 

         

 

 

         

 

 

   

Net increase (decrease) in net assets resulting from operations

      $ (58,446,604         $ (154,908,685         $ 124,207,674    
     

 

 

         

 

 

         

 

 

   

 

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

 

    24    

 

 

 

 


 

 

 

Invesco S&P
MidCap 400® Pure

Growth ETF (RFG)
     Invesco S&P
MidCap 400® Pure

Value ETF
(RFV)
     Invesco S&P
SmallCap 600®

Pure Growth
ETF (RZG)
     Invesco S&P
SmallCap 600®

Pure Value
ETF (RZV)
 
                                 
         $ 1,664,909                        $ 2,252,936                        $ 805,561                        $ 1,951,327           
    1,760            5,296            1,022            907    
    26,296            39,395            19,489            52,621    
    -            -            (2,917          -    
 

 

 

        

 

 

        

 

 

        

 

 

   
    1,692,965            2,297,627            823,155            2,004,855    
 

 

 

        

 

 

        

 

 

        

 

 

   
                                 
    444,246            432,654            161,006            419,358    
 

 

 

        

 

 

        

 

 

        

 

 

   
    (38          (96          (24          (23  
 

 

 

        

 

 

        

 

 

        

 

 

   
    444,208            432,558            160,982            419,335    
 

 

 

        

 

 

        

 

 

        

 

 

   
    1,248,757            1,865,069            662,173            1,585,520    
 

 

 

        

 

 

        

 

 

        

 

 

   
                                 
    4,048,807            (10,401,322          (1,490,971          (23,549,891  
    1,731            (1,527          (423          (3,138  
    2,015,486            4,360,914            620,051            2,920,258    
    -            -            -            -    
    -            -            -            21    
 

 

 

        

 

 

        

 

 

        

 

 

   
    6,066,024            (6,041,935          (871,343          (20,632,750  
 

 

 

        

 

 

        

 

 

        

 

 

   
                        
    (46,880          (58,423          1,215,181            10,902,757    
    1,674            2,898            2,254            8,037    
 

 

 

        

 

 

        

 

 

        

 

 

   
    (45,206          (55,525          1,217,435            10,910,794    
 

 

 

        

 

 

        

 

 

        

 

 

   
    6,020,818            (6,097,460          346,092            (9,721,956  
 

 

 

        

 

 

        

 

 

        

 

 

   
  $ 7,269,575          $ (4,232,391        $ 1,008,265          $ (8,136,436  
 

 

 

        

 

 

        

 

 

        

 

 

   

 

    25    

 

 

 

 


 

Statements of Changes in Net Assets

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

(Unaudited)

 

     Invesco S&P 500®
Pure Growth ETF (RPG)
     Invesco S&P 500®
Pure Value ETF (RPV)
 
     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

     $ 11,258,570          $ 26,904,774          $ 22,685,234          $ 84,026,986    

Net realized gain (loss)

       8,499,495            (342,165,371          (114,163,572          51,692,915    

Change in net unrealized appreciation (depreciation)

       (78,204,669          246,770,356            (63,430,347          (370,038,298  
    

 

 

        

 

 

        

 

 

        

 

 

   

Net increase (decrease) in net assets resulting from operations

       (58,446,604          (68,490,241          (154,908,685          (234,318,397  
    

 

 

        

 

 

        

 

 

        

 

 

   

Distributions to Shareholders from:

                           

Distributable earnings

       (12,029,410          (26,468,365          (24,428,800          (90,174,466  
    

 

 

        

 

 

        

 

 

        

 

 

   

Shareholder Transactions:

                           

Proceeds from shares sold

       49,754,893            378,316,431            66,992,497            2,089,690,422    

Value of shares repurchased

       (259,420,533          (611,648,460          (1,076,548,328          (2,819,284,239  
    

 

 

        

 

 

        

 

 

        

 

 

   

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

       (209,665,640          (233,332,029          (1,009,555,831          (729,593,817  
    

 

 

        

 

 

        

 

 

        

 

 

   

Net increase (decrease) in net assets

       (280,141,654          (328,290,635          (1,188,893,316          (1,054,086,680  
    

 

 

        

 

 

        

 

 

        

 

 

   

Net assets:

                           

Beginning of period

       1,954,045,697            2,282,336,332            2,719,154,318            3,773,240,998    
    

 

 

        

 

 

        

 

 

        

 

 

   

End of period

     $ 1,673,904,043          $ 1,954,045,697          $ 1,530,261,002          $ 2,719,154,318    
    

 

 

        

 

 

        

 

 

        

 

 

   

Changes in Shares Outstanding:

                           

Shares sold

       1,620,000 (a)            12,100,000 (a)            900,000            26,000,000    

Shares repurchased

       (8,580,000 )(a)            (19,900,000 )(a)            (14,620,000          (36,460,000  

Shares outstanding, beginning of period

       64,101,495 (a)            71,901,495 (a)            35,772,836            46,232,836    
    

 

 

        

 

 

        

 

 

        

 

 

   

Shares outstanding, end of period

       57,141,495 (a)            64,101,495 (a)            22,052,836            35,772,836    
    

 

 

        

 

 

        

 

 

        

 

 

   

 

(a) 

Changes in shares outstanding have been restated to reflect a five-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

(b) 

Changes in shares outstanding have been restated to reflect a ten-for-one stock split effective after the close of business on July 14, 2023. See Note 10.

 

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

 

    26    

 

 

 

 


 

 

 

 

Invesco S&P 500®
Top 50 ETF (XLG)
     Invesco S&P Midcap 400®
Pure Growth ETF (RFG)
     
Six Months Ended
October 31,

            2023            
     Year Ended
April  30,
            2023            
     Six Months Ended
October 31,

            2023            
     Year Ended
April 30,

            2023            
     
                          

    

  $ 12,490,087          $ 24,237,984          $ 1,248,757          $ 2,197,247      
    148,080,132            131,936,801            6,066,024            (36,739,602    
    (36,362,545          (128,622,666          (45,206          27,632,525      
 

 

 

        

 

 

        

 

 

        

 

 

     
   

    

124,207,674

 

 

         27,552,119            7,269,575            (6,909,830    
 

 

 

        

 

 

        

 

 

        

 

 

     
                          

    

    (13,040,646          (24,431,724          (1,118,749          (2,522,850    
 

 

 

        

 

 

        

 

 

        

 

 

     
                          
    590,644,560            482,329,812            5,698,819            74,739,971      
    (385,222,719          (431,406,481          (15,063,731          (104,531,803    
 

 

 

        

 

 

        

 

 

        

 

 

     
   

    

205,421,841

 

 

         50,923,331            (9,364,912          (29,791,832    
 

 

 

        

 

 

        

 

 

        

 

 

     
    316,588,869            54,043,726            (3,214,086          (39,224,512    
 

 

 

        

 

 

        

 

 

        

 

 

     
                          

    

    2,193,385,612            2,139,341,886            244,509,475            283,733,987      
 

 

 

        

 

 

        

 

 

        

 

 

     
  $ 2,509,974,481          $ 2,193,385,612          $ 241,295,389          $ 244,509,475      
 

 

 

        

 

 

        

 

 

        

 

 

     
                          

    

    17,290,000 (b)            15,700,000 (b)            140,000 (a)            2,000,000 (a)      
    (11,270,000 )(b)            (14,900,000 )(b)            (390,000 )(a)            (2,900,000 )(a)      
    68,907,850 (b)            68,107,850 (b)            6,700,105 (a)            7,600,105 (a)      
 

 

 

        

 

 

        

 

 

        

 

 

     
    74,927,850 (b)            68,907,850 (b)            6,450,105 (a)            6,700,105 (a)      
 

 

 

        

 

 

        

 

 

        

 

 

     

 

    27    

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

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

(Unaudited)

 

     Invesco S&P MidCap 400®
Pure Value ETF (RFV)
     Invesco S&P SmallCap 600®
Pure Growth ETF (RZG)
 
     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

     $ 1,865,069          $ 3,366,534          $ 662,173          $ 1,746,652    

Net realized gain (loss)

       (6,041,935          665,063            (871,343          (28,375,858  

Change in net unrealized appreciation (depreciation)

       (55,525          (11,159,212          1,217,435            20,039,278    
    

 

 

        

 

 

        

 

 

        

 

 

   

Net increase (decrease) in net assets resulting from operations

       (4,232,391          (7,127,615          1,008,265            (6,589,928  
    

 

 

        

 

 

        

 

 

        

 

 

   

Distributions to Shareholders from:

                           

Distributable earnings

       (1,808,666          (3,557,631          (698,908          (1,764,418  
    

 

 

        

 

 

        

 

 

        

 

 

   

Shareholder Transactions:

                           

Proceeds from shares sold

       53,763,169            302,276,858            -            27,645,743    

Value of shares repurchased

       (66,755,878          (181,654,210          (4,310,252          (40,900,625  
    

 

 

        

 

 

        

 

 

        

 

 

   

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

       (12,992,709          120,622,648            (4,310,252          (13,254,882  
    

 

 

        

 

 

        

 

 

        

 

 

   

Net increase (decrease) in net assets

       (19,033,766          109,937,402            (4,000,895          (21,609,228  
    

 

 

        

 

 

        

 

 

        

 

 

   

Net assets:

                           

Beginning of period

       250,105,362            140,167,960            87,552,248            109,161,476    
    

 

 

        

 

 

        

 

 

        

 

 

   

End of period

     $ 231,071,596          $ 250,105,362          $ 83,551,353          $ 87,552,248    
    

 

 

        

 

 

        

 

 

        

 

 

   

Changes in Shares Outstanding:

                           

Shares sold

       510,000            3,090,000            -            660,000 (a)    

Shares repurchased

       (700,000          (1,980,000          (100,000 )(a)            (1,020,000 )(a)    

Shares outstanding, beginning of period

       2,670,499            1,560,499            2,280,012 (a)            2,640,012 (a)    
    

 

 

        

 

 

        

 

 

        

 

 

   

Shares outstanding, end of period

       2,480,499            2,670,499            2,180,012 (a)            2,280,012 (a)    
    

 

 

        

 

 

        

 

 

        

 

 

   

 

(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 10.

 

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

 

    28    

 

 

 

 


 

 

    

    

    

 

Invesco S&P SmallCap 600®
Pure Value ETF (RZV)
     
Six Months Ended
October  31,
2023
     Year Ended
April 30,
2023
     
            

    

  $ 1,585,520          $ 4,330,931      
    (20,632,750          (12,554,579    
    10,910,794            (11,466,715    
 

 

 

        

 

 

     
    (8,136,436         

    

(19,690,363

 

   
 

 

 

        

 

 

     
   

    

    

 

 

          

    

    (1,557,525          (4,215,256    
 

 

 

        

 

 

     
            

    

    983,483            213,867,166      
    (58,960,496          (205,071,420    
 

 

 

        

 

 

     
   

    

(57,977,013

 

         8,795,746      
 

 

 

        

 

 

     
    (67,670,974          (15,109,873    
 

 

 

        

 

 

     
            

    

    270,607,872            285,717,745      
 

 

 

        

 

 

     
  $ 202,936,898          $ 270,607,872      
 

 

 

        

 

 

     
            

    

    10,000            2,290,000      
    (680,000          (2,350,000    
    3,060,040            3,120,040      
 

 

 

        

 

 

     
    2,390,040            3,060,040      
 

 

 

        

 

 

     

 

 

    29    

 

 

 

 


 

Financial Highlights

Invesco S&P 500® Pure Growth ETF (RPG)

     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

      $ 30.48        $ 31.74     $ 34.53     $ 23.35     $ 23.83     $ 21.82  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        0.19          0.37       0.02       0.07       0.20       0.12  

Net realized and unrealized gain (loss) on investments

                 (1.18        (1.26     (2.81     11.20       (0.45     2.00  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (0.99        (0.89     (2.79     11.27       (0.25     2.12  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                  

Net investment income

        (0.20        (0.37     (0.00 )(c)       (0.09     (0.23     (0.11
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 29.29        $ 30.48     $ 31.74     $ 34.53     $ 23.35     $ 23.83  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(d)

      $ 29.30        $ 30.48     $ 31.75     $ 34.54     $ 23.35     $ 23.84  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

        (3.28 )%         (2.74 )%      (8.08 )%      48.37     (1.02 )%      9.79

Market Price Total Return(e)

        (3.24 )%         (2.77 )%      (8.10 )%      48.40     (1.03 )%      9.71

Ratios/Supplemental Data:

                  

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

      $ 1,673,904        $ 1,954,046     $ 2,282,336     $ 2,650,386     $ 2,195,101     $ 2,842,159  

Ratio to average net assets of:

                  

Expenses

        0.35 %(f)          0.35     0.35     0.35     0.35     0.35

Net investment income

        1.22 %(f)          1.20     0.06     0.23     0.84     0.53

Portfolio turnover rate(g)

        7        78     45     56     73     64

 

(a) 

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

(b) 

Based on average shares outstanding.

(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.

 

    30    

 

 

 

 


 

Financial Highlights–(continued)

 

Invesco S&P 500® Pure Value ETF (RPV)

     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

      $ 76.01        $ 81.61     $ 76.85     $ 45.75     $ 66.34     $ 66.33  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.87          1.91       1.64       1.31       1.65       1.49  

Net realized and unrealized gain (loss) on investments.

                 (6.54        (5.47     4.51       31.03       (20.59     (0.01
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (5.67        (3.56     6.15       32.34       (18.94     1.48  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                  

Net investment income

        (0.95        (2.04     (1.39     (1.24     (1.65     (1.47
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 69.39        $ 76.01     $ 81.61     $ 76.85     $ 45.75     $ 66.34  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(b)

      $ 69.41        $ 76.00     $ 81.60     $ 76.88     $ 45.86     $ 66.36  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

        (7.56 )%         (4.31 )%      8.13     71.67     (28.82 )%      2.37

Market Price Total Return(c)

        (7.52 )%         (4.31 )%      8.06     71.32     (28.67 )%      2.33

Ratios/Supplemental Data:

                  

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

      $ 1,530,261        $ 2,719,154     $ 3,773,241     $ 2,238,854     $ 496,546     $ 928,883  

Ratio to average net assets of:

                  

Expenses

        0.35 %(d)          0.35     0.35     0.35     0.35     0.35

Net investment income

        2.28 %(d)          2.42     2.04     2.16     2.64     2.29

Portfolio turnover rate(e)

        5        45     32     46     46     37

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

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

(d) 

Annualized.

(e) 

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

 

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

 

    31    

 

 

 

 


 

Financial Highlights–(continued)

 

Invesco S&P 500® Top 50 ETF (XLG)

     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

          $ 31.83          $ 31.41     $ 31.36     $ 22.23     $ 21.23     $ 18.72
         

 

 

          

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

            0.18            0.37       0.35       0.37       0.37       0.37

Net realized and unrealized gain on investments

            1.67            0.42       0.05       9.11       1.00       2.52
         

 

 

          

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total from investment operations

                   1.85            0.79       0.40       9.48       1.37       2.89
         

 

 

          

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to shareholders from:

                                  

Net investment income

            (0.18 )            (0.37 )       (0.35 )       (0.35 )       (0.37 )       (0.38 )
         

 

 

          

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value at end of period

          $ 33.50          $ 31.83     $ 31.41     $ 31.36     $ 22.23     $ 21.23
         

 

 

          

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Market price at end of period(c)

          $ 33.50          $ 31.82     $ 31.38     $ 31.36     $ 22.25     $ 21.23
         

 

 

          

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net Asset Value Total Return(d)

            5.79 %            2.69 %       1.21 %       42.97 %       6.61 %       15.64 %

Market Price Total Return(d)

            5.83 %            2.71 %       1.12 %       42.85 %       6.73 %       15.50 %

Ratios/Supplemental Data:

                                  

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

          $ 2,509,974          $ 2,193,386     $ 2,139,342     $ 1,812,843     $ 1,122,748     $ 838,904

Ratio to average net assets of:

                                  

Expenses

            0.20 %(e)            0.20 %       0.20 %       0.20 %       0.20 %       0.20 %

Net investment income

            1.04 %(e)            1.24 %       1.02 %       1.36 %       1.71 %       1.89 %

Portfolio turnover rate(f)

            4 %            5 %       5 %       5 %       8 %       8 %

 

(a) 

Per share amounts have been adjusted to reflect a ten-for-one stock split effective after the close of business 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.

 

    32    

 

 

 

 


 

Financial Highlights–(continued)

 

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

    

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

               $ 36.49        $ 37.33     $ 45.65     $ 26.40     $ 30.37     $ 30.93  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        0.19          0.31       0.06       0.00 (c)       0.19       0.21  

Net realized and unrealized gain (loss) on investments

        0.90          (0.80     (8.34     19.32       (3.98     (0.54
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        1.09          (0.49     (8.28     19.32       (3.79     (0.33
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                  

Net investment income

        (0.17        (0.35     (0.04     (0.07     (0.18     (0.23
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 37.41        $ 36.49     $ 37.33     $ 45.65     $ 26.40     $ 30.37  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(d)

      $ 37.40        $ 36.48     $ 37.30     $ 45.65     $ 26.44     $ 30.39  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

        2.95        (1.27 )%      (18.15 )%      73.26     (12.46 )%      (1.05 )% 

Market Price Total Return(e)

        2.96        (1.18 )%      (18.21 )%      72.95     (12.39 )%      (1.07 )% 

Ratios/Supplemental Data:

                  

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

      $ 241,295        $ 244,509     $ 283,734     $ 403,991     $ 270,607     $ 493,563  

Ratio to average net assets of:

                  

Expenses

        0.35 %(f)          0.35     0.35     0.35     0.35     0.35

Net investment income

        0.98 %(f)          0.84     0.14     0.01     0.66     0.69

Portfolio turnover rate(g)

        16        81     83     73     94     86

 

(a) 

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

(b) 

Based on average shares outstanding.

(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.

 

    33    

 

 

 

 


 

Financial Highlights–(continued)

 

Invesco S&P MidCap 400® Pure Value ETF (RFV)

    

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

               $ 93.65        $ 89.82     $ 93.56     $ 46.79     $ 69.61     $ 65.71  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.75          1.69       1.75       0.72       1.41       0.81  

Net realized and unrealized gain (loss) on investments

        (0.49        3.98 (b)       (3.84     47.07       (22.86     3.90  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        0.26          5.67       (2.09     47.79       (21.45     4.71  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                  

Net investment income

        (0.75        (1.84     (1.65     (1.02     (1.37     (0.81
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 93.16        $ 93.65     $ 89.82     $ 93.56     $ 46.79     $ 69.61  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(c)

      $ 93.14        $ 93.60     $ 89.63     $ 93.64     $ 46.86     $ 69.69  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

        0.23        6.50     (2.28 )%      103.18     (30.96 )%      7.25

Market Price Total Return(d)

        0.27        6.67     (2.56 )%      103.05     (30.94 )%      7.25

Ratios/Supplemental Data:

                  

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

      $ 231,072        $ 250,105     $ 140,168     $ 163,779     $ 56,172     $ 142,737  

Ratio to average net assets of:

                  

Expenses

        0.35 %(e)          0.35     0.35     0.35     0.35     0.35

Net investment income

        1.51 %(e)          1.82     1.85     1.07     2.25     1.20

Portfolio turnover rate(f)

        14        57     47     65     61     57

 

(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.

 

    34    

 

 

 

 


 

Financial Highlights–(continued)

 

Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

    

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

      $ 38.40        $ 41.35     $ 52.95     $ 29.27     $ 38.53     $ 38.14  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        0.30          0.69 (c)       0.22       0.16       0.25       0.11  

Net realized and unrealized gain (loss) on investments

                 (0.06 )(d)          (2.91     (11.65     23.68       (9.22     0.44  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        0.24          (2.22     (11.43     23.84       (8.97     0.55  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                  

Net investment income

        (0.31        (0.73     (0.17     (0.16     (0.29     (0.16
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 38.33        $ 38.40     $ 41.35     $ 52.95     $ 29.27     $ 38.53  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(e)

      $ 38.31        $ 38.39     $ 41.29     $ 52.91     $ 29.32     $ 38.53  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(f)

        0.58        (5.36 )%      (21.63 )%      81.63     (23.30 )%      1.43

Market Price Total Return(f)

        0.54        (5.26 )%      (21.68 )%      81.22     (23.16 )%      1.26

Ratios/Supplemental Data:

                  

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

      $ 83,551        $ 87,552     $ 109,161     $ 138,188     $ 96,608     $ 236,954  

Ratio to average net assets of:

                  

Expenses

        0.35 %(g)         0.35     0.35     0.35     0.35     0.35

Net investment income

        1.44 %(g)          1.72 %(c)       0.43     0.38     0.69     0.26

Portfolio turnover rate(h)

        9        72     80     79     85     71

 

(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 $0.58 and 1.43%, 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) 

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.

 

    35    

 

 

 

 


 

Financial Highlights–(continued)

 

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

    

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

               $ 88.43        $ 91.58     $ 88.82     $ 43.07     $ 67.47     $ 71.57  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

        0.61          1.35       0.90       0.57       0.68       0.99  

Net realized and unrealized gain (loss) on investments

        (3.52        (3.19     2.75       45.63       (24.39     (4.02
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

        (2.91        (1.84     3.65       46.20       (23.71     (3.03
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

                  

Net investment income

        (0.61        (1.31     (0.89     (0.45     (0.69     (1.07
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of period

      $ 84.91        $ 88.43     $ 91.58     $ 88.82     $ 43.07     $ 67.47  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of period(b)

      $ 84.84        $ 88.38     $ 91.61     $ 88.87     $ 43.14     $ 67.53  
     

 

 

      

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

        (3.34 )%         (1.92 )%      4.10     107.66     (35.31 )%      (4.27 )% 

Market Price Total Return(c)

        (3.36 )%         (2.02 )%      4.08     107.44     (35.27 )%      (4.28 )% 

Ratios/Supplemental Data:

                  

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

      $ 202,937        $ 270,608     $ 285,718     $ 337,507     $ 81,842     $ 192,279  

Ratio to average net assets of:

                  

Expenses

        0.35 %(d)          0.35     0.35     0.35     0.35     0.35

Net investment income

        1.32 %(d)          1.50     0.95     0.86     1.14     1.38

Portfolio turnover rate(e)

        15        62     54     74     70     52

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

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

(d) 

Annualized.

(e) 

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

 

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

 

    36    

 

 

 

 


 

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

  

Short Name

  Invesco S&P 500® Pure Growth ETF (RPG)    “S&P 500® Pure Growth ETF”
  Invesco S&P 500® Pure Value ETF (RPV)    “S&P 500® Pure Value ETF”
  Invesco S&P 500® Top 50 ETF (XLG)    “S&P 500® Top 50 ETF”
  Invesco S&P MidCap 400® Pure Growth ETF (RFG)    “S&P MidCap 400® Pure Growth ETF”
  Invesco S&P MidCap 400® Pure Value ETF (RFV)    “S&P MidCap 400® Pure Value ETF”
  Invesco S&P SmallCap 600® Pure Growth ETF (RZG)    “S&P SmallCap 600® Pure Growth ETF”
  Invesco S&P SmallCap 600® Pure Value ETF (RZV)    “S&P SmallCap 600® Pure Value ETF”

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 of the Funds 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

  S&P 500® Pure Growth ETF    S&P 500® Pure Growth Index
  S&P 500® Pure Value ETF    S&P 500® Pure Value Index
  S&P 500® Top 50 ETF    S&P 500® Top 50 Index
  S&P MidCap 400® Pure Growth ETF    S&P MidCap 400® Pure Growth Index
  S&P MidCap 400® Pure Value ETF    S&P MidCap 400® Pure Value Index
  S&P SmallCap 600® Pure Growth ETF    S&P SmallCap 600® Pure Growth Index
  S&P SmallCap 600® Pure Value ETF    S&P SmallCap 600® Pure Value 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.

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.

 

    37    

 

 

 

 


 

 

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 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

 

    38    

 

 

 

 


 

 

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. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. 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.

F.

Expenses - Each Fund 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 Funds, 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

 

    39    

 

 

 

 


 

 

(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).

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund 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.

G.

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.

H.

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 Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust or the Adviser (each, an “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.

I.

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, 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  
  S&P 500® Pure Growth ETF      $1,672  
  S&P 500® Pure Value ETF      6,881  
  S&P 500® Top 50 ETF      7,503  

 

    40    

 

 

 

 


 

 

     Amount  
  S&P MidCap 400® Pure Growth ETF      2,310  
  S&P MidCap 400® Pure Value ETF      3,284  
  S&P SmallCap 600® Pure Growth ETF      1,463  
  S&P SmallCap 600® Pure Value ETF      4,332  

 

J.

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.

Growth Investing Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

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.

 

    41    

 

 

 

 


 

 

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 S&P 500® Top 50 ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their 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 the Fund’s performance.

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.

Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement 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 the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, 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). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

 

     Unitary Management Fees
(as a % of average daily net  assets)
  S&P 500® Pure Growth ETF    0.35%
  S&P 500® Pure Value ETF    0.35%
  S&P 500® Top 50 ETF    0.20%
  S&P MidCap 400® Pure Growth ETF    0.35%
  S&P MidCap 400® Pure Value ETF    0.35%
  S&P SmallCap 600® Pure Growth ETF    0.35%
  S&P SmallCap 600® Pure Value ETF    0.35%

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. This waiver does 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.

For the six months ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:

 

  S&P 500® Pure Growth ETF    $ 228  
  S&P 500® Pure Value ETF      387  
  S&P 500® Top 50 ETF      373  
  S&P MidCap 400® Pure Growth ETF      38  
  S&P MidCap 400® Pure Value ETF      96  
  S&P SmallCap 600® Pure Growth ETF      24  
  S&P SmallCap 600® Pure Value ETF      23  

 

    42    

 

 

 

 


 

 

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 licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”). Each Underlying Index name trademark is owned by the 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 not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes 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.

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:

 

  S&P 500® Pure Growth ETF    $ 16,415  
  S&P 500® Pure Value ETF      16,705  
  S&P 500® Top 50 ETF      14,334  
  S&P MidCap 400® Pure Growth ETF      6,589  
  S&P MidCap 400® Pure Value ETF      15,163  
  S&P SmallCap 600® Pure Growth ETF      2,058  
  S&P SmallCap 600® Pure Value ETF      11,190  

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–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2023, the following Funds engaged in transactions with affiliates as listed below:

 

    

Securities Purchases

  

Securities Sales

  

Net Realized Gains (Losses)*

S&P 500® Pure Growth ETF      $ 30,868,422      $ -      $ -
S&P 500® Pure Value ETF        -        2,855,144        (2,277,868 )
S&P MidCap 400® Pure Growth ETF        5,770,754        2,665,138        1,516,402
S&P MidCap 400® Pure Value ETF        -        3,123,279        (2,044,932 )
S&P SmallCap 600® Pure Growth ETF        -        228,575        48,576
S&P SmallCap 600® Pure Value ETF        8,583,638        -        -

 

*

Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

NOTE 5–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.

 

    43    

 

 

 

 


 

 

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
  S&P 500® Pure Growth ETF                    
  Investments in Securities                    
    Common Stocks & Other Equity Interests      $ 1,672,916,481      $ -      $ -      $ 1,672,916,481
    Money Market Funds        -        67,159,976        -        67,159,976
    

 

 

      

 

 

      

 

 

      

 

 

 
    Total Investments      $ 1,672,916,481      $ 67,159,976      $ -      $ 1,740,076,457
    

 

 

      

 

 

      

 

 

      

 

 

 
  S&P 500® Pure Value ETF                    
  Investments in Securities                    
    Common Stocks & Other Equity Interests      $ 1,528,199,558      $ -      $ -      $ 1,528,199,558
    Money Market Funds        495,406        123,451,090        -        123,946,496
    

 

 

      

 

 

      

 

 

      

 

 

 
    Total Investments      $ 1,528,694,964      $ 123,451,090      $ -      $ 1,652,146,054
    

 

 

      

 

 

      

 

 

      

 

 

 
  S&P 500® Top 50 ETF                    
  Investments in Securities                    
    Common Stocks & Other Equity Interests      $ 2,509,579,663      $ -      $ -      $ 2,509,579,663
    Money Market Funds        -        54,230,095        -        54,230,095
    

 

 

      

 

 

      

 

 

      

 

 

 
    Total Investments      $ 2,509,579,663      $ 54,230,095      $ -      $ 2,563,809,758
    

 

 

      

 

 

      

 

 

      

 

 

 
  S&P MidCap 400® Pure Growth ETF                    
  Investments in Securities                    
    Common Stocks & Other Equity Interests      $ 241,126,084      $ -      $ -      $ 241,126,084
    Money Market Funds        225,062        55,870,861        -        56,095,923
    

 

 

      

 

 

      

 

 

      

 

 

 
    Total Investments      $ 241,351,146      $ 55,870,861      $ -      $ 297,222,007
    

 

 

      

 

 

      

 

 

      

 

 

 
  S&P MidCap 400® Pure Value ETF                    
  Investments in Securities                    
    Common Stocks & Other Equity Interests      $ 231,051,996      $ -      $ -      $ 231,051,996
    Money Market Funds        -        47,717,743        -        47,717,743
    

 

 

      

 

 

      

 

 

      

 

 

 
    Total Investments      $ 231,051,996      $ 47,717,743      $ -      $ 278,769,739
    

 

 

      

 

 

      

 

 

      

 

 

 
  S&P SmallCap 600® Pure Growth ETF                    
  Investments in Securities                    
    Common Stocks & Other Equity Interests      $ 83,503,769      $ -      $ 0      $ 83,503,769
    Money Market Funds        -        23,107,490        -        23,107,490
    

 

 

      

 

 

      

 

 

      

 

 

 
    Total Investments      $ 83,503,769      $ 23,107,490      $ 0      $ 106,611,259
    

 

 

      

 

 

      

 

 

      

 

 

 
  S&P SmallCap 600® Pure Value ETF                    
  Investments in Securities                    
    Common Stocks & Other Equity Interests      $  202,833,906      $ -      $ -      $  202,833,906
    Money Market Funds        55,383        58,572,850        -        58,628,233
    

 

 

      

 

 

      

 

 

      

 

 

 
    Total Investments      $ 202,889,289      $ 58,572,850      $ -      $ 261,462,139
    

 

 

      

 

 

      

 

 

      

 

 

 

NOTE 6–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.

 

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

 

     No expiration         
     Short-Term      Long-Term      Total*  
  S&P 500® Pure Growth ETF    $ 432,201,860      $ 353,686,009      $ 785,887,869  
  S&P 500® Pure Value ETF      313,446,664        254,359,117        567,805,781  
  S&P 500® Top 50 ETF      42,328,049        68,359,714        110,687,763  
  S&P MidCap 400® Pure Growth ETF      183,134,801        75,988,845        259,123,646  
  S&P MidCap 400® Pure Value ETF      40,543,335        32,858,476        73,401,811  
  S&P SmallCap 600® Pure Growth ETF      101,793,178        36,866,735        138,659,913  
  S&P SmallCap 600® Pure Value ETF      83,388,872        90,149,871        173,538,743  

 

*

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 7–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  
  S&P 500® Pure Growth ETF    $ 122,502,374      $ 122,000,548  
  S&P 500® Pure Value ETF      92,156,181        92,594,551  
  S&P 500® Top 50 ETF      87,805,498        87,413,179  
  S&P MidCap 400® Pure Growth ETF      39,820,438        39,696,166  
  S&P MidCap 400® Pure Value ETF      35,664,687        35,402,960  
  S&P SmallCap 600® Pure Growth ETF      7,841,818        7,933,366  
  S&P SmallCap 600® Pure Value ETF      36,871,231        36,835,507  

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

 

     In-kind      In-kind  
     Purchases      Sales  
  S&P 500® Pure Growth ETF    $ 49,704,212      $ 259,289,440  
  S&P 500® Pure Value ETF      66,922,024        1,075,490,235  
  S&P 500® Top 50 ETF      589,621,762        384,911,312  
  S&P MidCap 400® Pure Growth ETF      5,700,809        15,066,260  
  S&P MidCap 400® Pure Value ETF      53,685,322        66,719,563  
  S&P SmallCap 600® Pure Growth ETF      -        4,303,932  
  S&P SmallCap 600® Pure Value ETF      984,054        58,927,742  

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. 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  
  S&P 500® Pure Growth ETF   $ 192,487,477     $ (186,947,053   $ 5,540,424     $ 1,734,536,033  
  S&P 500® Pure Value ETF     51,740,155       (456,879,641     (405,139,486     2,057,285,540  
  S&P 500® Top 50 ETF     344,899,878       (91,628,066     253,271,812       2,310,537,946  
  S&P MidCap 400® Pure Growth ETF     27,686,088       (20,378,679     7,307,409       289,914,598  
  S&P MidCap 400® Pure Value ETF     9,132,476       (30,767,560     (21,635,084     300,404,823  
  S&P SmallCap 600® Pure Growth ETF     10,857,408       (13,125,013     (2,267,605     108,878,864  
  S&P SmallCap 600® Pure Value ETF     23,764,971       (35,756,934     (11,991,963     273,454,102  

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Interested Trustee does not receive any Trustees’ fees.

 

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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 9–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 10–Stock Split

On June 22, 2023, the Board of Trustees approved the stock splits set forth in the table below. 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, five or ten shares, as described below, 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.

 

  Fund   

 Stock Split Ratio

    

  S&P 500® Pure Growth ETF

   5 to 1   
  S&P 500® Top 50 ETF    10 to 1                                                                                                  

  S&P MidCap 400® Pure Growth ETF

   5 to 1   
  S&P SmallCap 600® Pure Growth ETF    3 to 1   

 

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the 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 S&P 500® Pure Growth ETF (RPG)

          

Actual

     $1,000.00        $   967.20        0.35%        $1.73  

Hypothetical (5% return before expenses)

       1,000.00          1,023.38        0.35             1.78  

Invesco S&P 500® Pure Value ETF (RPV)

          

Actual

       1,000.00             924.40        0.35             1.69  

Hypothetical (5% return before expenses)

       1,000.00          1,023.38        0.35             1.78  

Invesco S&P 500® Top 50 ETF (XLG)

          

Actual

       1,000.00          1,057.90        0.20             1.03  

Hypothetical (5% return before expenses)

       1,000.00          1,024.13        0.20             1.02  

Invesco S&P MidCap 400® Pure Growth ETF (RFG)

          

Actual

       1,000.00          1,029.50        0.35             1.79  

Hypothetical (5% return before expenses)

       1,000.00          1,023.38        0.35             1.78  

Invesco S&P MidCap 400® Pure Value ETF (RFV)

          

Actual

       1,000.00          1,002.30        0.35             1.76  

Hypothetical (5% return before expenses)

       1,000.00          1,023.38        0.35             1.78  

 

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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 S&P SmallCap 600® Pure Growth ETF (RZG)

          

Actual

     $1,000.00        $1,005.80        0.35%        $1.76  

Hypothetical (5% return before expenses)

       1,000.00          1,023.38        0.35             1.78  

Invesco S&P SmallCap 600® Pure Value ETF (RZV)

          

Actual

       1,000.00           966.60        0.35             1.73  

Hypothetical (5% return before expenses)

       1,000.00        1,023.38        0.35             1.78  

 

(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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Downers Grove, IL 60515    P-TRST1-SAR-3                          invesco.com/ETFs