LOGO  

 

Invesco Annual Report to Shareholders

 

April 30, 2022

 

  PWC   Invesco Dynamic Market ETF
 

 

PRF

 

 

Invesco FTSE RAFI US 1000 ETF

 

 

PRFZ

 

 

Invesco FTSE RAFI US 1500 Small-Mid ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      10  
Schedules of Investments   

Invesco Dynamic Market ETF (PWC)

     11  

Invesco FTSE RAFI US 1000 ETF (PRF)

     13  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

     23  
Statements of Assets and Liabilities      38  
Statements of Operations      39  
Statements of Changes in Net Assets      40  
Financial Highlights      42  
Notes to Financial Statements      44  
Report of Independent Registered Public Accounting Firm      53  
Fund Expenses      54  
Tax Information      55  
Trustees and Officers      56  
Approval of Investment Advisory Contracts      66  

 

 

  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 28, 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 L.P.

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  

 


 

 

PWC    Management’s Discussion of Fund Performance
   Invesco Dynamic Market ETF (PWC)

 

As an index fund, the Invesco Dynamic Market ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Market Intellidex® 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, ICE Data Indices, LLC (the “Index Provider”), compiles and maintains the Index, which is composed of U.S. stocks that the Index Provider includes pursuant to a proprietary selection methodology. Stocks are selected from the top of each sector and size category in a manner designed to produce an index with sector and size dispersion similar to the overall broad market. 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 (13.40)%. On a net asset value (“NAV”) basis, the Fund returned (13.28)%. During the same time period, the Index returned (12.63)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period and trading costs around rebalances 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 energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and utilities sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the health care and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Nucor Corp., a materials company (portfolio average weight of 1.31%), and Dell Technologies Inc., Class C, an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included EPAM Systems Inc., an information technology company (no longer held at fiscal year-end), and Moderna, Inc., a health care company (no longer held at fiscal year-end).

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

as of April 30, 2022

 
Information Technology      26.71  
Health Care      13.14  
Consumer Discretionary      12.91  
Financials      10.51  
Communication Services      8.76  
Industrials      8.52  
Consumer Staples      7.68  
Energy      5.02  
Materials      3.90  
Utilities      2.80  
Money Market Funds Plus Other Assets Less Liabilities      0.05  

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)

as of April 30, 2022

 
Security   
Gartner, Inc.      4.28  
Fortinet, Inc.      4.03  
Apple, Inc.      3.98  
Arista Networks, Inc.      3.94  
Live Nation Entertainment, Inc.      3.16  
Advanced Micro Devices, Inc.      3.07  
Eli Lilly and Co.      2.89  
Archer-Daniels-Midland Co.      2.82  
Nucor Corp.      2.81  
AT&T, Inc.      2.80  
Total      33.78  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco Dynamic Market ETF (PWC) (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  
Dynamic Market Intellidex® Index     (12.63 )%      3.95     12.31     6.64     37.93     10.55     172.76       9.30     441.32
S&P 500® Index     0.21       13.85       47.56       13.66       89.68       13.67       260.05         10.43       558.14  
Fund                    
NAV Return     (13.28     3.25       10.08       5.93       33.35       9.79       154.56         8.59       378.73  
Market Price Return     (13.40     3.26       10.10       5.91       33.23       9.79       154.53         8.59       378.19  

 

Fund Inception: May 1, 2003

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.

The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.62% and the net annual operating expense ratio was indicated as 0.60%. 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  

 


 

 

PRF    Management’s Discussion of Fund Performance
   Invesco FTSE RAFI US 1000 ETF (PRF)

 

As an index fund, the Invesco FTSE RAFI US 1000 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM US 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is composed of 1,000 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of the largest U.S. companies based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. 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 3.41%. On a net asset value (“NAV”) basis, the Fund returned 3.45%. During the same time period, the Index returned 3.83%. 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, partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the Russell 1000® Index returned (2.10)%.

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 communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials 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 1.84%), and Chevron Corp., an energy company (portfolio average weight of 1.28%). Positions that detracted most significantly from the Fund’s return during this period included Citigroup Inc., a financials company (portfolio average weight of 1.09%), and JPMorgan Chase & Co., a financials company (portfolio average weight of 1.77%).

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

as of April 30, 2022

 
Financials      18.14  
Health Care      12.98  
Information Technology      12.83  
Industrials      9.55  
Consumer Staples      8.77  
Consumer Discretionary      8.72  
Communication Services      8.60  
Energy      7.88  
Utilities      5.17  
Real Estate      3.64  
Materials      3.60  
Money Market Funds Plus Other Assets Less Liabilities      0.12  

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)

as of April 30, 2022

 
Security   
Berkshire Hathaway, Inc., Class B      2.52  
Exxon Mobil Corp.      2.17  
Apple, Inc.      2.03  
Microsoft Corp.      1.77  
AT&T, Inc.      1.64  
Chevron Corp.      1.57  
JPMorgan Chase & Co.      1.56  
Verizon Communications, Inc.      1.30  
Johnson & Johnson      1.29  
Wells Fargo & Co.      1.11  
Total      16.96  

 

*

Excluding money market fund holdings.

 

 

  6  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF) (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  
FTSE RAFITM US 1000 Index     3.83     13.61     46.62     12.03     76.47     13.05     240.97       9.91     369.70

Russell 1000® Index

    (2.10     13.57       46.47       13.44       87.85       13.53       255.85         9.74       357.43  
Fund                    
NAV Return     3.45       13.24       45.20       11.65       73.51       12.65       229.02         9.48       340.06  
Market Price Return     3.41       13.22       45.14       11.64       73.43       12.65       228.94         9.49       340.99  

 

Fund Inception: December 19, 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.

The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. 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  

 


 

 

PRFZ    Management’s Discussion of Fund Performance
   Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

 

As an index fund, the Invesco FTSE RAFI US 1500 Small-Mid ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM US Mid Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is composed of 1,500 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of small- and medium-sized U.S. companies based on the following four fundamental measures of firm size: book value, sales, cash flow and dividends. 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 (6.59)%. On a net asset value (“NAV”) basis, the Fund returned (6.60)%. During the same time period, the Index returned (6.35)%. 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 fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates. During this same time period, the Russell 2000® Index returned (16.87)%.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dillard’s, Inc., Class A, a consumer discretionary company (portfolio average weight 0.30%), and Range Resources Corp., an energy company (portfolio average weight 0.28%). Positions that detracted most significantly from the Fund’s return during this period included Diebold Nixdorf Inc., an information technology company (portfolio average weight of 0.10%), and Hovnanian Enterprises, Inc., Class A, a consumer discretionary company (portfolio average weight of 0.15%).

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

as of April 30, 2022

 
Financials      17.13  
Industrials      16.91  
Information Technology      13.70  
Consumer Discretionary      13.04  
Health Care      10.82  
Energy      7.16  
Real Estate      6.99  
Materials      5.02  
Consumer Staples      3.98  
Communication Services      3.66  
Utilities      1.59  
Money Market Funds Plus Other Assets Less Liabilities      0.00  

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)

as of April 30, 2022

 
Security   
Renewable Energy Group, Inc.      0.34  
Tenneco, Inc., Class A      0.31  
CONSOL Energy, Inc.      0.29  
Patterson-UTI Energy, Inc.      0.25  
Southwestern Energy Co.      0.25  
Scorpio Tankers, Inc.      0.24  
LHC Group, Inc.      0.23  
Chart Industries, Inc.      0.23  
Grand Canyon Education, Inc.      0.22  
Insperity, Inc.      0.22  
Total      2.58  

 

*

Excluding money market fund holdings.

 

 

  8  

 


 

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) (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  
FTSE RAFITM US Mid Small 1500 Index     (6.35 )%      9.72     32.09     8.78     52.34     11.27     190.86       9.44     309.07
Russell 2000® Index     (16.87     6.73       21.57       7.24       41.86       10.06       160.78         7.59       213.13  
Fund                    
NAV Return     (6.60     9.49       31.25       8.54       50.65       11.02       184.52         9.18       294.24  
Market Price Return     (6.59     9.47       31.19       8.55       50.73       11.02       184.45         9.19       294.25  

 

Fund Inception: September 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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. 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.

 

 

  9  

 


 

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.

 

 

  10  

 


 

Invesco Dynamic Market ETF (PWC)

April 30, 2022

Schedule of Investments(a)

 

    Shares      Value  
Common Stocks & Other Equity Interests-99.95%

 

Communication Services-8.76%

    

AT&T, Inc.

    156,657      $ 2,954,551  

Interpublic Group of Cos., Inc. (The)

    29,212        952,895  

Liberty Media Corp.-Liberty Formula One, Class A(b)

    18,775        1,078,061  

Live Nation Entertainment, Inc.(b)

    31,786        3,333,716  

Scholastic Corp.

    24,931        918,707  
    

 

 

 
       9,237,930  
    

 

 

 

Consumer Discretionary-12.91%

    

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

    62,926        456,213  

AutoNation, Inc.(b)(c)

    4,283        496,443  

Choice Hotels International, Inc.

    3,149        442,309  

Crocs, Inc.(b)

    5,557        369,152  

Everi Holdings, Inc.(b)

    20,242        351,401  

Expedia Group, Inc.(b)

    12,858        2,246,935  

Home Depot, Inc. (The)

    8,325        2,500,830  

Lowe’s Cos., Inc.

    12,264        2,424,961  

Mattel, Inc.(b)

    18,682        454,159  

Murphy USA, Inc.

    2,467        576,291  

O’Reilly Automotive, Inc.(b)

    4,036        2,448,036  

Penske Automotive Group, Inc.(c)

    4,814        504,603  

Skyline Champion Corp.(b)

    6,595        336,609  
    

 

 

 
       13,607,942  
    

 

 

 

Consumer Staples-7.68%

    

Andersons, Inc. (The)

    9,128        458,499  

Archer-Daniels-Midland Co.

    33,182        2,971,780  

Bunge Ltd.

    3,668        414,924  

Costco Wholesale Corp.

    5,068        2,694,757  

Inter Parfums, Inc.

    3,938        321,853  

Kroger Co. (The)

    8,073        435,619  

Sanderson Farms, Inc.

    2,031        384,611  

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

    9,517        408,565  
    

 

 

 
       8,090,608  
    

 

 

 

Energy-5.02%

    

Comstock Resources, Inc.(b)(c)

    43,840        746,595  

Energy Transfer L.P.

    155,117        1,718,696  

EnLink Midstream LLC.(b)

    40,533        400,061  

Marathon Petroleum Corp.

    20,018        1,746,771  

Plains GP Holdings L.P., Class A(b)

    31,124        347,655  

Sunoco L.P.

    7,963        333,092  
    

 

 

 
       5,292,870  
    

 

 

 

Financials-10.51%

    

Ameris Bancorp.

    7,211        300,699  

Banner Corp.

    5,708        306,519  

Customers Bancorp, Inc.(b)

    5,823        244,973  

Enstar Group Ltd.(b)

    1,258        296,573  

Fifth Third Bancorp.

    34,188        1,283,076  

First Citizens BancShares, Inc., Class A

    463        296,033  

Green Dot Corp., Class A(b)

    11,237        297,556  

Jackson Financial, Inc., Class A

    8,719        368,901  

JPMorgan Chase & Co.

    10,880        1,298,637  

KeyCorp

    64,569        1,246,827  

Meta Financial Group, Inc.

    6,432        280,757  

Raymond James Financial, Inc.

    15,193        1,480,710  

Signature Bank

    4,847        1,174,186  
    Shares      Value  

Financials-(continued)

    

South State Corp.(c)

    4,004      $ 310,070  

Trustmark Corp.(c)

    11,085        309,050  

Wells Fargo & Co.

    29,890        1,304,101  

Zions Bancorporation N.A

    4,995        282,267  
    

 

 

 
       11,080,935  
    

 

 

 

Health Care-13.14%

    

Alector, Inc.(b)(c)

    23,916        229,594  

Alignment Healthcare, Inc.(b)(c)

    49,633        476,973  

Arvinas, Inc.(b)(c)

    5,846        321,355  

Doximity, Inc., Class A(b)(c)

    6,941        276,738  

Dynavax Technologies Corp.(b)(c)

    31,673        279,673  

Eli Lilly and Co.

    10,428        3,046,332  

Innoviva, Inc.(b)(c)

    20,251        345,481  

Ironwood Pharmaceuticals, Inc.(b)(c)

    35,752        429,024  

Mettler-Toledo International, Inc.(b)

    1,760        2,248,453  

Molina Healthcare, Inc.(b)

    8,105        2,540,512  

Organon & Co.(c)

    10,801        349,196  

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

    15,495        340,735  

Tenet Healthcare Corp.(b)

    4,879        353,776  

Tivity Health, Inc.(b)

    15,063        483,974  

West Pharmaceutical Services, Inc.

    6,755        2,128,230  
    

 

 

 
       13,850,046  
    

 

 

 

Industrials-8.52%

    

AerCap Holdings N.V. (Ireland)(b)

    36,948        1,725,841  

Atkore, Inc.(b)

    3,699        355,474  

Atlas Air Worldwide Holdings, Inc.(b)(c)

    5,100        351,594  

Carlisle Cos., Inc.

    1,634        423,794  

Encore Wire Corp.

    3,398        383,328  

J.B. Hunt Transport Services, Inc.

    12,495        2,134,771  

Matson, Inc.

    3,713        319,392  

Old Dominion Freight Line, Inc.

    8,247        2,310,150  

Robert Half International, Inc.

    3,206        315,182  

Ryder System, Inc.(c)

    4,976        347,823  

ZIM Integrated Shipping Services Ltd. (Israel)(c)

    5,521        307,133  
    

 

 

 
       8,974,482  
    

 

 

 

Information Technology-26.71%

    

Advanced Micro Devices, Inc.(b)

    37,813        3,233,768  

Apple, Inc.

    26,613        4,195,539  

Arista Networks, Inc.(b)

    35,894        4,148,270  

Arrow Electronics, Inc.(b)

    6,992        824,077  

Axcelis Technologies, Inc.(b)

    13,024        709,157  

Belden, Inc.

    15,838        817,716  

Concentrix Corp.

    4,380        689,762  

ExlService Holdings, Inc.(b)

    7,506        1,021,942  

Fortinet, Inc.(b)

    14,704        4,249,603  

Gartner, Inc.(b)

    15,518        4,508,755  

Jabil, Inc.

    14,597        842,685  

Juniper Networks, Inc.(c)

    25,196        794,178  

MaxLinear, Inc.(b)

    14,121        675,972  

NetApp, Inc.

    9,892        724,589  

Onto Innovation, Inc.(b)(c)

    10,087        717,589  
    

 

 

 
       28,153,602  
    

 

 

 

Materials-3.90%

    

Cleveland-Cliffs, Inc.(b)

    16,899        430,756  

 

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

 

 

  11  

 


 

Invesco Dynamic Market ETF (PWC)–(continued)

April 30, 2020

 

    Shares      Value  

Materials-(continued)

    

Louisiana-Pacific Corp.

    4,768      $ 307,631  

Nucor Corp.

    19,122        2,959,703  

United States Steel Corp.

    13,603        414,755  
    

 

 

 
       4,112,845  
    

 

 

 

Utilities-2.80%

    

Exelon Corp.

    46,229        2,162,593  

NRG Energy, Inc.

    11,067        397,305  

Otter Tail Corp.

    6,745        390,940  
    

 

 

 
       2,950,838  
    

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $109,119,246)

       105,352,098  
    

 

 

 
Money Market Funds-0.11%     

Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e)
(Cost $111,719)

    111,719        111,719  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-100.06%
(Cost $109,230,965)

       105,463,817  
    Shares      Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-6.70%     

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

    2,120,222      $ 2,120,222  

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

    4,944,307        4,944,307  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $7,064,504)

 

     7,064,529  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-106.76%
(Cost $116,295,469)

 

     112,528,346  

OTHER ASSETS LESS LIABILITIES-(6.76)%

 

     (7,127,361
    

 

 

 

NET ASSETS-100.00%

     $ 105,400,985  
    

 

 

 

 

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

    $ 106,010      $ 2,315,107        $ (2,309,398)        $ -        $ -        $ 111,719        $ 83  

    Investments Purchased with Cash Collateral from Securities on Loan:

                                 

    Invesco Private Government Fund

      4,477,964          34,882,871          (37,240,613)            -          -          2,120,222          1,479*  

    Invesco Private Prime Fund

      6,716,946          71,962,832          (73,734,265)          25          (1,231)          4,944,307          5,991*  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

    Total

    $ 11,300,920        $ 109,160,810        $ (113,284,276)        $ 25        $ (1,231)        $ 7,176,248        $ 7,553  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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.

 

 

  12  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF)

April 30, 2022

Schedule of Investments(a)

 

    Shares      Value  
Common Stocks & Other Equity Interests-99.88%

 

Communication Services-8.60%

    

Activision Blizzard, Inc.

    66,953      $ 5,061,647  

Alphabet, Inc., Class A(b)

    16,549        37,767,962  

Alphabet, Inc., Class C(b)

    15,568        35,795,969  

Altice USA, Inc., Class A(b)

    210,287        1,951,463  

AMC Entertainment Holdings, Inc., Class A(b)(c)

    45,242        692,203  

AMC Networks, Inc., Class A(b)(c)

    20,818        679,291  

AT&T, Inc.

    4,923,694        92,860,869  

Cable One, Inc.(c)

    477        556,277  

Charter Communications, Inc., Class A(b)

    24,822        10,635,979  

Cinemark Holdings, Inc.(b)(c)

    58,801        932,584  

Comcast Corp., Class A

    1,147,849        45,638,476  

DISH Network Corp., Class A(b)

    114,840        3,274,088  

Electronic Arts, Inc.

    20,117        2,374,812  

Fox Corp., Class A

    74,485        2,669,542  

Fox Corp., Class B

    35,318        1,173,970  

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

    29,836        787,372  

Gray Television, Inc.(c)

    42,524        787,544  

IAC/InterActiveCorp.(b)

    8,098        671,162  

iHeartMedia, Inc., Class A(b)

    58,575        936,614  

Interpublic Group of Cos., Inc. (The)

    88,377        2,882,858  

Liberty Broadband Corp., Class A(b)

    2,224        239,436  

Liberty Broadband Corp., Class C(b)

    13,378        1,495,928  

Liberty Global PLC, Class A (United Kingdom)(b)

    102,608        2,335,358  

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

    199,995        4,739,882  

Liberty Latin America Ltd., Class A (Chile)(b)

    15,233        140,753  

Liberty Latin America Ltd., Class C (Chile)(b)

    58,723        542,601  

Liberty Media Corp.-Liberty Formula One, Class A(b)

    2,745        157,618  

Liberty Media Corp.-Liberty Formula One, Class C(b)

    23,203        1,446,243  

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

    22,551        943,308  

Liberty Media Corp.-Liberty SiriusXM, Class C(b)

    38,982        1,632,566  

Lions Gate Entertainment Corp., Class A(b)

    20,501        276,559  

Lions Gate Entertainment Corp., Class B(b)

    41,515        521,844  

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

    7,811        819,218  

Lumen Technologies, Inc.(c)

        1,110,887        11,175,523  

Match Group, Inc.(b)

    7,467        591,013  

Meta Platforms, Inc., Class A(b)

    228,261        45,759,483  

Netflix, Inc.(b)

    15,449        2,940,872  

News Corp., Class A

    75,768        1,504,753  

News Corp., Class B

    23,316        464,222  

Nexstar Media Group, Inc., Class A

    8,332        1,319,955  

Omnicom Group, Inc.(c)

    62,507        4,758,658  

Paramount Global, Class B

    269,910        7,859,779  

Spotify Technology S.A.(b)

    7,129        724,663  

Take-Two Interactive Software, Inc.(b)

    8,967        1,071,646  

TEGNA, Inc.

    58,148        1,282,163  

Telephone & Data Systems, Inc.(c)

    71,645        1,312,536  
    Shares      Value  

Communication Services-(continued)

    

T-Mobile US, Inc.(b)

    115,363      $ 14,205,800  

Twitter, Inc.(b)(c)

    67,103        3,289,389  

Verizon Communications, Inc.

    1,586,501        73,454,996  

Walt Disney Co. (The)(b)

    237,147        26,472,720  

Warner Bros Discovery, Inc.(b)

    1,333,405        24,201,301  
    

 

 

 
       485,811,468  
    

 

 

 

Consumer Discretionary-8.72%

    

Abercrombie & Fitch Co., Class A(b)

    20,434        706,608  

Academy Sports & Outdoors, Inc.(c)

    31,730        1,185,433  

Adient PLC(b)(c)

    45,305        1,546,713  

Advance Auto Parts, Inc.

    10,306        2,057,387  

Amazon.com, Inc.(b)

    21,754        54,072,395  

American Axle & Manufacturing Holdings, Inc.(b)

    96,723        640,306  

American Eagle Outfitters, Inc.(c)

    45,255        683,803  

Aptiv PLC(b)

    32,635        3,472,364  

Aramark

    73,667        2,670,429  

Asbury Automotive Group, Inc.(b)(c)

    7,825        1,437,531  

Autoliv, Inc. (Sweden)

    22,696        1,672,241  

AutoNation, Inc.(b)

    25,875        2,999,171  

AutoZone, Inc.(b)

    2,178        4,259,014  

Bath & Body Works, Inc.(c)

    66,184        3,500,472  

Bed Bath & Beyond, Inc.(b)(c)

    129,644        1,764,455  

Best Buy Co., Inc.

    89,706        8,067,261  

Big Lots, Inc.(c)

    33,649        1,039,754  

Bloomin’ Brands, Inc.(c)

    29,283        643,933  

Booking Holdings, Inc.(b)

    2,301        5,085,923  

BorgWarner, Inc.

    77,233        2,844,491  

Bright Horizons Family Solutions, Inc.(b)(c) .

    5,652        645,684  

Brinker International, Inc.(b)(c)

    18,383        667,854  

Brunswick Corp.

    13,236        1,000,774  

Burlington Stores, Inc.(b)(c)

    6,697        1,363,241  

Caesars Entertainment, Inc.(b)

    17,954        1,189,991  

Capri Holdings Ltd.(b)

    23,664        1,128,773  

CarMax, Inc.(b)(c)

    43,379        3,721,051  

Carnival Corp.(b)(c)

    340,348        5,888,020  

Carter’s, Inc.(c)

    11,132        937,760  

Chipotle Mexican Grill, Inc.(b)

    966        1,406,119  

Cracker Barrel Old Country Store, Inc.(c)

    8,879        985,480  

D.R. Horton, Inc.

    59,051        4,109,359  

Dana, Inc.

    72,717        1,076,939  

Darden Restaurants, Inc.

    20,003        2,634,995  

Deckers Outdoor Corp.(b)

    2,816        748,352  

Dick’s Sporting Goods, Inc.(c)

    14,375        1,386,038  

Dollar General Corp.

    33,609        7,983,146  

Dollar Tree, Inc.(b)

    43,450        7,058,453  

Domino’s Pizza, Inc.

    2,483        839,254  

eBay, Inc.

    73,890        3,836,369  

Expedia Group, Inc.(b)

    11,618        2,030,246  

Foot Locker, Inc.

    45,850        1,343,864  

Ford Motor Co.

        1,949,279        27,601,791  

GameStop Corp., Class A(b)(c)

    8,320        1,040,582  

Gap, Inc. (The)

    145,665        1,809,159  

Garmin Ltd.

    21,322        2,339,876  

General Motors Co.(b)

    786,233        29,806,093  

Gentex Corp.

    39,493        1,159,120  

Genuine Parts Co.(c)

    33,585        4,367,729  

 

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

 

 

  13  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2022

 

    Shares      Value  

Consumer Discretionary-(continued)

    

G-III Apparel Group Ltd.(b)

    25,620      $ 678,418  

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

    212,544        2,831,086  

Graham Holdings Co., Class B

    1,404        831,687  

Group 1 Automotive, Inc.(c)

    9,514        1,656,768  

H&R Block, Inc.(c)

    61,565        1,605,000  

Hanesbrands, Inc.(c)

    132,189        1,752,826  

Harley-Davidson, Inc.

    50,603        1,844,479  

Hasbro, Inc.

    23,831        2,098,558  

Hilton Worldwide Holdings, Inc.(b)

    13,771        2,138,499  

Home Depot, Inc. (The)

    116,426        34,974,370  

International Game Technology PLC(c)

    28,272        617,178  

KB Home

    25,762        835,462  

Kohl’s Corp.(c)

    88,304        5,111,036  

Las Vegas Sands Corp.(b)

    96,186        3,407,870  

LCI Industries(c)

    5,770        561,536  

Lear Corp.

    24,864        3,181,100  

Leggett & Platt, Inc.

    44,628        1,590,096  

Lennar Corp., Class A

    59,465        4,548,478  

Lennar Corp., Class B

    3,421        223,049  

Light & Wonder, Inc.(b)

    20,417        1,144,577  

Lithia Motors, Inc., Class A

    6,151        1,741,533  

LKQ Corp.

    67,854        3,367,594  

Lowe’s Cos., Inc.

    82,522        16,317,075  

lululemon athletica, inc.(b)

    4,843        1,717,473  

M.D.C. Holdings, Inc

    19,136        706,310  

M/I Homes, Inc.(b)

    14,559        644,673  

Macy’s, Inc.(c)

    199,207        4,814,833  

Marriott International, Inc., Class A(b)

    22,575        4,007,514  

Marriott Vacations Worldwide Corp.

    5,682        848,493  

Mattel, Inc.(b)

    55,077        1,338,922  

McDonald’s Corp.

    80,242        19,993,097  

Meritage Homes Corp.(b)

    13,106        1,081,900  

MGM Resorts International

    84,059        3,449,781  

Mohawk Industries, Inc.(b)

    23,418        3,303,343  

Murphy USA, Inc.

    10,994        2,568,198  

Newell Brands, Inc.(c)

    103,740        2,401,581  

NIKE, Inc., Class B

    77,629        9,680,336  

Nordstrom, Inc.(c)

    98,686        2,536,230  

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

    90,037        1,803,441  

NVR, Inc.(b)

    433        1,894,899  

ODP Corp. (The)(b)

    31,358        1,349,335  

O’Reilly Automotive, Inc.(b)

    5,001        3,033,357  

Penn National Gaming, Inc.(b)(c)

    33,332        1,218,951  

Penske Automotive Group, Inc.(c)

    14,362        1,505,425  

Polaris, Inc.(c)

    12,750        1,210,485  

Pool Corp.

    1,897        768,702  

PulteGroup, Inc.

    66,373        2,771,736  

PVH Corp.

    20,710        1,507,274  

Qurate Retail, Inc., Class A(c)

    348,587        1,467,551  

Ralph Lauren Corp.(c)

    9,632        1,005,003  

Ross Stores, Inc.

    45,130        4,502,620  

Royal Caribbean Cruises Ltd.(b)(c)

    46,726        3,632,012  

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

    56,063        847,673  

Service Corp. International

    25,953        1,702,776  

Signet Jewelers Ltd.

    15,829        1,111,196  

Six Flags Entertainment Corp.(b)

    21,364        817,600  

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

    26,693        1,022,342  

Sonic Automotive, Inc., Class A(c)

    14,176        603,189  

Starbucks Corp.

    121,261        9,050,921  

Tapestry, Inc.

    64,454        2,121,826  
    Shares      Value  

Consumer Discretionary-(continued)

    

Target Corp.

    96,653      $ 22,099,708  

Taylor Morrison Home Corp., Class A(b)

    54,615        1,430,367  

Tempur Sealy International, Inc.

    24,552        665,605  

Terminix Global Holdings, Inc.(b)

    23,516        1,079,149  

Tesla, Inc.(b)

    7,762        6,758,839  

Texas Roadhouse, Inc.

    8,332        685,974  

Thor Industries, Inc.

    18,095        1,385,172  

TJX Cos., Inc. (The)

    152,216        9,327,796  

Toll Brothers, Inc.

    33,058        1,532,899  

TopBuild Corp.(b)

    3,563        645,402  

Tractor Supply Co.

    10,713        2,158,134  

Travel + Leisure Co.

    18,180        1,008,626  

Tri Pointe Homes, Inc.(b)

    51,808        1,070,871  

Tupperware Brands Corp.(b)(c)

    41,123        722,942  

Ulta Beauty, Inc.(b)

    5,541        2,198,669  

Under Armour, Inc., Class A(b)

    30,849        473,841  

Under Armour, Inc., Class C(b)

    32,496        461,118  

Urban Outfitters, Inc.(b)(c)

    29,299        697,316  

Vail Resorts, Inc.

    5,105        1,297,487  

VF Corp.(c)

    65,721        3,417,492  

Victoria’s Secret & Co.(b)(c)

    19,469        917,379  

Visteon Corp.(b)

    12,567        1,315,891  

Wayfair, Inc., Class A(b)

    6,307        485,261  

Whirlpool Corp.(c)

    23,749        4,310,918  

Williams-Sonoma, Inc.(c)

    12,816        1,672,232  

Wynn Resorts Ltd.(b)

    19,604        1,381,690  

Yum China Holdings, Inc. (China)

    54,783        2,289,929  

Yum! Brands, Inc.

    30,106        3,522,703  
    

 

 

 
       492,568,479  
    

 

 

 

Consumer Staples-8.77%

    

Albertsons Cos., Inc., Class A

    132,981        4,159,646  

Altria Group, Inc.

    528,377        29,361,910  

Archer-Daniels-Midland Co.

    179,611        16,085,961  

B&G Foods, Inc.(c)

    28,210        759,695  

BJ’s Wholesale Club Holdings, Inc.(b)

    36,863        2,372,134  

Brown-Forman Corp., Class B

    16,620        1,120,853  

Bunge Ltd.

    68,968        7,801,660  

Campbell Soup Co.

    50,875        2,402,317  

Casey’s General Stores, Inc.

    9,346        1,881,350  

Church & Dwight Co., Inc.

    22,203        2,166,125  

Clorox Co. (The)

    21,064        3,022,052  

Coca-Cola Co. (The)

    506,511        32,725,676  

Coca-Cola Europacific Partners PLC (United Kingdom)

    71,045        3,548,698  

Colgate-Palmolive Co.

    116,331        8,963,304  

Conagra Brands, Inc.

    124,041        4,332,752  

Constellation Brands, Inc., Class A

    23,454        5,771,795  

Costco Wholesale Corp.

    52,760        28,053,547  

Coty, Inc., Class A(b)

    89,455        725,480  

Darling Ingredients, Inc.(b)

    22,815        1,674,393  

Edgewell Personal Care Co.(c)

    20,001        762,838  

Energizer Holdings, Inc.(c)

    20,367        616,916  

Estee Lauder Cos., Inc. (The), Class A

    10,728        2,832,836  

Flowers Foods, Inc.

    42,530        1,127,896  

General Mills, Inc.

    134,868        9,539,214  

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

    19,260        645,980  

Herbalife Nutrition Ltd.(b)(c)

    27,466        730,046  

Hershey Co. (The)

    14,946        3,374,358  

Hormel Foods Corp.

    45,677        2,393,018  

 

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

 

 

  14  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2022

 

    Shares      Value  

Consumer Staples-(continued)

    

Ingredion, Inc.

    24,787      $ 2,109,622  

JM Smucker Co. (The)

    29,352        4,019,169  

Kellogg Co.

    64,028        4,385,918  

Keurig Dr Pepper, Inc.

    125,806        4,705,144  

Kimberly-Clark Corp.

    69,359        9,629,110  

Kraft Heinz Co. (The)

    290,185        12,370,587  

Kroger Co. (The)

    430,339        23,221,092  

Lamb Weston Holdings, Inc.

    19,187        1,268,261  

McCormick & Co., Inc.

    25,089        2,523,201  

Molson Coors Beverage Co., Class B(c)

    86,177        4,665,623  

Mondelez International, Inc., Class A

    212,123        13,677,691  

Monster Beverage Corp.(b)

    23,304        1,996,687  

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

    34,785        642,131  

Nu Skin Enterprises, Inc., Class A

    15,933        679,383  

PepsiCo, Inc.

    200,735        34,468,207  

Performance Food Group Co.(b)(c)

    62,929        3,099,253  

Philip Morris International, Inc.

    304,277        30,427,700  

Post Holdings, Inc.(b)(c)

    18,742        1,394,217  

Procter & Gamble Co. (The)

    302,098        48,501,834  

Rite Aid Corp.(b)(c)

    215,693        1,373,964  

Sanderson Farms, Inc.

    4,472        846,863  

Spectrum Brands Holdings, Inc.(c)

    10,078        857,335  

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

    42,356        1,262,209  

Sysco Corp.

    125,162        10,698,848  

TreeHouse Foods, Inc.(b)(c)

    28,869        909,374  

Tyson Foods, Inc., Class A

    91,403        8,515,103  

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

    43,943        1,886,473  

US Foods Holding Corp.(b)

    126,495        4,758,742  

Walgreens Boots Alliance, Inc.

    463,664        19,659,354  

Walmart, Inc.

    404,352        61,861,812  
    

 

 

 
       495,367,357  
    

 

 

 

Energy-7.88%

    

Antero Resources Corp.(b)

    81,545        2,870,384  

APA Corp.

    75,694        3,098,155  

Baker Hughes Co., Class A

    272,896        8,465,234  

Cheniere Energy, Inc.

    23,596        3,204,573  

Chesapeake Energy Corp.(c)

    16,373        1,342,914  

Chevron Corp.

    564,387        88,422,511  

CNX Resources Corp.(b)

    64,867        1,333,017  

ConocoPhillips

    194,673        18,595,165  

Coterra Energy, Inc.

    57,493        1,655,224  

Delek US Holdings, Inc.(b)(c)

    68,033        1,646,399  

Devon Energy Corp.

    46,610        2,711,304  

Diamondback Energy, Inc.

    13,941        1,759,772  

DT Midstream, Inc.

    21,358        1,147,993  

EOG Resources, Inc.

    82,866        9,675,434  

EQT Corp.

    63,127        2,509,298  

Equitrans Midstream Corp.

    207,529        1,631,178  

Exxon Mobil Corp.

        1,436,095        122,427,099  

Halliburton Co.

    149,323        5,318,885  

Helmerich & Payne, Inc.

    54,504        2,508,819  

Hess Corp.

    25,187        2,596,024  

HF Sinclair Corp.

    96,214        3,658,056  

Kinder Morgan, Inc.

    785,459        14,256,081  

Marathon Oil Corp.

    174,974        4,360,352  

Marathon Petroleum Corp.

    231,327        20,185,594  

Murphy Oil Corp.(c)

    51,557        1,963,291  

Nabors Industries Ltd.(b)

    5,934        917,515  

NOV, Inc.(c)

    106,431        1,929,594  
    Shares      Value  

Energy-(continued)

    

Occidental Petroleum Corp.

    273,613      $ 15,073,340  

ONEOK, Inc.

    114,287        7,237,796  

Ovintiv, Inc.

    40,769        2,086,965  

PBF Energy, Inc., Class A(b)

    143,154        4,160,055  

PDC Energy, Inc.

    16,501        1,150,780  

Peabody Energy Corp.(b)(c)

    47,799        1,082,169  

Phillips 66

    217,987        18,912,552  

Pioneer Natural Resources Co.(c)

    15,418        3,584,223  

Schlumberger N.V.

    322,224        12,569,958  

SM Energy Co.

    21,002        746,201  

Targa Resources Corp.

    58,586        4,300,798  

TechnipFMC PLC (United Kingdom)(b)(c)

    283,412        1,961,211  

Transocean Ltd.(b)

    754,578        2,837,213  

Valaris Ltd.(b)

    25,822        1,310,467  

Valero Energy Corp.

    233,642        26,046,410  

Williams Cos., Inc. (The)

    316,756        10,861,563  

World Fuel Services Corp.

    33,013        799,575  
    

 

 

 
       444,911,141  
    

 

 

 

Financials-18.14%

    

Affiliated Managers Group, Inc.

    9,199        1,155,118  

Aflac, Inc.

    192,913        11,050,057  

AGNC Investment Corp.

    234,852        2,578,675  

Alleghany Corp.(b)

    3,549        2,968,738  

Allstate Corp. (The)

    108,157        13,686,187  

Ally Financial, Inc.

    136,558        5,456,858  

American Equity Investment Life Holding Co.

    43,573        1,643,574  

American Express Co.

    81,630        14,261,577  

American Financial Group, Inc.

    20,659        2,860,858  

American International Group, Inc.

    355,283        20,787,608  

Ameriprise Financial, Inc.

    17,898        4,751,740  

Annaly Capital Management, Inc.(c)

    497,365        3,193,083  

Aon PLC, Class A

    15,840        4,561,762  

Apollo Commercial Real Estate Finance, Inc.

    59,644        718,114  

Arch Capital Group Ltd.(b)

    90,516        4,133,866  

Arthur J. Gallagher & Co.

    21,465        3,616,638  

Associated Banc-Corp.

    50,347        1,004,423  

Assurant, Inc.

    15,703        2,856,062  

Assured Guaranty Ltd.

    28,722        1,584,018  

Atlantic Union Bankshares Corp.

    18,511        625,302  

AXIS Capital Holdings Ltd.

    27,878        1,598,246  

Bank of America Corp.

        1,620,062        57,803,812  

Bank of Hawaii Corp.

    8,820        655,679  

Bank of New York Mellon Corp. (The)

    244,430        10,280,726  

Bank OZK

    28,076        1,078,680  

BankUnited, Inc.

    26,595        998,376  

Berkshire Hathaway, Inc., Class B(b)

    440,401        142,174,655  

BlackRock, Inc.

    20,318        12,692,248  

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

    42,511        1,277,030  

Blackstone, Inc., Class A

    38,425        3,902,827  

BOK Financial Corp.(c)

    7,668        635,907  

Brighthouse Financial, Inc.(b)

    49,551        2,544,939  

Brown & Brown, Inc.

    18,432        1,142,415  

Cadence Bank(c)

    26,123        654,120  

Cannae Holdings, Inc.(b)

    29,173        653,475  

Capital One Financial Corp.

    151,591        18,891,270  

Carlyle Group, Inc. (The)

    17,783        645,345  

 

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

 

 

  15  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2022

 

    Shares      Value  

Financials-(continued)

    

Cathay General Bancorp.

    17,523      $ 702,497  

Cboe Global Markets, Inc.

    11,146        1,259,275  

Charles Schwab Corp. (The)

    124,226        8,239,911  

Chimera Investment Corp.(c)

    140,032        1,403,121  

Chubb Ltd.

    95,333        19,681,498  

Cincinnati Financial Corp.

    31,262        3,834,597  

Citigroup, Inc.

    1,064,396        51,314,531  

Citizens Financial Group, Inc.

    148,806        5,862,956  

CME Group, Inc., Class A

    40,923        8,976,051  

CNO Financial Group, Inc.

    66,864        1,614,097  

Columbia Banking System, Inc.

    21,943        616,159  

Comerica, Inc.

    34,292        2,808,515  

Commerce Bancshares, Inc.(c)

    16,878        1,153,949  

Community Bank System, Inc.

    9,932        639,621  

Credicorp Ltd. (Peru)

    20,254        2,813,078  

Cullen/Frost Bankers, Inc.

    10,314        1,364,439  

Discover Financial Services

    68,423        7,694,851  

East West Bancorp, Inc.

    21,626        1,541,934  

Enstar Group Ltd.(b)

    3,328        784,576  

Equitable Holdings, Inc.

    123,251        3,553,326  

Essent Group Ltd.

    19,519        791,105  

Evercore, Inc., Class A

    7,501        793,231  

Everest Re Group Ltd.

    10,723        2,945,715  

F.N.B. Corp.

    114,170        1,315,238  

FactSet Research Systems, Inc.

    2,144        865,083  

Federated Hermes, Inc., Class B(c)

    28,682        816,863  

Fidelity National Financial, Inc.

    78,566        3,128,498  

Fifth Third Bancorp

    162,878        6,112,811  

First American Financial Corp.(c)

    34,866        2,033,036  

First Citizens BancShares, Inc., Class A

    1,201        767,895  

First Hawaiian, Inc.(c)

    38,638        912,243  

First Horizon Corp.

    122,980        2,752,292  

First Republic Bank

    17,532        2,616,125  

Flagstar Bancorp, Inc.

    15,736        555,481  

Franklin Resources, Inc.

    113,959        2,802,252  

Fulton Financial Corp.

    48,003        728,205  

Genworth Financial, Inc., Class A(b)

    224,963        834,613  

Glacier Bancorp, Inc.

    16,552        757,420  

Globe Life, Inc.

    26,848        2,633,252  

Goldman Sachs Group, Inc. (The)

    86,680        26,479,873  

Hancock Whitney Corp.

    21,564        1,008,548  

Hanover Insurance Group, Inc. (The)

    10,626        1,560,109  

Hartford Financial Services Group, Inc. (The)

    117,733        8,233,069  

Home BancShares, Inc.

    35,295        763,078  

Hope Bancorp, Inc.

    40,430        578,149  

Huntington Bancshares, Inc.

    313,095        4,117,199  

Intercontinental Exchange, Inc.

    53,675        6,216,102  

Invesco Ltd.(d)

    159,034        2,923,045  

Jackson Financial, Inc., Class A(c)

    45,828        1,938,983  

Janus Henderson Group PLC

    56,422        1,719,743  

Jefferies Financial Group, Inc.(c)

    74,031        2,277,194  

JPMorgan Chase & Co.

    739,043        88,212,172  

Kemper Corp.(c)

    29,519        1,362,597  

KeyCorp

    247,057        4,770,671  

KKR & Co., Inc., Class A

    60,152        3,065,947  

Lazard Ltd., Class A

    45,478        1,490,314  

Lincoln National Corp.

    95,133        5,722,250  

Loews Corp.

    53,364        3,353,394  

LPL Financial Holdings, Inc.(c)

    8,395        1,577,169  
    Shares      Value  

Financials-(continued)

    

M&T Bank Corp.

    47,535      $ 7,921,302  

Markel Corp.(b)

    3,370        4,560,554  

Marsh & McLennan Cos., Inc.

    50,683        8,195,441  

MetLife, Inc.

    324,847        21,335,951  

MFA Financial, Inc.

    54,850        781,612  

MGIC Investment Corp.

    76,305        996,543  

Moody’s Corp.

    8,193        2,592,921  

Morgan Stanley

    257,076        20,717,755  

MSCI, Inc.

    2,188        921,695  

Nasdaq, Inc.

    11,505        1,810,542  

Navient Corp.

    112,875        1,793,584  

New Residential Investment Corp.

    260,567        2,709,897  

New York Community Bancorp, Inc.(c)

    216,011        1,995,942  

Northern Trust Corp.

    43,458        4,478,347  

Old National Bancorp

    51,108        774,797  

Old Republic International Corp.

    111,698        2,458,473  

OneMain Holdings, Inc.

    45,501        2,089,861  

PacWest Bancorp.

    34,777        1,143,816  

PennyMac Mortgage Investment Trust(c)

    54,111        830,063  

Pinnacle Financial Partners, Inc.

    11,624        901,441  

PNC Financial Services Group, Inc. (The)

    95,469        15,857,401  

Popular, Inc.

    21,807        1,700,728  

Primerica, Inc.

    7,804        1,011,086  

Principal Financial Group, Inc.(c)

    98,985        6,744,838  

Progressive Corp. (The)

    118,062        12,675,136  

Prosperity Bancshares, Inc.(c)

    20,955        1,370,038  

Prudential Financial, Inc.

    155,736        16,898,913  

Radian Group, Inc.

    52,912        1,131,788  

Raymond James Financial, Inc.

    25,824        2,516,807  

Regions Financial Corp.

    265,121        5,493,307  

Reinsurance Group of America, Inc.

    34,377        3,689,340  

RenaissanceRe Holdings Ltd. (Bermuda)

    11,843        1,699,707  

S&P Global, Inc.(c)

    18,336        6,903,504  

SEI Investments Co.

    13,731        765,091  

Selective Insurance Group, Inc.(c)

    12,657        1,042,430  

Signature Bank

    5,125        1,241,531  

Simmons First National Corp., Class A

    29,405        701,897  

SLM Corp.

    59,091        988,592  

South State Corp.(c)

    13,254        1,026,390  

Starwood Property Trust, Inc.

    95,187        2,177,879  

State Street Corp.

    93,049        6,231,492  

Stifel Financial Corp.

    16,491        1,019,968  

SVB Financial Group(b)

    4,809        2,345,061  

Synchrony Financial

    245,349        9,031,297  

Synovus Financial Corp.

    32,604        1,354,370  

T. Rowe Price Group, Inc.(c)

    37,481        4,611,662  

Texas Capital Bancshares, Inc.(b)

    15,661        804,349  

Travelers Cos., Inc. (The)

    91,978        15,733,757  

Truist Financial Corp.

    297,463        14,382,336  

Two Harbors Investment Corp.(c)

    143,280        689,177  

U.S. Bancorp

    363,888        17,670,401  

UMB Financial Corp.(c)

    8,509        767,342  

Umpqua Holdings Corp.

    53,671        887,718  

United Bankshares, Inc.(c)

    35,731        1,188,413  

Unum Group

    152,236        4,646,243  

Valley National Bancorp(c)

    101,893        1,220,678  

Voya Financial, Inc.(c)

    41,849        2,642,346  

W.R. Berkley Corp.

    40,788        2,711,994  

Washington Federal, Inc.(c)

    20,319        618,307  

Webster Financial Corp.

    20,930        1,046,291  

 

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

 

 

  16  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2022

 

    Shares      Value  

Financials-(continued)

    

Wells Fargo & Co.

    1,431,227      $ 62,444,434  

WesBanco, Inc.

    19,627        632,774  

Western Alliance Bancorporation

    10,264        781,193  

White Mountains Insurance Group Ltd.

    680        712,654  

Willis Towers Watson PLC

    19,943        4,284,953  

Wintrust Financial Corp.

    11,932        1,041,902  

Zions Bancorporation N.A.

    36,174        2,044,193  
    

 

 

 
       1,024,706,199  
    

 

 

 

Health Care-12.98%

    

Abbott Laboratories

    158,924        18,037,874  

AbbVie, Inc.

    226,501        33,268,467  

Acadia Healthcare Co., Inc.(b)(c)

    20,493        1,391,065  

Agilent Technologies, Inc.

    18,998        2,265,891  

Align Technology, Inc.(b)

    2,501        725,065  

AmerisourceBergen Corp.

    71,387        10,800,139  

Amgen, Inc.

    104,245        24,308,892  

Anthem, Inc.

    50,542        25,368,546  

Avantor, Inc.(b)

    40,639        1,295,571  

Baxter International, Inc.(c)

    61,686        4,383,407  

Becton, Dickinson and Co.

    34,293        8,476,887  

Biogen, Inc.(b)

    44,437        9,218,011  

BioMarin Pharmaceutical, Inc.(b)

    11,277        917,384  

Bio-Rad Laboratories, Inc., Class A(b)

    2,856        1,462,443  

Boston Scientific Corp.(b)

    136,345        5,741,488  

Bristol-Myers Squibb Co.

    310,589        23,378,034  

Brookdale Senior Living, Inc.(b)

    153,379        947,882  

Cardinal Health, Inc.

    249,654        14,492,415  

Catalent, Inc.(b)

    13,633        1,234,604  

Centene Corp.(b)

    199,246        16,049,265  

Cerner Corp.

    26,920        2,520,789  

Change Healthcare, Inc.(b)

    66,892        1,575,976  

Charles River Laboratories International, Inc.(b)

    3,882        937,542  

Cigna Corp.

    91,339        22,540,638  

Community Health Systems, Inc.(b)

    123,007        943,464  

Cooper Cos., Inc. (The)

    3,051        1,101,533  

CVS Health Corp.

    481,225        46,260,159  

Danaher Corp.

    37,881        9,513,056  

DaVita, Inc.(b)

    22,792        2,469,969  

DENTSPLY SIRONA, Inc.

    24,471        978,595  

Edwards Lifesciences Corp.(b)

    21,494        2,273,635  

Elanco Animal Health, Inc.(b)

    79,985        2,024,420  

Eli Lilly and Co.

    54,102        15,804,817  

Embecta Corp.(b)(c)

    6,858        208,689  

Encompass Health Corp.

    23,308        1,604,290  

Enovis Corp.(b)(c)

    8,745        567,288  

Envista Holdings Corp.(b)(c)

    29,742        1,178,378  

Gilead Sciences, Inc.

    366,104        21,724,611  

HCA Healthcare, Inc.

    38,641        8,290,427  

Henry Schein, Inc.(b)

    30,048        2,436,893  

Hologic, Inc.(b)

    25,732        1,852,447  

Horizon Therapeutics PLC(b)

    12,146        1,197,110  

Humana, Inc.

    28,510        12,674,406  

ICON PLC (Ireland)(b)

    4,582        1,036,494  

IDEXX Laboratories, Inc.(b)

    1,919        826,091  

Illumina, Inc.(b)

    6,235        1,849,613  

Incyte Corp.(b)

    10,062        754,248  

Intuitive Surgical, Inc.(b)

    12,159        2,909,649  

IQVIA Holdings, Inc.(b)

    17,436        3,800,874  
    Shares      Value  

Health Care-(continued)

    

Jazz Pharmaceuticals PLC(b)

    11,352      $ 1,818,817  

Johnson & Johnson

    404,203        72,942,473  

Laboratory Corp. of America Holdings(b)

    19,594        4,708,046  

McKesson Corp.

    68,981        21,357,207  

MEDNAX, Inc.(b)

    29,569        547,618  

Medtronic PLC

    243,966        25,460,292  

Merck & Co., Inc.

    432,057        38,319,135  

Mettler-Toledo International, Inc.(b)

    777        992,641  

Molina Healthcare, Inc.(b)

    11,684        3,662,350  

Organon & Co.

    132,838        4,294,653  

Owens & Minor, Inc.(c)

    33,405        1,185,543  

Patterson Cos., Inc.

    34,273        1,054,580  

PerkinElmer, Inc.

    7,345        1,076,850  

Perrigo Co. PLC

    49,105        1,684,302  

Pfizer, Inc.

    1,040,280        51,046,540  

Premier, Inc., Class A

    26,395        955,763  

Quest Diagnostics, Inc.

    28,506        3,815,243  

Regeneron Pharmaceuticals, Inc.(b)

    8,135        5,361,860  

ResMed, Inc.

    7,255        1,450,782  

Royalty Pharma PLC, Class A

    27,471        1,169,715  

Select Medical Holdings Corp.

    50,422        1,140,041  

STERIS PLC

    6,206        1,390,454  

Stryker Corp.

    28,383        6,847,683  

Syneos Health, Inc.(b)

    17,586        1,285,361  

Teladoc Health, Inc.(b)(c)

    42,899        1,448,270  

Teleflex, Inc.

    4,039        1,153,619  

Tenet Healthcare Corp.(b)

    57,007        4,133,578  

Thermo Fisher Scientific, Inc.

    23,248        12,854,284  

United Therapeutics Corp.(b)

    7,113        1,262,984  

UnitedHealth Group, Inc.

    122,571        62,333,482  

Universal Health Services, Inc., Class B

    21,580        2,644,197  

Vertex Pharmaceuticals, Inc.(b)

    13,095        3,577,816  

Viatris, Inc.

    554,132        5,724,184  

Waters Corp.(b)

    3,338        1,011,481  

West Pharmaceutical Services, Inc.

    2,229        702,269  

Zimmer Biomet Holdings, Inc.

    34,524        4,168,773  

Zoetis, Inc.

    18,248        3,234,458  
    

 

 

 
       733,436,775  
    

 

 

 

Industrials-9.55%

    

3M Co.

    142,667        20,575,435  

A.O. Smith Corp.

    15,720        918,520  

ABM Industries, Inc.(c)

    25,932        1,251,738  

Acuity Brands, Inc.

    5,996        1,034,190  

AECOM

    47,532        3,353,858  

AerCap Holdings N.V. (Ireland)(b)

    35,867        1,675,348  

AGCO Corp.

    12,693        1,617,088  

Air Lease Corp.

    35,430        1,427,120  

Allegion PLC

    9,032        1,031,816  

Allison Transmission Holdings, Inc.

    29,328        1,098,040  

AMERCO

    1,593        853,020  

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

    94,484        1,773,465  

AMETEK, Inc.

    19,328        2,440,353  

Applied Industrial Technologies, Inc.

    7,482        783,291  

ASGN, Inc.(b)

    9,570        1,085,716  

Atlas Air Worldwide Holdings, Inc.(b)(c)

    14,163        976,397  

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

    15,934        4,265,054  

Beacon Roofing Supply, Inc.(b)(c)

    20,716        1,235,295  

Boeing Co. (The)(b)

    99,013        14,737,095  

Boise Cascade Co.

    11,140        841,961  

 

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

 

 

  17  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2022

 

    Shares      Value  

Industrials-(continued)

    

Booz Allen Hamilton Holding Corp.

    23,661      $ 1,931,447  

Brink’s Co. (The)

    10,524        620,390  

Builders FirstSource, Inc.(b)

    23,385        1,439,814  

BWX Technologies, Inc.

    16,069        834,302  

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

    36,437        3,867,788  

CACI International, Inc., Class A(b)

    5,951        1,578,800  

Carlisle Cos., Inc.

    6,757        1,752,496  

Carrier Global Corp.

    131,935        5,049,152  

Caterpillar, Inc.

    99,485        20,945,572  

Cintas Corp.

    6,879        2,732,752  

Clarivate PLC(b)(c)

    80,341        1,259,747  

Clean Harbors, Inc.(b)(c)

    10,888        1,142,478  

Copart, Inc.(b)

    9,373        1,065,241  

CoStar Group, Inc.(b)

    21,953        1,396,650  

Crane Co.

    9,211        886,375  

CSX Corp.

    263,644        9,053,535  

Cummins, Inc.

    35,603        6,735,732  

Curtiss-Wright Corp.

    6,438        920,055  

Deere & Co.

    30,527        11,525,469  

Delta Air Lines, Inc.(b)

    56,688        2,439,285  

Donaldson Co., Inc.

    18,853        924,551  

Dover Corp.

    16,994        2,265,300  

Dycom Industries, Inc.(b)(c)

    9,386        796,965  

Eaton Corp. PLC

    66,398        9,629,038  

EMCOR Group, Inc.

    13,059        1,390,522  

Emerson Electric Co.

    98,849        8,914,203  

EnerSys

    11,183        732,039  

Equifax, Inc.

    9,113        1,854,678  

Esab Corp.(b)

    8,744        410,968  

Expeditors International of Washington, Inc.

    21,520        2,131,986  

Fastenal Co.

    63,544        3,514,619  

FedEx Corp.

    74,843        14,874,298  

Flowserve Corp.

    38,713        1,266,302  

Fluor Corp.(b)(c)

    114,961        2,845,285  

Fortive Corp.

    35,684        2,051,830  

Fortune Brands Home & Security, Inc.

    21,499        1,531,804  

FTI Consulting, Inc.(b)(c)

    5,379        848,322  

GATX Corp.(c)

    9,981        1,031,936  

Generac Holdings, Inc.(b)

    2,892        634,447  

General Dynamics Corp.

    52,537        12,426,577  

General Electric Co.

    339,499        25,309,650  

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

    166,628        1,088,081  

GMS, Inc.(b)

    14,305        685,925  

Graco, Inc.

    12,756        791,127  

Greenbrier Cos., Inc. (The)

    17,618        752,465  

GXO Logistics, Inc.(b)(c)

    18,440        1,091,464  

HEICO Corp.(c)

    2,068        292,064  

HEICO Corp., Class A

    3,548        413,839  

Herc Holdings, Inc.(c)

    5,113        653,544  

Hexcel Corp.

    15,260        829,534  

Honeywell International, Inc.

    102,179        19,772,658  

Howmet Aerospace, Inc.

    62,408        2,129,361  

Hub Group, Inc., Class A(b)

    10,709        719,216  

Hubbell, Inc.

    9,656        1,886,396  

Huntington Ingalls Industries, Inc.

    12,037        2,560,751  

IDEX Corp.

    7,503        1,424,219  

Illinois Tool Works, Inc.

    37,433        7,378,419  

Ingersoll Rand, Inc.

    44,661        1,963,298  

ITT, Inc.

    11,805        828,947  
    Shares      Value  

Industrials-(continued)

    

J.B. Hunt Transport Services, Inc.

    10,111      $ 1,727,464  

Jacobs Engineering Group, Inc.

    21,221        2,940,170  

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

    44,460        924,323  

Johnson Controls International PLC

    137,911        8,256,732  

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

    62,959        922,979  

KBR, Inc.(c)

    25,688        1,264,620  

Kennametal, Inc.

    22,827        587,339  

Kirby Corp.(b)

    17,024        1,109,965  

Knight-Swift Transportation Holdings, Inc.

    32,386        1,550,966  

L3Harris Technologies, Inc.

    28,854        6,701,630  

Landstar System, Inc.

    6,164        954,804  

Leidos Holdings, Inc.

    40,640        4,206,646  

Lennox International, Inc.

    3,980        848,496  

Lincoln Electric Holdings, Inc.

    7,736        1,042,271  

Lockheed Martin Corp.

    46,970        20,296,676  

ManpowerGroup, Inc.

    28,956        2,611,831  

Masco Corp.

    35,452        1,867,966  

MasTec, Inc.(b)

    15,322        1,103,337  

MDU Resources Group, Inc.

    68,694        1,769,557  

Meritor, Inc.(b)

    35,366        1,269,993  

Middleby Corp. (The)(b)

    6,541        1,006,594  

MSC Industrial Direct Co., Inc., Class A

    14,511        1,202,381  

Mueller Industries, Inc.(c)

    14,694        795,680  

Nielsen Holdings PLC

    171,994        4,611,159  

Nordson Corp.

    4,598        991,743  

Norfolk Southern Corp.

    33,023        8,515,971  

Northrop Grumman Corp.

    24,967        10,970,500  

nVent Electric PLC

    33,018        1,115,348  

Old Dominion Freight Line, Inc.

    5,110        1,431,413  

Oshkosh Corp.

    16,529        1,527,941  

Otis Worldwide Corp.

    46,777        3,407,237  

Owens Corning

    22,743        2,068,021  

PACCAR, Inc.

    84,908        7,051,609  

Parker-Hannifin Corp.

    16,388        4,438,198  

Pentair PLC

    25,650        1,301,737  

Pitney Bowes, Inc.

    197,407        1,040,335  

Quanta Services, Inc.

    21,882        2,537,874  

Raytheon Technologies Corp.

    243,711        23,130,611  

Regal Rexnord Corp.

    7,607        967,915  

Republic Services, Inc.

    31,760        4,264,415  

Resideo Technologies, Inc.(b)

    50,605        1,138,106  

Robert Half International, Inc.

    12,968        1,274,884  

Rockwell Automation, Inc.

    11,846        2,993,129  

Rush Enterprises, Inc., Class A

    14,474        736,437  

Ryder System, Inc.(c)

    34,930        2,441,607  

Science Applications International Corp.

    15,501        1,290,148  

Sensata Technologies Holding PLC(b)

    28,775        1,306,673  

Snap-on, Inc.

    10,304        2,189,497  

Southwest Airlines Co.(b)(c)

    33,914        1,584,462  

Spirit AeroSystems Holdings, Inc., Class A.

    26,296        1,105,484  

Stanley Black & Decker, Inc.

    32,781        3,938,637  

Stericycle, Inc.(b)

    19,894        998,480  

Sunrun, Inc.(b)(c)

    54,433        1,087,571  

Terex Corp.

    19,300        656,200  

Textron, Inc.

    47,242        3,271,508  

Timken Co. (The)

    15,832        912,556  

Toro Co. (The)

    10,483        840,003  

Trane Technologies PLC

    28,920        4,045,619  

TransDigm Group, Inc.(b)

    8,254        4,909,562  

TransUnion

    12,495        1,093,562  

 

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

 

 

  18  

 


 

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2022

 

    Shares      Value  

Industrials-(continued)

    

Trinity Industries, Inc.

    27,614      $ 766,012  

Triton International Ltd. (Bermuda)

    19,523        1,192,660  

Uber Technologies, Inc.(b)

    85,497        2,691,446  

UFP Industries, Inc.

    10,737        830,722  

Union Pacific Corp.

    75,276        17,636,414  

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

    51,143        2,582,721  

United Parcel Service, Inc., Class B

    97,751        17,593,225  

United Rentals, Inc.(b)

    15,868        5,022,539  

Univar Solutions, Inc.(b)

    66,585        1,938,955  

Valmont Industries, Inc.

    3,545        882,031  

Verisk Analytics, Inc.

    8,194        1,671,986  

Veritiv Corp.(b)

    7,287        1,024,115  

W.W. Grainger, Inc.

    6,366        3,183,191  

Wabtec Corp.

    26,529        2,385,222  

Waste Management, Inc.

    56,350        9,266,194  

Watsco, Inc.

    5,102        1,361,112  

Werner Enterprises, Inc.

    19,793        784,397  

WESCO International, Inc.(b)

    16,338        2,013,822  

Woodward, Inc.(c)

    6,694        739,553  

XPO Logistics, Inc.(b)

    27,307        1,468,844  

Xylem, Inc.

    20,806        1,674,883  
    

 

 

 
       539,657,124  
    

 

 

 

Information Technology-12.83%

    

Accenture PLC, Class A

    51,863        15,577,571  

Adobe, Inc.(b)

    14,999        5,938,854  

Advanced Micro Devices, Inc.(b)

    22,479        1,922,404  

Akamai Technologies, Inc.(b)

    19,046        2,138,485  

Amdocs Ltd.

    23,064        1,837,970  

Amkor Technology, Inc.

    32,225        606,152  

Amphenol Corp., Class A

    45,776        3,272,984  

Analog Devices, Inc.

    36,746        5,672,847  

ANSYS, Inc.(b)

    4,624        1,274,791  

Apple, Inc.

    729,162        114,952,389  

Applied Materials, Inc.

    58,465        6,451,613  

Arista Networks, Inc.(b)

    8,547        987,777  

Arrow Electronics, Inc.(b)

    34,379        4,051,909  

Automatic Data Processing, Inc.

    40,518        8,840,217  

Avnet, Inc.

    51,166        2,233,908  

Black Knight, Inc.(b)

    18,566        1,221,457  

Block, Inc., Class A(b)(c)

    10,822        1,077,222  

Bread Financial Holdings, Inc.

    26,438        1,448,802  

Broadcom, Inc.

    33,492        18,567,630  

Broadridge Financial Solutions, Inc.

    12,365        1,782,167  

Cadence Design Systems, Inc.(b)

    9,130        1,377,260  

CDK Global, Inc.

    19,593        1,066,055  

CDW Corp.

    18,044        2,944,420  

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

    10,359        1,308,238  

Ciena Corp.(b)

    18,371        1,013,528  

Cirrus Logic, Inc.(b)

    8,200        621,560  

Cisco Systems, Inc.

    684,539        33,528,720  

Citrix Systems, Inc.

    10,691        1,070,169  

Cognex Corp.

    10,677        722,085  

Cognizant Technology Solutions Corp., Class A

    71,579        5,790,741  

CommScope Holding Co., Inc.(b)

    152,266        918,164  

Concentrix Corp.

    5,410        851,967  

Conduent, Inc.(b)

    146,864        826,844  

Corning, Inc.(c)

    136,114        4,789,852  
    Shares      Value  

Information Technology-(continued)

    

Dell Technologies, Inc., Class C

    57,740      $ 2,714,357  

DXC Technology Co.(b)

    99,093        2,843,969  

Entegris, Inc.

    5,300        590,367  

EPAM Systems, Inc.(b)

    1,892        501,361  

Euronet Worldwide, Inc.(b)(c)

    6,748        820,894  

F5, Inc.(b)

    6,131        1,026,391  

Fidelity National Information Services, Inc.

    121,831        12,079,544  

First Solar, Inc.(b)(c)

    22,188        1,620,390  

Fiserv, Inc.(b)

    92,252        9,033,316  

FleetCor Technologies, Inc.(b)

    8,192        2,044,068  

Flex Ltd.(b)

    307,566        5,071,763  

Gartner, Inc.(b)

    4,031        1,171,207  

Genpact Ltd.

    24,157        972,802  

Global Payments, Inc.(c)

    38,854        5,322,221  

Hewlett Packard Enterprise Co.

    546,681        8,424,354  

HP, Inc.(c)

    325,379        11,918,633  

II-VI Incorporated(b)(c)

    10,408        637,074  

Insight Enterprises, Inc.(b)(c)

    14,747        1,465,409  

Intel Corp.

    1,243,583        54,207,783  

International Business Machines Corp.

    307,221        40,617,688  

Intuit, Inc.

    7,781        3,258,294  

IPG Photonics Corp.(b)(c)

    5,191        490,446  

Jabil, Inc.

    60,893        3,515,353  

Jack Henry & Associates, Inc.

    6,158        1,167,434  

Juniper Networks, Inc.(c)

    70,968        2,236,911  

Keysight Technologies, Inc.(b)

    10,394        1,457,966  

KLA Corp.

    8,845        2,823,855  

Kyndryl Holdings, Inc.(b)(c)

    179,742        2,137,132  

Lam Research Corp.

    8,454        3,937,535  

Marvell Technology, Inc.

    31,692        1,840,671  

Mastercard, Inc., Class A

    26,141        9,499,117  

Maximus, Inc.

    10,702        779,962  

Microchip Technology, Inc.

    46,821        3,052,729  

Micron Technology, Inc.

    216,645        14,773,023  

Microsoft Corp.

    359,920        99,884,998  

MKS Instruments, Inc.

    6,300        718,074  

Motorola Solutions, Inc.

    13,582        2,902,338  

National Instruments Corp.

    21,590        780,263  

NCR Corp.(b)

    42,619        1,492,944  

NetApp, Inc.

    28,995        2,123,884  

NortonLifeLock, Inc.

    119,741        2,998,315  

NVIDIA Corp.

    28,952        5,369,727  

NXP Semiconductors N.V. (China)

    26,467        4,523,210  

ON Semiconductor Corp.(b)

    38,050        1,982,785  

Oracle Corp.

    208,227        15,283,862  

Paychex, Inc.

    34,445        4,365,215  

PayPal Holdings, Inc.(b)

    84,716        7,449,078  

Paysafe Ltd.(b)

    248,684        691,342  

Qorvo, Inc.(b)

    16,031        1,824,007  

QUALCOMM, Inc.

    106,524        14,880,338  

Roper Technologies, Inc.

    8,252        3,877,780  

Sabre Corp.(b)(c)

    100,248        1,049,597  

salesforce.com, inc.(b)

    54,705        9,624,798  

Sanmina Corp.(b)

    32,160        1,315,022  

Seagate Technology Holdings PLC

    39,551        3,244,764  

ServiceNow, Inc.(b)

    1,841        880,182  

Skyworks Solutions, Inc.

    19,738        2,236,315  

SS&C Technologies Holdings, Inc.

    25,140        1,625,552  

Synopsys, Inc.(b)

    6,625        1,899,984  

 

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

 

 

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