Invesco Annual Report to Shareholders
April 30, 2022
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PWC | Invesco Dynamic Market ETF | |||
PRF |
Invesco FTSE RAFI US 1000 ETF | |||
PRFZ |
Invesco FTSE RAFI US 1500 Small-Mid ETF |
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2 |
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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.
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3 |
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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 as of April 30, 2022 |
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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* as of April 30, 2022 |
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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. |
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4 |
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Invesco Dynamic Market ETF (PWC) (continued)
Growth of a $10,000 Investment
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 |
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. |
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5 |
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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 as of April 30, 2022 |
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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* as of April 30, 2022 |
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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. |
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6 |
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Invesco FTSE RAFI US 1000 ETF (PRF) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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. |
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7 |
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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 as of April 30, 2022 |
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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* 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. |
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8 |
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Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) (continued)
Growth of a $10,000 Investment
Fund Performance History as of April 30, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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. |
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9 |
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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. |
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10 |
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Invesco Dynamic Market ETF (PWC)
April 30, 2022
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 | ||||||
|
|
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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 |
105,352,098 | |||||||
|
|
|||||||
Money Market Funds-0.11% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(e) |
111,719 | 111,719 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateralfrom securities on loan)-100.06% |
105,463,817 |
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.70% | ||||||||
Invesco Private Government Fund, |
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 |
|
7,064,529 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-106.76% |
|
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.
|
19 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
April 30, 2022
Shares | Value | |||||||
Information Technology-(continued) |
||||||||
TD SYNNEX Corp. |
7,363 | $ | 736,963 | |||||
TE Connectivity Ltd. (Switzerland) |
42,508 | 5,304,148 | ||||||
Teledyne Technologies, Inc.(b) |
3,346 | 1,443,966 | ||||||
Teradyne, Inc.(c) |
9,947 | 1,049,011 | ||||||
Texas Instruments, Inc. |
94,561 | 16,099,010 | ||||||
Trimble, Inc.(b) |
22,118 | 1,475,271 | ||||||
TTM Technologies, Inc.(b) |
73,244 | 1,021,754 | ||||||
Twilio, Inc., Class A(b) |
9,734 | 1,088,456 | ||||||
ViaSat, Inc.(b)(c) |
21,131 | 777,832 | ||||||
Visa, Inc., Class A(c) |
65,696 | 14,001,788 | ||||||
Vishay Intertechnology, Inc. |
43,490 | 810,219 | ||||||
VMware, Inc., Class A |
22,359 | 2,415,666 | ||||||
Vontier Corp. |
38,860 | 995,593 | ||||||
Western Digital Corp.(b) |
125,158 | 6,642,135 | ||||||
Western Union Co. (The)(c) |
120,262 | 2,015,591 | ||||||
WEX, Inc.(b) |
5,628 | 935,599 | ||||||
Workday, Inc., Class A(b) |
3,587 | 741,433 | ||||||
Xerox Holdings Corp. |
114,657 | 1,995,032 | ||||||
Zebra Technologies Corp., Class A(b) |
3,744 | 1,384,007 | ||||||
|
|
|||||||
724,698,619 | ||||||||
|
|
|||||||
Materials-3.60% |
||||||||
Air Products and Chemicals, Inc |
30,691 | 7,183,842 | ||||||
Albemarle Corp. |
10,346 | 1,995,019 | ||||||
Alcoa Corp. |
32,949 | 2,233,942 | ||||||
AptarGroup, Inc. |
9,738 | 1,118,215 | ||||||
Arconic Corp.(b)(c) |
50,993 | 1,282,984 | ||||||
Ashland Global Holdings, Inc.(c) |
9,878 | 1,036,894 | ||||||
Avery Dennison Corp. |
11,526 | 2,081,596 | ||||||
Avient Corp. |
17,936 | 883,169 | ||||||
Axalta Coating Systems Ltd.(b) |
47,518 | 1,205,532 | ||||||
Ball Corp. |
33,403 | 2,710,987 | ||||||
Berry Global Group, Inc.(b) |
46,140 | 2,599,989 | ||||||
Cabot Corp.(c) |
12,091 | 796,192 | ||||||
Celanese Corp. |
19,691 | 2,893,396 | ||||||
CF Industries Holdings, Inc. |
36,672 | 3,550,950 | ||||||
Chemours Co. (The)(c) |
55,870 | 1,847,621 | ||||||
Cleveland-Cliffs, Inc.(b) |
46,332 | 1,181,003 | ||||||
Commercial Metals Co. |
32,941 | 1,350,581 | ||||||
Compass Minerals International, Inc.(c) |
12,842 | 759,347 | ||||||
Constellium SE(b) |
54,066 | 902,362 | ||||||
Corteva, Inc. |
110,998 | 6,403,475 | ||||||
Crown Holdings, Inc. |
25,558 | 2,812,402 | ||||||
Dow, Inc. |
183,450 | 12,199,425 | ||||||
DuPont de Nemours, Inc. |
176,424 | 11,631,634 | ||||||
Eastman Chemical Co. |
33,840 | 3,474,353 | ||||||
Ecolab, Inc. |
27,557 | 4,666,502 | ||||||
Element Solutions, Inc. |
30,225 | 623,239 | ||||||
FMC Corp. |
14,409 | 1,909,769 | ||||||
Freeport-McMoRan, Inc. |
136,322 | 5,527,857 | ||||||
Graphic Packaging Holding Co.(c) |
74,391 | 1,621,724 | ||||||
H.B. Fuller Co. |
11,118 | 741,571 | ||||||
Huntsman Corp. |
54,164 | 1,834,535 | ||||||
International Flavors & Fragrances, Inc. |
20,090 | 2,436,917 | ||||||
International Paper Co. |
165,053 | 7,638,653 | ||||||
Linde PLC (United Kingdom) |
58,243 | 18,169,486 | ||||||
Louisiana-Pacific Corp. |
15,100 | 974,252 | ||||||
LyondellBasell Industries N.V., Class A |
103,110 | 10,932,753 | ||||||
Martin Marietta Materials, Inc. |
6,258 | 2,216,709 | ||||||
Mosaic Co. (The) |
74,032 | 4,621,077 |
Shares | Value | |||||||
Materials-(continued) |
||||||||
Newmont Corp. |
115,369 | $ | 8,404,632 | |||||
Nucor Corp. |
57,673 | 8,926,627 | ||||||
O-I Glass, Inc.(b)(c) |
79,401 | 1,070,325 | ||||||
Olin Corp. |
31,851 | 1,828,247 | ||||||
Packaging Corp. of America |
19,167 | 3,089,145 | ||||||
PPG Industries, Inc. |
36,497 | 4,671,251 | ||||||
Reliance Steel & Aluminum Co. |
16,325 | 3,236,431 | ||||||
Royal Gold, Inc. |
5,954 | 776,878 | ||||||
RPM International, Inc. |
21,048 | 1,744,879 | ||||||
Scotts Miracle-Gro Co. (The)(c) |
7,277 | 756,299 | ||||||
Sealed Air Corp. |
20,452 | 1,313,223 | ||||||
Sherwin-Williams Co. (The) |
17,727 | 4,874,216 | ||||||
Silgan Holdings, Inc. |
20,942 | 929,197 | ||||||
Sonoco Products Co. |
30,200 | 1,869,682 | ||||||
Southern Copper Corp. (Peru)(c) |
10,617 | 661,121 | ||||||
Steel Dynamics, Inc. |
47,014 | 4,031,450 | ||||||
Summit Materials, Inc., Class A(b)(c) |
26,549 | 738,062 | ||||||
Sylvamo Corp.(b) |
29,649 | 1,323,828 | ||||||
Trinseo PLC(c) |
16,780 | 796,211 | ||||||
United States Steel Corp. |
95,114 | 2,900,026 | ||||||
Valvoline, Inc. |
21,745 | 657,351 | ||||||
Vulcan Materials Co. |
13,466 | 2,320,057 | ||||||
Warrior Met Coal, Inc. |
42,702 | 1,454,857 | ||||||
Westlake Corp.(c) |
7,411 | 937,862 | ||||||
WestRock Co. |
125,295 | 6,205,861 | ||||||
|
|
|||||||
203,567,672 | ||||||||
|
|
|||||||
Real Estate-3.64% |
||||||||
Alexandria Real Estate Equities, Inc. |
18,418 | 3,355,023 | ||||||
American Campus Communities, Inc. |
31,311 | 2,024,882 | ||||||
American Homes 4 Rent, Class A |
27,153 | 1,075,530 | ||||||
American Tower Corp. |
36,480 | 8,792,410 | ||||||
Americold Realty Trust(c) |
42,615 | 1,124,184 | ||||||
Apple Hospitality REIT, Inc. |
78,996 | 1,397,439 | ||||||
AvalonBay Communities, Inc. |
19,866 | 4,519,118 | ||||||
Boston Properties, Inc. |
30,647 | 3,604,087 | ||||||
Brandywine Realty Trust |
65,608 | 765,645 | ||||||
Brixmor Property Group, Inc. |
72,481 | 1,839,568 | ||||||
Camden Property Trust |
11,069 | 1,736,615 | ||||||
CBRE Group, Inc., Class A(b) |
54,923 | 4,560,806 | ||||||
Corporate Office Properties Trust |
32,966 | 879,863 | ||||||
Cousins Properties, Inc.(c) |
31,920 | 1,145,928 | ||||||
Crown Castle International Corp. |
52,242 | 9,675,741 | ||||||
CubeSmart |
23,013 | 1,093,348 | ||||||
Cushman & Wakefield PLC(b)(c) |
40,561 | 726,042 | ||||||
DiamondRock Hospitality Co.(b) |
76,987 | 817,602 | ||||||
Digital Realty Trust, Inc. |
44,634 | 6,521,920 | ||||||
DigitalBridge Group, Inc.(b) |
171,925 | 1,196,598 | ||||||
Douglas Emmett, Inc. |
37,198 | 1,095,853 | ||||||
Duke Realty Corp. |
37,154 | 2,034,181 | ||||||
EPR Properties |
24,185 | 1,270,196 | ||||||
Equinix, Inc. |
8,247 | 5,930,253 | ||||||
Equity LifeStyle Properties, Inc. |
15,646 | 1,209,123 | ||||||
Equity Residential |
59,306 | 4,833,439 | ||||||
Essex Property Trust, Inc. |
9,049 | 2,979,564 | ||||||
Extra Space Storage, Inc. |
10,928 | 2,076,320 | ||||||
Federal Realty Investment Trust |
13,067 | 1,529,623 | ||||||
First Industrial Realty Trust, Inc. |
13,986 | 811,188 | ||||||
Gaming and Leisure Properties, Inc. |
39,096 | 1,735,080 | ||||||
Healthcare Realty Trust, Inc.(c) |
29,266 | 792,523 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
20 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
April 30, 2022
Shares | Value | |||||||
Real Estate-(continued) |
||||||||
Healthcare Trust of America, Inc., Class A. |
44,104 | $ | 1,343,408 | |||||
Healthpeak Properties, Inc. |
101,576 | 3,332,709 | ||||||
Highwoods Properties, Inc. |
29,664 | 1,211,478 | ||||||
Host Hotels & Resorts, Inc. |
200,302 | 4,076,146 | ||||||
Howard Hughes Corp. (The), (Acquired 03/17/2017 -
04/29/2022; |
8,169 | 819,269 | ||||||
Hudson Pacific Properties, Inc.(c) |
45,103 | 1,049,998 | ||||||
Invitation Homes, Inc. |
65,909 | 2,624,496 | ||||||
Iron Mountain, Inc.(c) |
82,676 | 4,442,181 | ||||||
JBG SMITH Properties |
33,449 | 881,716 | ||||||
Jones Lang LaSalle, Inc.(b)(c) |
12,038 | 2,633,072 | ||||||
Kilroy Realty Corp. |
22,948 | 1,606,360 | ||||||
Kimco Realty Corp. |
93,052 | 2,357,007 | ||||||
Lamar Advertising Co., Class A |
14,252 | 1,573,563 | ||||||
Life Storage, Inc. |
8,844 | 1,171,742 | ||||||
LXP Industrial Trust |
51,168 | 642,158 | ||||||
Macerich Co. (The)(c) |
105,058 | 1,318,478 | ||||||
Medical Properties Trust, Inc. |
105,275 | 1,936,007 | ||||||
Mid-America Apartment Communities, Inc. |
13,492 | 2,653,607 | ||||||
National Retail Properties, Inc. |
32,723 | 1,434,576 | ||||||
Omega Healthcare Investors, Inc. |
63,763 | 1,624,681 | ||||||
Outfront Media, Inc. |
44,829 | 1,147,622 | ||||||
Paramount Group, Inc. |
96,326 | 916,060 | ||||||
Park Hotels & Resorts, Inc. |
108,417 | 2,136,899 | ||||||
Pebblebrook Hotel Trust(c) |
36,225 | 884,615 | ||||||
Physicians Realty Trust |
51,446 | 881,784 | ||||||
Piedmont Office Realty Trust, Inc., Class A(c) |
50,678 | 815,916 | ||||||
Prologis, Inc. |
61,727 | 9,894,221 | ||||||
Public Storage |
11,478 | 4,264,077 | ||||||
Rayonier, Inc. |
23,994 | 1,036,541 | ||||||
Realogy Holdings Corp.(b)(c) |
65,280 | 715,469 | ||||||
Realty Income Corp. |
49,836 | 3,456,625 | ||||||
Regency Centers Corp. |
32,915 | 2,265,539 | ||||||
Rexford Industrial Realty, Inc. |
10,182 | 794,603 | ||||||
RLJ Lodging Trust |
79,984 | 1,121,376 | ||||||
Ryman Hospitality Properties, Inc.(b)(c) |
8,737 | 816,735 | ||||||
Sabra Health Care REIT, Inc. |
87,307 | 1,019,746 | ||||||
SBA Communications Corp., Class A |
3,426 | 1,189,199 | ||||||
Service Properties Trust |
113,519 | 921,774 | ||||||
Simon Property Group, Inc. |
57,259 | 6,756,562 | ||||||
SITE Centers Corp. |
56,502 | 898,382 | ||||||
SL Green Realty Corp. |
26,805 | 1,855,442 | ||||||
Spirit Realty Capital, Inc. |
22,282 | 968,153 | ||||||
STAG Industrial, Inc. |
22,345 | 833,915 | ||||||
STORE Capital Corp. |
43,224 | 1,228,858 | ||||||
Sun Communities, Inc. |
10,802 | 1,896,507 | ||||||
Sunstone Hotel Investors, Inc.(b) |
80,394 | 984,827 | ||||||
UDR, Inc. |
36,376 | 1,935,567 | ||||||
Uniti Group, Inc. |
97,900 | 1,212,981 | ||||||
Ventas, Inc. |
121,712 | 6,761,102 | ||||||
VICI Properties, Inc.(c) |
86,725 | 2,585,272 | ||||||
Vornado Realty Trust(c) |
66,875 | 2,588,731 | ||||||
W.P. Carey, Inc. |
31,093 | 2,511,382 | ||||||
Welltower, Inc. |
97,951 | 8,894,930 | ||||||
Weyerhaeuser Co. |
148,753 | 6,131,599 | ||||||
Xenia Hotels & Resorts, Inc.(b) |
42,733 | 824,320 |
Shares | Value | |||||||
Real Estate-(continued) |
||||||||
Zillow Group, Inc., Class A(b)(c) |
4,408 | $ | 170,369 | |||||
Zillow Group, Inc., Class C(b)(c) |
12,740 | 507,307 | ||||||
|
|
|||||||
205,707,351 | ||||||||
|
|
|||||||
Utilities-5.17% |
||||||||
AES Corp. (The) |
228,650 | 4,669,033 | ||||||
ALLETE, Inc. |
17,929 | 1,063,907 | ||||||
Alliant Energy Corp. |
52,422 | 3,082,938 | ||||||
Ameren Corp. |
57,956 | 5,384,112 | ||||||
American Electric Power Co., Inc. |
140,074 | 13,882,734 | ||||||
American Water Works Co., Inc. |
23,273 | 3,585,904 | ||||||
Atmos Energy Corp.(c) |
25,123 | 2,848,948 | ||||||
Avangrid, Inc.(c) |
19,231 | 852,895 | ||||||
Avista Corp. |
24,363 | 988,407 | ||||||
Black Hills Corp.(c) |
18,568 | 1,359,920 | ||||||
CenterPoint Energy, Inc. |
167,118 | 5,115,482 | ||||||
CMS Energy Corp. |
68,303 | 4,691,733 | ||||||
Consolidated Edison, Inc. |
114,752 | 10,642,101 | ||||||
Dominion Energy, Inc. |
199,474 | 16,285,057 | ||||||
DTE Energy Co. |
50,654 | 6,637,700 | ||||||
Duke Energy Corp. |
238,598 | 26,283,956 | ||||||
Edison International |
131,252 | 9,028,825 | ||||||
Entergy Corp. |
65,231 | 7,752,704 | ||||||
Essential Utilities, Inc. |
32,595 | 1,458,952 | ||||||
Evergy, Inc. |
71,985 | 4,884,182 | ||||||
Eversource Energy |
82,097 | 7,175,278 | ||||||
Exelon Corp. |
451,186 | 21,106,481 | ||||||
FirstEnergy Corp. |
173,368 | 7,508,568 | ||||||
Hawaiian Electric Industries, Inc. |
30,606 | 1,258,213 | ||||||
IDACORP, Inc. |
11,742 | 1,235,024 | ||||||
National Fuel Gas Co. |
20,050 | 1,406,107 | ||||||
New Jersey Resources Corp. |
24,619 | 1,062,556 | ||||||
NextEra Energy, Inc. |
265,099 | 18,827,331 | ||||||
NiSource, Inc. |
103,129 | 3,003,117 | ||||||
NorthWestern Corp.(c) |
17,786 | 1,008,288 | ||||||
NRG Energy, Inc. |
63,422 | 2,276,850 | ||||||
OGE Energy Corp. |
61,624 | 2,383,616 | ||||||
ONE Gas, Inc. |
13,966 | 1,178,311 | ||||||
PG&E Corp.(b)(c) |
394,095 | 4,985,302 | ||||||
Pinnacle West Capital Corp. |
45,841 | 3,263,879 | ||||||
PNM Resources, Inc. |
23,755 | 1,108,408 | ||||||
Portland General Electric Co. |
29,669 | 1,404,234 | ||||||
PPL Corp. |
344,052 | 9,740,112 | ||||||
Public Service Enterprise Group, Inc. |
131,604 | 9,167,535 | ||||||
Sempra Energy |
69,159 | 11,159,496 | ||||||
South Jersey Industries, Inc.(c) |
34,816 | 1,190,359 | ||||||
Southern Co. (The) |
305,946 | 22,453,377 | ||||||
Southwest Gas Holdings, Inc.(c) |
22,134 | 1,950,227 | ||||||
Spire, Inc. |
18,004 | 1,309,791 | ||||||
UGI Corp. |
74,377 | 2,551,131 | ||||||
Vistra Corp. |
213,406 | 5,339,418 | ||||||
WEC Energy Group, Inc. |
69,021 | 6,905,551 | ||||||
Xcel Energy, Inc. |
127,400 | 9,333,324 | ||||||
|
|
|||||||
291,791,374 | ||||||||
|
|
|||||||
Total Common Stocks & Other Equity
Interests |
5,642,223,559 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
21 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
April 30, 2022
Shares | Value | |||||||
Money Market Funds-0.08% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(d)(f) |
4,450,312 | $ | 4,450,312 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
5,646,673,871 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.22% |
| |||||||
Invesco Private Government Fund, |
72,621,826 | 72,621,826 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, |
165,708,735 | $ | 165,708,735 | |||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
238,330,561 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.18% |
|
5,885,004,432 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.18)% |
|
(236,029,382 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 5,648,975,050 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at 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 (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. |
$ | 4,203,225 | $ | 626,368 | $ | (521,778 | ) | $ | (1,127,855 | ) | $ | (256,915 | ) | $ | 2,923,045 | $ | 109,034 | ||||||||||||||||||
Invesco Mortgage Capital, Inc. |
864,622 | 96,598 | (568,883 | ) | 328,193 | (720,530 | ) | - | 61,238 | ||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
2,630,153 | 158,679,917 | (156,859,758 | ) | - | - | 4,450,312 | 4,056 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
51,675,128 | 542,915,064 | (521,968,366 | ) | - | - | 72,621,826 | 50,017 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
77,512,693 | 1,002,668,603 | (914,406,917 | ) | 21,036 | (86,680 | ) | 165,708,735 | 184,778 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 136,885,821 | $ | 1,704,986,550 | $ | (1,594,325,702 | ) | $ | (778,626 | ) | $ | (1,064,125 | ) | $ | 245,703,918 | $ | 409,123 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) |
Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets. |
(f) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
(g) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
22 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
April 30, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.00% |
| |||||||
Communication Services-3.66% |
||||||||
Advantage Solutions, Inc.(b)(c) |
128,502 | $ | 646,365 | |||||
ATN International, Inc. |
16,917 | 668,221 | ||||||
Audacy, Inc.(b)(c) |
256,597 | 651,756 | ||||||
Bandwidth, Inc., Class A(b)(c) |
11,024 | 243,851 | ||||||
Boston Omaha Corp., Class A(b)(c) |
11,021 | 229,678 | ||||||
Bumble, Inc., Class A(b)(c) |
70,566 | 1,692,878 | ||||||
Cardlytics, Inc.(b) |
4,459 | 152,186 | ||||||
Cargurus, Inc.(b)(c) |
20,327 | 664,286 | ||||||
Cars.com, Inc.(b)(c) |
51,196 | 569,299 | ||||||
Clear Channel Outdoor Holdings, Inc.(b) |
654,837 | 1,610,899 | ||||||
Cogent Communications Holdings, Inc.(c) |
37,063 | 2,168,185 | ||||||
comScore, Inc.(b)(c) |
129,302 | 261,190 | ||||||
Consolidated Communications Holdings, Inc.(b)(c) |
120,248 | 715,476 | ||||||
DHI Group, Inc.(b) |
50,762 | 282,237 | ||||||
E.W. Scripps Co. (The), Class A(b)(c) |
73,462 | 1,209,184 | ||||||
EchoStar Corp., Class A(b) |
120,640 | 2,816,944 | ||||||
Entravision Communications Corp., Class A |
107,697 | 556,793 | ||||||
Eros STX Global Corp. (United Arab |
116,853 | 202,156 | ||||||
Eventbrite, Inc., Class A(b)(c) |
24,972 | 264,204 | ||||||
Gannett Co., Inc.(b)(c) |
440,980 | 1,768,330 | ||||||
Gogo, Inc.(b)(c) |
35,537 | 654,236 | ||||||
IDT Corp., Class B(b) |
22,306 | 590,663 | ||||||
IMAX Corp.(b) |
39,765 | 629,082 | ||||||
Iridium Communications, Inc.(b) |
70,893 | 2,531,589 | ||||||
John Wiley & Sons, Inc., Class A |
64,295 | 3,271,973 | ||||||
Lee Enterprises, Inc.(b) |
23,161 | 558,180 | ||||||
Liberty Media Corp.-Liberty Braves, |
4,076 | 107,076 | ||||||
Liberty Media Corp.-Liberty Braves, |
14,793 | 371,452 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A(b) |
287,060 | 430,590 | ||||||
Loyalty Ventures, Inc.(b) |
36,501 | 466,848 | ||||||
Madison Square Garden Entertainment Corp.(b)(c) |
35,692 | 2,614,439 | ||||||
Madison Square Garden Sports Corp., Class A(b) |
3,501 | 567,547 | ||||||
Magnite, Inc.(b)(c) |
44,183 | 426,366 | ||||||
Marcus Corp. (The)(b)(c) |
53,748 | 845,456 | ||||||
National CineMedia, Inc. |
230,714 | 509,878 | ||||||
New York Times Co. (The), Class A |
78,359 | 3,002,717 | ||||||
Pinterest, Inc., Class A(b) |
100,820 | 2,068,826 | ||||||
Playtika Holding Corp.(b)(c) |
49,772 | 874,992 | ||||||
QuinStreet, Inc.(b) |
50,056 | 476,033 | ||||||
Radius Global Infrastructure, Inc., Class A(b)(c) |
21,237 | 263,764 | ||||||
Roku, Inc., Class A(b) |
15,227 | 1,414,588 | ||||||
Scholastic Corp. |
40,924 | 1,508,049 | ||||||
Shenandoah Telecommunications Co. |
63,885 | 1,290,477 | ||||||
Sinclair Broadcast Group, Inc., Class A(c) |
100,278 | 2,230,183 | ||||||
Sirius XM Holdings, Inc.(c) |
484,962 | 2,909,772 | ||||||
Skillz, Inc., (Acquired 03/18/2022 - |
64,104 | 131,413 | ||||||
Spok Holdings, Inc. |
40,945 | 281,702 |
Shares | Value | |||||||
Communication Services-(continued) |
||||||||
Stagwell, Inc.(b)(c) |
34,619 | $ | 234,717 | |||||
Taboola.com Ltd. (Israel)(b) |
66,157 | 285,137 | ||||||
TechTarget, Inc.(b)(c) |
4,615 | 310,636 | ||||||
Thryv Holdings, Inc.(b)(c) |
20,192 | 521,559 | ||||||
TripAdvisor, Inc.(b)(c) |
78,615 | 2,018,047 | ||||||
TrueCar, Inc.(b) |
168,177 | 602,074 | ||||||
United States Cellular Corp.(b) |
43,020 | 1,238,116 | ||||||
Urban One, Inc., Class A(b) |
35,746 | 289,185 | ||||||
Urban One, Inc., Class D(b) |
78,126 | 471,881 | ||||||
Vimeo, Inc.(b) |
50,985 | 519,537 | ||||||
WideOpenWest, Inc.(b)(c) |
78,658 | 1,577,093 | ||||||
World Wrestling Entertainment, Inc., |
19,225 | 1,122,548 | ||||||
Yelp, Inc.(b) |
51,170 | 1,664,560 | ||||||
Ziff Davis, Inc.(b) |
30,073 | 2,657,250 | ||||||
ZipRecruiter, Inc., Class A(b) |
18,064 | 406,621 | ||||||
ZoomInfo Technologies, Inc., Class A(b) |
4,786 | 226,856 | ||||||
Zynga, Inc., Class A(b) |
387,525 | 3,204,832 | ||||||
|
|
|||||||
65,752,658 | ||||||||
|
|
|||||||
Consumer Discretionary-13.04% |
||||||||
1-800-Flowers.com, Inc., Class A(b)(c) |
44,756 | 456,511 | ||||||
2U, Inc.(b)(c) |
122,731 | 1,224,855 | ||||||
Aaron’s Co., Inc. (The)(c) |
80,878 | 1,660,425 | ||||||
Acushnet Holdings Corp.(c) |
31,507 | 1,283,595 | ||||||
ADT, Inc.(c) |
415,986 | 2,849,504 | ||||||
Adtalem Global Education, Inc.(b)(c) |
118,972 | 3,487,069 | ||||||
Afya Ltd., Class A (Brazil)(b)(c) |
28,774 | 434,775 | ||||||
American Outdoor Brands, Inc.(b)(c) |
25,623 | 322,850 | ||||||
American Public Education, Inc.(b) |
32,209 | 626,143 | ||||||
America’s Car-Mart, Inc.(b) |
8,287 | 670,004 | ||||||
Arco Platform Ltd., Class A (Brazil)(b)(c) |
16,861 | 335,197 | ||||||
Arcos Dorados Holdings, Inc., Class A (Brazil) |
310,473 | 2,250,929 | ||||||
Arko Corp.(c) |
184,926 | 1,714,264 | ||||||
Bally’s Corp.(b)(c) |
20,293 | 605,543 | ||||||
Barnes & Noble Education, Inc.(b)(c) |
187,080 | 568,723 | ||||||
Bassett Furniture Industries, Inc. |
27,569 | 456,543 | ||||||
Beazer Homes USA, Inc.(b) |
134,330 | 2,025,696 | ||||||
Big 5 Sporting Goods Corp.(c) |
60,100 | 869,647 | ||||||
BJ’s Restaurants, Inc.(b) |
32,862 | 913,235 | ||||||
Bluegreen Vacations Holding Corp. |
18,976 | 499,069 | ||||||
Boot Barn Holdings, Inc.(b) |
16,360 | 1,473,382 | ||||||
Boyd Gaming Corp. |
47,602 | 2,883,729 | ||||||
Buckle, Inc. (The)(c) |
52,905 | 1,643,229 | ||||||
Build-A-Bear Workshop, Inc. |
15,773 | 298,741 | ||||||
Caleres, Inc. |
86,720 | 1,988,490 | ||||||
Callaway Golf Co.(b)(c) |
41,512 | 910,773 | ||||||
Camping World Holdings, Inc., Class A(c) |
54,256 | 1,393,294 | ||||||
Canoo, Inc.(b)(c) |
42,450 | 203,760 | ||||||
CarParts.com, Inc.(b) |
40,662 | 243,565 | ||||||
Carriage Services, Inc. |
12,042 | 516,481 | ||||||
Carrols Restaurant Group, Inc. |
129,683 | 207,493 | ||||||
Carvana Co.(b)(c) |
8,724 | 505,643 | ||||||
Cato Corp. (The), Class A |
39,906 | 540,726 | ||||||
Cavco Industries, Inc.(b) |
6,051 | 1,429,549 | ||||||
Century Casinos, Inc.(b)(c) |
30,309 | 317,335 | ||||||
Century Communities, Inc. |
50,317 | 2,652,712 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
23 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Consumer Discretionary-(continued) |
||||||||
Cheesecake Factory, Inc. (The)(b)(c) |
60,993 | $ | 2,251,252 | |||||
Chegg, Inc.(b)(c) |
35,599 | 880,719 | ||||||
Chico’s FAS, Inc.(b) |
456,043 | 2,417,028 | ||||||
Children’s Place, Inc. (The)(b)(c) |
28,475 | 1,319,247 | ||||||
Choice Hotels International, Inc. |
10,469 | 1,470,476 | ||||||
Churchill Downs, Inc. |
9,371 | 1,901,751 | ||||||
Chuy’s Holdings, Inc.(b) |
20,176 | 504,602 | ||||||
Citi Trends, Inc.(b)(c) |
16,741 | 468,246 | ||||||
Columbia Sportswear Co.(c) |
31,536 | 2,590,998 | ||||||
Conn’s, Inc.(b)(c) |
65,074 | 1,018,408 | ||||||
Container Store Group, Inc. (The)(b) |
104,916 | 802,607 | ||||||
ContextLogic, Inc., Class A(b)(c) |
588,812 | 1,000,980 | ||||||
Cooper-Standard Holdings, Inc.(b) |
61,162 | 281,957 | ||||||
Coupang, Inc. (South Korea)(b)(c) |
57,406 | 738,815 | ||||||
Crocs, Inc.(b) |
20,788 | 1,380,947 | ||||||
Dave & Buster’s Entertainment, Inc.(b)(c) |
31,250 | 1,421,875 | ||||||
Denny’s Corp.(b)(c) |
49,842 | 638,974 | ||||||
Designer Brands, Inc., Class A(c) |
185,866 | 2,568,668 | ||||||
Despegar.com Corp. (Argentina)(b) |
42,160 | 467,554 | ||||||
Destination XL Group, Inc.(b) |
70,424 | 348,599 | ||||||
Dillard’s, Inc., Class A(c) |
7,563 | 2,297,715 | ||||||
Dine Brands Global, Inc. |
18,055 | 1,294,363 | ||||||
DoorDash, Inc., Class A(b)(c) |
24,367 | 1,984,205 | ||||||
Dorman Products, Inc.(b) |
20,912 | 2,064,433 | ||||||
DraftKings, Inc., Class A(b)(c) |
127,636 | 1,746,060 | ||||||
Drive Shack, Inc.(b)(c) |
211,280 | 259,874 | ||||||
Duluth Holdings, Inc., Class B(b)(c) |
20,173 | 247,119 | ||||||
El Pollo Loco Holdings, Inc.(b)(c) |
29,085 | 309,755 | ||||||
Ethan Allen Interiors, Inc.(c) |
51,909 | 1,232,320 | ||||||
Etsy, Inc.(b)(c) |
16,005 | 1,491,506 | ||||||
Everi Holdings, Inc.(b) |
51,341 | 891,280 | ||||||
Express, Inc.(b)(c) |
329,192 | 1,132,420 | ||||||
Farfetch Ltd., Class A (United Kingdom)(b) . |
30,776 | 344,691 | ||||||
Fisker, Inc.(b)(c) |
45,374 | 456,462 | ||||||
Five Below, Inc.(b)(c) |
17,987 | 2,825,758 | ||||||
Fiverr International Ltd.(b)(c) |
4,891 | 260,446 | ||||||
Flexsteel Industries, Inc.(c) |
12,156 | 263,664 | ||||||
Floor & Decor Holdings, Inc., Class A(b) |
31,838 | 2,538,125 | ||||||
Fossil Group, Inc.(b)(c) |
144,647 | 1,429,112 | ||||||
Fox Factory Holding Corp.(b) |
13,498 | 1,105,216 | ||||||
Franchise Group, Inc.(c) |
16,598 | 618,939 | ||||||
frontdoor, inc.(b)(c) |
58,574 | 1,810,522 | ||||||
Full House Resorts, Inc.(b) |
26,400 | 238,920 | ||||||
Funko, Inc., Class A(b) |
32,617 | 531,331 | ||||||
Garrett Motion, Inc. (Switzerland)(b)(c) |
88,379 | 589,488 | ||||||
Genesco, Inc.(b) |
40,809 | 2,531,382 | ||||||
Gentherm, Inc.(b)(c) |
21,178 | 1,427,821 | ||||||
Golden Entertainment, Inc.(b) |
12,518 | 600,363 | ||||||
GoPro, Inc., Class A(b)(c) |
99,964 | 891,679 | ||||||
Grand Canyon Education, Inc.(b)(c) |
41,859 | 4,017,208 | ||||||
Green Brick Partners, Inc.(b) |
39,571 | 779,549 | ||||||
Groupon, Inc.(b)(c) |
76,217 | 1,486,994 | ||||||
GrowGeneration Corp.(b)(c) |
38,559 | 227,884 | ||||||
Guess?, Inc.(c) |
83,168 | 1,868,785 | ||||||
Haverty Furniture Cos., Inc., (Acquired |
||||||||
Cost $1,119,582)(c)(d) |
53,706 | 1,333,520 | ||||||
Helen of Troy Ltd.(b)(c) |
17,352 | 3,722,177 | ||||||
Hibbett, Inc.(c) |
33,223 | 1,434,569 | ||||||
Hilton Grand Vacations, Inc.(b) |
38,851 | 1,819,392 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
||||||||
Hooker Furnishings Corp.(c) |
21,814 | $ | 367,784 | |||||
Hovnanian Enterprises, Inc., Class A(b)(c) |
20,095 | 924,772 | ||||||
Hyatt Hotels Corp., Class A |
31,048 | 2,948,318 | ||||||
Installed Building Products, Inc.(c) |
15,112 | 1,216,063 | ||||||
iRobot Corp.(b)(c) |
35,744 | 1,810,434 | ||||||
J Jill, Inc.(b) |
15,471 | 250,011 | ||||||
Jack in the Box, Inc.(c) |
25,922 | 2,145,305 | ||||||
JAKKS Pacific, Inc.(b) |
25,757 | 351,583 | ||||||
JOANN, Inc.(c) |
53,177 | 555,168 | ||||||
Johnson Outdoors, Inc., Class A(c) |
5,970 | 456,586 | ||||||
Kirkland’s, Inc.(b)(c) |
44,853 | 324,287 | ||||||
Kontoor Brands, Inc. |
58,836 | 2,337,554 | ||||||
Lakeland Industries, Inc.(b)(c) |
13,404 | 216,877 | ||||||
Lands’ End, Inc.(b)(c) |
38,811 | 544,130 | ||||||
Laureate Education, Inc., Class A(c) |
264,372 | 2,995,335 | ||||||
La-Z-Boy, Inc.(c) |
85,546 | 2,248,149 | ||||||
Lazydays Holdings, Inc.(b)(c) |
26,462 | 514,157 | ||||||
Leslie’s, Inc.(b)(c) |
50,029 | 980,568 | ||||||
LGI Homes, Inc.(b)(c) |
23,221 | 2,176,040 | ||||||
LL Flooring Holdings, Inc.(b)(c) |
69,729 | 962,957 | ||||||
Lordstown Motors Corp., Class A(b)(c) |
175,170 | 381,871 | ||||||
Lucid Group, Inc.(b)(c) |
18,777 | 339,488 | ||||||
MakeMyTrip Ltd. (India)(b)(c) |
20,563 | 523,740 | ||||||
Malibu Boats, Inc., Class A(b)(c) |
14,021 | 705,116 | ||||||
MarineMax, Inc.(b) |
34,599 | 1,415,791 | ||||||
MasterCraft Boat Holdings, Inc.(b) |
20,710 | 498,490 | ||||||
MercadoLibre, Inc. (Brazil)(b) |
2,793 | 2,719,349 | ||||||
Modine Manufacturing Co.(b) |
103,496 | 817,618 | ||||||
Monarch Casino & Resort, Inc.(b) |
7,064 | 495,540 | ||||||
Monro, Inc. |
45,795 | 2,094,205 | ||||||
Motorcar Parts of America, Inc.(b)(c) |
25,059 | 381,147 | ||||||
Movado Group, Inc. |
16,822 | 605,087 | ||||||
National Vision Holdings, Inc.(b)(c) |
71,048 | 2,674,957 | ||||||
Nautilus, Inc.(b)(c) |
110,592 | 332,882 | ||||||
Noodles & Co.(b) |
35,533 | 197,919 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(b)(c) |
75,439 | 3,624,844 | ||||||
OneSpaWorld Holdings Ltd. (Bahamas)(b)(c) |
27,521 | 276,311 | ||||||
OneWater Marine, Inc., Class A(c) |
12,697 | 415,065 | ||||||
Overstock.com, Inc.(b)(c) |
44,587 | 1,496,340 | ||||||
Oxford Industries, Inc. |
16,869 | 1,511,462 | ||||||
Papa John’s International, Inc. |
15,398 | 1,401,988 | ||||||
Party City Holdco, Inc.(b)(c) |
390,232 | 1,205,817 | ||||||
Patrick Industries, Inc. |
41,663 | 2,593,522 | ||||||
Peloton Interactive, Inc., Class A(b)(c) |
51,232 | 899,634 | ||||||
Perdoceo Education Corp.(b) |
131,985 | 1,475,592 | ||||||
Petco Health & Wellness Co., Inc.(b)(c) |
73,172 | 1,409,293 | ||||||
PetMed Express, Inc.(c) |
27,963 | 612,390 | ||||||
Planet Fitness, Inc., Class A(b) |
13,403 | 1,072,642 | ||||||
Playa Hotels & Resorts N.V.(b) |
65,238 | 615,847 | ||||||
PlayAGS, Inc.(b) |
59,642 | 393,637 | ||||||
Purple Innovation, Inc.(b)(c) |
53,105 | 218,793 | ||||||
QuantumScape Corp.(b)(c) |
36,557 | 546,162 | ||||||
Quotient Technology, Inc.(b)(c) |
74,144 | 393,705 | ||||||
RCI Hospitality Holdings, Inc. |
4,334 | 268,535 | ||||||
RealReal, Inc. (The)(b)(c) |
38,717 | 209,846 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) |
72,631 | 958,003 | ||||||
Red Rock Resorts, Inc., Class A |
31,776 | 1,396,873 | ||||||
Regis Corp.(b)(c) |
546,112 | 737,251 | ||||||
Rent-A-Center, Inc. |
73,396 | 1,770,312 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
24 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Consumer Discretionary-(continued) |
||||||||
Revolve Group, Inc.(b) |
6,535 | $ | 276,169 | |||||
RH(b)(c) |
8,155 | 2,741,059 | ||||||
Rocky Brands, Inc.(c) |
9,533 | 367,116 | ||||||
Ruth’s Hospitality Group, Inc.(c) |
27,022 | 566,651 | ||||||
SeaWorld Entertainment, Inc.(b) |
13,820 | 932,021 | ||||||
Shake Shack, Inc., Class A(b)(c) |
11,460 | 662,732 | ||||||
Shift Technologies, Inc.(b)(c) |
148,481 | 198,965 | ||||||
Shoe Carnival, Inc.(c) |
22,116 | 667,682 | ||||||
Shutterstock, Inc. |
7,015 | 531,176 | ||||||
Skyline Champion Corp.(b) |
20,339 | 1,038,103 | ||||||
Sleep Number Corp.(b)(c) |
28,404 | 1,152,066 | ||||||
Smith & Wesson Brands, Inc.(c) |
80,948 | 1,111,416 | ||||||
Snap One Holdings Corp.(b)(c) |
12,453 | 148,813 | ||||||
Sonos, Inc.(b)(c) |
43,993 | 1,003,920 | ||||||
Sportsman’s Warehouse Holdings, Inc.(b) |
118,552 | 1,139,285 | ||||||
Standard Motor Products, Inc. |
33,742 | 1,440,109 | ||||||
Steven Madden Ltd. |
55,329 | 2,271,809 | ||||||
Stitch Fix, Inc., Class A(b) |
86,325 | 820,087 | ||||||
Stoneridge, Inc.(b)(c) |
72,449 | 1,427,970 | ||||||
Strategic Education, Inc.(c) |
48,624 | 3,141,110 | ||||||
Stride, Inc.(b)(c) |
51,621 | 2,028,705 | ||||||
Sturm Ruger & Co., Inc.(c) |
23,329 | 1,589,871 | ||||||
Superior Group of Cos., Inc.(c) |
12,304 | 195,634 | ||||||
Superior Industries International, Inc.(b) |
69,031 | 222,970 | ||||||
Tenneco, Inc., Class A(b)(c) |
320,658 | 5,505,698 | ||||||
Tile Shop Holdings, Inc. |
40,701 | 243,392 | ||||||
Tilly’s, Inc., Class A |
54,741 | 482,816 | ||||||
Traeger, Inc.(b)(c) |
24,786 | 148,468 | ||||||
TravelCenters of America, Inc.(b) |
71,852 | 2,731,094 | ||||||
Tuesday Morning Corp.(b) |
189,328 | 166,609 | ||||||
Unifi, Inc.(b) |
26,263 | 385,278 | ||||||
Universal Electronics, Inc.(b) |
26,118 | 770,481 | ||||||
Vera Bradley, Inc.(b)(c) |
84,586 | 520,204 | ||||||
Vista Outdoor, Inc.(b)(c) |
68,298 | 2,406,139 | ||||||
VOXX International Corp.(b) |
42,084 | 318,576 | ||||||
Vroom, Inc.(b)(c) |
270,252 | 421,593 | ||||||
Wendy’s Co. (The) |
141,869 | 2,803,331 | ||||||
Wingstop, Inc.(c) |
7,365 | 675,812 | ||||||
Winnebago Industries, Inc.(c) |
35,281 | 1,876,244 | ||||||
Wolverine World Wide, Inc |
99,617 | 1,974,409 | ||||||
Workhorse Group, Inc.(b)(c) |
94,256 | 283,711 | ||||||
WW International, Inc.(b)(c) |
177,081 | 1,733,623 | ||||||
Wyndham Hotels & Resorts, Inc. |
39,514 | 3,475,651 | ||||||
YETI Holdings, Inc.(b)(c) |
25,086 | 1,225,953 | ||||||
Zumiez, Inc.(b)(c) |
32,152 | 1,177,728 | ||||||
|
|
|||||||
234,057,620 | ||||||||
|
|
|||||||
Consumer Staples-3.98% |
||||||||
Adecoagro S.A. (Brazil) |
291,585 | 3,280,331 | ||||||
Alico, Inc. |
7,734 | 306,808 | ||||||
Andersons, Inc. (The) |
66,566 | 3,343,610 | ||||||
Beauty Health Co. (The)(b)(c) |
18,308 | 239,835 | ||||||
BellRing Brands, Inc.(b) |
41,787 | 895,495 | ||||||
Beyond Meat, Inc.(b)(c) |
8,283 | 305,477 | ||||||
Blue Apron Holdings, Inc., Class A(b)(c) |
45,793 | 138,295 | ||||||
Boston Beer Co., Inc. (The), Class A(b)(c) |
5,490 | 2,058,750 | ||||||
Calavo Growers, Inc. |
31,093 | 1,126,810 | ||||||
Cal-Maine Foods, Inc.(c) |
33,452 | 1,797,376 | ||||||
Central Garden & Pet Co., Class A(b) |
61,932 | 2,562,746 | ||||||
Chefs’ Warehouse, Inc. (The)(b)(c) |
38,536 | 1,410,418 |
Shares | Value | |||||||
Consumer Staples-(continued) |
||||||||
Coca-Cola Consolidated, Inc. |
3,665 | $ | 1,618,098 | |||||
Dole PLC(c) |
218,399 | 2,601,132 | ||||||
elf Beauty, Inc.(b) |
22,971 | 558,884 | ||||||
Farmer Brothers Co.(b) |
49,661 | 311,871 | ||||||
Fresh Del Monte Produce, Inc |
47,115 | 1,227,346 | ||||||
Freshpet, Inc.(b)(c) |
6,331 | 590,999 | ||||||
Grocery Outlet Holding Corp.(b)(c) |
113,635 | 3,826,091 | ||||||
Hostess Brands, Inc.(b)(c) |
148,445 | 3,368,217 | ||||||
Ingles Markets, Inc., Class A |
35,959 | 3,348,502 | ||||||
Inter Parfums, Inc.(c) |
8,614 | 704,022 | ||||||
J&J Snack Foods Corp. |
10,104 | 1,512,569 | ||||||
John B. Sanfilippo & Son, Inc. |
11,558 | 897,363 | ||||||
Lancaster Colony Corp.(c) |
15,646 | 2,427,946 | ||||||
Landec Corp.(b) |
49,061 | 488,157 | ||||||
Limoneira Co.(c) |
18,634 | 222,490 | ||||||
Medifast, Inc. |
6,466 | 1,153,276 | ||||||
MGP Ingredients, Inc.(c) |
6,023 | 550,081 | ||||||
Mission Produce, Inc.(b)(c) |
49,375 | 628,050 | ||||||
National Beverage Corp.(c) |
23,224 | 1,023,714 | ||||||
Natural Grocers by Vitamin Cottage, Inc |
20,116 | 410,165 | ||||||
Nature’s Sunshine Products, Inc.(b) |
13,640 | 225,878 | ||||||
Oil-Dri Corp.of America |
9,971 | 248,777 | ||||||
Pilgrim’s Pride Corp.(b) |
114,367 | 3,242,305 | ||||||
PriceSmart, Inc. |
36,396 | 2,891,662 | ||||||
Revlon, Inc., Class A(b)(c) |
30,977 | 189,579 | ||||||
Reynolds Consumer Products, Inc.(c) |
45,179 | 1,336,847 | ||||||
Seneca Foods Corp., Class A(b) |
9,921 | 538,214 | ||||||
Simply Good Foods Co. (The)(b) |
32,804 | 1,366,287 | ||||||
Sovos Brands, Inc.(b)(c) |
26,061 | 393,521 | ||||||
SpartanNash Co. |
91,940 | 3,151,703 | ||||||
Tootsie Roll Industries, Inc.(c) |
10,951 | 383,614 | ||||||
Turning Point Brands, Inc. |
13,149 | 412,747 | ||||||
Universal Corp. |
51,575 | 2,983,614 | ||||||
USANA Health Sciences, Inc.(b) |
13,871 | 1,063,351 | ||||||
Utz Brands, Inc.(c) |
31,927 | 450,809 | ||||||
Vector Group Ltd. |
304,552 | 3,873,901 | ||||||
Village Farms International, Inc. (Canada)(b)(c) |
46,078 | 198,596 | ||||||
Village Super Market, Inc., Class A |
12,591 | 291,985 | ||||||
WD-40 Co.(c) |
5,281 | 971,598 | ||||||
Weis Markets, Inc. |
25,496 | 2,036,621 | ||||||
Whole Earth Brands, Inc.(b)(c) |
41,675 | 287,974 | ||||||
|
|
|||||||
71,474,507 | ||||||||
|
|
|||||||
Energy-7.16% |
||||||||
Alto Ingredients, Inc.(b)(c) |
256,523 | 1,480,138 | ||||||
Antero Midstream Corp. |
273,684 | 2,810,735 | ||||||
Arch Resources, Inc.(c) |
20,641 | 3,434,250 | ||||||
Archrock, Inc. |
321,033 | 2,796,197 | ||||||
Ardmore Shipping Corp. (Ireland)(b) |
60,007 | 373,844 | ||||||
Berry Corp. |
88,490 | 970,735 | ||||||
BP Prudhoe Bay Royalty Trust(c) |
47,157 | 613,513 | ||||||
Brigham Minerals, Inc., Class A |
30,741 | 761,762 | ||||||
Bristow Group, Inc.(b) |
32,502 | 969,210 | ||||||
Cactus, Inc., Class A(c) |
15,376 | 767,724 | ||||||
Callon Petroleum Co.(b)(c) |
16,610 | 851,595 | ||||||
Centennial Resource Development, Inc., Class A(b)(c) |
316,878 | 2,452,636 | ||||||
ChampionX Corp. |
135,653 | 2,862,278 | ||||||
Civitas Resources, Inc.(c) |
18,161 | 1,064,598 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
25 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Energy-(continued) |
||||||||
Clean Energy Fuels Corp.(b)(c) |
96,540 | $ | 565,724 | |||||
Comstock Resources, Inc.(b)(c) |
147,019 | 2,503,734 | ||||||
CONSOL Energy, Inc.(b) |
109,558 | 5,209,483 | ||||||
Continental Resources, Inc.(c) |
41,458 | 2,303,821 | ||||||
Core Laboratories N.V.(c) |
82,160 | 2,136,160 | ||||||
CVR Energy, Inc.(c) |
116,620 | 2,923,663 | ||||||
DHT Holdings, Inc.(c) |
466,445 | 2,621,421 | ||||||
DMC Global, Inc.(b)(c) |
11,555 | 230,984 | ||||||
Dorian LPG Ltd. |
97,239 | 1,431,358 | ||||||
Dril-Quip, Inc.(b)(c) |
53,127 | 1,534,308 | ||||||
Evolution Petroleum Corp. |
40,895 | 258,047 | ||||||
Expro Group Holdings N.V.(b)(c) |
34,069 | 520,574 | ||||||
Exterran Corp.(b) |
148,745 | 1,009,979 | ||||||
Forum Energy Technologies, Inc.(b)(c) |
12,890 | 272,366 | ||||||
Geopark Ltd. (Colombia) |
48,277 | 758,914 | ||||||
Golar LNG Ltd. (Cameroon)(b) |
123,579 | 2,758,283 | ||||||
Green Plains, Inc.(b)(c) |
88,221 | 2,476,363 | ||||||
Hallador Energy Co.(b)(c) |
67,063 | 285,688 | ||||||
Helix Energy Solutions Group, Inc.(b)(c) |
535,935 | 2,202,693 | ||||||
International Seaways, Inc., (Acquired 03/16/2018 -
04/27/2022; |
101,767 | 2,150,337 | ||||||
Kosmos Energy Ltd. (Ghana)(b) |
490,147 | 3,313,394 | ||||||
Laredo Petroleum, Inc.(b)(c) |
11,529 | 820,980 | ||||||
Liberty Energy, Inc., Class A(b)(c) |
102,928 | 1,661,258 | ||||||
Magnolia Oil & Gas Corp., Class A |
32,659 | 758,995 | ||||||
Matador Resources Co. |
65,194 | 3,182,771 | ||||||
National Energy Services Reunited Corp.(b)(c) |
79,100 | 529,179 | ||||||
Navigator Holdings Ltd.(b) |
23,912 | 311,334 | ||||||
Newpark Resources, Inc.(b) |
211,784 | 739,126 | ||||||
NexTier Oilfield Solutions, Inc.(b) |
219,196 | 2,417,732 | ||||||
Nordic American Tankers Ltd.(c) |
1,090,448 | 2,791,547 | ||||||
Northern Oil and Gas, Inc. |
13,616 | 340,128 | ||||||
Oceaneering International, Inc.(b) |
177,337 | 2,009,228 | ||||||
Oil States International, Inc.(b)(c) |
240,534 | 1,626,010 | ||||||
Par Pacific Holdings, Inc.(b) |
147,723 | 2,167,096 | ||||||
Patterson-UTI Energy, Inc. |
274,180 | 4,507,519 | ||||||
ProPetro Holding Corp.(b) |
166,009 | 2,347,367 | ||||||
Range Resources Corp.(b) |
129,032 | 3,863,218 | ||||||
Ranger Oil Corp.(b)(c) |
16,145 | 514,218 | ||||||
Renewable Energy Group, Inc.(b) |
101,124 | 6,174,631 | ||||||
REX American Resources Corp.(b) |
8,894 | 752,699 | ||||||
Ring Energy, Inc.(b)(c) |
105,109 | 469,837 | ||||||
RPC, Inc.(b)(c) |
82,924 | 857,434 | ||||||
SandRidge Energy, Inc.(b)(c) |
25,297 | 469,765 | ||||||
Scorpio Tankers, Inc. (Monaco)(c) |
174,735 | 4,321,197 | ||||||
Select Energy Services, Inc., Class A(b) |
92,904 | 720,935 | ||||||
SFL Corp. Ltd. (Norway) |
302,361 | 2,999,421 | ||||||
SilverBow Resources, Inc.(b) |
13,416 | 491,026 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A |
39,254 | 441,608 | ||||||
Southwestern Energy Co.(b)(c) |
597,996 | 4,484,970 | ||||||
Talos Energy, Inc.(b) |
87,601 | 1,591,710 | ||||||
Teekay Corp. (Bermuda)(b)(c) |
290,048 | 939,756 | ||||||
Teekay Tankers Ltd., Class A (Bermuda)(b)(c) |
105,424 | 1,687,838 | ||||||
TETRA Technologies, Inc.(b) |
288,816 | 1,062,843 | ||||||
Texas Pacific Land Corp.(c) |
1,657 | 2,264,456 | ||||||
Tidewater, Inc.(b)(c) |
65,597 | 1,309,316 |
Shares | Value | |||||||
Energy-(continued) |
||||||||
Tsakos Energy Navigation Ltd. (Greece) |
73,799 | $ | 889,278 | |||||
US Silica Holdings, Inc.(b) |
121,125 | 2,250,503 | ||||||
W&T Offshore, Inc.(b) |
176,292 | 839,150 | ||||||
Weatherford International PLC(b) |
100,356 | 3,239,492 | ||||||
|
|
|||||||
128,522,080 | ||||||||
|
|
|||||||
Financials-17.13% |
||||||||
1st Source Corp. |
17,219 | 745,066 | ||||||
AG Mortgage Investment Trust, Inc.(c) |
28,632 | 217,317 | ||||||
Alerus Financial Corp.(c) |
9,875 | 252,306 | ||||||
Allegiance Bancshares, Inc. |
19,180 | 783,695 | ||||||
Amalgamated Financial Corp. |
20,146 | 354,368 | ||||||
A-Mark Precious Metals, Inc.(c) |
30,896 | 2,434,605 | ||||||
Ambac Financial Group, Inc.(b)(c) |
160,684 | 1,242,087 | ||||||
Amerant Bancorp, Inc.(c) |
30,503 | 811,075 | ||||||
American National Bankshares, Inc. |
6,415 | 222,857 | ||||||
American National Group, Inc. |
14,348 | 2,706,176 | ||||||
Ameris Bancorp. |
68,137 | 2,841,313 | ||||||
AMERISAFE, Inc. |
31,514 | 1,460,674 | ||||||
Arbor Realty Trust, Inc.(c) |
152,825 | 2,613,307 | ||||||
Ares Commercial Real Estate Corp.(c) |
71,094 | 1,071,387 | ||||||
Ares Management Corp., Class A |
32,724 | 2,166,983 | ||||||
Argo Group International Holdings Ltd. |
75,475 | 3,230,330 | ||||||
ARMOUR Residential REIT, Inc. |
119,294 | 875,618 | ||||||
Arrow Financial Corp. |
10,427 | 326,365 | ||||||
Artisan Partners Asset Management, Inc., Class A |
85,953 | 2,762,529 | ||||||
AssetMark Financial Holdings, Inc.(b) |
14,404 | 276,989 | ||||||
Atlanticus Holdings Corp.(b)(c) |
5,478 | 235,773 | ||||||
Axos Financial, Inc.(b) |
49,568 | 1,877,636 | ||||||
B. Riley Financial, Inc.(c) |
20,228 | 913,496 | ||||||
Banc of California, Inc. |
62,587 | 1,129,069 | ||||||
BancFirst Corp.(c) |
14,453 | 1,181,533 | ||||||
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama) |
57,370 | 831,291 | ||||||
Bancorp, Inc. (The)(b) |
32,045 | 727,101 | ||||||
Bank First Corp.(c) |
3,583 | 253,318 | ||||||
Bank of Marin Bancorp |
15,387 | 480,998 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) |
58,080 | 1,860,302 | ||||||
Banner Corp. |
52,202 | 2,803,247 | ||||||
Bar Harbor Bankshares |
10,050 | 262,405 | ||||||
Berkshire Hills Bancorp, Inc.(c) |
58,981 | 1,459,190 | ||||||
BGC Partners, Inc., Class A(c) |
611,956 | 2,221,400 | ||||||
Blucora, Inc.(b) |
42,374 | 858,073 | ||||||
Blue Foundry Bancorp(b)(c) |
16,645 | 210,060 | ||||||
Bridgewater Bancshares, Inc.(b) |
16,248 | 260,293 | ||||||
Brightsphere Investment Group, Inc. |
62,256 | 1,247,610 | ||||||
BrightSpire Capital, Inc.(c) |
188,443 | 1,601,765 | ||||||
Broadmark Realty Capital, Inc. |
191,325 | 1,494,248 | ||||||
Brookline Bancorp, Inc. |
102,589 | 1,483,437 | ||||||
Business First Bancshares, Inc. |
12,506 | 277,133 | ||||||
Byline Bancorp, Inc. |
24,048 | 564,166 | ||||||
Cambridge Bancorp |
4,076 | 333,050 | ||||||
Camden National Corp. |
17,775 | 795,431 | ||||||
Capital City Bank Group, Inc. |
11,072 | 283,554 | ||||||
Capitol Federal Financial, Inc. |
277,904 | 2,676,216 | ||||||
Capstar Financial Holdings, Inc |
17,801 | 358,690 | ||||||
Carter Bankshares, Inc.(b)(c) |
20,871 | 341,450 | ||||||
CBTX, Inc.(c) |
19,558 | 557,794 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
26 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Financials-(continued) |
||||||||
Central Pacific Financial Corp. |
40,422 | $ | 977,404 | |||||
Central Valley Community Bancorp |
12,786 | 246,898 | ||||||
Cherry Hill Mortgage Investment Corp.(c) |
48,996 | 320,924 | ||||||
Citizens & Northern Corp. |
9,864 | 230,916 | ||||||
City Holding Co. |
18,857 | 1,459,155 | ||||||
Civista Bancshares, Inc. |
12,562 | 261,541 | ||||||
CNA Financial Corp.(c) |
50,154 | 2,379,306 | ||||||
CNB Financial Corp. |
12,340 | 306,649 | ||||||
Cohen & Steers, Inc.(c) |
18,789 | 1,459,717 | ||||||
Columbia Financial, Inc.(b)(c) |
24,896 | 471,779 | ||||||
Community Trust Bancorp, Inc. |
16,124 | 641,896 | ||||||
Compass Diversified Holdings |
142,377 | 3,112,361 | ||||||
ConnectOne Bancorp, Inc. |
36,304 | 1,011,429 | ||||||
Cowen, Inc., Class A(c) |
65,360 | 1,493,476 | ||||||
Credit Acceptance Corp.(b)(c) |
6,474 | 3,317,925 | ||||||
CrossFirst Bankshares, Inc.(b) |
35,172 | 450,553 | ||||||
Curo Group Holdings Corp.(c) |
51,986 | 610,316 | ||||||
Customers Bancorp, Inc.(b) |
29,989 | 1,261,637 | ||||||
CVB Financial Corp. |
139,410 | 3,209,218 | ||||||
Diamond Hill Investment Group, Inc. |
3,189 | 536,932 | ||||||
Dime Community Bancshares, Inc.(c) |
23,845 | 749,687 | ||||||
Donnelley Financial Solutions, Inc.(b) |
41,218 | 1,206,451 | ||||||
Dynex Capital, Inc. |
70,839 | 1,149,717 | ||||||
Eagle Bancorp, Inc. |
31,971 | 1,609,740 | ||||||
Eastern Bankshares, Inc.(c) |
143,895 | 2,757,028 | ||||||
eHealth, Inc.(b)(c) |
76,073 | 612,388 | ||||||
Elevate Credit, Inc.(b)(c) |
79,130 | 234,225 | ||||||
Ellington Financial, Inc. |
39,744 | 643,455 | ||||||
Ellington Residential Mortgage REIT(c) |
34,870 | 306,159 | ||||||
Employers Holdings, Inc. |
39,165 | 1,540,751 | ||||||
Encore Capital Group, Inc.(b)(c) |
42,903 | 2,480,222 | ||||||
Enova International, Inc.(b) |
64,835 | 2,424,829 | ||||||
Enterprise Bancorp, Inc.(c) |
5,806 | 197,114 | ||||||
Enterprise Financial Services Corp.(c) |
28,326 | 1,251,159 | ||||||
Equity Bancshares, Inc., Class A |
15,702 | 479,382 | ||||||
Farmers National Banc Corp. |
30,805 | 471,933 | ||||||
FB Financial Corp. |
30,124 | 1,160,678 | ||||||
Federal Agricultural Mortgage Corp., |
10,562 | 1,081,866 | ||||||
Financial Institutions, Inc. |
21,101 | 587,452 | ||||||
First Bancorp |
227,035 | 3,089,946 | ||||||
First Bancorp/Southern Pines NC |
29,356 | 1,099,676 | ||||||
First Bancshares, Inc. (The) |
20,015 | 644,283 | ||||||
First Busey Corp. |
68,542 | 1,540,139 | ||||||
First Commonwealth Financial Corp. |
122,700 | 1,653,996 | ||||||
First Community Bankshares, Inc |
12,263 | 326,564 | ||||||
First Financial Bancorp |
119,293 | 2,439,542 | ||||||
First Financial Bankshares, Inc.(c) |
61,037 | 2,440,259 | ||||||
First Financial Corp. |
21,902 | 933,463 | ||||||
First Foundation, Inc. |
25,682 | 570,654 | ||||||
First Internet Bancorp. |
8,787 | 338,212 | ||||||
First Interstate BancSystem, Inc., Class A(c) |
62,573 | 2,034,874 | ||||||
First Merchants Corp.(c) |
66,301 | 2,598,336 | ||||||
First Mid Bancshares, Inc. |
9,781 | 352,507 | ||||||
First of Long Island Corp. (The) |
21,206 | 355,837 | ||||||
FirstCash Holdings, Inc.(c) |
38,847 | 3,099,214 | ||||||
Five Star Bancorp |
8,517 | 212,499 | ||||||
Flushing Financial Corp. |
39,461 | 848,411 | ||||||
Focus Financial Partners, Inc., Class A(b) |
29,626 | 1,168,746 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
German American Bancorp, Inc. |
15,196 | $ | 533,380 | |||||
Granite Point Mortgage Trust, Inc. |
134,327 | 1,307,002 | ||||||
Great Ajax Corp.(c) |
32,293 | 300,648 | ||||||
Great Southern Bancorp, Inc.(c) |
15,997 | 907,670 | ||||||
Green Dot Corp., Class A(b) |
74,455 | 1,971,568 | ||||||
Greenhill & Co., Inc. |
33,816 | 409,512 | ||||||
Greenlight Capital Re Ltd., Class A(b)(c) |
40,507 | 278,688 | ||||||
Hamilton Lane, Inc., Class A |
9,465 | 649,110 | ||||||
Hanmi Financial Corp. |
49,230 | 1,139,674 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c) |
36,534 | 1,460,995 | ||||||
HarborOne Bancorp, Inc.(c) |
52,264 | 699,815 | ||||||
HCI Group, Inc.(c) |
5,849 | 374,862 | ||||||
Heartland Financial USA, Inc.(c) |
51,107 | 2,236,953 | ||||||
Heritage Commerce Corp. |
57,078 | 640,986 | ||||||
Heritage Financial Corp. |
54,349 | 1,316,333 | ||||||
Heritage Insurance Holdings, Inc. |
79,608 | 339,130 | ||||||
Hilltop Holdings, Inc. |
105,402 | 2,686,697 | ||||||
Hingham Institution for Savings (The) |
905 | 292,378 | ||||||
Home Bancorp, Inc. |
6,404 | 245,465 | ||||||
HomeStreet, Inc.(c) |
27,490 | 1,115,819 | ||||||
HomeTrust Bancshares, Inc. |
19,336 | 522,652 | ||||||
Horace Mann Educators Corp. |
82,560 | 3,290,016 | ||||||
Horizon Bancorp, Inc. |
53,531 | 935,722 | ||||||
Houlihan Lokey, Inc.(c) |
24,967 | 2,079,501 | ||||||
Independent Bank Corp. |
33,410 | 2,577,916 | ||||||
Independent Bank Corporation |
30,459 | 601,261 | ||||||
Independent Bank Group, Inc. |
37,328 | 2,530,838 | ||||||
Interactive Brokers Group, Inc., Class A |
18,545 | 1,104,540 | ||||||
International Bancshares Corp. |
77,907 | 3,099,920 | ||||||
Invesco Mortgage Capital, Inc.(c)(e) |
563,217 | 979,998 | ||||||
Investors Title Co. |
1,669 | 313,188 | ||||||
James River Group Holdings Ltd.(c) |
85,398 | 2,024,787 | ||||||
Kearny Financial Corp.(c) |
93,796 | 1,112,421 | ||||||
Kinsale Capital Group, Inc.(c) |
4,010 | 888,977 | ||||||
KKR Real Estate Finance Trust, Inc. |
56,880 | 1,080,720 | ||||||
Ladder Capital Corp. |
258,685 | 2,946,422 | ||||||
Lakeland Bancorp, Inc. |
69,177 | 1,039,730 | ||||||
Lakeland Financial Corp.(c) |
16,825 | 1,225,196 | ||||||
Lemonade, Inc.(b)(c) |
13,188 | 275,102 | ||||||
LendingClub Corp.(b) |
81,993 | 1,250,393 | ||||||
LendingTree, Inc.(b) |
9,998 | 794,041 | ||||||
Live Oak Bancshares, Inc.(c) |
10,449 | 442,306 | ||||||
Macatawa Bank Corp. |
30,854 | 269,972 | ||||||
MarketAxess Holdings, Inc. |
7,592 | 2,001,327 | ||||||
MBIA, Inc.(b)(c) |
20,868 | 251,251 | ||||||
Medallion Financial Corp. |
41,437 | 324,452 | ||||||
Mercantile Bank Corp.(c) |
16,612 | 521,617 | ||||||
Merchants Bancorp |
11,825 | 278,124 | ||||||
Mercury General Corp. |
61,365 | 3,094,637 | ||||||
Meta Financial Group, Inc. |
25,207 | 1,100,286 | ||||||
Metrocity Bankshares, Inc. |
11,979 | 244,132 | ||||||
Metropolitan Bank Holding Corp.(b) |
5,480 | 487,994 | ||||||
Mid Penn Bancorp, Inc.(c) |
10,003 | 258,377 | ||||||
Midland States Bancorp, Inc. |
30,574 | 805,931 | ||||||
MidWestOne Financial Group, Inc. |
10,721 | 320,343 | ||||||
Moelis & Co., Class A |
68,618 | 3,037,033 | ||||||
Morningstar, Inc. |
6,567 | 1,662,961 | ||||||
Mr. Cooper Group, Inc.(b) |
72,142 | 3,244,226 | ||||||
MVB Financial Corp.(c) |
8,207 | 328,772 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
27 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Financials-(continued) |
||||||||
National Bank Holdings Corp., Class A |
28,207 | $ | 1,029,838 | |||||
National Western Life Group, Inc., |
||||||||
Class A(c) |
2,271 | 451,384 | ||||||
NBT Bancorp, Inc. |
48,875 | 1,720,400 | ||||||
Nelnet, Inc., Class A(c) |
27,455 | 2,253,232 | ||||||
New York Mortgage Trust, Inc. |
987,826 | 3,180,800 | ||||||
Nicolet Bankshares, Inc.(b)(c) |
8,597 | 699,624 | ||||||
NMI Holdings, Inc., Class A(b) |
86,231 | 1,584,926 | ||||||
Northfield Bancorp, Inc. |
52,394 | 685,837 | ||||||
Northrim BanCorp, Inc. |
7,200 | 288,504 | ||||||
Northwest Bancshares, Inc. |
217,777 | 2,761,412 | ||||||
OceanFirst Financial Corp. |
87,470 | 1,638,313 | ||||||
Ocwen Financial Corp.(b) |
19,821 | 412,277 | ||||||
OFG Bancorp |
65,072 | 1,729,614 | ||||||
Old Second Bancorp, Inc. |
19,537 | 269,024 | ||||||
Oportun Financial Corp.(b) |
44,593 | 516,833 | ||||||
Orchid Island Capital, Inc.(c) |
128,782 | 358,014 | ||||||
Origin Bancorp, Inc. |
18,072 | 680,953 | ||||||
Oscar Health, Inc., Class A(b)(c) |
32,844 | 241,732 | ||||||
Pacific Premier Bancorp, Inc. |
86,704 | 2,719,037 | ||||||
Palomar Holdings, Inc.(b) |
8,249 | 449,158 | ||||||
Park National Corp.(c) |
11,481 | 1,353,036 | ||||||
PCB Bancorp. |
13,317 | 284,318 | ||||||
Peapack-Gladstone Financial Corp.(c) |
15,564 | 482,328 | ||||||
PennyMac Financial Services, Inc.(c) |
58,135 | 2,823,036 | ||||||
Peoples Bancorp, Inc. |
32,124 | 880,840 | ||||||
Peoples Financial Services Corp. |
5,172 | 256,738 | ||||||
Piper Sandler Cos.(c) |
11,211 | 1,289,041 | ||||||
PJT Partners, Inc., Class A(c) |
8,144 | 537,423 | ||||||
PRA Group, Inc.(b)(c) |
60,956 | 2,561,981 | ||||||
Preferred Bank |
12,207 | 819,334 | ||||||
Premier Financial Corp. |
43,320 | 1,149,713 | ||||||
Primis Financial Corp.(c) |
16,912 | 230,849 | ||||||
ProAssurance Corp. |
72,764 | 1,787,811 | ||||||
PROG Holdings, Inc.(b)(c) |
92,703 | 2,453,848 | ||||||
Provident Financial Services, Inc. |
110,861 | 2,453,354 | ||||||
QCR Holdings, Inc. |
14,826 | 804,904 | ||||||
RBB Bancorp |
11,808 | 252,573 | ||||||
Ready Capital Corp. |
96,766 | 1,409,881 | ||||||
Redwood Trust, Inc. |
268,659 | 2,605,992 | ||||||
Regional Management Corp. |
16,651 | 716,826 | ||||||
Renasant Corp.(c) |
88,945 | 2,649,672 | ||||||
Republic Bancorp, Inc., Class A |
8,092 | 337,275 | ||||||
Republic First Bancorp, Inc.(b)(c) |
49,721 | 208,331 | ||||||
RLI Corp. |
30,411 | 3,490,575 | ||||||
Robinhood Markets, Inc., Class A(b)(c) |
32,580 | 319,447 | ||||||
Root, Inc., Class A(b) |
241,993 | 467,046 | ||||||
S&T Bancorp, Inc. |
48,096 | 1,359,193 | ||||||
Safety Insurance Group, Inc.(c) |
26,260 | 2,259,410 | ||||||
Sandy Spring Bancorp, Inc. |
48,370 | 1,899,490 | ||||||
Sculptor Capital Management, Inc.(c) |
22,173 | 231,930 | ||||||
Seacoast Banking Corp. of Florida |
42,558 | 1,383,135 | ||||||
Selectquote, Inc.(b)(c) |
335,168 | 690,446 | ||||||
ServisFirst Bancshares, Inc. |
20,251 | 1,626,560 | ||||||
Shore Bancshares, Inc. |
13,151 | 264,730 | ||||||
Sierra Bancorp. |
13,276 | 288,753 | ||||||
Silvergate Capital Corp., Class A(b)(c) |
3,620 | 423,395 | ||||||
SiriusPoint Ltd. (Bermuda)(b) |
135,316 | 849,784 | ||||||
SmartFinancial, Inc. |
10,380 | 254,518 | ||||||
South Plains Financial, Inc. |
8,797 | 212,448 |
Shares | Value | |||||||
Financials-(continued) |
||||||||
Southern First Bancshares, Inc.(b) |
7,595 | $ | 347,091 | |||||
Southern Missouri Bancorp, Inc. |
6,848 | 288,986 | ||||||
Southside Bancshares, Inc. |
34,159 | 1,338,691 | ||||||
StepStone Group, Inc., Class A |
14,178 | 363,240 | ||||||
Stewart Information Services Corp. |
43,023 | 2,219,987 | ||||||
Stock Yards Bancorp, Inc.(c) |
17,088 | 893,361 | ||||||
StoneX Group, Inc.(b) |
16,294 | 1,104,407 | ||||||
TFS Financial Corp.(c) |
44,321 | 664,372 | ||||||
Tiptree, Inc.(c) |
37,160 | 432,171 | ||||||
Tompkins Financial Corp. |
11,911 | 869,503 | ||||||
Towne Bank |
91,385 | 2,519,484 | ||||||
TPG RE Finance Trust, Inc. |
124,452 | 1,312,969 | ||||||
Tradeweb Markets, Inc., Class A |
30,138 | 2,145,524 | ||||||
Trean Insurance Group, Inc.(b) |
41,528 | 208,471 | ||||||
TriCo Bancshares(c) |
31,141 | 1,169,345 | ||||||
TriState Capital Holdings, Inc.(b) |
28,224 | 852,647 | ||||||
Triumph Bancorp, Inc.(b)(c) |
12,764 | 886,332 | ||||||
Trupanion, Inc.(b)(c) |
7,041 | 447,948 | ||||||
TrustCo Bank Corp. |
26,805 | 834,976 | ||||||
Trustmark Corp.(c) |
107,685 | 3,002,258 | ||||||
United Community Banks, Inc.(c) |
88,568 | 2,669,440 | ||||||
United Fire Group, Inc. |
26,961 | 789,688 | ||||||
United Insurance Holdings Corp. |
67,961 | 155,631 | ||||||
Universal Insurance Holdings, Inc. |
114,068 | 1,432,694 | ||||||
Univest Financial Corp. |
29,936 | 754,387 | ||||||
Veritex Holdings, Inc. |
35,592 | 1,169,197 | ||||||
Vinci Partners Investments Ltd., Class A (Brazil)(c) |
33,578 | 391,184 | ||||||
Virtu Financial, Inc., Class A |
74,720 | 2,157,914 | ||||||
Virtus Investment Partners, Inc. |
5,976 | 1,058,708 | ||||||
Walker & Dunlop, Inc. |
20,213 | 2,420,709 | ||||||
Washington Trust Bancorp, Inc.(c) |
22,443 | 1,053,474 | ||||||
Waterstone Financial, Inc. |
43,984 | 706,383 | ||||||
West Bancorporation, Inc.(c) |
11,275 | 281,875 | ||||||
Westamerica Bancorporation |
28,836 | 1,699,017 | ||||||
Western Asset Mortgage Capital Corp. |
160,357 | 229,310 | ||||||
WisdomTree Investments, Inc.(c) |
165,969 | 967,599 | ||||||
World Acceptance Corp.(b)(c) |
5,723 | 1,079,987 | ||||||
WSFS Financial Corp. |
47,853 | 1,917,470 | ||||||
XP, Inc., Class A (Brazil)(b)(c) |
41,570 | 1,023,038 | ||||||
|
|
|||||||
307,580,313 | ||||||||
|
|
|||||||
Health Care-10.82% |
||||||||
10X Genomics, Inc., Class A(b)(c) |
7,840 | 374,438 | ||||||
1Life Healthcare, Inc.(b)(c) |
44,914 | 316,644 | ||||||
2seventy bio, Inc.(b)(c) |
17,907 | 241,028 | ||||||
ABIOMED, Inc.(b)(c) |
9,252 | 2,651,438 | ||||||
Acadia Pharmaceuticals, Inc.(b)(c) |
22,083 | 407,211 | ||||||
Accolade, Inc.(b)(c) |
19,397 | 107,847 | ||||||
Accuray, Inc.(b)(c) |
113,682 | 302,394 | ||||||
AdaptHealth Corp.(b)(c) |
44,958 | 569,168 | ||||||
Adaptive Biotechnologies Corp.(b)(c) |
43,496 | 358,842 | ||||||
Addus HomeCare Corp.(b) |
14,538 | 1,225,263 | ||||||
Adverum Biotechnologies, Inc.(b)(c) |
265,259 | 283,827 | ||||||
agilon health, inc.(b)(c) |
17,238 | 306,319 | ||||||
Agios Pharmaceuticals, Inc.(b)(c) |
15,502 | 340,579 | ||||||
Akebia Therapeutics, Inc.(b) |
214,026 | 88,864 | ||||||
Alignment Healthcare, Inc.(b)(c) |
36,340 | 349,227 | ||||||
Alkermes PLC(b) |
69,937 | 2,017,682 | ||||||
Allakos, Inc.(b)(c) |
69,854 | 263,350 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
28 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Allogene Therapeutics, Inc.(b)(c) |
52,506 | $ | 438,425 | |||||
Allscripts Healthcare Solutions, Inc.(b) |
166,965 | 3,449,497 | ||||||
Alnylam Pharmaceuticals, Inc.(b) |
7,471 | 996,856 | ||||||
Amedisys, Inc.(b)(c) |
20,078 | 2,562,957 | ||||||
American Well Corp., Class A(b)(c) |
228,689 | 715,797 | ||||||
Amicus Therapeutics, Inc.(b)(c) |
38,089 | 269,670 | ||||||
AMN Healthcare Services, Inc.(b) |
33,943 | 3,317,928 | ||||||
Amneal Pharmaceuticals, Inc.(b) |
165,937 | 640,517 | ||||||
Amphastar Pharmaceuticals, Inc.(b) |
20,727 | 735,187 | ||||||
AnaptysBio, Inc.(b)(c) |
9,188 | 214,999 | ||||||
AngioDynamics, Inc.(b) |
28,952 | 609,440 | ||||||
ANI Pharmaceuticals, Inc.(b)(c) |
9,770 | 288,313 | ||||||
Anika Therapeutics, Inc.(b) |
16,355 | 352,123 | ||||||
Annexon, Inc.(b)(c) |
43,038 | 109,747 | ||||||
Arcturus Therapeutics Holdings, Inc.(b)(c) |
13,723 | 265,952 | ||||||
Arcus Biosciences, Inc.(b) |
10,231 | 247,693 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) |
10,585 | 435,149 | ||||||
Artivion, Inc.(b)(c) |
33,317 | 676,002 | ||||||
Arvinas, Inc.(b)(c) |
7,979 | 438,606 | ||||||
Assertio Holdings, Inc.(b) |
186,624 | 393,777 | ||||||
Atara Biotherapeutics, Inc.(b)(c) |
32,600 | 207,336 | ||||||
Atea Pharmaceuticals, Inc.(b)(c) |
72,858 | 427,676 | ||||||
AtriCure, Inc.(b) |
8,510 | 441,924 | ||||||
Atrion Corp.(c) |
678 | 424,848 | ||||||
Aurinia Pharmaceuticals, Inc. (Canada)(b) . |
21,777 | 224,085 | ||||||
Avanos Medical, Inc.(b) |
58,066 | 1,693,205 | ||||||
Aveanna Healthcare Holdings, Inc.(b)(c) |
64,234 | 187,563 | ||||||
Avidity Biosciences, Inc.(b)(c) |
15,675 | 224,153 | ||||||
Axonics, Inc.(b) |
5,880 | 304,702 | ||||||
Azenta, Inc. |
21,401 | 1,604,219 | ||||||
Bio-Techne Corp. |
7,376 | 2,800,593 | ||||||
Bluebird Bio, Inc.(b)(c) |
135,812 | 492,998 | ||||||
Blueprint Medicines Corp.(b)(c) |
22,978 | 1,340,766 | ||||||
Bruker Corp. |
31,937 | 1,836,058 | ||||||
Butterfly Network, Inc.(b)(c) |
45,273 | 150,759 | ||||||
Cardiovascular Systems, Inc.(b) |
21,691 | 405,622 | ||||||
CareDx, Inc.(b) |
8,445 | 257,066 | ||||||
Castle Biosciences, Inc.(b) |
8,969 | 200,367 | ||||||
Certara, Inc.(b)(c) |
31,198 | 572,483 | ||||||
Chemed Corp. |
6,460 | 3,174,379 | ||||||
ChemoCentryx, Inc.(b)(c) |
10,283 | 189,824 | ||||||
Chinook Therapeutics, Inc.(b) |
18,772 | 284,020 | ||||||
Clover Health Investments Corp.(b)(c) |
212,917 | 572,747 | ||||||
Coherus Biosciences, Inc.(b)(c) |
28,832 | 260,641 | ||||||
Collegium Pharmaceutical, Inc.(b)(c) |
15,748 | 253,543 | ||||||
Computer Programs & Systems, Inc.(b) |
18,571 | 592,786 | ||||||
CONMED Corp.(c) |
12,764 | 1,697,101 | ||||||
Corcept Therapeutics, Inc.(b) |
37,913 | 815,509 | ||||||
CorVel Corp.(b) |
3,048 | 472,684 | ||||||
Covetrus, Inc.(b) |
199,334 | 2,750,809 | ||||||
CRISPR Therapeutics AG (Switzerland)(b)(c) |
25,021 | 1,241,542 | ||||||
Cross Country Healthcare, Inc.(b)(c) |
36,463 | 683,317 | ||||||
CryoPort, Inc.(b) |
9,018 | 203,446 | ||||||
CureVac N.V. (Germany)(b)(c) |
14,783 | 252,641 | ||||||
Deciphera Pharmaceuticals, Inc.(b)(c) |
44,240 | 447,709 | ||||||
Denali Therapeutics, Inc.(b)(c) |
26,676 | 634,889 | ||||||
DexCom, Inc.(b) |
7,717 | 3,153,012 | ||||||
Eagle Pharmaceuticals, Inc.(b)(c) |
10,480 | 462,482 | ||||||
Editas Medicine, Inc.(b)(c) |
26,207 | 346,981 |
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Emergent BioSolutions, Inc.(b) |
70,870 | $ | 2,294,771 | |||||
Enanta Pharmaceuticals, Inc.(b) |
10,050 | 647,220 | ||||||
Endo International PLC(b) |
784,588 | 1,569,176 | ||||||
Ensign Group, Inc. (The) |
28,458 | 2,286,031 | ||||||
Evolent Health, Inc., Class A(b) |
40,828 | 1,123,587 | ||||||
Exact Sciences Corp.(b)(c) |
43,603 | 2,400,345 | ||||||
Exelixis, Inc.(b) |
168,888 | 3,772,958 | ||||||
Fate Therapeutics, Inc.(b)(c) |
9,530 | 272,177 | ||||||
FibroGen, Inc.(b)(c) |
34,660 | 322,338 | ||||||
Forma Therapeutics Holdings, Inc.(b)(c) |
45,704 | 345,522 | ||||||
Fulgent Genetics, Inc.(b)(c) |
9,304 | 510,604 | ||||||
Glaukos Corp.(b) |
14,897 | 704,479 | ||||||
Global Blood Therapeutics, Inc.(b)(c) |
12,137 | 372,606 | ||||||
Globus Medical, Inc., Class A(b) |
34,535 | 2,286,908 | ||||||
Gossamer Bio., Inc.(b)(c) |
26,623 | 183,965 | ||||||
Guardant Health, Inc.(b)(c) |
19,059 | 1,175,940 | ||||||
Haemonetics Corp.(b) |
37,858 | 1,918,265 | ||||||
Halozyme Therapeutics, Inc.(b) |
9,718 | 387,748 | ||||||
Hanger, Inc.(b) |
60,048 | 987,189 | ||||||
Health Catalyst, Inc.(b)(c) |
13,307 | 221,428 | ||||||
HealthEquity, Inc.(b)(c) |
39,604 | 2,468,121 | ||||||
HealthStream, Inc.(b) |
22,407 | 427,974 | ||||||
Heron Therapeutics, Inc.(b)(c) |
33,722 | 152,423 | ||||||
Heska Corp.(b)(c) |
3,149 | 345,886 | ||||||
ICU Medical, Inc.(b) |
11,186 | 2,393,692 | ||||||
Inmode Ltd.(b) |
7,799 | 195,833 | ||||||
Innoviva, Inc.(b)(c) |
38,878 | 663,259 | ||||||
Inogen, Inc.(b)(c) |
21,151 | 534,697 | ||||||
Inovio Pharmaceuticals, Inc.(b)(c) |
141,147 | 385,331 | ||||||
Insmed, Inc.(b)(c) |
13,458 | 295,672 | ||||||
Inspire Medical Systems, Inc.(b) |
1,178 | 242,385 | ||||||
Insulet Corp.(b)(c) |
5,146 | 1,229,843 | ||||||
Integer Holdings Corp.(b) |
38,288 | 2,878,109 | ||||||
Integra LifeSciences Holdings Corp.(b)(c) |
45,038 | 2,754,524 | ||||||
Intellia Therapeutics, Inc.(b)(c) |
5,655 | 277,265 | ||||||
Intra-Cellular Therapies, Inc.(b) |
9,561 | 483,882 | ||||||
Invacare Corp.(b)(c) |
333,628 | 553,822 | ||||||
Invitae Corp.(b)(c) |
186,920 | 992,545 | ||||||
Ionis Pharmaceuticals, Inc.(b) |
45,240 | 1,663,022 | ||||||
Iovance Biotherapeutics, Inc.(b)(c) |
35,965 | 544,870 | ||||||
iRhythm Technologies, Inc.(b) |
3,941 | 486,201 | ||||||
Ironwood Pharmaceuticals, Inc.(b)(c) |
25,035 | 300,420 | ||||||
Karuna Therapeutics, Inc.(b)(c) |
2,176 | 242,537 | ||||||
Kodiak Sciences, Inc.(b) |
10,061 | 60,567 | ||||||
Kronos Bio, Inc.(b)(c) |
44,225 | 209,184 | ||||||
Kura Oncology, Inc.(b)(c) |
39,284 | 563,725 | ||||||
Lannett Co., Inc.(b) |
338,929 | 216,915 | ||||||
Lantheus Holdings, Inc.(b) |
35,290 | 2,343,609 | ||||||
LeMaitre Vascular, Inc.(c) |
7,730 | 334,013 | ||||||
LHC Group, Inc.(b) |
25,334 | 4,201,644 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) |
10,260 | 952,744 | ||||||
LivaNova PLC(b)(c) |
25,853 | 1,981,891 | ||||||
MacroGenics, Inc.(b)(c) |
34,024 | 243,272 | ||||||
Maravai LifeSciences Holdings, Inc., |
7,302 | 224,390 | ||||||
Masimo Corp.(b) |
19,883 | 2,246,183 | ||||||
Medpace Holdings, Inc.(b) |
10,744 | 1,435,076 | ||||||
Meridian Bioscience, Inc.(b)(c) |
31,302 | 801,018 | ||||||
Merit Medical Systems, Inc.(b) |
32,070 | 1,988,661 | ||||||
Mesa Laboratories, Inc.(c) |
1,763 | 376,630 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
29 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Health Care-(continued) |
||||||||
Mirati Therapeutics, Inc.(b) |
10,811 | $ | 668,012 | |||||
Moderna, Inc.(b) |
15,690 | 2,108,893 | ||||||
ModivCare, Inc.(b)(c) |
15,551 | 1,616,837 | ||||||
Multiplan Corp.(b)(c) |
772,719 | 3,423,145 | ||||||
Myriad Genetics, Inc.(b) |
64,705 | 1,326,452 | ||||||
NanoString Technologies, Inc.(b)(c) |
11,781 | 221,247 | ||||||
Natera, Inc.(b) |
9,350 | 328,372 | ||||||
National HealthCare Corp. |
12,551 | 854,221 | ||||||
National Research Corp. |
12,320 | 422,576 | ||||||
Natus Medical, Inc.(b) |
37,361 | 1,243,000 | ||||||
Nektar Therapeutics, (Acquired |
80,190 | 331,185 | ||||||
Neogen Corp.(b)(c) |
42,861 | 1,131,530 | ||||||
NeoGenomics, Inc.(b) |
44,061 | 416,376 | ||||||
Neurocrine Biosciences, Inc.(b) |
16,919 | 1,523,218 | ||||||
Nevro Corp.(b) |
9,531 | 587,967 | ||||||
NextGen Healthcare, Inc.(b) |
40,693 | 767,063 | ||||||
Novavax, Inc.(b)(c) |
8,310 | 374,532 | ||||||
Novocure Ltd.(b)(c) |
8,570 | 656,291 | ||||||
NuVasive, Inc.(b)(c) |
53,950 | 2,775,188 | ||||||
Oak Street Health, Inc.(b)(c) |
22,983 | 415,762 | ||||||
Omnicell, Inc.(b)(c) |
15,245 | 1,664,297 | ||||||
OPKO Health, Inc.(b)(c) |
445,632 | 1,203,206 | ||||||
Option Care Health, Inc.(b) |
101,968 | 3,046,804 | ||||||
OraSure Technologies, Inc.(b)(c) |
77,704 | 477,103 | ||||||
Ortho Clinical Diagnostics Holdings PLC(b) . |
94,037 | 1,655,992 | ||||||
Orthofix Medical, Inc.(b) |
25,571 | 792,701 | ||||||
Outset Medical, Inc.(b)(c) |
7,871 | 274,540 | ||||||
Pacific Biosciences of California, Inc.(b) |
29,303 | 185,781 | ||||||
Pacira BioSciences, Inc.(b)(c) |
14,621 | 1,090,288 | ||||||
PDL BioPharma, Inc.(b)(f) |
527,611 | 1,538,250 | ||||||
Pennant Group, Inc. (The)(b)(c) |
25,925 | 424,911 | ||||||
Penumbra, Inc.(b)(c) |
4,268 | 736,486 | ||||||
PetIQ, Inc.(b)(c) |
35,900 | 714,410 | ||||||
Phibro Animal Health Corp., Class A |
27,931 | 502,479 | ||||||
Phreesia, Inc.(b)(c) |
11,835 | 270,785 | ||||||
Prestige Consumer Healthcare, Inc.(b) |
53,097 | 2,902,282 | ||||||
Protagonist Therapeutics, Inc.(b)(c) |
10,429 | 94,800 | ||||||
PTC Therapeutics, Inc.(b) |
16,150 | 570,580 | ||||||
Quidel Corp.(b)(c) |
28,626 | 2,880,348 | ||||||
R1 RCM, Inc.(b)(c) |
19,755 | 444,883 | ||||||
RadNet, Inc.(b) |
55,570 | 1,083,615 | ||||||
Reata Pharmaceuticals, Inc., Class A(b)(c) |
12,319 | 312,656 | ||||||
REGENXBIO, Inc.(b)(c) |
15,861 | 440,301 | ||||||
Relay Therapeutics, Inc.(b)(c) |
23,990 | 571,682 | ||||||
Repligen Corp.(b) |
10,120 | 1,591,269 | ||||||
Replimune Group, Inc.(b)(c) |
18,644 | 312,660 | ||||||
Revance Therapeutics, Inc.(b) |
26,882 | 440,327 | ||||||
Rocket Pharmaceuticals, Inc.(b)(c) |
16,864 | 173,362 | ||||||
Sage Therapeutics, Inc.(b) |
55,249 | 1,741,448 | ||||||
Sangamo Therapeutics, Inc.(b)(c) |
75,325 | 312,599 | ||||||
Sarepta Therapeutics, Inc.(b) |
11,959 | 864,875 | ||||||
Schrodinger, Inc.(b)(c) |
16,075 | 397,374 | ||||||
Seagen, Inc.(b) |
24,943 | 3,267,782 | ||||||
SeaSpine Holdings Corp.(b) |
20,555 | 191,367 | ||||||
Seer, Inc.(b) |
21,418 | 155,923 | ||||||
SIGA Technologies, Inc.(b)(c) |
55,073 | 378,352 | ||||||
Sotera Health Co.(b)(c) |
39,860 | 812,347 | ||||||
SpringWorks Therapeutics, Inc.(b)(c) |
5,701 | 244,630 |
Shares | Value | |||||||
Health Care-(continued) |
||||||||
STAAR Surgical Co.(b)(c) |
4,545 | $ | 259,474 | |||||
Sundial Growers, Inc. (Canada)(b) |
411,677 | 193,241 | ||||||
Supernus Pharmaceuticals, Inc.(b)(c) |
44,704 | 1,247,242 | ||||||
Surgery Partners, Inc.(b)(c) |
19,115 | 977,923 | ||||||
Sutro Biopharma, Inc.(b)(c) |
38,659 | 232,341 | ||||||
Tabula Rasa HealthCare, Inc.(b) |
41,144 | 138,655 | ||||||
Tactile Systems Technology, Inc.(b) |
16,623 | 280,596 | ||||||
Tandem Diabetes Care, Inc.(b) |
5,002 | 482,593 | ||||||
Taro Pharmaceutical Industries Ltd.(b) |
7,091 | 278,322 | ||||||
TG Therapeutics, Inc.(b)(c) |
42,039 | 291,751 | ||||||
Tilray Brands, Inc., Class 2 (Canada)(b)(c) |
64,720 | 322,306 | ||||||
Tivity Health, Inc.(b) |
37,248 | 1,196,778 | ||||||
Travere Therapeutics, Inc.(b)(c) |
11,106 | 279,094 | ||||||
Turning Point Therapeutics, Inc.(b)(c) |
30,337 | 893,121 | ||||||
Twist Bioscience Corp.(b)(c) |
6,251 | 180,279 | ||||||
UFP Technologies, Inc.(b) |
5,086 | 349,256 | ||||||
Ultragenyx Pharmaceutical, Inc.(b)(c) |
16,583 | 1,172,252 | ||||||
uniQure N.V. (Netherlands)(b)(c) |
14,471 | 216,197 | ||||||
US Physical Therapy, Inc.(c) |
8,424 | 874,158 | ||||||
Vanda Pharmaceuticals, Inc.(b) |
46,322 | 459,514 | ||||||
Varex Imaging Corp.(b)(c) |
55,907 | 1,109,754 | ||||||
Vaxcyte, Inc.(b)(c) |
11,675 | 282,652 | ||||||
Veeva Systems, Inc., Class A(b) |
16,835 | 3,063,128 | ||||||
Veracyte, Inc.(b)(c) |
17,558 | 359,412 | ||||||
Vir Biotechnology, Inc.(b)(c) |
10,723 | 218,213 | ||||||
Xencor, Inc.(b) |
18,387 | 459,307 | ||||||
Zentalis Pharmaceuticals, Inc.(b)(c) |
4,915 | 130,346 | ||||||
Zogenix, Inc.(b)(c)(f) |
11,278 | 7,669 | ||||||
Zymeworks, Inc. (Canada)(b) |
44,595 | 272,475 | ||||||
|
|
|||||||
194,307,744 | ||||||||
|
|
|||||||
Industrials-16.91% |
||||||||
AAON, Inc. |
15,067 | 734,366 | ||||||
AAR Corp.(b) |
52,146 | 2,449,819 | ||||||
Acacia Research Corp.(b)(c) |
76,128 | 357,040 | ||||||
ACCO Brands Corp. |
168,840 | 1,237,597 | ||||||
Advanced Drainage Systems, Inc. |
17,463 | 1,789,259 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b)(c) |
78,414 | 3,134,992 | ||||||
AeroVironment, Inc.(b)(c) |
15,603 | 1,253,233 | ||||||
Air Transport Services Group, Inc.(b) |
96,896 | 3,032,845 | ||||||
Alamo Group, Inc. |
9,078 | 1,147,822 | ||||||
Alaska Air Group, Inc.(b)(c) |
49,878 | 2,712,864 | ||||||
Albany International Corp., Class A |
23,581 | 1,844,506 | ||||||
Alight, Inc., Class A(b)(c) |
35,076 | 301,303 | ||||||
Allegiant Travel Co.(b) |
4,524 | 702,080 | ||||||
Allied Motion Technologies, Inc.(c) |
9,410 | 229,039 | ||||||
Alta Equipment Group, Inc.(b) |
24,287 | 273,229 | ||||||
Altra Industrial Motion Corp. |
72,516 | 2,828,124 | ||||||
Ameresco, Inc., Class A(b)(c) |
16,203 | 817,279 | ||||||
American Woodmark Corp.(b) |
51,406 | 2,408,371 | ||||||
API Group Corp.(b) |
160,800 | 2,984,448 | ||||||
Apogee Enterprises, Inc. |
39,547 | 1,740,068 | ||||||
ARC Document Solutions, Inc. |
76,132 | 289,302 | ||||||
ArcBest Corp.(c) |
33,971 | 2,451,347 | ||||||
Arcosa, Inc. |
67,313 | 3,603,265 | ||||||
Argan, Inc. |
26,426 | 971,948 | ||||||
Armstrong World Industries, Inc. |
24,854 | 2,104,140 | ||||||
Array Technologies, Inc.(b)(c) |
72,851 | 475,717 | ||||||
Astec Industries, Inc. |
27,872 | 1,089,795 | ||||||
Astronics Corp.(b) |
54,986 | 532,814 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
30 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Atkore, Inc.(b) |
26,680 | $ | 2,563,948 | |||||
Atlas Corp. (Canada)(c) |
113,088 | 1,397,768 | ||||||
Axon Enterprise, Inc.(b) |
10,440 | 1,171,368 | ||||||
AZEK Co., Inc. (The)(b)(c) |
56,568 | 1,201,504 | ||||||
AZZ, Inc. |
33,796 | 1,542,449 | ||||||
Babcock & Wilcox Enterprises, Inc.(b)(c) |
71,255 | 535,125 | ||||||
Barnes Group, Inc. |
65,700 | 2,206,206 | ||||||
Barrett Business Services, Inc. |
15,096 | 1,086,459 | ||||||
Bloom Energy Corp., Class A(b)(c) |
21,979 | 407,930 | ||||||
Blue Bird Corp.(b)(c) |
22,683 | 363,609 | ||||||
BlueLinx Holdings, Inc.(b) |
24,769 | 1,651,349 | ||||||
Brady Corp., Class A |
54,472 | 2,437,622 | ||||||
BrightView Holdings, Inc.(b)(c) |
97,202 | 1,230,577 | ||||||
Caesarstone Ltd. |
42,831 | 421,029 | ||||||
Casella Waste Systems, Inc., Class A(b) |
18,108 | 1,489,202 | ||||||
CBIZ, Inc.(b)(c) |
45,014 | 1,885,637 | ||||||
Chart Industries, Inc.(b)(c) |
24,725 | 4,174,075 | ||||||
Cimpress PLC (Ireland)(b)(c) |
29,635 | 1,496,864 | ||||||
CIRCOR International, Inc.(b)(c) |
26,639 | 523,456 | ||||||
Civeo Corp.(b) |
13,143 | 341,718 | ||||||
Columbus McKinnon Corp. |
26,632 | 944,104 | ||||||
Comfort Systems USA, Inc. |
29,043 | 2,451,810 | ||||||
Commercial Vehicle Group, Inc.(b)(c) |
65,124 | 467,590 | ||||||
Construction Partners, Inc.(b)(c) |
25,345 | 654,155 | ||||||
Copa Holdings S.A., Class A (Panama)(c) |
10,241 | 771,864 | ||||||
Core & Main, Inc., Class A(b)(c) |
48,508 | 1,152,550 | ||||||
CoreCivic, Inc.(b) |
299,893 | 3,727,670 | ||||||
Cornerstone Building Brands, Inc.(b) |
79,093 | 1,929,078 | ||||||
Costamare, Inc. (Monaco) |
86,117 | 1,154,829 | ||||||
Covenant Logistics Group, Inc., Class A |
42,333 | 869,520 | ||||||
CRA International, Inc. |
6,141 | 505,834 | ||||||
CSW Industrials, Inc. |
6,523 | 688,242 | ||||||
Danaos Corp. (Greece) |
12,982 | 1,061,149 | ||||||
Daseke, Inc.(b) |
158,432 | 1,330,829 | ||||||
Deluxe Corp. |
66,883 | 1,811,192 | ||||||
Desktop Metal, Inc., Class A(b)(c) |
90,185 | 316,549 | ||||||
Diana Shipping, Inc. (Greece) |
73,256 | 341,373 | ||||||
Douglas Dynamics, Inc.(c) |
28,181 | 872,484 | ||||||
Driven Brands Holdings, Inc.(b)(c) |
22,933 | 639,601 | ||||||
Ducommun, Inc., (Acquired |
11,429 | 583,679 | ||||||
Dun & Bradstreet Holdings, Inc.(b)(c) |
136,881 | 2,161,351 | ||||||
DXP Enterprises, Inc.(b) |
30,460 | 719,770 | ||||||
Eagle Bulk Shipping, Inc. |
8,222 | 511,737 | ||||||
Encore Wire Corp. |
14,257 | 1,608,332 | ||||||
Enerpac Tool Group Corp.(c) |
48,310 | 970,065 | ||||||
Ennis, Inc. |
41,676 | 718,911 | ||||||
EnPro Industries, Inc. |
20,015 | 1,865,598 | ||||||
ESCO Technologies, Inc. |
22,525 | 1,406,686 | ||||||
Evoqua Water Technologies Corp.(b) |
49,946 | 2,082,249 | ||||||
Exponent, Inc. |
14,117 | 1,352,550 | ||||||
Federal Signal Corp.(c) |
49,253 | 1,676,080 | ||||||
Forrester Research, Inc.(b) |
6,888 | 383,593 | ||||||
Forward Air Corp. |
18,415 | 1,785,703 | ||||||
Franklin Covey Co.(b) |
4,927 | 197,425 | ||||||
Franklin Electric Co., Inc. |
26,285 | 1,838,373 | ||||||
FuelCell Energy, Inc.(b)(c) |
49,044 | 200,100 | ||||||
Gates Industrial Corp. PLC(b)(c) |
160,774 | 2,049,869 | ||||||
Genco Shipping & Trading Ltd |
31,639 | 697,007 | ||||||
Gibraltar Industries, Inc.(b) |
38,492 | 1,456,537 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Global Industrial Co. |
18,945 | $ | 584,643 | |||||
Global Ship Lease, Inc., Class A (United Kingdom) |
14,095 | 313,473 | ||||||
Golden Ocean Group Ltd. (Norway)(c) |
106,240 | 1,331,187 | ||||||
Gorman-Rupp Co. (The) |
20,437 | 651,123 | ||||||
GrafTech International Ltd. |
259,310 | 2,354,535 | ||||||
Granite Construction, Inc. |
91,351 | 2,708,557 | ||||||
Great Lakes Dredge & Dock Corp.(b) |
68,525 | 946,330 | ||||||
Griffon Corp. |
80,226 | 1,501,029 | ||||||
H&E Equipment Services, Inc.(c) |
63,378 | 2,248,652 | ||||||
Harsco Corp.(b) |
132,311 | 1,352,218 | ||||||
Hawaiian Holdings, Inc.(b)(c) |
39,209 | 664,985 | ||||||
Hayward Holdings, Inc.(b)(c) |
27,888 | 443,419 | ||||||
Healthcare Services Group, Inc.(c) |
166,640 | 2,847,878 | ||||||
Heartland Express, Inc. |
67,354 | 929,485 | ||||||
Heidrick & Struggles International, Inc. |
19,969 | 638,209 | ||||||
Helios Technologies, Inc. |
15,569 | 1,045,925 | ||||||
Heritage-Crystal Clean, Inc.(b) |
17,044 | 465,301 | ||||||
Hillenbrand, Inc. |
75,450 | 3,079,869 | ||||||
Hillman Solutions Corp.(b)(c) |
24,580 | 285,865 | ||||||
HNI Corp. |
69,211 | 2,466,680 | ||||||
Huron Consulting Group, Inc.(b) |
27,903 | 1,444,817 | ||||||
Huttig Building Products, Inc.(b) |
64,683 | 690,814 | ||||||
Hydrofarm Holdings Group, Inc.(b)(c) |
19,078 | 182,195 | ||||||
Hyliion Holdings Corp.(b)(c) |
103,896 | 333,506 | ||||||
Hyster-Yale Materials Handling, Inc. |
31,153 | 957,020 | ||||||
IAA, Inc.(b) |
78,636 | 2,882,009 | ||||||
ICF International, Inc.(c) |
19,732 | 1,949,719 | ||||||
Ideanomics, Inc.(b)(c) |
248,048 | 178,396 | ||||||
IES Holdings, Inc.(b) |
11,133 | 326,197 | ||||||
Infrastructure and Energy Alternatives, Inc.(b) |
50,020 | 467,687 | ||||||
INNOVATE Corp.(b)(c) |
98,543 | 298,585 | ||||||
Insperity, Inc.(c) |
37,598 | 3,987,268 | ||||||
Insteel Industries, Inc.(c) |
21,205 | 899,516 | ||||||
Interface, Inc. |
86,719 | 1,100,464 | ||||||
JetBlue Airways Corp.(b)(c) |
205,074 | 2,257,865 | ||||||
John Bean Technologies Corp. |
17,629 | 2,078,283 | ||||||
Kadant, Inc. |
5,886 | 1,088,910 | ||||||
Kaman Corp. |
43,640 | 1,702,396 | ||||||
Kelly Services, Inc., Class A |
43,822 | 845,326 | ||||||
Kforce, Inc. |
18,955 | 1,327,798 | ||||||
Kimball International, Inc., Class B |
73,213 | 562,276 | ||||||
Korn Ferry |
47,678 | 2,929,336 | ||||||
Kornit Digital Ltd. (Israel)(b)(c) |
6,679 | 444,154 | ||||||
Kratos Defense & Security Solutions, Inc.(b) |
92,860 | 1,408,686 | ||||||
Lawson Products, Inc.(b) |
5,272 | 200,283 | ||||||
Lindsay Corp. |
6,789 | 917,533 | ||||||
Luxfer Holdings PLC (United Kingdom) |
31,692 | 511,509 | ||||||
Lyft, Inc., Class A(b) |
64,524 | 2,103,482 | ||||||
Manitowoc Co., Inc. (The)(b) |
93,496 | 1,237,887 | ||||||
ManTech International Corp., Class A |
30,460 | 2,447,156 | ||||||
Marten Transport Ltd. |
77,681 | 1,350,096 | ||||||
Masonite International Corp.(b) |
34,722 | 2,691,650 | ||||||
Matrix Service Co.(b) |
189,786 | 1,290,545 | ||||||
Matson, Inc. |
8,272 | 711,557 | ||||||
Matthews International Corp., Class A |
47,716 | 1,422,414 | ||||||
Maxar Technologies, Inc.(c) |
106,660 | 3,435,519 | ||||||
Mayville Engineering Co., Inc.(b)(c) |
24,937 | 206,478 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
31 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Industrials-(continued) |
||||||||
McGrath RentCorp. |
27,617 | $ | 2,304,915 | |||||
Mercury Systems, Inc.(b)(c) |
41,335 | 2,306,080 | ||||||
Mesa Air Group, Inc.(b)(c) |
85,821 | 291,791 | ||||||
Miller Industries, Inc. |
13,314 | 356,948 | ||||||
MillerKnoll, Inc.(c) |
85,830 | 2,723,386 | ||||||
Mistras Group, Inc.(b)(c) |
35,662 | 202,917 | ||||||
Montrose Environmental Group, Inc.(b) |
8,436 | 382,741 | ||||||
Moog, Inc., Class A |
41,920 | 3,348,150 | ||||||
MRC Global, Inc.(b) |
223,795 | 2,683,302 | ||||||
MSA Safety, Inc. |
20,244 | 2,443,248 | ||||||
Mueller Water Products, Inc., Class A |
154,705 | 1,861,101 | ||||||
MYR Group, Inc.(b) |
21,845 | 1,727,721 | ||||||
National Presto Industries, Inc. |
12,427 | 883,933 | ||||||
Navios Maritime Holdings, Inc. (Greece)(b) . |
92,180 | 334,613 | ||||||
Nikola Corp.(b)(c) |
66,334 | 476,278 | ||||||
NN, Inc.(b) |
97,170 | 294,425 | ||||||
Northwest Pipe Co.(b) |
16,398 | 437,991 | ||||||
NOW, Inc.(b) |
268,438 | 2,925,974 | ||||||
NV5 Global, Inc.(b)(c) |
7,716 | 924,377 | ||||||
PAM Transportation Services, Inc.(b) |
7,379 | 224,248 | ||||||
Park Aerospace Corp. |
35,046 | 410,038 | ||||||
Park-Ohio Holdings Corp. |
18,022 | 172,831 | ||||||
Parsons Corp.(b) |
41,215 | 1,522,070 | ||||||
PGT Innovations, Inc.(b) |
70,922 | 1,260,284 | ||||||
Plug Power, Inc.(b)(c) |
59,184 | 1,244,048 | ||||||
Powell Industries, Inc. |
20,590 | 397,387 | ||||||
Primoris Services Corp. |
114,540 | 2,655,037 | ||||||
Proto Labs, Inc.(b) |
24,255 | 1,033,506 | ||||||
Quad/Graphics, Inc.(b) |
49,383 | 334,817 | ||||||
Quanex Building Products Corp. |
50,773 | 975,857 | ||||||
Radiant Logistics, Inc.(b) |
53,174 | 306,814 | ||||||
RBC Bearings, Inc.(b)(c) |
13,321 | 2,242,590 | ||||||
Resources Connection, Inc. |
59,718 | 1,026,552 | ||||||
REV Group, Inc.(c) |
65,366 | 779,163 | ||||||
Rollins, Inc.(c) |
83,019 | 2,784,457 | ||||||
Safe Bulkers, Inc. (Greece) |
159,287 | 654,670 | ||||||
Saia, Inc.(b) |
12,116 | 2,495,411 | ||||||
Schneider National, Inc., Class B(c) |
87,569 | 2,069,256 | ||||||
Shyft Group, Inc. (The) |
16,296 | 415,059 | ||||||
Simpson Manufacturing Co., Inc. |
23,736 | 2,460,711 | ||||||
SiteOne Landscape Supply, Inc.(b) |
19,232 | 2,712,289 | ||||||
Skillsoft Corp.(b)(c) |
42,019 | 224,802 | ||||||
SkyWest, Inc.(b) |
46,527 | 1,356,262 | ||||||
SP Plus Corp.(b) |
29,842 | 850,497 | ||||||
Spirit Airlines, Inc.(b) |
62,527 | 1,476,263 | ||||||
SPX Corp.(b) |
43,118 | 1,806,644 | ||||||
Standex International Corp. |
11,304 | 1,063,028 | ||||||
Star Bulk Carriers Corp. (Greece) |
32,199 | 904,792 | ||||||
Steelcase, Inc., Class A |
271,950 | 3,189,974 | ||||||
Stem, Inc.(b)(c) |
25,708 | 184,326 | ||||||
Sterling Construction Co., Inc.(b) |
43,490 | 995,486 | ||||||
Sun Country Airlines Holdings, Inc.(b) |
9,500 | 261,345 | ||||||
Tecnoglass, Inc. |
14,168 | 316,371 | ||||||
Tennant Co.(c) |
15,255 | 985,168 | ||||||
Tetra Tech, Inc. |
21,576 | 3,005,105 | ||||||
Textainer Group Holdings Ltd. (China)(c) |
60,414 | 2,026,286 | ||||||
Thermon Group Holdings, Inc.(b) |
47,002 | 705,030 | ||||||
Titan International, Inc.(b) |
80,692 | 1,118,391 | ||||||
Titan Machinery, Inc.(b) |
42,497 | 1,002,079 | ||||||
TPI Composites, Inc.(b)(c) |
127,018 | 1,453,086 |
Shares | Value | |||||||
Industrials-(continued) |
||||||||
Transcat, Inc.(b)(c) |
3,338 | $ | 243,674 | |||||
Trex Co., Inc.(b) |
22,477 | 1,307,937 | ||||||
TriNet Group, Inc.(b)(c) |
33,354 | 2,958,500 | ||||||
Triumph Group, Inc.(b)(c) |
74,870 | 1,687,570 | ||||||
TrueBlue, Inc.(b) |
74,149 | 1,895,990 | ||||||
Tutor Perini Corp.(b) |
131,809 | 1,221,869 | ||||||
UniFirst Corp. |
15,277 | 2,632,227 | ||||||
Universal Logistics Holdings, Inc.(c) |
14,373 | 291,484 | ||||||
Upwork, Inc.(b)(c) |
18,044 | 378,383 | ||||||
US Ecology, Inc.(b) |
24,480 | 1,174,795 | ||||||
US Xpress Enterprises, Inc., Class A(b)(c) |
121,875 | 403,406 | ||||||
USA Truck, Inc.(b) |
21,820 | 358,066 | ||||||
Vectrus, Inc.(b) |
17,119 | 617,996 | ||||||
Vertiv Holdings Co. |
136,276 | 1,707,538 | ||||||
Viad Corp.(b) |
27,051 | 885,920 | ||||||
Vicor Corp.(b) |
3,137 | 189,851 | ||||||
Virgin Galactic Holdings, Inc.(b)(c) |
52,042 | 389,795 | ||||||
VSE Corp. |
13,177 | 570,696 | ||||||
Wabash National Corp. |
123,805 | 1,771,650 | ||||||
Watts Water Technologies, Inc., Class A |
15,985 | 2,037,448 | ||||||
Welbilt, Inc.(b) |
93,495 | 2,208,352 | ||||||
Willdan Group, Inc.(b) |
13,357 | 359,036 | ||||||
WillScot Mobile Mini Holdings Corp.(b) |
91,938 | 3,227,024 | ||||||
Yellow Corp.(b)(c) |
350,388 | 1,569,738 | ||||||
ZIM Integrated Shipping Services Ltd. (Israel)(c) |
11,728 | 652,429 | ||||||
Zurn Water Solutions Corp. |
46,957 | 1,465,998 | ||||||
|
|
|||||||
303,528,533 | ||||||||
|
|
|||||||
Information Technology-13.70% |
||||||||
3D Systems Corp.(b)(c) |
48,789 | 553,267 | ||||||
8x8, Inc.(b) |
32,941 | 302,069 | ||||||
ACI Worldwide, Inc.(b)(c) |
97,477 | 2,692,315 | ||||||
ADTRAN, Inc.(c) |
44,651 | 776,481 | ||||||
Advanced Energy Industries, Inc.(c) |
24,932 | 1,907,797 | ||||||
Alarm.com Holdings, Inc.(b) |
13,929 | 850,783 | ||||||
Allegro MicroSystems, Inc. (Japan)(b) |
11,943 | 290,334 | ||||||
Alpha & Omega Semiconductor Ltd.(b) |
11,267 | 483,354 | ||||||
Altair Engineering, Inc., Class A(b) |
7,547 | 409,953 | ||||||
Alteryx, Inc., Class A(b)(c) |
11,472 | 736,502 | ||||||
Ambarella, Inc.(b) |
4,585 | 376,337 | ||||||
American Software, Inc., Class A |
19,970 | 341,487 | ||||||
Anaplan, Inc.(b) |
10,088 | 655,619 | ||||||
AppFolio, Inc., Class A(b)(c) |
2,583 | 268,270 | ||||||
Appian Corp.(b)(c) |
4,426 | 211,563 | ||||||
Applied Optoelectronics, Inc.(b)(c) |
126,387 | 324,815 | ||||||
Arlo Technologies, Inc.(b) |
45,121 | 349,237 | ||||||
Aspen Technology, Inc.(b) |
13,789 | 2,186,108 | ||||||
Atlassian Corp. PLC, Class A(b) |
2,625 | 590,179 | ||||||
Autodesk, Inc.(b) |
16,417 | 3,107,410 | ||||||
Avalara, Inc.(b) |
13,262 | 1,008,840 | ||||||
Avaya Holdings Corp.(b)(c) |
188,639 | 1,744,911 | ||||||
Aviat Networks, Inc.(b)(c) |
8,659 | 258,904 | ||||||
Avid Technology, Inc.(b) |
14,067 | 446,065 | ||||||
Axcelis Technologies, Inc.(b) |
14,246 | 775,695 | ||||||
AXT, Inc.(b)(c) |
37,875 | 223,463 | ||||||
Badger Meter, Inc. |
10,435 | 842,000 | ||||||
Bel Fuse, Inc., Class B |
25,359 | 413,605 | ||||||
Belden, Inc. |
58,710 | 3,031,197 | ||||||
Benchmark Electronics, Inc. |
63,977 | 1,520,094 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
32 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Information Technology-(continued) |
||||||||
Bentley Systems, Inc., Class B(c) |
50,106 | $ | 2,123,993 | |||||
Bill.com Holdings, Inc.(b) |
3,050 | 520,666 | ||||||
Blackbaud, Inc.(b)(c) |
25,921 | 1,503,677 | ||||||
Blackline, Inc.(b)(c) |
7,361 | 493,555 | ||||||
Bottomline Technologies (DE), Inc.(b) |
14,766 | 836,051 | ||||||
Box, Inc., Class A(b) |
21,590 | 661,086 | ||||||
C3.ai, Inc., Class A(b)(c) |
29,734 | 505,181 | ||||||
CalAmp Corp.(b)(c) |
66,778 | 365,276 | ||||||
Calix, Inc.(b)(c) |
10,115 | 403,690 | ||||||
Casa Systems, Inc.(b) |
61,372 | 300,723 | ||||||
Cass Information Systems, Inc. |
15,206 | 588,624 | ||||||
Ceragon Networks Ltd. (Israel)(b) |
218,314 | 416,980 | ||||||
Cerence, Inc.(b)(c) |
36,219 | 1,068,461 | ||||||
Ceridian HCM Holding, Inc.(b) |
38,538 | 2,163,138 | ||||||
CEVA, Inc.(b) |
8,695 | 315,976 | ||||||
ChannelAdvisor Corp.(b) |
13,851 | 200,978 | ||||||
Cloudflare, Inc., Class A(b) |
7,923 | 682,487 | ||||||
CMC Materials, Inc. |
13,451 | 2,406,518 | ||||||
Cognyte Software Ltd. (Israel)(b) |
73,966 | 501,489 | ||||||
Coherent, Inc.(b) |
10,861 | 2,909,662 | ||||||
Cohu, Inc.(b) |
25,748 | 683,867 | ||||||
CommVault Systems, Inc.(b) |
14,640 | 893,040 | ||||||
Comtech Telecommunications Corp. |
53,601 | 728,974 | ||||||
Consensus Cloud Solutions, Inc.(b) |
29,583 | 1,559,616 | ||||||
Corsair Gaming, Inc.(b)(c) |
23,786 | 359,882 | ||||||
Coupa Software, Inc.(b) |
10,466 | 903,216 | ||||||
Crowdstrike Holdings, Inc., Class A(b)(c) |
5,706 | 1,134,125 | ||||||
CSG Systems International, Inc. |
31,396 | 1,929,912 | ||||||
CTS Corp. |
24,858 | 879,227 | ||||||
CyberArk Software Ltd.(b) |
7,996 | 1,256,491 | ||||||
Daktronics, Inc.(b)(c) |
114,947 | 385,072 | ||||||
Datadog, Inc., Class A(b) |
5,761 | 695,814 | ||||||
Diebold Nixdorf, Inc.(b)(c) |
273,831 | 1,122,707 | ||||||
Digi International, Inc.(b) |
30,539 | 577,798 | ||||||
Digital Turbine, Inc.(b)(c) |
6,299 | 199,363 | ||||||
Diodes, Inc.(b) |
31,517 | 2,301,687 | ||||||
DocuSign, Inc.(b) |
8,214 | 665,334 | ||||||
Dolby Laboratories, Inc., Class A |
40,070 | 3,104,223 | ||||||
Dropbox, Inc., Class A(b) |
45,037 | 979,555 | ||||||
Duck Creek Technologies, Inc.(b) |
20,697 | 329,703 | ||||||
Dynatrace, Inc.(b) |
27,253 | 1,045,425 | ||||||
Eastman Kodak Co.(b)(c) |
122,223 | 631,893 | ||||||
Ebix, Inc.(c) |
38,556 | 1,148,969 | ||||||
Elastic N.V.(b) |
6,577 | 500,773 | ||||||
EMCORE Corp.(b)(c) |
60,143 | 207,493 | ||||||
Enphase Energy, Inc.(b) |
7,235 | 1,167,729 | ||||||
Envestnet, Inc.(b)(c) |
29,837 | 2,376,219 | ||||||
ePlus, Inc.(b) |
39,409 | 2,225,820 | ||||||
Everbridge, Inc.(b) |
7,913 | 341,050 | ||||||
EVERTEC, Inc. |
28,170 | 1,109,898 | ||||||
Evo Payments, Inc., Class A(b) |
19,617 | 441,971 | ||||||
Exela Technologies, Inc. |
1,179,023 | 388,370 | ||||||
ExlService Holdings, Inc.(b) |
16,163 | 2,200,592 | ||||||
Extreme Networks, Inc.(b) |
55,997 | 537,571 | ||||||
Fabrinet (Thailand)(b) |
25,894 | 2,542,532 | ||||||
Fair Isaac Corp.(b) |
3,312 | 1,237,065 | ||||||
FARO Technologies, Inc.(b) |
11,635 | 398,964 | ||||||
Fastly, Inc., Class A(b)(c) |
50,993 | 810,789 | ||||||
Five9, Inc.(b) |
4,608 | 507,341 | ||||||
FormFactor, Inc.(b) |
35,528 | 1,353,972 |
Shares | Value | |||||||
Information Technology-(continued) |
||||||||
Fortinet, Inc.(b) |
10,047 | $ | 2,903,683 | |||||
Globant S.A.(b) |
6,251 | 1,350,153 | ||||||
GoDaddy, Inc., Class A(b) |
43,856 | 3,544,003 | ||||||
Guidewire Software, Inc.(b)(c) |
25,540 | 2,220,448 | ||||||
Hackett Group, Inc. (The) |
24,482 | 575,082 | ||||||
Harmonic, Inc.(b)(c) |
51,259 | 425,450 | ||||||
HubSpot, Inc.(b) |
2,179 | 826,778 | ||||||
I3 Verticals, Inc., Class A(b)(c) |
10,573 | 290,229 | ||||||
Ichor Holdings Ltd.(b)(c) |
30,082 | 875,687 | ||||||
Infinera Corp.(b)(c) |
114,134 | 877,690 | ||||||
Information Services Group, Inc. |
36,117 | 226,454 | ||||||
InterDigital, Inc. |
34,880 | 1,982,928 | ||||||
International Money Express, Inc.(b) |
19,104 | 379,596 | ||||||
IonQ, Inc.(b)(c) |
18,139 | 142,754 | ||||||
Itron, Inc.(b) |
59,769 | 2,855,763 | ||||||
Ituran Location and Control Ltd. (Israel) |
19,949 | 447,656 | ||||||
Jamf Holding Corp.(b)(c) |
13,916 | 428,613 | ||||||
JFrog Ltd. (Israel)(b) |
14,092 | 294,100 | ||||||
Kimball Electronics, Inc.(b)(c) |
43,944 | 783,961 | ||||||
Knowles Corp.(b) |
103,362 | 1,914,264 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore)(c) |
29,104 | 1,350,717 | ||||||
Lattice Semiconductor Corp.(b) |
14,719 | 707,101 | ||||||
Limelight Networks, Inc.(b)(c) |
73,480 | 262,324 | ||||||
Littelfuse, Inc. |
12,990 | 2,977,958 | ||||||
LivePerson, Inc.(b)(c) |
16,397 | 370,900 | ||||||
LiveRamp Holdings, Inc.(b) |
32,808 | 1,027,547 | ||||||
Lumentum Holdings, Inc.(b)(c) |
35,758 | 2,903,907 | ||||||
MACOM Technology Solutions Holdings, |
8,622 | 439,291 | ||||||
MagnaChip Semiconductor Corp. (South Korea)(b) |
58,231 | 1,065,045 | ||||||
Mandiant, Inc.(b) |
74,449 | 1,636,389 | ||||||
Manhattan Associates, Inc.(b) |
10,929 | 1,426,781 | ||||||
Marathon Digital Holdings, Inc.(b)(c) |
12,135 | 189,306 | ||||||
Maxeon Solar Technologies Ltd.(b)(c) |
68,815 | 796,878 | ||||||
MaxLinear, Inc.(b) |
13,371 | 640,070 | ||||||
Methode Electronics, Inc. |
42,779 | 1,908,371 | ||||||
MicroStrategy, Inc., Class A(b)(c) |
2,154 | 762,882 | ||||||
Mimecast Ltd.(b) |
8,578 | 683,495 | ||||||
Mirion Technologies, Inc.(b)(c) |
58,216 | 459,324 | ||||||
Momentive Global, Inc.(b) |
29,332 | 464,032 | ||||||
MoneyGram International, Inc.(b)(c) |
152,834 | 1,548,208 | ||||||
Monolithic Power Systems, Inc. |
5,115 | 2,006,308 | ||||||
N-able, Inc.(b)(c) |
23,873 | 238,730 | ||||||
NeoPhotonics Corp.(b) |
30,654 | 464,102 | ||||||
NETGEAR, Inc.(b) |
58,774 | 1,275,396 | ||||||
NetScout Systems, Inc.(b)(c) |
102,981 | 3,171,815 | ||||||
New Relic, Inc.(b)(c) |
9,224 | 583,602 | ||||||
nLight, Inc.(b)(c) |
23,630 | 310,735 | ||||||
Novanta, Inc.(b)(c) |
9,538 | 1,227,541 | ||||||
Nutanix, Inc., Class A(b) |
30,546 | 764,566 | ||||||
NVE Corp.(c) |
4,252 | 197,208 | ||||||
Okta, Inc.(b) |
4,926 | 587,721 | ||||||
OneSpan, Inc.(b) |
26,136 | 369,302 | ||||||
Onto Innovation, Inc.(b) |
19,526 | 1,389,080 | ||||||
OSI Systems, Inc.(b) |
22,395 | 1,771,445 | ||||||
PagerDuty, Inc.(b)(c) |
13,835 | 395,266 | ||||||
Pagseguro Digital Ltd., Class A (Brazil)(b)(c) |
156,989 | 2,309,308 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
33 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Information Technology-(continued) |
||||||||
Palantir Technologies, Inc., Class A(b)(c) |
154,858 | $ | 1,610,523 | |||||
Palo Alto Networks, Inc.(b) |
5,936 | 3,331,758 | ||||||
PAR Technology Corp.(b)(c) |
7,695 | 254,243 | ||||||
Paya Holdings, Inc., Class A(b) |
44,254 | 225,253 | ||||||
Paycom Software, Inc.(b) |
5,201 | 1,463,925 | ||||||
Paylocity Holding Corp.(b) |
3,465 | 657,068 | ||||||
PC Connection, Inc. |
14,246 | 705,035 | ||||||
PDF Solutions, Inc.(b)(c) |
9,334 | 217,016 | ||||||
Pegasystems, Inc.(c) |
6,455 | 494,388 | ||||||
Perficient, Inc.(b) |
10,474 | 1,041,220 | ||||||
PFSweb, Inc.(b) |
24,475 | 277,791 | ||||||
Photronics, Inc.(b) |
94,996 | 1,423,990 | ||||||
Ping Identity Holding Corp.(b)(c) |
39,140 | 1,022,728 | ||||||
Plantronics, Inc.(b) |
38,260 | 1,525,044 | ||||||
Plexus Corp.(b) |
40,591 | 3,293,554 | ||||||
Power Integrations, Inc. |
17,119 | 1,369,520 | ||||||
Progress Software Corp.(c) |
27,248 | 1,307,359 | ||||||
PROS Holdings, Inc.(b)(c) |
7,770 | 217,016 | ||||||
PTC, Inc.(b) |
25,716 | 2,937,024 | ||||||
Pure Storage, Inc., Class A(b)(c) |
61,596 | 1,804,763 | ||||||
Q2 Holdings, Inc.(b)(c) |
12,510 | 647,142 | ||||||
Qualys, Inc.(b) |
7,392 | 1,007,382 | ||||||
Quantum Corp.(b)(c) |
125,716 | 235,089 | ||||||
Radware Ltd. (Israel)(b) |
17,277 | 499,478 | ||||||
Rambus, Inc.(b) |
42,758 | 1,065,102 | ||||||
Rapid7, Inc.(b)(c) |
2,958 | 282,548 | ||||||
Repay Holdings Corp.(b)(c) |
36,180 | 484,088 | ||||||
Ribbon Communications, Inc.(b)(c) |
141,792 | 489,182 | ||||||
RingCentral, Inc., Class A(b) |
5,144 | 436,468 | ||||||
Rogers Corp.(b) |
8,472 | 2,293,540 | ||||||
SailPoint Technologies Holding, Inc.(b)(c) |
17,859 | 1,139,940 | ||||||
ScanSource, Inc.(b) |
40,372 | 1,382,337 | ||||||
Semtech Corp.(b) |
23,527 | 1,402,209 | ||||||
Shift4 Payments, Inc., Class A(b)(c) |
11,890 | 623,749 | ||||||
Silicom Ltd. (Israel)(b) |
6,489 | 228,283 | ||||||
Silicon Laboratories, Inc.(b) |
15,023 | 2,026,753 | ||||||
SMART Global Holdings, Inc.(b)(c) |
38,432 | 870,869 | ||||||
Smartsheet, Inc., Class A(b) |
11,383 | 550,140 | ||||||
Snowflake, Inc., Class A(b) |
12,238 | 2,098,083 | ||||||
SolarEdge Technologies, Inc.(b) |
9,630 | 2,411,448 | ||||||
SolarWinds Corp. |
41,192 | 509,545 | ||||||
Splunk, Inc.(b) |
25,064 | 3,058,309 | ||||||
SPS Commerce, Inc.(b) |
6,207 | 742,543 | ||||||
StoneCo Ltd., Class A (Brazil)(b)(c) |
270,736 | 2,550,333 | ||||||
Stratasys Ltd.(b)(c) |
46,264 | 897,059 | ||||||
SunPower Corp.(b)(c) |
39,555 | 653,053 | ||||||
Super Micro Computer, Inc.(b) |
84,824 | 3,571,090 | ||||||
Switch, Inc., Class A(c) |
20,913 | 624,462 | ||||||
Synaptics, Inc.(b) |
11,756 | 1,745,061 | ||||||
Tenable Holdings, Inc.(b) |
6,612 | 365,181 | ||||||
Teradata Corp.(b)(c) |
61,823 | 2,556,381 | ||||||
Trade Desk, Inc. (The), Class A(b) |
21,526 | 1,268,312 | ||||||
TTEC Holdings, Inc. |
12,298 | 907,715 | ||||||
Tucows, Inc., Class A(b)(c) |
6,342 | 365,426 | ||||||
Turtle Beach Corp.(b)(c) |
15,635 | 260,166 | ||||||
Tyler Technologies, Inc.(b) |
8,792 | 3,470,290 | ||||||
Ubiquiti, Inc.(c) |
946 | 267,009 | ||||||
Ultra Clean Holdings, Inc.(b) |
34,435 | 1,073,339 | ||||||
Unisys Corp.(b) |
118,437 | 1,682,990 | ||||||
Unity Software, Inc.(b)(c) |
12,562 | 834,242 |
Shares | Value | |||||||
Information Technology-(continued) |
||||||||
Universal Display Corp. |
10,440 | $ | 1,333,501 | |||||
Upland Software, Inc.(b)(c) |
25,428 | 379,386 | ||||||
Varonis Systems, Inc.(b)(c) |
6,817 | 294,494 | ||||||
Veeco Instruments, Inc.(b)(c) |
26,601 | 609,695 | ||||||
Verint Systems, Inc.(b) |
28,879 | 1,575,638 | ||||||
VeriSign, Inc.(b) |
15,807 | 2,824,553 | ||||||
Verra Mobility Corp.(b)(c) |
64,250 | 901,428 | ||||||
Viavi Solutions, Inc.(b)(c) |
115,083 | 1,650,290 | ||||||
VirnetX Holding Corp.(b)(c) |
160,898 | 228,475 | ||||||
Vishay Precision Group, Inc.(b) |
14,768 | 460,909 | ||||||
Vonage Holdings Corp.(b)(c) |
90,779 | 1,811,949 | ||||||
Wix.com Ltd. (Israel)(b) |
8,280 | 624,809 | ||||||
Wolfspeed, Inc.(b)(c) |
31,367 | 2,876,668 | ||||||
Xperi Holding Corp.(c) |
155,162 | 2,420,527 | ||||||
Yext, Inc.(b)(c) |
44,474 | 257,504 | ||||||
Zendesk, Inc.(b) |
7,710 | 940,928 | ||||||
Zoom Video Communications, Inc., |
28,766 | 2,864,231 | ||||||
Zscaler, Inc.(b) |
1,401 | 284,039 | ||||||
Zuora, Inc., Class A(b)(c) |
19,765 | 240,540 | ||||||
|
|
|||||||
245,873,968 | ||||||||
|
|
|||||||
Materials-5.02% |
||||||||
Advanced Emissions Solutions, Inc.(b) |
40,710 | 246,295 | ||||||
AdvanSix, Inc. |
59,937 | 2,669,594 | ||||||
Allegheny Technologies, Inc.(b) |
105,851 | 2,877,030 | ||||||
Alpha Metallurgical Resources, Inc.(b) |
24,397 | 3,775,192 | ||||||
American Vanguard Corp. |
44,897 | 960,796 | ||||||
Ardagh Metal Packaging S.A.(b) |
21,607 | 154,058 | ||||||
Balchem Corp. |
12,324 | 1,518,317 | ||||||
Carpenter Technology Corp. |
96,078 | 3,668,258 | ||||||
Century Aluminum Co.(b) |
49,061 | 827,659 | ||||||
Chase Corp. |
6,053 | 510,631 | ||||||
Clearwater Paper Corp.(b) |
43,042 | 1,425,121 | ||||||
Coeur Mining, Inc.(b)(c) |
382,058 | 1,386,871 | ||||||
Danimer Scientific, Inc.(b)(c) |
109,025 | 427,378 | ||||||
Eagle Materials, Inc. |
23,141 | 2,853,748 | ||||||
Ecovyst, Inc. |
119,111 | 1,198,257 | ||||||
Ferroglobe PLC(b)(c) |
93,804 | 605,036 | ||||||
FutureFuel Corp. |
85,223 | 810,471 | ||||||
GCP Applied Technologies, Inc.(b) |
43,162 | 1,353,992 | ||||||
Glatfelter Corp. |
75,667 | 832,337 | ||||||
Greif, Inc., Class A |
58,820 | 3,569,198 | ||||||
Hawkins, Inc. |
13,776 | 513,569 | ||||||
Haynes International, Inc.(c) |
16,776 | 655,606 | ||||||
Hecla Mining Co.(c) |
450,678 | 2,348,032 | ||||||
Ingevity Corp.(b) |
42,376 | 2,538,322 | ||||||
Innospec, Inc. |
23,388 | 2,229,110 | ||||||
Intrepid Potash, Inc.(b) |
10,533 | 806,617 | ||||||
Kaiser Aluminum Corp. |
25,533 | 2,463,934 | ||||||
Koppers Holdings, Inc. |
36,319 | 881,099 | ||||||
Kronos Worldwide, Inc.(c) |
49,455 | 752,705 | ||||||
Livent Corp.(b)(c) |
53,199 | 1,136,331 | ||||||
LSB Industries, Inc.(b) |
30,934 | 662,297 | ||||||
Materion Corp. |
17,453 | 1,486,123 | ||||||
McEwen Mining, Inc. (Canada)(b) |
323,182 | 216,597 | ||||||
Mercer International, Inc. (Germany) |
102,068 | 1,634,109 | ||||||
Mesabi Trust |
10,352 | 241,719 | ||||||
Minerals Technologies, Inc.(c) |
46,950 | 2,986,489 | ||||||
MP Materials Corp.(b) |
9,362 | 356,130 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
34 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Materials-(continued) |
||||||||
Myers Industries, Inc. |
35,507 | $ | 778,669 | |||||
Neenah, Inc. |
26,741 | 946,631 | ||||||
NewMarket Corp. |
8,875 | 2,880,914 | ||||||
Nexa Resources S.A. (Brazil) |
59,513 | 557,042 | ||||||
Olympic Steel, Inc. |
25,832 | 886,813 | ||||||
Orion Engineered Carbons S.A. (Germany) |
94,656 | 1,429,306 | ||||||
Pactiv Evergreen, Inc.(c) |
66,713 | 657,790 | ||||||
Quaker Chemical Corp.(c) |
8,109 | 1,319,415 | ||||||
Ranpak Holdings Corp.(b)(c) |
13,749 | 207,335 | ||||||
Rayonier Advanced Materials, Inc.(b) |
135,088 | 693,001 | ||||||
Resolute Forest Products, Inc. |
248,940 | 3,470,224 | ||||||
Ryerson Holding Corp. |
48,746 | 1,794,340 | ||||||
Schnitzer Steel Industries, Inc., Class A |
52,402 | 2,391,103 | ||||||
Schweitzer-Mauduit International, Inc., Class A(c) |
70,099 | 1,763,691 | ||||||
Sensient Technologies Corp. |
39,392 | 3,332,563 | ||||||
Stepan Co. |
26,520 | 2,707,957 | ||||||
SunCoke Energy, Inc. |
236,759 | 1,969,835 | ||||||
TimkenSteel Corp.(b) |
92,066 | 1,903,004 | ||||||
Tredegar Corp. |
60,505 | 692,782 | ||||||
TriMas Corp. |
41,816 | 1,235,245 | ||||||
Tronox Holdings PLC, Class A |
142,430 | 2,449,796 | ||||||
Worthington Industries, Inc.(c) |
53,759 | 2,557,316 | ||||||
|
|
|||||||
90,203,800 | ||||||||
|
|
|||||||
Real Estate-6.99% |
||||||||
Acadia Realty Trust |
134,154 | 2,806,502 | ||||||
Agree Realty Corp. |
46,836 | 3,181,101 | ||||||
Alexander & Baldwin, Inc. |
117,949 | 2,500,519 | ||||||
Alexander’s, Inc.(c) |
2,947 | 731,357 | ||||||
American Assets Trust, Inc. |
57,946 | 2,120,824 | ||||||
Apartment Income REIT Corp. |
71,520 | 3,516,638 | ||||||
Apartment Investment & Management Co., Class A |
195,244 | 1,230,037 | ||||||
Armada Hoffler Properties, Inc. |
66,457 | 900,492 | ||||||
Ashford Hospitality Trust, Inc.(b)(c) |
114,556 | 807,620 | ||||||
Bluerock Residential Growth REIT, Inc. |
26,151 | 695,878 | ||||||
Braemar Hotels & Resorts, Inc. |
144,114 | 873,331 | ||||||
Broadstone Net Lease, Inc. |
135,444 | 2,802,336 | ||||||
BRT Apartments Corp. |
9,977 | 218,397 | ||||||
CareTrust REIT, Inc. |
96,710 | 1,567,669 | ||||||
CatchMark Timber Trust, Inc., Class A |
82,988 | 681,331 | ||||||
Cedar Realty Trust, Inc., (Acquired |
31,374 | 890,394 | ||||||
Centerspace |
16,069 | 1,482,526 | ||||||
Chatham Lodging Trust(b) |
110,759 | 1,590,499 | ||||||
City Office REIT, Inc.(c) |
55,798 | 828,042 | ||||||
Community Healthcare Trust, Inc. |
14,706 | 541,475 | ||||||
CorEnergy Infrastructure Trust, Inc. |
76,735 | 191,070 | ||||||
CTO Realty Growth, Inc.(c) |
10,413 | 664,037 | ||||||
Diversified Healthcare Trust |
681,312 | 1,532,952 | ||||||
Easterly Government Properties, Inc.(c) |
102,377 | 1,950,282 | ||||||
EastGroup Properties, Inc. |
17,149 | 3,215,437 | ||||||
Empire State Realty Trust, Inc., Class A(c) . |
294,898 | 2,547,919 | ||||||
Equity Commonwealth(b)(c) |
124,301 | 3,255,443 | ||||||
Essential Properties Realty Trust, Inc. |
77,861 | 1,868,664 | ||||||
eXp World Holdings, Inc.(c) |
11,492 | 153,878 | ||||||
Farmland Partners, Inc. |
24,738 | 364,143 |
Shares | Value | |||||||
Real Estate-(continued) |
||||||||
Forestar Group, Inc.(b) |
26,415 | $ | 430,829 | |||||
Four Corners Property Trust, Inc. |
64,102 | 1,760,241 | ||||||
Franklin Street Properties Corp. |
195,669 | 1,009,652 | ||||||
Getty Realty Corp. |
46,466 | 1,250,400 | ||||||
Gladstone Commercial Corp.(c) |
38,453 | 809,051 | ||||||
Gladstone Land Corp. |
11,584 | 421,658 | ||||||
Global Medical REIT, Inc. |
36,877 | 544,304 | ||||||
Global Net Lease, Inc. |
211,988 | 2,974,192 | ||||||
Hersha Hospitality Trust(b) |
127,291 | 1,244,906 | ||||||
Independence Realty Trust, Inc. |
35,806 | 976,072 | ||||||
Industrial Logistics Properties Trust(c) |
94,763 | 1,531,370 | ||||||
Innovative Industrial Properties, Inc. |
7,250 | 1,048,277 | ||||||
iStar, Inc.(c) |
63,491 | 1,069,188 | ||||||
Kennedy-Wilson Holdings, Inc. |
151,127 | 3,407,914 | ||||||
Kite Realty Group Trust |
148,004 | 3,300,489 | ||||||
LTC Properties, Inc. |
52,430 | 1,730,190 | ||||||
Marcus & Millichap, Inc. |
19,481 | 872,554 | ||||||
National Health Investors, Inc.(c) |
58,628 | 3,021,101 | ||||||
National Storage Affiliates Trust |
26,666 | 1,509,296 | ||||||
Necessity Retail REIT, Inc. (The) |
306,023 | 2,285,992 | ||||||
NETSTREIT Corp.(c) |
13,846 | 299,351 | ||||||
New York City REIT, Inc., Class A |
36,398 | 450,607 | ||||||
Newmark Group, Inc., Class A |
106,524 | 1,294,267 | ||||||
NexPoint Residential Trust, Inc. |
10,912 | 972,914 | ||||||
Offerpad Solutions, Inc.(b)(c) |
67,653 | 338,942 | ||||||
Office Properties Income Trust |
126,622 | 2,737,568 | ||||||
One Liberty Properties, Inc.(c) |
20,790 | 595,633 | ||||||
Opendoor Technologies, Inc.(b)(c) |
213,485 | 1,492,260 | ||||||
Pennsylvania REIT(b) |
272,446 | 146,249 | ||||||
Phillips Edison & Co., Inc.(c) |
20,579 | 696,805 | ||||||
Plymouth Industrial REIT, Inc. |
12,672 | 305,649 | ||||||
PotlatchDeltic Corp. |
67,129 | 3,718,275 | ||||||
Preferred Apartment Communities, Inc., Class A |
98,656 | 2,454,561 | ||||||
PS Business Parks, Inc. |
15,378 | 2,878,762 | ||||||
RE/MAX Holdings, Inc., Class A |
20,860 | 489,376 | ||||||
Redfin Corp.(b)(c) |
41,874 | 466,895 | ||||||
Retail Opportunity Investments Corp. |
151,096 | 2,814,918 | ||||||
RMR Group, Inc. (The), Class A |
22,200 | 605,616 | ||||||
RPT Realty(c) |
159,020 | 2,113,376 | ||||||
Safehold, Inc.(c) |
8,520 | 366,786 | ||||||
Saul Centers, Inc. |
14,926 | 770,331 | ||||||
Seritage Growth Properties, Class A,
(Acquired |
118,723 | 1,175,358 | ||||||
St. Joe Co. (The) |
9,284 | 494,002 | ||||||
Summit Hotel Properties, Inc.(b)(c) |
238,174 | 2,350,777 | ||||||
Tanger Factory Outlet Centers, Inc. |
198,037 | 3,194,337 | ||||||
Tejon Ranch Co.(b) |
20,541 | 376,106 | ||||||
Terreno Realty Corp. |
33,238 | 2,418,064 | ||||||
UMH Properties, Inc. |
27,509 | 647,012 | ||||||
Universal Health Realty Income Trust |
10,749 | 539,492 | ||||||
Urban Edge Properties(c) |
174,013 | 3,252,303 | ||||||
Urstadt Biddle Properties, Inc |
3,705 | 62,059 | ||||||
Urstadt Biddle Properties, Inc., Class A |
47,057 | 816,439 | ||||||
Veris Residential, Inc.(b) |
172,116 | 2,755,577 | ||||||
Washington REIT(c) |
139,659 | 3,364,385 | ||||||
Whitestone REIT |
85,670 | 1,040,890 | ||||||
|
|
|||||||
125,404,411 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
35 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Shares | Value | |||||||
Utilities-1.59% |
||||||||
American States Water Co. |
22,538 | $ | 1,772,839 | |||||
Artesian Resources Corp., Class A |
8,701 | 404,596 | ||||||
Atlantica Sustainable Infrastructure PLC (Spain) |
101,924 | 3,149,452 | ||||||
California Water Service Group |
42,308 | 2,194,516 | ||||||
Chesapeake Utilities Corp. |
12,921 | 1,617,322 | ||||||
Clearway Energy, Inc., Class A |
31,597 | 897,987 | ||||||
Clearway Energy, Inc., Class C(c) |
76,672 | 2,340,796 | ||||||
Consolidated Water Co. Ltd. (Cayman Islands) |
27,796 | 302,420 | ||||||
MGE Energy, Inc. |
31,383 | 2,443,794 | ||||||
Middlesex Water Co. |
7,892 | 701,993 | ||||||
Northwest Natural Holding Co. |
58,620 | 2,803,795 | ||||||
Ormat Technologies, Inc.(c) |
40,875 | 3,175,987 | ||||||
Otter Tail Corp.(c) |
45,961 | 2,663,900 | ||||||
SJW Group |
26,517 | 1,564,503 | ||||||
Sunnova Energy International, Inc.(b)(c) |
53,420 | 922,563 | ||||||
Unitil Corp. |
20,448 | 1,042,848 | ||||||
Via Renewables, Inc.(c) |
29,034 | 207,303 | ||||||
York Water Co. (The) |
8,416 | 325,531 | ||||||
|
|
|||||||
28,532,145 | ||||||||
|
|
|||||||
Total Common Stocks & Other
Equity |
1,795,237,779 | |||||||
|
|
|||||||
Money Market Funds-0.03% | ||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 0.35%(e)(g) |
615,203 | 615,203 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-100.03% |
1,795,852,982 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-24.05% |
| |||||||
Invesco Private Government Fund, 0.40%(e)(g)(h) |
129,773,116 | $ | 129,773,116 | |||||
Invesco Private Prime Fund, |
301,916,900 | 301,916,900 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral
from |
431,690,016 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-124.08% |
|
2,227,542,998 | ||||||
OTHER ASSETS LESS LIABILITIES-(24.08)% |
|
(432,250,355 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 1,795,292,643 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) |
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security was out on loan at April 30, 2022. |
(d) |
Restricted security. The aggregate value of these securities at April 30, 2022 was $6,595,886, which represented less than 1% of the Fund’s Net Assets. (e) 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 (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Invesco Mortgage Capital, Inc. |
$ | - | $ | 1,226,212 | $ | (18,995 | ) | $ | (226,639 | ) | $ | (580 | ) | $ | 979,998 | $ | 50,501 | ||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
- | 58,581,668 | (57,966,465 | ) | - | - | 615,203 | 1,027 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
36 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
April 30, 2022
Value April 30, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value April 30, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
$ | 89,270,144 | $ | 405,048,715 | $ | (364,545,743 | ) | $ | - | $ | - | $ | 129,773,116 | $ | 82,786 | * | |||||||||||||||||||
Invesco Private Prime Fund |
141,140,047 | 861,567,800 | (700,709,748 | ) | 32,393 | (113,592) | 301,916,900 | 319,238 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 230,410,191 | $ | 1,326,424,395 | $ | (1,123,240,951 | ) | $ | (194,246) | $ | (114,172) | $ | 433,285,217 | $ | 453,552 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) |
Security valued using significant unobservable inputs (Level 3). See Note 5. |
(g) |
The rate shown is the 7-day SEC standardized yield as of April 30, 2022. |
(h) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
37 |
|
Statements of Assets and Liabilities
April 30, 2022
Invesco Dynamic Market ETF (PWC) |
Invesco FTSE RAFI US 1000 ETF (PRF) |
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) |
||||||||||
Assets: | ||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 105,352,098 | $ | 5,639,300,514 | $ | 1,794,257,781 | ||||||
Affiliated investments in securities, at value |
7,176,248 | 245,703,918 | 433,285,217 | |||||||||
Cash |
- | - | 2,877 | |||||||||
Receivable for: |
||||||||||||
Dividends |
102,642 | 7,422,336 | 688,650 | |||||||||
Securities lending |
668 | 29,327 | 112,368 | |||||||||
Investments sold |
- | 31,856 | - | |||||||||
Fund shares sold |
- | 14,694,500 | - | |||||||||
Foreign tax reclaims |
- | - | 347,263 | |||||||||
Other assets |
30,000 | - | 7,975 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
112,661,656 | 5,907,182,451 | 2,228,702,131 | |||||||||
|
|
|
|
|
|
|||||||
Liabilities: | ||||||||||||
Due to custodian |
- | 97,522 | - | |||||||||
Payable for: |
||||||||||||
Investments purchased |
- | 14,561,608 | - | |||||||||
Collateral upon return of securities loaned |
7,064,504 | 238,309,524 | 431,657,621 | |||||||||
Expenses recaptured |
- | 12,191 | - | |||||||||
Accrued advisory fees |
47,916 | 1,418,071 | 447,211 | |||||||||
Accrued trustees’ and officer’s fees |
91,661 | 429,825 | 165,675 | |||||||||
Accrued expenses |
56,590 | 3,378,660 | 1,138,981 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
7,260,671 | 258,207,401 | 433,409,488 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 105,400,985 | $ | 5,648,975,050 | $ | 1,795,292,643 | ||||||
|
|
|
|
|
|
|||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest |
$ | 272,368,991 | $ | 4,928,241,264 | $ | 2,164,067,563 | ||||||
Distributable earnings (loss) |
(166,968,006 | ) | 720,733,786 | (368,774,920 | ) | |||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 105,400,985 | $ | 5,648,975,050 | $ | 1,795,292,643 | ||||||
|
|
|
|
|
|
|||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
1,000,000 | 35,220,000 | 10,750,000 | |||||||||
Net asset value |
$ | 105.40 | $ | 160.39 | $ | 167.00 | ||||||
|
|
|
|
|
|
|||||||
Market price |
$ | 105.30 | $ | 160.32 | $ | 166.99 | ||||||
|
|
|
|
|
|
|||||||
Unaffiliated investments in securities, at cost |
$ | 109,119,246 | $ | 4,550,958,887 | $ | 1,778,555,498 | ||||||
|
|
|
|
|
|
|||||||
Affiliated investments in securities, at cost |
$ | 7,176,223 | $ | 246,946,757 | $ | 433,479,461 | ||||||
|
|
|
|
|
|
|||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 6,708,860 | $ | 224,574,601 | $ | 407,710,961 | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
38 |
|
For the year ended April 30, 2022
Invesco Dynamic Market ETF (PWC) |
Invesco FTSE RAFI US 1000 ETF (PRF) |
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) |
||||||||||
Investment income: | ||||||||||||
Unaffiliated dividend income |
$ | 1,575,482 | $ | 119,115,681 | $ | 26,311,877 | ||||||
Affiliated dividend income |
83 | 174,328 | 51,528 | |||||||||
Securities lending income |
23,878 | 216,948 | 833,002 | |||||||||
Foreign withholding tax |
(31,100 | ) | (14,276 | ) | (82,189 | ) | ||||||
|
|
|
|
|
|
|||||||
Total investment income |
1,568,343 | 119,492,681 | 27,114,218 | |||||||||
|
|
|
|
|
|
|||||||
Expenses: | ||||||||||||
Advisory fees |
633,634 | 16,114,025 | 5,620,657 | |||||||||
Sub-licensing fees |
38,017 | 5,001,002 | 1,744,376 | |||||||||
Accounting & administration fees |
21,108 | 307,393 | 138,894 | |||||||||
Custodian & transfer agent fees |
5,054 | 25,514 | 13,992 | |||||||||
Trustees’ and officer’s fees |
14,590 | 82,706 | 35,615 | |||||||||
Recapture (Note 3) |
- | 18,930 | - | |||||||||
Tax expenses |
- | - | 1,793 | |||||||||
Other expenses |
49,592 | 186,086 | 122,385 | |||||||||
|
|
|
|
|
|
|||||||
Total expenses |
761,995 | 21,735,656 | 7,677,712 | |||||||||
|
|
|
|
|
|
|||||||
Less: Waivers |
(3,787 | ) | (65,584 | ) | (120,544 | ) | ||||||
|
|
|
|
|
|
|||||||
Net expenses |
758,208 | 21,670,072 | 7,557,168 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
810,135 | 97,822,609 | 19,557,050 | |||||||||
|
|
|
|
|
|
|||||||
Realized and unrealized gain (loss) from: | ||||||||||||
Net realized gain (loss) from: |
||||||||||||
Unaffiliated investment securities |
(17,869,953 | ) | (42,867,598 | ) | (38,356,938 | ) | ||||||
Affiliated investment securities |
(1,231 | ) | (1,071,552 | ) | (113,592 | ) | ||||||
Unaffiliated in-kind redemptions |
16,302,391 | 271,249,497 | 258,701,608 | |||||||||
Affiliated in-kind redemptions |
- | 7,427 | (580 | ) | ||||||||
Foreign currencies |
- | - | 8 | |||||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
(1,568,793 | ) | 227,317,774 | 220,230,506 | ||||||||
|
|
|
|
|
|
|||||||
Change in net unrealized appreciation (depreciation) of: |
||||||||||||
Unaffiliated investment securities |
(16,445,614 | ) | (154,204,081 | ) | (350,797,165 | ) | ||||||
Affiliated investment securities |
25 | (778,626 | ) | (194,246 | ) | |||||||
|
|
|
|
|
|
|||||||
Change in net unrealized appreciation (depreciation) |
(16,445,589 | ) | (154,982,707 | ) | (350,991,411 | ) | ||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized gain (loss) |
(18,014,382 | ) | 72,335,067 | (130,760,905 | ) | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets resulting from operations |
$ | (17,204,247 | ) | $ | 170,157,676 | $ | (111,203,855 | ) | ||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
39 |
|
Statements of Changes in Net Assets
For the years ended April 30, 2022 and 2021
Invesco Dynamic Market ETF (PWC) |
Invesco FTSE RAFI US 1000 ETF (PRF) |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income |
$ | 810,135 | $ | 938,359 | $ | 97,822,609 | $ | 82,251,303 | ||||||||
Net realized gain (loss) |
(1,568,793 | ) | 22,875,867 | 227,317,774 | 532,374,793 | |||||||||||
Change in net unrealized appreciation (depreciation) |
(16,445,589 | ) | 27,105,440 | (154,982,707 | ) | 1,250,816,001 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(17,204,247 | ) | 50,919,666 | 170,157,676 | 1,865,442,097 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings |
(923,364 | ) | (1,144,504 | ) | (93,773,617 | ) | (86,948,468 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold |
132,946,783 | 160,695,694 | 963,003,179 | 780,945,257 | ||||||||||||
Value of shares repurchased |
(145,228,068 | ) | (190,492,143 | ) | (501,081,108 | ) | (1,459,349,596 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from share transactions |
(12,281,285 | ) | (29,796,449 | ) | 461,922,071 | (678,404,339 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets |
(30,408,896 | ) | 19,978,713 | 538,306,130 | 1,100,089,290 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets: | ||||||||||||||||
Beginning of year |
135,809,881 | 115,831,168 | 5,110,668,920 | 4,010,579,630 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 105,400,985 | $ | 135,809,881 | $ | 5,648,975,050 | $ | 5,110,668,920 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold |
1,070,000 | 1,580,000 | 5,770,000 | 5,350,000 | ||||||||||||
Shares repurchased |
(1,180,000 | ) | (1,870,000 | ) | (2,960,000 | ) | (11,440,000 | ) | ||||||||
Shares outstanding, beginning of year |
1,110,000 | 1,400,000 | 32,410,000 | 38,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of year |
1,000,000 | 1,110,000 | 35,220,000 | 32,410,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
40 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) |
||||||||
2022 | 2021 | |||||||
$ | 19,557,050 | $ | 14,258,326 | |||||
220,230,506 | 324,181,078 | |||||||
(350,991,411 | ) | 599,967,079 | ||||||
|
|
|
|
|||||
(111,203,855 | ) | 938,406,483 | ||||||
|
|
|
|
|||||
(20,080,760 | ) | (16,420,545 | ) | |||||
|
|
|
|
|||||
584,200,712 | 494,184,246 | |||||||
(607,192,187 | ) | (904,575,578 | ) | |||||
|
|
|
|
|||||
(22,991,475 | ) | (410,391,332 | ) | |||||
|
|
|
|
|||||
(154,276,090 | ) | 511,594,606 | ||||||
|
|
|
|
|||||
1,949,568,733 | 1,437,974,127 | |||||||
|
|
|
|
|||||
$ | 1,795,292,643 | $ | 1,949,568,733 | |||||
|
|
|
|
|||||
3,230,000 | 3,040,000 | |||||||
(3,270,000 | ) | (6,200,000 | ) | |||||
10,790,000 | 13,950,000 | |||||||
|
|
|
|
|||||
10,750,000 | 10,790,000 | |||||||
|
|
|
|
|
41 |
|
Invesco Dynamic Market ETF (PWC)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 122.35 | $ | 82.74 | $ | 98.73 | $ | 96.96 | $ | 84.15 | ||||||||||
Net investment income(a) |
0.77 | 0.75 | 1.15 | 0.90 | 2.11 | (b) | ||||||||||||||
Net realized and unrealized gain (loss) on investments |
(16.84 | ) | 39.76 | (15.99 | ) | 1.99 | 12.64 | |||||||||||||
Total from investment operations |
(16.07 | ) | 40.51 | (14.84 | ) | 2.89 | 14.75 | |||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.88 | ) | (0.90 | ) | (1.15 | ) | (1.12 | ) | (1.94 | ) | ||||||||||
Net asset value at end of year |
$ | 105.40 | $ | 122.35 | $ | 82.74 | $ | 98.73 | $ | 96.96 | ||||||||||
Market price at end of year(c) |
$ | 105.30 | $ | 122.40 | $ | 81.40 | $ | 98.63 | $ | 96.98 | ||||||||||
Net Asset Value Total Return(d) | (13.20 | )% | 49.27 | % | (15.04 | )% | 3.00 | % | 17.67 | % | ||||||||||
Market Price Total Return(d) | (13.32 | )% | 51.78 | % | (16.32 | )% | 2.89 | % | 17.68 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 105,401 | $ | 135,810 | $ | 115,831 | $ | 157,975 | $ | 155,134 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.60 | % | 0.60 | % | 0.58 | % | 0.59 | % | 0.60 | % | ||||||||||
Expenses, prior to Waivers |
0.60 | % | 0.62 | % | 0.58 | % | 0.59 | % | 0.61 | % | ||||||||||
Net investment income |
0.64 | % | 0.75 | % | 1.22 | % | 0.91 | % | 2.30 | %(b) | ||||||||||
Portfolio turnover rate(e) |
228 | % | 321 | % | 313 | % | 240 | % | 215 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.10 and 1.19%, respectively. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco FTSE RAFI US 1000 ETF (PRF)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 157.69 | $ | 104.17 | $ | 117.81 | $ | 111.04 | $ | 102.66 | ||||||||||
Net investment income(a) |
2.91 | 2.43 | 2.60 | 2.40 | 2.18 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.58 | 53.64 | (13.40 | ) | 6.72 | 8.29 | ||||||||||||||
Total from investment operations |
5.49 | 56.07 | (10.80 | ) | 9.12 | 10.47 | ||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(2.79 | ) | (2.55 | ) | (2.84 | ) | (2.35 | ) | (2.09 | ) | ||||||||||
Net asset value at end of year |
$ | 160.39 | $ | 157.69 | $ | 104.17 | $ | 117.81 | $ | 111.04 | ||||||||||
Market price at end of year(b) |
$ | 160.32 | $ | 157.68 | $ | 104.31 | $ | 117.82 | $ | 111.12 | ||||||||||
Net Asset Value Total Return(c) | 3.45 | % | 54.54 | % | (9.18 | )% | 8.40 | % | 10.26 | % | ||||||||||
Market Price Total Return(c) | 3.41 | % | 54.32 | % | (9.06 | )% | 8.32 | % | 10.33 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 5,648,975 | $ | 5,110,669 | $ | 4,010,580 | $ | 5,590,025 | $ | 5,124,420 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||
Expenses, prior to Waivers |
0.39 | % | 0.40 | % | 0.39 | % | 0.40 | % | 0.41 | % | ||||||||||
Net investment income |
1.76 | % | 1.94 | % | 2.24 | % | 2.13 | % | 2.00 | % | ||||||||||
Portfolio turnover rate(d) |
10 | % | 11 | % | 8 | % | 10 | % | 9 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Years Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year |
$ | 180.68 | $ | 103.08 | $ | 132.17 | $ | 130.30 | $ | 117.87 | ||||||||||
Net investment income(a) |
1.86 | 1.18 | 1.48 | 1.76 | 1.44 | |||||||||||||||
Net realized and unrealized gain (loss) on investments |
(13.62 | ) | 77.79 | (28.58 | ) | 1.75 | 12.31 | |||||||||||||
Total from investment operations |
(11.76 | ) | 78.97 | (27.10 | ) | 3.51 | 13.75 | |||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||
Net investment income |
(1.92 | ) | (1.37 | ) | (1.99 | ) | (1.64 | ) | (1.32 | ) | ||||||||||
Net asset value at end of year |
$ | 167.00 | $ | 180.68 | $ | 103.08 | $ | 132.17 | $ | 130.30 | ||||||||||
Market price at end of year(b) |
$ | 166.99 | $ | 180.64 | $ | 103.16 | $ | 132.22 | $ | 130.51 | ||||||||||
Net Asset Value Total Return(c) | (6.60 | )% | 77.05 | % | (20.65 | )% | 2.75 | % | 11.73 | % | ||||||||||
Market Price Total Return(c) | (6.59 | )% | 76.88 | % | (20.62 | )% | 2.60 | % | 11.96 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) |
$ | 1,795,293 | $ | 1,949,569 | $ | 1,437,974 | $ | 2,094,831 | $ | 1,889,333 | ||||||||||
Ratio to average net assets of: |
||||||||||||||||||||
Expenses, after Waivers |
0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||
Expenses, prior to Waivers |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.41 | % | ||||||||||
Net investment income |
1.01 | % | 0.87 | % | 1.20 | % | 1.33 | % | 1.15 | % | ||||||||||
Portfolio turnover rate(d) |
28 | % | 25 | % | 21 | % | 24 | % | 26 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust
April 30, 2022
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name |
Short Name | |
Invesco Dynamic Market ETF (PWC) |
“Dynamic Market ETF” | |
Invesco FTSE RAFI US 1000 ETF (PRF) |
“FTSE RAFI US 1000 ETF” | |
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) |
“FTSE RAFI US 1500 Small-Mid ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Shares of Dynamic Market ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund |
Underlying Index | |
Dynamic Market ETF |
Dynamic Market Intellidex® Index | |
FTSE RAFI US 1000 ETF |
FTSE RAFITM US 1000 Index | |
FTSE RAFI US 1500 Small-Mid ETF |
FTSE RAFITM US Mid Small 1500 Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
A. |
Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts may be valued up to 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible debt securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact
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in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. |
Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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C. |
Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. |
Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
E. |
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. |
Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. |
Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. |
Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. |
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash |
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collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
Amount | ||||
Dynamic Market ETF |
$255 | |||
FTSE RAFI US 1000 ETF |
7,732 | |||
FTSE RAFI US 1500 Small-Mid ETF |
22,017 |
J. |
Other Risks |
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, and as a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, Dynamic Market ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets, and each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.
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The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2024. For Dynamic Market ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.
Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.
For the fiscal year ended April 30, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Market ETF |
$ | 3,787 | ||
FTSE RAFI US 1000 ETF |
65,584 | |||
FTSE RAFI US 1500 Small-Mid ETF |
120,544 |
For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2022 are as follows:
Total Potential Recapture |
Potential Recapture Amounts Expiring | |||||||||||||||
Amounts | 4/30/23 | 4/30/24 | 4/30/25 | |||||||||||||
FTSE RAFI US 1000 ETF |
$ | 608,804 | $ | 154,364 | $ | 389,323 | $ | 65,117 | ||||||||
FTSE RAFI US 1500 Small-Mid ETF |
439,459 | 137,289 | 181,732 | 120,438 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund |
Licensor | |
Dynamic Market ETF |
ICE Data Indices, LLC | |
FTSE RAFI US 1000 ETF |
FTSE International Limited and Research Affiliates LLC | |
FTSE RAFI US 1500 Small-Mid ETF |
FTSE International Limited and Research Affiliates LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
49 | ||||
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For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
Dynamic Market ETF |
$ | 44,633 | ||
FTSE RAFI US 1000 ETF |
61,511 | |||
FTSE RAFI US 1500 Small-Mid ETF |
96,812 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold–affiliated broker and/or payable caption Investments purchased–affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the fiscal year ended April 30, 2022, the following Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains* | ||||
Dynamic Market ETF |
$1,037,394 | $1,416,662 | $190,085 |
* |
Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – |
Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – |
Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – |
Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of April 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Dynamic Market ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 105,352,098 | $ | - | $ - | $ | 105,352,098 | |||||||||||||
Money Market Funds |
111,719 | 7,064,529 | - | 7,176,248 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 105,463,817 | $ | 7,064,529 | $ - | $ | 112,528,346 | |||||||||||||
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|
|
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FTSE RAFI US 1000 ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 5,642,223,559 | $ | - | $ - | $ | 5,642,223,559 | |||||||||||||
Money Market Funds |
4,450,312 | 238,330,561 | - | 242,780,873 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 5,646,673,871 | $ | 238,330,561 | $ - | $ | 5,885,004,432 | |||||||||||||
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
FTSE RAFI US 1500 Small-Mid ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Common Stocks & Other Equity Interests |
$ | 1,793,691,860 | $ | - | $1,545,919 | $ | 1,795,237,779 | |||||||||||||
Money Market Funds |
615,203 | 431,690,016 | - | 432,305,219 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 1,794,307,063 | $ | 431,690,016 | $1,545,919 | $ | 2,227,542,998 | |||||||||||||
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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2022 and 2021:
2022 | 2021 | |||||||
Ordinary Income* |
Ordinary Income* |
|||||||
Dynamic Market ETF |
$ | 923,364 | $ | 1,144,504 | ||||
FTSE RAFI US 1000 ETF |
93,773,617 | 86,948,468 | ||||||
FTSE RAFI US 1500 Small-Mid ETF |
20,080,760 | 16,420,545 |
* |
Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income |
Temporary Book/Tax Differences |
Net Unrealized Appreciation (Depreciation)- Investments |
Capital
Loss Carryforwards |
Shares
of Beneficial Interest |
Total Net Assets |
|||||||||||||||||||
Dynamic Market ETF |
$ | 185,304 | $ | (100,708) | $ | (4,097,703) | $ | (162,954,899) | $ | 272,368,991 | $ | 105,400,985 | ||||||||||||
FTSE RAFI US 1000 ETF |
6,174,838 | (385,234) | 981,872,200 | (266,928,018) | 4,928,241,264 | 5,648,975,050 | ||||||||||||||||||
FTSE RAFI US 1500 Small-Mid ETF |
- | (147,238) | (57,418,908) | (311,208,774) | 2,164,067,563 | 1,795,292,643 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of April 30, 2022, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Dynamic Market ETF |
$ | 160,755,020 | $ | 2,199,879 | $ | 162,954,899 | ||||||
FTSE RAFI US 1000 ETF |
16,877,224 | 250,050,794 | 266,928,018 | |||||||||
FTSE RAFI US 1500 Small-Mid ETF |
60,211,485 | 250,997,289 | 311,208,774 |
* |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the fiscal year ended April 30, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Market ETF |
$ | 300,696,960 | $ | 302,419,789 | ||||
FTSE RAFI US 1000 ETF |
535,285,291 | 529,260,035 | ||||||
FTSE RAFI US 1500 Small-Mid ETF |
550,112,946 | 543,569,062 |
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| |||
For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:
In-kind Purchases |
In-kind Sales |
|||||||
Dynamic Market ETF |
$ | 132,927,952 | $ | 143,325,767 | ||||
FTSE RAFI US 1000 ETF |
953,138,916 | 494,693,789 | ||||||
FTSE RAFI US 1500 Small-Mid ETF |
580,924,316 | 602,584,204 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
Cost | |||||||||||||
Dynamic Market ETF |
$ | 5,526,413 | $ | (9,624,116) | $ | (4,097,703) | $ | 116,626,049 | ||||||||
FTSE RAFI US 1000 ETF |
1,309,154,306 | (327,282,106 | ) | 981,872,200 | 4,903,132,232 | |||||||||||
FTSE RAFI US 1500 Small-Mid ETF |
219,978,252 | (277,397,160 | ) | (57,418,908 | ) | 2,284,961,906 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2022, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) |
Undistributed Net Realized Gain (Loss) |
Shares
of Beneficial Interest | ||||
Dynamic Market ETF |
$145,975 | $ (16,315,105) | $ 16,169,130 | |||
FTSE RAFI US 1000 ETF |
(13,901) | (262,165,594) | 262,179,495 | |||
FTSE RAFI US 1500 Small-Mid ETF |
510,219 | (247,468,283) | 246,958,064 |
NOTE 9–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
52 | ||||
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500 Small-Mid ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500 Small-Mid ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
June 23, 2022
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2021 through April 30, 2022.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value November 1, 2021 |
Ending Account Value April 30, 2022 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period(1) |
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Invesco Dynamic Market ETF (PWC)
|
||||||||||||||||
Actual
|
$1,000.00 | $ 856.70 | 0.60% | $2.76 | ||||||||||||
Hypothetical (5% return before expenses)
|
1,000.00 | 1,021.82 | 0.60 | 3.01 | ||||||||||||
Invesco FTSE RAFI US 1000 ETF (PRF)
|
||||||||||||||||
Actual
|
1,000.00 | 971.60 | 0.39 | 1.91 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.86 | 0.39 | 1.96 | ||||||||||||
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
|
||||||||||||||||
Actual
|
1,000.00 | 882.80 | 0.39 | 1.82 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.86 | 0.39 | 1.96 |
(1) |
Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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54 |
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Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2022:
Qualified Business Income* |
Qualified Dividend Income* |
Corporate Dividends Received Deduction* |
U.S. Treasury Obligations* |
Business Interest Income* | ||||||
Invesco Dynamic Market ETF |
0% | 100% | 100% | 0% | 0% | |||||
Invesco FTSE RAFI US 1000 ETF |
0% | 100% | 100% | 0% | 0% | |||||
Invesco FTSE RAFI US 1500 Small-Mid ETF |
2% | 98% | 95% | 0% | 0% |
* |
The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
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55 |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:
As of April 30, 2022
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee |
Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2003 |
Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). |
224 |
Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2010 |
Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. |
224 | None. |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Time |
Principal Occupation(s) During the Past 5 Years |
Number
of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 224 | Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number
of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Victoria J. Herget–1951 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 224 |
Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
58 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number
of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Audit Committee and Trustee | Chair of the Audit Committee since 2008; Trustee since 2006 | Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 224 | Formerly, Treasurer (2018-2021),
Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Investment Oversight Committee and Trustee | Chair of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 224 | Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
59 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term
of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 224 | Board Director, Horizon Blue Cross Blue
Shield of New Jersey (2012- Present); Governing Council Member
(2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
60 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term
of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 224 | Board Member and Treasurer, Our Daily
Bread Ministries Canada (2015- Present); Board and Finance Committee
Member, West Michigan Youth For Christ (2010- Present). | |||||
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Board and Trustee |
Chair since
2012; Trustee since 2006 |
Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 224 | Director, Penfield Children’s Center
(2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present). |
* |
This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
61 |
|
Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:
Name, Address and Year of Birth of Interested Trustee |
Position(s) Held with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Interested Trustee |
Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515 |
Trustee, President and Principal Executive Officer | Trustee since 2022, President and Principal Executive Officer since 2020 | President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | 224 | None |
* |
This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until her successor is elected. |
** |
Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
|
62 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) Held with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2020 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President and Treasurer | Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018). | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Secretary | Since 2020 | Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
|
63 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) Held |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Chief Tax Officer | Since 2020 | Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present) and Vice President, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020). | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
|
64 |
|
Trustees and Officers–(continued)
Name, Address and Year of of Executive Officers |
Position(s) Held with Trust |
Length of Time |
Principal Occupation(s) During the Past 5 Years | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chief Compliance Officer |
Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* |
This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
|
65 |
|
Approval of Investment Advisory Contracts
At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):
Invesco Aerospace & Defense ETF
Invesco BuyBack AchieversTM ETF
Invesco Dividend AchieversTM ETF
Invesco DWA Basic Materials Momentum ETF
Invesco DWA Consumer Cyclicals Momentum ETF
Invesco DWA Consumer Staples Momentum ETF
Invesco DWA Energy Momentum ETF
Invesco DWA Financial Momentum ETF
Invesco DWA Healthcare Momentum ETF
Invesco DWA Industrials Momentum ETF
Invesco DWA Momentum ETF
Invesco DWA Technology Momentum ETF
Invesco DWA Utilities Momentum ETF
Invesco Dynamic Biotechnology & Genome ETF
Invesco Dynamic Building & Construction ETF
Invesco Dynamic Energy Exploration & Production ETF
Invesco Dynamic Food & Beverage ETF
Invesco Dynamic Large Cap Growth ETF
Invesco Dynamic Large Cap Value ETF
Invesco Dynamic Leisure and Entertainment ETF
Invesco Dynamic Market ETF
Invesco Dynamic Media ETF
Invesco Dynamic Networking ETF
Invesco Dynamic Oil & Gas Services ETF
Invesco Dynamic Pharmaceuticals ETF
Invesco Dynamic Semiconductors ETF
Invesco Dynamic Software ETF
Invesco Financial Preferred ETF
Invesco FTSE RAFI US 1000 ETF
Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco Global Listed Private Equity ETF
Invesco Golden Dragon China ETF
Invesco High Yield Equity Dividend AchieversTM ETF
Invesco International Dividend AchieversTM ETF
Invesco MSCI Sustainable Future ETF
Invesco S&P 100 Equal Weight ETF
Invesco S&P 500 GARP ETF
Invesco S&P 500® Quality ETF
Invesco S&P 500 Value with Momentum ETF
Invesco S&P MidCap Momentum ETF
Invesco S&P MidCap Quality ETF
Invesco S&P MidCap Value with Momentum ETF
Invesco S&P SmallCap Momentum ETF
Invesco S&P SmallCap Value with Momentum ETF
Invesco S&P Spin-Off ETF
Invesco Water Resources ETF
Invesco WilderHill Clean Energy ETF
Invesco Zacks Mid-Cap ETF
Invesco Zacks Multi-Asset Income ETF
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
|
66 |
|
Approval of Investment Advisory Contracts–(continued)
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is as follows:
● |
0.15% of the Fund’s average daily net assets for Invesco S&P 500® Quality ETF; |
● |
0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and |
● |
0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF; |
● |
0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers™ ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF; and |
● |
0.50% of the Fund’s average daily net assets for each other Fund. |
The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2024, as set forth below:
● |
0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500® Quality ETF; |
● |
0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and |
● |
0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF; |
● |
0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM ETF; |
● |
0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF; |
● |
0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF; and |
● |
0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack AchieversTM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred |
|
67 |
|
Approval of Investment Advisory Contracts–(continued)
ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF. |
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | |||
Invesco Aerospace & Defense ETF |
X | |||||
Invesco Buyback AchieversTM ETF |
X | |||||
Invesco Dividend AchieversTM ETF |
X | |||||
Invesco DWA Basic Materials Momentum ETF |
X | |||||
Invesco DWA Consumer Cyclicals Momentum ETF |
X | |||||
Invesco DWA Consumer Staples Momentum ETF |
X | |||||
Invesco DWA Energy Momentum ETF |
X | |||||
Invesco DWA Financial Momentum ETF |
X | |||||
Invesco DWA Healthcare Momentum ETF |
X | |||||
Invesco DWA Industrials Momentum ETF |
X | |||||
Invesco DWA Momentum ETF |
X | |||||
Invesco DWA Technology Momentum ETF |
X | |||||
Invesco DWA Utilities Momentum ETF |
X | |||||
Invesco Dynamic Biotechnology & Genome ETF |
X | |||||
Invesco Dynamic Building & Construction ETF |
X | |||||
Invesco Dynamic Energy Exploration & Production ETF |
X | |||||
Invesco Dynamic Food & Beverage ETF |
X | |||||
Invesco Dynamic Large Cap Growth ETF |
X | |||||
Invesco Dynamic Large Cap Value ETF |
X | |||||
Invesco Dynamic Leisure and Entertainment ETF |
X | |||||
Invesco Dynamic Market ETF |
X | |||||
Invesco Dynamic Media ETF |
X | |||||
Invesco Dynamic Networking ETF |
X | |||||
Invesco Dynamic Oil & Gas Services ETF |
N/A | X | ||||
Invesco Dynamic Pharmaceuticals ETF |
X | |||||
Invesco Dynamic Semiconductors ETF |
X | |||||
Invesco Dynamic Software ETF |
X | |||||
Invesco Financial Preferred ETF |
X | |||||
Invesco FTSE RAFI US 1000 ETF |
X | X | ||||
Invesco FTSE RAFI US 1500 Small-Mid ETF |
X | X | ||||
Invesco Global Listed Private Equity ETF |
N/A | X | ||||
Invesco Golden Dragon China ETF |
X | N/A | X | |||
Invesco High Yield Equity Dividend AchieversTM ETF |
X | |||||
Invesco International Dividend AchieversTM ETF |
X | X | ||||
Invesco MSCI Sustainable Future ETF |
X | |||||
Invesco S&P 100 Equal Weight ETF |
X | X |
|
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Approval of Investment Advisory Contracts–(continued)
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | |||
Invesco S&P 500 GARP ETF |
X | X | ||||
Invesco S&P 500® Quality ETF |
X | X | ||||
Invesco S&P 500 Value with Momentum ETF |
X | |||||
Invesco S&P MidCap Momentum ETF |
X | X | ||||
Invesco S&P MidCap Quality ETF |
X | |||||
Invesco S&P MidCap Value with Momentum ETF |
X | X | ||||
Invesco S&P SmallCap Momentum ETF |
X | |||||
Invesco S&P SmallCap Value with Momentum ETF |
X | X | ||||
Invesco S&P Spin-Off ETF |
X | |||||
Invesco Water Resources ETF |
X | X | X | |||
Invesco WilderHill Clean Energy ETF |
X | X | ||||
Invesco Zacks Mid-Cap ETF |
X | |||||
Invesco Zacks Multi-Asset Income ETF |
X |
The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds and noted those Funds for which sub-license fees are subject to the Funds’ Expense Caps.
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | |||
Invesco Aerospace & Defense ETF |
X | |||||
Invesco Buyback AchieversTM ETF |
X | |||||
Invesco Dividend AchieversTM ETF |
X | X | ||||
Invesco DWA Basic Materials Momentum ETF |
X | |||||
Invesco DWA Consumer Cyclicals Momentum ETF |
X | |||||
Invesco DWA Consumer Staples Momentum ETF |
X | |||||
Invesco DWA Energy Momentum ETF |
X | |||||
Invesco DWA Financial Momentum ETF |
X | |||||
Invesco DWA Healthcare Momentum ETF |
X | |||||
Invesco DWA Industrials Momentum ETF |
X | |||||
Invesco DWA Momentum ETF |
X | X | ||||
Invesco DWA Technology Momentum ETF |
X | |||||
Invesco DWA Utilities Momentum ETF |
X | |||||
Invesco Dynamic Biotechnology & Genome ETF |
X | |||||
Invesco Dynamic Building & Construction ETF |
X | |||||
Invesco Dynamic Energy Exploration & Production ETF |
X | |||||
Invesco Dynamic Food & Beverage ETF |
X | |||||
Invesco Dynamic Large Cap Growth ETF |
X | |||||
Invesco Dynamic Large Cap Value ETF |
X | X | ||||
Invesco Dynamic Leisure and Entertainment ETF |
X | |||||
Invesco Dynamic Market ETF |
X | |||||
Invesco Dynamic Media ETF |
X | |||||
Invesco Dynamic Networking ETF |
X |
|
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Approval of Investment Advisory Contracts–(continued)
Invesco Fund |
Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | |||
Invesco Dynamic Oil & Gas Services ETF |
N/A | X | ||||
Invesco Dynamic Pharmaceuticals ETF |
X | |||||
Invesco Dynamic Semiconductors ETF |
X | |||||
Invesco Dynamic Software ETF |
X | |||||
Invesco Financial Preferred ETF |
X | |||||
Invesco FTSE RAFI US 1000 ETF |
X | |||||
Invesco FTSE RAFI US 1500 Small-Mid ETF |
X | |||||
Invesco Global Listed Private Equity ETF |
N/A | X | ||||
Invesco Golden Dragon China ETF |
N/A | X | ||||
Invesco High Yield Equity Dividend AchieversTM ETF |
X | X | ||||
Invesco International Dividend AchieversTM ETF |
X | |||||
Invesco MSCI Sustainable Future ETF |
X | |||||
Invesco S&P 100 Equal Weight ETF |
X | X | ||||
Invesco S&P 500 GARP ETF |
X | |||||
Invesco S&P 500® Quality ETF |
X | X | ||||
Invesco S&P 500 Value with Momentum ETF |
X | |||||
Invesco S&P MidCap Momentum ETF |
X | X | ||||
Invesco S&P MidCap Quality ETF |
X | |||||
Invesco S&P MidCap Value with Momentum ETF |
X | X | ||||
Invesco S&P SmallCap Momentum ETF |
X | |||||
Invesco S&P SmallCap Value with Momentum ETF |
X | X | ||||
Invesco S&P Spin-Off ETF |
X | |||||
Invesco Water Resources ETF |
X | X | X | |||
Invesco WilderHill Clean Energy ETF |
X | X | ||||
Invesco Zacks Mid-Cap ETF |
X | |||||
Invesco Zacks Multi-Asset Income ETF |
X |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the
|
70 |
|
Approval of Investment Advisory Contracts–(continued)
estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
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