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Invesco Annual Report to Shareholders

 

 

April 30, 2022

 

 

PKW  Invesco BuyBack AchieversTM ETF

 

 

PFM   Invesco Dividend AchieversTM ETF

 

 

DJD   Invesco Dow Jones Industrial Average Dividend ETF

 

 

PGF   Invesco Financial Preferred ETF

 

 

PEY   Invesco High Yield Equity Dividend AchieversTM ETF

 

 

PID    Invesco International Dividend AchieversTM ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      17  
Schedules of Investments   

Invesco BuyBack AchieversTM ETF (PKW)

     18  

Invesco Dividend AchieversTM ETF (PFM)

     21  

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

     26  

Invesco Financial Preferred ETF (PGF)

     28  

Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

     31  

Invesco International Dividend AchieversTM ETF (PID)

     33  
Statements of Assets and Liabilities      36  
Statements of Operations      38  
Statements of Changes in Net Assets      40  
Financial Highlights      42  
Notes to Financial Statements      46  
Report of Independent Registered Public Accounting Firm      57  
Fund Expenses      58  
Tax Information      60  
Trustees and Officers      61  
Approval of Investment Advisory Contracts      71  

 

 

  2  

 


 

The Market Environment

 

 

 

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.1 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,2 the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,3 causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.2 To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.3 The CPI rose by 7.9% for the 12 months ended February 2022, the largest 12-month increase since 1982.2 To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.4

1 

Source: US Bureau of Economic Analysis

2 

Source: US Bureau of Labor Statistics

3 

Source: Bloomberg LP

4 

Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

 

 

  3  

 


 

 

PKW    Management’s Discussion of Fund Performance
   Invesco BuyBack AchieversTM ETF (PKW)

 

As an index fund, the Invesco BuyBack AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US BuyBack AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “BuyBack AchieversTM”. To qualify for the universe of “BuyBack AchieversTM,” an issuer must have effected a net reduction in shares outstanding of 5% or more in the past 12 months. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.90)%. On a net asset value (“NAV”) basis, the Fund returned (2.78)%. During the same time period, the Index returned (2.22)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and materials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Fortinet, Inc., an information technology company (no longer held at fiscal year-end) and McKesson Corp., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Charter Communications, Inc., Class A, a communication services company (portfolio average weight of 4.84%) and Bank of America Corp., a financials company (portfolio average weight of 1.23%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Financials      28.51  
Consumer Discretionary      22.84  
Information Technology      12.16  
Health Care      10.17  
Materials      7.47  
Industrials      7.10  
Communication Services      6.66  
Energy      3.20  
Sector Types Each Less Than 3%      1.87  
Money Market Funds Plus Other Assets Less Liabilities      0.02  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Lowe’s Cos., Inc.      5.23  
Oracle Corp.      4.75  
Bank of America Corp.      4.63  
Cigna Corp.      4.38  
Charter Communications, Inc., Class A      4.20  
HCA Healthcare, Inc.      3.58  
Dollar General Corp.      3.01  
MetLife, Inc.      3.00  
Capital One Financial Corp.      2.80  
Marathon Petroleum Corp.      2.69  
Total      38.27  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco BuyBack AchieversTM ETF (PKW) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

         

Fund Inception

 
Index   1 Year           Average
Annualized
    Cumulative  

NASDAQ US BuyBack Achievers Index

    (2.22 )%      12.15     41.06     12.18     77.68     13.20     245.42       10.16     341.97
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         9.38       296.61  
Fund                    

NAV Return

    (2.78     11.50       38.60       11.52       72.48       12.48       224.16         9.42       298.54  
Market Price Return     (2.90     11.47       38.51       11.52       72.46       12.48       224.06         9.40       297.80  

 

Fund Inception: December 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.64%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  5  

 


 

 

PFM    Management’s Discussion of Fund Performance
   Invesco Dividend AchieversTM ETF (PFM)

 

As an index fund, the Invesco Dividend AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Broad Dividend AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “Dividend AchieversTM.” To qualify for the universe of “Dividend AchieversTM,” an issuer must have increased its annual regular cash dividend payments for at least each of its last ten consecutive calendar or fiscal years. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 4.46%. On a net asset value (“NAV”) basis, the Fund returned 4.40%. During the same time period, the Index returned 4.94%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 3000® Value Index returned 0.79%.

For the fiscal year ended April 30, 2022, the consumer staples sector contributed most significantly to the Fund’s return, followed by the health care and energy sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 1.81%) and Chevron Corp., an energy company (portfolio average weight of 1.50%). Positions that detracted most significantly from the Fund’s return during this period included JPMorgan Chase & Co., a financials company (portfolio average weight of 3.00%) and Comcast Corp., Class A, a communication services company (portfolio average weight of 1.57%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      20.28  
Health Care      16.20  
Consumer Staples      14.63  
Financials      12.82  
Industrials      11.80  
Consumer Discretionary      7.22  
Utilities      5.23  
Energy      4.56  
Materials      3.10  
Sector Types Each Less Than 3%      4.10  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Microsoft Corp.      3.77  
UnitedHealth Group, Inc.      2.98  
Johnson & Johnson      2.95  
Walmart, Inc.      2.64  
Procter & Gamble Co. (The)      2.40  
Exxon Mobil Corp.      2.25  
Visa, Inc., Class A      2.20  
JPMorgan Chase & Co.      2.19  
Mastercard, Inc., Class A      2.19  
Home Depot, Inc. (The)      1.95  
Total      25.52  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco Dividend AchieversTM ETF (PFM) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

   

1 Year

   

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
NASDAQ US Broad Dividend Achievers Index     4.94     11.68     39.28     11.82     74.83     11.76     204.09       8.53     290.01
Russell 3000® Value Index     0.79       9.48       31.24       8.89       53.08       11.06       185.60         7.68       242.18  
Fund                    
NAV Return     4.40       11.13       37.26       11.26       70.49       11.18       188.48         7.91       254.66  
Market Price Return     4.46       11.16       37.35       11.25       70.39       11.19       188.85         7.92       254.86  

 

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.53%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  7  

 


 

 

DJD    Management’s Discussion of Fund Performance
   Invesco Dow Jones Industrial Average Dividend ETF (DJD)

 

As an index fund, the Invesco Dow Jones Industrial Average Dividend ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dow Jones Industrial Average Yield Weighted (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is designed to provide exposure to dividend-paying equity securities of companies included in the Dow Jones Industrial AverageTM (the “Benchmark Index”), which is a price- weighted index of 30 U.S. companies that meet certain size, listing and liquidity requirements. The Index includes all constituents of the Benchmark Index that pay dividends. The Index is calculated using a yield-weighted methodology that weights all dividend- paying constituents of the Benchmark Index by their indicated annual dividend yield. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 6.04%. On a net asset value (“NAV”) basis, the Fund returned 6.19%. During the same time period, the Index returned 6.27%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due fees and operating expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (0.82)%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the consumer discretionary sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the energy sector, as well as the Fund’s underweight allocation to and security selection in the industrials sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the health care and consumer staples sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the communication services and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Chevron Corp., an energy company (portfolio average weight of 8.31%) and Merck & Co., Inc., a health care company (portfolio average weight of 5.22%). Positions that detracted most significantly from the Fund’s return during this period included 3M Co., an industrials company (portfolio average weight of 4.64%) and Verizon Communications Inc., a communication services company (portfolio average weight of 6.41%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Information Technology      18.55  
Health Care      16.33  
Consumer Staples      15.68  
Industrials      12.13  
Financials      10.89  
Consumer Discretionary      7.98  
Materials      7.30  
Communication Services      5.86  
Energy      5.09  
Money Market Funds Plus Other Assets Less Liabilities      0.19  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
International Business Machines Corp.      8.04  
Dow, Inc.      7.30  
Verizon Communications, Inc.      5.86  
3M Co.      5.77  
Merck & Co., Inc.      5.75  
Walgreens Boots Alliance, Inc.      5.21  
Chevron Corp.      5.09  
Amgen, Inc.      4.91  
Coca-Cola Co. (The)      4.44  
Intel Corp.      4.10  
Total      56.47  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco Dow Jones Industrial Average Dividend ETF (DJD) (continued)

 

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

          Fund Inception  
Index   Average
Annualized
    Cumulative  

Dow Jones Industrial Average Yield Weighted Index

    6.27     10.23     33.92     11.85     75.09       12.85     116.10
Dow Jones Industrial Average Index     (0.82     9.77       32.26       11.96       75.92         12.74       114.72  
Fund                

NAV Return

    6.19       10.21       33.87       11.74       74.23         12.67       113.90  
Market Price Return     6.04       10.16       33.69       11.70       73.90         12.67       113.85  

 

Guggenheim Dow Jones Industrial Average Dividend ETF (Predecessor Fund) Inception: December 16, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

 

 

  9  

 


 

 

PGF    Management’s Discussion of Fund Performance
   Invesco Financial Preferred ETF (PGF)

 

Effective after the close of the markets on June 30, 2021, the underlying index of the Invesco Financial Preferred ETF (the “Fund”) changed from the Wells Fargo® Hybrid and Preferred Securities Financial Index (the “Previous Index”) to the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (the “Index”). At that time, the Fund also changed its investment objective and principal investment strategy.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and through June 30, 2021, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and, through June 30, 2021, generally invested at least 90% of its total assets in securities that comprised the Previous Index. ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, a market capitalization weighted index designed to track the performance of exchange-listed, fixed rate U.S. dollar denominated preferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities, issued in the U.S. domestic market by financial companies. The Index Provider considers financial companies to be banking, brokerage, finance, investment and insurance companies. Securities that qualify for the Index must be listed on either the NASDAQ or the New York Stock Exchange as their primary listing exchange. The Index only includes securities with no final maturity date (i.e., perpetuals) and whose payments are “qualified dividend income” under the U.S. tax code. Further, the Index only includes securities that are rated at least B3 by Moody’s Investors Service or B- by S&P Global Ratings, that have a minimum amount outstanding of $250 million, and that meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider. In general, preferred stock is a class of equity security that pays distributions to preferred stockholders. Preferred stockholders have priority over common stockholders in the payment of specified dividends, such that preferred stockholders receive dividends before any dividends are paid to common stockholders. In addition, preferred stock takes precedence over common stock in receiving proceeds from an issuer in the event of the issuer’s liquidation, but is generally junior to debt, including senior and subordinated debt.

Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights. Preferred stocks have economic characteristics similar to fixed-income securities; for example, preferred stocks generally pay dividends at a specified rate, which may be fixed or variable. The Index may include fixed-to-floating rate preferred securities (securities that have an initial term with a fixed dividend rate and subsequently bear a floating dividend rate), provided that these securities are callable within the fixed rate period and are at least one day from the last call before transitioning from a fixed rate to a floating rate. Preferred stocks often have a liquidation value that equals the original purchase price of the stock at the time of

issuance. The Index may include securities of large-, mid- and small-capitalization companies.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (13.99)%. On a net asset value (“NAV”) basis, the Fund returned (13.34)%. During the same time period, the Blended-Custom Linked Financial Preferred ETF Index (a composite of the returns of the Previous Index through June 30, 2021 and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (12.99)%. The Fund’s performance, on a NAV basis, differed from the return of the Blended-Index due to the fees and operating expenses as well as trading costs incurred by the Fund during the period.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (9.75)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 276 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. preferred stock market.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that employs a methodology that focuses on financials sector preferred securities, whereas the Benchmark Index includes preferred stocks from across the U.S. preferred stock market, including convertible preferred stocks. As such, the Fund had an overweight allocation to the financials sector compared to the Benchmark Index.

Relative to the Benchmark Index, the majority of the Fund’s underperformance during the period can be primarily attributed to its overweight allocation to preferred securities in the banks and consumer finance industries.

For the fiscal year ended April 30, 2022, no industry contributed to the Fund’s performance. The banks industry detracted most significantly from the Fund’s return, followed by the insurance and consumer finance industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Charles Schwab Corp., 5.95%, Series D, a capital markets company (portfolio average weight of 1.11%) and PNC Financials Services Group, Inc. (The), Series P, 5.35%, a banks company (portfolio average weight of 2.31%). The positions that detracted most significantly from the Fund’s return during this period were JPMorgan Chase & Co, Series MM, 4.20%, a banks company (portfolio average weight of 2.11%) and Wells Fargo & Co., Series Z, 4.75%, a banks company (portfolio average weight of 2.21%).

 

 

  10  

 


 

Invesco Financial Preferred ETF (PGF) (continued)

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Banks      57.96  
Insurance      18.22  
Capital Markets      15.21  
Consumer Finance      5.28  
Industry Types Each Less Than 3%      3.06  
Money Market Funds Plus Other Assets Less Liabilities      0.27  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,      2.54  
Citigroup, Inc., Series K, Pfd., 6.88%,      2.38  
Wells Fargo & Co., Series Q, Pfd., 5.85%,      2.38  
JPMorgan Chase & Co., Series DD, Pfd., 5.75%,      2.37  
PNC Financial Services Group, Inc. (The), Series P, Pfd., 5.35%,      2.31  
Wells Fargo & Co., Series Z, Pfd., 4.75%,      2.20  
JPMorgan Chase & Co., Series MM, Pfd., 4.20%,      2.10  
JPMorgan Chase & Co., Series LL, Pfd., 4.63%,      2.03  
Bank of America Corp., Series GG, Pfd., 6.00%,      1.95  
Bank of America Corp., Series KK, Pfd., 5.38%,      1.82  
Total      22.08  

 

*

Excluding money market fund holdings.

 

Growth of a $10,000 Investment

 

LOGO

 

 

  11  

 


 

Invesco Financial Preferred ETF (PGF) (continued)

 

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  
Blended - Custom Linked Financial Preferred ETF Index     (12.99 )%      (0.12 )%      (0.36 )%      1.79     9.29     4.70     58.35       4.11     86.10
ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index     (13.12     N/A       N/A       N/A       N/A       N/A       N/A         N/A       N/A  
S&P U.S. Preferred Stock Index     (9.75     2.36       7.24       2.80       14.78       4.86       60.66         4.33       92.12  
Fund                    
NAV Return     (13.34     (0.38     (1.13     1.39       7.14       4.35       53.08         3.40       67.38  
Market Price Return     (13.99     (0.54     (1.62     1.31       6.72       4.29       52.16         3.32       65.46  

 

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

-

The Blended-Custom Linked Financial Preferred ETF Index is comprised of the performance of the Previous Index from Fund Inception through the conversion date, June 30, 2021, followed by the performance of the Index starting from the conversion date through April 30, 2022.

 

 

  12  

 


 

 

PEY    Management’s Discussion of Fund Performance
   Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

 

As an index fund, the Invesco High Yield Equity Dividend AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Dividend AchieversTM 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index that have a consistent record of dividend increases, principally on the basis of dividend yield and consistent growth in dividends. The Underlying Index is composed of the 50 issuers with the highest modified dividend yield chosen from the NASDAQ US Broad Dividend AchieversTM Index. To qualify for inclusion in the Index, an issuer must have, among other things, increased its annual regular cash dividend payments for at least each of its last ten consecutive calendar or fiscal years, and must have a minimum market capitalization of $1 billion. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 6.01%. On a net asset value (“NAV”) basis, the Fund returned 5.92%. During the same time period, the Index returned 6.41%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period. During this same time period, the Dow Jones U.S. Select Dividend Index returned 8.01%.

For the fiscal year ended April 30, 2022, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the gas utilities and tobacco industries, respectively. The diversified telecommunication services industry detracted most significantly from the Fund’s return, followed by the capital markets and household durables industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an oil, gas & consumable fuels company (portfolio average weight of 3.01%) and Chevron Corp., an oil, gas & consumable fuels company (portfolio average weight of 2.48%). Positions that detracted most significantly from the Fund’s return during this period included AT&T Inc., a diversified telecommunication services company (no longer held at fiscal year-end) and Leggett & Platt, Inc., a household durables company (portfolio average weight of 1.58%).

Industry Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Electric Utilities      13.19  
Insurance      10.87  
Tobacco      9.13  
Banks      9.06  
Multi-Utilities      5.59  
Gas Utilities      5.38  
Oil, Gas & Consumable Fuels      4.45  
Pharmaceuticals      3.70  
Health Care Providers & Services      3.63  
Household Products      3.40  
Industry Types Each Less Than 3%      31.54  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Altria Group, Inc.      3.70  
Universal Corp.      3.05  
Healthcare Services Group, Inc.      2.84  
International Business Machines Corp.      2.81  
Northwest Bancshares, Inc.      2.54  
LyondellBasell Industries N.V., Class A      2.47  
Exxon Mobil Corp.      2.41  
Philip Morris International, Inc.      2.38  
Pinnacle West Capital Corp.      2.37  
Unum Group      2.31  
Total      26.88  

 

*

Excluding money market fund holdings.

 

 

  13  

 


 

Invesco High Yield Equity Dividend AchieversTM ETF (PEY) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  
NASDAQ US Dividend Achievers 50 Index     6.41     10.05     33.27     9.27     55.81     13.31     248.76       6.76     212.04
Dow Jones U.S. Select Dividend Index     8.01       11.33       37.99       10.42       64.14       12.29       218.72         8.61       320.64  
Fund                    
NAV Return     5.92       9.47       31.20       8.72       51.88       12.72       231.25         6.27       187.81  
Market Price Return     6.01       9.49       31.27       8.73       51.93       12.73       231.56         6.28       188.27  

 

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.53%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  14  

 


 

 

PID    Management’s Discussion of Fund Performance
   Invesco International Dividend AchieversTM ETF (PID)

 

As an index fund, the Invesco International Dividend AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ International Dividend AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes dividend- paying common stocks and other securities in the Index pursuant to a proprietary selection methodology that identifies companies that have increased their aggregate annual regular cash dividend payments consistently for at least each of the last five consecutive years. The Index is composed of Global Depositary Receipts (“GDRs”) that are listed on the London Stock Exchange or the London International Exchange, American Depository Receipts (“ADRs”), non-U.S. common or ordinary stocks, limited partnership interests and shares of limited liability companies traded on the New York Stock Exchange, The Nasdaq Stock Market, Cboe Exchange or NYSE American. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 10.43%. On a net asset value (“NAV”) basis, the Fund returned 10.11%. During the same time period, the Index returned 10.11%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, equaled the return of the Index as the fees and operating expenses that the Fund incurred during the period were entirely offset by securities lending income, preferential dividend tax rates obtained by the Fund relative to the Index, and income from class action litigation received by the Fund. During this same time period, the MSCI EAFE® Index (Net) returned (8.15)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and financials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2022, included Canadian Natural Resources Ltd., an energy company (portfolio average weight of 3.14%) and Companhia Paranaense de Energia Sponsored ADR, a utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Magna International, Inc., a consumer discretionary company (portfolio average weight of 1.38%) and Unilever PLC, ADR, a consumer staples company (portfolio average weight of 2.52%).

Sector Breakdown
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Utilities      19.40  
Financials      16.66  
Energy      12.51  
Materials      9.98  
Communication Services      9.14  
Information Technology      8.36  
Health Care      7.71  
Industrials      6.42  
Consumer Discretionary      4.90  
Consumer Staples      4.47  
Real Estate      0.35  
Money Market Funds Plus Other Assets Less Liabilities      0.10  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of April 30, 2022
 
Security   
Banco Santander Brasil S.A., ADR      4.44  
BCE, Inc.      4.15  
Enbridge, Inc.      4.14  
TC Energy Corp.      3.99  
Rio Tinto PLC, ADR      3.70  
Atlantica Sustainable Infrastructure PLC      3.67  
Algonquin Power & Utilities Corp.      3.62  
National Grid PLC, ADR      3.52  
Sumitomo Mitsui Financial Group, Inc., ADR      3.31  
TELUS Corp.      3.14  
Total      37.68  

 

*

Excluding money market fund holdings.

 

 

  15  

 


 

Invesco International Dividend AchieversTM ETF (PID) (continued)

 

Growth of a $10,000 Investment

 

LOGO

Fund Performance History as of April 30, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

        Average
Annualized
    Cumulative  
Blended - NASDAQ International Dividend Achievers Index (Net)     10.11     8.07     26.20     8.25     48.66     5.79     75.50       5.21     132.80
MSCI EAFE® Index (Net)     (8.15     4.44       13.91       4.77       26.25       5.77       75.28         4.25       99.84  
Fund                    
NAV Return     10.11       7.94       25.77       8.09       47.54       5.52       71.10         4.74       115.92  
Market Price Return     10.43       7.98       25.92       8.11       47.71       5.52       71.07         4.75       116.13  

 

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

The Blended-NASDAQ International Dividend Achievers Index (Net) is comprised of gross total returns of the Index from Fund inception through the conversion date, March 9, 2015, and net returns of the Index starting at the conversion date through April 30, 2022.

 

-

Net returns reflect invested dividends net of withholding taxes.

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  16  

 


 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

 

   

The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

 

   

Each Fund’s investment strategy remained appropriate for an open-end fund;

 

   

Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

 

   

The Funds did not breach the 15% limit on Illiquid Investments; and

 

   

The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

 

    17    

 

 

 

 


 

Invesco BuyBack AchieversTM ETF (PKW)

April 30, 2022

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.98%

 

Communication Services-6.66%

     

Altice USA, Inc., Class A(b)(c)

     202,135      $ 1,875,813  

Charter Communications, Inc., Class A(b)

     132,675        56,849,911  

DHI Group, Inc.(b)

     36,958        205,486  

EchoStar Corp., Class A(b)(c)

     28,509        665,685  

Lumen Technologies, Inc.(c)

     765,229        7,698,204  

Nexstar Media Group, Inc., Class A

     30,661        4,857,316  

Sirius XM Holdings, Inc.(c)

         2,952,073        17,712,438  

TrueCar, Inc.(b)(c)

     72,207        258,501  
     

 

 

 
             90,123,354  
     

 

 

 

Consumer Discretionary-22.84%

     

Aaron’s Co., Inc. (The)(c)

     23,879        490,236  

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

     37,853        1,308,957  

Advance Auto Parts, Inc.(c)

     45,683        9,119,697  

AutoNation, Inc.(b)(c)

     45,888        5,318,878  

AutoZone, Inc.(b)

     14,844        29,026,997  

Bath & Body Works, Inc.(c)

     178,643        9,448,428  

Bed Bath & Beyond, Inc.(b)(c)

     72,037        980,424  

Best Buy Co., Inc.(c)

     168,416        15,145,651  

Big Lots, Inc.(c)

     21,356        659,900  

Carriage Services, Inc.

     11,462        491,605  

Citi Trends, Inc.(b)(c)

     6,356        177,777  

Crocs, Inc.(b)

     45,764        3,040,103  

Dillard’s, Inc., Class A(c)

     10,748        3,265,350  

Dollar General Corp.

     171,136        40,649,934  

Domino’s Pizza, Inc.

     26,943        9,106,734  

eBay, Inc.

     439,329        22,809,962  

Flexsteel Industries, Inc.(c)

     4,851        105,218  

Grand Canyon Education, Inc.(b)(c)

     26,412        2,534,760  

Hibbett, Inc.(c)

     9,826        424,287  

Jack in the Box, Inc.(c)

     15,734        1,302,146  

Kirkland’s, Inc.(b)(c)

     9,219        66,653  

Kohl’s Corp.

     96,155        5,565,451  

Laureate Education, Inc., Class A(c)

     133,479        1,512,317  

Lowe’s Cos., Inc.

     357,965        70,780,420  

MGM Resorts International(c)

     325,524        13,359,505  

Murphy USA, Inc.

     18,284        4,271,142  

NVR, Inc.(b)

     2,510        10,984,287  

O’Reilly Automotive, Inc.(b)

     49,573        30,068,503  

PulteGroup, Inc.

     180,525        7,538,724  

Sleep Number Corp.(b)(c)

     16,572        672,160  

Smith & Wesson Brands, Inc.(c)

     34,032        467,259  

Taylor Morrison Home Corp., Class A(b)

     90,694        2,375,276  

Tempur Sealy International, Inc.(c)

     133,846        3,628,565  

Tri Pointe Homes, Inc.(b)

     80,440        1,662,695  

Zumiez, Inc.(b)(c)

     14,899        545,750  
     

 

 

 
        308,905,751  
     

 

 

 

Consumer Staples-1.56%

     

Hain Celestial Group, Inc. (The)(b)(c)

     68,288        2,290,380  

Herbalife Nutrition Ltd.(b)(c)

     82,155        2,183,680  

Ingles Markets, Inc., Class A

     10,709        997,222  

JM Smucker Co. (The)

     81,098        11,104,749  

Post Holdings, Inc.(b)(c)

     46,255        3,440,909  

USANA Health Sciences, Inc.(b)

     14,345        1,099,688  
     

 

 

 
        21,116,628  
     

 

 

 
     Shares      Value  

Energy-3.20%

     

CNX Resources Corp.(b)

     148,388      $ 3,049,373  

Dorian LPG Ltd.

     30,012        441,777  

Magnolia Oil & Gas Corp., Class A(c)

     141,007        3,277,003  

Marathon Petroleum Corp.

     417,675        36,446,320  
     

 

 

 
             43,214,473  
     

 

 

 

Financials-28.51%

     

Affiliated Managers Group, Inc.

     29,742        3,734,703  

Aflac, Inc.

     485,569        27,813,392  

Allstate Corp. (The)

     208,134        26,337,276  

Ally Financial, Inc.

     247,844        9,903,846  

Amerant Bancorp, Inc.(c)

     25,899        688,654  

Ameriprise Financial, Inc.

     82,682        21,951,244  

Arlington Asset Investment Corp., Class A(b)(c)

     22,725        69,311  

Assured Guaranty Ltd.

     49,119        2,708,913  

Atlanticus Holdings Corp.(b)(c)

     11,130        479,035  

Bank of America Corp.

         1,755,880        62,649,798  

Bank of New York Mellon Corp. (The)

     603,516        25,383,883  

Brighthouse Financial, Inc.(b)

     57,299        2,942,877  

Capital One Financial Corp.

     303,344        37,802,729  

Civista Bancshares, Inc.

     11,133        231,789  

CNO Financial Group, Inc.

     87,790        2,119,251  

Columbia Financial, Inc.(b)(c)

     79,785        1,511,926  

Comerica, Inc.

     98,024        8,028,166  

Consumer Portfolio Services, Inc.(b)

     15,902        181,283  

Credit Acceptance Corp.(b)(c)

     10,551        5,407,387  

Elevate Credit, Inc.(b)

     23,154        68,536  

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

     18,346        1,060,582  

Enstar Group Ltd.(b)

     12,353        2,912,220  

Equitable Holdings, Inc.

     291,293        8,397,977  

First Bancorp

     148,363        2,019,220  

First Financial Corp.

     9,324        397,389  

HarborOne Bancorp, Inc.(c)

     38,415        514,377  

Hartford Financial Services Group, Inc. (The)

     247,989        17,341,871  

Hilltop Holdings, Inc.

     59,046        1,505,083  

HomeStreet, Inc.

     14,444        586,282  

Kearny Financial Corp.(c)

     54,401        645,196  

Lincoln National Corp.

     128,950        7,756,342  

Loews Corp.

     184,243        11,577,830  

Meta Financial Group, Inc.

     22,320        974,268  

MetLife, Inc.

     616,957        40,521,736  

Mr. Cooper Group, Inc.(b)

     55,170        2,480,995  

Navient Corp.

     113,758        1,807,615  

Northfield Bancorp, Inc.

     36,591        478,976  

PennyMac Financial Services, Inc.(c)

     41,442        2,012,424  

Popular, Inc.

     57,194        4,460,560  

Provident Bancorp, Inc.

     13,338        212,341  

Radian Group, Inc.

     131,250        2,807,438  

Regional Management Corp.

     7,345        316,202  

RenaissanceRe Holdings Ltd. (Bermuda)

     33,043        4,742,331  

SLM Corp.(c)

     208,913        3,495,114  

Synchrony Financial

     389,786        14,348,023  

Virtu Financial, Inc., Class A

     81,334        2,348,926  

Voya Financial, Inc.(c)

     79,361        5,010,854  

Washington Federal, Inc.(c)

     48,826        1,485,775  

 

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

 

    18    

 

 

 

 


 

Invesco BuyBack AchieversTM ETF (PKW)–(continued)

April 30, 2022

 

 

     Shares      Value  

Financials-(continued)

     

WesBanco, Inc.

     45,604      $ 1,470,273  

WSFS Financial Corp.

     47,351        1,897,355  
     

 

 

 
        385,599,574  
     

 

 

 

Health Care-10.17%

     

Agios Pharmaceuticals, Inc.(b)(c)

     40,852        897,518  

Allscripts Healthcare Solutions, Inc.(b)

     86,897        1,795,292  

Cigna Corp.

     239,993        59,225,473  

DaVita, Inc.(b)

     72,008        7,803,507  

HCA Healthcare, Inc.

            225,836        48,453,114  

Innoviva, Inc.(b)(c)

     52,022        887,495  

Intercept Pharmaceuticals, Inc.(b)(c)

     22,202        348,793  

Quest Diagnostics, Inc.(c)

     89,321        11,954,723  

Universal Health Services, Inc., Class B

     50,509        6,188,868  
     

 

 

 
           137,554,783  
     

 

 

 

Industrials-7.10%

     

Acuity Brands, Inc.

     26,187        4,516,734  

AECOM

     105,690        7,457,487  

Allison Transmission Holdings, Inc.

     72,580        2,717,395  

Avis Budget Group, Inc.(b)(c)

     40,206        10,761,940  

CACI International, Inc., Class A(b)

     17,501        4,643,015  

Curtiss-Wright Corp.

     28,737        4,106,805  

Dycom Industries, Inc.(b)(c)

     22,142        1,880,077  

JELD-WEN Holding, Inc.(b)(c)

     67,327        1,399,728  

KAR Auction Services, Inc.(b)(c)

     90,611        1,328,357  

L3Harris Technologies, Inc.

     144,362        33,529,518  

ManpowerGroup, Inc.

     40,012        3,609,082  

Masco Corp.

     176,865        9,319,017  

Owens Corning

     74,080        6,736,094  

RCM Technologies, Inc.(b)(c)

     7,839        137,026  

Trinity Industries, Inc.(c)

     62,319        1,728,729  

Veritiv Corp.(b)

     11,240        1,579,670  

Wabash National Corp.(c)

     36,664        524,662  
     

 

 

 
        95,975,336  
     

 

 

 

Information Technology-12.16%

     

Amdocs Ltd.

     92,236        7,350,287  

Arrow Electronics, Inc.(b)

     50,121        5,907,261  

Box, Inc., Class A(b)

     107,245        3,283,842  

CDW Corp.

     100,905        16,465,678  

Diodes, Inc.(b)

     33,665        2,458,555  

Dropbox, Inc., Class A(b)

     223,468        4,860,429  

Fair Isaac Corp.(b)

     19,653        7,340,592  

Gartner, Inc.(b)

     61,534        17,878,703  

HP, Inc.(c)

     787,657        28,851,876  

Oracle Corp.

     874,860        64,214,724  

Silicon Laboratories, Inc.(b)(c)

     28,533        3,849,387  

Xerox Holdings Corp.

     115,792        2,014,781  
     

 

 

 
        164,476,115  
     

 

 

 
     Shares      Value  

Materials-7.47%

     

Ashland Global Holdings, Inc.(c)

     42,562      $ 4,467,733  

Celanese Corp.

     80,782        11,870,107  

Crown Holdings, Inc.

     92,417        10,169,567  

DuPont de Nemours, Inc.

     383,525        25,285,803  

Louisiana-Pacific Corp.

     64,329        4,150,507  

Nucor Corp.(c)

            200,703        31,064,811  

Steel Dynamics, Inc.

     143,047        12,266,280  

Worthington Industries, Inc.(c)

     36,912        1,755,904  
     

 

 

 
        101,030,712  
     

 

 

 

Real Estate-0.31%

     

iStar, Inc.(c)

     51,612        869,146  

SL Green Realty Corp.(c)

     48,434        3,352,601  
     

 

 

 
        4,221,747  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $1,460,833,572)

 

     1,352,218,473  
     

 

 

 

Money Market Funds-0.12%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)
(Cost $1,613,071)

     1,613,071        1,613,071  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $1,462,446,643)

 

     1,353,831,544  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-10.91%

 

  

Invesco Private Government Fund,
0.40%(d)(e)(f)

     44,257,780        44,257,780  

Invesco Private Prime Fund,
0.35%(d)(e)(f)

     103,222,386        103,222,386  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $147,472,744)

 

     147,480,166  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-111.01%
(Cost $1,609,919,387)

 

     1,501,311,710  

OTHER ASSETS LESS LIABILITIES-(11.01)%

 

     (148,864,386
     

 

 

 

NET ASSETS-100.00%

      $ 1,352,447,324  
     

 

 

 

 

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

 

    19    

 

 

 

 


 

Invesco BuyBack AchieversTM ETF (PKW)–(continued)

April 30, 2022

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of this security was out on loan at April 30, 2022.

(d) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

     Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain

(Loss)
  Value
April 30,  2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                 
Invesco Government & Agency Portfolio, Institutional Class      $ 1,541,414      $ 40,155,277      $ (40,083,620 )     $ -      $ -     $ 1,613,071      $ 1,140
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        90,071,112        569,866,227        (615,679,559 )       -        -       44,257,780        23,937 *
Invesco Private Prime Fund        135,106,669        1,007,208,110        (1,039,052,363 )       7,421        (47,451 )       103,222,386        111,733 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 
Total      $ 226,719,195      $ 1,617,229,614      $ (1,694,815,542 )     $ 7,421      $ (47,451 )     $ 149,093,237      $ 136,810
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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 April 30, 2022.

(f) 

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

 

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

 

    20    

 

 

 

 


 

Invesco Dividend AchieversTM ETF (PFM)

April 30, 2022

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.94%

 

Communication Services-2.36%

 

Comcast Corp., Class A

     198,449      $ 7,890,332  

John Wiley & Sons, Inc., Class A(b)

     2,039        103,765  

Telephone & Data Systems, Inc.(b)

     4,666        85,481  

Verizon Communications, Inc.

          184,137        8,525,543  
     

 

 

 
       16,605,121  
     

 

 

 

Consumer Discretionary-7.22%

 

Best Buy Co., Inc.

     10,509        945,074  

Churchill Downs, Inc.

     1,735        352,101  

Dillard’s, Inc., Class A(b)

     651        197,780  

Gentex Corp.

     10,328        303,127  

Genuine Parts Co.

     6,202        806,570  

Home Depot, Inc. (The)

     45,793        13,756,217  

Leggett & Platt, Inc.

     5,855        208,614  

Lithia Motors, Inc., Class A

     1,334        377,695  

Lowe’s Cos., Inc.

     29,616        5,855,972  

McDonald’s Corp.

     32,578        8,117,135  

Monro, Inc.(b)

     1,420        64,937  

NIKE, Inc., Class B

     55,903        6,971,104  

PetMed Express, Inc.(b)

     884        19,360  

Polaris, Inc.(b)

     2,604        247,224  

Pool Corp.

     1,759        712,782  

Service Corp. International

     7,098        465,700  

Starbucks Corp.

     50,375        3,759,990  

Target Corp.

     20,995        4,800,507  

Thor Industries, Inc.(b)

     2,417        185,021  

Tractor Supply Co.

     4,972        1,001,609  

VF Corp.(b)

     17,046        886,392  

Whirlpool Corp.(b)

     2,543        461,605  

Williams-Sonoma, Inc.(b)

     3,221        420,276  
     

 

 

 
     50,916,792  
     

 

 

 

Consumer Staples-14.63%

 

Altria Group, Inc.

     79,650        4,426,151  

Andersons, Inc. (The)

     1,426        71,628  

Archer-Daniels-Midland Co.

     24,640        2,206,758  

Brown-Forman Corp., Class B

     13,564        914,756  

Casey’s General Stores, Inc.

     1,692        340,600  

Church & Dwight Co., Inc.

     10,666        1,040,575  

Clorox Co. (The)

     5,405        775,455  

Coca-Cola Co. (The)

     190,340        12,297,867  

Colgate-Palmolive Co.

     36,807        2,835,979  

Costco Wholesale Corp.

     19,459        10,346,740  

Flowers Foods, Inc.

     9,280        246,106  

Hershey Co. (The)

     6,356        1,434,994  

Hormel Foods Corp.

     23,741        1,243,791  

Ingredion, Inc.

     2,958        251,755  

J&J Snack Foods Corp.

     805        120,509  

JM Smucker Co. (The)

     4,713        645,351  

Kellogg Co.

     14,983        1,026,336  

Kimberly-Clark Corp.

     14,786        2,052,740  

Kroger Co. (The)

     32,227        1,738,969  

Lancaster Colony Corp.(b)

     1,166        180,940  

McCormick & Co., Inc.(b)

     10,963        1,102,549  

Nu Skin Enterprises, Inc., Class A

     2,173        92,657  

PepsiCo, Inc.

     60,638        10,412,151  

Philip Morris International, Inc.

     67,951        6,795,100  

Procter & Gamble Co. (The)

     105,193        16,888,736  
     Shares      Value  

Consumer Staples-(continued)

 

SpartanNash Co.

     1,521      $ 52,140  

Sysco Corp.

     22,261        1,902,870  

Tootsie Roll Industries, Inc.(b)

     1,713        60,006  

Tyson Foods, Inc., Class A

     12,836        1,195,802  

Universal Corp.

     1,043        60,338  

Walgreens Boots Alliance, Inc.

     37,841        1,604,458  

Walmart, Inc.

          121,666        18,613,681  

WD-40 Co.(b)

     577        106,156  
     

 

 

 
     103,084,644  
     

 

 

 

Energy-4.56%

 

Chevron Corp.

     85,360        13,373,351  

Enterprise Products Partners L.P.

     95,369        2,471,011  

Exxon Mobil Corp.

     185,798        15,839,280  

Magellan Midstream Partners L.P.

     9,316        451,360  
     

 

 

 
     32,135,002  
     

 

 

 

Financials-12.82%

 

1st Source Corp.

     1,049        45,390  

Aflac, Inc.

     28,482        1,631,449  

Allstate Corp. (The)

     12,168        1,539,739  

American Equity Investment Life Holding Co.

     4,045        152,577  

American Financial Group, Inc.

     3,725        515,838  

Ameriprise Financial, Inc.

     4,886        1,297,184  

Aon PLC, Class A

     9,381        2,701,634  

Arthur J. Gallagher & Co.

     9,154        1,542,357  

Associated Banc-Corp.

     6,524        130,154  

Assurant, Inc.

     2,398        436,148  

Assured Guaranty Ltd.

     2,930        161,589  

Atlantic Union Bankshares Corp.

     3,331        112,521  

AXIS Capital Holdings Ltd.

     3,720        213,268  

BancFirst Corp.(b)

     1,381        112,897  

Bank of Marin Bancorp

     675        21,101  

Bank of New York Mellon Corp. (The)

     35,218        1,481,269  

Bank OZK

     5,472        210,234  

BlackRock, Inc.

     6,660        4,160,369  

BOK Financial Corp.(b)

     3,025        250,863  

Brown & Brown, Inc.

     12,331        764,275  

Cboe Global Markets, Inc.

     4,639        524,114  

Chubb Ltd.

     18,692        3,858,963  

Cincinnati Financial Corp.

     7,053        865,121  

City Holding Co.

     635        49,136  

CME Group, Inc., Class A

     15,730        3,450,218  

Cohen & Steers, Inc.(b)

     2,124        165,014  

Commerce Bancshares, Inc.

     5,323        363,934  

Community Bank System, Inc.(b)

     2,346        151,082  

Community Trust Bancorp, Inc.

     754        30,017  

Cullen/Frost Bankers, Inc.

     2,771        366,576  

Discover Financial Services

     12,518        1,407,774  

Erie Indemnity Co., Class A

     2,020        323,766  

Evercore, Inc., Class A

     1,624        171,738  

FactSet Research Systems, Inc.

     1,656        668,179  

Federal Agricultural Mortgage Corp., Class C

     389        39,845  

Fidelity National Financial, Inc.

     12,394        493,529  

Fifth Third Bancorp

     29,980        1,125,149  

Financial Institutions, Inc.

     667        18,569  

First American Financial Corp.(b)

     4,827        281,462  

First Community Bankshares, Inc.

     717        19,094  

First Financial Bankshares, Inc.(b)

     6,229        249,035  

 

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

 

    21    

 

 

 

 


 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2022

 

    

 

     Shares      Value  

Financials-(continued)

     

First Financial Corp.

     542      $ 23,100  

First Merchants Corp.(b)

     2,345        91,901  

First of Long Island Corp. (The)

     1,001        16,797  

Franklin Resources, Inc.

     21,970        540,242  

Globe Life, Inc.

     4,332        424,883  

Goldman Sachs Group, Inc. (The)

     14,990        4,579,295  

Hanover Insurance Group, Inc. (The)

     1,501        220,377  

Heritage Financial Corp.

     1,485        35,967  

Hingham Institution for Savings (The)

     90        29,076  

Home BancShares, Inc.

     7,199        155,642  

Horace Mann Educators Corp.

     1,749        69,698  

Horizon Bancorp, Inc.

     1,840        32,163  

Huntington Bancshares, Inc.

     63,014        828,634  

Independent Bank Corp.

     2,071        159,798  

International Bancshares Corp.

     2,744        109,184  

JPMorgan Chase & Co.

          129,543          15,462,252  

KeyCorp

     40,631        784,585  

Lakeland Bancorp, Inc.

     2,797        42,039  

Lakeland Financial Corp.(b)

     1,074        78,209  

Lincoln National Corp.

     7,560        454,734  

MarketAxess Holdings, Inc.

     1,689        445,237  

Marsh & McLennan Cos., Inc.

     21,997        3,556,915  

Mercury General Corp.

     2,406        121,335  

Moody’s Corp.

     8,097        2,562,539  

Morningstar, Inc.

     1,918        485,695  

Northwest Bancshares, Inc.

     5,557        70,463  

Old Republic International Corp.

     13,474        296,563  

PNC Financial Services Group, Inc. (The)

     18,365        3,050,426  

Premier Financial Corp.

     1,564        41,509  

Primerica, Inc.

     1,670        216,365  

Principal Financial Group, Inc.

     11,447        779,999  

Prosperity Bancshares, Inc.(b)

     4,030        263,481  

Prudential Financial, Inc.

     16,503        1,790,741  

Raymond James Financial, Inc.

     9,114        888,250  

Reinsurance Group of America, Inc.

     2,978        319,599  

RenaissanceRe Holdings Ltd. (Bermuda)

     1,927        276,563  

Republic Bancorp, Inc., Class A

     760        31,677  

RLI Corp.(b)

     1,982        227,494  

S&P Global, Inc.

     15,518        5,842,527  

Sandy Spring Bancorp, Inc.(b)

     1,975        77,558  

SEI Investments Co.

     6,050        337,106  

Simmons First National Corp., Class A

     4,955        118,276  

South State Corp.(b)

     3,047        235,960  

Southern Missouri Bancorp, Inc.

     375        15,825  

Southside Bancshares, Inc.

     1,370        53,690  

State Street Corp.

     16,011        1,072,257  

Stock Yards Bancorp, Inc.(b)

     1,127        58,920  

T. Rowe Price Group, Inc.(b)

     9,977        1,227,570  

Tompkins Financial Corp.(b)

     618        45,114  

Towne Bank

     3,209        88,472  

Travelers Cos., Inc. (The)

     10,615        1,815,802  

Truist Financial Corp.

     58,161        2,812,084  

U.S. Bancorp

     65,018        3,157,274  

UMB Financial Corp.(b)

     2,115        190,731  

United Bankshares, Inc.(b)

     5,664        188,385  

Unum Group

     8,902        271,689  

W.R. Berkley Corp.

     11,613        772,148  

Washington Federal, Inc.(b)

     2,825        85,965  

Washington Trust Bancorp, Inc.(b)

     730        34,266  
     Shares      Value  

Financials-(continued)

     

WesBanco, Inc.

     2,657      $ 85,662  

Westamerica Bancorporation(b)

     1,138        67,051  
     

 

 

 
        90,320,930  
     

 

 

 

Health Care-16.20%

     

Abbott Laboratories

     77,443        8,789,781  

AmerisourceBergen Corp.

     9,179        1,388,691  

Amgen, Inc.

     24,424        5,695,433  

Anthem, Inc.

     10,607        5,323,972  

Atrion Corp.(b)

     76        47,623  

Becton, Dickinson and Co.

     12,512        3,092,841  

Bristol-Myers Squibb Co.

     95,509        7,188,962  

Cardinal Health, Inc.

     12,114        703,218  

Chemed Corp.

     680        334,145  

Ensign Group, Inc. (The)

     2,394        192,310  

Humana, Inc.

     5,556        2,469,975  

Johnson & Johnson

     115,323        20,811,189  

LeMaitre Vascular, Inc.(b)

     930        40,185  

McKesson Corp.

     6,612        2,047,141  

Medtronic PLC

     58,926        6,149,517  

Merck & Co., Inc.

     110,760        9,823,304  

National HealthCare Corp.

     651        44,307  

Perrigo Co. PLC

     5,857        200,895  

Pfizer, Inc.

          246,863        12,113,567  

Quest Diagnostics, Inc.

     5,253        703,062  

STERIS PLC

     4,366        978,202  

Stryker Corp.

     16,568        3,997,196  

UnitedHealth Group, Inc.

     41,258        20,981,756  

West Pharmaceutical Services, Inc.

     3,276        1,032,137  
     

 

 

 
        114,149,409  
     

 

 

 

Industrials-11.80%

     

3M Co.

     25,017        3,607,952  

A.O. Smith Corp.

     5,757        336,382  

ABM Industries, Inc.(b)

     2,988        144,231  

Apogee Enterprises, Inc.

     1,054        46,376  

Applied Industrial Technologies, Inc.

     1,627        170,331  

Brady Corp., Class A

     2,099        93,930  

C.H. Robinson Worldwide, Inc.(b)

     5,647        599,429  

Carlisle Cos., Inc.

     2,268        588,229  

Caterpillar, Inc.

     23,506        4,948,953  

Cintas Corp.

     4,577        1,818,259  

CSX Corp.

     96,085        3,299,559  

Cummins, Inc.

     6,221        1,176,951  

Donaldson Co., Inc.

     5,425        266,042  

Douglas Dynamics, Inc.

     974        30,155  

Dover Corp.

     6,290        838,457  

Eaton Corp. PLC

     17,464        2,532,629  

Emerson Electric Co.

     26,055        2,349,640  

Expeditors International of Washington, Inc.

     7,431        736,189  

Fastenal Co.

     25,204        1,394,033  

Franklin Electric Co., Inc.

     2,032        142,118  

GATX Corp.(b)

     1,498        154,878  

General Dynamics Corp.

     12,188        2,882,828  

Gorman-Rupp Co. (The)

     1,105        35,205  

Graco, Inc.

     7,471        463,351  

Griffon Corp.

     2,446        45,765  

Healthcare Services Group, Inc.

     3,265        55,799  

HEICO Corp.(b)

     2,369        334,574  

Hillenbrand, Inc.

     3,215        131,236  

HNI Corp.(b)

     1,842        65,649  

 

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

 

    22    

 

 

 

 


 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2022

 

    

 

     Shares      Value  

Industrials-(continued)

     

Honeywell International, Inc.

     30,070      $ 5,818,846  

Hubbell, Inc.

     2,366        462,222  

IDEX Corp.

     3,354        636,656  

Illinois Tool Works, Inc.

     13,699        2,700,210  

Insperity, Inc.(b)

     1,622        172,013  

ITT, Inc.

     3,741        262,693  

J.B. Hunt Transport Services, Inc.

     4,565        779,930  

L3Harris Technologies, Inc.

     8,525        1,980,017  

Lennox International, Inc.

     1,648        351,337  

Lincoln Electric Holdings, Inc.

     2,548        343,292  

Lindsay Corp.

     462        62,439  

Lockheed Martin Corp.

            11,970        5,172,476  

ManpowerGroup, Inc.

     2,334        210,527  

Matthews International Corp., Class A

     1,336        39,826  

McGrath RentCorp

     1,028        85,797  

MDU Resources Group, Inc.

     8,935        230,166  

MSA Safety, Inc.

     1,661        200,466  

Nordson Corp.

     2,515        542,460  

Northrop Grumman Corp.

     6,871        3,019,117  

Raytheon Technologies Corp.

     65,373        6,204,551  

Regal Rexnord Corp.

     3,002        381,975  

Republic Services, Inc.

     13,846        1,859,102  

Robert Half International, Inc.

     4,884        480,146  

Rockwell Automation, Inc.

     5,116        1,292,660  

Ryder System, Inc.(b)

     2,340        163,566  

Snap-on, Inc.

     2,325        494,039  

Standex International Corp.

     516        48,525  

Stanley Black & Decker, Inc.

     7,176        862,196  

Tennant Co.

     781        50,437  

Toro Co. (The)

     4,567        365,954  

Trane Technologies PLC

     10,207        1,427,857  

Trinity Industries, Inc.

     3,658        101,473  

Union Pacific Corp.

     27,936        6,545,126  

United Parcel Service, Inc., Class B

     32,113        5,779,698  

W.W. Grainger, Inc.

     2,227        1,113,567  

Waste Management, Inc.

     18,135        2,982,119  

Xylem, Inc.

     7,874        633,857  
     

 

 

 
          83,146,468  
     

 

 

 

Information Technology-20.28%

     

Accenture PLC, Class A

     27,736        8,330,785  

Amphenol Corp., Class A

     26,263        1,877,804  

Analog Devices, Inc.

     22,930        3,539,933  

Automatic Data Processing, Inc.

     18,432        4,021,494  

Badger Meter, Inc.

     1,239        99,975  

Broadcom, Inc.

     17,961        9,957,399  

Broadridge Financial Solutions, Inc.

     5,140        740,828  

Cass Information Systems, Inc.

     590        22,839  

Cisco Systems, Inc.

     182,163        8,922,344  

Corning, Inc.

     37,033        1,303,191  

HP, Inc.(b)

     46,144        1,690,255  

International Business Machines Corp.

     39,432        5,213,305  

Intuit, Inc.

     12,428        5,204,225  

Jack Henry & Associates, Inc.

     3,215        609,500  

KLA Corp.

     6,643        2,120,844  

Littelfuse, Inc.

     1,046        239,796  

Mastercard, Inc., Class A

     42,545        15,460,002  

Microchip Technology, Inc.

     24,380        1,589,576  

Microsoft Corp.

     95,694        26,556,999  

Motorola Solutions, Inc.

     7,381        1,577,246  
     Shares      Value  

Information Technology-(continued)

     

Oracle Corp.

          117,105      $ 8,595,507  

Paychex, Inc.

     15,787        2,000,687  

QUALCOMM, Inc.

     49,393        6,899,708  

Roper Technologies, Inc.

     4,648        2,184,188  

TE Connectivity Ltd. (Switzerland)

     14,232        1,775,869  

Texas Instruments, Inc.

     40,454        6,887,293  

Visa, Inc., Class A(b)

     72,780        15,511,601  
     

 

 

 
        142,933,193  
     

 

 

 

Materials-3.10%

     

Air Products and Chemicals, Inc.

     9,709        2,272,586  

Albemarle Corp.

     5,151        993,267  

AptarGroup, Inc.

     2,909        334,041  

Ashland Global Holdings, Inc.(b)

     2,472        259,486  

Avery Dennison Corp.

     3,621        653,953  

Avient Corp.

     4,006        197,255  

Balchem Corp.

     1,362        167,798  

Cabot Corp.(b)

     2,458        161,859  

Celanese Corp.

     4,699        690,471  

Eastman Chemical Co.

     5,654        580,496  

Ecolab, Inc.

     12,595        2,132,837  

H.B. Fuller Co.(b)

     2,308        153,944  

Hawkins, Inc.

     890        33,179  

International Flavors & Fragrances, Inc.

     11,171        1,355,042  

Kaiser Aluminum Corp.

     668        64,462  

LyondellBasell Industries N.V., Class A

     14,340        1,520,470  

Neenah, Inc.(b)

     707        25,028  

Nucor Corp.

     11,780        1,823,308  

Packaging Corp. of America

     4,088        658,863  

PPG Industries, Inc.

     10,311        1,319,705  

Quaker Chemical Corp.(b)

     754        122,683  

Reliance Steel & Aluminum Co.

     2,673        529,922  

Royal Gold, Inc.(b)

     2,911        379,827  

RPM International, Inc.

     5,684        471,204  

Scotts Miracle-Gro Co. (The)(b)

     2,415        250,991  

Sensient Technologies Corp.(b)

     1,775        150,165  

Sherwin-Williams Co. (The)

     11,411        3,137,569  

Silgan Holdings, Inc.

     4,872        216,171  

Sonoco Products Co.

     4,253        263,303  

Stepan Co.

     951        97,107  

Westlake Corp.(b)

     5,610        709,946  

Worthington Industries, Inc.(b)

     2,220        105,605  
     

 

 

 
          21,832,543  
     

 

 

 

Real Estate-1.74%

     

Alexandria Real Estate Equities, Inc.

     7,032        1,280,949  

CubeSmart

     9,805        465,836  

Digital Realty Trust, Inc.

     12,499        1,826,354  

EastGroup Properties, Inc.

     1,865        349,688  

Equity LifeStyle Properties, Inc.

     8,128        628,132  

Essex Property Trust, Inc.

     2,909        957,846  

Extra Space Storage, Inc.

     5,873        1,115,870  

Federal Realty Investment Trust

     3,459        404,911  

Kennedy-Wilson Holdings, Inc.

     6,029        135,954  

Mid-America Apartment Communities, Inc.

     5,080        999,134  

National Retail Properties, Inc.

     7,694        337,305  

Realty Income Corp.

     25,942        1,799,337  

STAG Industrial, Inc.

     7,791        290,760  

Terreno Realty Corp.

     3,328        242,112  

UDR, Inc.

     13,924        740,896  

 

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

 

    23    

 

 

 

 


 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2022

    

 

     Shares      Value  

Real Estate-(continued)

     

Universal Health Realty Income Trust

     581      $ 29,160  

W.P. Carey, Inc.(b)

     8,330        672,814  
     

 

 

 
          12,277,058  
     

 

 

 

Utilities-5.23%

     

ALLETE, Inc.

     2,317        137,491  

Alliant Energy Corp.

            10,994        646,557  

American Electric Power Co., Inc.

     22,125        2,192,809  

American States Water Co.

     1,563        122,946  

American Water Works Co., Inc.

     7,950        1,224,936  

Atmos Energy Corp.(b)

     5,926        672,008  

Avista Corp.

     3,162        128,282  

Black Hills Corp.(b)

     2,801        205,145  

Brookfield Infrastructure Partners L.P. (Canada)

     13,373        834,876  

California Water Service Group

     2,337        121,220  

Chesapeake Utilities Corp.

     744        93,127  

CMS Energy Corp.

     12,722        873,874  

Consolidated Edison, Inc.

     15,506        1,438,026  

DTE Energy Co.

     8,457        1,108,205  

Duke Energy Corp.

     33,737        3,716,468  

Edison International

     16,701        1,148,862  

Essential Utilities, Inc.

     11,089        496,344  

Evergy, Inc.

     10,029        680,468  

Eversource Energy

     15,100        1,319,740  

IDACORP, Inc.

     2,202        231,606  

MGE Energy, Inc.(b)

     1,530        119,141  

Middlesex Water Co.

     739        65,734  

National Fuel Gas Co.

     4,000        280,520  

New Jersey Resources Corp.(b)

     4,194        181,013  

NextEra Energy, Inc.

     86,000        6,107,720  

NiSource, Inc.

     17,741        516,618  

Northwest Natural Holding Co.

     1,319        63,088  

NorthWestern Corp.(b)

     2,352        133,335  

OGE Energy Corp.

     8,802        340,461  

Pinnacle West Capital Corp.

     4,978        354,434  

Portland General Electric Co.

     3,915        185,297  

Public Service Enterprise Group, Inc.

     21,968        1,530,291  

Sempra Energy

     13,814        2,229,027  
     Shares      Value  

Utilities-(continued)

     

SJW Group

     1,280      $ 75,520  

Southern Co. (The)

            46,433        3,407,718  

Southwest Gas Holdings, Inc.

     2,618        230,672  

Spire, Inc.(b)

     2,254        163,979  

UGI Corp.

     9,207        315,800  

WEC Energy Group, Inc.

     13,804        1,381,090  

Xcel Energy, Inc.

     23,811        1,744,394  

York Water Co. (The)

     552        21,351  
     

 

 

 
        36,840,193  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $585,643,882)

 

     704,241,353  
     

 

 

 

Money Market Funds-0.05%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d)
(Cost $376,010)

     376,010        376,010  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.99%
(Cost $586,019,892)

        704,617,363  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.15%

 

  

Invesco Private Government Fund,
0.40%(c)(d)(e)

     4,539,079        4,539,079  

Invesco Private Prime Fund,
0.35%(c)(d)(e)

     10,586,044        10,586,044  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $15,125,122)

 

     15,125,123  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.14%
(Cost $601,145,014)

 

     719,742,486  

OTHER ASSETS LESS LIABILITIES-(2.14)%

 

     (15,091,930
     

 

 

 

NET ASSETS-100.00%

      $ 704,650,556  
     

 

 

 

 

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 April 30, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

     Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from
Sales
  Change in
Unrealized
Appreciation
   Realized
Gain (Loss)
   Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class      $   504,143      $   21,715,968      $     (21,844,101)     $   -      $   -      $   376,010      $   506

 

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

 

    24    

 

 

 

 


 

Invesco Dividend AchieversTM ETF (PFM)–(continued)

April 30, 2022

    

 

     Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
  Value
April 30, 2022
   Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      $ 698,686      $ 63,381,139      $ (59,540,746 )     $ -      $ -     $ 4,539,079      $ 4,571 *
Invesco Private Prime Fund        1,124,866        131,332,177        (121,868,350 )       1        (2,650 )       10,586,044        15,779 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 
Total      $ 2,327,695      $ 216,429,284      $ (203,253,197 )     $ 1      $ (2,650 )     $ 15,501,133      $ 20,856
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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.

 

(d) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

(e) 

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.

 

    25    

 

 

 

 


 

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

April 30, 2022

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.81%

 

Communication Services-5.86%

     

Verizon Communications, Inc.

     260,396      $ 12,056,335  
     

 

 

 

Consumer Discretionary-7.98%

     

Home Depot, Inc. (The)

     21,999        6,608,499  

McDonald’s Corp.

     28,795        7,174,562  

NIKE, Inc., Class B

     21,098        2,630,921  
     

 

 

 
        16,413,982  
     

 

 

 

Consumer Staples-15.68%

     

Coca-Cola Co. (The)

     141,373        9,134,110  

Procter & Gamble Co. (The)

     45,113        7,242,892  

Walgreens Boots Alliance, Inc.

         252,946        10,724,910  

Walmart, Inc.

     33,794        5,170,144  
     

 

 

 
        32,272,056  
     

 

 

 

Energy-5.09%

     

Chevron Corp.

     66,848        10,473,076  
     

 

 

 

Financials-10.89%

     

American Express Co.

     15,240        2,662,580  

Goldman Sachs Group, Inc. (The)

     20,749        6,338,611  

JPMorgan Chase & Co.

     63,372        7,564,082  

Travelers Cos., Inc. (The)

     34,130        5,838,278  
     

 

 

 
        22,403,551  
     

 

 

 

Health Care-16.33%

     

Amgen, Inc.(b)

     43,337        10,105,755  

Johnson & Johnson

     44,054        7,949,985  

Merck & Co., Inc.

     133,371        11,828,674  

UnitedHealth Group, Inc.

     7,312        3,718,517  
     

 

 

 
        33,602,931  
     

 

 

 

Industrials-12.13%

     

3M Co.

     82,347        11,876,084  

Caterpillar, Inc.

     31,923        6,721,069  

Honeywell International, Inc.

     32,843        6,355,449  
     

 

 

 
          24,952,602  
     

 

 

 

Information Technology-18.55%

     

Apple, Inc.

     9,984        1,573,978  
     Shares      Value  

Information Technology-(continued)

     

Cisco Systems, Inc.

     144,292      $ 7,067,422  

Intel Corp.

     193,378        8,429,347  

International Business Machines Corp.

         125,102        16,539,736  

Microsoft Corp.

     8,593        2,384,729  

Visa, Inc., Class A(b)

     10,207        2,175,418  
     

 

 

 
        38,170,630  
     

 

 

 

Materials-7.30%

     

Dow, Inc.

     225,773        15,013,905  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $203,615,150)

 

     205,359,068  
     

 

 

 

Money Market Funds-0.05%

     

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d)
(Cost $109,718)

     109,718        109,718  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.86%
(Cost $203,724,868)

        205,468,786  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-5.88%

 

  

Invesco Private Government Fund,
0.40%(c)(d)(e)

     3,630,562        3,630,562  

Invesco Private Prime Fund,
0.35%(c)(d)(e)

     8,467,759        8,467,759  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,098,215)

 

     12,098,321  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-105.74%
(Cost $215,823,083)

 

     217,567,107  

OTHER ASSETS LESS LIABILITIES-(5.74)%

 

     (11,807,989
     

 

 

 

NET ASSETS-100.00%

      $ 205,759,118  
     

 

 

 

 

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 April 30, 2022.

(c) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2022.

 

     Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
   Value
April 30, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                  
Invesco Government & Agency Portfolio, Institutional Class      $   36,023      $   6,085,363      $     (6,011,668)     $   -      $   -      $   109,718      $   165

 

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

 

    26    

 

 

 

 


 

Invesco Dow Jones Industrial Average Dividend ETF (DJD)–(continued)

April 30, 2022

    

 

     Value
April 30, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
   Realized
Gain
(Loss)
  Value
April 30, 2022
   Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund      $ -      $ 11,778,144      $ (8,147,582 )     $ -      $ -     $ 3,630,562      $ 950 *
Invesco Private Prime Fund        -        27,041,974        (18,573,091 )       106        (1,230 )       8,467,759        2,159 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 
Total      $ 36,023      $ 44,905,481      $ (32,732,341 )     $ 106      $ (1,230 )     $ 12,208,039      $ 3,274
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

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.

 

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(d) 

The rate shown is the 7-day SEC standardized yield as of April 30, 2022.