UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21265
Invesco Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Daniel E. Draper
President
3500 Lacey Road
Downers Grove, IL 60515
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-983-0903
Date of fiscal year end: April 30
Date of reporting period: October 31, 2019
FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Registrant’s semi- annual report transmitted to shareholders pursuant toRule 30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Semi-Annual Report to Shareholders
October 31, 2019
DWAQ | Invesco DWA NASDAQ Momentum ETF | |
PWC | Invesco Dynamic Market ETF | |
PRF | Invesco FTSE RAFI US 1000 ETF | |
PRFZ | Invesco FTSE RAFI US 1500Small-Mid ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
| 2 |
|
Invesco DWA NASDAQ Momentum ETF (DWAQ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.04% |
| |||||||
CommunicationServices-4.57% |
| |||||||
Cardlytics, Inc.(b) | 7,834 | $ | 328,323 | |||||
Charter Communications, Inc., | 1,071 | 501,078 | ||||||
Facebook, Inc., Class A(b) | 2,789 | 534,512 | ||||||
IAC/InterActiveCorp.(b) | 1,598 | 363,145 | ||||||
T-Mobile US, Inc.(b) | 3,291 | 272,034 | ||||||
|
| |||||||
1,999,092 | ||||||||
|
| |||||||
ConsumerDiscretionary-13.13% |
| |||||||
Amazon.com, Inc.(b) | 618 | 1,097,976 | ||||||
Churchill Downs, Inc. | 2,944 | 382,691 | ||||||
Crocs, Inc.(b) | 15,514 | 542,835 | ||||||
Etsy, Inc.(b) | 14,486 | 644,482 | ||||||
frontdoor, Inc.(b) | 4,843 | 233,578 | ||||||
Funko, Inc., Class A(b) | 17,521 | 315,378 | ||||||
Helen of Troy Ltd.(b) | 1,554 | 232,727 | ||||||
lululemon athletica, Inc.(b) | 1,878 | 383,619 | ||||||
O’Reilly Automotive, Inc.(b) | 2,191 | 954,202 | ||||||
Pool Corp. | 1,723 | 357,350 | ||||||
Rent-A-Center, Inc. | 14,651 | 379,021 | ||||||
WW International, Inc.(b) | 6,562 | 228,817 | ||||||
|
| |||||||
5,752,676 | ||||||||
|
| |||||||
ConsumerStaples-3.05% |
| |||||||
Chefs’ Warehouse, Inc. (The)(b) | 6,598 | 218,559 | ||||||
Freshpet, Inc.(b) | 17,535 | 916,379 | ||||||
Simply Good Foods Co. (The)(b) | 8,140 | 199,756 | ||||||
|
| |||||||
1,334,694 | ||||||||
|
| |||||||
Financials-5.67% |
| |||||||
Credit Acceptance Corp.(b) | 2,644 | 1,157,570 | ||||||
Hamilton Lane, Inc., Class A | 4,506 | 268,648 | ||||||
Kinsale Capital Group, Inc. | 4,644 | 490,964 | ||||||
LPL Financial Holdings, Inc. | 3,503 | 283,182 | ||||||
Palomar Holdings, Inc.(b) | 6,304 | 284,625 | ||||||
|
| |||||||
2,484,989 | ||||||||
|
| |||||||
HealthCare-25.00% |
| |||||||
ACADIA Pharmaceuticals, Inc.(b) | 8,429 | 357,474 | ||||||
Addus HomeCare Corp.(b) | 3,051 | 256,925 | ||||||
Allakos, Inc.(b)(c) | 3,540 | 242,844 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 8,464 | 338,983 | ||||||
Axsome Therapeutics, Inc.(b)(c) | 46,530 | 1,120,442 | ||||||
Cardiovascular Systems, Inc.(b) | 9,635 | 428,950 | ||||||
Catalyst Pharmaceuticals, Inc.(b) | 47,353 | 223,980 | ||||||
Coherus Biosciences, Inc.(b) | 11,045 | 191,852 | ||||||
Cytokinetics, Inc.(b) | 18,365 | 213,952 | ||||||
DexCom, Inc.(b) | 2,059 | 317,580 | ||||||
Exact Sciences Corp.(b) | 13,135 | 1,142,745 | ||||||
G1 Therapeutics, Inc.(b) | 7,345 | 155,861 | ||||||
HMS Holdings Corp.(b) | 8,035 | 262,664 | ||||||
IDEXX Laboratories, Inc.(b) | 3,732 | 1,063,657 | ||||||
Karyopharm Therapeutics, Inc.(b) | 24,553 | 287,270 | ||||||
Krystal Biotech, Inc.(b)(c) | 16,603 | 681,885 | ||||||
LHC Group, Inc.(b) | 2,136 | 237,032 | ||||||
Masimo Corp.(b) | 3,698 | 539,131 | ||||||
Medicines Co. (The)(b)(c) | 5,038 | 264,445 | ||||||
Medpace Holdings, Inc.(b) | 3,549 | 261,313 | ||||||
Natera, Inc.(b) | 12,721 | 490,013 |
Shares | Value | |||||||
Health Care-(continued) |
| |||||||
National Research Corp. | 5,221 | $ | 299,842 | |||||
Neogen Corp.(b) | 3,336 | 217,040 | ||||||
NextCure, Inc.(b) | 7,536 | 188,400 | ||||||
Quidel Corp.(b) | 4,221 | 240,175 | ||||||
R1 RCM, Inc.(b) | 63,622 | 676,302 | ||||||
Repligen Corp.(b) | 3,130 | 248,804 | ||||||
|
| |||||||
10,949,561 | ||||||||
|
| |||||||
Industrials-15.11% |
| |||||||
AAON, Inc. | 5,500 | 267,630 | ||||||
Barrett Business Services, Inc. | 2,728 | 239,328 | ||||||
Casella Waste Systems, Inc., Class A(b) | 23,707 | 1,033,388 | ||||||
Cintas Corp. | 1,376 | 369,690 | ||||||
Copart, Inc.(b) | 4,749 | 392,457 | ||||||
CoStar Group, Inc.(b) | 1,318 | 724,267 | ||||||
Exponent, Inc. | 3,370 | 214,096 | ||||||
Gibraltar Industries, Inc.(b) | 5,187 | 276,104 | ||||||
Kornit Digital Ltd. (Israel)(b) | 7,981 | 271,274 | ||||||
Mercury Systems, Inc.(b) | 9,090 | 669,570 | ||||||
Old Dominion Freight Line, Inc. | 3,215 | 585,387 | ||||||
Omega Flex, Inc. | 4,750 | 441,038 | ||||||
Saia, Inc.(b) | 3,070 | 273,844 | ||||||
SkyWest, Inc. | 10,194 | 607,053 | ||||||
Tetra Tech, Inc. | 2,913 | 254,800 | ||||||
|
| |||||||
6,619,926 | ||||||||
|
| |||||||
InformationTechnology-31.38% |
| |||||||
Adobe, Inc.(b) | 1,581 | 439,407 | ||||||
Advanced Micro Devices, Inc.(b) | 9,599 | 325,694 | ||||||
Agilysys, Inc.(b) | 9,091 | 229,002 | ||||||
AppFolio, Inc., Class A(b) | 6,806 | 661,747 | ||||||
Applied Materials, Inc. | 4,662 | 252,960 | ||||||
Aspen Technology, Inc.(b) | 1,999 | 230,105 | ||||||
Atlassian Corp. PLC, Class A(b) | 3,760 | 454,170 | ||||||
Autodesk, Inc.(b) | 1,569 | 231,208 | ||||||
Broadcom, Inc. | 2,481 | 726,561 | ||||||
Cabot Microelectronics Corp. | 1,718 | 259,624 | ||||||
Cadence Design Systems, Inc.(b) | 9,657 | 631,085 | ||||||
CDW Corp. | 2,663 | 340,624 | ||||||
Coupa Software, Inc.(b) | 4,123 | 566,871 | ||||||
Entegris, Inc. | 5,477 | 262,896 | ||||||
Euronet Worldwide, Inc.(b) | 2,747 | 384,772 | ||||||
Fiserv, Inc.(b) | 3,193 | 338,905 | ||||||
Five9, Inc.(b) | 20,601 | 1,143,562 | ||||||
Impinj, Inc.(b) | 8,516 | 280,134 | ||||||
Intuit, Inc. | 4,291 | 1,104,933 | ||||||
Lattice Semiconductor Corp.(b) | 21,027 | 411,919 | ||||||
LivePerson, Inc.(b) | 22,109 | 907,575 | ||||||
Microsoft Corp. | 1,757 | 251,901 | ||||||
Monolithic Power Systems, Inc. | 4,733 | 709,571 | ||||||
Paylocity Holding Corp.(b) | 2,604 | 267,170 | ||||||
Pegasystems, Inc. | 3,916 | 294,522 | ||||||
Proofpoint, Inc.(b) | 4,840 | 558,391 | ||||||
SolarEdge Technologies, Inc.(b) | 9,890 | 840,255 | ||||||
SunPower Corp.(b)(c) | 17,810 | 156,016 | ||||||
Synopsys, Inc.(b) | 1,777 | 241,228 | ||||||
VeriSign, Inc.(b) | 1,274 | 242,086 | ||||||
|
| |||||||
13,744,894 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco DWA NASDAQ Momentum ETF (DWAQ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-0.36% |
| |||||||
Loop Industries, Inc. (Canada)(b)(c) | 15,822 | $ | 157,429 | |||||
|
| |||||||
RealEstate-1.77% |
| |||||||
Equinix, Inc. | 539 | 305,494 | ||||||
SBA Communications Corp., Class A | 1,949 | 469,027 | ||||||
|
| |||||||
774,521 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 43,817,782 | ||||||
|
| |||||||
Money MarketFunds-0.32% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 140,545 | 140,545 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 43,958,327 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-5.39% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 1,771,480 | $ | 1,771,480 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 589,059 | 589,294 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,360,774 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-105.75% |
| 46,319,101 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.75)% |
| (2,519,014 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 43,800,087 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition | ||||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Information Technology | 31.38 | |||||||
Health Care | 25.00 | |||||||
Industrials | 15.11 | |||||||
Consumer Discretionary | 13.13 | |||||||
Financials | 5.67 | |||||||
Communication Services | 4.57 | |||||||
Consumer Staples | 3.05 | |||||||
Sector Types Each Less Than 3% | 2.13 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.04 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco Dynamic Market ETF (PWC)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99% |
| |||||||
CommunicationServices-10.28% | ||||||||
Comcast Corp., Class A | 120,522 | $ | 5,401,796 | |||||
Discovery, Inc., Class A(b)(c) | 54,638 | 1,472,767 | ||||||
Omnicom Group, Inc. | 20,052 | 1,547,814 | ||||||
Verizon Communications, Inc. | 91,877 | 5,555,802 | ||||||
Viacom, Inc., Class B | 60,219 | 1,298,322 | ||||||
|
| |||||||
15,276,501 | ||||||||
|
| |||||||
ConsumerDiscretionary-11.08% | ||||||||
Aaron’s, Inc. | 7,357 | 551,260 | ||||||
Asbury Automotive Group, Inc.(b) | 5,107 | 526,685 | ||||||
AutoNation, Inc.(b) | 10,109 | 514,043 | ||||||
Churchill Downs, Inc. | 3,811 | 495,392 | ||||||
D.R. Horton, Inc. | 56,705 | 2,969,641 | ||||||
eBay, Inc. | 68,940 | 2,430,135 | ||||||
Expedia Group, Inc. | 21,490 | 2,936,823 | ||||||
M/I Homes, Inc.(b) | 13,116 | 579,465 | ||||||
Meritage Homes Corp.(b) | 7,346 | 529,573 | ||||||
Norwegian Cruise Line Holdings Ltd.(b) | 55,616 | 2,823,068 | ||||||
PulteGroup, Inc. | 14,152 | 555,325 | ||||||
Rent-A-Center, Inc. | 17,766 | 459,606 | ||||||
TopBuild Corp.(b) | 5,209 | 541,371 | ||||||
Universal Electronics, Inc.(b) | 10,543 | 549,501 | ||||||
|
| |||||||
16,461,888 | ||||||||
|
| |||||||
ConsumerStaples-7.80% | ||||||||
Bunge Ltd. | 10,801 | 583,254 | ||||||
General Mills, Inc. | 10,654 | 541,862 | ||||||
Hershey Co. (The) | 25,293 | 3,714,783 | ||||||
John B. Sanfilippo & Son, Inc. | 6,133 | 650,834 | ||||||
Pilgrim’s Pride Corp.(b) | 18,647 | 566,123 | ||||||
PriceSmart, Inc. | 9,416 | 697,726 | ||||||
Sysco Corp. | 53,636 | 4,283,907 | ||||||
US Foods Holding Corp.(b) | 14,068 | 558,078 | ||||||
|
| |||||||
11,596,567 | ||||||||
|
| |||||||
Energy-5.01% | ||||||||
Chevron Corp. | 20,837 | 2,420,009 | ||||||
ConocoPhillips | 46,838 | 2,585,458 | ||||||
Cosan Ltd., Class A (Brazil)(b) | 38,620 | 649,588 | ||||||
HollyFrontier Corp. | 11,791 | 647,798 | ||||||
Talos Energy, Inc.(b) | 26,586 | 572,397 | ||||||
World Fuel Services Corp. | 13,685 | 571,622 | ||||||
|
| |||||||
7,446,872 | ||||||||
|
| |||||||
Financials-13.98% | ||||||||
1st Source Corp. | 10,974 | 561,649 | ||||||
American Express Co. | 18,768 | 2,201,111 | ||||||
Ameriprise Financial, Inc. | 17,731 | 2,675,431 | ||||||
Arch Capital Group Ltd.(b) | 57,697 | 2,409,427 | ||||||
Assurant, Inc. | 3,982 | 502,011 | ||||||
Credicorp Ltd. (Peru) | 11,328 | 2,424,645 | ||||||
Federated Investors, Inc., Class B | 15,255 | 487,245 | ||||||
Fidelity National Financial, Inc. | 51,760 | 2,372,678 | ||||||
First Bancorp/Southern Pines NC | 13,803 | 521,063 | ||||||
Globe Life, Inc. | 5,513 | 536,580 | ||||||
Hilltop Holdings, Inc. | 20,849 | 487,033 | ||||||
IBERIABANK Corp. | 7,012 | 514,611 | ||||||
LPL Financial Holdings, Inc. | 6,528 | 527,724 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Popular, Inc. | 9,279 | $ | 505,334 | |||||
Radian Group, Inc. | 21,514 | 540,001 | ||||||
SEI Investments Co. | 8,482 | 508,241 | ||||||
Stifel Financial Corp. | 9,037 | 505,891 | ||||||
Synchrony Financial | 70,591 | 2,496,804 | ||||||
|
| |||||||
20,777,479 | ||||||||
|
| |||||||
HealthCare-13.91% | ||||||||
Anika Therapeutics, Inc.(b) | 9,361 | 658,921 | ||||||
Anthem, Inc. | 13,333 | 3,587,644 | ||||||
Celgene Corp.(b) | 35,664 | 3,852,782 | ||||||
Chemed Corp. | 1,259 | 495,933 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 9,548 | 598,659 | ||||||
Edwards Lifesciences Corp.(b) | 15,736 | 3,751,148 | ||||||
Gilead Sciences, Inc. | 54,343 | 3,462,192 | ||||||
Hill-Rom Holdings, Inc. | 5,001 | 523,555 | ||||||
Horizon Therapeutics PLC(b) | 19,504 | 563,861 | ||||||
ICON PLC (Ireland)(b) | 3,471 | 509,890 | ||||||
Integer Holdings Corp.(b) | 7,323 | 567,093 | ||||||
Integra LifeSciences Holdings Corp.(b) | 8,989 | 521,901 | ||||||
Jazz Pharmaceuticals PLC(b) | 4,205 | 528,274 | ||||||
Lantheus Holdings, Inc.(b) | 24,649 | 513,932 | ||||||
Taro Pharmaceutical Industries Ltd. | 6,729 | 543,972 | ||||||
|
| |||||||
20,679,757 | ||||||||
|
| |||||||
Industrials-10.01% | ||||||||
AerCap Holdings N.V. (Ireland)(b) | 10,408 | 602,415 | ||||||
Allison Transmission Holdings, Inc. | 12,607 | 549,791 | ||||||
Atkore International Group, Inc.(b) | 19,030 | 660,341 | ||||||
Builders FirstSource, Inc.(b) | 28,403 | 642,192 | ||||||
Delta Air Lines, Inc. | 59,652 | 3,285,632 | ||||||
FTI Consulting, Inc.(b) | 5,147 | 560,354 | ||||||
Hubbell, Inc. | 4,272 | 605,342 | ||||||
Johnson Controls International PLC | 81,011 | 3,510,207 | ||||||
Mueller Industries, Inc. | 21,101 | 649,278 | ||||||
Republic Services, Inc. | 38,621 | 3,379,724 | ||||||
TriNet Group, Inc.(b) | 8,150 | 431,868 | ||||||
|
| |||||||
14,877,144 | ||||||||
|
| |||||||
InformationTechnology-21.71% | ||||||||
Accenture PLC, Class A | 23,038 | 4,271,706 | ||||||
Akamai Technologies, Inc.(b) | 9,936 | 859,464 | ||||||
Amdocs Ltd. | 13,789 | 899,043 | ||||||
Booz Allen Hamilton Holding Corp. | 11,809 | 830,999 | ||||||
Canadian Solar, Inc. (Canada)(b) | 38,133 | 650,930 | ||||||
EVERTEC, Inc. | 25,968 | 794,361 | ||||||
Genpact Ltd. | 21,704 | 850,146 | ||||||
Mastercard, Inc., Class A | 16,270 | 4,503,699 | ||||||
MAXIMUS, Inc. | 11,549 | 886,270 | ||||||
NIC, Inc. | 42,473 | 998,965 | ||||||
Oracle Corp. | 87,753 | 4,781,661 | ||||||
PayPal Holdings, Inc.(b) | 41,922 | 4,364,080 | ||||||
Sapiens International Corp. N.V. (Israel) | 47,392 | 1,001,393 | ||||||
Visa, Inc., Class A | 25,268 | 4,519,434 | ||||||
Western Union Co. (The) | 40,150 | 1,006,159 | ||||||
Xerox Holdings Corp. | 30,848 | 1,046,673 | ||||||
|
| |||||||
32,264,983 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Dynamic Market ETF (PWC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-2.68% | ||||||||
Cleveland-Cliffs, Inc.(c) | 52,312 | $ | 378,216 | |||||
Ecolab, Inc. | 14,165 | 2,720,672 | ||||||
Innospec, Inc. | 5,017 | 458,353 | ||||||
Stepan Co. | 4,360 | 426,059 | ||||||
|
| |||||||
3,983,300 | ||||||||
|
| |||||||
Utilities-3.53% | ||||||||
NRG Energy, Inc. | 20,486 | 821,898 | ||||||
Portland General Electric Co. | 12,854 | 731,135 | ||||||
Southern Co. (The) | 58,895 | 3,690,361 | ||||||
|
| |||||||
5,243,394 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 148,607,885 | ||||||
|
| |||||||
Money MarketFunds-0.06% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 83,251 | 83,251 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 148,691,136 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.15% | ||||||||
Invesco Government & Agency Portfolio, | 1,280,323 | $ | 1,280,323 | |||||
Invesco Liquid Assets Portfolio, | 426,604 | 426,774 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,707,097 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.20% |
| 150,398,233 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.20)% |
| (1,778,803 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 148,619,430 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition | ||||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Information Technology | 21.71 | |||||||
Financials | 13.98 | |||||||
Health Care | 13.91 | |||||||
Consumer Discretionary | 11.08 | |||||||
Communication Services | 10.28 | |||||||
Industrials | 10.01 | |||||||
Consumer Staples | 7.80 | |||||||
Energy | 5.01 | |||||||
Utilities | 3.53 | |||||||
Materials | 2.68 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||
CommunicationServices-8.93% |
| |||||||
Activision Blizzard, Inc. | 84,745 | $ | 4,748,262 | |||||
Alphabet, Inc., Class A(b) | 23,790 | 29,946,852 | ||||||
Alphabet, Inc., Class C(b) | 24,197 | 30,490,882 | ||||||
Altice USA, Inc., Class A(b) | 121,583 | 3,762,994 | ||||||
AMC Networks, Inc., Class A(b) | 11,798 | 513,803 | ||||||
AT&T, Inc. | 3,303,658 | 127,157,796 | ||||||
CBS Corp., Class B | 77,562 | 2,795,334 | ||||||
CenturyLink, Inc. | 860,468 | 11,134,456 | ||||||
Charter Communications, Inc., Class A(b) | 31,194 | 14,594,425 | ||||||
Cinemark Holdings, Inc. | 31,357 | 1,147,666 | ||||||
Comcast Corp., Class A | 1,107,269 | 49,627,797 | ||||||
Discovery, Inc., Class A(b)(c) | 26,486 | 713,930 | ||||||
Discovery, Inc., Class C(b) | 59,125 | 1,492,315 | ||||||
DISH Network Corp., Class A(b) | 91,522 | 3,146,526 | ||||||
Electronic Arts, Inc.(b) | 23,718 | 2,286,415 | ||||||
Facebook, Inc., Class A(b) | 133,592 | 25,602,907 | ||||||
Fox Corp., Class A | 41,674 | 1,335,235 | ||||||
Fox Corp., Class B | 19,534 | 610,242 | ||||||
Frontier Communications Corp.(b)(c) | 347,163 | 315,918 | ||||||
Gannett Co., Inc. | 69,800 | 757,330 | ||||||
IAC/InterActiveCorp.(b) | 4,466 | 1,014,898 | ||||||
Interpublic Group of Cos., Inc. (The) | 102,833 | 2,236,618 | ||||||
Liberty Broadband Corp., Class A(b) | 3,145 | 371,079 | ||||||
Liberty Broadband Corp., Class C(b) | 12,818 | 1,513,421 | ||||||
Liberty Global PLC, Class C (United Kingdom)(b) | 254,090 | 6,065,128 | ||||||
Liberty Global PLC, Series A (United Kingdom)(b) | 97,912 | 2,462,487 | ||||||
Liberty Latin America Ltd., Class A (Chile)(b) | 18,611 | 347,840 | ||||||
Liberty Latin America Ltd., Class C (Chile)(b) | 49,043 | 902,882 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(b) | 5,267 | 212,945 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(b) | 42,224 | 1,794,520 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(b) | 27,879 | 1,252,046 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Series C(b) | 54,860 | 2,479,123 | ||||||
Lions Gate Entertainment Corp., Class A | 14,315 | 114,377 | ||||||
Lions Gate Entertainment Corp., Class B | 28,897 | 216,439 | ||||||
Live Nation Entertainment, Inc.(b) | 20,623 | 1,453,921 | ||||||
Meredith Corp. | 11,719 | 441,806 | ||||||
Netflix, Inc.(b) | 5,757 | 1,654,619 | ||||||
News Corp., Class A | 138,801 | 1,902,962 | ||||||
News Corp., Class B | 43,798 | 618,428 | ||||||
Nexstar Media Group, Inc., Class A | 7,344 | 714,498 | ||||||
Omnicom Group, Inc. | 66,311 | 5,118,546 | ||||||
Sinclair Broadcast Group, Inc., Class A | 23,908 | 952,495 | ||||||
Sprint Corp.(b) | 409,856 | 2,545,206 | ||||||
Take-Two Interactive Software, | 7,924 | 953,653 | ||||||
TEGNA, Inc. | 73,399 | 1,103,187 | ||||||
Telephone & Data Systems, Inc. | 47,368 | 1,235,831 | ||||||
T-Mobile US, Inc.(b) | 77,627 | 6,416,648 | ||||||
Twitter, Inc.(b) | 36,073 | 1,081,108 | ||||||
Verizon Communications, Inc. | 1,395,070 | 84,359,883 |
Shares | Value | |||||||
Communication Services-(continued) |
| |||||||
Viacom, Inc., Class B | 182,161 | $ | 3,927,391 | |||||
Walt Disney Co. (The) | 278,264 | 36,152,059 | ||||||
Yandex N.V., Class A (Russia)(b) | 20,615 | 688,335 | ||||||
Zayo Group Holdings, Inc.(b) | 37,679 | 1,286,361 | ||||||
|
| |||||||
485,771,825 | ||||||||
|
| |||||||
ConsumerDiscretionary-9.07% | ||||||||
Aaron’s, Inc. | 14,224 | 1,065,804 | ||||||
Abercrombie & Fitch Co., Class A | 44,166 | 715,048 | ||||||
Adient PLC | 154,762 | 3,279,407 | ||||||
Advance Auto Parts, Inc. | 11,968 | 1,944,561 | ||||||
Amazon.com, Inc.(b) | 15,274 | 27,136,705 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) | 81,910 | 684,768 | ||||||
American Eagle Outfitters, Inc. | 49,712 | 764,571 | ||||||
Aptiv PLC | 47,089 | 4,216,820 | ||||||
Aramark | 87,480 | 3,828,125 | ||||||
Asbury Automotive Group, Inc.(b) | 16,352 | 1,686,382 | ||||||
Ascena Retail Group, Inc.(b) | 378,273 | 133,228 | ||||||
Autoliv, Inc. (Sweden) | 26,935 | 2,096,620 | ||||||
AutoNation, Inc.(b) | 63,689 | 3,238,586 | ||||||
AutoZone, Inc.(b) | 3,634 | 4,158,677 | ||||||
Bed Bath & Beyond, Inc.(c) | 156,399 | 2,142,666 | ||||||
Best Buy Co., Inc. | 105,801 | 7,599,686 | ||||||
Big Lots, Inc. | 29,867 | 647,218 | ||||||
Bloomin’ Brands, Inc. | 31,220 | 618,468 | ||||||
Booking Holdings, Inc.(b) | 3,403 | 6,971,964 | ||||||
BorgWarner, Inc. | 59,719 | 2,489,088 | ||||||
Brinker International, Inc. | 17,749 | 788,943 | ||||||
Brunswick Corp. | 20,524 | 1,195,318 | ||||||
Burlington Stores, Inc.(b) | 7,119 | 1,368,058 | ||||||
Caesars Entertainment Corp.(b) | 152,512 | 1,872,847 | ||||||
Capri Holdings Ltd.(b) | 41,463 | 1,288,255 | ||||||
CarMax, Inc.(b) | 59,594 | 5,552,373 | ||||||
Carnival Corp. | 106,212 | 4,555,433 | ||||||
Carter’s, Inc. | 9,711 | 973,431 | ||||||
Chipotle Mexican Grill, Inc.(b) | 1,974 | 1,536,088 | ||||||
Cooper Tire & Rubber Co. | 24,972 | 705,209 | ||||||
Cooper-Standard Holdings, Inc.(b) | 13,708 | 436,737 | ||||||
Core-Mark Holding Co., Inc. | 44,233 | 1,349,991 | ||||||
Cracker Barrel Old Country Store, | 4,863 | 756,196 | ||||||
D.R. Horton, Inc. | 73,156 | 3,831,180 | ||||||
Dana, Inc. | 69,928 | 1,134,931 | ||||||
Darden Restaurants, Inc. | 22,011 | 2,471,175 | ||||||
Delphi Technologies PLC | 62,637 | 764,798 | ||||||
Designer Brands Inc., Class A | 24,286 | 400,719 | ||||||
Dick’s Sporting Goods, Inc. | 34,688 | 1,350,404 | ||||||
Dollar General Corp. | 42,215 | 6,768,753 | ||||||
Dollar Tree, Inc.(b) | 49,567 | 5,472,197 | ||||||
Domino’s Pizza, Inc. | 2,612 | 709,471 | ||||||
Dunkin’ Brands Group, Inc. | 9,671 | 760,334 | ||||||
eBay, Inc. | 114,291 | 4,028,758 | ||||||
Expedia Group, Inc. | 22,010 | 3,007,887 | ||||||
Extended Stay America, Inc. | 56,242 | 799,199 | ||||||
Foot Locker, Inc. | 36,496 | 1,587,941 | ||||||
Ford Motor Co. | 4,415,673 | 37,930,631 | ||||||
Fossil Group, Inc.(b) | 50,665 | 551,235 | ||||||
GameStop Corp., Class A(c) | 188,056 | 1,023,025 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Gap, Inc. (The) | 106,895 | $ | 1,738,113 | |||||
Garmin Ltd. | 21,441 | 2,010,094 | ||||||
Garrett Motion, Inc. (Switzerland)(b) | 46,759 | 444,211 | ||||||
General Motors Co. | 861,220 | 32,002,935 | ||||||
Genesco, Inc.(b) | 14,979 | 581,934 | ||||||
Gentex Corp. | 54,293 | 1,522,919 | ||||||
Genuine Parts Co. | 37,148 | 3,810,642 | ||||||
Goodyear Tire & Rubber Co. (The) | 214,033 | 3,396,704 | ||||||
Graham Holdings Co., Class B | 1,148 | 722,850 | ||||||
Group 1 Automotive, Inc. | 23,600 | 2,346,784 | ||||||
H&R Block, Inc. | 68,351 | 1,708,091 | ||||||
Hanesbrands, Inc. | 87,630 | 1,332,852 | ||||||
Harley-Davidson, Inc. | 68,556 | 2,667,514 | ||||||
Hasbro, Inc. | 22,033 | 2,144,031 | ||||||
Hilton Worldwide Holdings, Inc. | 22,065 | 2,139,422 | ||||||
Home Depot, Inc. (The) | 149,405 | 35,047,425 | ||||||
Hyatt Hotels Corp., Class A | 9,712 | 725,875 | ||||||
International Game Technology PLC | 55,497 | 734,780 | ||||||
J.C. Penney Co., Inc.(b)(c) | 1,433,066 | 1,433,066 | ||||||
KB Home | 28,530 | 1,018,236 | ||||||
Kohl’s Corp. | 82,236 | 4,215,417 | ||||||
Kontoor Brands, Inc. | 6,441 | 244,758 | ||||||
L Brands, Inc. | 169,816 | 2,893,665 | ||||||
Las Vegas Sands Corp. | 85,179 | 5,267,469 | ||||||
Lear Corp. | 23,931 | 2,818,354 | ||||||
Leggett & Platt, Inc. | 31,543 | 1,618,156 | ||||||
Lennar Corp., Class A | 52,983 | 3,157,787 | ||||||
Lithia Motors, Inc., Class A | 14,265 | 2,246,452 | ||||||
LKQ Corp.(b) | 93,975 | 3,194,210 | ||||||
Lowe’s Cos., Inc. | 145,662 | 16,257,336 | ||||||
lululemon athletica, Inc.(b) | 4,903 | 1,001,536 | ||||||
Macy’s, Inc. | 286,577 | 4,344,507 | ||||||
Marriott International, Inc., Class A | 29,193 | 3,694,374 | ||||||
Mattel, Inc.(b)(c) | 205,039 | 2,448,166 | ||||||
McDonald’s Corp. | 109,290 | 21,497,343 | ||||||
Meritage Homes Corp.(b) | 17,916 | 1,291,564 | ||||||
MGM Resorts International | 119,494 | 3,405,579 | ||||||
Michaels Cos., Inc. (The)(b)(c) | 61,207 | 534,337 | ||||||
Mohawk Industries, Inc.(b) | 21,740 | 3,117,081 | ||||||
Murphy USA, Inc.(b) | 26,783 | 3,158,519 | ||||||
Newell Brands, Inc. | 245,802 | 4,662,864 | ||||||
NIKE, Inc., Class B | 109,803 | 9,832,859 | ||||||
Nordstrom, Inc.(c) | 65,439 | 2,349,260 | ||||||
Norwegian Cruise Line Holdings Ltd.(b) | 48,845 | 2,479,372 | ||||||
NVR, Inc.(b) | 548 | 1,992,851 | ||||||
Office Depot, Inc. | 521,593 | 1,074,482 | ||||||
O’Reilly Automotive, Inc.(b) | 6,766 | 2,946,661 | ||||||
Penn National Gaming, Inc.(b) | 30,420 | 648,402 | ||||||
Penske Automotive Group, Inc. | 27,781 | 1,353,490 | ||||||
Polaris, Inc. | 17,090 | 1,685,928 | ||||||
PulteGroup, Inc. | 77,113 | 3,025,914 | ||||||
PVH Corp. | 20,177 | 1,758,627 | ||||||
Qurate Retail, Inc., Class A(b) | 175,162 | 1,671,045 | ||||||
Ralph Lauren Corp. | 12,708 | 1,220,730 | ||||||
Ross Stores, Inc. | 36,622 | 4,016,335 | ||||||
Royal Caribbean Cruises Ltd. | 31,666 | 3,446,211 | ||||||
Sally Beauty Holdings, Inc.(b) | 55,584 | 861,552 | ||||||
Service Corp. International | 26,783 | 1,218,091 | ||||||
ServiceMaster Global Holdings, | 17,252 | 696,636 | ||||||
Signet Jewelers Ltd.(c) | 65,192 | 1,045,680 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Six Flags Entertainment Corp. | 16,905 | $ | 713,222 | |||||
Skechers U.S.A., Inc., Class A(b) | 26,471 | 989,221 | ||||||
Starbucks Corp. | 122,436 | 10,353,188 | ||||||
Tapestry, Inc. | 80,024 | 2,069,421 | ||||||
Target Corp. | 249,735 | 26,699,169 | ||||||
Taylor Morrison Home Corp., Class A(b) | 59,425 | 1,488,596 | ||||||
Tempur Sealy International, Inc.(b) | 11,347 | 1,032,010 | ||||||
Tenneco, Inc., Class A | 25,238 | 317,746 | ||||||
Tesla, Inc.(b)(c) | 4,633 | 1,459,024 | ||||||
Thor Industries, Inc. | 16,888 | 1,068,335 | ||||||
Tiffany & Co. | 23,458 | 2,920,756 | ||||||
TJX Cos., Inc. (The) | 172,948 | 9,970,452 | ||||||
Toll Brothers, Inc. | 35,550 | 1,413,823 | ||||||
Tractor Supply Co. | 17,214 | 1,635,674 | ||||||
TRI Pointe Group, Inc.(b) | 61,292 | 964,736 | ||||||
Tupperware Brands Corp. | 32,251 | 310,577 | ||||||
Ulta Beauty, Inc.(b) | 4,746 | 1,106,530 | ||||||
Under Armour, Inc., Class A(b) | 25,875 | 534,319 | ||||||
Under Armour, Inc., Class C(b) | 26,807 | 495,930 | ||||||
Urban Outfitters, Inc.(b) | 25,540 | 732,998 | ||||||
Vail Resorts, Inc. | 4,907 | 1,140,240 | ||||||
VF Corp. | 45,049 | 3,707,082 | ||||||
Visteon Corp.(b) | 22,945 | 2,134,344 | ||||||
Whirlpool Corp. | 33,493 | 5,094,955 | ||||||
Williams-Sonoma, Inc.(c) | 27,303 | 1,823,567 | ||||||
Wyndham Destinations, Inc. | 19,353 | 898,173 | ||||||
Wyndham Hotels & Resorts, Inc. | 15,388 | 830,490 | ||||||
Wynn Resorts, Ltd. | 22,177 | 2,690,957 | ||||||
Yum China Holdings, Inc. (China) | 37,679 | 1,601,357 | ||||||
Yum! Brands, Inc. | 48,300 | 4,912,593 | ||||||
|
| |||||||
493,421,472 | ||||||||
|
| |||||||
ConsumerStaples-8.66% | ||||||||
Altria Group, Inc. | 492,441 | 22,056,432 | ||||||
Archer-Daniels-Midland Co. | 339,786 | 14,284,603 | ||||||
Avon Products, Inc. (United Kingdom)(b) | 471,057 | 2,020,835 | ||||||
B&G Foods, Inc.(c) | 25,541 | 397,163 | ||||||
BJ’s Wholesale Club Holdings, | 71,093 | 1,898,183 | ||||||
Brown-Forman Corp., Class B | 35,925 | 2,353,806 | ||||||
Bunge Ltd. | 153,425 | 8,284,950 | ||||||
Campbell Soup Co. | 56,675 | 2,624,619 | ||||||
Casey’s General Stores, Inc. | 10,383 | 1,773,520 | ||||||
Church & Dwight Co., Inc. | 27,150 | 1,898,871 | ||||||
Clorox Co. (The) | 17,443 | 2,576,157 | ||||||
Coca-Cola Co. (The) | 653,413 | 35,565,270 | ||||||
Coca-Cola European Partners PLC (United Kingdom) | 34,590 | 1,850,911 | ||||||
Colgate-Palmolive Co. | 126,580 | 8,683,388 | ||||||
Conagra Brands, Inc. | 133,635 | 3,614,827 | ||||||
Constellation Brands, Inc., Class A | 18,549 | 3,530,431 | ||||||
Costco Wholesale Corp. | 113,892 | 33,838,452 | ||||||
Coty, Inc., Class A | 99,486 | 1,162,991 | ||||||
Darling Ingredients, Inc.(b) | 55,925 | 1,079,353 | ||||||
Dean Foods Co.(c) | 206,818 | 202,682 | ||||||
Edgewell Personal Care Co.(b) | 18,193 | 636,755 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 16,813 | 3,131,758 | ||||||
Flowers Foods, Inc. | 50,204 | 1,090,431 | ||||||
General Mills, Inc. | 180,671 | 9,188,927 | ||||||
Herbalife Nutrition Ltd.(b) | 12,674 | 566,148 | ||||||
Hershey Co. (The) | 21,160 | 3,107,769 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Hormel Foods Corp. | 39,408 | $ | 1,611,393 | |||||
Ingredion, Inc. | 21,694 | 1,713,826 | ||||||
JM Smucker Co. (The) | 34,653 | 3,662,129 | ||||||
Kellogg Co. | 69,100 | 4,389,923 | ||||||
Kimberly-Clark Corp. | 73,486 | 9,764,820 | ||||||
Kraft Heinz Co. (The) | 223,410 | 7,222,845 | ||||||
Kroger Co. (The) | 587,482 | 14,475,557 | ||||||
Lamb Weston Holdings, Inc. | 11,347 | 885,520 | ||||||
McCormick & Co., Inc. | 14,109 | 2,267,175 | ||||||
Molson Coors Brewing Co., Class B | 61,364 | 3,235,110 | ||||||
Mondelez International, Inc., Class A | 285,873 | 14,994,039 | ||||||
Monster Beverage Corp.(b) | 23,606 | 1,325,005 | ||||||
Nomad Foods Ltd. (United Kingdom)(b) | 45,943 | 896,348 | ||||||
Nu Skin Enterprises, Inc., Class A | 13,659 | 608,918 | ||||||
PepsiCo, Inc. | 255,498 | 35,046,661 | ||||||
Performance Food Group Co.(b) | 49,799 | 2,121,935 | ||||||
Philip Morris International, Inc. | 381,965 | 31,107,230 | ||||||
Post Holdings, Inc.(b) | 12,687 | 1,305,492 | ||||||
Procter & Gamble Co. (The) | 501,232 | 62,408,396 | ||||||
Rite Aid Corp.(b)(c) | 114,270 | 1,051,284 | ||||||
Sanderson Farms, Inc. | 6,440 | 996,976 | ||||||
Spectrum Brands Holdings, Inc. | 22,990 | 1,154,328 | ||||||
Sprouts Farmers Market, Inc.(b) | 34,084 | 661,570 | ||||||
Sysco Corp. | 127,432 | 10,177,994 | ||||||
TreeHouse Foods, Inc.(b) | 19,173 | 1,035,725 | ||||||
Tyson Foods, Inc., Class A | 102,593 | 8,493,674 | ||||||
United Natural Foods, Inc.(b) | 108,118 | 810,885 | ||||||
Universal Corp. | 12,490 | 684,452 | ||||||
US Foods Holding Corp.(b) | 123,796 | 4,910,987 | ||||||
Walgreens Boots Alliance, Inc. | 266,886 | 14,620,015 | ||||||
Walmart, Inc. | 508,722 | 59,652,742 | ||||||
|
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470,712,186 | ||||||||
|
| |||||||
Energy-7.27% | ||||||||
Antero Resources Corp.(b) | 222,359 | 555,898 | ||||||
Apache Corp. | 94,883 | 2,055,166 | ||||||
Baker Hughes Co. | 382,049 | 8,175,849 | ||||||
Cabot Oil & Gas Corp. | 41,311 | 770,037 | ||||||
Chesapeake Energy Corp.(b)(c) | 684,494 | 917,222 | ||||||
Chevron Corp. | 672,392 | 78,091,607 | ||||||
Cimarex Energy Co. | 11,038 | 466,024 | ||||||
CNX Resources Corp.(b) | 93,810 | 790,818 | ||||||
Concho Resources, Inc. | 25,628 | 1,730,403 | ||||||
ConocoPhillips | 328,331 | 18,123,871 | ||||||
Continental Resources, Inc.(b) | 13,813 | 407,069 | ||||||
Cosan Ltd., Class A (Brazil)(b) | 95,577 | 1,607,605 | ||||||
Delek US Holdings, Inc. | 31,071 | 1,241,286 | ||||||
Devon Energy Corp. | 136,488 | 2,767,977 | ||||||
Diamond Offshore Drilling, Inc.(b)(c) | 82,896 | 438,520 | ||||||
Diamondback Energy, Inc. | 12,925 | 1,108,448 | ||||||
EOG Resources, Inc. | 71,696 | 4,969,250 | ||||||
EQT Corp. | 83,383 | 895,533 | ||||||
Exxon Mobil Corp. | 1,578,012 | 106,626,271 | ||||||
Gulfport Energy Corp.(b) | 82,775 | 230,528 | ||||||
Halliburton Co. | 223,497 | 4,302,317 | ||||||
Helmerich & Payne, Inc. | 40,495 | 1,518,563 | ||||||
Hess Corp. | 72,240 | 4,749,780 | ||||||
HollyFrontier Corp. | 70,429 | 3,869,369 | ||||||
Kinder Morgan, Inc. | 738,953 | 14,764,281 | ||||||
Marathon Oil Corp. | 303,180 | 3,495,665 |
Shares | Value | |||||||
Energy-(continued) | ||||||||
Marathon Petroleum Corp. | 230,644 | $ | 14,749,684 | |||||
McDermott International, Inc.(b) | 112,523 | 183,413 | ||||||
Murphy Oil Corp. | 85,627 | 1,766,485 | ||||||
Nabors Industries Ltd. | 459,844 | 850,711 | ||||||
National Oilwell Varco, Inc. | 190,640 | 4,312,277 | ||||||
Noble Corp. PLC(b) | 682,300 | 839,229 | ||||||
Noble Energy, Inc. | 156,764 | 3,019,275 | ||||||
Oasis Petroleum, Inc.(b) | 177,956 | 464,465 | ||||||
Occidental Petroleum Corp. | 259,434 | 10,507,077 | ||||||
Oceaneering International, Inc.(b) | 70,917 | 1,004,185 | ||||||
ONEOK, Inc. | 66,885 | 4,670,580 | ||||||
Parsley Energy, Inc., Class A | 50,367 | 796,302 | ||||||
Patterson-UTI Energy, Inc. | 89,615 | 745,597 | ||||||
PBF Energy, Inc., Class A | 83,055 | 2,681,015 | ||||||
PDC Energy, Inc.(b) | 20,040 | 399,798 | ||||||
Peabody Energy Corp. | 30,846 | 324,808 | ||||||
Phillips 66 | 200,178 | 23,384,794 | ||||||
Pioneer Natural Resources Co. | 21,571 | 2,653,664 | ||||||
QEP Resources, Inc. | 137,835 | 458,991 | ||||||
Range Resources Corp.(c) | 123,248 | 496,689 | ||||||
Schlumberger Ltd. | 487,360 | 15,931,798 | ||||||
SemGroup Corp., Class A | 43,698 | 703,538 | ||||||
SM Energy Co. | 50,569 | 396,461 | ||||||
Targa Resources Corp. | 69,378 | 2,697,417 | ||||||
Transocean Ltd.(b) | 415,422 | 1,973,255 | ||||||
Valaris PLC(c) | 213,564 | 877,748 | ||||||
Valero Energy Corp. | 244,483 | 23,709,961 | ||||||
Whiting Petroleum Corp.(b)(c) | 40,666 | 257,822 | ||||||
Williams Cos., Inc. (The) | 289,327 | 6,454,885 | ||||||
World Fuel Services Corp. | 61,786 | 2,580,801 | ||||||
WPX Energy, Inc.(b) | 97,620 | 974,248 | ||||||
|
| |||||||
395,536,330 | ||||||||
|
| |||||||
Financials-19.30% | ||||||||
Affiliated Managers Group, Inc. | 12,659 | 1,011,201 | ||||||
Aflac, Inc. | 218,535 | 11,617,321 | ||||||
AGNC Investment Corp. | 152,775 | 2,604,814 | ||||||
Alleghany Corp.(b) | 4,671 | 3,635,393 | ||||||
Allstate Corp. (The) | 119,311 | 12,697,077 | ||||||
Ally Financial, Inc. | 223,112 | 6,833,921 | ||||||
American Equity Investment Life Holding Co. | 36,904 | 910,791 | ||||||
American Express Co. | 124,436 | 14,593,854 | ||||||
American Financial Group, Inc. | 24,858 | 2,586,226 | ||||||
American International Group, Inc. | 600,206 | 31,786,910 | ||||||
Ameriprise Financial, Inc. | 39,285 | 5,927,714 | ||||||
Annaly Capital Management, Inc. | 479,985 | 4,310,265 | ||||||
Aon PLC | 24,056 | 4,646,657 | ||||||
Arch Capital Group Ltd.(b) | 90,458 | 3,777,526 | ||||||
Arthur J. Gallagher & Co. | 29,494 | 2,690,443 | ||||||
Associated Banc-Corp. | 42,452 | 853,710 | ||||||
Assurant, Inc. | 19,985 | 2,519,509 | ||||||
Assured Guaranty Ltd. | 47,743 | 2,240,102 | ||||||
Athene Holding Ltd., Class A(b) | 60,929 | 2,641,272 | ||||||
AXA Equitable Holdings, Inc. | 110,163 | 2,379,521 | ||||||
AXIS Capital Holdings Ltd. | 32,231 | 1,915,488 | ||||||
Bank of America Corp. | 2,176,454 | 68,057,717 | ||||||
Bank of Hawaii Corp. | 8,232 | 718,736 | ||||||
Bank of New York Mellon Corp. (The) | 233,278 | 10,905,746 | ||||||
Bank OZK | 26,280 | 737,417 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
BankUnited, Inc. | 29,663 | $ | 1,017,441 | |||||
BB&T Corp. | 204,948 | 10,872,491 | ||||||
Berkshire Hathaway, Inc., | 500,262 | 106,345,696 | ||||||
BlackRock, Inc. | 24,413 | 11,271,482 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 26,783 | 972,223 | ||||||
Brighthouse Financial, Inc.(b) | 88,099 | 3,326,618 | ||||||
Brown & Brown, Inc. | 31,323 | 1,180,251 | ||||||
Capital One Financial Corp. | 243,848 | 22,738,826 | ||||||
Cboe Global Markets, Inc. | 10,670 | 1,228,650 | ||||||
Charles Schwab Corp. (The) | 112,803 | 4,592,210 | ||||||
Chimera Investment Corp. | 85,711 | 1,736,505 | ||||||
Chubb Ltd. | 118,727 | 18,096,369 | ||||||
Cincinnati Financial Corp. | 36,827 | 4,169,185 | ||||||
CIT Group, Inc. | 47,026 | 2,016,945 | ||||||
Citigroup, Inc. | 911,120 | 65,473,083 | ||||||
Citizens Financial Group, Inc. | 165,952 | 5,834,872 | ||||||
CME Group, Inc., Class A | 45,420 | 9,345,165 | ||||||
CNO Financial Group, Inc. | 101,767 | 1,592,654 | ||||||
Comerica, Inc. | 30,420 | 1,990,076 | ||||||
Commerce Bancshares, Inc.(c) | 15,345 | 987,604 | ||||||
Cullen/Frost Bankers, Inc.(c) | 11,011 | 991,871 | ||||||
Discover Financial Services | 100,596 | 8,073,835 | ||||||
E*TRADE Financial Corp. | 44,967 | 1,879,171 | ||||||
East West Bancorp, Inc. | 26,420 | 1,133,946 | ||||||
Eaton Vance Corp. | 24,614 | 1,122,398 | ||||||
Everest Re Group, Ltd. | 14,071 | 3,617,513 | ||||||
F.N.B. Corp. | 99,618 | 1,201,393 | ||||||
Federated Investors, Inc., Class B | 27,110 | 865,893 | ||||||
Fidelity National Financial, Inc. | 65,606 | 3,007,379 | ||||||
Fifth Third Bancorp | 255,395 | 7,426,887 | ||||||
First American Financial Corp. | 32,995 | 2,038,431 | ||||||
First Hawaiian, Inc. | 24,164 | 660,402 | ||||||
First Horizon National Corp. | 70,410 | 1,124,448 | ||||||
First Republic Bank | 21,088 | 2,242,920 | ||||||
Franklin Resources, Inc. | 113,600 | 3,129,680 | ||||||
Fulton Financial Corp. | 45,691 | 779,488 | ||||||
Genworth Financial, Inc., Class A(b) | 613,924 | 2,627,595 | ||||||
Globe Life, Inc. | 26,167 | 2,546,834 | ||||||
Goldman Sachs Group, Inc. (The) | 120,529 | 25,718,478 | ||||||
Hancock Whitney Corp. | 23,142 | 902,538 | ||||||
Hanover Insurance Group, Inc. (The) | 12,460 | 1,641,107 | ||||||
Hartford Financial Services Group, Inc. (The) | 155,114 | 8,853,907 | ||||||
Huntington Bancshares, Inc. | 246,013 | 3,476,164 | ||||||
IBERIABANK Corp. | 11,795 | 865,635 | ||||||
Intercontinental Exchange, Inc. | 63,762 | 6,014,032 | ||||||
Invesco Ltd.(d) | 215,096 | 3,617,915 | ||||||
Invesco Mortgage Capital, Inc.(d) | 53,183 | 837,100 | ||||||
Investors Bancorp, Inc. | 61,588 | 742,135 | ||||||
Janus Henderson Group PLC (United Kingdom) | 67,550 | 1,562,431 | ||||||
Jefferies Financial Group, Inc. | 138,443 | 2,584,731 | ||||||
JPMorgan Chase & Co. | 866,796 | 108,280,156 | ||||||
Kemper Corp. | 8,928 | 641,745 | ||||||
KeyCorp | 262,090 | 4,709,757 | ||||||
Legg Mason, Inc. | 44,647 | 1,663,547 | ||||||
Lincoln National Corp. | 91,367 | 5,160,408 | ||||||
Loews Corp. | 117,562 | 5,760,538 | ||||||
LPL Financial Holdings, Inc. | 15,264 | 1,233,942 | ||||||
M&T Bank Corp. | 32,231 | 5,045,118 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Markel Corp.(b) | 3,076 | $ | 3,601,996 | |||||
Marsh & McLennan Cos., Inc. | 69,836 | 7,236,406 | ||||||
MetLife, Inc. | 439,942 | 20,584,886 | ||||||
MFA Financial, Inc. | 146,792 | 1,114,151 | ||||||
MGIC Investment Corp. | 89,114 | 1,221,753 | ||||||
Moody’s Corp. | 10,934 | 2,413,024 | ||||||
Morgan Stanley | 407,720 | 18,775,506 | ||||||
MSCI, Inc. | 4,014 | 941,524 | ||||||
Nasdaq, Inc. | 17,491 | 1,745,077 | ||||||
Navient Corp. | 264,925 | 3,648,017 | ||||||
New Residential Investment Corp. | 122,024 | 1,932,860 | ||||||
New York Community Bancorp, Inc. | 225,827 | 2,630,885 | ||||||
Northern Trust Corp. | 40,012 | 3,988,396 | ||||||
Old Republic International Corp. | 113,565 | 2,537,042 | ||||||
OneMain Holdings, Inc. | 34,653 | 1,386,120 | ||||||
PacWest Bancorp | 39,495 | 1,460,920 | ||||||
PennyMac Mortgage Investment Trust | 36,131 | 827,039 | ||||||
People’s United Financial, Inc. | 110,806 | 1,791,733 | ||||||
Pinnacle Financial Partners, Inc. | 12,255 | 720,839 | ||||||
PNC Financial Services Group, Inc. (The) | 128,805 | 18,895,693 | ||||||
Popular, Inc. | 25,934 | 1,412,366 | ||||||
Primerica, Inc. | 6,579 | 830,138 | ||||||
Principal Financial Group, Inc. | 113,442 | 6,055,534 | ||||||
ProAssurance Corp. | 26,016 | 1,020,347 | ||||||
Progressive Corp. (The) | 95,900 | 6,684,230 | ||||||
Prosperity Bancshares, Inc. | 14,304 | 987,262 | ||||||
Prudential Financial, Inc. | 220,647 | 20,109,768 | ||||||
Radian Group, Inc. | 39,707 | 996,646 | ||||||
Raymond James Financial, Inc. | 24,628 | 2,056,192 | ||||||
Regions Financial Corp. | 324,904 | 5,230,954 | ||||||
Reinsurance Group of America, Inc. | 24,348 | 3,955,820 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 8,623 | 1,614,053 | ||||||
S&P Global, Inc. | 16,044 | 4,139,192 | ||||||
Santander Consumer USA Holdings, Inc. | 57,488 | 1,441,799 | ||||||
SEI Investments Co. | 13,356 | 800,291 | ||||||
Selective Insurance Group, Inc. | 11,347 | 784,305 | ||||||
Signature Bank | 10,316 | 1,220,589 | ||||||
SLM Corp. | 80,846 | 682,340 | ||||||
Starwood Property Trust, Inc. | 88,871 | 2,186,227 | ||||||
State Street Corp. | 104,181 | 6,883,239 | ||||||
Sterling Bancorp | 39,583 | 777,806 | ||||||
Stifel Financial Corp. | 19,183 | 1,073,864 | ||||||
SunTrust Banks, Inc. | 123,207 | 8,419,966 | ||||||
SVB Financial Group(b) | 7,502 | 1,661,543 | ||||||
Synchrony Financial | 270,137 | 9,554,746 | ||||||
Synovus Financial Corp. | 24,587 | 832,762 | ||||||
T. Rowe Price Group, Inc. | 45,376 | 5,254,541 | ||||||
TCF Financial Corp. | 35,351 | 1,399,546 | ||||||
TD Ameritrade Holding Corp. | 32,062 | 1,230,540 | ||||||
Texas Capital Bancshares, Inc.(b) | 12,208 | 659,964 | ||||||
Travelers Cos., Inc. (The) | 115,659 | 15,158,269 | ||||||
Two Harbors Investment Corp. | 87,905 | 1,219,242 | ||||||
U.S. Bancorp | 375,594 | 21,416,370 | ||||||
UMB Financial Corp. | 9,531 | 621,993 | ||||||
Umpqua Holdings Corp. | 73,008 | 1,154,987 | ||||||
United Bankshares, Inc. | 24,767 | 979,287 | ||||||
Unum Group | 103,005 | 2,836,758 | ||||||
Valley National Bancorp | 84,556 | 979,158 | ||||||
Voya Financial, Inc. | 68,573 | 3,700,199 | ||||||
W.R. Berkley Corp. | 37,693 | 2,634,741 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Waddell & Reed Financial, Inc., Class A | 54,651 | $ | 905,021 | |||||
Washington Federal, Inc. | 22,705 | 827,824 | ||||||
Webster Financial Corp. | 17,229 | 759,799 | ||||||
Wells Fargo & Co. | 1,548,426 | 79,945,234 | ||||||
Western Alliance Bancorp | 15,315 | 755,489 | ||||||
White Mountains Insurance Group Ltd | 752 | 805,392 | ||||||
Willis Towers Watson PLC | 20,336 | 3,800,798 | ||||||
Wintrust Financial Corp. | 10,785 | 688,299 | ||||||
Zions Bancorp. N.A. | 36,968 | 1,791,839 | ||||||
|
| |||||||
1,049,560,281 | ||||||||
|
| |||||||
HealthCare-10.72% | ||||||||
Abbott Laboratories | 187,387 | 15,667,427 | ||||||
AbbVie, Inc. | 247,609 | 19,697,296 | ||||||
Acadia Healthcare Co., Inc.(b) | 34,790 | 1,043,352 | ||||||
Agilent Technologies, Inc. | 25,764 | 1,951,623 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 20,608 | 2,172,083 | ||||||
Allergan PLC | 92,044 | 16,209,869 | ||||||
AmerisourceBergen Corp. | 131,166 | 11,198,953 | ||||||
Amgen, Inc. | 107,502 | 22,924,801 | ||||||
Anthem, Inc. | 58,229 | 15,668,259 | ||||||
Baxter International, Inc. | 58,459 | 4,483,805 | ||||||
Becton, Dickinson and Co. | 22,507 | 5,761,792 | ||||||
Biogen, Inc.(b) | 24,123 | 7,205,781 | ||||||
BioMarin Pharmaceutical, Inc.(b) | 6,968 | 510,127 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) | 2,899 | 961,366 | ||||||
Boston Scientific Corp.(b) | 82,176 | 3,426,739 | ||||||
Bristol-Myers Squibb Co. | 279,498 | 16,034,800 | ||||||
Brookdale Senior Living, Inc.(b) | 176,776 | 1,299,304 | ||||||
Cardinal Health, Inc. | 284,027 | 14,045,135 | ||||||
Catalent, Inc.(b) | 17,081 | 830,991 | ||||||
Celgene Corp.(b) | 60,379 | 6,522,743 | ||||||
Centene Corp.(b) | 91,224 | 4,842,170 | ||||||
Cerner Corp. | 41,580 | 2,790,850 | ||||||
Charles River Laboratories International, Inc.(b) | 4,755 | 618,055 | ||||||
Cigna Corp. | 41,049 | 7,325,605 | ||||||
Community Health Systems, | 273,451 | 968,017 | ||||||
Cooper Cos., Inc. (The) | 3,394 | 987,654 | ||||||
CVS Health Corp. | 490,695 | 32,577,241 | ||||||
Danaher Corp. | 63,731 | 8,783,406 | ||||||
DaVita, Inc.(b) | 58,391 | 3,421,713 | ||||||
DENTSPLY SIRONA, Inc. | 35,785 | 1,960,302 | ||||||
Edwards Lifesciences Corp.(b) | 9,536 | 2,273,192 | ||||||
Eli Lilly and Co. | 103,873 | 11,836,328 | ||||||
Encompass Health Corp. | 17,300 | 1,107,546 | ||||||
Gilead Sciences, Inc. | 271,569 | 17,301,661 | ||||||
HCA Healthcare, Inc. | 66,043 | 8,819,382 | ||||||
Henry Schein, Inc.(b) | 45,213 | 2,829,656 | ||||||
Hill-Rom Holdings, Inc. | 7,232 | 757,118 | ||||||
Hologic, Inc.(b) | 32,710 | 1,580,220 | ||||||
Humana, Inc. | 30,176 | 8,877,779 | ||||||
ICON PLC (Ireland)(b) | 4,893 | 718,782 | ||||||
Illumina, Inc.(b) | 4,476 | 1,322,748 | ||||||
Intuitive Surgical, Inc.(b) | 3,688 | 2,039,280 | ||||||
IQVIA Holdings, Inc.(b) | 18,309 | 2,644,186 | ||||||
Jazz Pharmaceuticals PLC(b) | 9,051 | 1,137,077 | ||||||
Johnson & Johnson | 433,961 | 57,300,210 | ||||||
Laboratory Corp. of America Holdings(b) | 24,617 | 4,056,143 | ||||||
Magellan Health, Inc.(b) | 16,370 | 1,062,413 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Mallinckrodt PLC(b)(c) | 104,531 | $ | 330,318 | |||||
McKesson Corp. | 178,692 | 23,766,036 | ||||||
MEDNAX, Inc.(b) | 39,031 | 857,121 | ||||||
Medtronic PLC | 223,443 | 24,332,943 | ||||||
Merck & Co., Inc. | 428,818 | 37,161,368 | ||||||
Mettler-Toledo International, Inc.(b) | 1,415 | 997,490 | ||||||
Molina Healthcare, Inc.(b) | 17,337 | 2,039,525 | ||||||
Mylan N.V.(b) | 180,922 | 3,464,656 | ||||||
Owens & Minor, Inc. | 189,905 | 1,278,061 | ||||||
Patterson Cos., Inc. | 45,656 | 782,087 | ||||||
PerkinElmer, Inc. | 9,636 | 828,311 | ||||||
Perrigo Co. PLC | 34,909 | 1,850,875 | ||||||
Pfizer, Inc. | 1,203,811 | 46,190,228 | ||||||
Quest Diagnostics, Inc. | 36,184 | 3,663,630 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 5,092 | 1,559,578 | ||||||
ResMed, Inc. | 12,494 | 1,848,112 | ||||||
Select Medical Holdings Corp.(b) | 42,930 | 782,185 | ||||||
STERIS PLC | 9,536 | 1,350,011 | ||||||
Stryker Corp. | 27,691 | 5,988,733 | ||||||
Teleflex, Inc. | 3,497 | 1,214,893 | ||||||
Tenet Healthcare Corp.(b) | 128,087 | 3,245,725 | ||||||
Thermo Fisher Scientific, Inc. | 34,231 | 10,337,077 | ||||||
United Therapeutics Corp.(b) | 9,982 | 896,783 | ||||||
UnitedHealth Group, Inc. | 141,780 | 35,827,806 | ||||||
Universal Health Services, Inc., Class B | 18,465 | 2,538,199 | ||||||
Varian Medical Systems, Inc.(b) | 7,873 | 951,137 | ||||||
Waters Corp.(b) | 5,487 | 1,161,159 | ||||||
WellCare Health Plans, Inc.(b) | 9,823 | 2,913,502 | ||||||
Zimmer Biomet Holdings, Inc. | 31,201 | 4,312,914 | ||||||
Zoetis, Inc. | 23,151 | 2,961,476 | ||||||
|
| |||||||
582,986,919 | ||||||||
|
| |||||||
Industrials-10.01% | ||||||||
3M Co. | 86,426 | 14,259,426 | ||||||
A.O. Smith Corp. | 16,424 | 815,944 | ||||||
ABM Industries, Inc. | 25,837 | 942,017 | ||||||
Acuity Brands, Inc. | 6,674 | 832,848 | ||||||
AECOM(b) | 106,771 | 4,271,908 | ||||||
AerCap Holdings N.V. (Ireland)(b) | 69,623 | 4,029,779 | ||||||
AGCO Corp. | 25,717 | 1,972,237 | ||||||
Air Lease Corp. | 26,550 | 1,167,669 | ||||||
Allegion PLC | 7,388 | 857,303 | ||||||
Allison Transmission Holdings, Inc. | 18,722 | 816,466 | ||||||
American Airlines Group, Inc. | 63,820 | 1,918,429 | ||||||
AMETEK, Inc. | 23,687 | 2,170,914 | ||||||
Arconic, Inc. | 174,689 | 4,798,707 | ||||||
Arcosa, Inc. | 22,683 | 871,254 | ||||||
Avis Budget Group, Inc.(b) | 109,704 | 3,259,306 | ||||||
Beacon Roofing Supply, Inc.(b) | 25,454 | 790,092 | ||||||
Boeing Co. (The) | 55,511 | 18,868,744 | ||||||
Builders FirstSource, Inc.(b) | 57,625 | 1,302,901 | ||||||
C.H. Robinson Worldwide, Inc. | 32,043 | 2,423,732 | ||||||
Carlisle Cos., Inc. | 10,771 | 1,640,100 | ||||||
Caterpillar, Inc. | 121,698 | 16,769,984 | ||||||
Cintas Corp. | 8,259 | 2,218,945 | ||||||
Clean Harbors, Inc.(b) | 15,714 | 1,295,776 | ||||||
Colfax Corp.(b)(c) | 42,478 | 1,427,261 | ||||||
CoStar Group, Inc.(b) | 1,943 | 1,067,717 | ||||||
Covanta Holding Corp. | 46,362 | 669,467 | ||||||
Crane Co. | 9,681 | 740,790 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
CSX Corp. | 112,595 | $ | 7,912,051 | |||||
Cummins, Inc. | 40,534 | 6,991,304 | ||||||
Curtiss-Wright Corp. | 6,463 | 874,121 | ||||||
Deere & Co. | 70,478 | 12,273,039 | ||||||
Delta Air Lines, Inc. | 59,249 | 3,263,435 | ||||||
Deluxe Corp. | 16,004 | 829,487 | ||||||
Donaldson Co., Inc. | 17,994 | 949,004 | ||||||
Dover Corp. | 26,247 | 2,726,801 | ||||||
Dycom Industries, Inc.(b) | 10,318 | 470,398 | ||||||
Eaton Corp. PLC | 124,927 | 10,882,391 | ||||||
EMCOR Group, Inc. | 18,270 | 1,602,462 | ||||||
Emerson Electric Co. | 139,251 | 9,768,458 | ||||||
EnerSys | 9,275 | 620,126 | ||||||
Equifax, Inc. | 16,594 | 2,268,566 | ||||||
Expeditors International of Washington, Inc. | 25,129 | 1,832,909 | ||||||
Fastenal Co. | 73,900 | 2,655,966 | ||||||
FedEx Corp. | 71,729 | 10,950,149 | ||||||
Flowserve Corp. | 29,496 | 1,440,585 | ||||||
Fluor Corp. | 102,970 | 1,658,847 | ||||||
Fortive Corp. | 23,810 | 1,642,890 | ||||||
Fortune Brands Home & Security, Inc. | 32,413 | 1,946,401 | ||||||
GATX Corp. | 12,934 | 1,028,900 | ||||||
General Dynamics Corp. | 52,549 | 9,290,663 | ||||||
General Electric Co. | 5,612,381 | 56,011,562 | ||||||
Genesee & Wyoming, Inc., | 16,940 | 1,880,848 | ||||||
Graco, Inc. | 14,286 | 645,727 | ||||||
HD Supply Holdings, Inc.(b) | 39,156 | 1,548,228 | ||||||
Hertz Global Holdings, Inc.(b) | 198,536 | 2,682,221 | ||||||
Hexcel Corp. | 10,439 | 778,958 | ||||||
Honeywell International, Inc. | 106,838 | 18,454,128 | ||||||
Hub Group, Inc., Class A(b) | 16,304 | 746,723 | ||||||
Hubbell, Inc. | 11,819 | 1,674,752 | ||||||
Huntington Ingalls Industries, Inc. | 8,180 | 1,845,899 | ||||||
IAA, Inc.(b) | 25,875 | 987,131 | ||||||
IDEX Corp. | 8,264 | 1,285,300 | ||||||
IHS Markit Ltd.(b) | 38,381 | 2,687,438 | ||||||
Illinois Tool Works, Inc. | 48,401 | 8,159,441 | ||||||
Ingersoll-Rand PLC | 43,738 | 5,549,915 | ||||||
ITT, Inc. | 15,551 | 924,507 | ||||||
J.B. Hunt Transport Services, Inc. | 13,027 | 1,531,454 | ||||||
Jacobs Engineering Group, Inc. | 40,063 | 3,749,095 | ||||||
JetBlue Airways Corp.(b) | 39,915 | 770,359 | ||||||
Johnson Controls International PLC | 244,846 | 10,609,177 | ||||||
Kansas City Southern | 18,861 | 2,655,252 | ||||||
KAR Auction Services, Inc. | 25,875 | 643,252 | ||||||
Kennametal, Inc. | 18,214 | 563,723 | ||||||
Kirby Corp.(b) | 16,874 | 1,335,746 | ||||||
Knight-Swift Transportation Holdings, Inc. | 30,742 | 1,120,853 | ||||||
L3Harris Technologies, Inc. | 35,001 | 7,221,056 | ||||||
Landstar System, Inc. | 6,457 | 730,610 | ||||||
Lennox International, Inc. | 3,157 | 780,915 | ||||||
Lincoln Electric Holdings, Inc. | 10,169 | 910,837 | ||||||
Lockheed Martin Corp. | 42,953 | 16,179,536 | ||||||
Macquarie Infrastructure Corp. | 41,108 | 1,773,399 | ||||||
ManpowerGroup, Inc. | 41,236 | 3,749,177 | ||||||
Masco Corp. | 47,602 | 2,201,592 | ||||||
MasTec, Inc.(b) | 24,040 | 1,513,078 | ||||||
Meritor, Inc.(b) | 31,727 | 698,946 | ||||||
Middleby Corp. (The)(b) | 6,702 | 810,607 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Moog, Inc., Class A | 8,184 | $ | 685,083 | |||||
MRC Global, Inc.(b) | 46,175 | 524,548 | ||||||
MSC Industrial Direct Co., Inc., Class A | 11,081 | 811,240 | ||||||
Mueller Industries, Inc. | 23,860 | 734,172 | ||||||
Navistar International Corp.(b) | 21,301 | 666,295 | ||||||
Nielsen Holdings PLC | 136,387 | 2,749,562 | ||||||
Nordson Corp. | 5,779 | 906,205 | ||||||
Norfolk Southern Corp. | 45,856 | 8,345,792 | ||||||
Northrop Grumman Corp. | 26,153 | 9,218,409 | ||||||
NOW, Inc.(b) | 44,079 | 464,593 | ||||||
nVent Electric PLC | 44,062 | 1,016,070 | ||||||
Old Dominion Freight Line, Inc. | 5,836 | 1,062,619 | ||||||
Oshkosh Corp. | 21,418 | 1,828,669 | ||||||
Owens Corning | 35,425 | 2,170,844 | ||||||
PACCAR, Inc. | 102,132 | 7,768,160 | ||||||
Parker-Hannifin Corp. | 23,891 | 4,383,760 | ||||||
Pentair PLC | 36,138 | 1,498,643 | ||||||
Pitney Bowes, Inc. | 198,009 | 871,240 | ||||||
Quanta Services, Inc. | 63,390 | 2,665,549 | ||||||
Raytheon Co. | 52,279 | 11,094,127 | ||||||
Regal Beloit Corp. | 12,545 | 928,957 | ||||||
Republic Services, Inc. | 43,366 | 3,794,959 | ||||||
Resideo Technologies, Inc.(b) | 53,341 | 508,340 | ||||||
Rexnord Corp.(b) | 27,372 | 774,354 | ||||||
Robert Half International, Inc. | 20,091 | 1,150,612 | ||||||
Rockwell Automation, Inc. | 16,795 | 2,888,572 | ||||||
Roper Technologies, Inc. | 7,990 | 2,692,310 | ||||||
Rush Enterprises, Inc., Class A | 17,966 | 784,935 | ||||||
Ryder System, Inc. | 37,486 | 1,822,944 | ||||||
Sensata Technologies Holding | 28,370 | 1,452,260 | ||||||
Snap-on, Inc. | 11,080 | 1,802,384 | ||||||
Southwest Airlines Co. | 29,320 | 1,645,732 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 14,396 | 1,177,881 | ||||||
Stanley Black & Decker, Inc. | 32,806 | 4,964,532 | ||||||
Stericycle, Inc.(b)(c) | 26,311 | 1,515,514 | ||||||
Teledyne Technologies, Inc.(b) | 4,278 | 1,410,029 | ||||||
Terex Corp. | 29,027 | 799,694 | ||||||
Textron, Inc. | 59,308 | 2,733,506 | ||||||
Timken Co. (The) | 19,146 | 938,154 | ||||||
Toro Co. (The) | 11,347 | 875,194 | ||||||
TransDigm Group, Inc. | 8,008 | 4,214,450 | ||||||
TransUnion | 15,214 | 1,256,981 | ||||||
Trinity Industries, Inc. | 60,765 | 1,201,932 | ||||||
Tutor Perini Corp.(b) | 51,673 | 799,381 | ||||||
Union Pacific Corp. | 106,805 | 17,671,955 | ||||||
United Airlines Holdings, Inc.(b) | 32,358 | 2,939,401 | ||||||
United Parcel Service, Inc., Class B | 151,870 | 17,490,868 | ||||||
United Rentals, Inc.(b) | 28,163 | 3,761,732 | ||||||
United Technologies Corp. | 175,921 | 25,258,737 | ||||||
Univar Solutions, Inc.(b) | 64,924 | 1,393,269 | ||||||
Valmont Industries, Inc. | 5,827 | 799,406 | ||||||
Verisk Analytics, Inc. | 10,721 | 1,551,329 | ||||||
W.W. Grainger, Inc. | 8,123 | 2,508,707 | ||||||
WABCO Holdings, Inc.(b) | 8,524 | 1,147,501 | ||||||
Wabtec Corp. | 13,989 | 970,417 | ||||||
Waste Management, Inc. | 70,777 | 7,941,887 | ||||||
Watsco, Inc. | 6,812 | 1,200,956 | ||||||
WESCO International, Inc.(b) | 33,139 | 1,661,921 | ||||||
XPO Logistics, Inc.(b) | 43,214 | 3,301,550 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Xylem, Inc. | 20,342 | $ | 1,560,028 | |||||
YRC Worldwide, Inc.(b)(c) | 118,288 | 396,265 | ||||||
|
| |||||||
544,645,227 | ||||||||
|
| |||||||
InformationTechnology-14.33% | ||||||||
Accenture PLC, Class A | 78,724 | 14,597,004 | ||||||
Adobe, Inc.(b) | 13,588 | 3,776,513 | ||||||
Advanced Micro Devices, Inc.(b) | 32,714 | 1,109,986 | ||||||
Akamai Technologies, Inc.(b) | 21,282 | 1,840,893 | ||||||
Alliance Data Systems Corp. | 11,347 | 1,134,700 | ||||||
Amdocs Ltd. | 29,411 | 1,917,597 | ||||||
Amphenol Corp., Class A | 28,354 | 2,844,757 | ||||||
Analog Devices, Inc. | 39,453 | 4,206,873 | ||||||
Anixter International, Inc.(b) | 17,423 | 1,441,753 | ||||||
ANSYS, Inc.(b) | 5,308 | 1,168,556 | ||||||
Apple, Inc. | 726,748 | 180,785,832 | ||||||
Applied Materials, Inc. | 139,002 | 7,542,249 | ||||||
Arrow Electronics, Inc.(b) | 61,805 | 4,899,900 | ||||||
Automatic Data Processing, Inc. | 40,156 | 6,514,508 | ||||||
Avaya Holdings Corp.(b)(c) | 40,436 | 488,871 | ||||||
Avnet, Inc. | 87,074 | 3,444,647 | ||||||
Belden, Inc. | 11,794 | 604,796 | ||||||
Benchmark Electronics, Inc. | 25,687 | 870,789 | ||||||
Black Knight, Inc.(b) | 15,532 | 997,154 | ||||||
Booz Allen Hamilton Holding Corp. | 27,747 | 1,952,556 | ||||||
Broadcom, Inc. | 28,203 | 8,259,249 | ||||||
Broadridge Financial Solutions, Inc. | 12,133 | 1,519,294 | ||||||
CACI International, Inc., Class A(b) | 6,262 | 1,401,123 | ||||||
Cadence Design Systems, Inc.(b) | 13,906 | 908,757 | ||||||
CDK Global, Inc. | 11,131 | 562,561 | ||||||
CDW Corp. | 23,733 | 3,035,688 | ||||||
Cerence, Inc.(b) | 6,560 | 101,680 | ||||||
Check Point Software Technologies Ltd. (Israel)(b) | 9,961 | 1,119,716 | ||||||
Ciena Corp.(b) | 21,258 | 789,097 | ||||||
Cisco Systems, Inc. | 758,369 | 36,030,111 | ||||||
Citrix Systems, Inc. | 9,788 | 1,065,522 | ||||||
Cognizant Technology Solutions Corp., Class A | 60,658 | 3,696,499 | ||||||
CommScope Holding Co., Inc.(b) | 65,539 | 734,037 | ||||||
Conduent, Inc.(b) | 129,628 | 801,101 | ||||||
CoreLogic, Inc.(b) | 18,155 | 735,096 | ||||||
Corning, Inc. | 180,562 | 5,350,052 | ||||||
Cree, Inc.(b) | 15,104 | 720,914 | ||||||
Cypress Semiconductor Corp. | 49,387 | 1,149,235 | ||||||
Dell Technologies, Inc., Class C(b) | 52,407 | 2,771,806 | ||||||
Diebold Nixdorf, Inc.(b) | 83,624 | 585,368 | ||||||
DXC Technology Co. | 68,249 | 1,888,450 | ||||||
EchoStar Corp., Class A(b) | 20,587 | 802,893 | ||||||
Euronet Worldwide, Inc.(b) | 5,307 | 743,351 | ||||||
F5 Networks, Inc.(b) | 5,740 | 827,019 | ||||||
Fidelity National Information Services, Inc. | 55,430 | 7,303,457 | ||||||
First Solar, Inc.(b) | 28,604 | 1,481,401 | ||||||
Fiserv, Inc.(b) | 57,801 | 6,134,998 | ||||||
FleetCor Technologies, Inc.(b) | 7,633 | 2,245,781 | ||||||
Flex Ltd.(b) | 491,623 | 5,776,570 | ||||||
FLIR Systems, Inc. | 16,025 | 826,249 | ||||||
Gartner, Inc.(b) | 5,284 | 814,159 | ||||||
Global Payments, Inc. | 22,722 | 3,844,108 | ||||||
Hewlett Packard Enterprise Co. | 649,285 | 10,654,767 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
HP, Inc. | 390,381 | $ | 6,780,918 | |||||
Insight Enterprises, Inc.(b) | 19,717 | 1,210,229 | ||||||
Intel Corp. | 896,085 | 50,655,685 | ||||||
International Business Machines Corp. | 292,402 | 39,102,919 | ||||||
Intuit, Inc. | 10,186 | 2,622,895 | ||||||
Jabil, Inc. | 105,015 | 3,866,652 | ||||||
Jack Henry & Associates, Inc. | 6,440 | 911,646 | ||||||
Juniper Networks, Inc. | 73,597 | 1,826,678 | ||||||
KBR, Inc. | 51,471 | 1,449,423 | ||||||
Keysight Technologies, Inc.(b) | 16,188 | 1,633,531 | ||||||
KLA Corp. | 36,620 | 6,190,245 | ||||||
Lam Research Corp. | 15,819 | 4,287,582 | ||||||
Leidos Holdings, Inc. | 42,116 | 3,631,663 | ||||||
Marvell Technology Group Ltd. | 63,763 | 1,555,180 | ||||||
Mastercard, Inc., Class A | 30,408 | 8,417,238 | ||||||
Maxim Integrated Products, Inc. | 36,813 | 2,159,451 | ||||||
Microchip Technology, Inc. | 24,872 | 2,345,181 | ||||||
Micron Technology, Inc.(b) | 236,422 | 11,241,866 | ||||||
Microsoft Corp. | 696,427 | 99,846,739 | ||||||
Motorola Solutions, Inc. | 15,887 | 2,642,326 | ||||||
NCR Corp.(b) | 61,388 | 1,793,143 | ||||||
NetApp, Inc. | 35,124 | 1,962,729 | ||||||
Nuance Communications, Inc.(b) | 52,598 | 858,399 | ||||||
NVIDIA Corp. | 22,289 | 4,480,535 | ||||||
NXP Semiconductors N.V. (Netherlands) | 59,020 | 6,709,394 | ||||||
ON Semiconductor Corp.(b) | 69,586 | 1,419,554 | ||||||
Oracle Corp. | 384,967 | 20,976,852 | ||||||
Paychex, Inc. | 40,798 | 3,412,345 | ||||||
PayPal Holdings, Inc.(b) | 64,949 | 6,761,191 | ||||||
Perspecta, Inc. | 50,171 | 1,331,538 | ||||||
Plexus Corp.(b) | 11,269 | 833,230 | ||||||
Qorvo, Inc.(b) | 25,706 | 2,078,587 | ||||||
QUALCOMM, Inc. | 401,995 | 32,336,478 | ||||||
Sabre Corp. | 53,684 | 1,260,500 | ||||||
salesforce.com, inc.(b) | 20,244 | 3,167,984 | ||||||
Sanmina Corp.(b) | 44,228 | 1,359,126 | ||||||
Science Applications International Corp. | 9,132 | 754,486 | ||||||
Seagate Technology PLC | 112,356 | 6,520,019 | ||||||
Skyworks Solutions, Inc. | 23,144 | 2,107,493 | ||||||
SS&C Technologies Holdings, Inc. | 11,913 | 619,595 | ||||||
Symantec Corp. | 187,527 | 4,290,618 | ||||||
SYNNEX Corp. | 16,895 | 1,989,217 | ||||||
Synopsys, Inc.(b) | 13,190 | 1,790,543 | ||||||
TE Connectivity Ltd. | 69,025 | 6,177,738 | ||||||
Tech Data Corp.(b) | 46,745 | 5,679,518 | ||||||
Teradata Corp.(b) | 17,145 | 513,150 | ||||||
Teradyne, Inc. | 20,022 | 1,225,747 | ||||||
Texas Instruments, Inc. | 109,154 | 12,879,080 | ||||||
Trimble, Inc.(b) | 28,790 | 1,146,994 | ||||||
ViaSat, Inc.(b) | 9,440 | 649,850 | ||||||
Visa, Inc., Class A | 83,789 | 14,986,501 | ||||||
Vishay Intertechnology, Inc. | 31,515 | 635,027 | ||||||
VMware, Inc., Class A(b) | 3,880 | 614,088 | ||||||
Western Digital Corp. | 136,661 | 7,058,541 | ||||||
Western Union Co. (The) | 129,545 | 3,246,398 | ||||||
WEX, Inc.(b) | 4,210 | 796,448 | ||||||
Xerox Holdings Corp. | 92,921 | 3,152,810 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Xilinx, Inc. | 17,996 | $ | 1,632,957 | |||||
Zebra Technologies Corp., | 4,089 | 972,650 | ||||||
|
| |||||||
779,379,143 | ||||||||
|
| |||||||
Materials-3.44% | ||||||||
Air Products and Chemicals, Inc. | 34,339 | 7,323,135 | ||||||
AK Steel Holding Corp.(b) | 398,799 | 941,166 | ||||||
Albemarle Corp.(c) | 21,222 | 1,289,024 | ||||||
Alcoa Corp.(b) | 105,803 | 2,199,644 | ||||||
Allegheny Technologies, Inc.(b) | 28,425 | 597,209 | ||||||
AptarGroup, Inc. | 9,566 | 1,130,223 | ||||||
Ashland Global Holdings, Inc. | 14,853 | 1,149,177 | ||||||
Avery Dennison Corp. | 17,356 | 2,219,138 | ||||||
Axalta Coating Systems Ltd.(b) | 45,459 | 1,340,586 | ||||||
Ball Corp. | 45,479 | 3,182,166 | ||||||
Berry Global Group, Inc.(b) | 33,990 | 1,410,925 | ||||||
Cabot Corp. | 20,116 | 876,856 | ||||||
Carpenter Technology Corp. | 14,477 | 709,663 | ||||||
Celanese Corp. | 23,681 | 2,868,953 | ||||||
CF Industries Holdings, Inc. | 71,392 | 3,237,627 | ||||||
Chemours Co. (The) | 34,281 | 562,551 | ||||||
Cleveland-Cliffs, Inc.(c) | 74,144 | 536,061 | ||||||
Commercial Metals Co. | 72,190 | 1,395,433 | ||||||
Compass Minerals International, Inc. | 13,029 | 735,878 | ||||||
Constellium S.E.(b) | 92,182 | 1,228,786 | ||||||
Corteva, Inc. | 238,611 | 6,294,558 | ||||||
Crown Holdings, Inc.(b) | 41,880 | 3,050,539 | ||||||
Domtar Corp. | 29,441 | 1,071,358 | ||||||
Dow, Inc. | 241,009 | 12,168,544 | ||||||
DuPont de Nemours, Inc. | 238,611 | 15,726,851 | ||||||
Eastman Chemical Co. | 46,522 | 3,537,533 | ||||||
Ecolab, Inc. | 29,615 | 5,688,153 | ||||||
Element Solutions, Inc.(b) | 84,828 | 921,232 | ||||||
FMC Corp. | 13,879 | 1,269,929 | ||||||
Freeport-McMoRan, Inc. | 579,578 | 5,691,456 | ||||||
Graphic Packaging Holding Co. | 94,673 | 1,482,579 | ||||||
Huntsman Corp. | 95,116 | 2,104,917 | ||||||
International Flavors & Fragrances, Inc.(c) | 11,099 | 1,354,189 | ||||||
International Paper Co. | 155,089 | 6,774,288 | ||||||
Linde PLC (United Kingdom) | 103,379 | 20,505,225 | ||||||
Louisiana-Pacific Corp. | 30,986 | 905,721 | ||||||
LyondellBasell Industries N.V., Class A | 129,414 | 11,608,436 | ||||||
Martin Marietta Materials, Inc. | 9,434 | 2,470,859 | ||||||
Mosaic Co. (The) | 127,098 | 2,526,708 | ||||||
Newmont Goldcorp Corp. | 106,222 | 4,220,200 | ||||||
Nucor Corp. | 100,588 | 5,416,664 | ||||||
Olin Corp. | 54,901 | 1,006,884 | ||||||
Owens-Illinois, Inc. | 101,349 | 861,467 | ||||||
Packaging Corp. of America | 23,772 | 2,602,083 | ||||||
PolyOne Corp. | 23,833 | 763,848 | ||||||
PPG Industries, Inc. | 46,638 | 5,835,347 | ||||||
Reliance Steel & Aluminum Co. | 29,231 | 3,391,965 | ||||||
Royal Gold, Inc. | 7,331 | 846,291 | ||||||
RPM International, Inc. | 27,047 | 1,959,014 | ||||||
ScottsMiracle-Gro Co. (The) | 10,078 | 1,011,730 | ||||||
Sealed Air Corp. | 38,139 | 1,593,066 | ||||||
Sherwin-Williams Co. (The) | 7,692 | 4,402,285 | ||||||
Silgan Holdings, Inc. | 23,370 | 719,095 | ||||||
Sonoco Products Co. | 26,925 | 1,553,573 | ||||||
Steel Dynamics, Inc. | 57,800 | 1,754,808 |
Shares | Value | |||||||
Materials-(continued) | ||||||||
Trinseo S.A. | 17,935 | $ | 762,238 | |||||
United States Steel Corp.(c) | 90,942 | 1,046,742 | ||||||
Vulcan Materials Co. | 15,714 | 2,245,059 | ||||||
Warrior Met Coal, Inc. | 25,486 | 496,467 | ||||||
Westlake Chemical Corp. | 8,106 | 512,218 | ||||||
Westrock Co. | 110,687 | 4,136,373 | ||||||
|
| |||||||
187,224,693 | ||||||||
|
| |||||||
RealEstate-3.50% | ||||||||
Alexandria Real Estate Equities, Inc. | 14,917 | 2,368,074 | ||||||
American Campus Communities, Inc. | 31,124 | 1,555,578 | ||||||
American Homes 4 Rent, Class A | 35,727 | 945,694 | ||||||
American Tower Corp. | 30,903 | 6,739,326 | ||||||
Apartment Investment & Management Co., Class A | 25,041 | 1,374,250 | ||||||
Apple Hospitality REIT, Inc. | 86,173 | 1,420,131 | ||||||
AvalonBay Communities, Inc. | 20,838 | 4,535,599 | ||||||
Boston Properties, Inc. | 31,204 | 4,281,189 | ||||||
Brandywine Realty Trust | 52,312 | 799,327 | ||||||
Brixmor Property Group, Inc. | 97,476 | 2,146,422 | ||||||
Brookfield Property REIT, Inc., Class A | 35,137 | 664,089 | ||||||
Camden Property Trust | 16,341 | 1,868,920 | ||||||
CBL & Associates Properties, Inc.(c) | 469,190 | 675,634 | ||||||
CBRE Group, Inc., Class A(b) | 60,658 | 3,248,236 | ||||||
Colony Capital, Inc. | 274,081 | 1,534,854 | ||||||
Columbia Property Trust, Inc. | 45,349 | 930,561 | ||||||
CoreCivic, Inc. | 84,955 | 1,296,413 | ||||||
Corporate Office Properties Trust | 27,354 | 810,773 | ||||||
Cousins Properties, Inc. | 18,181 | 729,604 | ||||||
Crown Castle International Corp. | 52,120 | 7,233,735 | ||||||
CubeSmart | 26,605 | 843,378 | ||||||
CyrusOne, Inc. | 11,392 | 812,022 | ||||||
DiamondRock Hospitality Co. | 73,237 | 730,905 | ||||||
Digital Realty Trust, Inc. | 33,630 | 4,272,355 | ||||||
Douglas Emmett, Inc. | 25,782 | 1,116,876 | ||||||
Duke Realty Corp. | 61,066 | 2,145,859 | ||||||
EPR Properties | 12,813 | 996,723 | ||||||
Equinix, Inc. | 8,319 | 4,715,043 | ||||||
Equity Commonwealth | 21,638 | 696,311 | ||||||
Equity LifeStyle Properties, Inc. | 15,444 | 1,080,153 | ||||||
Equity Residential | 67,131 | 5,951,834 | ||||||
Essex Property Trust, Inc. | 8,663 | 2,833,927 | ||||||
Extra Space Storage, Inc. | 13,760 | 1,544,835 | ||||||
Federal Realty Investment Trust | 9,975 | 1,356,700 | ||||||
Gaming and Leisure Properties, Inc. | 31,983 | 1,290,834 | ||||||
GEO Group, Inc. (The) | 52,161 | 793,890 | ||||||
HCP, Inc. | 108,858 | 4,095,238 | ||||||
Healthcare Realty Trust, Inc. | 24,059 | 836,531 | ||||||
Healthcare Trust of America, Inc., Class A | 37,606 | 1,165,786 | ||||||
Highwoods Properties, Inc. | 24,355 | 1,139,814 | ||||||
Host Hotels & Resorts, Inc. | 225,620 | 3,697,912 | ||||||
Howard Hughes Corp. (The)(b) | 7,020 | 784,976 | ||||||
Hudson Pacific Properties, Inc. | 27,456 | 986,220 | ||||||
Invitation Homes, Inc. | 43,182 | 1,329,574 | ||||||
Iron Mountain, Inc. | 88,459 | 2,901,455 | ||||||
Jones Lang LaSalle, Inc. | 9,440 | 1,383,149 | ||||||
Kilroy Realty Corp. | 15,898 | 1,334,319 | ||||||
Kimco Realty Corp. | 115,805 | 2,496,756 | ||||||
Lamar Advertising Co., Class A | 15,652 | 1,252,317 | ||||||
Lexington Realty Trust | 69,799 | 759,413 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) |
| |||||||
Liberty Property Trust | 31,148 | $ | 1,839,912 | |||||
Life Storage, Inc. | 8,352 | 909,700 | ||||||
Macerich Co. (The)(c) | 45,779 | 1,258,922 | ||||||
Mack-Cali Realty Corp. | 31,323 | 670,939 | ||||||
Medical Properties Trust, Inc. | 63,667 | 1,319,817 | ||||||
Mid-America Apartment Communities, Inc. | 20,852 | 2,898,219 | ||||||
National Retail Properties, Inc. | 21,642 | 1,274,930 | ||||||
Omega Healthcare Investors, Inc.(c) | 40,368 | 1,777,807 | ||||||
Outfront Media, Inc. | 64,960 | 1,709,098 | ||||||
Paramount Group, Inc. | 64,966 | 875,092 | ||||||
Park Hotels & Resorts, Inc. | 59,647 | 1,386,793 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 44,977 | 1,009,284 | ||||||
Prologis, Inc. | 73,791 | 6,475,898 | ||||||
Public Storage | 16,603 | 3,700,145 | ||||||
Rayonier, Inc. | 35,197 | 949,615 | ||||||
Realogy Holdings Corp.(c) | 80,150 | 631,582 | ||||||
Realty Income Corp. | 35,335 | 2,890,050 | ||||||
Regency Centers Corp. | 24,967 | 1,678,781 | ||||||
Retail Properties of America, Inc., Class A | 73,069 | 1,005,429 | ||||||
RLJ Lodging Trust | 66,446 | 1,090,379 | ||||||
Ryman Hospitality Properties, Inc. | 8,101 | 681,861 | ||||||
Sabra Health Care REIT, Inc. | 41,134 | 1,011,896 | ||||||
SBA Communications Corp., Class A | 4,808 | 1,157,045 | ||||||
Senior Housing Properties Trust | 124,829 | 1,238,928 | ||||||
Service Properties Trust | 72,988 | 1,846,596 | ||||||
Simon Property Group, Inc. | 42,165 | 6,353,422 | ||||||
SITE Centers Corp. | 77,738 | 1,207,271 | ||||||
SL Green Realty Corp. | 24,351 | 2,035,744 | ||||||
Spirit Realty Capital, Inc. | 28,944 | 1,442,569 | ||||||
STORE Capital Corp. | 23,425 | 948,712 | ||||||
Sun Communities, Inc. | 9,498 | 1,544,850 | ||||||
Sunstone Hotel Investors, Inc. | 76,462 | 1,033,002 | ||||||
Taubman Centers, Inc. | 17,805 | 637,063 | ||||||
UDR, Inc. | 36,771 | 1,847,743 | ||||||
Uniti Group, Inc.(c) | 56,555 | 391,361 | ||||||
Ventas, Inc. | 88,703 | 5,774,565 | ||||||
VEREIT, Inc. | 324,555 | 3,193,621 | ||||||
VICI Properties, Inc. | 45,934 | 1,081,746 | ||||||
Vornado Realty Trust | 34,271 | 2,249,206 | ||||||
Washington Prime Group, Inc.(c) | 176,923 | 746,615 | ||||||
Weingarten Realty Investors | 30,587 | 970,526 | ||||||
Welltower, Inc. | 94,099 | 8,533,838 | ||||||
Weyerhaeuser Co. | 199,784 | 5,835,691 | ||||||
WP Carey, Inc. | 21,335 | 1,964,100 | ||||||
Xenia Hotels & Resorts, Inc. | 45,126 | 949,902 | ||||||
|
| |||||||
190,533,779 | ||||||||
|
| |||||||
Utilities-4.71% |
| |||||||
AES Corp. (The) | 288,238 | 4,914,458 | ||||||
ALLETE, Inc. | 12,240 | 1,053,374 | ||||||
Alliant Energy Corp. | 53,225 | 2,839,022 | ||||||
Ameren Corp. | 62,897 | 4,887,097 | ||||||
American Electric Power Co., Inc. | 137,311 | 12,960,785 | ||||||
American Water Works Co., Inc. | 29,093 | 3,586,294 | ||||||
Aqua America, Inc. | 28,667 | 1,299,475 | ||||||
Atmos Energy Corp. | 19,599 | 2,204,496 | ||||||
Avangrid, Inc. | 14,611 | 731,281 | ||||||
Avista Corp. | 22,559 | 1,083,509 | ||||||
Black Hills Corp. | 11,817 | 931,534 | ||||||
CenterPoint Energy, Inc. | 139,375 | 4,051,631 |
Shares | Value | |||||||
Utilities-(continued) |
| |||||||
CMS Energy Corp. | 69,043 | $ | 4,413,229 | |||||
Consolidated Edison, Inc. | 105,741 | 9,751,435 | ||||||
Dominion Energy, Inc. | 160,585 | 13,256,292 | ||||||
DTE Energy Co. | 48,568 | 6,183,678 | ||||||
Duke Energy Corp. | 249,427 | 23,510,989 | ||||||
Edison International | 121,230 | 7,625,367 | ||||||
Entergy Corp. | 68,244 | 8,290,281 | ||||||
Evergy, Inc. | 12,373 | 790,758 | ||||||
Eversource Energy | 81,826 | 6,852,109 | ||||||
Exelon Corp. | 343,213 | 15,612,759 | ||||||
FirstEnergy Corp. | 119,153 | 5,757,473 | ||||||
Hawaiian Electric Industries, Inc. | 35,729 | 1,613,164 | ||||||
IDACORP, Inc. | 10,659 | 1,147,122 | ||||||
National Fuel Gas Co. | 18,378 | 832,707 | ||||||
New Jersey Resources Corp. | 18,739 | 817,020 | ||||||
NextEra Energy, Inc. | 83,762 | 19,963,835 | ||||||
NiSource, Inc. | 85,829 | 2,406,645 | ||||||
NorthWestern Corp. | 13,621 | 987,795 | ||||||
NRG Energy, Inc. | 54,737 | 2,196,049 | ||||||
OGE Energy Corp. | 48,156 | 2,073,597 | ||||||
ONE Gas, Inc. | 10,321 | 958,202 | ||||||
PG&E Corp.(b) | 687,354 | 4,240,974 | ||||||
Pinnacle West Capital Corp. | 31,883 | 3,000,828 | ||||||
PNM Resources, Inc. | 21,140 | 1,102,451 | ||||||
Portland General Electric Co. | 25,880 | 1,472,054 | ||||||
PPL Corp. | 257,004 | 8,607,064 | ||||||
Public Service Enterprise Group, Inc. | 146,404 | 9,268,837 | ||||||
Sempra Energy | 64,302 | 9,292,282 | ||||||
South Jersey Industries, Inc. | 20,671 | 664,779 | ||||||
Southern Co. (The) | 332,675 | 20,845,416 | ||||||
Southwest Gas Holdings, Inc. | 12,220 | 1,066,806 | ||||||
Spire, Inc. | 11,646 | 978,963 | ||||||
UGI Corp. | 46,660 | 2,224,282 | ||||||
Vistra Energy Corp. | 113,065 | 3,056,147 | ||||||
WEC Energy Group, Inc. | 65,322 | 6,166,397 | ||||||
Xcel Energy, Inc. | 135,910 | 8,631,644 | ||||||
|
| |||||||
256,202,386 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 5,435,974,241 | ||||||
|
| |||||||
Money MarketFunds-0.03% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) | 1,365,866 | 1,365,866 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 5,437,340,107 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.57% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 23,356,471 | 23,356,471 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 7,870,115 | $ | 7,873,263 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 31,229,734 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.54% (Cost $4,660,803,304) |
| 5,468,569,841 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.54)% |
| (29,403,944 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 5,439,165,897 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The Fund’s Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. are considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2019 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 4,939,142 | $ | 99,730 | $ | (286,116 | ) | $ | (1,143,340 | ) | $ | 8,499 | $ | 3,617,915 | $ | 137,180 | |||||||||||||||||||
Invesco Mortgage Capital, Inc. | 907,425 | 21,383 | (60,096 | ) | (39,981 | ) | 8,369 | 837,100 | 48,741 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total Investments in Affiliates | $ | 5,846,567 | $ | 121,113 | $ | (346,212 | ) | $ | (1,183,321 | ) | $ | 16,868 | $ | 4,455,015 | $ | 185,921 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Financials | 19.30 | |||||||
Information Technology | 14.33 | |||||||
Health Care | 10.72 | |||||||
Industrials | 10.01 | |||||||
Consumer Discretionary | 9.07 | |||||||
Communication Services | 8.93 | |||||||
Consumer Staples | 8.66 | |||||||
Energy | 7.27 | |||||||
Utilities | 4.71 | |||||||
Real Estate | 3.50 | |||||||
Materials | 3.44 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99% |
| |||||||
CommunicationServices-3.59% |
| |||||||
AMC Entertainment Holdings, Inc., Class A(b) | 259,928 | $ | 2,435,525 | |||||
ATN International, Inc. | 13,802 | 817,492 | ||||||
Boingo Wireless, Inc.(c) | 13,127 | 124,313 | ||||||
Cable One, Inc. | 2,147 | 2,845,569 | ||||||
Cars.com, Inc.(b)(c) | 136,027 | 1,538,465 | ||||||
Cincinnati Bell, Inc.(c) | 272,087 | 1,390,365 | ||||||
Cogent Communications Holdings, Inc. | 35,753 | 2,096,556 | ||||||
Consolidated Communications Holdings, Inc. | 318,704 | 1,274,816 | ||||||
E.W. Scripps Co. (The), Class A | 54,742 | 735,459 | ||||||
Emerald Expositions Events, Inc. | 33,319 | 323,861 | ||||||
Entercom Communications Corp., Class A | 251,344 | 874,677 | ||||||
Entravision Communications Corp., Class A | 192,980 | 548,063 | ||||||
Eros International PLC (India)(b)(c) | 88,297 | 197,785 | ||||||
GCI Liberty, Inc.(c) | 40,503 | 2,834,400 | ||||||
Global Eagle Entertainment, Inc.(b)(c) | 72,237 | 45,582 | ||||||
Glu Mobile, Inc.(c) | 27,226 | 161,450 | ||||||
Gogo, Inc.(b)(c) | 108,764 | 668,899 | ||||||
Gray Television, Inc.(c) | 123,785 | 2,031,312 | ||||||
IDT Corp., Class B(c) | 102,931 | 700,960 | ||||||
IMAX Corp.(c) | 58,451 | 1,247,929 | ||||||
Intelsat S.A.(b)(c) | 118,078 | 2,998,000 | ||||||
Iridium Communications, Inc.(c) | 114,604 | 2,804,360 | ||||||
John Wiley & Sons, Inc., Class A | 69,399 | 3,197,212 | ||||||
Liberty Media Corp.-Liberty Braves, Class A(c) | 4,806 | 141,873 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(c) | 17,086 | 502,499 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A(c) | 93,700 | 904,205 | ||||||
Madison Square Garden Co. (The), Class A(c) | 11,355 | 3,030,877 | ||||||
Marcus Corp. (The) | 23,467 | 847,159 | ||||||
MDC Partners, Inc., Class A(c) | 395,965 | 1,239,370 | ||||||
Meet Group, Inc. (The)(c) | 42,948 | 182,958 | ||||||
MSG Networks, Inc., Class A(c) | 44,604 | 723,031 | ||||||
National CineMedia, Inc. | 300,456 | 2,522,328 | ||||||
New Media Investment Group, Inc.(b) | 168,587 | 1,485,251 | ||||||
New York Times Co. (The), Class A | 71,602 | 2,212,502 | ||||||
ORBCOMM, Inc.(c) | 46,137 | 185,009 | ||||||
QuinStreet, Inc.(c) | 23,143 | 296,925 | ||||||
Reading International, Inc., Class A(c) | 25,848 | 293,892 | ||||||
Roku, Inc.(c) | 3,668 | 539,930 | ||||||
Rosetta Stone, Inc.(c) | 9,616 | 184,243 | ||||||
Scholastic Corp. | 55,820 | 2,149,070 | ||||||
Shenandoah Telecommunications Co. | 24,918 | 801,363 | ||||||
Sirius XM Holdings, Inc.(b) | 450,274 | 3,025,841 | ||||||
Spok Holdings, Inc. | 46,545 | 553,885 | ||||||
TechTarget, Inc.(c) | 12,524 | 305,586 | ||||||
Townsquare Media, Inc., Class A | 41,026 | 278,567 | ||||||
Tribune Publishing Co. | 70,681 | 633,302 | ||||||
TripAdvisor, Inc.(c) | 55,270 | 2,232,908 | ||||||
TrueCar, Inc.(c) | 60,965 | 199,965 | ||||||
United States Cellular Corp.(c) | 27,997 | 1,042,048 | ||||||
Vonage Holdings Corp.(c) | 169,657 | 1,657,549 | ||||||
WideOpenWest, Inc.(c) | 124,812 | 792,556 |
Shares | Value | |||||||
Communication Services-(continued) |
| |||||||
World Wrestling Entertainment, Inc., Class A(b) | 9,250 | $ | 518,370 | |||||
Yelp, Inc.(c) | 47,758 | 1,648,129 | ||||||
Zillow Group, Inc., Class A(c) | 25,282 | 818,884 | ||||||
Zillow Group, Inc., Class C(b)(c) | 56,989 | 1,856,132 | ||||||
Zynga, Inc., Class A(c) | 400,649 | 2,472,004 | ||||||
|
| |||||||
68,171,261 | ||||||||
|
| |||||||
ConsumerDiscretionary-13.27% |
| |||||||
1-800-Flowers.com, Inc., Class A(c) | 34,657 | 494,209 | ||||||
Acushnet Holdings Corp. | 50,554 | 1,438,261 | ||||||
Adtalem Global Education, Inc.(c) | 74,351 | 2,214,173 | ||||||
American Outdoor Brands Corp.(c) | 150,651 | 1,066,609 | ||||||
American Public Education, Inc.(c) | 27,602 | 599,515 | ||||||
America’sCar-Mart, Inc.(c) | 6,559 | 596,803 | ||||||
At Home Group, Inc.(b)(c) | 46,767 | 398,455 | ||||||
Barnes & Noble Education, Inc.(c) | 277,736 | 1,141,495 | ||||||
Bassett Furniture Industries, Inc. | 24,581 | 374,860 | ||||||
BBX Capital Corp. | 135,968 | 607,777 | ||||||
Beazer Homes USA, Inc.(c) | 173,730 | 2,607,687 | ||||||
Big 5 Sporting Goods Corp.(b) | 223,083 | 713,866 | ||||||
Biglari Holdings, Inc., Class B(c) | 3,328 | 277,821 | ||||||
BJ’s Restaurants, Inc. | 21,177 | 838,397 | ||||||
Blue Apron Holdings, Inc., | 8,601 | 61,583 | ||||||
Boot Barn Holdings, Inc.(c) | 31,858 | 1,116,623 | ||||||
Boyd Gaming Corp. | 116,956 | 3,187,051 | ||||||
Bright Horizons Family Solutions, Inc.(c) | 26,708 | 3,966,672 | ||||||
Buckle, Inc. (The)(b) | 137,073 | 2,867,567 | ||||||
Build-A-Bear Workshop, Inc.(b)(c) | 47,586 | 165,599 | ||||||
Caleres, Inc. | 102,079 | 2,196,740 | ||||||
Callaway Golf Co. | 83,384 | 1,686,025 | ||||||
Camping World Holdings, Inc., Class A(b) | 72,727 | 687,270 | ||||||
Career Education Corp.(c) | 69,184 | 979,645 | ||||||
Carriage Services, Inc. | 25,985 | 669,374 | ||||||
Carrols Restaurant Group, Inc.(c) | 116,069 | 827,572 | ||||||
Cato Corp. (The), Class A | 102,057 | 1,784,977 | ||||||
Cavco Industries, Inc.(c) | 9,077 | 1,739,607 | ||||||
Century Casinos, Inc.(c) | 41,552 | 307,069 | ||||||
Century Communities, Inc.(c) | 61,965 | 1,869,484 | ||||||
Cheesecake Factory, Inc. (The)(b) | 69,283 | 2,895,337 | ||||||
Chegg, Inc.(c) | 16,320 | 500,371 | ||||||
Chico’s FAS, Inc. | 650,844 | 2,238,903 | ||||||
Children’s Place, Inc. (The)(b) | 25,340 | 2,075,599 | ||||||
Choice Hotels International, Inc. | 18,095 | 1,601,046 | ||||||
Churchill Downs, Inc. | 20,872 | 2,713,151 | ||||||
Chuy’s Holdings, Inc.(c) | 25,194 | 613,978 | ||||||
Citi Trends, Inc. | 32,165 | 574,145 | ||||||
Collectors Universe, Inc. | 15,445 | 442,654 | ||||||
Columbia Sportswear Co. | 19,088 | 1,726,510 | ||||||
Conn’s, Inc.(c) | 72,529 | 1,754,477 | ||||||
Container Store Group, Inc. | 59,840 | 252,525 | ||||||
Crocs, Inc.(c) | 46,839 | 1,638,897 | ||||||
CSS Industries, Inc. | 37,111 | 167,000 | ||||||
Dave & Buster’s Entertainment, Inc. | 43,776 | 1,741,409 | ||||||
Deckers Outdoor Corp.(c) | 24,488 | 3,744,215 | ||||||
Del Taco Restaurants, Inc.(c) | 73,820 | 563,616 | ||||||
Denny’s Corp.(c) | 46,779 | 941,194 | ||||||
Despegar.com Corp. (Argentina)(c) | 17,519 | 195,862 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Dillard’s, Inc., Class A(b) | 53,767 | $ | 3,708,848 | |||||
Dine Brands Global, Inc. | 22,833 | 1,670,234 | ||||||
Dorman Products, Inc.(c) | 20,133 | 1,448,569 | ||||||
Drive Shack, Inc.(c) | 181,638 | 724,736 | ||||||
El Pollo Loco Holdings, Inc.(c) | 29,778 | 346,020 | ||||||
Eldorado Resorts, Inc.(b)(c) | 42,933 | 1,922,110 | ||||||
Ethan Allen Interiors, Inc. | 69,293 | 1,365,765 | ||||||
Etsy, Inc.(c) | 13,816 | 614,674 | ||||||
Everi Holdings, Inc.(c) | 134,940 | 1,357,496 | ||||||
Express, Inc.(c) | 676,651 | 2,178,816 | ||||||
Fiesta Restaurant Group, Inc.(c) | 60,543 | 520,367 | ||||||
Five Below, Inc.(c) | 13,722 | 1,716,759 | ||||||
Flexsteel Industries, Inc. | 20,092 | 332,924 | ||||||
Floor & Decor Holdings, Inc., | 24,046 | 1,102,028 | ||||||
Fox Factory Holding Corp.(c) | 12,490 | 761,141 | ||||||
Francesca’s Holdings Corp.(b)(c) | 73,042 | 1,267,279 | ||||||
frontdoor, Inc.(c) | 75,268 | 3,630,176 | ||||||
Funko, Inc., Class A(c) | 8,640 | 155,520 | ||||||
Gentherm, Inc.(c) | 45,882 | 1,916,491 | ||||||
G-III Apparel Group Ltd.(c) | 99,546 | 2,499,600 | ||||||
GNC Holdings, Inc.(b)(c) | 1,113,768 | 2,940,348 | ||||||
Golden Entertainment, Inc.(c) | 23,508 | 340,396 | ||||||
GoPro, Inc., Class A(b)(c) | 168,316 | 700,195 | ||||||
Grand Canyon Education, Inc.(c) | 30,208 | 2,777,928 | ||||||
Groupon, Inc.(c) | 716,516 | 1,991,915 | ||||||
GrubHub, Inc.(b)(c) | 24,141 | 822,243 | ||||||
Guess?, Inc. | 153,138 | 2,565,062 | ||||||
Habit Restaurants, Inc. (The), | 28,474 | 299,262 | ||||||
Hamilton Beach Brands Holding Co., Class A | 16,204 | 302,205 | ||||||
Haverty Furniture Cos., Inc. | 54,148 | 982,245 | ||||||
Helen of Troy Ltd.(c) | 27,546 | 4,125,289 | ||||||
Hibbett Sports, Inc.(b)(c) | 96,216 | 2,295,714 | ||||||
Hilton Grand Vacations, Inc.(c) | 108,478 | 3,767,441 | ||||||
Hooker Furniture Corp. | 19,509 | 461,778 | ||||||
Horizon Global Corp.(b)(c) | 297,846 | 1,143,729 | ||||||
Houghton Mifflin Harcourt Co.(c) | 272,588 | 1,760,919 | ||||||
Hovnanian Enterprises Inc., | 55,068 | 1,381,105 | ||||||
Installed Building Products, Inc.(c) | 18,268 | 1,191,439 | ||||||
iRobot Corp.(b)(c) | 10,989 | 528,131 | ||||||
J. Jill, Inc.(b) | 66,156 | 114,450 | ||||||
Jack in the Box, Inc. | 29,779 | 2,502,032 | ||||||
Johnson Outdoors, Inc., Class A | 4,916 | 287,832 | ||||||
K12, Inc.(c) | 55,377 | 1,095,911 | ||||||
Kirkland’s, Inc.(b)(c) | 63,393 | 100,161 | ||||||
Lands’ End, Inc.(b)(c) | 31,820 | 384,067 | ||||||
Laureate Education, Inc., Class A(c) | 231,233 | 3,573,706 | ||||||
La-Z-Boy, Inc. | 71,836 | 2,550,896 | ||||||
LCI Industries | 35,840 | 3,480,781 | ||||||
LGI Homes, Inc.(c) | 20,492 | 1,608,212 | ||||||
Libbey, Inc.(c) | 83,068 | 149,522 | ||||||
Lindblad Expeditions Holdings, Inc.(c) | 16,149 | 254,185 | ||||||
Liquidity Services, Inc.(c) | 54,814 | 355,743 | ||||||
Lumber Liquidators Holdings, Inc.(b)(c) | 92,766 | 856,230 | ||||||
M.D.C. Holdings, Inc. | 101,087 | 3,913,078 | ||||||
M/I Homes, Inc.(c) | 91,674 | 4,050,157 | ||||||
MakeMyTrip Ltd. (India)(c) | 26,435 | 608,534 | ||||||
Malibu Boats, Inc., Class A(c) | 8,837 | 288,263 | ||||||
MarineMax, Inc.(c) | 42,393 | 654,972 | ||||||
Marriott Vacations Worldwide Corp. | 28,023 | 3,080,568 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
MasterCraft Boat Holdings, Inc.(c) | 23,187 | $ | 365,195 | |||||
MercadoLibre, Inc. (Argentina)(c) | 4,534 | 2,364,572 | ||||||
Modine Manufacturing Co.(c) | 146,961 | 1,679,764 | ||||||
Monarch Casino & Resort, Inc.(c) | 10,091 | 435,830 | ||||||
Monro, Inc. | 25,846 | 1,812,063 | ||||||
Motorcar Parts of America, Inc.(c) | 37,150 | 708,079 | ||||||
Movado Group, Inc. | 23,389 | 609,283 | ||||||
Nathan’s Famous, Inc. | 6,272 | 477,299 | ||||||
National Vision Holdings, Inc.(c) | 55,469 | 1,320,162 | ||||||
Nautilus, Inc.(c) | 77,715 | 128,230 | ||||||
New Home Co., Inc. (The)(c) | 63,212 | 295,200 | ||||||
Ollie’s Bargain Outlet Holdings, | 19,194 | 1,226,113 | ||||||
Overstock.com, Inc.(c) | 56,412 | 594,018 | ||||||
Oxford Industries, Inc. | 22,197 | 1,528,485 | ||||||
Papa John’s International, Inc.(b) | 33,128 | 1,939,644 | ||||||
Party City Holdco, Inc.(b)(c) | 248,414 | 1,396,087 | ||||||
PetMed Express, Inc.(b) | 26,630 | 623,541 | ||||||
Pier 1 Imports, Inc.(b)(c) | 126,445 | 711,885 | ||||||
Planet Fitness, Inc., Class A(c) | 12,778 | 813,448 | ||||||
Playa Hotels & Resorts N.V.(c) | 81,546 | 680,094 | ||||||
PlayAGS, Inc.(c) | 9,344 | 107,830 | ||||||
Pool Corp. | 21,992 | 4,561,141 | ||||||
Potbelly Corp.(c) | 58,684 | 249,407 | ||||||
Quotient Technology, Inc.(c) | 50,550 | 435,236 | ||||||
RCI Hospitality Holdings, Inc. | 11,345 | 212,719 | ||||||
Red Lion Hotels Corp.(c) | 29,029 | 174,174 | ||||||
Red Robin Gourmet Burgers, Inc.(c) | 60,798 | 1,854,339 | ||||||
Red Rock Resorts, Inc., Class A | 72,646 | 1,582,230 | ||||||
Regis Corp.(c) | 79,051 | 1,628,451 | ||||||
Rent-A-Center, Inc. | 129,489 | 3,349,880 | ||||||
RH(b)(c) | 15,181 | 2,758,388 | ||||||
Rocky Brands, Inc. | 12,994 | 361,363 | ||||||
RTW RetailWinds, Inc.(c) | 106,566 | 157,718 | ||||||
Rubicon Project, Inc. (The)(c) | 57,348 | 487,458 | ||||||
Ruth’s Hospitality Group, Inc. | 24,084 | 495,649 | ||||||
Scientific Games Corp.(b)(c) | 98,618 | 2,365,846 | ||||||
SeaWorld Entertainment, Inc.(c) | 72,999 | 1,928,634 | ||||||
Shake Shack, Inc., Class A(c) | 5,882 | 483,971 | ||||||
Shiloh Industries, Inc.(c) | 39,105 | 141,560 | ||||||
Shoe Carnival, Inc.(b) | 19,960 | 662,472 | ||||||
Shutterstock, Inc.(c) | 11,750 | 476,815 | ||||||
Sleep Number Corp.(c) | 40,708 | 1,958,869 | ||||||
Sonic Automotive, Inc., Class A | 133,578 | 4,305,219 | ||||||
Sportsman’s Warehouse Holdings, Inc.(c) | 152,418 | 1,037,967 | ||||||
Stage Stores, Inc. | 183,945 | 437,789 | ||||||
Stamps.com, Inc.(c) | 5,371 | 453,474 | ||||||
Standard Motor Products, Inc. | 32,987 | 1,727,199 | ||||||
Stein Mart, Inc.(c) | 150,119 | 120,095 | ||||||
Steven Madden Ltd. | 87,643 | 3,609,139 | ||||||
Stitch Fix, Inc., Class A(b)(c) | 10,954 | 250,408 | ||||||
Stoneridge, Inc.(c) | 41,322 | 1,276,023 | ||||||
Strategic Education, Inc. | 8,162 | 1,004,171 | ||||||
Strattec Security Corp. | 5,530 | 125,144 | ||||||
Sturm Ruger & Co., Inc. | 27,053 | 1,237,945 | ||||||
Superior Group of Cos.Inc. | 12,439 | 179,992 | ||||||
Superior Industries International, Inc. | 220,308 | 572,801 | ||||||
Tailored Brands, Inc.(b) | 227,091 | 1,053,702 | ||||||
Texas Roadhouse, Inc. | 50,922 | 2,877,093 | ||||||
Tile Shop Holdings, Inc. | 51,909 | 87,207 | ||||||
Tilly’s, Inc., Class A | 40,267 | 413,139 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
TopBuild Corp.(c) | 51,709 | $ | 5,374,116 | |||||
Town Sports International Holdings, Inc.(c) | 49,591 | 113,068 | ||||||
Unifi, Inc.(c) | 46,918 | 1,280,861 | ||||||
Universal Electronics, Inc.(c) | 35,696 | 1,860,476 | ||||||
Veoneer, Inc. (Sweden)(b)(c) | 92,658 | 1,475,115 | ||||||
Vera Bradley, Inc.(c) | 70,393 | 757,429 | ||||||
Vista Outdoor, Inc.(c) | 369,339 | 2,474,571 | ||||||
Vitamin Shoppe, Inc.(c) | 189,424 | 1,223,679 | ||||||
Wayfair, Inc., Class A(b)(c) | 10,662 | 876,736 | ||||||
Wendy’s Co. (The) | 193,145 | 4,090,811 | ||||||
Weyco Group, Inc. | 12,690 | 313,062 | ||||||
William Lyon Homes, Class A(c) | 136,486 | 2,641,004 | ||||||
Wingstop, Inc. | 8,688 | 724,840 | ||||||
Winnebago Industries, Inc. | 45,500 | 2,187,185 | ||||||
Wolverine World Wide, Inc. | 88,642 | 2,630,895 | ||||||
WW International, Inc.(c) | 43,345 | 1,511,440 | ||||||
ZAGG, Inc.(b)(c) | 44,579 | 328,547 | ||||||
Zovio Inc.(c) | 71,692 | 140,516 | ||||||
Zumiez, Inc.(c) | 46,174 | 1,473,412 | ||||||
|
| |||||||
251,779,284 | ||||||||
|
| |||||||
ConsumerStaples-3.12% |
| |||||||
Adecoagro S.A. (Brazil)(c) | 269,506 | 1,598,171 | ||||||
Amira Nature Foods Ltd. (United Arab Emirates)(c) | 286,874 | 152,043 | ||||||
Andersons, Inc. (The) | 78,569 | 1,447,241 | ||||||
Boston Beer Co., Inc. (The), Class A(c) | 5,384 | 2,016,093 | ||||||
Calavo Growers, Inc. | 13,228 | 1,147,264 | ||||||
Cal-Maine Foods, Inc. | 48,379 | 1,929,838 | ||||||
Central Garden & Pet Co., | 73,957 | 2,091,504 | ||||||
Chefs’ Warehouse, Inc. (The)(c) | 30,513 | 1,010,743 | ||||||
Coca-Cola Consolidated, Inc. | 6,302 | 1,729,017 | ||||||
Craft Brew Alliance, Inc.(c) | 14,191 | 103,452 | ||||||
elf Beauty, Inc.(c) | 30,252 | 508,234 | ||||||
Energizer Holdings, Inc.(b) | 52,069 | 2,212,412 | ||||||
Farmer Brothers Co.(c) | 20,347 | 261,052 | ||||||
Fresh Del Monte Produce, Inc. | 91,378 | 2,914,958 | ||||||
Freshpet, Inc.(c) | 4,228 | 220,955 | ||||||
Hain Celestial Group, Inc. (The)(c) | 208,569 | 4,930,571 | ||||||
Hostess Brands, Inc.(c) | 145,294 | 1,856,857 | ||||||
Ingles Markets, Inc., Class A | 46,251 | 1,823,677 | ||||||
Inter Parfums, Inc. | 10,942 | 847,239 | ||||||
J&J Snack Foods Corp. | 11,237 | 2,143,570 | ||||||
John B. Sanfilippo & Son, Inc. | 15,758 | 1,672,239 | ||||||
Keurig Dr Pepper, Inc. | 106,499 | 2,999,012 | ||||||
Lancaster Colony Corp. | 16,690 | 2,322,914 | ||||||
Limoneira Co. | 9,108 | 172,323 | ||||||
Medifast, Inc. | 3,623 | 401,936 | ||||||
MGP Ingredients, Inc. | 5,619 | 240,999 | ||||||
National Beverage Corp.(b) | 7,530 | 331,019 | ||||||
Natural Grocers by Vitamin Cottage, Inc.(c) | 22,193 | 194,633 | ||||||
Natural Health Trends Corp. | 16,745 | 113,364 | ||||||
Pilgrim’s Pride Corp.(c) | 150,452 | 4,567,723 | ||||||
PriceSmart, Inc. | 37,858 | 2,805,278 | ||||||
Primo Water Corp.(c) | 16,627 | 201,104 | ||||||
Pyxus International, Inc.(b)(c) | 110,372 | 1,260,448 | ||||||
Revlon, Inc., Class A(b)(c) | 17,024 | 447,561 | ||||||
Seneca Foods Corp., Class A(c) | 13,776 | 487,395 | ||||||
Simply Good Foods Co. (The)(c) | 27,690 | 679,513 | ||||||
SpartanNash Co. | 132,530 | 1,735,480 |
Shares | Value | |||||||
Consumer Staples-(continued) |
| |||||||
Tootsie Roll Industries, Inc.(b) | 12,116 | $ | 415,336 | |||||
Turning Point Brands, Inc. | 4,812 | 100,426 | ||||||
USANA Health Sciences, Inc.(c) | 8,850 | 655,873 | ||||||
Vector Group Ltd. | 318,912 | 3,890,726 | ||||||
Village Super Market, Inc., Class A | 16,247 | 430,546 | ||||||
WD-40 Co. | 5,938 | 1,112,781 | ||||||
Weis Markets, Inc. | 27,171 | 1,045,812 | ||||||
|
| |||||||
59,229,332 | ||||||||
|
| |||||||
Energy-4.91% |
| |||||||
Abraxas Petroleum Corp.(c) | 169,468 | 49,146 | ||||||
Amplify Energy Corp. | 53,878 | 390,616 | ||||||
Apergy Corp.(c) | 95,809 | 2,411,513 | ||||||
Approach Resources, Inc.(c) | 193,726 | 17,823 | ||||||
Arch Coal, Inc., Class A | 24,878 | 1,962,625 | ||||||
Archrock, Inc. | 270,207 | 2,604,796 | ||||||
Ardmore Shipping Corp. (Ireland)(c) | 121,377 | 969,802 | ||||||
Basic Energy Services, Inc.(c) | 218,899 | 124,772 | ||||||
Berry Petroleum Corp. | 17,709 | 166,288 | ||||||
Bonanza Creek Energy, Inc.(c) | 37,758 | 672,848 | ||||||
Cactus, Inc., Class A(c) | 6,649 | 197,608 | ||||||
California Resources Corp.(b)(c) | 76,679 | 428,636 | ||||||
Callon Petroleum Co.(b)(c) | 306,074 | 1,163,081 | ||||||
CARBO Ceramics, Inc.(b)(c) | 135,702 | 196,768 | ||||||
Carrizo Oil & Gas, Inc.(b)(c) | 89,890 | 661,590 | ||||||
Centennial Resource Development, Inc., Class A(c) | 191,096 | 649,726 | ||||||
Cheniere Energy, Inc.(c) | 31,396 | 1,932,424 | ||||||
Clean Energy Fuels Corp.(c) | 267,333 | 601,499 | ||||||
CONSOL Energy, Inc.(c) | 85,253 | 1,127,897 | ||||||
Contango Oil & Gas Co.(b)(c) | 73,562 | 183,169 | ||||||
Core Laboratories N.V. | 48,012 | 2,114,449 | ||||||
CVR Energy, Inc. | 67,046 | 3,179,321 | ||||||
Denbury Resources, Inc.(c) | 1,015,724 | 1,013,794 | ||||||
DHT Holdings, Inc. | 293,175 | 2,266,243 | ||||||
DMC Global, Inc. | 6,856 | 306,737 | ||||||
Dorian LPG Ltd.(c) | 125,384 | 1,561,031 | ||||||
Dril-Quip, Inc.(c) | 75,610 | 3,101,522 | ||||||
Equitrans Midstream Corp. | 183,535 | 2,554,807 | ||||||
Era Group, Inc.(c) | 37,889 | 366,387 | ||||||
Exterran Corp.(c) | 123,642 | 1,566,544 | ||||||
Extraction Oil & Gas, Inc.(b)(c) | 381,211 | 648,059 | ||||||
Forum Energy Technologies, Inc.(c) | 309,315 | 358,805 | ||||||
Frank’s International N.V.(b)(c) | 157,936 | 773,886 | ||||||
FTS International, Inc.(c) | 36,322 | 55,209 | ||||||
GasLog Ltd. (Monaco) | 71,305 | 977,592 | ||||||
Geopark Ltd. (Colombia)(c) | 31,472 | 574,049 | ||||||
Geospace Technologies Corp.(c) | 25,151 | 366,953 | ||||||
Golar LNG Ltd. (Bermuda) | 89,067 | 1,226,453 | ||||||
Green Plains, Inc. | 239,076 | 2,947,807 | ||||||
Gulf Island Fabrication, Inc.(c) | 30,971 | 162,288 | ||||||
Hallador Energy Co. | 37,236 | 125,299 | ||||||
Helix Energy Solutions Group, | 384,555 | 3,303,327 | ||||||
HighPoint Resources Corp.(c) | 216,208 | 229,180 | ||||||
Hornbeck Offshore Services, Inc.(c) | 200,009 | 101,365 | ||||||
Independence Contract Drilling, Inc.(c) | 57,761 | 51,407 | ||||||
International Seaways, Inc.(c) | 85,425 | 2,147,585 | ||||||
ION Geophysical Corp.(c) | 25,111 | 236,797 | ||||||
Jagged Peak Energy, Inc.(b)(c) | 22,365 | 158,568 | ||||||
Key Energy Services, Inc.(c) | 156,549 | 186,810 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Energy-(continued) |
| |||||||
KLX Energy Services Holdings, | 13,487 | $ | 107,087 | |||||
Kosmos Energy Ltd. (Ghana) | 258,421 | 1,602,210 | ||||||
Laredo Petroleum, Inc.(c) | 247,156 | 583,288 | ||||||
Liberty Oilfield Services, Inc., Class A(b) | 34,448 | 317,266 | ||||||
Lonestar Resources US Inc., Class A(c) | 57,780 | 138,672 | ||||||
Mammoth Energy Services, Inc. | 14,740 | 23,584 | ||||||
Matador Resources Co.(c) | 83,353 | 1,159,440 | ||||||
Matrix Service Co.(c) | 75,192 | 1,410,602 | ||||||
Montage Resources Corp.(b)(c) | 13,911 | 62,878 | ||||||
NACCO Industries, Inc., Class A | 8,537 | 431,119 | ||||||
Navigator Holdings Ltd.(c) | 100,361 | 1,082,895 | ||||||
Newpark Resources, Inc.(c) | 171,973 | 1,031,838 | ||||||
NexTier Oilfield Solutions, Inc.(b)(c) | 288,262 | 1,245,292 | ||||||
Nine Energy Service, Inc.(c) | 17,624 | 99,576 | ||||||
Nordic American Tankers Ltd. | 914,726 | 3,274,719 | ||||||
Oil States International, Inc.(c) | 161,056 | 2,298,269 | ||||||
Overseas Shipholding Group, Inc., Class A(c) | 277,924 | 453,016 | ||||||
Pacific Ethanol, Inc.(c) | 354,255 | 195,903 | ||||||
Par Pacific Holdings, Inc.(c) | 92,459 | 2,094,196 | ||||||
Penn Virginia Corp.(c) | 7,451 | 177,334 | ||||||
ProPetro Holding Corp.(c) | 33,881 | 262,578 | ||||||
Renewable Energy Group, Inc.(c) | 86,088 | 1,406,678 | ||||||
REX American Resources Corp.(c) | 13,143 | 1,063,532 | ||||||
RigNet, Inc.(c) | 23,792 | 124,670 | ||||||
Ring Energy, Inc.(c) | 63,456 | 105,337 | ||||||
RPC, Inc.(b) | 95,936 | 397,175 | ||||||
SandRidge Energy, Inc.(c) | 174,751 | 765,409 | ||||||
Scorpio Tankers, Inc. (Monaco) | 138,743 | 4,413,415 | ||||||
SEACOR Holdings, Inc.(c) | 36,449 | 1,564,027 | ||||||
SEACOR Marine Holdings, Inc.(c) | 27,906 | 363,057 | ||||||
Select Energy Services, Inc., Class A(c) | 49,417 | 375,569 | ||||||
Ship Finance International Ltd. (Norway) | 218,073 | 3,155,516 | ||||||
SilverBow Resources, Inc.(c) | 12,621 | 99,706 | ||||||
Smart Sand, Inc.(c) | 70,857 | 165,097 | ||||||
Southwestern Energy Co.(c) | 700,076 | 1,435,156 | ||||||
SRC Energy, Inc.(c) | 413,332 | 1,289,596 | ||||||
Talos Energy, Inc.(c) | 13,572 | 292,205 | ||||||
Teekay Corp. (Bermuda) | 553,737 | 2,829,596 | ||||||
Teekay Tankers Ltd., Class A (Bermuda)(c) | 1,184,124 | 2,415,613 | ||||||
TETRA Technologies, Inc.(c) | 535,949 | 911,113 | ||||||
Tidewater, Inc.(c) | 71,667 | 1,163,155 | ||||||
Unit Corp.(c) | 152,525 | 311,151 | ||||||
US Silica Holdings, Inc.(b) | 178,714 | 797,064 | ||||||
W&T Offshore, Inc.(c) | 146,189 | 589,142 | ||||||
|
| |||||||
93,259,642 | ||||||||
|
| |||||||
Financials-18.17% |
| |||||||
1st Source Corp. | 20,680 | 1,058,402 | ||||||
AG Mortgage Investment Trust, Inc. | 80,164 | 1,253,765 | ||||||
Allegiance Bancshares, Inc.(c) | 8,316 | 276,590 | ||||||
Ambac Financial Group, Inc.(c) | 191,458 | 3,924,889 | ||||||
American National Insurance Co. | 17,096 | 2,051,178 | ||||||
Ameris Bancorp | 48,031 | 2,058,128 | ||||||
AMERISAFE, Inc. | 30,449 | 1,934,425 | ||||||
Anworth Mortgage Asset Corp. | 320,105 | 1,094,759 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 152,768 | 2,795,654 | ||||||
Arbor Realty Trust, Inc.(b) | 73,383 | 1,002,412 | ||||||
Ares Commercial Real Estate Corp. | 68,304 | 1,058,712 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Argo Group International Holdings Ltd. | 53,160 | $ | 3,289,009 | |||||
Arlington Asset Investment Corp., Class A | 91,991 | 531,708 | ||||||
ARMOUR Residential REIT, Inc. | 48,528 | 811,873 | ||||||
Artisan Partners Asset Management, Inc., Class A | 77,449 | 2,118,230 | ||||||
Ashford Inc.(c) | 1,160 | 27,520 | ||||||
Atlantic Capital Bancshares, Inc.(c) | 24,095 | 449,372 | ||||||
Atlantic Union Bankshares Corp. | 56,737 | 2,091,326 | ||||||
Axos Financial, Inc.(c) | 55,734 | 1,619,073 | ||||||
Banc of California, Inc. | 77,380 | 1,065,523 | ||||||
BancFirst Corp. | 17,326 | 1,003,002 | ||||||
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama) | 83,100 | 1,714,353 | ||||||
Bancorp, Inc. (The)(c) | 53,294 | 580,905 | ||||||
BancorpSouth Bank | 99,325 | 3,046,298 | ||||||
Bank of Marin Bancorp | 10,944 | 480,113 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 61,767 | 2,035,223 | ||||||
BankFinancial Corp. | 15,408 | 198,455 | ||||||
Banner Corp. | 33,503 | 1,808,492 | ||||||
Baycom Corp.(c) | 8,114 | 171,530 | ||||||
Berkshire Hills Bancorp, Inc. | 65,491 | 2,032,186 | ||||||
BGC Partners, Inc., Class A | 324,456 | 1,687,171 | ||||||
Blucora, Inc.(c) | 41,788 | 903,874 | ||||||
BOK Financial Corp. | 38,960 | 3,005,764 | ||||||
Boston Private Financial Holdings, Inc. | 150,968 | 1,698,390 | ||||||
Bridge Bancorp, Inc. | 19,996 | 647,870 | ||||||
Brookline Bancorp, Inc. | 105,515 | 1,656,586 | ||||||
Bryn Mawr Bank Corp. | 23,458 | 893,984 | ||||||
Byline Bancorp, Inc.(c) | 16,277 | 282,243 | ||||||
Cadence BanCorp | 69,914 | 1,075,277 | ||||||
Cannae Holdings, Inc.(c) | 111,302 | 3,250,018 | ||||||
Capitol Federal Financial, Inc. | 260,985 | 3,724,256 | ||||||
Capstead Mortgage Corp. | 329,226 | 2,544,917 | ||||||
Carolina Financial Corp. | 13,904 | 527,657 | ||||||
Cathay General Bancorp | 86,946 | 3,092,669 | ||||||
CBTX, Inc. | 14,790 | 423,734 | ||||||
CenterState Bank Corp. | 68,837 | 1,745,706 | ||||||
Central Pacific Financial Corp. | 36,898 | 1,067,090 | ||||||
Central Valley Community Bancorp | 13,962 | 290,828 | ||||||
Cherry Hill Mortgage Investment Corp. | 27,303 | 369,137 | ||||||
City Holding Co. | 17,374 | 1,378,453 | ||||||
Civista Bancshares, Inc. | 12,065 | 271,221 | ||||||
CNA Financial Corp. | 78,415 | 3,516,129 | ||||||
Cohen & Steers, Inc. | 28,989 | 1,897,040 | ||||||
Columbia Banking System, Inc. | 97,412 | 3,828,292 | ||||||
Columbia Financial, Inc.(c) | 24,904 | 410,667 | ||||||
Community Bank System, Inc. | 50,348 | 3,412,587 | ||||||
Community Trust Bancorp, Inc. | 25,665 | 1,124,384 | ||||||
ConnectOne Bancorp, Inc. | 35,506 | 862,086 | ||||||
Cowen, Inc., Class A(c) | 73,310 | 1,097,451 | ||||||
Credit Acceptance Corp.(c) | 6,157 | 2,695,596 | ||||||
Curo Group Holdings Corp.(c) | 34,086 | 476,863 | ||||||
Customers Bancorp, Inc.(c) | 68,456 | 1,614,193 | ||||||
CVB Financial Corp. | 90,753 | 1,885,847 | ||||||
Diamond Hill Investment Group, Inc. | 4,533 | 638,518 | ||||||
Dime Community Bancshares, Inc. | 61,029 | 1,177,249 | ||||||
Donegal Group, Inc., Class A | 12,118 | 178,377 | ||||||
Donnelley Financial Solutions, Inc.(c) | 114,995 | 1,299,444 | ||||||
Dynex Capital, Inc. | 52,790 | 853,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Eagle Bancorp, Inc. | 32,169 | $ | 1,452,109 | |||||
eHealth, Inc.(c) | 2,946 | 203,392 | ||||||
Elevate Credit, Inc.(c) | 48,663 | 199,032 | ||||||
Ellington Residential Mortgage REIT | 22,264 | 242,010 | ||||||
Employers Holdings, Inc. | 41,529 | 1,758,338 | ||||||
Encore Capital Group, Inc.(b)(c) | 57,337 | 1,903,015 | ||||||
Enova International, Inc.(c) | 70,212 | 1,649,280 | ||||||
Enstar Group Ltd. (Bermuda)(c) | 17,761 | 3,568,185 | ||||||
Entegra Financial Corp.(c) | 10,507 | 316,261 | ||||||
Enterprise Financial Services Corp. | 19,704 | 863,035 | ||||||
Equity Bancshares, Inc., Class A(c) | 14,463 | 401,493 | ||||||
Essent Group Ltd. | 72,723 | 3,788,141 | ||||||
Evercore, Inc., Class A | 32,167 | 2,368,778 | ||||||
Exantas Capital Corp. | 121,355 | 1,427,135 | ||||||
FactSet Research Systems, Inc. | 16,793 | 4,257,361 | ||||||
FB Financial Corp. | 17,662 | 665,328 | ||||||
FBL Financial Group, Inc., Class A | 18,443 | 1,058,259 | ||||||
Federal Agricultural Mortgage Corp., | 13,984 | 1,184,305 | ||||||
FedNat Holding Co. | 23,246 | 333,580 | ||||||
FGL Holdings | 396,775 | 3,582,878 | ||||||
Financial Institutions, Inc. | 25,507 | 801,685 | ||||||
First BanCorp | 320,250 | 3,369,030 | ||||||
First Bancorp/Southern Pines NC | 27,348 | 1,032,387 | ||||||
First Bancshares, Inc. (The) | 7,148 | 235,598 | ||||||
First Busey Corp. | 55,042 | 1,451,458 | ||||||
First Choice Bancorp | 7,912 | 176,912 | ||||||
First Citizens BancShares, Inc., Class A | 8,710 | 4,284,623 | ||||||
First Commonwealth Financial Corp. | 127,667 | 1,798,828 | ||||||
First Defiance Financial Corp. | 21,383 | 661,162 | ||||||
First Financial Bancorp | 79,378 | 1,860,620 | ||||||
First Financial Bankshares, Inc. | 69,432 | 2,310,697 | ||||||
First Financial Corp. | 22,335 | 979,836 | ||||||
First Financial Northwest, Inc. | 11,383 | 161,069 | ||||||
First Foundation, Inc. | 37,747 | 604,330 | ||||||
First Internet Bancorp | 13,314 | 302,760 | ||||||
First Interstate BancSystem, Inc., Class A | 36,671 | 1,538,715 | ||||||
First Merchants Corp. | 48,880 | 1,933,204 | ||||||
First Mid Bancshares, Inc. | 11,539 | 402,711 | ||||||
First Midwest Bancorp, Inc. | 129,692 | 2,663,874 | ||||||
First of Long Island Corp. (The) | 30,316 | 710,607 | ||||||
FirstCash, Inc. | 29,998 | 2,531,531 | ||||||
Flagstar Bancorp, Inc. | 48,836 | 1,774,700 | ||||||
Flushing Financial Corp. | 41,434 | 896,632 | ||||||
Focus Financial Partners, Inc., | 6,955 | 152,175 | ||||||
Franklin Financial Network, Inc. | 14,488 | 482,016 | ||||||
FS Bancorp, Inc. | 3,376 | 193,276 | ||||||
GAIN Capital Holdings, Inc.(b) | 71,197 | 300,451 | ||||||
German American Bancorp, Inc. | 19,460 | 643,153 | ||||||
Glacier Bancorp, Inc. | 79,785 | 3,376,501 | ||||||
Granite Point Mortgage Trust, Inc. | 65,306 | 1,214,692 | ||||||
Great Ajax Corp. | 30,941 | 484,227 | ||||||
Great Southern Bancorp, Inc. | 14,262 | 861,710 | ||||||
Great Western Bancorp, Inc. | 78,688 | 2,743,851 | ||||||
Green Dot Corp., Class A(c) | 23,725 | 684,229 | ||||||
Greenhill & Co., Inc. | 63,037 | 1,021,199 | ||||||
Greenlight Capital Re Ltd., Class A(c) | 92,886 | 1,003,169 | ||||||
Guaranty Bancshares, Inc. | 8,913 | 282,186 | ||||||
Hanmi Financial Corp. | 53,685 | 1,033,436 | ||||||
HarborOne Bancorp, Inc.(c) | 26,716 | 272,770 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
HCI Group, Inc. | 13,572 | $ | 570,703 | |||||
Health Insurance Innovations, Inc., Class A(b)(c) | 4,638 | 122,814 | ||||||
Heartland Financial USA, Inc. | 31,059 | 1,452,940 | ||||||
Heritage Commerce Corp. | 37,524 | 451,039 | ||||||
Heritage Financial Corp. | 30,215 | 831,819 | ||||||
Heritage Insurance Holdings, Inc. | 53,321 | 710,236 | ||||||
Hilltop Holdings, Inc. | 132,676 | 3,099,311 | ||||||
Home Bancorp, Inc. | 9,234 | 352,369 | ||||||
Home BancShares, Inc. | 167,639 | 3,097,969 | ||||||
HomeStreet, Inc.(c) | 38,294 | 1,149,203 | ||||||
Hope Bancorp, Inc. | 219,560 | 3,133,121 | ||||||
Horace Mann Educators Corp. | 82,934 | 3,612,605 | ||||||
Horizon Bancorp, Inc. | 39,309 | 717,586 | ||||||
Houlihan Lokey, Inc. | 24,757 | 1,170,016 | ||||||
Independent Bank Corp. | 27,120 | 2,226,010 | ||||||
Independent Bank Corp. | 17,944 | 403,919 | ||||||
Independent Bank Group, Inc. | 21,364 | 1,142,333 | ||||||
Interactive Brokers Group, Inc., Class A | 15,359 | 730,628 | ||||||
International Bancshares Corp. | 76,486 | 3,132,867 | ||||||
INTL. FCStone, Inc.(c) | 26,674 | 1,066,960 | ||||||
James River Group Holdings Ltd. | 59,620 | 2,134,992 | ||||||
Kearny Financial Corp. | 77,446 | 1,086,567 | ||||||
Kingstone Cos.Inc. | 9,484 | 76,536 | ||||||
Kinsale Capital Group, Inc. | 5,968 | 630,937 | ||||||
KKR Real Estate Finance Trust, | 23,611 | 473,401 | ||||||
Ladder Capital Corp. | 138,020 | 2,383,605 | ||||||
Lakeland Financial Corp. | 23,010 | 1,071,116 | ||||||
LCNB Corp. | 13,148 | 237,716 | ||||||
LendingClub Corp.(c) | 69,010 | 872,286 | ||||||
LendingTree, Inc.(b)(c) | 1,365 | 491,195 | ||||||
Live Oak Bancshares, Inc. | 33,930 | 615,830 | ||||||
Luther Burbank Corp. | 44,983 | 520,453 | ||||||
Maiden Holdings Ltd. | 562,534 | 323,457 | ||||||
MarketAxess Holdings, Inc. | 7,785 | 2,869,473 | ||||||
MBIA, Inc.(c) | 383,420 | 3,561,972 | ||||||
Mercantile Bank Corp. | 22,747 | 800,922 | ||||||
Mercury General Corp. | 61,146 | 2,938,677 | ||||||
Meridian Bancorp, Inc. | 50,448 | 986,763 | ||||||
Meta Financial Group, Inc. | 21,009 | 665,145 | ||||||
Metropolitan Bank Holding Corp.(c) | 8,212 | 352,623 | ||||||
Midland States Bancorp, Inc. | 27,084 | 725,851 | ||||||
MidWestOne Financial Group, Inc. | 18,474 | 602,160 | ||||||
Moelis & Co., Class A | 34,313 | 1,224,288 | ||||||
Morningstar, Inc. | 9,417 | 1,524,047 | ||||||
National Bank Holdings Corp., Class A | 23,293 | 801,279 | ||||||
National General Holdings Corp. | 88,714 | 1,891,383 | ||||||
National Western Life Group, Inc., Class A | 5,433 | 1,481,036 | ||||||
NBT Bancorp, Inc. | 59,050 | 2,347,238 | ||||||
Nelnet, Inc., Class A | 41,410 | 2,537,191 | ||||||
New York Mortgage Trust, Inc. | 433,102 | 2,711,219 | ||||||
Nicolet Bankshares, Inc.(c) | 9,337 | 644,066 | ||||||
NMI Holdings, Inc., Class A(c) | 23,762 | 695,039 | ||||||
Northfield Bancorp, Inc. | 63,511 | 1,080,322 | ||||||
Northrim BanCorp, Inc. | 10,661 | 415,246 | ||||||
Northwest Bancshares, Inc. | 159,855 | 2,696,754 | ||||||
OceanFirst Financial Corp. | 33,664 | 805,580 | ||||||
Ocwen Financial Corp.(c) | 951,716 | 1,608,400 | ||||||
OFG Bancorp | 79,820 | 1,621,144 | ||||||
Ohio Valley Banc Corp. | 4,478 | 164,522 |
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)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Old Line Bancshares, Inc. | 10,916 | $ | 319,621 | |||||
Old National Bancorp | 197,381 | 3,551,871 | ||||||
On Deck Capital, Inc.(c) | 99,861 | 445,380 | ||||||
Opus Bank | 35,180 | 872,112 | ||||||
Orchid Island Capital, Inc. | 78,200 | 435,574 | ||||||
Origin Bancorp, Inc. | 16,012 | 563,462 | ||||||
Oritani Financial Corp. | 87,013 | 1,623,663 | ||||||
Pacific Premier Bancorp, Inc. | 44,472 | 1,501,152 | ||||||
PCSB Financial Corp. | 15,865 | 321,425 | ||||||
Peapack-Gladstone Financial Corp. | 20,339 | 593,899 | ||||||
PennyMac Financial Services, | 31,556 | 982,338 | ||||||
Peoples Bancorp, Inc. | 22,492 | 735,713 | ||||||
Piper Jaffray Cos. | 17,590 | 1,381,519 | ||||||
PJT Partners, Inc., Class A | 3,948 | 163,960 | ||||||
PRA Group, Inc.(c) | 98,379 | 3,338,000 | ||||||
Preferred Bank | 11,531 | 614,718 | ||||||
Provident Financial Services, Inc. | 88,878 | 2,217,506 | ||||||
QCR Holdings, Inc. | 12,099 | 490,977 | ||||||
RBB Bancorp | 14,677 | 295,595 | ||||||
Ready Capital Corp. | 42,780 | 677,207 | ||||||
Redwood Trust, Inc. | 195,018 | 3,186,594 | ||||||
Regional Management Corp.(c) | 25,808 | 746,625 | ||||||
Renasant Corp. | 52,782 | 1,831,535 | ||||||
Republic Bancorp, Inc., Class A | 13,627 | 605,993 | ||||||
RLI Corp. | 52,472 | 5,106,575 | ||||||
S&T Bancorp, Inc. | 43,281 | 1,629,746 | ||||||
Safety Insurance Group, Inc. | 22,865 | 2,222,478 | ||||||
Sandy Spring Bancorp, Inc. | 39,331 | 1,356,920 | ||||||
Seacoast Banking Corp. of | 35,417 | 991,676 | ||||||
ServisFirst Bancshares, Inc. | 28,819 | 1,008,665 | ||||||
Sierra Bancorp | 15,551 | 423,609 | ||||||
Simmons First National Corp., Class A | 104,682 | 2,503,993 | ||||||
SmartFinancial, Inc.(c) | 11,932 | 251,169 | ||||||
South State Corp. | 47,915 | 3,778,577 | ||||||
Southern First Bancshares, Inc.(c) | 7,109 | 286,564 | ||||||
Southern National Bancorp of Virginia, Inc. | 23,012 | 364,510 | ||||||
Southside Bancshares, Inc. | 40,972 | 1,411,485 | ||||||
State Auto Financial Corp. | 22,565 | 746,676 | ||||||
Stewart Information Services Corp. | 55,460 | 2,269,423 | ||||||
Stock Yards Bancorp, Inc. | 22,048 | 880,597 | ||||||
TFS Financial Corp. | 36,651 | 705,898 | ||||||
Third Point Reinsurance Ltd. (Bermuda)(c) | 188,409 | 1,788,001 | ||||||
Towne Bank | 66,834 | 1,877,367 | ||||||
TPG RE Finance Trust, Inc. | 64,114 | 1,297,026 | ||||||
TriCo Bancshares | 20,631 | 776,345 | ||||||
TriState Capital Holdings, Inc.(c) | 27,003 | 624,309 | ||||||
Triumph Bancorp, Inc.(c) | 20,458 | 663,862 | ||||||
TrustCo Bank Corp. NY | 156,123 | 1,348,903 | ||||||
Trustmark Corp. | 105,017 | 3,604,183 | ||||||
United Community Banks, Inc. | 75,032 | 2,266,717 | ||||||
United Financial Bancorp, Inc. | 81,764 | 1,154,508 | ||||||
United Fire Group, Inc. | 33,581 | 1,528,607 | ||||||
United Insurance Holdings Corp. | 26,415 | 323,848 | ||||||
Universal Insurance Holdings, Inc. | 38,429 | 1,041,810 | ||||||
Univest Financial Corp. | 42,756 | 1,100,967 | ||||||
Veritex Holdings, Inc. | 10,168 | 250,336 | ||||||
Virtus Investment Partners, Inc. | 12,315 | 1,335,931 | ||||||
Walker & Dunlop, Inc. | 40,893 | 2,575,850 | ||||||
Washington Trust Bancorp, Inc. | 19,994 | 1,021,493 | ||||||
WesBanco, Inc. | 57,785 | 2,172,138 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Westamerica Bancorp | 26,844 | $ | 1,772,241 | |||||
Western Asset Mortgage Capital Corp. | 161,621 | 1,622,675 | ||||||
Westwood Holdings Group, Inc. | 15,038 | 454,599 | ||||||
WisdomTree Investments, Inc. | 151,879 | 776,102 | ||||||
World Acceptance Corp.(c) | 12,855 | 1,334,478 | ||||||
WSFS Financial Corp. | 30,116 | 1,269,992 | ||||||
|
| |||||||
344,803,851 | ||||||||
|
| |||||||
HealthCare-8.36% | ||||||||
ABIOMED, Inc.(c) | 3,639 | 755,384 | ||||||
ACADIA Pharmaceuticals, Inc.(c) | 11,079 | 469,860 | ||||||
Acceleron Pharma, Inc.(c) | 7,148 | 320,731 | ||||||
Accuray, Inc.(c) | 67,308 | 175,001 | ||||||
Achillion Pharmaceuticals, Inc.(c) | 157,730 | 1,011,049 | ||||||
Aclaris Therapeutics, Inc.(b)(c) | 27,597 | 48,295 | ||||||
Acorda Therapeutics, Inc.(c) | 59,212 | 97,700 | ||||||
Addus HomeCare Corp.(c) | 6,250 | 526,312 | ||||||
Aduro Biotech, Inc.(c) | 55,093 | 62,806 | ||||||
Adverum Biotechnologies, Inc.(c) | 44,594 | 324,198 | ||||||
Agios Pharmaceuticals, Inc.(b)(c) | 6,504 | 195,640 | ||||||
Akorn, Inc.(c) | 438,022 | 2,185,730 | ||||||
Align Technology, Inc.(c) | 12,879 | 3,249,243 | ||||||
Alkermes PLC(c) | 57,375 | 1,120,534 | ||||||
Allscripts Healthcare Solutions, Inc.(c) | 268,858 | 2,941,307 | ||||||
Alnylam Pharmaceuticals, Inc.(c) | 20,156 | 1,748,331 | ||||||
AMAG Pharmaceuticals, Inc.(b)(c) | 85,234 | 827,196 | ||||||
Amedisys, Inc.(c) | 11,347 | 1,458,316 | ||||||
American Renal Associates Holdings, Inc.(c) | 34,156 | 284,178 | ||||||
Amicus Therapeutics, Inc.(c) | 33,191 | 279,800 | ||||||
AMN Healthcare Services, Inc.(c) | 46,165 | 2,712,655 | ||||||
Amneal Pharmaceuticals, Inc.(c) | 46,182 | 142,241 | ||||||
Amphastar Pharmaceuticals, Inc.(c) | 19,323 | 373,224 | ||||||
AnaptysBio, Inc.(c) | 3,859 | 145,561 | ||||||
AngioDynamics, Inc.(c) | 42,691 | 653,172 | ||||||
ANI Pharmaceuticals, Inc.(c) | 4,639 | 362,352 | ||||||
Anika Therapeutics, Inc.(c) | 15,805 | 1,112,514 | ||||||
Arena Pharmaceuticals, Inc.(c) | 5,254 | 255,949 | ||||||
Assertio Therapeutics, Inc.(c) | 195,904 | 154,784 | ||||||
Atara Biotherapeutics, Inc.(c) | 4,259 | 46,508 | ||||||
AtriCure, Inc.(c) | 7,859 | 208,971 | ||||||
Atrion Corp. | 541 | 456,296 | ||||||
Avanos Medical, Inc.(c) | 50,354 | 2,217,590 | ||||||
Bio-Techne Corp. | 13,596 | 2,830,279 | ||||||
BioTelemetry, Inc.(c) | 6,501 | 255,879 | ||||||
Bluebird Bio, Inc.(c) | 13,121 | 1,062,801 | ||||||
Blueprint Medicines Corp.(c) | 8,253 | 568,137 | ||||||
Bruker Corp. | 45,339 | 2,017,585 | ||||||
Cambrex Corp.(c) | 40,892 | 2,442,479 | ||||||
Cantel Medical Corp. | 13,975 | 1,018,638 | ||||||
Capital Senior Living Corp.(c) | 89,182 | 366,538 | ||||||
Cardiovascular Systems, Inc.(c) | 7,296 | 324,818 | ||||||
Celldex Therapeutics, Inc.(b)(c) | 39,942 | 89,470 | ||||||
Chemed Corp. | 7,570 | 2,981,899 | ||||||
Chimerix, Inc.(c) | 103,761 | 148,378 | ||||||
Clovis Oncology, Inc.(b)(c) | 14,129 | 44,789 | ||||||
Computer Programs & Systems, Inc. | 19,516 | 450,234 | ||||||
Concert Pharmaceuticals, Inc.(c) | 17,003 | 105,929 | ||||||
CONMED Corp. | 22,159 | 2,437,933 | ||||||
Corcept Therapeutics, Inc.(c) | 18,119 | 264,356 | ||||||
CorVel Corp.(c) | 6,567 | 519,581 |
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)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Cross Country Healthcare, Inc.(c) | 91,035 | $ | 984,088 | |||||
CryoLife, Inc.(c) | 15,002 | 336,795 | ||||||
Cutera, Inc.(c) | 9,389 | 295,753 | ||||||
DexCom, Inc.(c) | 5,402 | 833,204 | ||||||
Diplomat Pharmacy, Inc.(c) | 205,834 | 1,119,737 | ||||||
Dynavax Technologies Corp.(b)(c) | 19,406 | 98,777 | ||||||
Eagle Pharmaceuticals, Inc.(c) | 6,290 | 394,383 | ||||||
Editas Medicine, Inc.(c) | 10,719 | 223,384 | ||||||
Elanco Animal Health, Inc.(c) | 17,146 | 463,285 | ||||||
Emergent BioSolutions, Inc.(c) | 27,678 | 1,582,074 | ||||||
Enanta Pharmaceuticals, Inc.(c) | 4,994 | 304,035 | ||||||
Endo International PLC(c) | 284,366 | 1,305,240 | ||||||
Endologix, Inc.(b)(c) | 37,689 | 92,338 | ||||||
Ensign Group, Inc. (The) | 32,170 | 1,359,182 | ||||||
Enzo Biochem, Inc.(c) | 54,518 | 172,277 | ||||||
Epizyme, Inc.(c) | 15,627 | 179,867 | ||||||
Esperion Therapeutics, Inc.(c) | 4,812 | 191,373 | ||||||
Evolent Health, Inc., Class A(c) | 59,611 | 454,236 | ||||||
Exact Sciences Corp.(c) | 6,836 | 594,732 | ||||||
Exelixis, Inc.(c) | 18,538 | 286,412 | ||||||
FibroGen, Inc.(c) | 10,800 | 422,820 | ||||||
Five Prime Therapeutics, Inc.(c) | 28,863 | 114,009 | ||||||
Flexion Therapeutics, Inc.(b)(c) | 16,649 | 285,863 | ||||||
FONAR Corp.(c) | 8,738 | 177,644 | ||||||
Genesis Healthcare, Inc.(c) | 171,116 | 219,028 | ||||||
Genomic Health, Inc.(c) | 3,060 | 204,041 | ||||||
Glaukos Corp.(b)(c) | 2,862 | 182,681 | ||||||
Global Blood Therapeutics, Inc.(c) | 5,776 | 276,959 | ||||||
Globus Medical, Inc., Class A(c) | 36,699 | 1,921,927 | ||||||
Haemonetics Corp.(c) | 23,714 | 2,862,991 | ||||||
Halozyme Therapeutics, Inc.(c) | 16,971 | 259,996 | ||||||
HealthEquity, Inc.(c) | 7,549 | 428,708 | ||||||
HealthStream, Inc.(c) | 18,249 | 512,067 | ||||||
Heska Corp.(c) | 2,295 | 185,941 | ||||||
HMS Holdings Corp.(c) | 49,136 | 1,606,256 | ||||||
Horizon Therapeutics PLC(c) | 75,862 | 2,193,170 | ||||||
ICU Medical, Inc.(c) | 6,668 | 1,077,615 | ||||||
IDEXX Laboratories, Inc.(c) | 15,789 | 4,500,023 | ||||||
Incyte Corp.(c) | 25,914 | 2,174,703 | ||||||
Innoviva, Inc.(c) | 30,811 | 358,024 | ||||||
Inogen, Inc.(c) | 2,941 | 160,093 | ||||||
Inovio Pharmaceuticals, Inc.(b)(c) | 42,367 | 90,242 | ||||||
Insmed, Inc.(c) | 14,078 | 261,710 | ||||||
Insulet Corp.(c) | 4,800 | 697,536 | ||||||
Integer Holdings Corp.(c) | 29,684 | 2,298,729 | ||||||
Integra LifeSciences Holdings Corp.(c) | 39,274 | 2,280,248 | ||||||
Intellia Therapeutics, Inc.(b)(c) | 18,108 | 226,078 | ||||||
Intersect ENT, Inc.(c) | 4,995 | 89,011 | ||||||
Intra-Cellular Therapies, Inc.(c) | 28,019 | 259,176 | ||||||
Intrexon Corp.(b)(c) | 44,719 | 227,173 | ||||||
Invacare Corp. | 107,032 | 826,287 | ||||||
Ionis Pharmaceuticals, Inc.(c) | 9,055 | 504,545 | ||||||
Lannett Co., Inc.(c) | 126,961 | 1,509,566 | ||||||
Lantheus Holdings, Inc.(c) | 27,594 | 575,335 | ||||||
LeMaitre Vascular, Inc. | 7,952 | 275,139 | ||||||
LHC Group, Inc.(c) | 12,610 | 1,399,332 | ||||||
Ligand Pharmaceuticals, Inc.(c) | 5,741 | 624,678 | ||||||
LivaNova PLC(c) | 29,905 | 2,115,181 | ||||||
Luminex Corp. | 31,083 | 637,046 | ||||||
MacroGenics, Inc.(c) | 16,435 | 139,697 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Masimo Corp.(c) | 15,514 | $ | 2,261,786 | |||||
Medicines Co. (The)(b)(c) | 11,948 | 627,151 | ||||||
Medpace Holdings, Inc.(c) | 11,306 | 832,461 | ||||||
Meridian Bioscience, Inc. | 61,633 | 603,387 | ||||||
Merit Medical Systems, Inc.(c) | 24,904 | 514,392 | ||||||
Merrimack Pharmaceuticals, Inc. | 51,387 | 202,979 | ||||||
Mesa Laboratories, Inc. | 924 | 210,441 | ||||||
Momenta Pharmaceuticals, Inc.(c) | 26,531 | 410,700 | ||||||
MyoKardia, Inc.(c) | 5,307 | 304,250 | ||||||
Myriad Genetics, Inc.(c) | 71,480 | 2,406,732 | ||||||
National Research Corp. | 9,435 | 541,852 | ||||||
Natus Medical, Inc.(c) | 39,604 | 1,333,863 | ||||||
Nektar Therapeutics(c) | 5,980 | 102,407 | ||||||
Neogen Corp.(c) | 19,843 | 1,290,986 | ||||||
NeoGenomics, Inc.(c) | 11,248 | 257,917 | ||||||
Neurocrine Biosciences, Inc.(c) | 4,999 | 497,351 | ||||||
Nevro Corp.(c) | 7,400 | 637,880 | ||||||
NewLink Genetics Corp.(c) | 106,201 | 157,177 | ||||||
NextGen Healthcare, Inc.(c) | 62,343 | 1,053,908 | ||||||
NuVasive, Inc.(c) | 41,010 | 2,892,845 | ||||||
Omnicell, Inc.(c) | 15,814 | 1,113,147 | ||||||
OPKO Health, Inc.(b)(c) | 507,575 | 720,756 | ||||||
Option Care Health, Inc.(c) | 190,927 | 675,882 | ||||||
OraSure Technologies, Inc.(c) | 38,532 | 329,063 | ||||||
Orthofix Medical, Inc.(c) | 11,755 | 494,063 | ||||||
Pacira BioSciences, Inc.(c) | 11,239 | 455,067 | ||||||
PDL BioPharma, Inc.(c) | 864,763 | 2,438,632 | ||||||
Pennant Group, Inc. (The)(c) | 16,085 | 289,369 | ||||||
Penumbra, Inc.(c) | 3,414 | 532,482 | ||||||
PetIQ, Inc.(c) | 5,421 | 134,007 | ||||||
Phibro Animal Health Corp., Class A | 20,136 | 482,459 | ||||||
Portola Pharmaceuticals, Inc.(c) | 12,113 | 350,187 | ||||||
PRA Health Sciences, Inc.(c) | 25,397 | 2,481,541 | ||||||
Premier, Inc., Class A(c) | 45,631 | 1,486,658 | ||||||
Prestige Consumer Healthcare Inc.(c) | 110,409 | 3,915,103 | ||||||
Prothena Corp. PLC (Ireland)(c) | 33,799 | 307,571 | ||||||
Providence Service Corp. (The)(c) | 22,419 | 1,431,902 | ||||||
PTC Therapeutics, Inc.(c) | 5,953 | 243,418 | ||||||
Quidel Corp.(c) | 7,103 | 404,161 | ||||||
Quorum Health Corp.(b)(c) | 160,514 | 178,171 | ||||||
R1 RCM, Inc.(c) | 53,397 | 567,610 | ||||||
Radius Health, Inc.(c) | 12,543 | 356,723 | ||||||
RadNet, Inc.(c) | 74,630 | 1,165,721 | ||||||
REGENXBIO, Inc.(c) | 3,662 | 130,697 | ||||||
Repligen Corp.(c) | 12,768 | 1,014,928 | ||||||
Retrophin, Inc.(c) | 17,354 | 208,248 | ||||||
Revance Therapeutics, Inc.(c) | 11,988 | 187,732 | ||||||
Sage Therapeutics, Inc.(c) | 3,066 | 415,903 | ||||||
Sangamo Therapeutics, Inc.(c) | 25,400 | 229,870 | ||||||
Sarepta Therapeutics, Inc.(c) | 5,897 | 489,805 | ||||||
SeaSpine Holdings Corp.(c) | 10,618 | 146,953 | ||||||
Seattle Genetics, Inc.(c) | 10,212 | 1,096,769 | ||||||
Sorrento Therapeutics, Inc.(b)(c) | 94,963 | 144,344 | ||||||
Spark Therapeutics, Inc.(c) | 9,482 | 1,035,150 | ||||||
Spectrum Pharmaceuticals, Inc.(c) | 39,970 | 310,167 | ||||||
Supernus Pharmaceuticals, Inc.(c) | 13,360 | 371,274 | ||||||
Surgery Partners, Inc.(b)(c) | 64,018 | 508,943 | ||||||
Surmodics, Inc.(c) | 4,582 | 217,691 | ||||||
Syneos Health, Inc.(c) | 58,787 | 2,948,168 | ||||||
Tabula Rasa HealthCare, Inc.(b)(c) | 3,614 | 184,097 |
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)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Tactile Systems Technology, | 2,069 | $ | 93,974 | |||||
Taro Pharmaceutical Industries Ltd. | 13,793 | 1,115,026 | ||||||
Teladoc Health, Inc.(b)(c) | 9,222 | 706,405 | ||||||
Tivity Health, Inc.(c) | 69,286 | 1,123,126 | ||||||
TransEnterix, Inc.(c) | 52,501 | 11,981 | ||||||
Triple-S Management Corp., Class B(c) | 124,791 | 1,888,088 | ||||||
Ultragenyx Pharmaceutical, | 6,726 | 269,982 | ||||||
US Physical Therapy, Inc. | 6,123 | 866,221 | ||||||
Utah Medical Products, Inc. | 2,356 | 241,419 | ||||||
Vanda Pharmaceuticals, Inc.(c) | 10,145 | 137,059 | ||||||
Varex Imaging Corp.(c) | 53,851 | 1,616,069 | ||||||
Veeva Systems, Inc., Class A(c) | 13,157 | 1,866,057 | ||||||
Vertex Pharmaceuticals, Inc.(c) | 18,183 | 3,554,413 | ||||||
Vocera Communications, Inc.(c) | 6,650 | 132,468 | ||||||
West Pharmaceutical Services, Inc. | 35,682 | 5,132,499 | ||||||
Wright Medical Group N.V.(c) | 31,563 | 656,510 | ||||||
Xencor, Inc.(c) | 7,373 | 252,230 | ||||||
Zogenix, Inc.(b)(c) | 6,365 | 284,197 | ||||||
|
| |||||||
158,568,212 | ||||||||
|
| |||||||
Industrials-19.88% | ||||||||
AAON, Inc. | 18,244 | 887,753 | ||||||
AAR Corp. | 60,616 | 2,530,718 | ||||||
ACCO Brands Corp. | 365,566 | 3,344,929 | ||||||
Actuant Corp., Class A | 68,642 | 1,700,262 | ||||||
ADT, Inc.(b) | 157,020 | 1,215,335 | ||||||
Advanced Disposal Services, | 115,429 | 3,783,763 | ||||||
Advanced Drainage Systems, Inc. | 46,777 | 1,731,685 | ||||||
Aegion Corp.(c) | 92,100 | 1,995,807 | ||||||
Aerojet Rocketdyne Holdings, | 47,584 | 2,057,056 | ||||||
AeroVironment, Inc.(c) | 7,987 | 463,086 | ||||||
Air Transport Services Group, | 78,470 | 1,640,808 | ||||||
Aircastle Ltd. | 170,558 | 4,642,589 | ||||||
Alamo Group, Inc. | 12,178 | 1,303,777 | ||||||
Alaska Air Group, Inc. | 53,946 | 3,745,471 | ||||||
Albany International Corp. | 22,091 | 1,855,202 | ||||||
Allegiant Travel Co. | 6,424 | 1,074,928 | ||||||
Allied Motion Technologies, Inc. | 5,308 | 200,961 | ||||||
Altra Industrial Motion Corp. | 42,113 | 1,297,080 | ||||||
AMERCO | 9,436 | 3,821,957 | ||||||
Ameresco, Inc., Class A(c) | 28,710 | 423,185 | ||||||
American Woodmark Corp.(c) | 21,529 | 2,134,816 | ||||||
Apogee Enterprises, Inc. | 48,421 | 1,817,724 | ||||||
Applied Industrial Technologies, Inc. | 62,997 | 3,769,740 | ||||||
ARC Document Solutions, Inc.(c) | 163,551 | 222,429 | ||||||
ArcBest Corp. | 72,319 | 2,089,296 | ||||||
Argan, Inc. | 22,602 | 855,486 | ||||||
Armstrong Flooring, Inc.(c) | 97,506 | 598,687 | ||||||
Armstrong World Industries, Inc. | 38,185 | 3,571,443 | ||||||
Arotech Corp.(c) | 48,416 | 143,796 | ||||||
ASGN, Inc.(c) | 56,415 | 3,587,430 | ||||||
Astec Industries, Inc. | 45,079 | 1,581,822 | ||||||
Astronics Corp.(c) | 24,416 | 706,599 | ||||||
Atento S.A. (Spain)(b)(c) | 99,295 | 297,885 | ||||||
Atkore International Group, Inc.(c) | 80,354 | 2,788,284 | ||||||
Atlas Air Worldwide Holdings, | 23,019 | 504,807 | ||||||
Axon Enterprise, Inc.(c) | 9,192 | 469,987 | ||||||
AZZ, Inc. | 38,858 | 1,507,302 | ||||||
Babcock & Wilcox Enterprises, Inc.(b)(c) | 44,823 | 205,738 | ||||||
Barnes Group, Inc. | 49,565 | 2,897,074 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Barrett Business Services, Inc. | 9,365 | $ | 821,591 | |||||
BG Staffing, Inc. | 9,244 | 176,838 | ||||||
Blue Bird Corp.(c) | 17,798 | 347,773 | ||||||
BlueLinx Holdings, Inc.(b)(c) | 54,000 | 1,688,040 | ||||||
BMC Stock Holdings, Inc.(c) | 165,579 | 4,468,977 | ||||||
Brady Corp., Class A | 48,308 | 2,721,673 | ||||||
Briggs & Stratton Corp. | 183,189 | 1,350,103 | ||||||
BrightView Holdings, Inc.(c) | 44,704 | 795,731 | ||||||
Brink’s Co. (The) | 47,515 | 4,036,874 | ||||||
BWX Technologies, Inc. | 61,394 | 3,566,991 | ||||||
Caesarstone Ltd. | 45,787 | 773,342 | ||||||
CAI International, Inc.(c) | 50,950 | 1,211,081 | ||||||
Casella Waste Systems, Inc., Class A(c) | 20,764 | 905,103 | ||||||
CBIZ, Inc.(c) | 72,311 | 1,979,152 | ||||||
CECO Environmental Corp.(c) | 53,669 | 368,169 | ||||||
Chart Industries, Inc.(c) | 24,135 | 1,415,035 | ||||||
China Yuchai International Ltd. (China) | 46,317 | 641,490 | ||||||
Cimpress N.V. (Netherlands)(c) | 18,841 | 2,489,273 | ||||||
CIRCOR International, Inc.(c) | 33,270 | 1,273,908 | ||||||
Civeo Corp.(c) | 371,481 | 393,770 | ||||||
Columbus McKinnon Corp. | 27,771 | 1,041,968 | ||||||
Comfort Systems USA, Inc. | 36,270 | 1,828,371 | ||||||
Commercial Vehicle Group, Inc.(c) | 103,884 | 757,314 | ||||||
Continental Building Products, | 48,740 | 1,457,813 | ||||||
Copa Holdings S.A., Class A (Panama) | 15,621 | 1,589,281 | ||||||
Copart, Inc.(c) | 69,545 | 5,747,199 | ||||||
Cornerstone Building Brands, Inc.(c) | 90,664 | 566,650 | ||||||
Corporacion America Airports S.A. (Argentina)(c) | 85,187 | 337,340 | ||||||
Costamare, Inc. (Monaco) | 305,970 | 2,404,924 | ||||||
Covenant Transportation Group, Inc., Class A(c) | 37,027 | 569,105 | ||||||
CRA International, Inc. | 13,256 | 652,858 | ||||||
CSW Industrials, Inc. | 14,120 | 977,386 | ||||||
Cubic Corp. | 24,971 | 1,841,362 | ||||||
Daseke, Inc.(b)(c) | 253,021 | 680,626 | ||||||
Diana Shipping, Inc. (Greece)(c) | 182,573 | 670,043 | ||||||
Douglas Dynamics, Inc. | 31,008 | 1,452,105 | ||||||
Ducommun, Inc.(c) | 22,379 | 1,109,551 | ||||||
DXP Enterprises, Inc.(c) | 41,329 | 1,426,677 | ||||||
Eagle Bulk Shipping, Inc.(c) | 83,073 | 360,537 | ||||||
Echo Global Logistics, Inc.(c) | 71,301 | 1,419,603 | ||||||
Encore Wire Corp. | 28,009 | 1,574,106 | ||||||
Ennis, Inc. | 52,335 | 1,025,243 | ||||||
EnPro Industries, Inc. | 28,193 | 1,960,823 | ||||||
ESCO Technologies, Inc. | 20,122 | 1,700,108 | ||||||
Evoqua Water Technologies | 89,541 | 1,555,327 | ||||||
Exponent, Inc. | 18,537 | 1,177,656 | ||||||
Federal Signal Corp. | 63,099 | 2,046,932 | ||||||
Forrester Research, Inc. | 7,739 | 266,841 | ||||||
Forward Air Corp. | 25,523 | 1,765,426 | ||||||
Foundation Building Materials, | 64,759 | 1,203,870 | ||||||
Franklin Covey Co.(c) | 9,454 | 361,143 | ||||||
Franklin Electric Co., Inc. | 40,558 | 2,184,048 | ||||||
FreightCar America, Inc.(b)(c) | 72,744 | 242,965 | ||||||
FTI Consulting, Inc.(c) | 51,830 | 5,642,732 | ||||||
FuelCell Energy, Inc.(c) | 25,724 | 6,130 | ||||||
Gardner Denver Holdings, Inc.(c) | 103,196 | 3,284,729 | ||||||
Gates Industrial Corp. PLC(b)(c) | 54,375 | 543,750 | ||||||
Genco Shipping & Trading Ltd.(c) | 33,302 | 329,024 |
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)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Generac Holdings, Inc.(c) | 71,400 | $ | 6,895,812 | |||||
General Finance Corp.(c) | 22,803 | 223,013 | ||||||
Gibraltar Industries, Inc.(c) | 43,161 | 2,297,460 | ||||||
GMS, Inc.(c) | 106,975 | 3,204,971 | ||||||
Gorman-Rupp Co. (The) | 17,605 | 650,329 | ||||||
GP Strategies Corp.(c) | 35,887 | 398,346 | ||||||
GrafTech International Ltd. | 18,541 | 223,975 | ||||||
Graham Corp. | 10,007 | 226,759 | ||||||
Granite Construction, Inc. | 64,904 | 1,527,840 | ||||||
Greenbrier Cos., Inc. (The) | 83,304 | 2,439,974 | ||||||
Griffon Corp. | 93,086 | 1,983,663 | ||||||
H&E Equipment Services, Inc. | 76,700 | 2,603,198 | ||||||
Harsco Corp.(c) | 135,706 | 2,750,761 | ||||||
Hawaiian Holdings, Inc. | 41,438 | 1,185,541 | ||||||
HC2 Holdings, Inc.(b)(c) | 282,684 | 667,134 | ||||||
Healthcare Services Group, Inc.(b) | 64,236 | 1,564,789 | ||||||
Heartland Express, Inc. | 48,298 | 1,009,428 | ||||||
HEICO Corp. | 12,621 | 1,556,674 | ||||||
HEICO Corp., Class A | 24,574 | 2,341,165 | ||||||
Heidrick & Struggles International, Inc. | 23,002 | 654,637 | ||||||
Helios Technologies, Inc. | 23,975 | 950,129 | ||||||
Herc Holdings, Inc.(c) | 53,645 | 2,374,328 | ||||||
Heritage-Crystal Clean, Inc.(c) | 15,670 | 415,882 | ||||||
Herman Miller, Inc. | 90,208 | 4,194,672 | ||||||
Hillenbrand, Inc. | 78,742 | 2,424,466 | ||||||
HNI Corp. | 82,545 | 3,136,710 | ||||||
Hudson Technologies, Inc.(b)(c) | 176,405 | 111,082 | ||||||
Huron Consulting Group, Inc.(c) | 31,136 | 2,059,335 | ||||||
Hyster-Yale Materials Handling, Inc. | 25,829 | 1,310,047 | ||||||
ICF International, Inc. | 27,039 | 2,316,972 | ||||||
InnerWorkings, Inc.(c) | 154,633 | 749,970 | ||||||
Insperity, Inc. | 19,728 | 2,083,869 | ||||||
Insteel Industries, Inc. | 34,451 | 656,981 | ||||||
Interface, Inc. | 92,582 | 1,539,639 | ||||||
JELD-WEN Holding, Inc.(c) | 175,068 | 2,991,912 | ||||||
John Bean Technologies Corp. | 20,111 | 2,066,807 | ||||||
Kadant, Inc. | 9,574 | 869,319 | ||||||
Kaman Corp. | 33,386 | 1,958,757 | ||||||
Kelly Services, Inc., Class A | 81,226 | 1,950,236 | ||||||
Kforce, Inc. | 30,466 | 1,246,364 | ||||||
Kimball International, Inc., Class B | 56,092 | 1,142,033 | ||||||
Knoll, Inc. | 85,771 | 2,293,517 | ||||||
Korn Ferry | 54,744 | 2,008,557 | ||||||
Kornit Digital Ltd. (Israel)(c) | 8,047 | 273,518 | ||||||
Kratos Defense & Security Solutions, Inc.(c) | 70,494 | 1,330,927 | ||||||
Lawson Products, Inc.(c) | 7,160 | 329,002 | ||||||
LB Foster Co., Class A(c) | 22,995 | 418,509 | ||||||
Lindsay Corp. | 12,139 | 1,146,043 | ||||||
LSC Communications, Inc. | 317,825 | 309,879 | ||||||
LSI Industries, Inc. | 52,918 | 274,644 | ||||||
Lydall, Inc.(c) | 42,868 | 838,927 | ||||||
Manitex International, Inc.(c) | 32,263 | 179,382 | ||||||
Manitowoc Co., Inc. (The)(c) | 68,176 | 869,926 | ||||||
Marten Transport Ltd. | 53,112 | 1,150,406 | ||||||
Masonite International Corp.(c) | 54,273 | 3,332,905 | ||||||
Matson, Inc. | 19,408 | 740,997 | ||||||
Matthews International Corp., Class A | 55,036 | 2,035,231 | ||||||
McGrath RentCorp. | 33,948 | 2,590,572 | ||||||
Mercury Systems, Inc.(c) | 17,667 | 1,301,351 | ||||||
Mesa Air Group, Inc.(c) | 59,581 | 454,007 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Milacron Holdings Corp.(c) | 157,830 | $ | 2,638,918 | |||||
Mistras Group, Inc.(c) | 43,648 | 676,544 | ||||||
Mobile Mini, Inc. | 57,350 | 2,157,507 | ||||||
MSA Safety, Inc. | 24,950 | 2,995,746 | ||||||
Mueller Water Products, Inc., Class A | 174,575 | 2,042,527 | ||||||
MYR Group, Inc.(c) | 43,922 | 1,511,356 | ||||||
National Presto Industries, Inc. | 6,992 | 601,941 | ||||||
NN, Inc. | 104,365 | 753,515 | ||||||
Northwest Pipe Co.(c) | 17,842 | 544,181 | ||||||
NV5 Global, Inc.(c) | 4,183 | 302,975 | ||||||
Orion Group Holdings, Inc.(c) | 135,124 | 662,108 | ||||||
PAM Transportation Services, Inc.(c) | 5,399 | 309,363 | ||||||
Park Aerospace Corp. | 51,808 | 880,218 | ||||||
Park-Ohio Holdings Corp. | 19,339 | 594,868 | ||||||
Patrick Industries, Inc.(c) | 36,014 | 1,779,452 | ||||||
Performance Shipping Inc. (Greece)(c) | 327,508 | 322,988 | ||||||
PGT Innovations, Inc.(c) | 43,077 | 760,740 | ||||||
PICO Holdings, Inc.(c) | 30,560 | 329,437 | ||||||
Powell Industries, Inc. | 20,838 | 816,016 | ||||||
Preformed Line Products Co. | 6,196 | 338,302 | ||||||
Primoris Services Corp. | 94,840 | 1,938,530 | ||||||
Proto Labs, Inc.(c) | 10,523 | 1,020,415 | ||||||
Quad/Graphics, Inc. | 220,229 | 997,637 | ||||||
Quanex Building Products Corp. | 69,885 | 1,348,082 | ||||||
Raven Industries, Inc. | 24,485 | 854,037 | ||||||
RBC Bearings, Inc.(c) | 11,435 | 1,834,631 | ||||||
Resources Connection, Inc. | 53,358 | 781,695 | ||||||
REV Group, Inc. | 96,753 | 1,203,607 | ||||||
Roadrunner Transportation Systems, Inc.(b)(c) | 11,394 | 128,069 | ||||||
Rollins, Inc. | 50,302 | 1,917,009 | ||||||
RR Donnelley & Sons Co. | 589,824 | 2,571,633 | ||||||
Safe Bulkers, Inc. (Greece)(c) | 265,641 | 432,995 | ||||||
Saia, Inc.(c) | 34,596 | 3,085,963 | ||||||
Schneider National, Inc., Class B | 72,926 | 1,667,818 | ||||||
Scorpio Bulkers, Inc. | 125,992 | 818,948 | ||||||
Seaspan Corp. (Hong Kong) | 305,923 | 3,316,205 | ||||||
Simpson Manufacturing Co., Inc. | 34,514 | 2,852,237 | ||||||
SiteOne Landscape Supply, Inc.(b)(c) | 35,907 | 3,161,970 | ||||||
SkyWest, Inc. | 23,933 | 1,425,210 | ||||||
SP Plus Corp.(c) | 55,187 | 2,437,610 | ||||||
Spartan Motors, Inc. | 66,778 | 1,166,612 | ||||||
Spirit Airlines, Inc.(c) | 23,997 | 901,327 | ||||||
SPX Corp.(c) | 39,080 | 1,779,703 | ||||||
SPX FLOW, Inc.(c) | 104,408 | 4,727,594 | ||||||
Standex International Corp. | 15,166 | 1,149,279 | ||||||
Star Bulk Carriers Corp. (Greece)(c) | 48,489 | 516,408 | ||||||
Steelcase, Inc., Class A | 185,130 | 3,234,221 | ||||||
Sterling Construction Co. Inc.(c) | 50,930 | 827,358 | ||||||
Sunrun, Inc.(c) | 68,324 | 1,061,755 | ||||||
Systemax, Inc. | 20,878 | 451,800 | ||||||
Team, Inc.(b)(c) | 99,628 | 1,809,244 | ||||||
Tennant Co. | 21,778 | 1,686,271 | ||||||
Tetra Tech, Inc. | 47,630 | 4,166,196 | ||||||
Textainer Group Holdings Ltd. (China)(c) | 96,638 | 1,000,203 | ||||||
Thermon Group Holdings, Inc.(c) | 34,809 | 829,498 | ||||||
Titan International, Inc. | 214,625 | 573,049 | ||||||
Titan Machinery, Inc.(c) | 83,733 | 1,389,968 | ||||||
TPI Composites, Inc.(c) | 10,650 | 218,644 | ||||||
Trex Co., Inc.(c) | 15,151 | 1,331,621 |
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)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
TriMas Corp.(c) | 55,185 | $ | 1,783,579 | |||||
TriNet Group, Inc.(c) | 27,204 | 1,441,540 | ||||||
Triton International Ltd. (Bermuda) | 102,297 | 3,754,300 | ||||||
Triumph Group, Inc. | 124,243 | 2,580,527 | ||||||
TrueBlue, Inc.(c) | 127,526 | 2,920,345 | ||||||
Twin Disc, Inc.(c) | 13,492 | 145,174 | ||||||
UniFirst Corp. | 16,638 | 3,341,576 | ||||||
Universal Forest Products, Inc. | 108,940 | 5,486,218 | ||||||
Universal Logistics Holdings, Inc. | 16,545 | 311,956 | ||||||
US Ecology, Inc. | 18,172 | 1,130,844 | ||||||
US Xpress Enterprises, Inc., Class A(c) | 70,343 | 365,080 | ||||||
USA Truck, Inc.(c) | 34,195 | 271,166 | ||||||
Vectrus, Inc.(c) | 44,565 | 2,037,066 | ||||||
Veritiv Corp.(c) | 81,314 | 1,109,123 | ||||||
Viad Corp. | 32,782 | 2,000,358 | ||||||
Vivint Solar, Inc.(b)(c) | 48,284 | 338,471 | ||||||
VSE Corp. | 21,790 | 837,172 | ||||||
Wabash National Corp. | 156,643 | 2,233,729 | ||||||
Watts Water Technologies, Inc., Class A | 25,332 | 2,362,209 | ||||||
Welbilt, Inc.(c) | 156,322 | 2,963,865 | ||||||
Werner Enterprises, Inc. | 73,984 | 2,700,416 | ||||||
Wesco Aircraft Holdings, Inc.(c) | 139,993 | 1,542,723 | ||||||
Willdan Group, Inc.(c) | 6,096 | 184,709 | ||||||
Willis Lease Finance Corp.(c) | 4,955 | 270,097 | ||||||
Woodward, Inc. | 37,357 | 3,984,498 | ||||||
|
| |||||||
377,216,951 | ||||||||
|
| |||||||
InformationTechnology-13.76% | ||||||||
2U, Inc.(b)(c) | 7,518 | 134,760 | ||||||
3D Systems Corp.(c) | 79,954 | 758,763 | ||||||
8x8, Inc.(c) | 19,666 | 379,947 | ||||||
A10 Networks, Inc.(c) | 27,221 | 202,252 | ||||||
Acacia Communications, Inc.(c) | 16,339 | 1,072,819 | ||||||
ACI Worldwide, Inc.(c) | 91,353 | 2,867,571 | ||||||
ADTRAN, Inc. | 91,707 | 807,939 | ||||||
Advanced Energy Industries, Inc.(c) | 30,630 | 1,810,233 | ||||||
Alarm.com Holdings, Inc.(c) | 4,466 | 220,620 | ||||||
Alpha & Omega Semiconductor | 49,714 | 649,265 | ||||||
Ambarella, Inc.(c) | 25,116 | 1,321,855 | ||||||
American Software, Inc., Class A | 34,329 | 556,473 | ||||||
Amkor Technology, Inc.(c) | 380,416 | 4,728,571 | ||||||
Applied Optoelectronics, Inc.(b)(c) | 44,084 | 412,626 | ||||||
Arista Networks, Inc.(c) | 10,887 | 2,662,634 | ||||||
Aspen Technology, Inc.(c) | 11,884 | 1,367,967 | ||||||
Atlassian Corp. PLC, Class A(c) | 4,529 | 547,058 | ||||||
Autodesk, Inc.(c) | 12,074 | 1,779,225 | ||||||
Avid Technology, Inc.(c) | 82,812 | 559,395 | ||||||
AVX Corp. | 70,669 | 1,082,649 | ||||||
Axcelis Technologies, Inc.(c) | 29,765 | 570,595 | ||||||
AXT, Inc.(c) | 61,385 | 191,521 | ||||||
Badger Meter, Inc. | 14,718 | 850,700 | ||||||
Bel Fuse, Inc., Class B | 15,324 | 225,416 | ||||||
Blackbaud, Inc. | 19,161 | 1,608,566 | ||||||
Blackline, Inc.(c) | 5,116 | 239,122 | ||||||
Bottomline Technologies (DE), | 13,871 | 568,017 | ||||||
Box, Inc., Class A(c) | 8,591 | 145,360 | ||||||
Brightcove, Inc.(c) | 20,345 | 193,481 | ||||||
Brooks Automation, Inc. | 43,042 | 1,827,994 | ||||||
Cabot Microelectronics Corp. | 12,903 | 1,949,901 | ||||||
CalAmp Corp.(c) | 39,560 | 443,863 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Calix, Inc.(c) | 50,613 | $ | 387,189 | |||||
Carbonite, Inc.(c) | 7,380 | 126,715 | ||||||
Cardtronics PLC, Class A(c) | 74,149 | 2,540,345 | ||||||
Casa Systems, Inc.(c) | 23,925 | 160,776 | ||||||
Cass Information Systems, Inc. | 10,579 | 606,282 | ||||||
Ceragon Networks Ltd. (Israel)(c) | 85,593 | 255,067 | ||||||
Ceridian HCM Holding, Inc.(c) | 10,330 | 498,422 | ||||||
CEVA, Inc.(c) | 12,331 | 335,650 | ||||||
ChannelAdvisor Corp.(c) | 12,004 | 112,958 | ||||||
Cirrus Logic, Inc.(c) | 88,955 | 6,045,382 | ||||||
Cision Ltd.(c) | 35,569 | 358,180 | ||||||
Cloudera, Inc.(b)(c) | 28,841 | 244,572 | ||||||
Cognex Corp. | 40,321 | 2,076,128 | ||||||
Coherent, Inc.(c) | 23,754 | 3,537,446 | ||||||
Cohu, Inc. | 30,250 | 502,755 | ||||||
CommVault Systems, Inc.(c) | 14,019 | 696,324 | ||||||
Comtech Telecommunications Corp. | 43,575 | 1,522,946 | ||||||
Cornerstone OnDemand, Inc.(c) | 4,679 | 274,049 | ||||||
Coupa Software, Inc.(c) | 3,354 | 461,141 | ||||||
CSG Systems International, Inc. | 41,322 | 2,381,800 | ||||||
CTS Corp. | 25,429 | 678,446 | ||||||
CyberArk Software Ltd.(c) | 6,185 | 628,272 | ||||||
Daktronics, Inc. | 89,951 | 617,064 | ||||||
Digi International, Inc.(c) | 41,268 | 595,085 | ||||||
Diodes, Inc.(c) | 45,235 | 2,110,213 | ||||||
Dolby Laboratories, Inc., Class A | 38,941 | 2,505,075 | ||||||
DSP Group, Inc.(c) | 19,060 | 284,185 | ||||||
Eastman Kodak Co.(b)(c) | 203,089 | 542,248 | ||||||
Ebix, Inc.(b) | 14,297 | 609,481 | ||||||
EMCORE Corp.(c) | 67,884 | 201,615 | ||||||
Endurance International Group Holdings, Inc.(c) | 100,558 | 394,187 | ||||||
Enphase Energy, Inc.(b)(c) | 25,577 | 496,961 | ||||||
Entegris, Inc. | 66,965 | 3,214,320 | ||||||
Envestnet, Inc.(c) | 19,529 | 1,220,367 | ||||||
EPAM Systems, Inc.(c) | 15,483 | 2,724,389 | ||||||
ePlus, Inc.(c) | 20,288 | 1,585,101 | ||||||
EVERTEC, Inc. | 42,517 | 1,300,595 | ||||||
Evo Payments, Inc., Class A(c) | 6,747 | 191,817 | ||||||
ExlService Holdings, Inc.(c) | 24,960 | 1,737,965 | ||||||
Extreme Networks, Inc.(c) | 68,083 | 438,455 | ||||||
Fabrinet (Thailand)(c) | 34,582 | 1,944,546 | ||||||
Fair Isaac Corp.(c) | 6,704 | 2,038,284 | ||||||
FARO Technologies, Inc.(c) | 16,380 | 780,998 | ||||||
FireEye, Inc.(c) | 75,530 | 1,196,395 | ||||||
Fitbit, Inc., Class A(b)(c) | 321,727 | 1,988,273 | ||||||
Five9, Inc.(c) | 2,818 | 156,427 | ||||||
FormFactor, Inc.(c) | 55,093 | 1,202,680 | ||||||
Fortinet, Inc.(c) | 20,162 | 1,644,413 | ||||||
Genpact Ltd. | 102,710 | 4,023,151 | ||||||
Globant S.A. (Argentina)(c) | 8,565 | 798,772 | ||||||
GoDaddy, Inc., Class A(c) | 33,901 | 2,204,582 | ||||||
GTT Communications, Inc.(b)(c) | 23,551 | 177,339 | ||||||
Guidewire Software, Inc.(c) | 16,087 | 1,813,648 | ||||||
Hackett Group, Inc. (The) | 19,131 | 323,505 | ||||||
Harmonic, Inc.(c) | 97,887 | 761,561 | ||||||
HubSpot, Inc.(c) | 2,187 | 339,204 | ||||||
Ichor Holdings Ltd.(c) | 34,257 | 997,221 | ||||||
II-VI, Inc.(c) | 91,953 | 3,048,242 | ||||||
Impinj, Inc.(c) | 8,238 | 270,989 |
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)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Infinera Corp.(c) | 251,044 | $ | 1,403,336 | |||||
Inphi Corp.(c) | 17,035 | 1,224,476 | ||||||
InterDigital, Inc. | 33,697 | 1,807,170 | ||||||
Internap Corp.(b)(c) | 70,682 | 168,223 | ||||||
InterXion Holding N.V. (Netherlands)(c) | 32,844 | 2,897,498 | ||||||
IPG Photonics Corp.(c) | 21,963 | 2,949,192 | ||||||
Itron, Inc.(c) | 43,384 | 3,308,464 | ||||||
j2 Global, Inc. | 40,524 | 3,848,159 | ||||||
KEMET Corp. | 83,891 | 1,823,790 | ||||||
Knowles Corp.(c) | 170,331 | 3,675,743 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 86,157 | 2,045,798 | ||||||
Lattice Semiconductor Corp.(c) | 57,214 | 1,120,822 | ||||||
Limelight Networks, Inc.(c) | 92,704 | 391,211 | ||||||
Littelfuse, Inc. | 13,163 | 2,311,028 | ||||||
LivePerson, Inc.(c) | 11,993 | 492,313 | ||||||
LiveRamp Holdings, Inc.(c) | 38,274 | 1,496,131 | ||||||
LogMeIn, Inc. | 39,121 | 2,569,467 | ||||||
Lumentum Holdings, Inc.(c) | 36,928 | 2,313,908 | ||||||
MACOM Technology Solutions Holdings, Inc.(c) | 62,121 | 1,412,632 | ||||||
MagnaChip Semiconductor Corp. (South Korea)(c) | 78,533 | 1,002,866 | ||||||
Manhattan Associates, Inc.(c) | 26,578 | 1,992,021 | ||||||
ManTech International Corp., Class A | 36,512 | 2,891,020 | ||||||
MAXIMUS, Inc. | 45,568 | 3,496,888 | ||||||
MaxLinear, Inc.(c) | 29,563 | 560,514 | ||||||
Mellanox Technologies Ltd.(c) | 17,742 | 1,999,523 | ||||||
Methode Electronics, Inc. | 61,764 | 2,124,682 | ||||||
MicroStrategy, Inc., Class A(c) | 10,047 | 1,539,703 | ||||||
MKS Instruments, Inc. | 41,280 | 4,467,322 | ||||||
MoneyGram International, Inc.(b)(c) | 323,454 | 1,280,878 | ||||||
Monolithic Power Systems, Inc. | 9,490 | 1,422,741 | ||||||
MTS Systems Corp. | 27,251 | 1,539,136 | ||||||
National Instruments Corp. | 77,655 | 3,214,140 | ||||||
NeoPhotonics Corp.(c) | 50,559 | 332,678 | ||||||
Net 1 UEPS Technologies, Inc. (South Africa)(c) | 217,395 | 636,967 | ||||||
NETGEAR, Inc.(c) | 44,184 | 1,200,479 | ||||||
NetScout Systems, Inc.(c) | 126,452 | 3,062,667 | ||||||
New Relic, Inc.(c) | 2,789 | 178,663 | ||||||
NIC, Inc. | 62,052 | 1,459,463 | ||||||
Novanta, Inc.(c) | 11,794 | 1,050,256 | ||||||
Nutanix, Inc., Class A(c) | 7,389 | 215,907 | ||||||
NVE Corp. | 2,996 | 186,501 | ||||||
Okta, Inc.(c) | 2,921 | 318,593 | ||||||
OneSpan, Inc.(c) | 27,004 | 505,245 | ||||||
Onto Innovation, Inc.(c) | 42,655 | 1,373,491 | ||||||
OSI Systems, Inc.(c) | 20,318 | 2,016,358 | ||||||
Pagseguro Digital Ltd., Class A | 23,013 | 853,322 | ||||||
Palo Alto Networks, Inc.(c) | 7,031 | 1,598,779 | ||||||
PAR Technology Corp.(b)(c) | 7,464 | 187,048 | ||||||
Paycom Software, Inc.(c) | 2,713 | 573,881 | ||||||
Paylocity Holding Corp.(c) | 2,162 | 221,821 | ||||||
PC Connection, Inc. | 27,316 | 1,334,113 | ||||||
PDF Solutions, Inc.(c) | 28,433 | 459,477 | ||||||
Pegasystems, Inc. | 9,371 | 704,793 | ||||||
Perficient, Inc.(c) | 38,581 | 1,512,375 | ||||||
Photronics, Inc.(c) | 155,524 | 1,835,183 | ||||||
Plantronics, Inc. | 29,537 | 1,164,349 | ||||||
Power Integrations, Inc. | 17,045 | 1,552,970 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Presidio, Inc. | 105,956 | $ | 1,758,870 | |||||
Progress Software Corp. | 25,601 | 1,020,968 | ||||||
Proofpoint, Inc.(c) | 3,648 | 420,870 | ||||||
PTC, Inc.(c) | 30,676 | 2,052,531 | ||||||
Pure Storage, Inc., Class A(c) | 32,015 | 623,012 | ||||||
Q2 Holdings, Inc.(c) | 2,646 | 189,163 | ||||||
QAD, Inc., Class A | 4,981 | 231,517 | ||||||
Qualys, Inc.(c) | 7,147 | 609,853 | ||||||
Radware Ltd. (Israel)(c) | 22,262 | 502,231 | ||||||
Rambus, Inc.(c) | 135,087 | 1,870,279 | ||||||
RealPage, Inc.(c) | 16,974 | 1,027,776 | ||||||
Ribbon Communications, Inc.(c) | 76,203 | 326,911 | ||||||
RingCentral, Inc., Class A(c) | 3,476 | 561,444 | ||||||
Rogers Corp.(c) | 14,290 | 1,936,009 | ||||||
SailPoint Technologies Holding, | 12,873 | 249,221 | ||||||
ScanSource, Inc.(c) | 93,586 | 3,022,828 | ||||||
Semtech Corp.(c) | 30,510 | 1,539,535 | ||||||
ServiceNow, Inc.(c) | 6,550 | 1,619,553 | ||||||
ServiceSource International, Inc.(c) | 229,188 | 286,485 | ||||||
Silicom Ltd. (Israel)(b)(c) | 7,641 | 254,751 | ||||||
Silicon Laboratories, Inc.(c) | 23,206 | 2,465,405 | ||||||
SMART Global Holdings, Inc.(c) | 13,543 | 402,227 | ||||||
SolarEdge Technologies, Inc.(c) | 18,075 | 1,535,652 | ||||||
Splunk, Inc.(c) | 13,507 | 1,620,300 | ||||||
SPS Commerce, Inc.(c) | 8,882 | 468,703 | ||||||
Square, Inc., Class A(c) | 18,099 | 1,111,822 | ||||||
Stratasys Ltd.(b)(c) | 61,693 | 1,275,811 | ||||||
SunPower Corp.(b)(c) | 152,162 | 1,332,939 | ||||||
Switch, Inc., Class A | 16,631 | 245,640 | ||||||
Sykes Enterprises, Inc.(c) | 83,974 | 2,594,377 | ||||||
Synaptics, Inc.(b)(c) | 65,409 | 2,754,373 | ||||||
Telaria, Inc.(c) | 45,392 | 343,617 | ||||||
TiVo Corp. | 255,623 | 2,080,771 | ||||||
Trade Desk, Inc. (The), Class A(c) | 2,980 | 598,384 | ||||||
TTEC Holdings, Inc. | 18,607 | 881,414 | ||||||
TTM Technologies, Inc.(c) | 299,769 | 3,510,295 | ||||||
Tucows, Inc., Class A(b)(c) | 3,818 | 212,052 | ||||||
Twilio, Inc., Class A(c) | 3,705 | 357,755 | ||||||
Tyler Technologies, Inc.(c) | 11,354 | 3,048,776 | ||||||
Ubiquiti, Inc.(b) | 2,752 | 348,376 | ||||||
Ultra Clean Holdings, Inc.(c) | 83,796 | 1,790,721 | ||||||
Unisys Corp.(c) | 264,307 | 2,711,790 | ||||||
Universal Display Corp. | 7,868 | 1,575,016 | ||||||
Varonis Systems, Inc.(c) | 3,809 | 272,534 | ||||||
Veeco Instruments, Inc.(c) | 110,995 | 1,513,972 | ||||||
Verint Systems, Inc.(c) | 56,260 | 2,553,641 | ||||||
VeriSign, Inc.(c) | 17,649 | 3,353,663 | ||||||
Viavi Solutions, Inc.(c) | 130,960 | 2,090,122 | ||||||
Virtusa Corp.(c) | 23,604 | 879,957 | ||||||
Vishay Precision Group, Inc.(c) | 11,302 | 384,833 | ||||||
Workday, Inc., Class A(c) | 9,540 | 1,547,006 | ||||||
Xperi Corp. | 76,651 | 1,556,399 | ||||||
Yext, Inc.(c) | 8,106 | 133,425 | ||||||
Zendesk, Inc.(c) | 6,547 | 462,546 | ||||||
|
| |||||||
261,091,651 | ||||||||
|
| |||||||
Materials-5.64% |
| |||||||
A. Schulman Inc., CVR(c)(d) | 44,161 | 23,096 | ||||||
Advanced Emissions Solutions, | 12,771 | 176,623 | ||||||
AdvanSix, Inc.(c) | 76,839 | 1,748,856 |
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)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-(continued) |
| |||||||
AgroFresh Solutions, Inc.(c) | 106,621 | $ | 245,228 | |||||
American Vanguard Corp. | 35,942 | 502,469 | ||||||
Ampco-Pittsburgh Corp.(c) | 47,316 | 183,586 | ||||||
Balchem Corp. | 17,199 | 1,740,711 | ||||||
Boise Cascade Co. | 120,451 | 4,308,532 | ||||||
Century Aluminum Co.(c) | 169,735 | 989,555 | ||||||
Clearwater Paper Corp.(c) | 89,415 | 1,657,754 | ||||||
Coeur Mining, Inc.(c) | 264,103 | 1,457,849 | ||||||
Eagle Materials, Inc. | 43,611 | 3,983,429 | ||||||
Ferro Corp.(c) | 117,286 | 1,305,393 | ||||||
Ferroglobe PLC | 437,556 | 270,497 | ||||||
Flotek Industries, Inc.(c) | 240,964 | 460,241 | ||||||
Forterra, Inc.(c) | 58,394 | 479,415 | ||||||
FutureFuel Corp. | 45,596 | 562,199 | ||||||
GCP Applied Technologies, Inc.(c) | 100,320 | 2,072,611 | ||||||
Gold Resource Corp. | 79,971 | 350,273 | ||||||
Greif, Inc., Class A | 79,523 | 3,114,916 | ||||||
H.B. Fuller Co. | 71,458 | 3,487,150 | ||||||
Hawkins, Inc. | 15,537 | 664,207 | ||||||
Haynes International, Inc. | 27,393 | 943,963 | ||||||
Hecla Mining Co. | 770,487 | 1,772,120 | ||||||
Ingevity Corp.(c) | 19,703 | 1,659,190 | ||||||
Innophos Holdings, Inc. | 60,979 | 1,989,135 | ||||||
Innospec, Inc. | 28,465 | 2,600,562 | ||||||
Intrepid Potash, Inc.(c) | 123,104 | 380,391 | ||||||
Kaiser Aluminum Corp. | 21,953 | 2,350,727 | ||||||
Koppers Holdings, Inc.(c) | 64,194 | 2,060,627 | ||||||
Kraton Corp.(c) | 91,250 | 2,045,825 | ||||||
Kronos Worldwide, Inc. | 43,697 | 554,078 | ||||||
LSB Industries, Inc.(c) | 85,783 | 362,862 | ||||||
Materion Corp. | 26,958 | 1,532,293 | ||||||
McEwen Mining, Inc.(b)(c) | 235,200 | 392,784 | ||||||
Mercer International, Inc. (Germany) | 68,176 | 831,747 | ||||||
Minerals Technologies, Inc. | 54,755 | 2,707,635 | ||||||
Myers Industries, Inc. | 58,428 | 989,186 | ||||||
Neenah, Inc. | 24,411 | 1,574,510 | ||||||
NewMarket Corp. | 7,495 | 3,638,748 | ||||||
Nexa Resourses S.A. (Peru)(b) | 108,685 | 1,161,843 | ||||||
Olympic Steel, Inc. | 45,381 | 679,807 | ||||||
Orion Engineered Carbons S.A. (Luxembourg) | 42,408 | 702,276 | ||||||
PH Glatfelter Co. | 184,089 | 3,313,602 | ||||||
PQ Group Holdings, Inc.(c) | 64,715 | 1,065,856 | ||||||
Quaker Chemical Corp. | 6,920 | 1,057,930 | ||||||
Rayonier Advanced Materials, Inc. | 135,926 | 566,811 | ||||||
Resolute Forest Products, Inc. | 339,301 | 1,228,270 | ||||||
Ryerson Holding Corp.(c) | 101,020 | 877,864 | ||||||
Schnitzer Steel Industries, Inc., Class A | 83,498 | 1,781,847 | ||||||
Schweitzer-Mauduit International, Inc. | 72,304 | 2,927,589 | ||||||
Sensient Technologies Corp. | 52,893 | 3,308,986 | ||||||
Southern Copper Corp. (Peru) | 84,856 | 3,019,176 | ||||||
Stepan Co. | 27,119 | 2,650,069 | ||||||
Summit Materials, Inc., Class A(c) | 229,546 | 5,263,490 | ||||||
SunCoke Energy, Inc.(c) | 204,545 | 1,082,043 | ||||||
TimkenSteel Corp.(c) | 110,319 | 619,993 | ||||||
Tredegar Corp. | 58,813 | 1,169,202 | ||||||
Tronox Holdings PLC, Class A | 294,886 | 2,503,582 | ||||||
Universal Stainless & Alloy Products, Inc.(c) | 24,176 | 324,442 | ||||||
US Concrete, Inc.(c) | 39,244 | 2,050,891 | ||||||
Valhi, Inc. | 48,529 | 91,720 |
Shares | Value | |||||||
Materials-(continued) |
| |||||||
Valvoline, Inc. | 149,475 | $ | 3,189,797 | |||||
Venator Materials PLC(c) | 218,856 | 540,574 | ||||||
Verso Corp., Class A(c) | 115,705 | 1,693,921 | ||||||
W.R. Grace & Co. | 43,071 | 2,862,068 | ||||||
Worthington Industries, Inc. | 84,739 | 3,119,243 | ||||||
|
| |||||||
107,023,865 | ||||||||
|
| |||||||
RealEstate-7.15% | ||||||||
Acadia Realty Trust | 97,926 | 2,739,969 | ||||||
Agree Realty Corp. | 19,240 | 1,515,535 | ||||||
Alexander & Baldwin, Inc. | 145,696 | 3,425,313 | ||||||
Alexander’s, Inc. | 2,439 | 842,431 | ||||||
Altisource Portfolio Solutions S.A.(c) | 50,993 | 907,675 | ||||||
American Assets Trust, Inc. | 40,674 | 1,991,399 | ||||||
Americold Realty Trust | 36,911 | 1,479,762 | ||||||
Armada Hoffler Properties, Inc. | 71,177 | 1,333,857 | ||||||
Ashford Hospitality Trust, Inc. | 481,742 | 1,315,156 | ||||||
Bluerock Residential Growth REIT, Inc. | 47,416 | 569,940 | ||||||
Braemar Hotels & Resorts, Inc. | 72,850 | 672,406 | ||||||
BRT Apartments Corp. | 12,801 | 213,777 | ||||||
CareTrust REIT, Inc. | 58,046 | 1,407,035 | ||||||
CatchMark Timber Trust, Inc., Class A | 75,061 | 860,950 | ||||||
Cedar Realty Trust, Inc. | 288,235 | 962,705 | ||||||
Chatham Lodging Trust | 90,288 | 1,629,698 | ||||||
City Office REIT, Inc. | 44,889 | 607,797 | ||||||
Community Healthcare Trust, Inc. | 4,257 | 206,124 | ||||||
CorEnergy Infrastructure Trust, Inc. | 21,629 | 1,041,869 | ||||||
CorePoint Lodging, Inc. | 164,932 | 1,624,580 | ||||||
CoreSite Realty Corp. | 15,962 | 1,875,535 | ||||||
Cushman & Wakefield PLC(c) | 63,607 | 1,186,271 | ||||||
Easterly Government Properties, Inc. | 56,190 | 1,254,161 | ||||||
EastGroup Properties, Inc. | 24,045 | 3,220,828 | ||||||
Empire State Realty Trust, Inc., Class A | 167,293 | 2,420,730 | ||||||
Essential Properties Realty Trust, Inc. | 11,528 | 295,808 | ||||||
Farmland Partners, Inc.(b) | 70,888 | 474,950 | ||||||
First Industrial Realty Trust, Inc. | 97,255 | 4,095,408 | ||||||
Forestar Group, Inc.(c) | 17,631 | 331,110 | ||||||
Four Corners Property Trust, Inc. | 36,850 | 1,055,752 | ||||||
Franklin Street Properties Corp. | 326,461 | 2,807,565 | ||||||
Front Yard Residential Corp. | 138,946 | 1,718,762 | ||||||
Getty Realty Corp. | 32,970 | 1,105,814 | ||||||
Gladstone Commercial Corp. | 38,392 | 904,516 | ||||||
Global Medical REIT, Inc. | 16,814 | 203,449 | ||||||
Global NET Lease, Inc. | 116,529 | 2,269,985 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 36,677 | 1,095,175 | ||||||
Hersha Hospitality Trust | 102,671 | 1,416,860 | ||||||
Independence Realty Trust, Inc. | 120,911 | 1,862,029 | ||||||
Industrial Logistics Properties Trust | 15,690 | 333,256 | ||||||
Investors Real Estate Trust | 30,832 | 2,333,057 | ||||||
iStar, Inc.(b) | 135,298 | 1,760,227 | ||||||
JBG SMITH Properties | 87,714 | 3,531,366 | ||||||
Jernigan Capital, Inc. | 10,743 | 204,010 | ||||||
Kennedy-Wilson Holdings, Inc. | 136,818 | 3,148,182 | ||||||
Kite Realty Group Trust | 201,336 | 3,587,808 | ||||||
LTC Properties, Inc. | 37,269 | 1,932,398 | ||||||
Marcus & Millichap, Inc.(c) | 15,898 | 567,877 | ||||||
Monmouth Real Estate Investment Corp. | 70,945 | 1,069,851 | ||||||
National Health Investors, Inc. | 32,251 | 2,766,813 | ||||||
National Storage Affiliates Trust | 30,469 | 1,041,126 |
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)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
New Senior Investment Group, Inc. | 383,953 | $ | 2,703,029 | |||||
NexPoint Residential Trust, Inc. | 13,544 | 660,541 | ||||||
Office Properties Income Trust | 105,214 | 3,354,222 | ||||||
One Liberty Properties, Inc. | 21,293 | 604,934 | ||||||
Pebblebrook Hotel Trust | 112,864 | 2,901,733 | ||||||
Pennsylvania REIT(b) | 307,617 | 1,698,046 | ||||||
Physicians Realty Trust | 180,114 | 3,362,728 | ||||||
PotlatchDeltic Corp. | 59,550 | 2,529,088 | ||||||
Preferred Apartment Communities, Inc., Class A | 111,838 | 1,601,520 | ||||||
PS Business Parks, Inc. | 15,734 | 2,840,774 | ||||||
QTS Realty Trust, Inc., Class A | 50,943 | 2,730,035 | ||||||
RE/MAX Holdings, Inc., Class A | 14,223 | 475,759 | ||||||
Redfin Corp.(b)(c) | 19,411 | 337,557 | ||||||
Retail Opportunity Investments Corp. | 143,336 | 2,675,366 | ||||||
Retail Value, Inc. | 6,652 | 243,530 | ||||||
Rexford Industrial Realty, Inc. | 47,831 | 2,300,193 | ||||||
RMR Group, Inc. (The), Class A | 2,423 | 117,273 | ||||||
RPT Realty | 177,464 | 2,573,228 | ||||||
Safehold, Inc.(b) | 10,085 | 348,739 | ||||||
Saul Centers, Inc. | 13,008 | 696,448 | ||||||
Seritage Growth Properties, Class A(b) | 42,559 | 1,850,891 | ||||||
St. Joe Co. (The)(c) | 47,736 | 885,503 | ||||||
STAG Industrial, Inc. | 86,566 | 2,687,009 | ||||||
Summit Hotel Properties, Inc. | 209,213 | 2,564,951 | ||||||
Tanger Factory Outlet Centers, | 168,910 | 2,722,829 | ||||||
Tejon Ranch Co.(c) | 19,299 | 310,328 | ||||||
Terreno Realty Corp. | 37,848 | 2,135,006 | ||||||
UMH Properties, Inc. | 45,055 | 672,671 | ||||||
Universal Health Realty Income Trust | 9,019 | 1,075,335 | ||||||
Urban Edge Properties | 134,593 | 2,841,258 | ||||||
Urstadt Biddle Properties, Inc., Class A | 44,732 | 1,088,330 | ||||||
Washington REIT | 122,623 | 3,803,765 | ||||||
Whitestone REIT | 71,423 | 1,017,064 | ||||||
|
| |||||||
135,628,340 | ||||||||
|
| |||||||
Utilities-2.14% | ||||||||
American States Water Co. | 27,943 | 2,658,218 | ||||||
AquaVenture Holdings Ltd.(c) | 10,723 | 210,385 | ||||||
Artesian Resources Corp., Class A | 9,479 | 351,671 | ||||||
Atlantica Yield PLC (Spain) | 158,791 | 3,812,572 | ||||||
California Water Service Group | 43,224 | 2,419,247 | ||||||
Chesapeake Utilities Corp. | 16,330 | 1,548,084 | ||||||
Clearway Energy, Inc., Class A | 62,956 | 1,080,955 | ||||||
Clearway Energy, Inc., Class C | 130,491 | 2,365,802 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 20,873 | $ | 366,112 | |||||
El Paso Electric Co. | 65,930 | 4,398,190 | ||||||
MGE Energy, Inc. | 37,578 | 2,895,009 | ||||||
Middlesex Water Co. | 11,525 | 775,056 | ||||||
Northwest Natural Holding Co. | 43,539 | 3,019,865 | ||||||
Ormat Technologies, Inc. | 36,640 | 2,805,158 | ||||||
Otter Tail Corp. | 51,251 | 2,904,907 | ||||||
Pattern Energy Group, Inc., Class A | 150,717 | 4,224,598 | ||||||
SJW Group | 15,052 | 1,089,012 | ||||||
Spark Energy, Inc., Class A | 24,488 | 234,350 | ||||||
TerraForm Power, Inc., Class A | 107,228 | 1,820,732 | ||||||
Unitil Corp. | 24,716 | 1,539,065 | ||||||
|
| |||||||
40,518,988 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,897,291,377 | ||||||
|
| |||||||
Money MarketFunds-0.07% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) | 1,273,185 | 1,273,185 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,898,564,562 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.95% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 56,422,432 | 56,422,432 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 18,499,980 | 18,507,380 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 74,929,812 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-104.01% |
| 1,973,494,374 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.01)% |
| (76,057,044 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,897,437,330 | |||||
|
|
Investment Abbreviations:
CVR -Contingent Value Rights
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) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
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)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Industrials | 19.88 | |||||||
Financials | 18.17 | |||||||
Information Technology | 13.76 | |||||||
Consumer Discretionary | 13.27 | |||||||
Health Care | 8.36 | |||||||
Real Estate | 7.15 | |||||||
Materials | 5.64 | |||||||
Energy | 4.91 | |||||||
Communication Services | 3.59 | |||||||
Consumer Staples | 3.12 | |||||||
Utilities | 2.14 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco DWA NASDAQ Momentum ETF (DWAQ) | 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) | $ | 43,817,782 | $ | 148,607,885 | $ | 5,431,519,226 | $ | 1,897,291,377 | ||||||||||||
Affiliated investments in securities, at value | 2,501,319 | 1,790,348 | 37,050,615 | 76,202,997 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 648 | 165,865 | 6,983,670 | 683,807 | ||||||||||||||||
Securities lending | 2,183 | 878 | 52,183 | 227,529 | ||||||||||||||||
Investments sold | - | - | 5,956,645 | 8,860,205 | ||||||||||||||||
Foreign tax reclaims | 1,180 | - | - | - | ||||||||||||||||
Other assets | - | 429 | 1,673 | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 46,323,112 | 150,565,405 | 5,481,564,012 | 1,983,265,915 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | - | - | 264,791 | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | - | - | 2,100,324 | ||||||||||||||||
Collateral upon return of securities loaned | 2,360,757 | 1,707,078 | 31,229,032 | 74,928,546 | ||||||||||||||||
Fund shares repurchased | - | - | 5,990,270 | 6,549,792 | ||||||||||||||||
Accrued advisory fees | 11,843 | 61,892 | 1,287,115 | 452,506 | ||||||||||||||||
Accrued trustees’ and officer’s fees | 36,412 | 61,615 | 281,233 | 106,962 | ||||||||||||||||
Accrued expenses | 114,013 | 115,390 | 3,610,465 | 1,425,664 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 2,523,025 | 1,945,975 | 42,398,115 | 85,828,585 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 43,800,087 | $ | 148,619,430 | $ | 5,439,165,897 | $ | 1,897,437,330 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 65,459,800 | $ | 276,812,969 | $ | 4,673,159,616 | $ | 1,985,890,971 | ||||||||||||
Distributable earnings (loss) | (21,659,713 | ) | (128,193,539 | ) | 766,006,281 | (88,453,641 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 43,800,087 | $ | 148,619,430 | $ | 5,439,165,897 | $ | 1,897,437,330 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 400,000 | 1,550,000 | 45,400,000 | 14,600,000 | ||||||||||||||||
Net asset value | $ | 109.50 | $ | 95.88 | $ | 119.81 | $ | 129.96 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 109.03 | $ | 95.68 | $ | 119.60 | $ | 129.66 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 38,303,335 | $ | 144,659,438 | $ | 4,621,631,260 | $ | 1,845,709,646 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 2,501,302 | $ | 1,790,329 | $ | 39,172,044 | $ | 76,201,731 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 2,348,300 | $ | 1,665,874 | $ | 29,479,120 | $ | 71,351,742 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco DWA NASDAQ Momentum ETF (DWAQ) | 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 | $ | 35,207 | $ | 1,355,807 | $ | 68,160,098 | $ | 14,582,298 | ||||||||||||
Affiliated dividend income | 1,446 | 2,093 | 228,403 | 20,816 | ||||||||||||||||
Securities lending income | 9,293 | 8,523 | 265,351 | 956,793 | ||||||||||||||||
Foreign withholding tax | - | (4,049 | ) | (7,199 | ) | (89,199 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 45,946 | 1,362,374 | 68,646,653 | 15,470,708 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 116,023 | 378,056 | 7,831,503 | 2,880,042 | ||||||||||||||||
Sub-licensing fees | 22,247 | 22,690 | 2,431,121 | 894,054 | ||||||||||||||||
Accounting & administration fees | 14,722 | 17,828 | 188,071 | 77,078 | ||||||||||||||||
Professional fees | 12,682 | 13,620 | 34,396 | 21,716 | ||||||||||||||||
Custodian & transfer agent fees | 2,917 | 5,343 | 47,385 | 36,509 | ||||||||||||||||
Trustees’ and officer’s fees | 3,789 | 6,196 | 33,394 | 14,238 | ||||||||||||||||
Proxy fees | 5,280 | 6,064 | 45,941 | 19,818 | ||||||||||||||||
Other expenses | 8,608 | 11,183 | 91,112 | 43,241 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 186,268 | 460,980 | 10,702,923 | 3,986,696 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (41,884 | ) | (1,956 | ) | (129,309 | ) | (95,680 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 144,384 | 459,024 | 10,573,614 | 3,891,016 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | (98,438 | ) | 903,350 | 58,073,039 | 11,579,692 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: |
| |||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (3,083,460 | ) | (11,861,823 | ) | (9,110,227 | ) | (2,995,227 | ) | ||||||||||||
Unaffiliatedin-kind redemptions | 3,808,824 | 7,224,540 | 123,132,271 | 48,215,087 | ||||||||||||||||
Affiliatedin-kind redemptions | - | - | 16,868 | - | ||||||||||||||||
Foreign currencies | - | - | - | 360 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 725,364 | (4,637,283 | ) | 114,038,912 | 45,220,220 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (1,833,744 | ) | 83,045 | (19,221,554 | ) | (80,867,713 | ) | |||||||||||||
Affiliated investment securities | 17 | 19 | (1,182,619 | ) | 1,266 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in unrealized appreciation (depreciation) | (1,833,727 | ) | 83,064 | (20,404,173 | ) | (80,866,447 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (1,108,363 | ) | (4,554,219 | ) | 93,634,739 | (35,646,227 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (1,206,801 | ) | $ | (3,650,869 | ) | $ | 151,707,778 | $ | (24,066,535 | ) | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
.
| 33 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco DWA NASDAQ Momentum ETF (DWAQ) | Invesco Dynamic Market ETF (PWC) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | (98,438 | ) | $ | (139,447 | ) | $ | 903,350 | $ | 1,476,068 | ||||||||||
Net realized gain (loss) | 725,364 | 3,095,806 | (4,637,283 | ) | 8,158,190 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | (1,833,727 | ) | 129,608 | 83,064 | (6,019,994 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,206,801 | ) | 3,085,967 | (3,650,869 | ) | 3,614,264 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | - | - | (732,344 | ) | (1,826,550 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 22,153,668 | 55,298,250 | 65,699,601 | 247,458,643 | ||||||||||||||||
Value of shares repurchased | (22,073,975 | ) | (65,497,189 | ) | (70,671,710 | ) | (246,405,339 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 79,693 | (10,198,939 | ) | (4,972,109 | ) | 1,053,304 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (1,127,108 | ) | (7,112,972 | ) | (9,355,322 | ) | 2,841,018 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 44,927,195 | 52,040,167 | 157,974,752 | 155,133,734 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 43,800,087 | $ | 44,927,195 | $ | 148,619,430 | $ | 157,974,752 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 200,000 | 500,000 | 700,000 | 2,450,000 | ||||||||||||||||
Shares repurchased | (200,000 | ) | (600,000 | ) | (750,000 | ) | (2,450,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 400,000 | 500,000 | 1,600,000 | 1,600,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 400,000 | 400,000 | 1,550,000 | 1,600,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco FTSE RAFI US 1000 ETF (PRF) | Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
$ | 58,073,039 | $ | 111,131,148 | $ | 11,579,692 | $ | 27,217,012 | |||||||||||||
114,038,912 | 253,928,922 | 45,220,220 | 117,664,399 | |||||||||||||||||
(20,404,173 | ) | 100,599,082 | (80,866,447 | ) | (67,887,495 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
151,707,778 | 465,659,152 | (24,066,535 | ) | 76,993,916 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(61,403,080 | ) | (107,823,504 | ) | (14,148,899 | ) | (25,325,031 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
132,166,933 | 892,856,882 | 30,895,773 | 678,476,197 | |||||||||||||||||
(373,330,285 | ) | (785,088,112 | ) | (190,074,128 | ) | (524,646,991 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(241,163,352 | ) | 107,768,770 | (159,178,355 | ) | 153,829,206 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(150,858,654 | ) | 465,604,418 | (197,393,789 | ) | 205,498,091 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
5,590,024,551 | 5,124,420,133 | 2,094,831,119 | 1,889,333,028 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
$ | 5,439,165,897 | $ | 5,590,024,551 | $ | 1,897,437,330 | $ | 2,094,831,119 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
1,150,000 | 8,250,000 | 250,000 | 5,400,000 | |||||||||||||||||
(3,200,000 | ) | (6,950,000 | ) | (1,500,000 | ) | (4,050,000 | ) | |||||||||||||
47,450,000 | 46,150,000 | 15,850,000 | 14,500,000 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
45,400,000 | 47,450,000 | 14,600,000 | 15,850,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
| 35 |
|
Financial Highlights
Invesco DWA NASDAQ Momentum ETF (DWAQ)
Six Months Ended October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 112.32 | $ | 104.08 | $ | 86.42 | $ | 69.83 | $ | 75.06 | $ | 64.34 | ||||||||||||||||||
Net investment income (loss)(a) | (0.24 | ) | (0.30 | ) | (0.11 | ) | 0.07 | (0.06 | ) | 0.06 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.58 | ) | 8.54 | 17.88 | 16.65 | (5.11 | ) | 10.66 | ||||||||||||||||||||||
Total from investment operations | (2.82 | ) | 8.24 | 17.77 | 16.72 | (5.17 | ) | 10.72 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | - | (0.11 | ) | (0.06 | ) | (0.05 | ) | - | |||||||||||||||||||||
Return of capital | - | - | - | (0.07 | ) | (0.01 | ) | - | ||||||||||||||||||||||
Total distributions | - | - | (0.11 | ) | (0.13 | ) | (0.06 | ) | - | |||||||||||||||||||||
Net asset value at end of period | $ | 109.50 | $ | 112.32 | $ | 104.08 | $ | 86.42 | $ | 69.83 | $ | 75.06 | ||||||||||||||||||
Market price at end of period(b) | $ | 109.03 | $ | 112.25 | $ | 104.23 | $ | 86.38 | $ | 69.82 | $ | 75.10 | ||||||||||||||||||
Net Asset Value Total Return(c) | (2.50 | )% | 7.92 | % | 20.56 | % | 23.98 | % | (6.90 | )% | 16.66 | % | ||||||||||||||||||
Market Price Total Return(c) | (2.88 | )% | 7.72 | % | 20.79 | % | 23.95 | % | (6.96 | )% | 16.76 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 43,800 | $ | 44,927 | $ | 52,040 | $ | 34,570 | $ | 34,913 | $ | 30,023 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.79 | %(d) | 0.77 | % | 0.82 | % | 0.85 | % | 0.81 | % | 0.96 | % | ||||||||||||||||||
Net investment income (loss) | (0.41 | )%(d) | (0.28 | )% | (0.11 | )% | 0.09 | % | (0.09 | )% | 0.09 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 51 | % | 156 | % | 80 | % | 89 | % | 118 | % | 154 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Financial Highlights–(continued)
Invesco Dynamic Market ETF (PWC)
Six Months Ended October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 98.73 | $ | 96.96 | $ | 84.15 | $ | 71.56 | $ | 73.46 | $ | 70.27 | ||||||||||||||||||
Net investment income(a) | 0.58 | 0.90 | 2.11 | (b) | 0.43 | 0.82 | 0.68 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.96 | ) | 1.99 | 12.64 | 12.98 | (1.91 | ) | 3.25 | ||||||||||||||||||||||
Total from investment operations | (2.38 | ) | 2.89 | 14.75 | 13.41 | (1.09 | ) | 3.93 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.47 | ) | (1.12 | ) | (1.94 | ) | (0.82 | ) | (0.81 | ) | (0.74 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 95.88 | $ | 98.73 | $ | 96.96 | $ | 84.15 | $ | 71.56 | $ | 73.46 | ||||||||||||||||||
Market price at end of period(c) | $ | 95.68 | $ | 98.63 | $ | 96.98 | $ | 84.16 | $ | 71.55 | $ | 73.40 | ||||||||||||||||||
Net Asset Value Total Return(d) | (2.39 | )% | 3.00 | % | 17.67 | % | 18.88 | % | (1.50 | )% | 5.58 | % | ||||||||||||||||||
Market Price Total Return(d) | (2.48 | )% | 2.89 | % | 17.68 | % | 18.91 | % | (1.43 | )% | 5.49 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 148,619 | $ | 157,975 | $ | 155,134 | $ | 143,052 | $ | 143,122 | $ | 168,950 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.59 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.59 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.61 | %(e) | 0.59 | % | 0.61 | % | 0.61 | % | 0.60 | % | 0.59 | % | ||||||||||||||||||
Net investment income | 1.20 | %(e) | 0.91 | % | 2.30 | %(b) | 0.56 | % | 1.13 | % | 0.93 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 160 | % | 240 | % | 215 | % | 231 | % | 231 | % | 237 | % |
(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) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Financial Highlights–(continued)
Invesco FTSE RAFI US 1000 ETF (PRF)
Six Months Ended October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 117.81 | $ | 111.04 | $ | 102.66 | $ | 90.15 | $ | 92.45 | $ | 85.42 | ||||||||||||||||||
Net investment income(a) | 1.25 | 2.40 | 2.18 | 1.86 | 1.93 | 1.72 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.08 | 6.72 | 8.29 | 12.56 | (2.23 | ) | 6.93 | |||||||||||||||||||||||
Total from investment operations | 3.33 | 9.12 | 10.47 | 14.42 | (0.30 | ) | 8.65 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (1.33 | ) | (2.35 | ) | (2.09 | ) | (1.91 | ) | (2.00 | ) | (1.62 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 119.81 | $ | 117.81 | $ | 111.04 | $ | 102.66 | $ | 90.15 | $ | 92.45 | ||||||||||||||||||
Market price at end of period(b) | $ | 119.60 | $ | 117.82 | $ | 111.12 | $ | 102.67 | $ | 90.13 | $ | 92.43 | ||||||||||||||||||
Net Asset Value Total Return(c) | 2.86 | % | 8.40 | % | 10.26 | % | 16.16 | % | (0.23 | )% | 10.19 | % | ||||||||||||||||||
Market Price Total Return(c) | 2.68 | % | 8.32 | % | 10.33 | % | 16.19 | % | (0.24 | )% | 10.23 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 5,439,166 | $ | 5,590,025 | $ | 5,124,420 | $ | 4,897,087 | $ | 4,142,401 | $ | 4,558,017 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.40 | %(d) | 0.40 | % | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||||||||||
Net investment income | 2.15 | %(d) | 2.13 | % | 2.00 | % | 1.93 | % | 2.19 | % | 1.92 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 1 | % | 10 | % | 9 | % | 11 | % | 12 | % | 10 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Financial Highlights–(continued)
Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ)
Six Months Ended October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 132.17 | $ | 130.30 | $ | 117.87 | $ | 97.56 | $ | 103.44 | $ | 96.35 | ||||||||||||||||||
Net investment income(a) | 0.74 | 1.76 | 1.44 | 1.30 | 1.25 | 1.38 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.05 | ) | 1.75 | 12.31 | 20.46 | (5.93 | ) | 7.04 | ||||||||||||||||||||||
Total from investment operations | (1.31 | ) | 3.51 | 13.75 | 21.76 | (4.68 | ) | 8.42 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.90 | ) | (1.64 | ) | (1.32 | ) | (1.45 | ) | (1.20 | ) | (1.33 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 129.96 | $ | 132.17 | $ | 130.30 | $ | 117.87 | $ | 97.56 | $ | 103.44 | ||||||||||||||||||
Market price at end of period(b) | $ | 129.66 | $ | 132.22 | $ | 130.51 | $ | 117.82 | $ | 97.55 | $ | 103.45 | ||||||||||||||||||
Net Asset Value Total Return(c) | (0.97 | )% | 2.75 | % | 11.73 | % | 22.44 | % | (4.49 | )% | 8.80 | % | ||||||||||||||||||
Market Price Total Return(c) | (1.24 | )% | 2.60 | % | 11.96 | % | 22.40 | % | (4.52 | )% | 8.78 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,897,437 | $ | 2,094,831 | $ | 1,889,333 | $ | 1,632,527 | $ | 1,107,295 | $ | 1,158,510 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.40 | %(d) | 0.40 | % | 0.41 | % | 0.41 | % | 0.41 | % | 0.42 | % | ||||||||||||||||||
Net investment income | 1.17 | %(d) | 1.33 | % | 1.15 | % | 1.20 | % | 1.30 | % | 1.39 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 3 | % | 24 | % | 26 | % | 29 | % | 28 | % | 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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 DWA NASDAQ Momentum ETF (DWAQ) | “DWA NASDAQ Momentum ETF” | |
Invesco Dynamic Market ETF (PWC) | “Dynamic Market ETF” | |
Invesco FTSE RAFI US 1000 ETF (PRF) | “FTSE RAFI US 1000 ETF” | |
Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ) | “FTSE RAFI US 1500Small-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 DWA NASDAQ Momentum ETF and FTSE RAFI US 1500Small-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 | |
DWA NASDAQ Momentum ETF | Dorsey Wright® NASDAQ Technical Leaders Index | |
Dynamic Market ETF | Dynamic Market IntellidexSM Index | |
FTSE RAFI US 1000 ETF | FTSE RAFITM US 1000 Index | |
FTSE RAFI US 1500Small-Mid ETF | FTSE RAFITM US 1500 Mid Small 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 (except convertible securities) 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 theover-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 generally are valued 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 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 asinstitution-size trading in similar groups of securities,
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developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions 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. | Other Risks |
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemptiontransactions 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changesin 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 particular industries will become negative. 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,
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industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excessof 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.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may beconcentrated 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities maybe more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number ofreasons. 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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the 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.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with therebalancing or adjustment of its 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 thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies,which 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- andmid-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.
C. | 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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 each 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 each Fund’s NAV and, accordingly, they reduce each 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
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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.
D. | Country Determination- For the purposes of presentation in the Schedules of Investments, the Adviser may determine thecountry 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. |
E. | Dividends and Distributions to Shareholders- Each Fund declares and pays dividends from net investment income, if any, toits shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | 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 forin-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.
G. | Expenses- Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of theTrust 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. |
Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, 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, acquired fund fees and expenses, if any, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to makeestimates 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 theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certainliabilities 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. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a marketvalue up toone-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. |
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Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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. 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.
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 that Investment Advisory Agreement, each of DWA NASDAQ Momentum ETF and 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 1500Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500Small-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) 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, 2021. For the DWA NASDAQ Momentum ETF and the 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) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Market ETF.
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.
For thesix-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA NASDAQ Momentum ETF | $ | 41,884 | ||
Dynamic Market ETF | 1,956 | |||
FTSE RAFI US 1000 ETF | 129,309 | |||
FTSE RAFI US 1500Small-Mid ETF | 95,680 |
For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500Small-Mid ETF, the fees waived and/or expenses borne by the Adviser 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 DWA NASDAQ Momentum ETF and Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.
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For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2019 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
4/30/20 | 4/30/21 | 4/30/22 | 10/31/22 | |||||||||||||||||
FTSE RAFI US 1000 ETF | $ | 2,186,011 | $ | 803,840 | $ | 984,797 | $ | 272,188 | $ | 125,186 | ||||||||||
FTSE RAFI US 1500Small-Mid ETF | 977,844 | 297,485 | 403,807 | 182,750 | 93,802 |
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 | |
DWA NASDAQ Momentum ETF | Dorsey Wright & Associates, LLC | |
Dynamic Market ETF | ICE Data Indices, LLC | |
FTSE RAFI US 1000 ETF | FTSE International Limited and Research Affiliates LLC | |
FTSE RAFI US 1500Small-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’ssub-licensing agreement with the Adviser. The Funds are required to pay thesub-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 The Bank of New York Mellon, 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.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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. |
Except for the Fund listed below, as of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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 | |||||||||||||||||
FTSE RAFI US 1500Small-Mid ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,897,268,281 | $ | - | $ | 23,096 | $ | 1,897,291,377 | ||||||||||||
Money Market Funds | 76,202,997 | - | - | 76,202,997 | ||||||||||||||||
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Total Investments | $ | 1,973,471,278 | $ | - | $ | 23,096 | $ | 1,973,494,374 | ||||||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
DWA NASDAQ Momentum ETF | $ | 27,453,889 | $ | - | $ | 27,453,889 | ||||||
Dynamic Market ETF | 125,076,065 | 1,284,602 | 126,360,667 | |||||||||
FTSE RAFI US 1000 ETF | 1,133,273 | 83,233,435 | 84,366,708 | |||||||||
FTSE RAFI US 1500Small-Mid ETF | 30,484,499 | 97,544,953 | 128,029,452 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6–Investment Transactions
For thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA NASDAQ Momentum ETF | $ | 26,543,963 | $ | 24,851,038 | ||||
Dynamic Market ETF | 241,712,270 | 239,983,111 | ||||||
FTSE RAFI US 1000 ETF | 54,511,333 | 57,973,429 | ||||||
FTSE RAFI US 1500Small-Mid ETF | 66,814,451 | 67,479,413 |
For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA NASDAQ Momentum ETF | $ | 22,127,645 | $ | 23,840,737 | ||||
Dynamic Market ETF | 65,406,163 | 71,858,071 | ||||||
FTSE RAFI US 1000 ETF | 132,052,749 | 373,025,818 | ||||||
FTSE RAFI US 1500Small-Mid ETF | 30,666,623 | 188,882,647 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
DWA NASDAQ Momentum ETF | $ | 6,339,036 | $ | (1,088,675 | ) | $ | 5,250,361 | $ | 41,068,740 | |||||||
Dynamic Market ETF | 6,732,548 | (4,249,297 | ) | 2,483,251 | 147,914,982 | |||||||||||
FTSE RAFI US 1000 ETF | 1,207,338,876 | (484,093,350 | ) | 723,245,526 | 4,745,324,315 | |||||||||||
FTSE RAFI US 1500Small-Mid ETF | 307,723,159 | (316,636,040 | ) | (8,912,881 | ) | 1,982,407,255 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The 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
| 46 |
|
Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust 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.
NOTE 9–Subsequent Event
At a meeting held on December 12, 2019, the Board of Trustees of the Trust approved the termination and winding down of DWA NASDAQ Momentum ETF, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on February 13, 2020 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 26, 2020.
| 47 |
|
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 May 1, 2019 through October 31, 2019.
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 theSix-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 May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA NASDAQ Momentum ETF (DWAQ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 975.00 | 0.61 | % | $ | 3.03 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.07 | 0.61 | 3.10 | ||||||||||||||||
Invesco Dynamic Market ETF (PWC) | ||||||||||||||||||||
Actual | 1,000.00 | 976.10 | 0.60 | 2.98 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||||||
Invesco FTSE RAFI US 1000 ETF (PRF) | ||||||||||||||||||||
Actual | 1,000.00 | 1,028.60 | 0.39 | 1.99 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 | ||||||||||||||||
Invesco FTSE RAFI US 1500Small-Mid ETF (PRFZ) |
| |||||||||||||||||||
Actual | 1,000.00 | 990.30 | 0.39 | 1.95 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
| 48 |
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Proxy Results
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
| 49 |
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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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-2 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
October 31, 2019
PKW | Invesco BuyBack AchieversTM ETF | |
PFM | Invesco Dividend AchieversTM ETF | |
DJD | Invesco Dow Jones Industrial Average Dividend ETF | |
PGF | Invesco Financial Preferred ETF | |
PEY | Invesco High Yield Equity Dividend AchieversTM ETF | |
PID | Invesco International Dividend AchieversTM ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
| 2 |
|
Invesco BuyBack AchieversTM ETF (PKW)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.95% |
| |||||||
CommunicationServices-4.62% | ||||||||
AMC Entertainment Holdings, Inc., Class A(b) | 22,374 | $ | 209,644 | |||||
AMC Networks, Inc., Class A(c) | 20,162 | 878,055 | ||||||
CBS Corp., Class B | 156,557 | 5,642,314 | ||||||
Charter Communications, Inc., Class A(c) | 99,447 | 46,527,274 | ||||||
|
| |||||||
53,257,287 | ||||||||
|
| |||||||
ConsumerDiscretionary-19.71% | ||||||||
America’sCar-Mart, Inc.(c) | 2,928 | 266,419 | ||||||
Asbury Automotive Group, Inc.(c) | 8,660 | 893,106 | ||||||
AutoZone, Inc.(c) | 10,983 | 12,568,726 | ||||||
BBX Capital Corp. | 34,409 | 153,808 | ||||||
Best Buy Co., Inc. | 118,791 | 8,532,757 | ||||||
Booking Holdings, Inc.(c) | 19,089 | 39,108,970 | ||||||
Brinker International, Inc.(b) | 16,649 | 740,048 | ||||||
Build-A-Bear Workshop, Inc.(b)(c) | 6,474 | 22,529 | ||||||
Children’s Place, Inc. (The)(b) | 7,002 | 573,534 | ||||||
Churchill Downs, Inc. | 17,879 | 2,324,091 | ||||||
Citi Trends, Inc. | 5,585 | 99,692 | ||||||
Dave & Buster’s Entertainment, Inc.(b) | 13,844 | 550,714 | ||||||
Deckers Outdoor Corp.(c) | 12,963 | 1,982,043 | ||||||
Dick’s Sporting Goods, Inc. | 30,042 | 1,169,535 | ||||||
Dillard’s, Inc., Class A(b) | 9,772 | 674,073 | ||||||
Dunkin’ Brands Group, Inc. | 36,760 | 2,890,071 | ||||||
eBay, Inc. | 376,619 | 13,275,820 | ||||||
Express, Inc.(c) | 29,598 | 95,306 | ||||||
Foot Locker, Inc. | 48,870 | 2,126,334 | ||||||
Gentex Corp. | 114,056 | 3,199,271 | ||||||
Goodyear Tire & Rubber Co. (The) | 103,401 | 1,640,974 | ||||||
Group 1 Automotive, Inc. | 8,294 | 824,755 | ||||||
Hilton Worldwide Holdings, Inc. | 128,802 | 12,488,642 | ||||||
Hyatt Hotels Corp., Class A | 17,144 | 1,281,343 | ||||||
Jack in the Box, Inc. | 11,483 | 964,802 | ||||||
Kirkland’s, Inc.(b)(c) | 6,448 | 10,188 | ||||||
Lear Corp. | 27,694 | 3,261,522 | ||||||
Lithia Motors, Inc., Class A | 9,941 | 1,565,509 | ||||||
Marriott International, Inc., Class A | 147,888 | 18,715,226 | ||||||
MGM Resorts International | 234,129 | 6,672,676 | ||||||
Michaels Cos., Inc. (The)(b)(c) | 70,589 | 616,242 | ||||||
Murphy USA, Inc.(c) | 14,310 | 1,687,578 | ||||||
O’Reilly Automotive, Inc.(c) | 34,356 | 14,962,382 | ||||||
Papa John’s International, Inc.(b) | 14,183 | 830,415 | ||||||
Sally Beauty Holdings, Inc.(c) | 53,811 | 834,070 | ||||||
Shoe Carnival, Inc.(b) | 6,667 | 221,278 | ||||||
Signet Jewelers Ltd.(b) | 22,451 | 360,114 | ||||||
Sleep Number Corp.(c) | 13,441 | 646,781 | ||||||
Starbucks Corp. | 537,473 | 45,448,717 | ||||||
Toll Brothers, Inc. | 63,994 | 2,545,041 | ||||||
TRI Pointe Group, Inc.(c) | 63,258 | 995,681 | ||||||
Visteon Corp.(c) | 12,511 | 1,163,773 | ||||||
Whirlpool Corp. | 28,173 | 4,285,677 | ||||||
Yum! Brands, Inc. | 136,998 | 13,934,067 | ||||||
Zovio Inc.(c) | 11,747 | 23,024 | ||||||
|
| |||||||
227,227,324 | ||||||||
|
|
Shares | Value | |||||||
ConsumerStaples-1.03% | ||||||||
Herbalife Nutrition Ltd.(c) | 67,499 | $ | 3,015,181 | |||||
Kroger Co. (The) | 358,591 | 8,835,682 | ||||||
|
| |||||||
11,850,863 | ||||||||
|
| |||||||
Energy-3.65% | ||||||||
Arch Coal, Inc., Class A(b) | 7,249 | 571,874 | ||||||
Cabot Oil & Gas Corp. | 188,278 | 3,509,502 | ||||||
CNX Resources Corp.(c) | 87,880 | 740,828 | ||||||
Devon Energy Corp. | 181,493 | 3,680,678 | ||||||
Dril-Quip, Inc.(c) | 16,112 | 660,914 | ||||||
Gulfport Energy Corp.(c) | 74,534 | 207,577 | ||||||
Hess Corp. | 136,221 | 8,956,531 | ||||||
NexTier Oilfield Solutions, Inc.(b)(c) | 45,659 | 197,247 | ||||||
Phillips 66 | 201,403 | 23,527,898 | ||||||
|
| |||||||
42,053,049 | ||||||||
|
| |||||||
Financials-15.91% | ||||||||
Affiliated Managers Group, Inc. | 22,770 | 1,818,868 | ||||||
Ally Financial, Inc. | 176,674 | 5,411,525 | ||||||
Ameriprise Financial, Inc. | 58,763 | 8,866,749 | ||||||
Assured Guaranty Ltd. | 45,183 | 2,119,986 | ||||||
BankFinancial Corp. | 7,305 | 94,088 | ||||||
Capstead Mortgage Corp. | 39,106 | 302,289 | ||||||
CIT Group, Inc. | 42,860 | 1,838,265 | ||||||
Citigroup, Inc. | 809,619 | 58,179,221 | ||||||
Comerica, Inc. | 67,066 | 4,387,458 | ||||||
Cowen, Inc., Class A(c) | 12,638 | 189,191 | ||||||
Discover Financial Services | 142,896 | 11,468,833 | ||||||
E*TRADE Financial Corp. | 109,192 | 4,563,134 | ||||||
Ellington Residential Mortgage REIT | 5,445 | 59,187 | ||||||
Fifth Third Bancorp | 329,804 | 9,590,700 | ||||||
FirstCash, Inc. | 19,185 | 1,619,022 | ||||||
Franklin Resources, Inc. | 225,779 | 6,220,212 | ||||||
Greenhill & Co., Inc. | 8,863 | 143,581 | ||||||
HCI Group, Inc.(b) | 3,923 | 164,962 | ||||||
Jefferies Financial Group, Inc. | 134,648 | 2,513,878 | ||||||
Legg Mason, Inc. | 38,519 | 1,435,218 | ||||||
Loews Corp. | 135,624 | 6,645,576 | ||||||
M&T Bank Corp. | 60,019 | 9,394,774 | ||||||
MetLife, Inc. | 420,481 | 19,674,306 | ||||||
Oxford Square Capital Corp.(b) | 20,957 | 107,090 | ||||||
PacWest Bancorp | 52,695 | 1,949,188 | ||||||
PennyMac Mortgage Investment Trust | 39,060 | 894,083 | ||||||
Regions Financial Corp. | 450,725 | 7,256,673 | ||||||
Sculptor Capital Management, Inc. | 9,187 | 165,090 | ||||||
Synchrony Financial | 297,896 | 10,536,582 | ||||||
Third Point Reinsurance Ltd. | 40,753 | 386,746 | ||||||
Voya Financial, Inc. | 63,729 | 3,438,817 | ||||||
Waddell & Reed Financial, Inc., | 33,410 | 553,270 | ||||||
White Mountains Insurance Group Ltd. | 1,396 | 1,495,116 | ||||||
|
| |||||||
183,483,678 | ||||||||
|
| |||||||
HealthCare-11.77% | ||||||||
AbbVie, Inc. | 663,864 | 52,810,381 | ||||||
Amedisys, Inc.(c) | 14,252 | 1,831,667 | ||||||
Amgen, Inc. | 269,276 | 57,423,107 | ||||||
Cardinal Health, Inc. | 131,294 | 6,492,488 | ||||||
DaVita, Inc.(c) | 71,977 | 4,217,852 | ||||||
Innoviva, Inc.(c) | 45,188 | 525,085 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco BuyBack AchieversTM ETF (PKW)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
McKesson Corp. | 83,025 | $ | 11,042,325 | |||||
Medpace Holdings, Inc.(c) | 15,933 | 1,173,147 | ||||||
PDL BioPharma, Inc.(c) | 53,229 | 150,106 | ||||||
|
| |||||||
135,666,158 | ||||||||
|
| |||||||
Industrials-12.84% | ||||||||
Allison Transmission Holdings, Inc. | 54,109 | 2,359,693 | ||||||
Armstrong World Industries, Inc. | 21,781 | 2,037,177 | ||||||
Atkore International Group, Inc.(c) | 20,368 | 706,770 | ||||||
Avis Budget Group, Inc.(c) | 33,411 | 992,641 | ||||||
CSX Corp. | 358,394 | 25,184,346 | ||||||
Dover Corp. | 65,304 | 6,784,433 | ||||||
Fortune Brands Home & Security, Inc. | 62,216 | 3,736,071 | ||||||
Hawaiian Holdings, Inc. | 21,327 | 610,165 | ||||||
Huntington Ingalls Industries, Inc. | 18,483 | 4,170,874 | ||||||
InnerWorkings, Inc.(c) | 22,432 | 108,795 | ||||||
ManpowerGroup, Inc. | 26,607 | 2,419,108 | ||||||
PICO Holdings, Inc.(c) | 9,158 | 98,723 | ||||||
Quanta Services, Inc. | 63,194 | 2,657,308 | ||||||
Rockwell Automation, Inc. | 52,539 | 9,036,183 | ||||||
Southwest Airlines Co. | 241,354 | 13,547,200 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 46,167 | 3,777,384 | ||||||
Terex Corp. | 31,834 | 877,027 | ||||||
Textron, Inc. | 103,541 | 4,772,205 | ||||||
UniFirst Corp. | 6,829 | 1,371,536 | ||||||
Union Pacific Corp. | 316,186 | 52,316,135 | ||||||
United Airlines Holdings, Inc.(c) | 115,362 | 10,479,484 | ||||||
|
| |||||||
148,043,258 | ||||||||
|
| |||||||
InformationTechnology-27.17% | ||||||||
Apple, Inc. | 249,914 | 62,168,607 | ||||||
Applied Materials, Inc. | 414,781 | 22,506,017 | ||||||
Avnet, Inc. | 47,289 | 1,870,753 | ||||||
Benchmark Electronics, Inc. | 17,154 | 581,521 | ||||||
CDK Global, Inc. | 54,328 | 2,745,737 | ||||||
Cirrus Logic, Inc.(c) | 25,944 | 1,763,154 | ||||||
Cisco Systems, Inc. | 1,132,823 | 53,820,421 | ||||||
Citrix Systems, Inc. | 58,562 | 6,375,059 | ||||||
Corning, Inc. | 352,686 | 10,450,086 | ||||||
Hewlett Packard Enterprise Co. | 586,238 | 9,620,166 | ||||||
HP, Inc. | 665,404 | 11,558,067 | ||||||
Jabil, Inc. | 68,326 | 2,515,763 | ||||||
Juniper Networks, Inc. | 153,151 | 3,801,208 | ||||||
Manhattan Associates, Inc.(c) | 28,730 | 2,153,314 | ||||||
NetApp, Inc. | 106,770 | 5,966,308 | ||||||
NetScout Systems, Inc.(c) | 34,571 | 837,310 | ||||||
Onto Innovation, Inc.(c) | 10,520 | 338,744 | ||||||
Oracle Corp. | 1,017,132 | 55,423,523 | ||||||
Plexus Corp.(c) | 13,530 | 1,000,408 | ||||||
Progress Software Corp. | 19,961 | 796,045 | ||||||
QUALCOMM, Inc. | 545,851 | 43,908,254 | ||||||
Sanmina Corp.(c) | 30,692 | 943,165 | ||||||
Synchronoss Technologies, Inc.(c) | 18,369 | 110,214 | ||||||
Teradyne, Inc. | 76,487 | 4,682,534 | ||||||
Ubiquiti, Inc.(b) | 30,821 | 3,901,630 | ||||||
Xerox Holdings Corp. | 99,910 | 3,389,946 | ||||||
|
| |||||||
313,227,954 | ||||||||
|
|
Shares | Value | |||||||
Materials-1.75% | ||||||||
Advanced Emissions Solutions, Inc.(b) | 8,055 | $ | 111,401 | |||||
Chemours Co. (The) | 72,447 | 1,188,855 | ||||||
PPG Industries, Inc. | 105,662 | 13,220,430 | ||||||
Sealed Air Corp. | 69,258 | 2,892,907 | ||||||
Valvoline, Inc. | 83,701 | 1,786,179 | ||||||
Worthington Industries, Inc. | 25,577 | 941,489 | ||||||
|
| |||||||
20,141,261 | ||||||||
|
| |||||||
RealEstate-1.09% | ||||||||
Colony Capital, Inc. | 216,456 | 1,212,154 | ||||||
Hersha Hospitality Trust | 17,046 | 235,235 | ||||||
Park Hotels & Resorts, Inc. | 107,666 | 2,503,234 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 55,476 | 1,244,881 | ||||||
Realogy Holdings Corp.(b) | 50,965 | 401,604 | ||||||
Retail Properties of America, Inc., Class A | 95,312 | 1,311,493 | ||||||
SL Green Realty Corp. | 37,510 | 3,135,836 | ||||||
Spirit Realty Capital, Inc. | 40,845 | 2,035,715 | ||||||
St. Joe Co. (The)(c) | 26,236 | 486,678 | ||||||
|
| |||||||
12,566,830 | ||||||||
|
| |||||||
Utilities-0.41% | ||||||||
NRG Energy, Inc. | 113,596 | 4,557,471 | ||||||
Star Group L.P. | 22,772 | 211,552 | ||||||
|
| |||||||
4,769,023 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,152,286,685 | ||||||
|
| |||||||
Money MarketFunds-0.14% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 1,676,601 | 1,676,601 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,153,963,286 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.70% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 6,015,972 | 6,015,972 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,004,522 | 2,005,324 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 8,021,296 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.79% |
| 1,161,984,582 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.79)% |
| (9,157,663 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,152,826,919 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco BuyBack AchieversTM ETF (PKW)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Information Technology | 27.17 | |||||
Consumer Discretionary | 19.71 | |||||
Financials | 15.91 | |||||
Industrials | 12.84 | |||||
Health Care | 11.77 | |||||
Communication Services | 4.62 | |||||
Energy | 3.65 | |||||
Sector Types Each Less Than 3% | 4.28 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.05 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Dividend AchieversTM ETF (PFM)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.93% |
| |||||||
CommunicationServices-8.24% | ||||||||
AT&T, Inc. | 249,702 | $ | 9,611,030 | |||||
Comcast Corp., Class A | 155,059 | 6,949,744 | ||||||
John Wiley & Sons, Inc., Class A | 1,612 | 74,265 | ||||||
Meredith Corp. | 1,365 | 51,461 | ||||||
Telephone & Data Systems, Inc. | 3,650 | 95,228 | ||||||
Verizon Communications, Inc. | 141,319 | 8,545,560 | ||||||
|
| |||||||
25,327,288 | ||||||||
|
| |||||||
ConsumerDiscretionary-7.14% | ||||||||
Aaron’s, Inc. | 2,300 | 172,339 | ||||||
Best Buy Co., Inc. | 9,093 | 653,150 | ||||||
Columbia Sportswear Co. | 2,300 | 208,035 | ||||||
Cracker Barrel Old Country Store, Inc.(b) | 819 | 127,355 | ||||||
Genuine Parts Co. | 4,974 | 510,233 | ||||||
Hasbro, Inc. | 4,297 | 418,141 | ||||||
Leggett & Platt, Inc. | 4,476 | 229,619 | ||||||
Lowe’s Cos., Inc. | 26,824 | 2,993,827 | ||||||
McDonald’s Corp. | 25,976 | 5,109,479 | ||||||
Monro, Inc. | 1,131 | 79,294 | ||||||
NIKE, Inc., Class B | 42,839 | 3,836,232 | ||||||
Polaris, Inc. | 2,081 | 205,291 | ||||||
Ross Stores, Inc. | 12,417 | 1,361,772 | ||||||
Target Corp. | 17,396 | 1,859,806 | ||||||
Tiffany & Co. | 4,113 | 512,110 | ||||||
TJX Cos., Inc. (The) | 41,163 | 2,373,047 | ||||||
VF Corp. | 13,558 | 1,115,688 | ||||||
Williams-Sonoma, Inc. | 2,677 | 178,797 | ||||||
|
| |||||||
21,944,215 | ||||||||
|
| |||||||
ConsumerStaples-20.52% | ||||||||
Altria Group, Inc. | 64,002 | 2,866,650 | ||||||
Andersons, Inc. (The) | 1,110 | 20,446 | ||||||
Archer-Daniels-Midland Co. | 18,965 | 797,289 | ||||||
Brown-Forman Corp., Class B | 10,504 | 688,222 | ||||||
Bunge Ltd. | 4,820 | 260,280 | ||||||
Casey’s General Stores, Inc. | 1,252 | 213,854 | ||||||
Church & Dwight Co., Inc. | 8,413 | 588,405 | ||||||
Clorox Co. (The) | 4,281 | 632,261 | ||||||
Coca-Cola Co. (The) | 146,153 | 7,955,108 | ||||||
Colgate-Palmolive Co. | 29,214 | 2,004,080 | ||||||
Costco Wholesale Corp. | 15,042 | 4,469,129 | ||||||
Flowers Foods, Inc. | 7,201 | 156,406 | ||||||
General Mills, Inc. | 20,548 | 1,045,071 | ||||||
Hormel Foods Corp. | 18,177 | 743,258 | ||||||
J&J Snack Foods Corp. | 641 | 122,277 | ||||||
JM Smucker Co. (The) | 3,884 | 410,461 | ||||||
Kellogg Co. | 11,598 | 736,821 | ||||||
Kimberly-Clark Corp. | 11,717 | 1,556,955 | ||||||
Kroger Co. (The) | 27,198 | 670,159 | ||||||
Lancaster Colony Corp. | 936 | 130,272 | ||||||
McCormick & Co., Inc. | 4,190 | 673,291 | ||||||
Nu Skin Enterprises, Inc., Class A | 1,891 | 84,301 | ||||||
PepsiCo, Inc. | 47,809 | 6,557,960 | ||||||
Philip Morris International, Inc. | 53,230 | 4,335,051 | ||||||
Procter & Gamble Co. (The) | 85,515 | 10,647,473 | ||||||
Sysco Corp. | 17,473 | 1,395,568 | ||||||
Tootsie Roll Industries, Inc.(b) | 1,335 | 45,764 | ||||||
Universal Corp. | 850 | 46,580 |
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Vector Group Ltd.(b) | 5,032 | $ | 61,390 | |||||
Walgreens Boots Alliance, Inc. | 30,751 | 1,684,540 | ||||||
Walmart, Inc. | 97,535 | 11,436,954 | ||||||
|
| |||||||
63,036,276 | ||||||||
|
| |||||||
Energy-7.52% | ||||||||
Chevron Corp. | 64,901 | 7,537,602 | ||||||
Energy Transfer L.P. | 89,318 | 1,124,514 | ||||||
Enterprise Products Partners L.P. | 74,533 | 1,940,094 | ||||||
Exxon Mobil Corp. | 144,562 | 9,768,054 | ||||||
Helmerich & Payne, Inc. | 3,726 | 139,725 | ||||||
Holly Energy Partners L.P. | 3,590 | 82,031 | ||||||
Magellan Midstream Partners, L.P. | 7,777 | 484,663 | ||||||
Occidental Petroleum Corp. | 25,480 | 1,031,940 | ||||||
ONEOK, Inc. | 14,061 | 981,880 | ||||||
|
| |||||||
23,090,503 | ||||||||
|
| |||||||
Financials-5.87% | ||||||||
1st Source Corp. | 869 | 44,475 | ||||||
Aflac, Inc. | 25,210 | 1,340,164 | ||||||
American Equity Investment Life Holding Co. | 3,099 | 76,483 | ||||||
American Financial Group, Inc. | 3,063 | 318,674 | ||||||
Ameriprise Financial, Inc. | 4,456 | 672,366 | ||||||
Assurant, Inc. | 2,081 | 262,352 | ||||||
AXIS Capital Holdings Ltd. | 2,859 | 169,910 | ||||||
BancFirst Corp. | 1,111 | 64,316 | ||||||
Bank of Marin Bancorp | 464 | 20,356 | ||||||
Bank OZK | 4,391 | 123,211 | ||||||
BOK Financial Corp. | 2,424 | 187,012 | ||||||
Brown & Brown, Inc. | 9,577 | 360,861 | ||||||
Chubb Ltd. | 15,517 | 2,365,101 | ||||||
Cincinnati Financial Corp. | 5,562 | 629,674 | ||||||
Commerce Bancshares, Inc.(b) | 3,737 | 240,513 | ||||||
Community Bank System, Inc. | 1,756 | 119,022 | ||||||
Community Trust Bancorp, Inc. | 605 | 26,505 | ||||||
Cullen/Frost Bankers, Inc. | 2,133 | 192,141 | ||||||
Eaton Vance Corp. | 3,921 | 178,798 | ||||||
Erie Indemnity Co., Class A | 1,573 | 289,857 | ||||||
Evercore, Inc., Class A | 1,357 | 99,929 | ||||||
FactSet Research Systems, Inc. | 1,302 | 330,083 | ||||||
First of Long Island Corp. (The) | 840 | 19,690 | ||||||
Franklin Resources, Inc. | 17,149 | 472,455 | ||||||
Globe Life, Inc. | 3,715 | 361,581 | ||||||
Hanover Insurance Group, Inc. (The) | 1,346 | 177,282 | ||||||
Invesco Ltd.(c) | 15,996 | 269,053 | ||||||
Lazard Ltd., Class A | 3,639 | 135,844 | ||||||
Mercury General Corp. | 1,885 | 90,593 | ||||||
Old Republic International Corp. | 10,323 | 230,616 | ||||||
People’s United Financial, Inc. | 13,577 | 219,540 | ||||||
Principal Financial Group, Inc. | 9,492 | 506,683 | ||||||
Prosperity Bancshares, Inc.(b) | 2,351 | 162,266 | ||||||
Prudential Financial, Inc. | 13,687 | 1,247,433 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 1,503 | 281,332 | ||||||
RLI Corp. | 1,525 | 148,413 | ||||||
S&P Global, Inc. | 8,386 | 2,163,504 | ||||||
SEI Investments Co. | 5,143 | 308,169 | ||||||
Southside Bancshares, Inc. | 1,150 | 39,617 | ||||||
T. Rowe Price Group, Inc. | 8,020 | 928,716 | ||||||
Tompkins Financial Corp. | 514 | 44,980 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco Dividend AchieversTM ETF (PFM)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Travelers Cos., Inc. (The) | 8,865 | $ | 1,161,847 | |||||
UMB Financial Corp. | 1,671 | 109,049 | ||||||
United Bankshares, Inc. | 3,469 | 137,164 | ||||||
Unum Group | 7,104 | 195,644 | ||||||
W.R. Berkley Corp. | 6,237 | 435,966 | ||||||
Westamerica Bancorp | 918 | 60,606 | ||||||
Westwood Holdings Group, Inc. | 304 | 9,190 | ||||||
|
| |||||||
18,029,036 | ||||||||
|
| |||||||
HealthCare-9.77% | ||||||||
Abbott Laboratories | 60,465 | 5,055,479 | ||||||
AmerisourceBergen Corp. | 7,093 | 605,600 | ||||||
Atrion Corp. | 63 | 53,136 | ||||||
Becton, Dickinson and Co. | 9,192 | 2,353,152 | ||||||
Cardinal Health, Inc. | 10,152 | 502,016 | ||||||
Chemed Corp. | 543 | 213,893 | ||||||
Ensign Group, Inc. (The) | 1,818 | 76,811 | ||||||
Johnson & Johnson | 90,171 | 11,906,179 | ||||||
McKesson Corp. | 6,296 | 837,368 | ||||||
Medtronic PLC | 45,897 | 4,998,183 | ||||||
National HealthCare Corp. | 521 | 42,816 | ||||||
Perrigo Co. PLC | 4,632 | 245,589 | ||||||
Stryker Corp. | 12,819 | 2,772,365 | ||||||
West Pharmaceutical Services, Inc. | 2,511 | 361,182 | ||||||
|
| |||||||
30,023,769 | ||||||||
|
| |||||||
Industrials-14.09% | ||||||||
3M Co. | 19,706 | 3,251,293 | ||||||
A.O. Smith Corp. | 4,711 | 234,042 | ||||||
ABM Industries, Inc. | 2,260 | 82,400 | ||||||
Brady Corp., Class A | 1,678 | 94,539 | ||||||
C.H. Robinson Worldwide, Inc. | 4,609 | 348,625 | ||||||
Carlisle Cos., Inc. | 1,927 | 293,424 | ||||||
Caterpillar, Inc. | 19,156 | 2,639,697 | ||||||
Cintas Corp. | �� | 3,490 | 937,658 | |||||
CSX Corp. | 27,177 | 1,909,728 | ||||||
Cummins, Inc. | 5,373 | 926,735 | ||||||
Donaldson Co., Inc. | 4,342 | 228,997 | ||||||
Dover Corp. | 4,952 | 514,463 | ||||||
Emerson Electric Co. | 20,943 | 1,469,151 | ||||||
Expeditors International of Washington, Inc. | 5,813 | 424,000 | ||||||
Fastenal Co. | 19,524 | 701,693 | ||||||
FedEx Corp. | 8,883 | 1,356,079 | ||||||
Franklin Electric Co., Inc. | 1,578 | 84,975 | ||||||
General Dynamics Corp. | 9,835 | 1,738,828 | ||||||
Gorman-Rupp Co. (The) | 890 | 32,877 | ||||||
Graco, Inc. | 5,679 | 256,691 | ||||||
Healthcare Services Group, Inc.(b) | 2,523 | 61,460 | ||||||
HEICO Corp. | 1,832 | 225,959 | ||||||
Hillenbrand, Inc. | 2,134 | 65,706 | ||||||
Hubbell, Inc. | 1,853 | 262,570 | ||||||
Illinois Tool Works, Inc. | 11,014 | 1,856,740 | ||||||
ITT, Inc. | 2,996 | 178,112 | ||||||
J.B. Hunt Transport Services, Inc. | 3,635 | 427,331 | ||||||
L3Harris Technologies, Inc. | 7,602 | 1,568,369 | ||||||
Lincoln Electric Holdings, Inc. | 2,103 | 188,366 | ||||||
Lindsay Corp. | 368 | 34,743 | ||||||
Lockheed Martin Corp. | 9,666 | 3,640,989 | ||||||
Matthews International Corp., Class A | 1,072 | 39,643 | ||||||
McGrath RentCorp | 826 | 63,032 | ||||||
MSA Safety, Inc. | 1,318 | 158,252 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
MSC Industrial Direct Co., Inc., Class A | 1,532 | $ | 112,158 | |||||
Nordson Corp. | 1,956 | 306,720 | ||||||
Northrop Grumman Corp. | 5,761 | 2,030,637 | ||||||
Regal Beloit Corp. | 1,428 | 105,743 | ||||||
Republic Services, Inc. | 10,921 | 955,697 | ||||||
Robert Half International, Inc. | 4,003 | 229,252 | ||||||
Rollins, Inc. | 11,150 | 424,926 | ||||||
Roper Technologies, Inc. | 3,541 | 1,193,175 | ||||||
Ryder System, Inc. | 1,816 | 88,312 | ||||||
Stanley Black & Decker, Inc. | 5,167 | 781,922 | ||||||
Tennant Co. | 620 | 48,007 | ||||||
Toro Co. (The) | 3,624 | 279,519 | ||||||
Union Pacific Corp. | 24,117 | 3,990,399 | ||||||
United Technologies Corp. | 29,528 | 4,239,630 | ||||||
W.W. Grainger, Inc. | 1,858 | 573,825 | ||||||
Waste Management, Inc. | 14,444 | 1,620,761 | ||||||
|
| |||||||
43,277,850 | ||||||||
|
| |||||||
InformationTechnology-14.71% | ||||||||
Accenture PLC, Class A | 21,802 | 4,042,527 | ||||||
Analog Devices, Inc. | 12,578 | 1,341,192 | ||||||
Automatic Data Processing, Inc. | 14,776 | 2,397,110 | ||||||
Badger Meter, Inc. | 992 | 57,338 | ||||||
Broadridge Financial Solutions, Inc. | 3,892 | 487,356 | ||||||
Cass Information Systems, Inc. | 493 | 28,254 | ||||||
International Business Machines Corp. | 30,304 | 4,052,554 | ||||||
Jack Henry & Associates, Inc. | 2,622 | 371,170 | ||||||
Maxim Integrated Products, Inc. | 9,236 | 541,784 | ||||||
Microchip Technology, Inc. | 8,105 | 764,220 | ||||||
Microsoft Corp. | 88,256 | 12,653,263 | ||||||
QUALCOMM, Inc. | 41,632 | 3,348,878 | ||||||
Texas Instruments, Inc. | 31,945 | 3,769,191 | ||||||
Visa, Inc., Class A | 59,012 | 10,554,886 | ||||||
Xilinx, Inc. | 8,601 | 780,455 | ||||||
|
| |||||||
45,190,178 | ||||||||
|
| |||||||
Materials-3.06% | ||||||||
Air Products and Chemicals, Inc. | 7,503 | 1,600,090 | ||||||
Albemarle Corp.(b) | 3,608 | 219,150 | ||||||
AptarGroup, Inc. | 2,180 | 257,567 | ||||||
Balchem Corp. | 1,101 | 111,432 | ||||||
Ecolab, Inc. | 9,798 | 1,881,902 | ||||||
H.B. Fuller Co. | 1,733 | 84,570 | ||||||
Hawkins, Inc. | 363 | 15,518 | ||||||
International Flavors & Fragrances, Inc.(b) | 3,635 | 443,506 | ||||||
Nucor Corp. | 10,322 | 555,840 | ||||||
PPG Industries, Inc. | 8,045 | 1,006,590 | ||||||
Quaker Chemical Corp. | 603 | 92,187 | ||||||
Royal Gold, Inc. | 2,233 | 257,778 | ||||||
RPM International, Inc. | 4,415 | 319,779 | ||||||
Sensient Technologies Corp. | 1,441 | 90,149 | ||||||
Sherwin-Williams Co. (The) | 3,141 | 1,797,657 | ||||||
Silgan Holdings, Inc. | 3,785 | 116,464 | ||||||
Sonoco Products Co. | 3,407 | 196,584 | ||||||
Stepan Co. | 768 | 75,049 | ||||||
Westlake Chemical Corp.(b) | 4,368 | 276,014 | ||||||
|
| |||||||
9,397,826 | ||||||||
|
| |||||||
RealEstate-1.54% | ||||||||
Digital Realty Trust, Inc. | 7,094 | 901,222 | ||||||
Equity LifeStyle Properties, Inc. | 6,200 | 433,628 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco Dividend AchieversTM ETF (PFM)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Essex Property Trust, Inc. | 2,238 | $ | 732,117 | |||||
Federal Realty Investment Trust | 2,552 | 347,097 | ||||||
National Health Investors, Inc. | 1,476 | 126,626 | ||||||
National Retail Properties, Inc. | 5,568 | 328,011 | ||||||
Omega Healthcare Investors, | 7,373 | 324,707 | ||||||
Realty Income Corp. | 10,835 | 886,195 | ||||||
Tanger Factory Outlet Centers, Inc.(b) | 3,185 | 51,342 | ||||||
Universal Health Realty Income Trust | 468 | 55,799 | ||||||
Urstadt Biddle Properties, Inc., Class A | 1,018 | 24,768 | ||||||
WP Carey, Inc. | 5,815 | 535,329 | ||||||
|
| |||||||
4,746,841 | ||||||||
|
| |||||||
Utilities-7.47% | ||||||||
Alliant Energy Corp. | 8,088 | 431,414 | ||||||
American States Water Co. | 1,254 | 119,293 | ||||||
American Water Works Co., Inc. | 6,151 | 758,234 | ||||||
Aqua America, Inc. | 7,347 | 333,039 | ||||||
Atmos Energy Corp. | 4,024 | 452,620 | ||||||
Black Hills Corp. | 2,079 | 163,888 | ||||||
Brookfield Infrastructure Partners L.P. (Canada) | 9,528 | 478,020 | ||||||
California Water Service Group | 1,639 | 91,735 | ||||||
CenterPoint Energy, Inc. | 17,101 | 497,126 | ||||||
Chesapeake Utilities Corp. | 559 | 52,993 | ||||||
CMS Energy Corp. | 9,662 | 617,595 | ||||||
Consolidated Edison, Inc. | 11,309 | 1,042,916 | ||||||
Dominion Energy, Inc. | 27,354 | 2,258,073 | ||||||
Duke Energy Corp. | 24,808 | 2,338,402 | ||||||
Edison International | 12,192 | 766,877 | ||||||
Evergy, Inc. | 8,017 | 512,366 | ||||||
Eversource Energy | 11,019 | 922,731 | ||||||
MDU Resources Group, Inc. | 6,777 | 195,788 | ||||||
MGE Energy, Inc. | 1,181 | 90,984 | ||||||
Middlesex Water Co. | 564 | 37,929 | ||||||
National Fuel Gas Co. | 2,939 | 133,166 | ||||||
New Jersey Resources Corp. | 3,064 | 133,590 | ||||||
NextEra Energy, Inc. | 16,399 | 3,908,538 | ||||||
Northwest Natural Holding Co. | 1,037 | 71,926 | ||||||
NorthWestern Corp. | 1,717 | 124,517 | ||||||
OGE Energy Corp. | 6,816 | 293,497 | ||||||
Portland General Electric Co. | 3,043 | 173,086 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
PPL Corp. | 24,592 | $ | 823,586 | |||||
SJW Group | 969 | 70,107 | ||||||
South Jersey Industries, Inc. | 3,146 | 101,175 | ||||||
Southern Co. (The) | 35,589 | 2,230,007 | ||||||
Southwest Gas Holdings, Inc. | 1,850 | 161,505 | ||||||
Spire, Inc. | 1,730 | 145,424 | ||||||
UGI Corp. | 5,936 | 282,969 | ||||||
WEC Energy Group, Inc. | 10,740 | 1,013,856 | ||||||
Xcel Energy, Inc. | 17,536 | 1,113,711 | ||||||
|
| |||||||
22,942,683 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 307,006,465 | ||||||
|
| |||||||
Money MarketFunds-0.05% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 167,979 | 167,979 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 307,174,444 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.56% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 1,287,799 | 1,287,799 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 429,095 | 429,266 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,717,065 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.54% |
| 308,891,509 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.54)% |
| (1,659,351 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 307,232,158 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||
Invesco Ltd. | $297,562 | $60,290 | $(9,705) | $(72,529) | $(6,565) | $269,053 | $9,163 |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco Dividend AchieversTM ETF (PFM)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Consumer Staples | 20.52 | |||||
Information Technology | 14.71 | |||||
Industrials | 14.09 | |||||
Health Care | 9.77 | |||||
Communication Services | 8.24 | |||||
Energy | 7.52 | |||||
Utilities | 7.47 | |||||
Consumer Discretionary | 7.14 | |||||
Financials | 5.87 | |||||
Materials | 3.06 | |||||
Real Estate | 1.54 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.07 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco Dow Jones Industrial Average Dividend ETF (DJD)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.87% |
| |||||||
CommunicationServices-6.47% | ||||||||
Verizon Communications, Inc. | 70,152 | $ | 4,242,091 | |||||
Walt Disney Co. (The) | 9,431 | 1,225,276 | ||||||
|
| |||||||
5,467,367 | ||||||||
|
| |||||||
ConsumerDiscretionary-6.55% | ||||||||
Home Depot, Inc. (The) | 10,360 | 2,430,249 | ||||||
McDonald’s Corp. | 10,299 | 2,025,813 | ||||||
NIKE, Inc., Class B | 12,106 | 1,084,092 | ||||||
|
| |||||||
5,540,154 | ||||||||
|
| |||||||
ConsumerStaples-12.96% | ||||||||
Coca-Cola Co. (The) | 54,387 | 2,960,284 | ||||||
Procter & Gamble Co. (The) | 20,626 | 2,568,143 | ||||||
Walgreens Boots Alliance, Inc. | 64,810 | 3,550,292 | ||||||
Walmart, Inc. | 16,044 | 1,881,320 | ||||||
|
| |||||||
10,960,039 | ||||||||
|
| |||||||
Energy-10.32% | ||||||||
Chevron Corp. | 33,786 | 3,923,906 | ||||||
Exxon Mobil Corp. | 71,011 | 4,798,213 | ||||||
|
| |||||||
8,722,119 | ||||||||
|
| |||||||
Financials-10.88% | ||||||||
American Express Co. | 11,036 | 1,294,302 | ||||||
Goldman Sachs Group, Inc. (The) | 11,319 | 2,415,248 | ||||||
JPMorgan Chase & Co. | 27,669 | 3,456,412 | ||||||
Travelers Cos., Inc. (The) | 15,484 | 2,029,333 | ||||||
|
| |||||||
9,195,295 | ||||||||
|
| |||||||
HealthCare-14.25% | ||||||||
Johnson & Johnson | 22,978 | 3,034,015 | ||||||
Merck & Co., Inc. | 31,266 | 2,709,512 | ||||||
Pfizer, Inc. | 111,395 | 4,274,226 | ||||||
UnitedHealth Group, Inc. | 8,021 | 2,026,907 | ||||||
|
| |||||||
12,044,660 | ||||||||
|
|
Shares | Value | |||||||
Industrials-13.64% | ||||||||
3M Co. | 21,088 | $ | 3,479,309 | |||||
Boeing Co. (The) | 6,034 | 2,051,017 | ||||||
Caterpillar, Inc. | 26,269 | 3,619,868 | ||||||
United Technologies Corp. | 16,597 | 2,382,997 | ||||||
|
| |||||||
11,533,191 | ||||||||
|
| |||||||
InformationTechnology-16.54% | ||||||||
Apple, Inc. | 6,849 | 1,703,757 | ||||||
Cisco Systems, Inc. | 60,680 | 2,882,907 | ||||||
Intel Corp. | 51,345 | 2,902,533 | ||||||
International Business Machines Corp. | 33,781 | 4,517,533 | ||||||
Microsoft Corp. | 9,871 | 1,415,205 | ||||||
Visa, Inc., Class A | 3,166 | 566,271 | ||||||
|
| |||||||
13,988,206 | ||||||||
|
| |||||||
Materials-8.26% | ||||||||
Dow, Inc. | 138,320 | 6,983,777 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 84,434,808 | ||||||
|
| |||||||
Money MarketFunds-0.04% |
| |||||||
Invesco Premier U.S. Government Money | 32,809 | 32,809 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.91% |
| 84,467,617 | ||||||
OTHER ASSETS LESSLIABILITIES-0.09% |
| 79,935 | ||||||
|
| |||||||
NETASSETS-100.00% |
| $ | 84,547,552 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco Dow Jones Industrial Average Dividend ETF (DJD)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Information Technology | 16.54 | |||
Health Care | 14.25 | |||
Industrials | 13.64 | |||
Consumer Staples | 12.96 | |||
Financials | 10.88 | |||
Energy | 10.32 | |||
Materials | 8.26 | |||
Consumer Discretionary | 6.55 | |||
Communication Services | 6.47 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Financial Preferred ETF (PGF)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
PreferredStocks-99.75% | ||||||||
Banks-59.47% | ||||||||
Bank of America Corp. | ||||||||
Series LL, Pfd., 5.00%(b) | 912,717 | $ | 23,685,006 | |||||
Series KK, Pfd., 5.38% | 1,170,368 | 31,143,492 | ||||||
Series HH, Pfd., 5.88% | 886,119 | 24,049,270 | ||||||
Series EE, Pfd., 6.00% | 749,211 | 19,659,297 | ||||||
Series GG, Pfd., 6.00% | 1,159,756 | 31,603,351 | ||||||
Series CC, Pfd., 6.20% | 951,153 | 24,796,559 | ||||||
Series Y, Pfd., 6.50% | 855,683 | 21,871,257 | ||||||
BB&T Corp. | ||||||||
Series F, Pfd., 5.20%(b) | 119,896 | 3,063,343 | ||||||
Series G, Pfd., 5.20%(b) | 64,598 | 1,649,187 | ||||||
Series H, Pfd., 5.63%(b) | 435,879 | 11,598,740 | ||||||
Citigroup, Inc. | ||||||||
Series S, Pfd., 6.30%(b) | 753,249 | 19,765,254 | ||||||
Series K, Pfd., 6.88%(b) | 1,091,896 | 30,900,657 | ||||||
Series J, Pfd., 7.13% | 695,783 | 20,073,340 | ||||||
Citizens Financial Group, Inc. | ||||||||
Series E, Pfd., 5.00% | 300,000 | 7,488,000 | ||||||
Series D, Pfd., 6.35% | 271,870 | 7,625,954 | ||||||
Fifth Third Bancorp | ||||||||
Series K, Pfd., 4.95%(b) | 207,158 | 5,404,752 | ||||||
Series I, Pfd., 6.63% | 439,943 | 12,547,174 | ||||||
First Republic Bank, Series I, Pfd., 5.50% | 278,167 | 7,399,242 | ||||||
HSBC Holdings PLC, Series A, Pfd., 6.20%(b) | 84,094 | 2,215,877 | ||||||
Huntington Bancshares, Inc., Series D, Pfd., 6.25% | 575,113 | 15,073,712 | ||||||
ING Groep N.V., Pfd., 6.13%(b) | 615,282 | 16,052,707 | ||||||
JPMorgan Chase & Co. | ||||||||
Series GG, Pfd., 4.00% | 450,000 | 11,250,000 | ||||||
Series P, Pfd., 5.45% | 767,636 | 19,221,605 | ||||||
Series DD, Pfd., 5.75%(b) | 1,518,790 | 41,311,088 | ||||||
Series EE, Pfd., 6.00%(b) | 1,293,511 | 36,852,128 | ||||||
Series AA, Pfd., 6.10%(b) | 1,278,819 | 32,814,496 | ||||||
Series Y, Pfd., 6.13%(b) | 1,228,031 | 31,081,465 | ||||||
Series BB, Pfd., 6.15% | 1,364,312 | 35,076,462 | ||||||
KeyCorp | ||||||||
Series G, Pfd., 5.63% | 358,002 | 9,594,454 | ||||||
Series F, Pfd., 5.65% | 382,270 | 10,195,141 | ||||||
Series E, Pfd., 6.13%(b) | 474,705 | 14,231,656 | ||||||
People’s United Financial, Inc., Series A, Pfd., 5.63%(b) | 226,995 | 6,112,975 | ||||||
PNC Financial Services Group, Inc. (The) | ||||||||
Series Q, Pfd., 5.38% | 152,304 | 3,940,104 | ||||||
Series P, Pfd., 6.13% | 1,585,972 | 43,122,579 | ||||||
Regions Financial Corp. | ||||||||
Series C, Pfd., 5.70% | 415,787 | 11,392,564 | ||||||
Series A, Pfd., 6.38%(b) | 435,231 | 11,224,607 | ||||||
Series B, Pfd., 6.38%(b) | 485,478 | 13,860,397 | ||||||
Synovus Financial Corp., Series E, Pfd., 5.88% | 335,694 | 8,875,749 | ||||||
U.S. Bancorp | ||||||||
Pfd., 5.15% | 425,953 | 10,836,244 | ||||||
Series K, Pfd., 5.50%(b) | 544,729 | 14,783,945 | ||||||
Series F, Pfd., 6.50%(b) | 955,679 | 26,147,377 |
Shares | Value | |||||||
Banks-(continued) | ||||||||
Wells Fargo & Co. | ||||||||
Series O, Pfd., 5.13% | 50,690 | $ | 1,281,443 | |||||
Pfd., 5.20%(b) | 957,692 | 24,239,185 | ||||||
Series P, Pfd., 5.25% | 467,607 | 11,844,485 | ||||||
Series X, Pfd., 5.50% | 1,103,832 | 28,688,594 | ||||||
Series Y, Pfd., 5.63%(b) | 613,347 | 16,173,960 | ||||||
Series W, Pfd., 5.70% | 890,237 | 23,074,943 | ||||||
Series Q, Pfd., 5.85%(b) | 1,529,378 | 41,186,150 | ||||||
Series T, Pfd., 6.00% | 562,244 | 14,309,110 | ||||||
Series V, Pfd., 6.00% | 857,325 | 22,341,889 | ||||||
Series R, Pfd., 6.63%(b) | 729,173 | 21,051,225 | ||||||
|
| |||||||
933,782,191 | ||||||||
|
| |||||||
CapitalMarkets-16.38% | ||||||||
Bank of New York Mellon Corp. (The), Pfd., 5.20% | 559,625 | 14,309,611 | ||||||
Charles Schwab Corp. (The) | ||||||||
Series D, Pfd., 5.95%(b) | 665,811 | 17,783,812 | ||||||
Series C, Pfd., 6.00%(b) | 567,218 | 15,280,853 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
Series J, Pfd., 5.50%(b) | 989,443 | 26,853,483 | ||||||
Series N, Pfd., 6.30%(b) | 530,141 | 13,958,613 | ||||||
Series K, Pfd., 6.38%(b) | 675,275 | 18,995,486 | ||||||
Morgan Stanley | ||||||||
Series K, Pfd., 5.85% | 598,324 | 16,549,642 | ||||||
Series I, Pfd., 6.38% | 669,828 | 18,855,658 | ||||||
Series G, Pfd., 6.63%(b) | 301,507 | 7,679,383 | ||||||
Series F, Pfd., 6.88% | 580,771 | 16,528,743 | ||||||
Series E, Pfd., 7.13%(b) | 628,562 | 18,272,297 | ||||||
Northern Trust Corp. | ||||||||
Series E, Pfd., 4.70% | 130,000 | 3,257,800 | ||||||
Series C, Pfd., 5.85% | 361,204 | 9,124,013 | ||||||
State Street Corp. | ||||||||
Series C, Pfd., 5.25% | 534,412 | 13,590,097 | ||||||
Series G, Pfd., 5.35% | 390,010 | 10,814,977 | ||||||
Series D, Pfd., 5.90%(b) | 797,582 | 22,013,263 | ||||||
Series E, Pfd., 6.00% | 525,237 | 13,341,020 | ||||||
|
| |||||||
257,208,751 | ||||||||
|
| |||||||
ConsumerFinance-6.78% | ||||||||
Capital One Financial Corp. | ||||||||
Series I, Pfd., 5.00%(b) | 1,417,684 | 35,626,399 | ||||||
Series G, Pfd., 5.20% | 469,702 | 12,029,068 | ||||||
Series B, Pfd., 6.00% | 714,148 | 18,289,330 | ||||||
Series H, Pfd., 6.00%(b) | 386,064 | 10,481,638 | ||||||
Series F, Pfd., 6.20% | 460,585 | 12,039,692 | ||||||
Series C, Pfd., 6.25% | 413,920 | 10,484,594 | ||||||
Series D, Pfd., 6.70%(b) | 294,296 | 7,463,346 | ||||||
|
| |||||||
106,414,067 | ||||||||
|
| |||||||
Diversified FinancialServices-0.97% |
| |||||||
PartnerRe Ltd., Series H, Pfd., 7.25% | 306,390 | 8,257,210 | ||||||
Voya Financial, Inc., Series B, Pfd., 5.35% | 258,563 | 7,009,643 | ||||||
|
| |||||||
15,266,853 | ||||||||
|
| |||||||
Insurance-14.91% | ||||||||
Aegon N.V., Pfd., 6.38% | 855,473 | 21,660,576 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Financial Preferred ETF (PGF)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Insurance-(continued) | ||||||||
Allstate Corp. (The) | ||||||||
Series H, Pfd., 5.10% | 975,719 | $ | 25,593,109 | |||||
Series A, Pfd., 5.63%(b) | 288,683 | 7,624,118 | ||||||
Series G, Pfd., 5.63% | 528,108 | 14,290,602 | ||||||
American International Group, Inc., | ||||||||
Series A, Pfd., 5.85% | 445,186 | 12,095,704 | ||||||
Arch Capital Group Ltd. | ||||||||
Series E, Pfd., 5.25% | 414,883 | 10,579,516 | ||||||
Series F, Pfd., 5.45% | 282,923 | 7,341,852 | ||||||
Aspen Insurance Holdings Ltd. | ||||||||
Pfd., 5.63% (Bermuda) | 237,846 | 6,193,510 | ||||||
Pfd., 5.63% (Bermuda) | 215,240 | 5,643,593 | ||||||
Pfd., 5.95% (Bermuda) | 252,412 | 6,805,028 | ||||||
Athene Holding Ltd. | ||||||||
Series B, Pfd., 5.63% | 228,712 | 6,063,155 | ||||||
Series A, Pfd., 6.35% | 756,297 | 21,259,509 | ||||||
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50% | 467,827 | 12,083,971 | ||||||
Brighthouse Financial, Inc., Series A, Pfd., 6.60% | 372,774 | 10,396,667 | ||||||
Enstar Group Ltd., Series D, Pfd., 7.00% | 361,978 | 9,903,718 | ||||||
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b) | 308,502 | 8,412,850 | ||||||
MetLife, Inc., Series E, Pfd., 5.63% | 750,275 | 20,257,425 | ||||||
Prudential PLC | ||||||||
Pfd., 6.50% (United Kingdom)(b) | 354,612 | 9,549,701 | ||||||
Pfd., 6.75% (United Kingdom) | 202,277 | 5,416,978 | ||||||
RenaissanceRe Holdings Ltd. | ||||||||
Series E, Pfd., 5.38% (Bermuda) | 289,767 | 7,325,310 | ||||||
Series F, Pfd., 5.75% (Bermuda) | 208,266 | 5,625,265 | ||||||
|
| |||||||
234,122,157 | ||||||||
|
| |||||||
Thrifts & MortgageFinance-0.86% | ||||||||
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(b) | 482,657 | 13,475,783 | ||||||
|
|
Shares | Value | |||||||
Trading Companies &Distributors-0.38% |
| |||||||
Air Lease Corp., Series A, Pfd., 6.15% | 218,669 | $ | 5,932,490 | |||||
|
| |||||||
Total Preferred Stocks |
| 1,566,202,292 | ||||||
|
| |||||||
Money MarketFunds-0.98% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 15,327,062 | 15,327,062 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,581,529,354 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.40% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 4,737,163 | 4,737,163 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 1,578,423 | 1,579,054 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,316,217 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.13% |
| 1,587,845,571 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.13)% |
| (17,689,100 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,570,156,471 | |||||
|
|
Investment Abbreviations:
Pfd.-Preferred
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Financial Preferred ETF (PGF)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Banks | 59.47 | |||
Capital Markets | 16.38 | |||
Insurance | 14.91 | |||
Consumer Finance | 6.78 | |||
Industry Types Each Less Than 3% | 2.21 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.25 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
Banks-5.98% | ||||||||
People’s United Financial, Inc. | 1,357,573 | $ | 21,951,955 | |||||
Southside Bancshares, Inc. | 448,079 | 15,436,322 | ||||||
United Bankshares, Inc. | 398,230 | 15,746,014 | ||||||
|
| |||||||
53,134,291 | ||||||||
|
| |||||||
Beverages-2.44% | ||||||||
Coca-Cola Co. (The) | 202,454 | 11,019,571 | ||||||
PepsiCo, Inc. | 77,583 | 10,642,060 | ||||||
|
| |||||||
21,661,631 | ||||||||
|
| |||||||
CapitalMarkets-7.85% | ||||||||
Eaton Vance Corp. | 299,934 | 13,676,990 | ||||||
Invesco Ltd.(b) | 1,968,701 | 33,113,551 | ||||||
Lazard Ltd., Class A | 613,749 | 22,911,250 | ||||||
|
| |||||||
69,701,791 | ||||||||
|
| |||||||
Diversified TelecommunicationServices-4.74% |
| |||||||
AT&T, Inc. | 649,378 | 24,994,559 | ||||||
Verizon Communications, Inc. | 283,272 | 17,129,458 | ||||||
|
| |||||||
42,124,017 | ||||||||
|
| |||||||
ElectricUtilities-12.03% | ||||||||
Alliant Energy Corp. | 202,707 | 10,812,391 | ||||||
Duke Energy Corp. | 172,342 | 16,244,957 | ||||||
Edison International | 186,251 | 11,715,188 | ||||||
Evergy, Inc. | 179,126 | 11,447,943 | ||||||
OGE Energy Corp. | 316,445 | 13,626,122 | ||||||
PPL Corp. | 749,192 | 25,090,440 | ||||||
Southern Co. (The) | 285,831 | 17,910,170 | ||||||
|
| |||||||
106,847,211 | ||||||||
|
| |||||||
Energy Equipment &Services-3.38% |
| |||||||
Helmerich & Payne, Inc. | 799,393 | 29,977,238 | ||||||
|
| |||||||
FoodProducts-6.09% | ||||||||
Bunge Ltd. | 272,100 | 14,693,400 | ||||||
Flowers Foods, Inc. | 552,479 | 11,999,844 | ||||||
General Mills, Inc. | 262,296 | 13,340,374 | ||||||
Kellogg Co. | 221,417 | 14,066,622 | ||||||
|
| |||||||
54,100,240 | ||||||||
|
| |||||||
GasUtilities-1.58% | ||||||||
South Jersey Industries, Inc. | 435,072 | 13,991,916 | ||||||
|
| |||||||
Health Care Providers &Services-2.27% |
| |||||||
Cardinal Health, Inc. | 408,346 | 20,192,710 | ||||||
|
| |||||||
Hotels, Restaurants &Leisure-1.29% |
| |||||||
Cracker Barrel Old Country Store, Inc.(c) | 73,516 | 11,431,738 | ||||||
|
| |||||||
HouseholdDurables-2.49% | ||||||||
Leggett & Platt, Inc. | 431,438 | 22,132,769 | ||||||
|
| |||||||
HouseholdProducts-1.19% | ||||||||
Kimberly-Clark Corp. | 79,145 | 10,516,788 | ||||||
|
| |||||||
Insurance-7.27% | ||||||||
Mercury General Corp. | 348,364 | 16,742,374 | ||||||
Old Republic International Corp. | 434,299 | 9,702,239 | ||||||
Principal Financial Group, Inc. | 301,781 | 16,109,070 | ||||||
Prudential Financial, Inc. | 241,771 | 22,035,009 | ||||||
|
| |||||||
64,588,692 | ||||||||
|
|
Shares | Value | |||||||
ITServices-2.08% | ||||||||
International Business Machines Corp. | 138,101 | $ | 18,468,247 | |||||
|
| |||||||
Media-2.00% | ||||||||
Meredith Corp. | 470,836 | 17,750,517 | ||||||
|
| |||||||
MultilineRetail-1.08% | ||||||||
Target Corp. | 89,717 | 9,591,644 | ||||||
|
| |||||||
Multi-Utilities-8.46% | ||||||||
CenterPoint Energy, Inc. | 591,097 | 17,183,190 | ||||||
Consolidated Edison, Inc. | 147,618 | 13,613,332 | ||||||
Dominion Energy, Inc. | 231,274 | 19,091,669 | ||||||
MDU Resources Group, Inc. | 443,445 | 12,811,126 | ||||||
NorthWestern Corp. | 170,781 | 12,385,038 | ||||||
|
| |||||||
75,084,355 | ||||||||
|
| |||||||
Oil, Gas & ConsumableFuels-9.07% | ||||||||
Chevron Corp. | 134,793 | 15,654,859 | ||||||
Exxon Mobil Corp. | 286,627 | 19,367,386 | ||||||
Occidental Petroleum Corp. | 656,307 | 26,580,434 | ||||||
ONEOK, Inc. | 271,568 | 18,963,593 | ||||||
|
| |||||||
80,566,272 | ||||||||
|
| |||||||
Road &Rail-2.05% | ||||||||
Ryder System, Inc. | 373,612 | 18,168,752 | ||||||
|
| |||||||
Semiconductors & SemiconductorEquipment-3.13% |
| |||||||
Maxim Integrated Products, Inc. | 249,045 | 14,608,980 | ||||||
QUALCOMM, Inc. | 163,309 | 13,136,576 | ||||||
|
| |||||||
27,745,556 | ||||||||
|
| |||||||
Tobacco-13.50% | ||||||||
Altria Group, Inc. | 648,249 | 29,035,073 | ||||||
Philip Morris International, Inc. | 340,040 | 27,692,858 | ||||||
Universal Corp. | 465,518 | 25,510,386 | ||||||
Vector Group Ltd.(c) | 3,085,493 | 37,643,014 | ||||||
|
| |||||||
119,881,331 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 887,657,706 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.39% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 9,278,566 | 9,278,566 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 3,091,619 | 3,092,855 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 12,371,421 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.36% |
| 900,029,127 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.36)% |
| (12,109,701 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 887,919,426 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||
Invesco Ltd. | $27,692,812 | $15,873,245 | $(4,273,739) | $(3,986,380) | $(2,192,387) | $33,113,551 | $759,555 |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Tobacco | 13.50 | |||
Electric Utilities | 12.03 | |||
Oil, Gas & Consumable Fuels | 9.07 | |||
Multi-Utilities | 8.46 | |||
Capital Markets | 7.85 | |||
Insurance | 7.27 | |||
Food Products | 6.09 | |||
Banks | 5.98 | |||
Diversified Telecommunication Services | 4.74 | |||
Energy Equipment & Services | 3.38 | |||
Semiconductors & Semiconductor Equipment | 3.13 | |||
Industry Types Each Less Than 3% | 18.47 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco International Dividend AchieversTM ETF (PID)
October 31, 2019
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.87% |
| |||||||
Argentina-1.37% | ||||||||
Grupo Financiero Galicia S.A., ADR | 847,850 | $ | 9,801,146 | |||||
|
| |||||||
Brazil-1.62% | ||||||||
Banco Bradesco S.A., ADR | 1,330,897 | 11,658,658 | ||||||
|
| |||||||
Canada-43.44% | ||||||||
Algonquin Power & Utilities Corp. | 999,358 | 13,711,192 | ||||||
Bank of Montreal | 208,270 | 15,409,897 | ||||||
Bank of Nova Scotia (The) | 298,413 | 17,108,017 | ||||||
BCE, Inc.(a) | 338,779 | 16,075,064 | ||||||
Brookfield Asset Management, Inc., Class A | 76,823 | 4,244,471 | ||||||
Brookfield Infrastructure Partners L.P.(a) | 290,762 | 14,587,530 | ||||||
CAE, Inc. | 143,170 | 3,592,135 | ||||||
Canadian Imperial Bank of Commerce | 224,757 | 19,162,782 | ||||||
Canadian National Railway Co. | 56,828 | 5,078,718 | ||||||
Canadian Natural Resources Ltd. | 609,225 | 15,364,655 | ||||||
Enbridge, Inc. | 627,773 | 22,857,215 | ||||||
Fortis, Inc.(a) | 258,079 | 10,728,344 | ||||||
Franco-Nevada Corp. | 33,034 | 3,203,307 | ||||||
Gildan Activewear, Inc. | 124,086 | 3,167,916 | ||||||
Imperial Oil Ltd.(a) | 242,462 | 6,030,030 | ||||||
Magna International, Inc. | 184,324 | 9,911,101 | ||||||
Manulife Financial Corp. | 886,901 | 16,514,097 | ||||||
Methanex Corp. | 416,154 | 15,784,721 | ||||||
Open Text Corp. | 138,760 | 5,586,478 | ||||||
Pembina Pipeline Corp. | 421,975 | 14,836,641 | ||||||
Ritchie Bros. Auctioneers, Inc. | 153,658 | 6,318,417 | ||||||
Royal Bank of Canada | 175,515 | 14,157,040 | ||||||
Suncor Energy, Inc. | 342,028 | 10,154,811 | ||||||
TC Energy Corp. | 267,776 | 13,477,166 | ||||||
TELUS Corp. | 403,885 | 14,366,189 | ||||||
Thomson Reuters Corp. | 100,912 | 6,787,341 | ||||||
Toronto-Dominion Bank (The) | 236,901 | 13,519,940 | ||||||
|
| |||||||
311,735,215 | ||||||||
|
| |||||||
Colombia-1.20% | ||||||||
Bancolombia S.A., ADR | 165,790 | 8,601,185 | ||||||
|
| |||||||
France-1.95% | ||||||||
Sanofi, ADR | 303,253 | 13,973,898 | ||||||
|
| |||||||
Germany-1.65% | ||||||||
Fresenius Medical Care AG& Co. KGaA, ADR | 187,642 | 6,768,247 | ||||||
SAP S.E., ADR(a) | 38,305 | 5,078,477 | ||||||
|
| |||||||
11,846,724 | ||||||||
|
| |||||||
India-2.12% | ||||||||
HDFC Bank Ltd., ADR | 36,455 | 2,227,036 | ||||||
Infosys Ltd., ADR | 605,026 | 5,802,199 | ||||||
Larsen & Toubro Ltd., GDR(b) | 247,400 | 5,220,140 | ||||||
Reliance Industries Ltd., GDR(b) | 48,752 | 2,001,270 | ||||||
|
| |||||||
15,250,645 | ||||||||
|
| |||||||
Mexico-5.86% | ||||||||
America Movil S.A.B. de C.V., Class L, ADR | 527,197 | 8,334,984 | ||||||
Grupo Aeroportuario del Pacifico, S.A.B. de C.V., ADR | 200,564 | 20,960,944 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR | 77,892 | 12,754,815 | ||||||
|
| |||||||
42,050,743 | ||||||||
|
|
Shares | Value | |||||||
Netherlands-0.56% | ||||||||
ASML Holding N.V., New York Shares | 15,361 | $ | 4,024,121 | |||||
|
| |||||||
Russia-6.90% | ||||||||
Novolipetsk Steel PJSC, | 1,242,803 | 24,309,227 | ||||||
Severstal PJSC, GDR(b) | 1,847,163 | 25,232,246 | ||||||
|
| |||||||
49,541,473 | ||||||||
|
| |||||||
SouthKorea-1.75% | ||||||||
Samsung Electronics Co., Ltd., | 11,774 | 12,574,632 | ||||||
|
| |||||||
Switzerland-4.05% | ||||||||
ABB Ltd., ADR(a) | 705,976 | 14,818,436 | ||||||
Logitech International S.A.(a) | 135,038 | 5,502,798 | ||||||
Novartis AG, ADR | 99,731 | 8,720,479 | ||||||
|
| |||||||
29,041,713 | ||||||||
|
| |||||||
Taiwan-1.66% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 230,324 | 11,891,628 | ||||||
|
| |||||||
UnitedKingdom-17.96% | ||||||||
Diageo PLC, ADR | 38,581 | 6,322,269 | ||||||
InterContinental Hotels Group PLC, ADR(a) | 97,553 | 5,910,736 | ||||||
Linde PLC | 31,400 | 6,228,190 | ||||||
Micro Focus International PLC, | 1,212,685 | 16,638,038 | ||||||
National Grid PLC, ADR | 366,448 | 21,389,570 | ||||||
Prudential PLC, ADR(a) | 365,915 | 14,687,828 | ||||||
RELX PLC, ADR(a) | 303,296 | 7,336,730 | ||||||
Unilever N.V., New York Shares | 152,789 | 9,051,220 | ||||||
Vodafone Group PLC, ADR | 930,399 | 18,998,748 | ||||||
WPP PLC, ADR(a) | 357,889 | 22,346,589 | ||||||
|
| |||||||
128,909,918 | ||||||||
|
| |||||||
UnitedStates-7.78% | ||||||||
Amdocs Ltd. | 82,919 | 5,406,319 | ||||||
Aon PLC | 14,372 | 2,776,096 | ||||||
Brookfield Property Partners L.P.(a) | 1,195,437 | 22,533,987 | ||||||
Nielsen Holdings PLC | 1,055,092 | 21,270,655 | ||||||
Willis Towers Watson PLC | 20,718 | 3,872,194 | ||||||
|
| |||||||
55,859,251 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 716,760,950 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-7.31% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 39,361,691 | 39,361,691 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco International Dividend AchieversTM ETF (PID)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 13,128,677 | $ | 13,133,929 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 52,495,620 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-107.18% |
| 769,256,570 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.18)% |
| (51,552,428 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 717,704,142 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2019. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2019 was $69,337,515, which represented 9.66% of the Fund’s Net Assets. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco International Dividend AchieversTM ETF (PID)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Financials | 21.42 | |||
Industrials | 14.51 | |||
Energy | 11.80 | |||
Communication Services | 11.16 | |||
Materials | 10.42 | |||
Information Technology | 10.10 | |||
Utilities | 8.42 | |||
Health Care | 4.11 | |||
Real Estate | 3.14 | |||
Sector Types Each Less Than 3% | 4.79 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco BuyBack AchieversTM ETF (PKW) | Invesco Dividend AchieversTM ETF (PFM) | Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD) | Invesco Financial Preferred ETF (PGF) | Invesco High Yield Equity Dividend AchieversTM ETF (PEY) | Invesco International Dividend AchieversTM ETF (PID) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 1,152,286,685 | $ | 306,737,412 | $ | 84,434,808 | $ | 1,566,202,292 | $ | 854,544,155 | $ | 716,760,950 | ||||||||||||||||||
Affiliated investments in securities, at value | 9,697,897 | 2,154,097 | 32,809 | 21,643,279 | 45,484,972 | 52,495,620 | ||||||||||||||||||||||||
Foreign currencies, at value | - | - | - | - | - | 422 | ||||||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||||
Dividends | 797,740 | 490,592 | 90,230 | 5,687,988 | 1,503,539 | 1,552,687 | ||||||||||||||||||||||||
Securities lending | 9,565 | 227 | - | 46,176 | 2,579 | 42,855 | ||||||||||||||||||||||||
Investments sold | 19,495,825 | 35,395 | - | - | - | - | ||||||||||||||||||||||||
Fund shares sold | - | - | - | - | 907,893 | - | ||||||||||||||||||||||||
Foreign tax reclaims | - | - | - | - | - | 689,386 | ||||||||||||||||||||||||
Other assets | 1,369 | 309 | - | 2,930 | 197 | 142 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total assets | 1,182,289,081 | 309,418,032 | 84,557,847 | 1,593,582,665 | 902,443,335 | 771,542,062 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Due to custodian | 1,356 | - | - | - | 180,432 | 186,903 | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||||
Investments purchased | 6,935,663 | - | - | 15,146,750 | 907,530 | - | ||||||||||||||||||||||||
Collateral upon return of securities loaned | 8,021,118 | 1,717,044 | - | 6,316,213 | 12,371,251 | 52,495,434 | ||||||||||||||||||||||||
Fund shares repurchased | 12,916,856 | - | - | - | - | - | ||||||||||||||||||||||||
Accrued unitary management fees | - | - | 4,886 | - | - | - | ||||||||||||||||||||||||
Accrued advisory fees | 476,272 | 103,348 | - | 656,510 | 297,081 | 240,549 | ||||||||||||||||||||||||
Accrued trustees’ and officer’s fees | 129,207 | 55,982 | - | 182,740 | 72,382 | 114,403 | ||||||||||||||||||||||||
Accrued expenses | 981,690 | 309,500 | 5,409 | 1,123,981 | 695,233 | 800,631 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total liabilities | 29,462,162 | 2,185,874 | 10,295 | 23,426,194 | 14,523,909 | 53,837,920 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 1,152,826,919 | $ | 307,232,158 | $ | 84,547,552 | $ | 1,570,156,471 | $ | 887,919,426 | $ | 717,704,142 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||||
Shares of beneficial interest | $ | 1,411,883,312 | $ | 223,468,732 | $ | 82,079,603 | $ | 1,537,992,881 | $ | 924,278,672 | $ | 1,021,874,556 | ||||||||||||||||||
Distributable earnings (loss) | (259,056,393 | ) | 83,763,426 | 2,467,949 | 32,163,590 | (36,359,246 | ) | (304,170,414 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 1,152,826,919 | $ | 307,232,158 | $ | 84,547,552 | $ | 1,570,156,471 | $ | 887,919,426 | $ | 717,704,142 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 17,850,000 | 10,400,000 | 2,250,000 | 83,550,000 | 48,900,000 | 44,550,000 | ||||||||||||||||||||||||
Net asset value | $ | 64.58 | $ | 29.54 | $ | 37.58 | $ | 18.79 | $ | 18.16 | $ | 16.11 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price | $ | 64.53 | $ | 29.47 | $ | 37.56 | $ | 18.83 | $ | 18.13 | $ | 16.09 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Unaffiliated investments in securities, at cost | $ | 1,080,512,476 | $ | 220,619,083 | $ | 83,489,685 | $ | 1,518,783,507 | $ | 831,849,591 | $ | 694,583,588 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Affiliated investments in securities, at cost | $ | 9,697,719 | $ | 2,481,628 | $ | 32,809 | $ | 21,643,275 | $ | 52,056,639 | $ | 52,495,434 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Foreign currencies, at cost | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 419 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 7,648,870 | $ | 1,655,127 | $ | - | $ | 6,085,988 | $ | 12,034,278 | $ | 50,923,739 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco BuyBack AchieversTM ETF (PKW) | Invesco Dividend AchieversTM ETF (PFM) | Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD) | Invesco Financial Preferred ETF (PGF) | Invesco High Yield Equity Dividend AchieversTM ETF (PEY) | Invesco International Dividend AchieversTM ETF (PID) | |||||||||||||||||||||||||
Investment income: | ||||||||||||||||||||||||||||||
Unaffiliated dividend income | $ | 12,581,959 | $ | 3,919,698 | $ | 1,046,950 | $ | 45,728,836 | $ | 18,902,062 | $ | 20,911,765 | ||||||||||||||||||
Affiliated dividend income | 12,263 | 12,507 | 692 | 86,230 | 768,718 | 5,747 | ||||||||||||||||||||||||
Securities lending income | 45,647 | 1,913 | - | 205,108 | 19,260 | 373,924 | ||||||||||||||||||||||||
Foreign withholding tax | - | - | - | - | - | (2,292,039 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total investment income | 12,639,869 | 3,934,118 | 1,047,642 | 46,020,174 | 19,690,040 | 18,999,397 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Unitary management fees | - | - | 25,704 | - | - | - | ||||||||||||||||||||||||
Advisory fees | 2,936,380 | 603,525 | - | 3,737,725 | 1,707,222 | 1,481,017 | ||||||||||||||||||||||||
Sub-licensing fees | 587,337 | 150,898 | - | 706,507 | 426,847 | 370,293 | ||||||||||||||||||||||||
Accounting & administration fees | 57,938 | 22,872 | - | 67,164 | 38,757 | 41,926 | ||||||||||||||||||||||||
Custodian & transfer agent fees | 12,709 | 7,461 | - | 19,963 | 4,516 | 47,759 | ||||||||||||||||||||||||
Trustees’ and officer’s fees | 10,220 | 5,265 | - | 13,412 | 8,085 | 8,737 | ||||||||||||||||||||||||
Proxy fees | 13,494 | 7,182 | 5,409 | 16,262 | 11,240 | 10,615 | ||||||||||||||||||||||||
Other expenses | 64,901 | 30,745 | - | 78,119 | 50,732 | 72,721 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total expenses | 3,682,979 | 827,948 | 31,113 | 4,639,152 | 2,247,399 | 2,033,068 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Less: Waivers | (1,118 | ) | (314 | ) | (63 | ) | (8,003 | ) | (811 | ) | (593 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net expenses | 3,681,861 | 827,634 | 31,050 | 4,631,149 | 2,246,588 | 2,032,475 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income | 8,958,008 | 3,106,484 | 1,016,592 | 41,389,025 | 17,443,452 | 16,966,922 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||||
Unaffiliated investment securities | (100,181 | ) | 33,735 | (254,622 | ) | (3,287,307 | ) | (8,376,281 | ) | (11,089,098 | ) | |||||||||||||||||||
Affiliated investment securities | - | (6,250 | ) | - | - | (2,192,387 | ) | - | ||||||||||||||||||||||
Unaffiliatedin-kind redemptions | 28,526,796 | 3,854,398 | 2,370,497 | 4,917,497 | 23,996,890 | 21,816,767 | ||||||||||||||||||||||||
Affiliatedin-kind redemptions | - | (315 | ) | - | - | - | - | |||||||||||||||||||||||
Foreign currencies | - | - | - | - | - | 260 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net realized gain | 28,426,615 | 3,881,568 | 2,115,875 | 1,630,190 | 13,428,222 | 10,727,929 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||||||
Unaffiliated investment securities | (25,746,573 | ) | 6,906,582 | (1,436,031 | ) | 30,543,308 | (13,541,207 | ) | (23,992,584 | ) | ||||||||||||||||||||
Affiliated investment securities | 178 | (72,508 | ) | - | 4 | (3,986,210 | ) | 186 | ||||||||||||||||||||||
Foreign currencies | - | - | - | - | - | (376 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in unrealized appreciation (depreciation) | (25,746,395 | ) | 6,834,074 | (1,436,031 | ) | 30,543,312 | (17,527,417 | ) | (23,992,774 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net realized and unrealized gain (loss) | 2,680,220 | 10,715,642 | 679,844 | 32,173,502 | (4,099,195 | ) | (13,264,845 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase in net assets resulting from operations | $ | 11,638,228 | $ | 13,822,126 | $ | 1,696,436 | $ | 73,562,527 | $ | 13,344,257 | $ | 3,702,077 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco BuyBack AchieversTMETF (PKW) | Invesco Dividend AchieversTMETF (PFM) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 8,958,008 | $ | 16,001,554 | $ | 3,106,484 | $ | 6,657,634 | ||||||||||||
Net realized gain (loss) | 28,426,615 | 991,402 | 3,881,568 | 25,698,818 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | (25,746,395 | ) | 118,531,883 | 6,834,074 | 11,171,968 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 11,638,228 | 135,524,839 | 13,822,126 | 43,528,420 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (9,479,227 | ) | (15,899,340 | ) | (3,300,856 | ) | (6,637,686 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 129,862,605 | 1,084,354,865 | 5,771,602 | 52,293,807 | ||||||||||||||||
Value of shares repurchased | (292,598,239 | ) | (1,202,800,609 | ) | (8,535,712 | ) | (74,719,434 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (162,735,634 | ) | (118,445,744 | ) | (2,764,110 | ) | (22,425,627 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (160,576,633 | ) | 1,179,755 | 7,757,160 | 14,465,107 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 1,313,403,552 | 1,312,223,797 | 299,474,998 | 285,009,891 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 1,152,826,919 | $ | 1,313,403,552 | $ | 307,232,158 | $ | 299,474,998 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 2,050,000 | 18,500,000 | 200,000 | 1,950,000 | ||||||||||||||||
Shares repurchased | (4,850,000 | ) | (20,900,000 | ) | (300,000 | ) | (2,750,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 20,650,000 | 23,050,000 | 10,500,000 | 11,300,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 17,850,000 | 20,650,000 | 10,400,000 | 10,500,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco Dow Jones Industrial Average Dividend ETF (DJD) | Invesco Financial Preferred ETF (PGF) | Invesco High Yield Equity Dividend AchieversTMETF (PEY) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||||||||
$ | 1,016,592 | $ | 1,054,711 | $ | 41,389,025 | $ | 79,184,893 | $ | 17,443,452 | $ | 27,246,161 | |||||||||||||||||
2,115,875 | 7,333,167 | 1,630,190 | (5,202,073 | ) | 13,428,222 | 1,785,527 | ||||||||||||||||||||||
(1,436,031 | ) | 2,541,208 | 30,543,312 | 6,995,137 | (17,527,417 | ) | 49,421,294 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,696,436 | 10,929,086 | 73,562,527 | 80,977,957 | 13,344,257 | 78,452,982 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,008,611 | ) | (954,129 | ) | (37,723,042 | ) | (82,129,730 | ) | (17,144,792 | ) | (29,155,112 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
35,388,984 | 160,409,817 | 237,832,980 | 265,291,213 | 164,341,319 | 308,878,877 | |||||||||||||||||||||||
(25,496,736 | ) | (111,411,587 | ) | (89,289,469 | ) | (443,394,426 | ) | (106,844,996 | ) | (287,352,611 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| 9,892,248 | 48,998,230 | 148,543,511 | (178,103,213 | ) | 57,496,323 | 21,526,266 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
10,580,073 | 58,973,187 | 184,382,996 | (179,254,986 | ) | 53,695,788 | 70,824,136 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
73,967,479 | 14,994,292 | 1,385,773,475 | 1,565,028,461 | 834,223,638 | 763,399,502 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 84,547,552 | $ | 73,967,479 | $ | 1,570,156,471 | $ | 1,385,773,475 | $ | 887,919,426 | $ | 834,223,638 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
950,000 | 4,750,000 | 12,750,000 | 14,750,000 | 9,050,000 | 17,650,000 | |||||||||||||||||||||||
(700,000 | ) | (3,200,000 | ) | (4,800,000 | ) | (24,600,000 | ) | (5,850,000 | ) | (16,550,000 | ) | |||||||||||||||||
2,000,000 | 450,000 | 75,600,000 | 85,450,000 | 45,700,000 | 44,600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,250,000 | 2,000,000 | 83,550,000 | 75,600,000 | 48,900,000 | 45,700,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 23 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco International Dividend AchieversTMETF (PID) | ||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 16,966,922 | $ | 28,268,873 | ||||||
Net realized gain | �� | 10,727,929 | 19,983,196 | |||||||
Change in net unrealized appreciation (depreciation) | (23,992,774 | ) | (308,232 | ) | ||||||
|
|
|
| |||||||
Net increase in net assets resulting from operations | 3,702,077 | 47,943,837 | ||||||||
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||
Distributable earnings | (19,947,076 | ) | (26,698,616 | ) | ||||||
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||
Proceeds from shares sold | 63,151,323 | 118,365,179 | ||||||||
Value of shares repurchased | (95,485,256 | ) | (236,205,371 | ) | ||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from share transactions | (32,333,933 | ) | (117,840,192 | ) | ||||||
|
|
|
| |||||||
Net increase (decrease) in net assets | (48,578,932 | ) | (96,594,971 | ) | ||||||
|
|
|
| |||||||
Net assets: | ||||||||||
Beginning of period | 766,283,074 | 862,878,045 | ||||||||
|
|
|
| |||||||
End of period | $ | 717,704,142 | $ | 766,283,074 | ||||||
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||
Shares sold | 3,850,000 | 7,500,000 | ||||||||
Shares repurchased | (5,900,000 | ) | (15,100,000 | ) | ||||||
Shares outstanding, beginning of period | 46,600,000 | 54,200,000 | ||||||||
|
|
|
| |||||||
Shares outstanding, end of period | 44,550,000 | 46,600,000 | ||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Financial Highlights
Invesco BuyBack AchieversTM ETF (PKW)
Six Months Ended 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 63.60 | $ | 56.93 | $ | 52.20 | $ | 45.67 | $ | 48.78 | $ | 43.42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.48 | 0.73 | 0.55 | 0.51 | 0.56 | 0.51 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.02 | 6.67 | 4.64 | 6.70 | (3.08 | ) | 5.38 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 1.50 | 7.40 | 5.19 | 7.21 | (2.52 | ) | 5.89 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.52 | ) | (0.73 | ) | (0.46 | ) | (0.68 | ) | (0.59 | ) | (0.53 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 64.58 | $ | 63.60 | $ | 56.93 | $ | 52.20 | $ | 45.67 | $ | 48.78 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 64.53 | $ | 63.62 | $ | 56.95 | $ | 52.19 | $ | 45.65 | $ | 48.77 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 2.38 | % | 13.16 | % | 9.95 | % | 15.92 | % | (5.18 | )% | 13.63 | % | ||||||||||||||||||
Market Price Total Return(c) | 2.27 | % | 13.16 | % | 10.02 | % | 15.96 | % | (5.20 | )% | 13.61 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,152,827 | $ | 1,313,404 | $ | 1,312,224 | $ | 1,362,381 | $ | 1,639,434 | $ | 2,970,924 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.63 | %(d) | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | %(e) | 0.63 | %(e) | ||||||||||||||||||
Net investment income | 1.53 | %(d) | 1.25 | % | 0.99 | % | 1.05 | % | 1.21 | % | 1.09 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 3 | % | 76 | % | 66 | % | 57 | % | 53 | % | 68 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Financial Highlights–(continued)
Invesco Dividend AchieversTM ETF (PFM)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.52 | $ | 25.22 | $ | 23.96 | $ | 21.75 | $ | 21.42 | $ | 20.50 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.30 | 0.59 | 0.54 | 0.50 | 0.49 | 0.44 | ||||||||||||||||||||||||
Net realized and unrealized gain on investments | 1.04 | 3.29 | 1.24 | 2.25 | 0.33 | 0.90 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 1.34 | 3.88 | 1.78 | 2.75 | 0.82 | 1.34 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.58 | ) | (0.52 | ) | (0.54 | ) | (0.49 | ) | (0.42 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 29.54 | $ | 28.52 | $ | 25.22 | $ | 23.96 | $ | 21.75 | $ | 21.42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 29.47 | $ | 28.52 | $ | 25.24 | $ | 23.99 | $ | 21.75 | $ | 21.40 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 4.71 | % | 15.63 | % | 7.42 | % | 12.80 | % | 3.98 | % | 6.54 | % | ||||||||||||||||||
Market Price Total Return(c) | 4.46 | % | 15.53 | % | 7.37 | % | 12.94 | % | 4.08 | % | 6.44 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 307,232 | $ | 299,475 | $ | 285,010 | $ | 313,895 | $ | 287,052 | $ | 343,819 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.55 | %(d) | 0.54 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||
Net investment income | 2.06 | %(d) | 2.22 | % | 2.15 | % | 2.17 | % | 2.35 | % | 2.07 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 1 | % | 13 | % | 5 | % | 6 | % | 7 | % | 20 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Financial Highlights–(continued)
Invesco Dow Jones Industrial Average Dividend ETF (DJD)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Eight Months Ended April 30, 2018 | Year Ended August 31, 2017 | For the Period December 16, 2016(a) Through August 31, 2016 | |||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.98 | $ | 33.32 | $ | 31.07 | $ | 27.55 | $ | 25.35 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net investment income(b) | 0.51 | 0.91 | 0.49 | 0.83 | 0.53 | ||||||||||||||||||||
Net realized and unrealized gain on investments | 0.61 | 3.74 | 2.37 | 3.55 | 2.05 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total from investment operations | 1.12 | 4.65 | 2.86 | 4.38 | 2.58 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.52 | ) | (0.99 | ) | (0.53 | ) | (0.86 | ) | (0.38 | ) | |||||||||||||||
Net realized gains | - | - | (0.08 | ) | - | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total distributions | (0.52 | ) | (0.99 | ) | (0.61 | ) | (0.86 | ) | (0.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net asset value at end of period | $ | 37.58 | $ | 36.98 | $ | 33.32 | $ | 31.07 | $ | 27.55 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Market price at end of period | $ | 37.56 | (c) | $ | 37.02 | (c) | $ | 33.35 | (c) | $ | 31.10 | $ | 27.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net Asset Value Total Return(d) | 3.05 | % | 14.24 | % | 9.23 | % | 16.13 | % | 10.27 | % | |||||||||||||||
Market Price Total Return(d) | 2.88 | % | 14.25 | % | 9.22 | % | |||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 84,548 | $ | 73,967 | $ | 14,994 | $ | 10,875 | $ | 2,755 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||
Expenses, after Waivers | 0.08 | %(e) | 0.09 | % | 0.30 | %(f) | 0.30 | % | 0.30 | %(f) | |||||||||||||||
Expenses, prior to Waivers | 0.08 | %(e) | 0.10 | % | 0.30 | %(f) | 0.30 | % | 0.30 | %(f) | |||||||||||||||
Net investment income | 2.78 | %(e) | 2.62 | % | 2.25 | %(f) | 2.80 | % | 2.86 | %(f) | |||||||||||||||
Portfolio turnover rate(g) | 14 | % | 20 | % | 19 | % | 3 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco Financial Preferred ETF (PGF)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.33 | $ | 18.32 | $ | 18.87 | $ | 18.80 | $ | 18.45 | $ | 17.99 | ||||||||||||||||||
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Net investment income(a) | 0.52 | 0.97 | 0.99 | 1.03 | 1.06 | 1.07 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.41 | 0.05 | (0.53 | ) | 0.07 | 0.36 | 0.45 | |||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | 0.93 | 1.02 | 0.46 | 1.10 | 1.42 | 1.52 | ||||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.47 | ) | (1.01 | ) | (1.01 | ) | (1.03 | ) | (1.07 | ) | (1.06 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 18.79 | $ | 18.33 | $ | 18.32 | $ | 18.87 | $ | 18.80 | $ | 18.45 | ||||||||||||||||||
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Market price at end of period(b) | $ | 18.83 | $ | 18.35 | $ | 18.31 | $ | 18.87 | $ | 18.83 | $ | 18.46 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 5.12 | % | 5.79 | % | 2.43 | % | 6.06 | % | 8.01 | % | 8.73 | % | ||||||||||||||||||
Market Price Total Return(c) | 5.23 | % | 5.97 | % | 2.37 | % | 5.89 | % | 8.12 | % | 8.85 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,570,156 | $ | 1,385,773 | $ | 1,565,028 | $ | 1,672,911 | $ | 1,636,378 | $ | 1,471,716 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.62 | %(d) | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Net investment income | 5.54 | %(d) | 5.35 | % | 5.26 | % | 5.48 | % | 5.76 | % | 5.87 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 13 | % | 21 | % | 5 | % | 8 | % | 13 | % | 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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.25 | $ | 17.12 | $ | 17.01 | $ | 14.90 | $ | 13.45 | $ | 12.32 | ||||||||||||||||||
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Net investment income(a) | 0.37 | 0.63 | 0.62 | 0.52 | 0.48 | 0.43 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.10 | ) | 1.17 | 0.14 | 2.12 | 1.46 | 1.13 | |||||||||||||||||||||||
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Total from investment operations | 0.27 | 1.80 | 0.76 | 2.64 | 1.94 | 1.56 | ||||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.67 | ) | (0.65 | ) | (0.53 | ) | (0.49 | ) | (0.43 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 18.16 | $ | 18.25 | $ | 17.12 | $ | 17.01 | $ | 14.90 | $ | 13.45 | ||||||||||||||||||
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Market price at end of period(b) | $ | 18.13 | $ | 18.26 | $ | 17.12 | $ | 17.02 | $ | 14.91 | $ | 13.45 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 1.53 | % | 10.79 | % | 4.48 | % | 17.95 | % | 14.92 | % | 12.89 | % | ||||||||||||||||||
Market Price Total Return(c) | 1.30 | % | 10.86 | % | 4.42 | % | 17.94 | % | 14.99 | % | 12.89 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 887,919 | $ | 834,224 | $ | 763,400 | $ | 984,725 | $ | 737,783 | $ | 537,324 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.53 | %(d) | 0.53 | % | 0.54 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||||||||||
Net investment income | 4.09 | %(d) | 3.58 | % | 3.63 | % | 3.23 | % | 3.62 | % | 3.29 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 14 | % | 50 | % | 38 | % | 49 | % | 59 | % | 45 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
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Financial Highlights–(continued)
Invesco International Dividend AchieversTMETF (PID)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.44 | $ | 15.92 | $ | 15.09 | $ | 14.66 | $ | 18.42 | $ | 18.56 | ||||||||||||||||||
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Net investment income(a) | 0.37 | 0.58 | 0.56 | 0.44 | 0.56 | 0.51 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.26 | ) | 0.48 | 0.87 | 0.56 | (3.78 | ) | (0.17 | ) | |||||||||||||||||||||
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Total from investment operations | 0.11 | 1.06 | 1.43 | 1.00 | (3.22 | ) | 0.34 | |||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.44 | ) | (0.54 | ) | (0.60 | ) | (0.57 | ) | (0.54 | ) | (0.48 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 16.11 | $ | 16.44 | $ | 15.92 | $ | 15.09 | $ | 14.66 | $ | 18.42 | ||||||||||||||||||
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Market price at end of period(b) | $ | 16.09 | $ | 16.45 | $ | 15.91 | $ | 15.09 | $ | 14.65 | $ | 18.43 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 0.62 | % | 6.99 | % | 9.57 | % | 7.12 | % | (17.53 | )% | 1.83 | % | ||||||||||||||||||
Market Price Total Return(c) | 0.44 | % | 7.13 | % | 9.50 | % | 7.19 | % | (17.63 | )% | 1.77 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 717,704 | $ | 766,283 | $ | 862,878 | $ | 811,780 | $ | 701,684 | $ | 1,571,846 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.55 | %(d) | 0.54 | % | 0.55 | % | 0.56 | % | 0.58 | % | 0.55 | % | ||||||||||||||||||
Net investment income | 4.58 | %(d) | 3.70 | % | 3.52 | % | 3.01 | % | 3.62 | % | 2.77 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 13 | % | 47 | % | 55 | % | 61 | % | 61 | % | 66 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 BuyBack AchieversTMETF (PKW) | “BuyBack AchieversTMETF” | |
Invesco Dividend AchieversTMETF (PFM) | “Dividend AchieversTMETF” | |
Invesco Dow Jones Industrial Average Dividend ETF (DJD) | “Dow Jones Industrial Average Dividend ETF” | |
Invesco Financial Preferred ETF (PGF) | “Financial Preferred ETF” | |
Invesco High Yield Equity Dividend AchieversTMETF (PEY) | “High Yield Equity Dividend AchieversTMETF” | |
Invesco International Dividend AchieversTMETF (PID) | “International Dividend AchieversTMETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market, except for Shares of Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF, which are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, 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 | |
BuyBack AchieversTMETF | NASDAQ US BuyBack AchieversTMIndex | |
Dividend AchieversTMETF | NASDAQ US Broad Dividend AchieversTMIndex | |
Dow Jones Industrial Average Dividend ETF | Dow Jones Industrial Average Yield Weighted | |
Financial Preferred ETF | Wells Fargo®Hybrid and Preferred Securities Financial Index | |
High Yield Equity Dividend AchieversTMETF | NASDAQ US Dividend AchieversTM50 Index | |
International Dividend AchieversTMETF | NASDAQ International Dividend AchieversTMIndex |
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 (except convertible securities) 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 theover-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 generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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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 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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions 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. | Other Risks |
ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each
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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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
Dividend Paying Security Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.
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 particular industries will become negative. 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.
Financial Sector Risk. The market value of securities of issuers in the financial sector can be affected by factors such as adverse regulatory or economic occurrences affecting the financial sector, availability of credit, fluctuations in asset values, unstable interest rates, increased competition, continuing consolidations and development of new products and structures. Furthermore, increased government involvement in financial institutions, including measures such as taking ownership positions in such institutions, could result in a dilution in the value of the shares held by shareholders in such institutions.
Foreign Investment Risk. For certain Funds, investments in the securities ofnon-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be exacerbated in emerging market countries. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
High Yield Securities (Junk Bond) Risk. Compared to higher quality debt securities, high yield debt securities (commonly referred to as “junk bonds”) involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors’ claims. They are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payment of interest and principal. The values of junk bond often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.
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.
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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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
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and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF arenon-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Sampling Risk. A Fund’s use of a representative sampling approach will result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities that a Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in a Fund are smaller, these risks will be greater.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies, which 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- andmid-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.
C. | 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
D. | 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. |
E. | Dividends and Distributions to Shareholders- Each Fund (except for Financial Preferred ETF and High Yield Equity Dividend Achievers™ ETF, which declare and pay dividends from net investment income, if any, monthly) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | 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 |
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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 forin-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.
G. | Expenses- 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. |
Each Fund (except for Dow Jones Industrial Average Dividend ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, 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, acquired fund fees and expenses, if any, and extraordinary expenses.
Dow Jones Industrial Average Dividend ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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 |
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risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except Dow Jones Industrial Average Dividend ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.40% of the Fund’s average daily net assets, except for BuyBack AchieversTM ETF and Financial Preferred ETF, each of which accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
Pursuant to another Investment Advisory Agreement, Dow Jones Industrial Average Dividend ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.07% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Dow Jones Industrial Average Dividend ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses,sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for BuyBack Achievers™ ETF and Financial Preferred ETF) from exceeding 0.50% of the Fund’s average daily net assets per year (0.60% of the Fund’s average daily net assets per year for BuyBack Achievers™ ETF and Financial Preferred ETF) (the “Expense Cap”), through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. For each Fund (excluding the Dow Jones Industrial Average Dividend ETF), the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.
For thesix-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
BuyBack AchieversTMETF | $ | 1,118 | ||
Dividend AchieversTMETF | 314 | |||
Dow Jones Industrial Average Dividend ETF | 63 | |||
Financial Preferred ETF | 8,003 | |||
High Yield Equity Dividend AchieversTMETF | 811 | |||
International Dividend AchieversTMETF | 593 |
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 thesix-month period ended October 31, 2019, there were no amounts available for potential recapture by the Adviser under the Expense Agreement.
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.
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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
BuyBack AchieversTMETF | Nasdaq, Inc. | |
Dividend AchieversTMETF | Nasdaq, Inc. | |
Dow Jones Industrial Average Dividend ETF | S&P Dow Jones Indices LLC | |
Financial Preferred ETF | Wells Fargo & Company | |
High Yield Equity Dividend AchieversTMETF | Nasdaq, Inc. | |
International Dividend AchieversTMETF | Nasdaq, Inc. |
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’ssub-licensing agreement with the Adviser. The Funds (except for Dow Jones Industrial Average Dividend ETF) are required to pay thesub-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 The Bank of New York Mellon, 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.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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. |
As of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.
NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
BuyBack AchieversTMETF | $ | 246,203,824 | $ | 92,363,487 | $ | 338,567,311 | ||||||
Dividend AchieversTMETF | 384,638 | 2,811,852 | 3,196,490 | |||||||||
Dow Jones Industrial Average Dividend ETF | 229,761 | 306,183 | 535,944 | |||||||||
Financial Preferred ETF | 3,095,153 | 14,480,418 | 17,575,571 |
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No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
High Yield Equity Dividend AchieversTMETF | $ | - | $ | 50,777,099 | $ | 50,777,099 | ||||||
International Dividend AchieversTMETF | 145,230,681 | 185,179,108 | 330,409,789 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6–Investment Transactions
For thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
BuyBack AchieversTMETF | $ | 29,261,182 | $ | 29,762,036 | ||||
Dividend AchieversTMETF | 4,732,254 | 4,216,283 | ||||||
Dow Jones Industrial Average Dividend ETF | 10,029,107 | 10,940,295 | ||||||
Financial Preferred ETF | 209,363,620 | 194,678,290 | ||||||
High Yield Equity Dividend AchieversTMETF | 119,353,453 | 117,769,619 | ||||||
International Dividend AchieversTMETF | 98,318,971 | 98,439,951 |
For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
BuyBack AchieversTMETF | $ | 129,811,055 | $ | 292,961,906 | ||||
Dividend AchieversTMETF | 5,767,745 | 9,210,327 | ||||||
Dow Jones Industrial Average Dividend ETF | 35,346,479 | 24,526,952 | ||||||
Financial Preferred ETF | 215,425,884 | 85,853,319 | ||||||
High Yield Equity Dividend AchieversTMETF | 163,680,084 | 106,227,434 | ||||||
International Dividend AchieversTMETF | 63,151,135 | 94,954,132 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation | Cost | |||||||||||||||||
BuyBack AchieversTMETF | $ | 110,363,895 | $ | (61,163,324 | ) | $ | 49,200,571 | $ | 1,112,784,011 | |||||||||||
Dividend AchieversTMETF | 92,500,913 | (10,030,705 | ) | 82,470,208 | 226,421,301 | |||||||||||||||
Dow Jones Industrial Average Dividend ETF | 3,778,537 | (3,020,036 | ) | 758,501 | 83,709,116 | |||||||||||||||
Financial Preferred ETF | 52,067,562 | (7,455,781 | ) | 44,611,781 | 1,543,233,790 | |||||||||||||||
High Yield Equity Dividend AchieversTMETF | 64,927,063 | (64,171,029 | ) | 756,034 | 899,273,093 | |||||||||||||||
International Dividend AchieversTMETF | 58,889,356 | (46,794,636 | ) | 12,094,720 | 757,161,850 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Dow Jones Industrial Average Dividend ETF. 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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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.
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NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust 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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Dow Jones Industrial Average Dividend ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Dow Jones Industrial Average Dividend ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2019 through October 31, 2019.
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 theSix-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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco BuyBack AchieversTMETF (PKW) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,023.80 | 0.63 | % | $ | 3.20 | ||||||||||||
Hypothetical (5% return before expenses)
| 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||||||
Invesco Dividend AchieversTMETF (PFM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,047.10 | 0.55 | 2.83 | ||||||||||||||||
Hypothetical (5% return before expenses)
| 1,000.00 | 1,022.37 | 0.55 | 2.80 | ||||||||||||||||
Invesco Dow Jones Industrial Average Dividend ETF (DJD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,030.50 | 0.08 | 0.41 | ||||||||||||||||
Hypothetical (5% return before expenses)
| 1,000.00 | 1,024.73 | 0.08 | 0.41 | ||||||||||||||||
Invesco Financial Preferred ETF (PGF) | ||||||||||||||||||||
Actual | 1,000.00 | 1,051.20 | 0.62 | 3.20 | ||||||||||||||||
Hypothetical (5% return before expenses)
| 1,000.00 | 1,022.02 | 0.62 | 3.15 | ||||||||||||||||
Invesco High Yield Equity Dividend AchieversTMETF (PEY) | ||||||||||||||||||||
Actual | 1,000.00 | 1,015.30 | 0.53 | 2.68 | ||||||||||||||||
Hypothetical (5% return before expenses)
| 1,000.00 | 1,022.47 | 0.53 | 2.69 |
| 40 |
|
Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco International Dividend AchieversTMETF (PID) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,006.20 | 0.55 | % | $ | 2.77 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.37 | 0.55 | 2.80 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
| 41 |
|
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
| 42 |
|
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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
October 31, 2019
PBE | Invesco Dynamic Biotechnology & Genome ETF | |
PKB | Invesco Dynamic Building & Construction ETF | |
PXE | Invesco Dynamic Energy Exploration & Production ETF | |
PBJ | Invesco Dynamic Food & Beverage ETF | |
PEJ | Invesco Dynamic Leisure and Entertainment ETF | |
PBS | Invesco Dynamic Media ETF | |
PXQ | Invesco Dynamic Networking ETF | |
PXJ | Invesco Dynamic Oil & Gas Services ETF | |
PJP | Invesco Dynamic Pharmaceuticals ETF | |
PMR | invesco Dynamic Retail ETF | |
PSI | Invesco Dynamic Semiconductors ETF | |
PSJ | Invesco Dynamic Software ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Schedules of Investments | ||||
3 | ||||
4 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
18 | ||||
20 | ||||
21 | ||||
Statements of Assets and Liabilities | 24 | |||
Statements of Operations | 26 | |||
Statements of Changes in Net Assets | 28 | |||
Financial Highlights | 32 | |||
Notes to Financial Statements | 44 | |||
Fund Expenses | 53 | |||
Proxy Results | 55 |
| 2 |
|
Invesco Dynamic Biotechnology & Genome ETF (PBE)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.04% |
| |||||||
Biotechnology-97.40% | ||||||||
Alexion Pharmaceuticals, Inc.(b) | 98,252 | $ | 10,355,761 | |||||
Alkermes PLC(b) | 286,393 | 5,593,255 | ||||||
Amgen, Inc. | 53,246 | 11,354,709 | ||||||
Arena Pharmaceuticals, Inc.(b) | 111,548 | 5,434,061 | ||||||
Arrowhead Pharmaceuticals, Inc.(b)(c) | 172,443 | 6,906,342 | ||||||
Biogen, Inc.(b) | 50,059 | 14,953,124 | ||||||
Celgene Corp.(b) | 113,488 | 12,260,109 | ||||||
Coherus Biosciences, Inc.(b) | 274,743 | 4,772,286 | ||||||
Emergent BioSolutions, Inc.(b) | 141,644 | 8,096,371 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 84,287 | 5,131,393 | ||||||
Exelixis, Inc.(b) | 308,592 | 4,767,746 | ||||||
FibroGen, Inc.(b) | 131,252 | 5,138,516 | ||||||
Genomic Health, Inc.(b) | 79,895 | 5,327,399 | ||||||
Gilead Sciences, Inc. | 172,876 | 11,013,930 | ||||||
Halozyme Therapeutics, Inc.(b) | 365,432 | 5,598,418 | ||||||
Incyte Corp.(b) | 133,683 | 11,218,677 | ||||||
Ironwood Pharmaceuticals, Inc.(b) | 644,997 | 6,475,770 | ||||||
Myriad Genetics, Inc.(b) | 257,556 | 8,671,910 | ||||||
Natera, Inc.(b) | 183,611 | 7,072,696 | ||||||
Neurocrine Biosciences, Inc.(b) | 112,422 | 11,184,865 | ||||||
Portola Pharmaceuticals, Inc.(b)(c) | 204,330 | 5,907,180 | ||||||
Radius Health, Inc.(b) | 226,844 | 6,451,443 | ||||||
Repligen Corp.(b) | 64,632 | 5,137,598 | ||||||
United Therapeutics Corp.(b) | 72,663 | 6,528,044 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 426,339 | 5,759,840 | ||||||
Veracyte, Inc.(b) | 222,233 | 5,095,803 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 61,576 | 12,036,876 | ||||||
Voyager Therapeutics, Inc.(b) | 325,996 | 5,017,078 | ||||||
Xencor, Inc.(b) | 160,775 | 5,500,113 | ||||||
|
| |||||||
218,761,313 | ||||||||
|
|
Shares | Value | |||||||
Pharmaceuticals-2.64% | ||||||||
Nektar Therapeutics(b)(c) | 346,277 | $ | 5,929,994 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 224,691,307 | |||||||
|
| |||||||
Money MarketFunds-0.09% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 213,641 | 213,641 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 224,904,948 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.68% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 2,826,751 | 2,826,751 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 941,874 | 942,250 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,769,001 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.81% |
| 228,673,949 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.81)% |
| (4,066,233 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 224,607,716 | ||||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Biotechnology | 97.40 | |||
Pharmaceuticals | 2.64 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.04 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Dynamic Building & Construction ETF (PKB)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.04% |
| |||||||
BuildingProducts-18.17% | ||||||||
American Woodmark Corp.(b) | 35,758 | $ | 3,545,763 | |||||
Armstrong World Industries, Inc. | 31,253 | 2,923,093 | ||||||
Johnson Controls International PLC | 126,438 | 5,478,558 | ||||||
Lennox International, Inc. | 21,383 | 5,289,299 | ||||||
Universal Forest Products, Inc. | 75,035 | 3,778,763 | ||||||
|
| |||||||
21,015,476 | ||||||||
|
| |||||||
Construction &Engineering-15.36% | ||||||||
Construction Partners, Inc.(b) | 181,878 | 3,113,751 | ||||||
EMCOR Group, Inc. | 34,350 | 3,012,839 | ||||||
Great Lakes Dredge & Dock Corp.(b) | 273,682 | 2,942,082 | ||||||
Jacobs Engineering Group, Inc. | 61,383 | 5,744,221 | ||||||
MasTec, Inc.(b) | 46,843 | 2,948,298 | ||||||
|
| |||||||
17,761,191 | ||||||||
|
| |||||||
Construction Machinery & HeavyTrucks-3.11% |
| |||||||
Oshkosh Corp. | 42,129 | 3,596,974 | ||||||
|
| |||||||
ConstructionMaterials-4.82% | ||||||||
Martin Marietta Materials, Inc. | 21,277 | 5,572,659 | ||||||
|
| |||||||
Environmental & FacilitiesServices-2.75% |
| |||||||
Tetra Tech, Inc. | 36,419 | 3,185,570 | ||||||
|
| |||||||
Homebuilding-42.72% | ||||||||
Cavco Industries, Inc.(b) | 16,361 | 3,135,586 | ||||||
D.R. Horton, Inc. | 109,373 | 5,727,864 | ||||||
Installed Building Products, Inc.(b) | 51,923 | 3,386,418 | ||||||
LGI Homes, Inc.(b) | 36,743 | 2,883,591 | ||||||
M.D.C. Holdings, Inc. | 78,761 | 3,048,838 | ||||||
M/I Homes, Inc.(b) | 80,885 | 3,573,499 | ||||||
Meritage Homes Corp.(b) | 45,305 | 3,266,037 |
Shares | Value | |||||||
Homebuilding-(continued) | ||||||||
NVR, Inc.(b) | 1,484 | $ | 5,396,700 | |||||
PulteGroup, Inc. | 160,000 | 6,278,400 | ||||||
Skyline Champion Corp.(b) | 106,305 | 3,000,990 | ||||||
Taylor Morrison Home Corp., | 124,973 | 3,130,574 | ||||||
Toll Brothers, Inc. | 81,355 | 3,235,488 | ||||||
TopBuild Corp.(b) | 32,120 | 3,338,232 | ||||||
|
| |||||||
49,402,217 | ||||||||
|
| |||||||
IndustrialConglomerates-2.73% | ||||||||
Carlisle Cos., Inc. | 20,757 | 3,160,668 | ||||||
|
| |||||||
IndustrialMachinery-7.97% | ||||||||
Ingersoll-Rand PLC | 44,840 | 5,689,748 | ||||||
SPX Corp.(b) | 77,412 | 3,525,342 | ||||||
|
| |||||||
9,215,090 | ||||||||
|
| |||||||
Specialized ConsumerServices-2.41% | ||||||||
frontdoor, Inc.(b) | 57,737 | 2,784,656 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 115,694,501 | ||||||
|
| |||||||
Money MarketFunds-0.16% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 183,215 | 183,215 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.20% |
| 115,877,716 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.20)% |
| (226,124 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 115,651,592 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Homebuilding | 42.72 | |||
Building Products | 18.17 | |||
Construction & Engineering | 15.36 | |||
Industrial Machinery | 7.97 | |||
Construction Materials | 4.82 | |||
Construction Machinery & Heavy Trucks | 3.11 | |||
Sub-Industry Types Each Less Than 3% | 7.89 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.04 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco Dynamic Energy Exploration & Production ETF (PXE)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
Oil & Gas Exploration &Production-71.17% |
| |||||||
Berry Petroleum Corp. | 84,986 | $ | 798,019 | |||||
Cabot Oil & Gas Corp. | 40,682 | 758,313 | ||||||
Callon Petroleum Co.(b)(c) | 160,168 | 608,638 | ||||||
Comstock Resources, Inc.(b)(c) | 121,941 | 834,077 | ||||||
ConocoPhillips | 24,558 | 1,355,602 | ||||||
Devon Energy Corp. | 56,974 | 1,155,433 | ||||||
EOG Resources, Inc. | 17,244 | 1,195,182 | ||||||
EQT Corp. | 64,947 | 697,531 | ||||||
Geopark Ltd. (Colombia)(b)(c) | 40,714 | 742,623 | ||||||
Kosmos Energy Ltd. (Ghana) | 109,318 | 677,772 | ||||||
Marathon Oil Corp. | 105,263 | 1,213,682 | ||||||
Matador Resources Co.(b) | 44,044 | 612,652 | ||||||
Murphy Oil Corp. | 37,764 | 779,071 | ||||||
Noble Energy, Inc. | 56,376 | 1,085,802 | ||||||
Northern Oil and Gas, Inc.(b) | 361,768 | 709,065 | ||||||
Parsley Energy, Inc., Class A | 38,903 | 615,056 | ||||||
PDC Energy, Inc.(b) | 21,775 | 434,411 | ||||||
Pioneer Natural Resources Co. | 10,409 | 1,280,515 | ||||||
SM Energy Co. | 69,903 | 548,040 | ||||||
Southwestern Energy Co.(b) | 401,446 | 822,964 | ||||||
SRC Energy, Inc.(b) | 137,075 | 427,674 | ||||||
Talos Energy, Inc.(b) | 35,380 | 761,731 | ||||||
WPX Energy, Inc.(b) | 64,448 | 643,191 | ||||||
|
| |||||||
18,757,044 | ||||||||
|
| |||||||
Oil & Gas Refining &Marketing-28.80% |
| |||||||
CVR Energy, Inc. | 17,949 | 851,142 | ||||||
Delek US Holdings, Inc. | 21,555 | 861,122 | ||||||
HollyFrontier Corp. | 15,693 | 862,173 | ||||||
Marathon Petroleum Corp. | 26,441 | 1,690,902 | ||||||
Par Pacific Holdings, Inc.(b) | 32,003 | 724,868 | ||||||
PBF Energy, Inc., Class A | 29,244 | 943,996 | ||||||
Valero Energy Corp. | 17,064 | 1,654,867 | ||||||
|
| |||||||
7,589,070 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 26,346,114 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.27% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 71,689 | $ | 71,689 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 26,417,803 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-2.38% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 435,591 | 435,591 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 190,048 | 190,124 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 625,715 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-102.62% |
| 27,043,518 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.62)% |
| (690,315 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 26,353,203 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Dynamic Energy Exploration & Production ETF (PXE)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Oil & Gas Exploration & Production | 71.17 | |||
Oil & Gas Refining & Marketing | 28.80 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco Dynamic Food & Beverage ETF (PBJ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
AgriculturalProducts-2.92% | ||||||||
Bunge Ltd. | 38,445 | $ | 2,076,030 | |||||
|
| |||||||
Brewers-2.45% | ||||||||
Boston Beer Co., Inc. (The), Class A(b) | 4,636 | 1,735,997 | ||||||
|
| |||||||
Distributors-2.66% | ||||||||
Core-Mark Holding Co., Inc. | 61,751 | 1,884,640 | ||||||
|
| |||||||
Fertilizers & AgriculturalChemicals-2.53% |
| |||||||
Corteva, Inc. | 68,091 | 1,796,241 | ||||||
|
| |||||||
FoodDistributors-5.39% | ||||||||
Performance Food Group Co.(b) | 43,263 | 1,843,436 | ||||||
US Foods Holding Corp.(b) | 50,074 | 1,986,436 | ||||||
|
| |||||||
3,829,872 | ||||||||
|
| |||||||
FoodRetail-2.91% | ||||||||
Ingles Markets, Inc., Class A | 52,341 | 2,063,806 | ||||||
|
| |||||||
Packaged Foods &Meats-38.49% |
| |||||||
Campbell Soup Co. | 46,709 | 2,163,094 | ||||||
Flowers Foods, Inc. | 88,883 | 1,930,539 | ||||||
Hershey Co. (The) | 23,475 | 3,447,773 | ||||||
J&J Snack Foods Corp. | 10,579 | 2,018,050 | ||||||
John B. Sanfilippo & Son, Inc. | 21,828 | 2,316,387 | ||||||
Mondelez International, Inc., Class A | 67,091 | 3,518,923 | ||||||
Pilgrim’s Pride Corp.(b) | 66,371 | 2,015,024 | ||||||
Sanderson Farms, Inc. | 13,695 | 2,120,123 | ||||||
Seaboard Corp. | 490 | 2,067,354 | ||||||
Simply Good Foods Co. (The)(b) | 67,388 | 1,653,701 | ||||||
Tootsie Roll Industries, Inc.(c) | 55,018 | 1,886,017 | ||||||
TreeHouse Foods, Inc.(b) | 40,745 | 2,201,045 | ||||||
|
| |||||||
27,338,030 | ||||||||
|
| |||||||
Restaurants-21.82% | ||||||||
Chipotle Mexican Grill, Inc.(b) | 2,398 | 1,866,028 | ||||||
Jack in the Box, Inc. | 23,842 | 2,003,205 | ||||||
McDonald’s Corp. | 16,816 | 3,307,707 | ||||||
Starbucks Corp. | 37,961 | 3,209,982 | ||||||
Yum China Holdings, Inc. (China) | 44,628 | 1,896,690 | ||||||
Yum! Brands, Inc. | 31,616 | 3,215,663 | ||||||
|
| |||||||
15,499,275 | ||||||||
|
|
Shares | Value | |||||||
SoftDrinks-20.80% | ||||||||
Coca-Cola Co. (The) | 67,372 | $ | 3,667,058 | |||||
Coca-Cola Consolidated, Inc. | 5,837 | 1,601,439 | ||||||
Coca-Cola European Partners PLC (United Kingdom) | 36,098 | 1,931,604 | ||||||
Keurig Dr Pepper, Inc.(c) | 136,154 | 3,834,097 | ||||||
PepsiCo, Inc. | 27,266 | 3,740,077 | ||||||
|
| |||||||
14,774,275 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 70,998,166 | ||||||
|
| |||||||
Money MarketFunds-0.26% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 180,359 | 180,359 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 71,178,525 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.92% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 2,089,519 | 2,089,519 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 696,228 | 696,506 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,786,025 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-104.15% |
| 73,964,550 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.15)% |
| (2,943,859 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 71,020,691 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco Dynamic Food & Beverage ETF (PBJ)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||
Sub-Industry Breakdown (% of the Fund’s Net Assets) | ||
as of October 31, 2019 |
Packaged Foods & Meats | 38.49 | |||
Restaurants | 21.82 | |||
Soft Drinks | 20.80 | |||
Food Distributors | 5.39 | |||
Sub-Industry Types Each Less Than 3% | 13.47 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||
Airlines-22.53% |
| |||||||
Allegiant Travel Co. | 10,457 | $ | 1,749,770 | |||||
Copa Holdings S.A., Class A (Panama) | 14,482 | 1,473,399 | ||||||
Delta Air Lines, Inc. | 46,864 | 2,581,269 | ||||||
JetBlue Airways Corp.(b) | 85,278 | 1,645,865 | ||||||
SkyWest, Inc. | 25,903 | 1,542,524 | ||||||
United Airlines Holdings, Inc.(b) | 32,029 | 2,909,514 | ||||||
|
| |||||||
11,902,341 | ||||||||
|
| |||||||
Broadcasting-5.47% |
| |||||||
Central European Media Enterprises Ltd., Class A (Czech Republic)(b) | 323,049 | 1,448,875 | ||||||
Discovery, Inc., Class A(b)(c) | 53,357 | 1,438,238 | ||||||
|
| |||||||
2,887,113 | ||||||||
|
| |||||||
Casinos &Gaming-3.08% |
| |||||||
Everi Holdings, Inc.(b) | 161,525 | 1,624,941 | ||||||
|
| |||||||
FoodDistributors-5.30% |
| |||||||
Performance Food Group Co.(b) | 31,641 | 1,348,223 | ||||||
US Foods Holding Corp.(b) | 36,623 | 1,452,834 | ||||||
|
| |||||||
2,801,057 | ||||||||
|
| |||||||
Hotels, Resorts & CruiseLines-10.90% |
| |||||||
Choice Hotels International, Inc. | 16,258 | 1,438,508 | ||||||
Hyatt Hotels Corp., Class A | 20,518 | 1,533,516 | ||||||
Lindblad Expeditions Holdings, | 77,872 | 1,225,705 | ||||||
Wyndham Destinations, Inc. | 33,559 | 1,557,473 | ||||||
|
| |||||||
5,755,202 | ||||||||
|
| |||||||
Internet & Direct MarketingRetail-5.38% |
| |||||||
Booking Holdings, Inc.(b) | 1,387 | 2,841,644 | ||||||
|
| |||||||
LeisureFacilities-5.05% |
| |||||||
Planet Fitness, Inc., Class A(b) | 20,473 | 1,303,311 | ||||||
SeaWorld Entertainment, Inc.(b)(c) | 51,607 | 1,363,457 | ||||||
|
| |||||||
2,666,768 | ||||||||
|
| |||||||
Movies &Entertainment-2.87% |
| |||||||
Live Nation Entertainment, Inc.(b) | 21,487 | 1,514,833 | ||||||
|
| |||||||
Restaurants-39.36% |
| |||||||
Brinker International, Inc.(c) | 38,420 | 1,707,769 | ||||||
Chipotle Mexican Grill, Inc.(b) | 3,214 | 2,501,006 |
Shares | Value | |||||||
Restaurants-(continued) |
| |||||||
Cracker Barrel Old Country Store, | 9,047 | $ | 1,406,809 | |||||
Darden Restaurants, Inc. | 12,143 | 1,363,295 | ||||||
Denny’s Corp.(b) | 62,987 | 1,267,298 | ||||||
Jack in the Box, Inc. | 17,437 | 1,465,057 | ||||||
McDonald’s Corp. | 12,300 | 2,419,410 | ||||||
Starbucks Corp. | 27,763 | 2,347,639 | ||||||
Wendy’s Co. (The) | 66,828 | 1,415,417 | ||||||
Yum China Holdings, Inc. (China) | 59,839 | 2,543,158 | ||||||
Yum! Brands, Inc. | 23,123 | 2,351,840 | ||||||
|
| |||||||
20,788,698 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 52,782,597 | ||||||
|
| |||||||
Money MarketFunds-0.26% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 139,031 | 139,031 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 52,921,628 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-6.71% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 2,655,463 | 2,655,463 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 884,800 | 885,154 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,540,617 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-106.91% |
| 56,462,245 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.91)% |
| (3,648,908 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 52,813,337 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco Dynamic Leisure and Entertainment ETF (PEJ)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Restaurants | 39.36 | |||
Airlines | 22.53 | |||
Hotels, Resorts & Cruise Lines | 10.90 | |||
Broadcasting | 5.47 | |||
Internet & Direct Marketing Retail | 5.38 | |||
Food Distributors | 5.30 | |||
Leisure Facilities | 5.05 | |||
Casinos & Gaming | 3.08 | |||
Movies & Entertainment | 2.87 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco Dynamic Media ETF (PBS)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.02% |
| |||||||
Advertising-11.70% | ||||||||
Cardlytics, Inc.(b) | 36,358 | $ | 1,523,764 | |||||
Interpublic Group of Cos., Inc. (The) | 67,719 | 1,472,888 | ||||||
Omnicom Group, Inc. | 17,925 | 1,383,631 | ||||||
TechTarget, Inc.(b) | 56,621 | 1,381,552 | ||||||
|
| |||||||
5,761,835 | ||||||||
|
| |||||||
ApplicationSoftware-3.11% | ||||||||
j2 Global, Inc. | 16,136 | 1,532,275 | ||||||
|
| |||||||
Broadcasting-22.05% | ||||||||
AMC Networks, Inc., Class A(b) | 27,845 | 1,212,650 | ||||||
Central European Media Enterprises Ltd., Class A (Czech Republic)(b) | 295,710 | 1,326,259 | ||||||
Discovery, Inc., Class A(b)(c) | 48,841 | 1,316,509 | ||||||
E.W. Scripps Co. (The), Class A | 109,223 | 1,467,411 | ||||||
Gray Television, Inc.(b) | 90,654 | 1,487,632 | ||||||
Nexstar Media Group, Inc., Class A | 14,406 | 1,401,560 | ||||||
Sinclair Broadcast Group, Inc., Class A | 30,608 | 1,219,423 | ||||||
TEGNA, Inc. | 95,109 | 1,429,488 | ||||||
|
| |||||||
10,860,932 | ||||||||
|
| |||||||
Cable &Satellite-5.46% | ||||||||
Sirius XM Holdings, Inc.(c) | 399,835 | 2,686,891 | ||||||
|
| |||||||
Diversified SupportServices-2.60% | ||||||||
Viad Corp. | 20,984 | 1,280,444 | ||||||
|
| |||||||
Human Resource & EmploymentServices-2.87% |
| |||||||
Upwork, Inc.(b) | 94,118 | 1,415,535 | ||||||
|
| |||||||
Interactive Media &Services-26.15% |
| |||||||
Alphabet, Inc., Class A(b) | 2,079 | 2,617,045 | ||||||
Facebook, Inc., Class A(b) | 13,379 | 2,564,085 | ||||||
IAC/InterActiveCorp.(b) | 5,326 | 1,210,334 | ||||||
Match Group, Inc. | 29,006 | 2,117,148 | ||||||
Twitter, Inc.(b) | 58,437 | 1,751,357 | ||||||
Yandex N.V., Class A (Russia)(b) | 36,744 | 1,226,882 | ||||||
Yelp, Inc.(b) | 40,369 | 1,393,134 | ||||||
|
| |||||||
12,879,985 | ||||||||
|
| |||||||
Movies &Entertainment-7.69% | ||||||||
Spotify Technology S.A.(b) | 18,212 | 2,627,992 | ||||||
Viacom, Inc., Class B | 53,831 | 1,160,596 | ||||||
|
| |||||||
3,788,588 | ||||||||
|
|
Shares | Value | |||||||
Publishing-5.23% | ||||||||
Gannett Co., Inc. | 129,726 | $ | 1,407,527 | |||||
Meredith Corp. | 31,019 | 1,169,416 | ||||||
|
| |||||||
2,576,943 | ||||||||
|
| |||||||
Research & ConsultingServices-9.89% |
| |||||||
CoStar Group, Inc.(b) | 4,045 | 2,222,808 | ||||||
IHS Markit Ltd.(b) | 37,838 | 2,649,417 | ||||||
|
| |||||||
4,872,225 | ||||||||
|
| |||||||
Thrifts & MortgageFinance-3.27% | ||||||||
LendingTree, Inc.(b)(c) | 4,472 | 1,609,249 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 49,264,902 | ||||||
|
| |||||||
Money MarketFunds-0.22% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 107,952 | 107,953 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 49,372,855 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-10.02% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 3,700,183 | 3,700,183 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 1,232,901 | 1,233,394 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,933,577 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-110.26% |
| 54,306,432 | ||||||
OTHER ASSETS LESS LIABILITIES-(10.26)% |
| (5,052,068 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 49,254,364 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Dynamic Media ETF (PBS)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Interactive Media & Services | 26.15 | |||
Broadcasting | 22.05 | |||
Advertising | 11.70 | |||
Research & Consulting Services | 9.89 | |||
Movies & Entertainment | 7.69 | |||
Cable & Satellite | 5.46 | |||
Publishing | 5.23 | |||
Thrifts & Mortgage Finance | 3.27 | |||
Application Software | 3.11 | |||
Sub-Industry Types Each Less Than 3% | 5.47 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.02 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Dynamic Networking ETF (PXQ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.00% |
| |||||||
ApplicationSoftware-2.63% | ||||||||
Mimecast Ltd.(b) | 42,077 | $ | 1,670,878 | |||||
|
| |||||||
CommunicationsEquipment-31.65% |
| |||||||
Arista Networks, Inc.(b) | 13,786 | 3,371,642 | ||||||
Ciena Corp.(b) | 41,434 | 1,538,030 | ||||||
Cisco Systems, Inc. | 66,321 | 3,150,911 | ||||||
Comtech Telecommunications Corp. | 64,117 | 2,240,889 | ||||||
Extreme Networks, Inc.(b) | 254,463 | 1,638,742 | ||||||
InterDigital, Inc. | 35,077 | 1,881,179 | ||||||
Motorola Solutions, Inc. | 17,305 | 2,878,168 | ||||||
NetScout Systems, Inc.(b) | 77,026 | 1,865,570 | ||||||
Radware Ltd. (Israel)(b) | 69,343 | 1,564,378 | ||||||
|
| |||||||
20,129,509 | ||||||||
|
| |||||||
ConsumerElectronics-3.11% | ||||||||
Garmin Ltd. | 21,132 | 1,981,125 | ||||||
|
| |||||||
ElectronicComponents-8.66% | ||||||||
Amphenol Corp., Class A | 35,779 | 3,589,707 | ||||||
Belden, Inc. | 37,369 | 1,916,282 | ||||||
|
| |||||||
5,505,989 | ||||||||
|
| |||||||
Internet Services &Infrastructure-4.91% |
| |||||||
Akamai Technologies, Inc.(b) | 19,132 | 1,654,918 | ||||||
Okta, Inc.(b) | 13,445 | 1,466,446 | ||||||
|
| |||||||
3,121,364 | ||||||||
|
| |||||||
Semiconductors-11.16% | ||||||||
Inphi Corp.(b) | 28,028 | 2,014,653 | ||||||
Mellanox Technologies Ltd.(b) | 15,852 | 1,786,520 | ||||||
QUALCOMM, Inc. | 41,007 | 3,298,603 | ||||||
|
| |||||||
7,099,776 | ||||||||
|
| |||||||
SystemsSoftware-32.01% | ||||||||
Check Point Software Technologies Ltd. (Israel)(b) | 15,913 | 1,788,780 | ||||||
CyberArk Software Ltd.(b) | 15,032 | 1,526,951 | ||||||
Fortinet, Inc.(b) | 21,931 | 1,788,692 | ||||||
Palo Alto Networks, Inc.(b) | 15,663 | 3,561,610 | ||||||
Proofpoint, Inc.(b) | 15,161 | 1,749,125 |
Shares | Value | |||||||
Systems Software-(continued) | ||||||||
Qualys, Inc.(b) | 21,135 | $ | 1,803,449 | |||||
SecureWorks Corp., Class A(b) | 142,499 | 1,732,788 | ||||||
Symantec Corp. | 73,675 | 1,685,684 | ||||||
VMware, Inc., Class A | 23,097 | 3,655,562 | ||||||
Zscaler, Inc.(b)(c) | 24,252 | 1,066,603 | ||||||
|
| |||||||
20,359,244 | ||||||||
|
| |||||||
Technology Hardware, Storage &Peripherals-5.87% |
| |||||||
Apple, Inc. | 14,999 | 3,731,151 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 63,599,036 | ||||||
|
| |||||||
Money MarketFunds-0.21% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 131,033 | 131,033 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 63,730,069 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.59% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 757,111 | 757,111 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 252,269 | 252,370 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,009,481 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.80% |
| 64,739,550 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.80)% |
| (1,143,056 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 63,596,494 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Dynamic Networking ETF (PXQ)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Systems Software | 32.01 | |||
Communications Equipment | 31.65 | |||
Semiconductors | 11.16 | |||
Electronic Components | 8.66 | |||
Technology Hardware, Storage & Peripherals | 5.87 | |||
Internet Services & Infrastructure | 4.91 | |||
Consumer Electronics | 3.11 | |||
Application Software | 2.63 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.00 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Dynamic Oil & Gas Services ETF (PXJ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.92% |
| |||||||
Oil & GasDrilling-17.67% | ||||||||
Diamond Offshore Drilling, Inc.(b)(c) | 46,329 | $ | 245,080 | |||||
Helmerich & Payne, Inc. | 14,873 | 557,738 | ||||||
Patterson-UTI Energy, Inc. | 34,011 | 282,972 | ||||||
Transocean Ltd.(b) | 120,966 | 574,588 | ||||||
Valaris PLC(c) | 63,862 | 262,473 | ||||||
|
| |||||||
1,922,851 | ||||||||
|
| |||||||
Oil & Gas Equipment &Services-66.60% | ||||||||
Apergy Corp.(b) | 21,221 | 534,133 | ||||||
Archrock, Inc. | 30,754 | 296,469 | ||||||
Baker Hughes Co. | 25,316 | 541,762 | ||||||
Cactus, Inc., Class A(b) | 11,875 | 352,925 | ||||||
Core Laboratories N.V. | 7,512 | 330,828 | ||||||
Dril-Quip, Inc.(b) | 6,419 | 263,307 | ||||||
Frank’s International N.V.(b) | 69,190 | 339,031 | ||||||
Halliburton Co. | 29,897 | 575,517 | ||||||
Helix Energy Solutions Group, Inc.(b) | 41,442 | 355,987 | ||||||
Liberty Oilfield Services, Inc., | 28,087 | 258,681 | ||||||
McDermott International, Inc.(b) | 64,178 | 104,610 | ||||||
National Energy Services Reunited | 38,905 | 268,834 | ||||||
National Oilwell Varco, Inc. | 27,559 | 623,385 | ||||||
Oceaneering International, Inc.(b) | 22,912 | 324,434 | ||||||
Oil States International, Inc.(b) | 21,540 | 307,376 | ||||||
ProPetro Holding Corp.(b) | 28,326 | 219,526 | ||||||
RPC, Inc.(c) | 55,714 | 230,656 | ||||||
Schlumberger Ltd. | 17,172 | 561,353 | ||||||
TechnipFMC PLC (United Kingdom) | 22,434 | 442,623 | ||||||
USA Compression Partners L.P.(c) | 17,806 | 314,632 | ||||||
|
| |||||||
7,246,069 | ||||||||
|
| |||||||
Oil & Gas Storage &Transportation-15.65% |
| |||||||
DHT Holdings, Inc. | 53,068 | 410,216 | ||||||
Frontline Ltd. (Norway)(b) | 34,751 | 362,105 | ||||||
Golar LNG Partners L.P. (United Kingdom) | 30,280 | 308,250 |
Shares | Value | |||||||
Oil & Gas Storage & Transportation-(continued) |
| |||||||
Rattler Midstream L.P.(b) | 16,719 | $ | 251,119 | |||||
Scorpio Tankers, Inc. (Monaco) | 11,680 | 371,541 | ||||||
|
| |||||||
1,703,231 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 10,872,151 | ||||||
|
| |||||||
Money MarketFunds-1.00% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 109,319 | 109,319 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 10,981,470 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-12.03% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 981,618 | 981,618 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 327,075 | 327,206 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,308,824 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-112.95% |
| 12,290,294 | ||||||
OTHER ASSETS LESS LIABILITIES-(12.95)% |
| (1,409,555 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 10,880,739 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Dynamic Oil & Gas Services ETF (PXJ)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Oil & Gas Equipment & Services | 66.60 | |||
Oil & Gas Drilling | 17.67 | |||
Oil & Gas Storage & Transportation | 15.65 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Dynamic Pharmaceuticals ETF (PJP)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||
Biotechnology-40.07% | ||||||||
AbbVie, Inc. | 254,675 | $ | 20,259,396 | |||||
Alexion Pharmaceuticals, Inc.(b) | 82,011 | 8,643,959 | ||||||
Amgen, Inc. | 81,480 | 17,375,610 | ||||||
Biogen, Inc.(b) | 41,783 | 12,481,000 | ||||||
Celgene Corp.(b) | 94,729 | 10,233,574 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 163,447 | 10,248,127 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 128,979 | 7,852,242 | ||||||
Gilead Sciences, Inc. | 264,540 | 16,853,843 | ||||||
Medicines Co. (The)(b)(c) | 213,976 | 11,231,600 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 31,657 | 9,695,906 | ||||||
United Therapeutics Corp.(b) | 111,187 | 9,989,040 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 652,395 | 8,813,857 | ||||||
|
| |||||||
143,678,154 | ||||||||
|
| |||||||
Health CareEquipment-4.63% | ||||||||
Abbott Laboratories | 198,825 | 16,623,758 | ||||||
|
| |||||||
Pharmaceuticals-55.24% | ||||||||
Allergan PLC | 57,616 | 10,146,754 | ||||||
Amphastar Pharmaceuticals, Inc.(b) | 418,130 | 8,076,181 | ||||||
ANI Pharmaceuticals, Inc.(b) | 139,291 | 10,880,020 | ||||||
Bausch Health Cos., Inc.(b) | 427,650 | 10,622,826 | ||||||
Bristol-Myers Squibb Co. | 190,569 | 10,932,943 | ||||||
Corcept Therapeutics, Inc.(b) | 740,645 | 10,806,011 | ||||||
Eli Lilly and Co. | 150,240 | 17,119,848 | ||||||
Horizon Therapeutics PLC(b) | 333,897 | 9,652,962 | ||||||
Innoviva, Inc.(b) | 809,753 | 9,409,330 | ||||||
Jazz Pharmaceuticals PLC(b) | 71,989 | 9,043,978 | ||||||
Johnson & Johnson | 131,507 | 17,364,184 | ||||||
Merck & Co., Inc. | 194,468 | 16,852,597 | ||||||
Mylan N.V.(b) | 462,252 | 8,852,126 | ||||||
Perrigo Co. PLC | 196,095 | 10,396,957 | ||||||
Pfizer, Inc. | 477,339 | 18,315,497 |
Shares | Value | |||||||
Pharmaceuticals-(continued) | ||||||||
Prestige Consumer Healthcare Inc.(b) | 290,094 | $ | 10,286,733 | |||||
Taro Pharmaceutical Industries Ltd. | 115,201 | 9,312,849 | ||||||
|
| |||||||
198,071,796 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 358,373,708 | ||||||
|
| |||||||
Money MarketFunds-0.07% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 235,451 | 235,451 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 358,609,159 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.57% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 1,531,022 | 1,531,022 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 510,137 | 510,341 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,041,363 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.58% |
| 360,650,522 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.58)% |
| (2,080,600 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 358,569,922 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
|
Pharmaceuticals | 55.24 | |||
Biotechnology | 40.07 | |||
Health Care Equipment | 4.63 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Dynamic Retail ETF (PMR)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.02% |
| |||||||
ApparelRetail-2.52% | ||||||||
Boot Barn Holdings, Inc.(b) | 5,817 | $ | 203,886 | |||||
|
| |||||||
Apparel, Accessories & LuxuryGoods-5.10% |
| |||||||
lululemon athletica, Inc.(b) | 2,022 | 413,034 | ||||||
|
| |||||||
AutomotiveRetail-22.47% | ||||||||
Asbury Automotive Group, Inc.(b) | 2,199 | 226,783 | ||||||
AutoNation, Inc.(b) | 4,352 | 221,299 | ||||||
AutoZone, Inc.(b) | 338 | 386,801 | ||||||
CarMax, Inc.(b) | 2,479 | 230,968 | ||||||
Group 1 Automotive, Inc. | 2,709 | 269,383 | ||||||
Lithia Motors, Inc., Class A | 1,559 | 245,511 | ||||||
Sonic Automotive, Inc., Class A | 7,489 | 241,371 | ||||||
|
| |||||||
1,822,116 | ||||||||
|
| |||||||
Computer & ElectronicsRetail-5.30% | ||||||||
Best Buy Co., Inc. | 3,232 | 232,154 | ||||||
Rent-A-Center, Inc. | 7,649 | 197,880 | ||||||
|
| |||||||
430,034 | ||||||||
|
| |||||||
Diversified SupportServices-2.76% | ||||||||
Copart, Inc.(b) | 2,709 | 223,872 | ||||||
|
| |||||||
FoodRetail-7.02% | ||||||||
Grocery Outlet Holding Corp.(b) | 4,907 | 156,533 | ||||||
Ingles Markets, Inc., Class A | 5,309 | 209,334 | ||||||
Weis Markets, Inc. | 5,282 | 203,304 | ||||||
|
| |||||||
569,171 | ||||||||
|
| |||||||
General MerchandiseStores-9.36% | ||||||||
Dollar General Corp. | 2,410 | 386,420 | ||||||
Target Corp. | 3,486 | 372,688 | ||||||
|
| |||||||
759,108 | ||||||||
|
| |||||||
Home ImprovementRetail-7.19% | ||||||||
Floor & Decor Holdings, Inc., | 4,250 | 194,777 | ||||||
Home Depot, Inc. (The) | 1,655 | 388,230 | ||||||
|
| |||||||
583,007 | ||||||||
|
| |||||||
HomefurnishingRetail-9.81% | ||||||||
Aaron’s, Inc. | 3,167 | 237,303 | ||||||
Bed Bath & Beyond, Inc.(c) | 21,647 | 296,564 | ||||||
RH(b)(c) | 1,437 | 261,103 | ||||||
|
| |||||||
794,970 | ||||||||
|
| |||||||
Hypermarkets & SuperCenters-9.42% | ||||||||
Costco Wholesale Corp. | 1,269 | 377,033 | ||||||
Walmart, Inc. | 3,298 | 386,723 | ||||||
|
| |||||||
763,756 | ||||||||
|
|
Shares | Value | |||||||
Internet & Direct MarketingRetail-9.25% |
| |||||||
1-800-Flowers.com, Inc., Class A(b) | 13,563 | $ | 193,408 | |||||
eBay, Inc. | 9,283 | 327,226 | ||||||
Groupon, Inc.(b) | 82,414 | 229,111 | ||||||
|
| |||||||
749,745 | ||||||||
|
| |||||||
SpecialtyStores-6.73% | ||||||||
Dick’s Sporting Goods, Inc. | 5,921 | 230,505 | ||||||
Office Depot, Inc. | 153,142 | 315,472 | ||||||
|
| |||||||
545,977 | ||||||||
|
| |||||||
Trading Companies &Distributors-3.09% |
| |||||||
Rush Enterprises, Inc., Class A | 5,742 | 250,868 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 8,109,544 | ||||||
|
| |||||||
Money MarketFunds-1.14% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 92,156 | 92,156 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 8,201,700 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-6.49% |
| |||||||
Invesco Government & Agency Portfolio, | 394,812 | 394,812 | ||||||
Invesco Liquid Assets Portfolio, | 131,551 | 131,604 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 526,416 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-107.65% |
| 8,728,116 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.65)% |
| (620,118 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 8,107,998 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Dynamic Retail ETF (PMR)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Automotive Retail | 22.47 | |||
Homefurnishing Retail | 9.81 | |||
Hypermarkets & Super Centers | 9.42 | |||
General Merchandise Stores | 9.36 | |||
Internet & Direct Marketing Retail | 9.25 | |||
Home Improvement Retail | 7.19 | |||
Food Retail | 7.02 | |||
Specialty Stores | 6.73 | |||
Computer & Electronics Retail | 5.30 | |||
Apparel, Accessories & Luxury Goods | 5.10 | |||
Trading Companies & Distributors | 3.09 | |||
Sub-Industry Types Each Less Than 3% | 5.28 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.02 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Dynamic Semiconductors ETF (PSI)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.00% |
| |||||||
Electronic ManufacturingServices-2.42% |
| |||||||
TE Connectivity Ltd. | 51,386 | $ | 4,599,047 | |||||
|
| |||||||
SemiconductorEquipment-26.54% |
| |||||||
Amkor Technology, Inc.(b) | 533,804 | 6,635,184 | ||||||
Applied Materials, Inc. | 182,862 | 9,922,092 | ||||||
Entegris, Inc. | 110,021 | 5,281,008 | ||||||
FormFactor, Inc.(b) | 277,415 | 6,055,969 | ||||||
KLA Corp. | 32,239 | 5,449,681 | ||||||
Lam Research Corp. | 22,724 | 6,159,113 | ||||||
Photronics, Inc.(b) | 458,584 | 5,411,291 | ||||||
Teradyne, Inc. | 89,626 | 5,486,904 | ||||||
|
| |||||||
50,401,242 | ||||||||
|
| |||||||
Semiconductors-71.04% | ||||||||
Ambarella, Inc.(b) | 99,616 | 5,242,790 | ||||||
Analog Devices, Inc. | 79,354 | 8,461,517 | ||||||
Broadcom, Inc. | 30,530 | 8,940,711 | ||||||
CEVA, Inc.(b) | 153,959 | 4,190,764 | ||||||
Cirrus Logic, Inc.(b) | 88,766 | 6,032,537 | ||||||
Cypress Semiconductor Corp. | 205,524 | 4,782,543 | ||||||
Diodes, Inc.(b) | 128,789 | 6,008,007 | ||||||
Impinj, Inc.(b)(c) | 127,950 | 4,208,915 | ||||||
Inphi Corp.(b) | 77,344 | 5,559,487 | ||||||
Intel Corp. | 184,578 | 10,434,194 | ||||||
Lattice Semiconductor Corp.(b) | 237,246 | 4,647,649 | ||||||
Maxim Integrated Products, Inc. | 87,483 | 5,131,753 | ||||||
Micron Technology, Inc.(b) | 193,669 | 9,208,961 | ||||||
NVIDIA Corp. | 51,803 | 10,413,439 | ||||||
NXP Semiconductors N.V. (Netherlands) | 46,464 | 5,282,028 | ||||||
Power Integrations, Inc. | 53,441 | 4,869,010 | ||||||
QUALCOMM, Inc. | 113,162 | 9,102,751 | ||||||
Rambus, Inc.(b) | 387,106 | 5,359,483 | ||||||
Silicon Laboratories, Inc.(b) | 43,288 | 4,598,917 |
Shares | Value | |||||||
Semiconductors-(continued) | ||||||||
Texas Instruments, Inc. | 70,011 | $ | 8,260,598 | |||||
Xilinx, Inc. | 45,614 | 4,139,014 | ||||||
|
| |||||||
134,875,068 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 189,875,357 | ||||||
|
| |||||||
Money MarketFunds-0.11% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 205,222 | 205,222 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 190,080,579 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-2.05% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 2,914,836 | 2,914,836 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 971,224 | 971,612 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,886,448 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-102.16% |
| 193,967,027 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.16)% |
| (4,097,059 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 189,869,968 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Semiconductors | 71.04 | |||
Semiconductor Equipment | 26.54 | |||
Electronic Manufacturing Services | 2.42 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.00 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco Dynamic Software ETF (PSJ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99% |
| |||||||
ApplicationSoftware-51.06% |
| |||||||
Altair Engineering, Inc., Class A(b)(c) | 394,415 | $ | 14,542,081 | |||||
Alteryx, Inc., Class A(b) | 92,132 | 8,430,078 | ||||||
AppFolio, Inc., Class A(b) | 130,003 | 12,640,192 | ||||||
Cadence Design Systems, Inc.(b) | 352,328 | 23,024,635 | ||||||
Ceridian HCM Holding, Inc.(b) | 227,476 | 10,975,717 | ||||||
Fair Isaac Corp.(b) | 37,450 | 11,386,298 | ||||||
Manhattan Associates, Inc.(b) | 158,606 | 11,887,520 | ||||||
MicroStrategy, Inc., Class A(b) | 93,813 | 14,376,842 | ||||||
Model N, Inc.(b) | 470,195 | 14,007,109 | ||||||
Paycom Software, Inc.(b) | 52,200 | 11,041,866 | ||||||
RingCentral, Inc., Class A(b) | 93,017 | 15,024,106 | ||||||
Sapiens International Corp. N.V. (Israel) | 707,801 | 14,955,835 | ||||||
SPS Commerce, Inc.(b) | 263,022 | 13,879,671 | ||||||
Synopsys, Inc.(b) | 172,087 | 23,360,810 | ||||||
Trade Desk, Inc. (The), Class A(b) | 53,043 | 10,651,034 | ||||||
Workiva, Inc.(b) | 279,599 | 11,650,890 | ||||||
Zoom Video Communications, Inc., Class A(b)(c) | 267,610 | 18,703,263 | ||||||
|
| |||||||
240,537,947 | ||||||||
|
| |||||||
CommunicationsEquipment-3.10% |
| |||||||
InterDigital, Inc. | 272,086 | 14,591,972 | ||||||
|
| |||||||
Data Processing & OutsourcedServices-3.06% |
| |||||||
CSG Systems International, Inc. | 249,938 | 14,406,426 | ||||||
|
| |||||||
Health CareTechnology-7.06% |
| |||||||
Inovalon Holdings, Inc., Class A(b)(c) | 820,296 | 12,821,227 | ||||||
Veeva Systems, Inc., Class A(b) | 144,216 | 20,454,155 | ||||||
|
| |||||||
33,275,382 | ||||||||
|
| |||||||
Internet Services &Infrastructure-2.72% |
| |||||||
Akamai Technologies, Inc.(b) | 148,402 | 12,836,773 | ||||||
|
| |||||||
SemiconductorEquipment-3.14% |
| |||||||
Xperi Corp. | 729,203 | 14,806,467 | ||||||
|
|
Shares | Value | |||||||
SystemsSoftware-29.85% |
| |||||||
CyberArk Software Ltd.(b) | 116,598 | $ | 11,844,025 | |||||
Microsoft Corp. | 176,061 | 25,241,866 | ||||||
Oracle Corp. | 466,213 | 25,403,946 | ||||||
Qualys, Inc.(b) | 163,938 | 13,988,830 | ||||||
ServiceNow, Inc.(b) | 91,838 | 22,707,864 | ||||||
Symantec Corp. | 571,486 | 13,075,600 | ||||||
VMware, Inc., Class A(b) | 179,161 | 28,355,811 | ||||||
|
| |||||||
140,617,942 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 471,072,909 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.76% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 6,233,239 | 6,233,239 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,076,916 | 2,077,746 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 8,310,985 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.75% |
| 479,383,894 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.75)% |
| (8,249,296 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 471,134,598 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Dynamic Software ETF (PSJ)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Application Software | 51.06 | |||
Systems Software | 29.85 | |||
Health Care Technology | 7.06 | |||
Semiconductor Equipment | 3.14 | |||
Communications Equipment | 3.10 | |||
Data Processing & Outsourced Services | 3.06 | |||
Internet Services & Infrastructure | 2.72 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
(This Page Intentionally Left Blank)
| 23 |
|
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco Dynamic Biotechnology & Genome ETF (PBE) | Invesco Dynamic Building & Construction ETF (PKB) | Invesco Dynamic Energy Exploration & Production ETF (PXE) | Invesco Dynamic Food & Beverage ETF (PBJ) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 224,691,307 | $ | 115,694,501 | $ | 26,346,114 | $ | 70,998,166 | ||||||||
Affiliated investments in securities, at value | 3,982,642 | 183,215 | 697,404 | 2,966,384 | ||||||||||||
Cash | - | - | - | 124 | ||||||||||||
Receivable for: | ||||||||||||||||
Dividends | 394 | 10,537 | 13,903 | 1,686 | ||||||||||||
Securities lending | 890 | 23 | 22,446 | 522 | ||||||||||||
Investments sold | - | - | - | - | ||||||||||||
Expenses absorbed | - | - | - | - | ||||||||||||
Other assets | 1,026 | 1,105 | 1,182 | 1,179 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 228,676,259 | 115,889,381 | 27,081,049 | 73,968,061 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | - | - | - | - | ||||||||||||
Payable for: | ||||||||||||||||
Collateral upon return of securities loaned | 3,769,001 | - | 625,715 | 2,786,025 | ||||||||||||
Fund shares repurchased | - | - | - | - | ||||||||||||
Accrued advisory fees | 90,868 | 46,926 | 6,126 | 28,831 | ||||||||||||
Accrued trustees’ and officer’s fees | 58,621 | 40,084 | 41,306 | 48,334 | ||||||||||||
Accrued expenses | 150,053 | 150,779 | 54,699 | 84,180 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 4,068,543 | 237,789 | 727,846 | 2,947,370 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 224,607,716 | $ | 115,651,592 | $ | 26,353,203 | $ | 71,020,691 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 417,877,748 | $ | 162,961,246 | $ | 150,250,248 | $ | 142,150,024 | ||||||||
Distributable earnings (loss) | (193,270,032 | ) | (47,309,654 | ) | (123,897,045 | ) | (71,129 ,333 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 224,607,716 | $ | 115,651,592 | $ | 26,353,203 | $ | 71,020,691 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 4,400,000 | 3,450,000 | 1,800,000 | 2,100,000 | ||||||||||||
Net asset value | $ | 51.05 | $ | 33.52 | $ | 14.64 | $ | 33.82 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 51.03 | $ | 33.46 | $ | 14.62 | $ | 33.81 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 222,168,573 | $ | 98,979,039 | $ | 31,471,568 | $ | 65,812,052 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 3,982,642 | $ | 183,215 | $ | 697,404 | $ | 2,966,384 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 3,580,060 | $ | - | $ | 591,506 | $ | 2,737,807 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco | Invesco Dynamic Media ETF (PBS) | Invesco Dynamic Networking ETF (PXQ) | Invesco Dynamic Oil & Gas Services ETF (PXJ) | Invesco Dynamic Pharmaceuticals ETF (PJP) | Invesco Dynamic Retail ETF (PMR) | Invesco Dynamic Semiconductors ETF (PSI) | Invesco Dynamic Software ETF (PSJ) | |||||||||||||||||||||||
$ | 52,782,597 | $ | 49,264,902 | $ | 63,599,036 | $ | 10,872,151 | $ | 358,373,708 | $ | 8,109,544 | $ | 189,875,357 | $ | 471,072,909 | |||||||||||||||
3,679,648 | 5,041,530 | 1,140,514 | 1,418,143 | 2,276,814 | 618,572 | 4,091,670 | 8,310,985 | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
41,529 | 20,929 | 6,580 | 3,816 | 429,176 | 954 | 72,145 | 205 | |||||||||||||||||||||||
310 | 497 | 392 | 1,739 | 703 | 445 | 500 | 590,695 | |||||||||||||||||||||||
- | - | - | 9,746 | - | - | - | 4,741,279 | |||||||||||||||||||||||
- | - | - | 869 | - | 2,163 | - | - | |||||||||||||||||||||||
1,299 | 1,258 | 819 | 459 | 1,835 | 849 | 819 | 820 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
56,505,383 | 54,329,116 | 64,747,341 | 12,306,923 | 361,082,236 | 8,732,527 | 194,040,491 | 484,716,893 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
- | - | - | - | - | - | - | 96,445 | |||||||||||||||||||||||
3,540,617 | 4,933,511 | 1,009,459 | 1,308,795 | 2,041,314 | 526,404 | 3,886,448 | 8,310,967 | |||||||||||||||||||||||
- | - | - | - | - | - | - | 4,742,051 | |||||||||||||||||||||||
18,448 | 17,555 | 24,991 | - | 148,473 | - | 76,683 | 201,906 | |||||||||||||||||||||||
40,576 | 42,558 | 35,634 | 49,290 | 91,849 | 33,894 | 38,542 | 39,335 | |||||||||||||||||||||||
92,405 | 81,128 | 80,763 | 68,099 | 230,678 | 64,231 | 168,850 | 191,591 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,692,046 | 5,074,752 | 1,150,847 | 1,426,184 | 2,512,314 | 624,529 | 4,170,523 | 13,582,295 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 52,813,337 | $ | 49,254,364 | $ | 63,596,494 | $ | 10,880,739 | $ | 358,569,922 | $ | 8,107,998 | $ | 189,869,968 | $ | 471,134,598 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 120,878,483 | $ | 127,127,575 | $ | 96,034,804 | $ | 116,702,775 | $ | 744,517,491 | $ | 28,294,874 | $ | 192,153,842 | $ | 451,584,160 | |||||||||||||||
(68,065,146 | ) | (77,873,211 | ) | (32,438,310 | ) | (105,822,036 | ) | (385,947,569 | ) | (20,186,876 | ) | (2,283,874 | ) | 19,550,438 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 52,813,337 | $ | 49,254,364 | $ | 63,596,494 | $ | 10,880,739 | $ | 358,569,922 | $ | 8,107,998 | $ | 189,869,968 | $ | 471,134,598 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,250,000 | 1,550,000 | 1,100,000 | 2,350,000 | 6,000,000 | 200,000 | 3,100,000 | 5,000,000 | |||||||||||||||||||||||
$ | 42.25 | $ | 31.78 | $ | 57.81 | $ | 4.63 | $ | 59.76 | $ | 40.54 | $ | 61.25 | $ | 94.23 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 42.24 | $ | 31.75 | $ | 57.70 | $ | 4.63 | $ | 59.68 | $ | 40.44 | $ | 61.18 | $ | 94.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 50,048,060 | $ | 49,051,793 | $ | 58,719,093 | $ | 17,620,450 | $ | 324,577,033 | $ | 6,843,601 | $ | 155,084,718 | $ | 454,354,937 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 3,679,648 | $ | 5,041,464 | $ | 1,140,492 | $ | 1,418,114 | $ | 2,276,765 | $ | 618,560 | $ | 4,091,670 | $ | 8,310,967 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 3,444,324 | $ | 5,051,070 | $ | 959,908 | $ | 1,217,386 | $ | 1,913,523 | $ | 501,842 | $ | 3,788,024 | $ | 8,967,095 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25 |
|
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco Dynamic Biotechnology & Genome ETF (PBE) | Invesco Dynamic Building & Construction ETF (PKB) | Invesco Dynamic Energy Exploration & Production ETF (PXE) | Invesco Dynamic Food & Beverage ETF (PBJ) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 340,082 | $ | 628,552 | $ | 315,103 | $ | 653,824 | ||||||||||||
Affiliated dividend income | 2,829 | 2,095 | 965 | 1,472 | ||||||||||||||||
Securities lending income | 4,568 | 102 | 36,859 | 6,080 | ||||||||||||||||
Foreign withholding tax | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 347,479 | 630,749 | 352,927 | 661,376 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 582,963 | 284,698 | 78,881 | 180,046 | ||||||||||||||||
Sub-licensing fees | 34,984 | 17,085 | 4,735 | 10,804 | ||||||||||||||||
Accounting & administration fees | 20,818 | 23,021 | 14,137 | 15,220 | ||||||||||||||||
Professional fees | 13,626 | 13,567 | 13,227 | 12,783 | ||||||||||||||||
Custodian & transfer agent fees | 3,499 | 2,154 | 2,067 | 2,324 | ||||||||||||||||
Trustees’ and officer’s fees | 5,182 | 4,243 | 3,850 | 4,111 | ||||||||||||||||
Listing fee and expenses | 4,525 | 3,519 | 3,519 | 4,525 | ||||||||||||||||
Proxy fees | 6,730 | 5,782 | 5,185 | 5,464 | ||||||||||||||||
Other expenses | 13,592 | 15,615 | 7,010 | 8,357 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 685,919 | 369,684 | 132,611 | 243,634 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (251 | ) | (5,602 | ) | (28,121 | ) | (11,442 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 685,668 | 364,082 | 104,490 | 232,192 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | (338,189 | ) | 266,667 | 248,437 | 429,184 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (14,314,685 | ) | (1,562,708 | ) | (14,412,496 | ) | (1,140,656 | ) | ||||||||||||
In-kind redemptions | 9,901,628 | 6,642,681 | 25,041 | 1,993,335 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (4,413,057 | ) | 5,079,973 | (14,387,455 | ) | 852,679 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (2,064,001 | ) | 7,114,623 | 4,706,198 | (1,554,030 | ) | ||||||||||||||
Affiliated investment securities | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in unrealized appreciation (depreciation) | (2,064,001 | ) | 7,114,623 | 4,706,198 | (1,554,030 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (6,477,058 | ) | 12,194,596 | (9,681,257 | ) | (701,351 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (6,815,247 | ) | $ | 12,461,263 | $ | (9,432,820 | ) | $ | (272,167 | ) | |||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco Dynamic Leisure and Entertainment ETF (PEJ) | Invesco Dynamic Media ETF (PBS) | Invesco Dynamic Networking ETF (PXQ) | Invesco Dynamic Oil & Gas Services ETF (PXJ) | Invesco Dynamic Pharmaceuticals ETF (PJP) | Invesco Dynamic Retail ETF (PMR) | Invesco Dynamic Semiconductors ETF (PSI) | Invesco Dynamic Software ETF (PSJ) | |||||||||||||||||||||||||||||||
$ | 351,722 | $ | 348,565 | $ | 287,117 | $ | 115,421 | $ | 2,858,243 | $ | 41,179 | $ | 1,138,142 | $ | 880,798 | |||||||||||||||||||||||
1,572 | 1,140 | 1,329 | 1,223 | 3,738 | 1,042 | 2,729 | 3,117 | |||||||||||||||||||||||||||||||
3,111 | 2,917 | 6,062 | 4,617 | 5,804 | 1,526 | 696 | 1,038,708 | |||||||||||||||||||||||||||||||
- | - | - | (1,353 | ) | - | - | (5,918 | ) | (55,467 | ) | ||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
356,405 | 352,622 | 294,508 | 119,908 | 2,867,785 | 43,747 | 1,135,649 | 1,867,156 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
148,903 | 170,962 | 177,348 | 34,547 | 955,134 | 18,939 | 451,905 | 1,255,431 | |||||||||||||||||||||||||||||||
8,936 | 10,260 | 10,645 | 2,074 | 57,318 | 1,137 | 27,119 | 76,249 | |||||||||||||||||||||||||||||||
16,109 | 14,270 | 14,418 | 13,313 | 30,966 | 12,961 | 24,603 | 17,538 | |||||||||||||||||||||||||||||||
13,440 | 13,132 | 12,992 | 13,268 | 15,191 | 12,544 | 14,003 | 13,560 | |||||||||||||||||||||||||||||||
1,546 | 1,673 | 1,291 | 1,931 | 3,333 | 3,574 | 2,564 | 2,296 | |||||||||||||||||||||||||||||||
3,934 | 3,968 | 3,848 | 3,903 | 6,720 | 3,503 | 4,555 | 5,495 | |||||||||||||||||||||||||||||||
4,022 | 4,525 | 3,519 | 3,519 | 3,519 | 3,519 | 3,519 | 3,519 | |||||||||||||||||||||||||||||||
5,384 | 5,479 | 5,433 | 5,047 | 7,855 | 4,989 | 6,182 | 8,467 | |||||||||||||||||||||||||||||||
13,116 | 6,202 | 5,186 | 6,153 | 26,698 | 4,100 | 16,171 | 9,564 | |||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
215,390 | 230,471 | 234,680 | 83,755 | 1,106,734 | 65,266 | 550,621 | 1,392,119 | |||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(22,522 | ) | (9,673 | ) | (5,900 | ) | (35,283 | ) | (330 | ) | (36,502 | ) | (285 | ) | (266 | ) | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
192,868 | 220,798 | 228,780 | 48,472 | 1,106,404 | 28,764 | 550,336 | 1,391,853 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
163,537 | 131,824 | 65,728 | 71,436 | 1,761,381 | 14,983 | 585,313 | 475,303 | |||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(4,644,623 | ) | (5,822,523 | ) | (4,033,563 | ) | (4,386,050 | ) | (52,208,824 | ) | (335,897 | ) | (3,698,702 | ) | (11,531,675 | ) | |||||||||||||||||||||||
1,504,158 | 5,273,934 | 5,848,080 | (139,712 | ) | 8,058,527 | 185,038 | 6,284,695 | 40,626,619 | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(3,140,465 | ) | (548,589 | ) | 1,814,517 | (4,525,762 | ) | (44,150,297 | ) | (150,859 | ) | 2,585,993 | 29,094,944 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(463,083 | ) | (5,973,714 | ) | (10,987,433 | ) | (1,204,277 | ) | 22,299,793 | 573,615 | 5,507,115 | (43,745,128 | ) | ||||||||||||||||||||||||||
- | 66 | 22 | 29 | 49 | 12 | - | 18 | |||||||||||||||||||||||||||||||
|
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|
|
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|
|
|
|
|
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| |||||||||||||||||||||||
(463,083 | ) | (5,973,648 | ) | (10,987,411 | ) | (1,204,248 | ) | 22,299,842 | 573,627 | 5,507,115 | (43,745,110 | ) | ||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(3,603,548 | ) | (6,522,237 | ) | (9,172,894 | ) | (5,730,010 | ) | (21,850,455 | ) | 422,768 | 8,093,108 | (14,650,166 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | (3,440,011 | ) | $ | (6,390,413 | ) | $ | (9,107,166 | ) | $ | (5,658,574 | ) | $ | (20,089,074 | ) | $ | 437,751 | $ | 8,678,421 | $ | (14,174,863 | ) | |||||||||||||||||
|
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|
|
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|
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|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco Dynamic Biotechnology & Genome ETF (PBE) | Invesco Dynamic Building & Construction ETF (PKB) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | (338,189 | ) | $ | (809,740 | ) | $ | 266,667 | $ | 779,256 | ||||||||||
Net realized gain (loss) | (4,413,057 | ) | 21,441,898 | 5,079,973 | (11,370,343 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | (2,064,001 | ) | (6,492,275 | ) | 7,114,623 | 2,686,239 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (6,815,247 | ) | 14,139,883 | 12,461,263 | (7,904,848 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | - | (11,178 | ) | (314,070 | ) | (854,627 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 35,309,208 | 182,767,340 | 36,367,139 | 124,857,662 | ||||||||||||||||
Value of shares repurchased | (51,913,336 | ) | (181,778,588 | ) | (51,501,945 | ) | (277,968,568 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (16,604,128 | ) | 988,752 | (15,134,806 | ) | (153,110,906 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (23,419,375 | ) | 15,117,457 | (2,987,613 | ) | (161,870,381 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 248,027,091 | 232,909,634 | 118,639,205 | 280,509,586 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 224,607,716 | $ | 248,027,091 | $ | 115,651,592 | $ | 118,639,205 | ||||||||||||
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|
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|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 700,000 | 3,250,000 | 1,150,000 | 4,100,000 | ||||||||||||||||
Shares repurchased | (1,050,000 | ) | (3,350,000 | ) | (1,650,000 | ) | (9,400,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 4,750,000 | 4,850,000 | 3,950,000 | 9,250,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 4,400,000 | 4,750,000 | 3,450,000 | 3,950,000 | ||||||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco Dynamic Energy Exploration & Production ETF (PXE) | Invesco Dynamic Food & Beverage ETF (PBJ) | Invesco Dynamic Leisure and Entertainment ETF (PEJ) | Invesco Dynamic Media ETF (PBS) | |||||||||||||||||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||||||||||||||||
$ | 248,437 | $ | 630,534 | $ | 429,184 | $ | 771,747 | $ | 163,537 | $ | 495,528 | $ | 131,824 | $ | 291,253 | |||||||||||||||||||||||
(14,387,455 | ) | (5,378,827 | ) | 852,679 | (1,420,129 | ) | (3,140,465 | ) | (3,924,994 | ) | (548,589 | ) | 3,020,790 | |||||||||||||||||||||||||
4,706,198 | (18,782,093 | ) | (1,554,030 | ) | 3,677,368 | (463,083 | ) | (1,778,186 | ) | (5,973,648 | ) | 5,886,119 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(9,432,820 | ) | (23,530,386 | ) | (272,167 | ) | 3,028,986 | (3,440,011 | ) | (5,207,652 | ) | (6,390,413 | ) | 9,198,162 | |||||||||||||||||||||||||
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| |||||||||||||||||||||||
(264,396 | ) | (706,116 | ) | (529,397 | ) | (759,871 | ) | (144,777 | ) | (634,213 | ) | (108,169 | ) | (415,501 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||
- | 101,184,657 | 19,451,459 | 40,972,298 | 12,959,267 | 150,611,248 | 21,268,265 | 84,195,471 | |||||||||||||||||||||||||||||||
(4,027,836 | ) | (86,194,334 | ) | (19,460,102 | ) | (50,142,813 | ) | (23,762,216 | ) | (194,292,631 | ) | (53,863,539 | ) | (52,710,381 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||
| (4,027,836 | ) | 14,990,323 | (8,643 | ) | (9,170,515 | ) | (10,802,949 | ) | (43,681,383 | ) | (32,595,274 | ) | 31,485,090 | ||||||||||||||||||||||||
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| |||||||||||||||||||||||
(13,725,052 | ) | (9,246,179 | ) | (810,207 | ) | (6,901,400 | ) | (14,387,737 | ) | (49,523,248 | ) | (39,093,856 | ) | 40,267,751 | ||||||||||||||||||||||||
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| |||||||||||||||||||||||
40,078,255 | 49,324,434 | 71,830,898 | 78,732,298 | 67,201,074 | 116,724,322 | 88,348,220 | 48,080,469 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 26,353,203 | $ | 40,078,255 | $ | 71,020,691 | $ | 71,830,898 | $ | 52,813,337 | $ | 67,201,074 | $ | 49,254,364 | $ | 88,348,220 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
- | 3,800,000 | 550,000 | 1,250,000 | 300,000 | 3,250,000 | 650,000 | 2,600,000 | |||||||||||||||||||||||||||||||
(250,000 | ) | (3,800,000 | ) | (550,000 | ) | (1,550,000 | ) | (550,000 | ) | (4,350,000 | ) | (1,650,000 | ) | (1,700,000 | ) | |||||||||||||||||||||||
2,050,000 | 2,050,000 | 2,100,000 | 2,400,000 | 1,500,000 | 2,600,000 | 2,550,000 | 1,650,000 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
1,800,000 | 2,050,000 | 2,100,000 | 2,100,000 | 1,250,000 | 1,500,000 | 1,550,000 | 2,550,000 | |||||||||||||||||||||||||||||||
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| 29 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco Dynamic Networking ETF (PXQ) | Invesco Dynamic Oil & Gas Services ETF (PXJ) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 65,728 | $ | 826,226 | $ | 71,436 | $ | 130,491 | ||||||||||||
Net realized gain (loss) | 1,814,517 | 2,519,219 | (4,525,762 | ) | (2,271,801 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | (10,987,411 | ) | 11,758,442 | (1,204,248 | ) | (6,350,850 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (9,107,166 | ) | 15,103,887 | (5,658,574 | ) | (8,492,160 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (158,856 | ) | (851,255 | ) | (45,900 | ) | (193,273 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 5,547,263 | 66,219,472 | - | 12,414,658 | ||||||||||||||||
Value of shares repurchased | (33,735,333 | ) | (39,512,641 | ) | (933,795 | ) | (24,037,714 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (28,188,070 | ) | 26,706,831 | (933,795 | ) | (11,623,056 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (37,454,092 | ) | 40,959,463 | (6,638,269 | ) | (20,308,489 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 101,050,586 | 60,091,123 | 17,519,008 | 37,827,497 | ||||||||||||||||
|
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|
|
|
|
| |||||||||||||
End of period | $ | 63,596,494 | $ | 101,050,586 | $ | 10,880,739 | $ | 17,519,008 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 100,000 | 1,150,000 | - | 1,300,000 | ||||||||||||||||
Shares repurchased | (600,000 | ) | (750,000 | ) | (200,000 | ) | (2,650,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 1,600,000 | 1,200,000 | 2,550,000 | 3,900,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 1,100,000 | 1,600,000 | 2,350,000 | 2,550,000 | ||||||||||||||||
|
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|
|
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|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco Dynamic Pharmaceuticals ETF (PJP) | Invesco Dynamic Retail ETF (PMR) | Invesco Dynamic Semiconductors ETF (PSI) | Invesco Dynamic Software ETF (PSJ) | |||||||||||||||||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||||||||||||||||
$ | 1,761,381 | $ | 5,311,743 | $ | 14,983 | $ | 109,624 | $ | 585,313 | $ | 1,775,828 | $ | 475,303 | $ | (728,762 | ) | ||||||||||||||||||||||
(44,150,297 | ) | 13,654,680 | (150,859 | ) | 661,303 | 2,585,993 | 27,429,506 | 29,094,944 | 32,155,925 | |||||||||||||||||||||||||||||
22,299,842 | 710,432 | 573,627 | (121,819 | ) | 5,507,115 | 8,851,111 | (43,745,110 | ) | 44,624,284 | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(20,089,074 | ) | 19,676,855 | 437,751 | 649,108 | 8,678,421 | 38,056,445 | (14,174,863 | ) | 76,051,447 | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(1,787,322 | ) | (5,380,286 | ) | (26,360 | ) | (122,169 | ) | (763,976 | ) | (1,907,533 | ) | - | - | |||||||||||||||||||||||||
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| |||||||||||||||||||||||
44,422,847 | 148,549,343 | 1,862,257 | 9,735,292 | 19,873,157 | 157,705,240 | 364,961,909 | 555,545,576 | |||||||||||||||||||||||||||||||
(80,567,125 | ) | (272,009,569 | ) | (1,861,643 | ) | (13,565,783 | ) | (38,340,617 | ) | (308,886,292 | ) | (316,895,377 | ) | (350,138,139 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||
| (36,144,278 | ) | (123,460,226 | ) | 614 | (3,830,491 | ) | (18,467,460 | ) | (151,181,052 | ) | 48,066,532 | 205,407,437 | |||||||||||||||||||||||||
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| |||||||||||||||||||||||
(58,020,674 | ) | (109,163,657 | ) | 412,005 | (3,303,552 | ) | (10,553,015 | ) | (115,032,140 | ) | 33,891,669 | 281,458,884 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||||
416,590,596 | 525,754,253 | 7,695,993 | 10,999,545 | 200,422,983 | 315,455,123 | 437,242,929 | 155,784,045 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 358,569,922 | $ | 416,590,596 | $ | 8,107,998 | $ | 7,695,993 | $ | 189,869,968 | $ | 200,422,983 | $ | 471,134,598 | $ | 437,242,929 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
750,000 | 2,100,000 | 50,000 | 250,000 | 350,000 | 2,900,000 | 3,800,000 | 6,700,000 | |||||||||||||||||||||||||||||||
(1,400,000 | ) | (4,000,000 | ) | (50,000 | ) | (350,000 | ) | (700,000 | ) | (5,900,000 | ) | (3,350,000 | ) | (4,350,000 | ) | |||||||||||||||||||||||
6,650,000 | 8,550,000 | 200,000 | 300,000 | 3,450,000 | 6,450,000 | 4,550,000 | 2,200,000 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
6,000,000 | 6,650,000 | 200,000 | 200,000 | 3,100,000 | 3,450,000 | 5,000,000 | 4,550,000 | |||||||||||||||||||||||||||||||
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| 31 |
|
Financial Highlights
Invesco Dynamic Biotechnology & Genome ETF (PBE)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 52.22 | $ | 48.02 | $ | 43.11 | $ | 39.35 | $ | 52.98 | $ | 39.71 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income (loss)(a) | (0.07 | ) | (0.16 | ) | 0.00 | (b) | 0.33 | 0.50 | 0.34 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.10 | ) | 4.36 | 5.13 | 3.63 | (13.56 | ) | 13.21 | ||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | (1.17 | ) | 4.20 | 5.13 | 3.96 | (13.06 | ) | 13.55 | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | (0.00 | )(c) | (0.22 | ) | (0.20 | ) | (0.57 | ) | (0.28 | ) | |||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 51.05 | $ | 52.22 | $ | 48.02 | $ | 43.11 | $ | 39.35 | $ | 52.98 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(d) | $ | 51.03 | $ | 52.22 | $ | 48.08 | $ | 43.13 | $ | 39.35 | $ | 52.95 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(e) | (2.24 | )% | 8.75 | % | 11.94 | % | 10.09 | % | (24.92 | )% | 34.25 | % | ||||||||||||||||||
Market Price Total Return(e) | (2.28 | )% | 8.62 | % | 12.04 | % | 10.15 | % | (24.88 | )% | 34.28 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 224,608 | $ | 248,027 | $ | 232,910 | $ | 230,631 | $ | 267,584 | $ | 511,262 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.59 | %(f) | 0.57 | % | 0.59 | % | 0.58 | % | 0.58 | % | 0.57 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.59 | %(f) | 0.57 | % | 0.59 | % | 0.58 | % | 0.58 | % | 0.57 | % | ||||||||||||||||||
Net investment income (loss) | (0.29 | )%(f) | (0.29 | )% | 0.01 | % | 0.81 | % | 1.00 | % | 0.69 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 82 | % | 117 | % | 141 | % | 69 | % | 74 | % | 95 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | Amount represents less than $(0.005). |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Financial Highlights–(continued)
Invesco Dynamic Building & Construction ETF (PKB)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.04 | $ | 30.33 | $ | 29.58 | $ | 25.08 | $ | 22.99 | $ | 22.09 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.07 | 0.13 | 0.08 | 0.07 | 0.04 | 0.03 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.50 | (0.29 | ) | 0.73 | 4.52 | 2.08 | 0.89 | |||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | 3.57 | (0.16 | ) | 0.81 | 4.59 | 2.12 | 0.92 | |||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.13 | ) | (0.06 | ) | (0.09 | ) | (0.03 | ) | (0.02 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 33.52 | $ | 30.04 | $ | 30.33 | $ | 29.58 | $ | 25.08 | $ | 22.99 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 33.46 | $ | 30.05 | $ | 30.34 | $ | 29.60 | $ | 25.08 | $ | 22.98 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 11.90 | % | (0.47 | )% | 2.73 | % | 18.33 | % | 9.21 | % | 4.17 | % | ||||||||||||||||||
Market Price Total Return(c) | 11.66 | % | (0.47 | )% | 2.70 | % | 18.41 | % | 9.26 | % | 4.08 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 115,652 | $ | 118,639 | $ | 280,510 | $ | 317,995 | $ | 60,201 | $ | 55,177 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.60 | % | 0.58 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.60 | % | 0.58 | % | 0.63 | % | 0.68 | % | 0.65 | % | ||||||||||||||||||
Net investment income | 0.47 | %(d) | 0.44 | % | 0.24 | % | 0.24 | % | 0.18 | % | 0.15 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 72 | % | 148 | % | 143 | % | 129 | % | 90 | % | 96 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Financial Highlights–(continued)
Invesco Dynamic Energy Exploration & Production ETF (PXE)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.55 | $ | 24.06 | $ | 20.28 | $ | 22.63 | $ | 31.78 | $ | 37.76 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.13 | 0.20 | 0.28 | 0.24 | 0.51 | 0.39 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.90 | ) | (4.48 | ) | 3.89 | (1.15 | ) | (9.04 | ) | (5.84 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (4.77 | ) | (4.28 | ) | 4.17 | (0.91 | ) | (8.53 | ) | (5.45 | ) | |||||||||||||||||||
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|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.23 | ) | (0.39 | ) | (1.44 | ) | (0.62 | ) | (0.53 | ) | ||||||||||||||||||
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|
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| |||||||||||||||||||
Net asset value at end of period | $ | 14.64 | $ | 19.55 | $ | 24.06 | $ | 20.28 | $ | 22.63 | $ | 31.78 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 14.62 | $ | 19.57 | $ | 24.12 | $ | 20.28 | $ | 22.63 | $ | 31.77 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | (24.48 | )% | (17.84 | )% | 21.00 | % | (3.96 | )% | (26.93 | )% | (14.51 | )% | ||||||||||||||||||
Market Price Total Return(c) | (24.66 | )% | (17.96 | )% | 21.31 | % | (3.96 | )% | (26.91 | )% | (14.54 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 26,353 | $ | 40,078 | $ | 49,324 | $ | 55,760 | $ | 74,682 | $ | 117,593 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.63 | % | 0.65 | % | 0.80 | %(e) | 0.65 | % | 0.64 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.82 | %(d) | 0.64 | % | 0.77 | % | 0.88 | %(e) | 0.67 | % | 0.64 | % | ||||||||||||||||||
Net investment income | 1.59 | %(d) | 0.82 | % | 1.37 | % | 1.13 | % | 2.09 | % | 1.20 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 70 | % | 110 | % | 87 | % | 91 | % | 134 | % | 140 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.02%. |
(e) | Expenses, after Waivers and Expenses, prior to Waivers include state income taxes paid during the fiscal year ended April 30, 2017. Expenses, after Waivers and Expenses, prior to Waivers excluding the taxes paid are 0.63% and 0.71%, respectively. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Financial Highlights–(continued)
Invesco Dynamic Food & Beverage ETF (PBJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.21 | $ | 32.81 | $ | 33.75 | $ | 32.31 | $ | 31.45 | $ | 26.98 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.21 | 0.34 | 0.41 | 0.33 | 0.39 | 0.31 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.35 | ) | 1.39 | (0.99 | ) | 1.61 | 0.88 | 4.58 | ||||||||||||||||||||||
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|
|
|
|
|
|
|
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| |||||||||||||||||||
Total from investment operations | (0.14 | ) | 1.73 | (0.58 | ) | 1.94 | 1.27 | 4.89 | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.33 | ) | (0.36 | ) | (0.50 | ) | (0.41 | ) | (0.42 | ) | ||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 33.82 | $ | 34.21 | $ | 32.81 | $ | 33.75 | $ | 32.31 | $ | 31.45 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 33.81 | $ | 34.19 | $ | 32.76 | $ | 33.74 | $ | 32.30 | $ | 31.43 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | (0.40 | )% | 5.37 | % | (1.70 | )% | 6.03 | % | 4.06 | % | 18.25 | % | ||||||||||||||||||
Market Price Total Return(c) | (0.38 | )% | 5.47 | % | (1.82 | )% | 6.03 | % | 4.10 | % | 18.13 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 71,021 | $ | 71,831 | $ | 78,732 | $ | 146,821 | $ | 300,455 | $ | 265,721 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | % | 0.59 | % | 0.58 | % | 0.58 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.67 | %(d) | 0.65 | % | 0.65 | % | 0.59 | % | 0.58 | % | 0.58 | % | ||||||||||||||||||
Net investment income | 1.20 | %(d) | 1.05 | % | 1.25 | % | 0.99 | % | 1.21 | % | 1.05 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 75 | % | 122 | % | 147 | % | 145 | % | 109 | % | 124 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Financial Highlights–(continued)
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 44.80 | $ | 44.89 | $ | 42.00 | $ | 35.69 | $ | 36.40 | $ | 32.35 | ||||||||||||||||||
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|
|
|
|
|
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| |||||||||||||||||||
Net investment income(a) | 0.12 | 0.19 | 0.41 | 0.31 | 0.11 | 0.31 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.57 | ) | (0.05 | ) | 2.86 | 6.26 | (0.74 | ) | 4.04 | |||||||||||||||||||||
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|
|
|
|
|
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|
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| |||||||||||||||||||
Total from investment operations | (2.45 | ) | 0.14 | 3.27 | 6.57 | (0.63 | ) | 4.35 | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.23 | ) | (0.38 | ) | (0.26 | ) | (0.08 | ) | (0.30 | ) | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 42.25 | $ | 44.80 | $ | 44.89 | $ | 42.00 | $ | 35.69 | $ | 36.40 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 42.24 | $ | 44.78 | $ | 44.96 | $ | 42.00 | $ | 35.68 | $ | 36.39 | ||||||||||||||||||
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|
|
|
|
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| |||||||||||||||||||
Net Asset Value Total Return(c) | (5.46 | )% | 0.33 | % | 7.84 | % | 18.52 | % | (1.73 | )% | 13.47 | % | ||||||||||||||||||
Market Price Total Return(c) | (5.44 | )% | 0.12 | % | 8.01 | % | 18.55 | % | (1.73 | )% | 13.47 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 52,813 | $ | 67,201 | $ | 116,724 | $ | 144,902 | $ | 142,754 | $ | 192,940 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | % | 0.61 | % | 0.61 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.63 | % | 0.65 | % | 0.61 | % | 0.61 | % | 0.63 | % | ||||||||||||||||||
Net investment income | 0.56 | %(d) | 0.42 | % | 0.97 | % | 0.83 | % | 0.29 | % | 0.88 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 93 | % | 207 | % | 177 | % | 183 | % | 136 | % | 187 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Financial Highlights–(continued)
Invesco Dynamic Media ETF (PBS)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.65 | $ | 29.14 | $ | 27.97 | $ | 25.13 | $ | 26.73 | $ | 23.81 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.06 | 0.16 | 0.15 | 0.06 | 0.07 | 0.21 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.87 | ) | 5.58 | 1.14 | 2.82 | (1.45 | ) | 2.89 | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (2.81 | ) | 5.74 | 1.29 | 2.88 | (1.38 | ) | 3.10 | ||||||||||||||||||||||
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|
|
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|
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.23 | ) | (0.12 | ) | (0.04 | ) | (0.22 | ) | (0.18 | ) | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 31.78 | $ | 34.65 | $ | 29.14 | $ | 27.97 | $ | 25.13 | $ | 26.73 | ||||||||||||||||||
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|
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| |||||||||||||||||||
Market price at end of period(b) | $ | 31.75 | $ | 34.65 | $ | 29.16 | $ | 27.98 | $ | 25.12 | $ | 26.72 | ||||||||||||||||||
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|
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| |||||||||||||||||||
Net Asset Value Total Return(c) | (8.13 | )% | 19.81 | % | 4.64 | % | 11.49 | % | (5.18 | )% | 13.04 | % | ||||||||||||||||||
Market Price Total Return(c) | (8.21 | )% | 19.73 | % | 4.67 | % | 11.57 | % | (5.18 | )% | 13.09 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 49,254 | $ | 88,348 | $ | 48,080 | $ | 148,230 | $ | 90,461 | $ | 145,668 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.61 | % | 0.59 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.67 | %(d) | 0.67 | % | 0.68 | % | 0.63 | % | 0.61 | % | 0.59 | % | ||||||||||||||||||
Net investment income | 0.39 | %(d) | 0.49 | % | 0.53 | % | 0.21 | % | 0.26 | % | 0.84 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 74 | % | 103 | % | 150 | % | 103 | % | 124 | % | 131 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Financial Highlights–(continued)
Invesco Dynamic Networking ETF (PXQ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 63.16 | $ | 50.08 | $ | 43.58 | $ | 33.65 | $ | 36.65 | $ | 31.20 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income (loss)(a) | 0.05 | 0.66 | 0.18 | 0.21 | 0.15 | (0.01 | ) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.26 | ) | 13.13 | 6.62 | 9.90 | (3.15 | ) | 5.46 | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (5.21 | ) | 13.79 | 6.80 | 10.11 | (3.00 | ) | 5.45 | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.71 | ) | (0.30 | ) | (0.18 | ) | - | - | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 57.81 | $ | 63.16 | $ | 50.08 | $ | 43.58 | $ | 33.65 | $ | 36.65 | ||||||||||||||||||
|
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|
|
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|
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|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 57.70 | $ | 63.14 | $ | 50.10 | $ | 43.59 | $ | 33.65 | $ | 36.64 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | (8.25 | )% | 27.90 | % | 15.70 | % | 30.19 | % | (8.19 | )% | 17.47 | % | ||||||||||||||||||
Market Price Total Return(c) | (8.40 | )% | 27.81 | % | 15.73 | % | 30.22 | % | (8.16 | )% | 17.48 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 63,596 | $ | 101,051 | $ | 60,091 | $ | 26,145 | $ | 20,189 | $ | 27,485 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.65 | %(d) | 0.64 | % | 0.83 | % | 0.89 | % | 0.88 | % | 0.85 | % | ||||||||||||||||||
Net investment income (loss) | 0.19 | %(d) | 1.21 | % | 0.39 | % | 0.55 | % | 0.42 | % | (0.02 | )% | ||||||||||||||||||
Portfolio turnover rate(e) | 52 | % | 98 | % | 79 | % | 97 | % | 87 | % | 74 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Financial Highlights–(continued)
Invesco Dynamic Oil & Gas Services ETF (PXJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.87 | $ | 9.70 | $ | 10.70 | $ | 13.20 | $ | 18.91 | $ | 28.01 | ||||||||||||||||||
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Net investment income(a) | 0.03 | 0.04 | 0.27 | (b) | 0.06 | 0.20 | 0.22 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.25 | ) | (2.81 | ) | (1.01 | ) | (2.41 | ) | (5.69 | ) | (9.07 | ) | ||||||||||||||||||
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Total from investment operations | (2.22 | ) | (2.77 | ) | (0.74 | ) | (2.35 | ) | (5.49 | ) | (8.85 | ) | ||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.06 | ) | (0.26 | ) | (0.08 | ) | (0.22 | ) | (0.25 | ) | ||||||||||||||||||
Return of capital | - | - | - | (0.07 | ) | - | - | |||||||||||||||||||||||
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Total distributions | (0.02 | ) | (0.06 | ) | (0.26 | ) | (0.15 | ) | (0.22 | ) | (0.25 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 4.63 | $ | 6.87 | $ | 9.70 | $ | 10.70 | $ | 13.20 | $ | 18.91 | ||||||||||||||||||
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Market price at end of period(c) | $ | 4.63 | $ | 6.87 | $ | 9.70 | $ | 10.70 | $ | 13.19 | $ | 18.92 | ||||||||||||||||||
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Net Asset Value Total Return(d) | (32.36 | )% | (28.69 | )% | (6.71 | )% | (17.99 | )% | (29.06 | )% | (31.67 | )% | ||||||||||||||||||
Market Price Total Return(d) | (32.36 | )% | (28.69 | )% | (6.72 | )% | (17.92 | )% | (29.15 | )% | (31.61 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 10,881 | $ | 17,519 | $ | 37,827 | $ | 33,174 | $ | 45,534 | $ | 72,786 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.67 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 1.18 | %(e) | 0.83 | % | 0.86 | % | 0.75 | % | 0.72 | % | 0.64 | % | ||||||||||||||||||
Net investment income | 1.07 | %(e) | 0.48 | % | 2.90 | %(b) | 0.47 | % | 1.46 | % | 0.96 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 47 | % | 81 | % | 91 | % | 90 | % | 89 | % | 79 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.06 and 0.61%, 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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.04%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
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Financial Highlights–(continued)
Invesco Dynamic Pharmaceuticals ETF (PJP)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 62.65 | $ | 61.49 | $ | 60.71 | $ | 62.16 | $ | 74.40 | $ | 57.65 | ||||||||||||||||||
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Net investment income(a) | 0.27 | 0.69 | 0.43 | 0.48 | 0.41 | 0.32 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.88 | ) | 1.17 | 0.79 | (1.40 | ) | (8.81 | ) | 18.42 | |||||||||||||||||||||
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Total from investment operations | (2.61 | ) | 1.86 | 1.22 | (0.92 | ) | (8.40 | ) | 18.74 | |||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.70 | ) | (0.44 | ) | (0.53 | ) | (0.39 | ) | (0.34 | ) | ||||||||||||||||||
Net realized gains | - | - | - | - | (3.45 | ) | (1.65 | ) | ||||||||||||||||||||||
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Total distributions | (0.28 | ) | (0.70 | ) | (0.44 | ) | (0.53 | ) | (3.84 | ) | (1.99 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 59.76 | $ | 62.65 | $ | 61.49 | $ | 60.71 | $ | 62.16 | $ | 74.40 | ||||||||||||||||||
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Market price at end of period(b) | $ | 59.68 | $ | 62.64 | $ | 61.53 | $ | 60.71 | $ | 62.14 | $ | 74.35 | ||||||||||||||||||
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Net Asset Value Total Return(c) | (4.16 | )% | 3.02 | % | 1.99 | % | (1.47 | )% | (11.86 | )% | 32.95 | % | ||||||||||||||||||
Market Price Total Return(c) | (4.27 | )% | 2.94 | % | 2.05 | % | (1.44 | )% | (11.83 | )% | 32.97 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 358,570 | $ | 416,591 | $ | 525,754 | $ | 764,908 | $ | 1,168,526 | $ | 1,926,934 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(d) | 0.56 | % | 0.57 | % | 0.56 | % | 0.57 | % | 0.56 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.58 | %(d) | 0.56 | % | 0.57 | % | 0.56 | % | 0.57 | % | 0.56 | % | ||||||||||||||||||
Net investment income | 0.92 | %(d) | 1.03 | % | 0.68 | % | 0.79 | % | 0.58 | % | 0.48 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 38 | % | 81 | % | 98 | % | 26 | % | 26 | % | 47 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
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Financial Highlights–(continued)
Invesco Dynamic Retail ETF (PMR)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 38.48 | $ | 36.67 | $ | 36.07 | $ | 35.69 | $ | 38.41 | $ | 33.15 | ||||||||||||||||||
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Net investment income(a) | 0.07 | 0.42 | 0.45 | 0.27 | 0.25 | 0.22 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.12 | 1.80 | 0.57 | 0.43 | (2.70 | ) | 5.38 | |||||||||||||||||||||||
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Total from investment operations | 2.19 | 2.22 | 1.02 | 0.70 | (2.45 | ) | 5.60 | |||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.41 | ) | (0.42 | ) | (0.32 | ) | (0.27 | ) | (0.34 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 40.54 | $ | 38.48 | $ | 36.67 | $ | 36.07 | $ | 35.69 | $ | 38.41 | ||||||||||||||||||
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Market price at end of period(b) | $ | 40.44 | $ | 38.47 | $ | 36.71 | $ | 36.05 | $ | 35.69 | $ | 38.42 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 5.73 | % | 6.09 | % | 2.87 | % | 1.98 | % | (6.40 | )% | 16.97 | % | ||||||||||||||||||
Market Price Total Return(c) | 5.50 | % | 5.95 | % | 3.03 | % | 1.92 | % | (6.42 | )% | 17.04 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 8,108 | $ | 7,696 | $ | 11,000 | $ | 14,429 | $ | 21,416 | $ | 38,410 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.69 | %(d) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 1.66 | %(d) | 1.24 | % | 1.27 | % | 0.99 | % | 0.88 | % | 0.91 | % | ||||||||||||||||||
Net investment income | 0.46 | %(d) | 1.09 | % | 1.27 | % | 0.76 | % | 0.67 | % | 0.61 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 80 | % | 148 | % | 131 | % | 152 | % | 129 | % | 111 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.07%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
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Financial Highlights–(continued)
Invesco Dynamic Semiconductors ETF (PSI)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 58.09 | $ | 48.91 | $ | 42.47 | $ | 24.50 | $ | 26.30 | $ | 20.62 | ||||||||||||||||||
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Net investment income(a) | 0.18 | 0.38 | 0.14 | 0.19 | 0.10 | 0.25 | (b) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.22 | 9.19 | 6.41 | 18.02 | (1.86 | ) | 5.88 | |||||||||||||||||||||||
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Total from investment operations | 3.40 | 9.57 | 6.55 | 18.21 | (1.76 | ) | 6.13 | |||||||||||||||||||||||
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Distributions to shareholders from: | �� | |||||||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.39 | ) | (0.11 | ) | (0.24 | ) | (0.04 | ) | (0.33 | ) | ||||||||||||||||||
Return of capital | - | - | - | - | - | (0.12 | ) | |||||||||||||||||||||||
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Total distributions | (0.24 | ) | (0.39 | ) | (0.11 | ) | (0.24 | ) | (0.04 | ) | (0.45 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 61.25 | $ | 58.09 | $ | 48.91 | $ | 42.47 | $ | 24.50 | $ | 26.30 | ||||||||||||||||||
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Market price at end of period(c) | $ | 61.18 | $ | 58.04 | $ | 48.94 | $ | 42.51 | $ | 24.48 | $ | 26.31 | ||||||||||||||||||
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Net Asset Value Total Return(d) | 5.91 | % | 19.71 | % | 15.42 | % | 74.65 | % | (6.69 | )% | 29.90 | % | ||||||||||||||||||
Market Price Total Return(d) | 5.87 | % | 19.53 | % | 15.38 | % | 74.96 | % | (6.80 | )% | 29.95 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 189,870 | $ | 200,423 | $ | 315,455 | $ | 235,699 | $ | 48,999 | $ | 78,911 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(e) | 0.58 | % | 0.61 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.61 | %(e) | 0.58 | % | 0.61 | % | 0.63 | % | 0.68 | % | 0.78 | % | ||||||||||||||||||
Net investment income | 0.65 | %(e) | 0.73 | % | 0.29 | % | 0.55 | % | 0.38 | % | 1.03 | %(b) | ||||||||||||||||||
Portfolio turnover rate(f) | 49 | % | 98 | % | 65 | % | 62 | % | 104 | % | 103 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received of $16.50 per share owned ofKLA-Tencor Corp. on November 26, 2014. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.05 and 0.22%, 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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
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Financial Highlights–(continued)
Invesco Dynamic Software ETF (PSJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, 2019 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 96.10 | $ | 70.81 | $ | 53.44 | $ | 42.20 | $ | 42.47 | $ | 33.96 | ||||||||||||||||||
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Net investment income (loss)(a) | 0.09 | (0.22 | ) | (0.27 | ) | (0.05 | ) | (0.08 | ) | 0.11 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.96 | ) | 25.51 | 17.64 | 11.30 | (0.13 | ) | 8.44 | ||||||||||||||||||||||
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Total from investment operations | (1.87 | ) | 25.29 | 17.37 | 11.25 | (0.21 | ) | 8.55 | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | - | - | (0.01 | ) | (0.06 | ) | (0.04 | ) | |||||||||||||||||||||
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Net asset value at end of period | $ | 94.23 | $ | 96.10 | $ | 70.81 | $ | 53.44 | $ | 42.20 | $ | 42.47 | ||||||||||||||||||
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Market price at end of period(b) | $ | 94.17 | $ | 96.13 | $ | 70.90 | $ | 53.39 | $ | 42.21 | $ | 42.48 | ||||||||||||||||||
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Net Asset Value Total Return(c) | (1.94 | )% | 35.71 | % | 32.51 | % | 26.67 | % | (0.50 | )% | 25.18 | % | ||||||||||||||||||
Market Price Total Return(c) | (2.03 | )% | 35.58 | % | 32.80 | % | 26.52 | % | (0.50 | )% | 25.32 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 471,135 | $ | 437,243 | $ | 155,784 | $ | 101,545 | $ | 73,847 | $ | 57,329 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(d) | 0.58 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.55 | %(d) | 0.58 | % | 0.63 | % | 0.64 | % | 0.66 | % | 0.71 | % | ||||||||||||||||||
Net investment income (loss) | 0.19 | %(d) | (0.27 | )% | (0.42 | )% | (0.11 | )% | (0.19 | )% | 0.29 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 80 | % | 157 | % | 145 | % | 154 | % | 154 | % | 132 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 Biotechnology & Genome ETF (PBE) | “Dynamic Biotechnology & Genome ETF” | |
Invesco Dynamic Building & Construction ETF (PKB) | “Dynamic Building & Construction ETF” | |
Invesco Dynamic Energy Exploration & Production ETF (PXE) | “Dynamic Energy Exploration & Production ETF” | |
Invesco Dynamic Food & Beverage ETF (PBJ) | “Dynamic Food & Beverage ETF” | |
Invesco Dynamic Leisure and Entertainment ETF (PEJ) | “Dynamic Leisure and Entertainment ETF” | |
Invesco Dynamic Media ETF (PBS) | “Dynamic Media ETF” | |
Invesco Dynamic Networking ETF (PXQ) | “Dynamic Networking ETF” | |
Invesco Dynamic Oil & Gas Services ETF (PXJ) | “Dynamic Oil & Gas Services ETF” | |
Invesco Dynamic Pharmaceuticals ETF (PJP) | “Dynamic Pharmaceuticals ETF” | |
Invesco Dynamic Retail ETF (PMR) | “Dynamic Retail ETF” | |
Invesco Dynamic Semiconductors ETF (PSI) | “Dynamic Semiconductors ETF” | |
Invesco Dynamic Software ETF (PSJ) | “Dynamic Software ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, 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 Biotechnology & Genome ETF | Dynamic Biotech & Genome IntellidexSMIndex | |
Dynamic Building & Construction ETF | Dynamic Building & Construction IntellidexSMIndex | |
Dynamic Energy Exploration & Production ETF | Dynamic Energy Exploration & Production IntellidexSMIndex | |
Dynamic Food & Beverage ETF | Dynamic Food & Beverage IntellidexSMIndex | |
Dynamic Leisure and Entertainment ETF | Dynamic Leisure & Entertainment IntellidexSMIndex | |
Dynamic Media ETF | Dynamic Media IntellidexSMIndex | |
Dynamic Networking ETF | Dynamic Networking IntellidexSMIndex | |
Dynamic Oil & Gas Services ETF | Dynamic Oil Services IntellidexSMIndex | |
Dynamic Pharmaceuticals ETF | Dynamic Pharmaceutical IntellidexSMIndex | |
Dynamic Retail ETF | Dynamic Retail IntellidexSMIndex | |
Dynamic Semiconductors ETF | Dynamic Semiconductor IntellidexSMIndex | |
Dynamic Software ETF | Dynamic Software IntellidexSMIndex |
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.
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A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) 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 theover-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 generally are valued 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 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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions 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.
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B. | 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
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 particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, 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.
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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Each Fund isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its 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 thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small-andmid-capitalization companies, which 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
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have returns that vary, sometimes significantly, from the overall securities market. Often small-andmid-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.
C. | 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
D. | 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. |
E. | 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 onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | 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 forin-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.
G. | Expenses - 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. |
Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, 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’
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services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
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 that Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses,sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome ETF, Dynamic Building & Construction ETF, Dynamic Leisure and Entertainment ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending).
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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 thesix-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Biotechnology & Genome ETF | $ | 251 | ||
Dynamic Building & Construction ETF | 5,602 | |||
Dynamic Energy Exploration & Production ETF | 28,121 | |||
Dynamic Food & Beverage ETF | 11,442 | |||
Dynamic Leisure and Entertainment ETF | 22,522 | |||
Dynamic Media ETF | 9,673 | |||
Dynamic Networking ETF | 5,900 | |||
Dynamic Oil & Gas Services ETF | 35,283 | |||
Dynamic Pharmaceuticals ETF | 330 | |||
Dynamic Retail ETF | 36,502 | |||
Dynamic Semiconductors ETF | 285 | |||
Dynamic Software ETF | 266 |
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 the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2019 are as follows:
Total Potential Recapture | Potential Recapture Amounts Expiring | |||||||||||||||||||
Amounts | 4/30/20 | 4/30/21 | 4/30/22 | 10/31/22 | ||||||||||||||||
Dynamic Building & Construction ETF | $ | 5,420 | $ | - | $ | - | $ | - | $ | 5,420 | ||||||||||
Dynamic Energy Exploration & Production ETF | 141,510 | 48,725 | 57,701 | 7,050 | 28,034 | |||||||||||||||
Dynamic Food & Beverage ETF | 48,694 | - | 21,375 | 16,009 | 11,310 | |||||||||||||||
Dynamic Leisure and Entertainment ETF | 22,387 | - | - | - | 22,387 | |||||||||||||||
Dynamic Media ETF | 71,311 | 144 | 36,982 | 24,608 | 9,577 | |||||||||||||||
Dynamic Networking ETF | 147,366 | 65,931 | 65,560 | 10,092 | 5,783 | |||||||||||||||
Dynamic Oil & Gas Services ETF | 219,398 | 54,195 | 76,492 | 53,533 | 35,178 | |||||||||||||||
Dynamic Retail ETF | 253,161 | 70,612 | 85,026 | 61,111 | 36,412 |
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 ICE Data Indices, LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. The Funds are required to pay thesub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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. |
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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. |
As of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.
NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Dynamic Biotechnology & Genome ETF | $ | 167,680,588 | $ | 20,050,672 | $ | 187,731,260 | ||||||
Dynamic Building & Construction ETF | 62,299,799 | 6,364,664 | 68,664,463 | |||||||||
Dynamic Energy Exploration & Production ETF | 82,207,341 | 21,559,412 | 103,766,753 | |||||||||
Dynamic Food & Beverage ETF | 67,538,029 | 9,311,894 | 76,849,923 | |||||||||
Dynamic Leisure and Entertainment ETF | 65,951,386 | 1,568,467 | 67,519,853 | |||||||||
Dynamic Media ETF | 74,715,626 | 2,115,823 | 76,831,449 | |||||||||
Dynamic Networking ETF | 29,507,856 | 9,348,238 | 38,856,094 | |||||||||
Dynamic Oil & Gas Services ETF | 54,542,820 | 38,271,852 | 92,814,672 | |||||||||
Dynamic Pharmaceuticals ETF | 144,123,467 | 229,239,334 | 373,362,801 | |||||||||
Dynamic Retail ETF | 19,666,912 | 1,556,181 | 21,223,093 | |||||||||
Dynamic Semiconductors ETF | 35,527,628 | 2,591,320 | 38,118,948 | |||||||||
Dynamic Software ETF | 23,589,524 | - | 23,589,524 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6–Investment Transactions
For thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Biotechnology & Genome ETF | $ | 190,952,799 | $ | 191,176,712 | ||||
Dynamic Building & Construction ETF | 82,060,518 | 82,582,228 | ||||||
Dynamic Energy Exploration & Production ETF | 22,293,894 | 22,401,675 | ||||||
Dynamic Food & Beverage ETF | 53,481,274 | 53,788,722 | ||||||
Dynamic Leisure and Entertainment ETF | 55,446,798 | 55,209,526 | ||||||
Dynamic Media ETF | 50,047,794 | 49,813,817 | ||||||
Dynamic Networking ETF | 36,922,086 | 36,506,770 | ||||||
Dynamic Oil & Gas Services ETF | 6,428,716 | 6,434,925 | ||||||
Dynamic Pharmaceuticals ETF | 143,380,543 | 143,795,793 | ||||||
Dynamic Retail ETF | 6,034,154 | 6,250,430 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Purchases | Sales | |||||||
Dynamic Semiconductors ETF | $ | 90,334,481 | $ | 89,613,884 | ||||
Dynamic Software ETF | 404,278,661 | 393,852,458 |
For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Biotechnology & Genome ETF | $ | 35,316,877 | $ | 52,200,533 | ||||
Dynamic Building & Construction ETF | 36,335,774 | 50,920,236 | ||||||
Dynamic Energy Exploration & Production ETF | - | 3,962,289 | ||||||
Dynamic Food & Beverage ETF | 19,442,471 | 19,218,436 | ||||||
Dynamic Leisure and Entertainment ETF | 12,958,835 | 23,992,823 | ||||||
Dynamic Media ETF | 21,267,544 | 54,151,118 | ||||||
Dynamic Networking ETF | 5,550,086 | 34,248,415 | ||||||
Dynamic Oil & Gas Services ETF | - | 913,898 | ||||||
Dynamic Pharmaceuticals ETF | 44,409,755 | 80,539,956 | ||||||
Dynamic Retail ETF | 1,861,584 | 1,656,822 | ||||||
Dynamic Semiconductors ETF | 19,868,449 | 39,367,459 | ||||||
Dynamic Software ETF | 361,373,167 | 323,361,172 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Dynamic Biotechnology & Genome ETF | $ | 22,225,887 | $ | (22,571,445 | ) | $ | (345,558 | ) | $ | 229,019,507 | ||||||
Dynamic Building & Construction ETF | 17,123,727 | (867,198 | ) | 16,256,529 | 99,621,187 | |||||||||||
Dynamic Energy Exploration & Production ETF | 304,190 | (6,053,584 | ) | (5,749,394) | 32,792,912 | |||||||||||
Dynamic Food & Beverage ETF | 6,556,771 | (1,712,564 | ) | 4,844,207 | 69,120,343 | |||||||||||
Dynamic Leisure and Entertainment ETF | 4,145,605 | (1,526,914 | ) | 2,618,691 | 53,843,554 | |||||||||||
Dynamic Media ETF | 3,267,399 | (3,745,613 | ) | (478,214 | ) | 54,784,646 | ||||||||||
Dynamic Networking ETF | 6,588,385 | (1,939,032 | ) | 4,649,353 | 60,090,197 | |||||||||||
Dynamic Oil & Gas Services ETF | 502,217 | (8,851,036 | ) | (8,348,819 | ) | 20,639,113 | ||||||||||
Dynamic Pharmaceuticals ETF | 49,117,120 | (17,977,008 | ) | 31,140,112 | 329,510,410 | |||||||||||
Dynamic Retail ETF | 1,400,162 | (183,529 | ) | 1,216,633 | 7,511,483 | |||||||||||
Dynamic Semiconductors ETF | 35,729,886 | (2,442,442 | ) | 33,287,444 | 160,679,583 | |||||||||||
Dynamic Software ETF | 36,195,656 | (22,425,411 | ) | 13,770,245 | 465,613,649 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The 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 Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust on the
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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.
NOTE 9–Subsequent Event
At a meeting held on December 12, 2019, the Board of Trustees of the Trust approved the termination and winding down of Invesco Dynamic Retail ETF, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on February 13, 2020 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 26, 2020.
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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 May 1, 2019 through October 31, 2019.
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 theSix-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 May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Dynamic Biotechnology & Genome ETF (PBE) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 977.60 | 0.59 | % | $ | 2.93 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.17 | 0.59 | 3.00 | ||||||||||||||||
Invesco Dynamic Building & Construction ETF (PKB) | ||||||||||||||||||||
Actual | 1,000.00 | 1,119.00 | 0.63 | 3.36 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.63 | 3.20 | ||||||||||||||||
Invesco Dynamic Energy Exploration & Production ETF (PXE) | ||||||||||||||||||||
Actual | 1,000.00 | 755.20 | 0.65 | 2.87 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.87 | 0.65 | 3.30 | ||||||||||||||||
Invesco Dynamic Food & Beverage ETF (PBJ) | ||||||||||||||||||||
Actual | 1,000.00 | 996.00 | 0.64 | 3.21 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.92 | 0.64 | 3.25 | ||||||||||||||||
Invesco Dynamic Leisure and Entertainment ETF (PEJ) | ||||||||||||||||||||
Actual | 1,000.00 | 945.40 | 0.64 | 3.13 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.92 | 0.64 | 3.25 | ||||||||||||||||
Invesco Dynamic Media ETF (PBS) | ||||||||||||||||||||
Actual | 1,000.00 | 918.70 | 0.64 | 3.09 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.92 | 0.64 | 3.25 | ||||||||||||||||
Invesco Dynamic Networking ETF (PXQ) | ||||||||||||||||||||
Actual | 1,000.00 | 917.50 | 0.64 | 3.08 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.92 | 0.64 | 3.25 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Dynamic Oil & Gas Services ETF (PXJ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 676.40 | 0.67 | % | $ | 2.82 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.77 | 0.67 | 3.40 | ||||||||||||||||
Invesco Dynamic Pharmaceuticals ETF (PJP) | ||||||||||||||||||||
Actual | 1,000.00 | 958.40 | 0.58 | 2.86 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.22 | 0.58 | 2.95 | ||||||||||||||||
Invesco Dynamic Retail ETF (PMR) | ||||||||||||||||||||
Actual | 1,000.00 | 1,057.30 | 0.69 | 3.57 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.67 | 0.69 | 3.51 | ||||||||||||||||
Invesco Dynamic Semiconductors ETF (PSI) | ||||||||||||||||||||
Actual | 1,000.00 | 1,059.10 | 0.61 | 3.16 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.07 | 0.61 | 3.10 | ||||||||||||||||
Invesco Dynamic Software ETF (PSJ) | ||||||||||||||||||||
Actual | 1,000.00 | 980.60 | 0.55 | 2.74 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.37 | 0.55 | 2.80 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
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Proxy Results
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
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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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-7 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
October 31, 2019
RSP | Invesco S&P 500® Equal Weight ETF | |
EWCO | Invesco S&P 500® Equal Weight Communication Services ETF | |
RCD | Invesco S&P 500® Equal Weight Consumer Discretionary ETF | |
RHS | Invesco S&P 500® Equal Weight Consumer Staples ETF | |
RYE | Invesco S&P 500® Equal Weight Energy ETF | |
RYF | Invesco S&P 500® Equal Weight Financials ETF | |
RYH | Invesco S&P 500® Equal Weight Health Care ETF | |
RGI | Invesco S&P 500® Equal Weight Industrials ETF | |
RTM | Invesco S&P 500® Equal Weight Materials ETF | |
EWRE | Invesco S&P 500® Equal Weight Real Estate ETF | |
RYT | Invesco S&P 500® Equal Weight Technology ETF | |
RYU | Invesco S&P 500® Equal Weight Utilities ETF | |
EWMC | Invesco S&P MidCap 400® Equal Weight ETF | |
EWSC | Invesco S&P SmallCap 600® Equal Weight ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Invesco S&P 500® Equal Weight ETF (RSP)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.87% |
| |||||||
CommunicationServices-4.43% | ||||||||
Activision Blizzard, Inc. | 574,515 | $ | 32,190,076 | |||||
Alphabet, Inc., Class A(b) | 13,196 | 16,611,125 | ||||||
Alphabet, Inc., Class C(b) | 13,510 | 17,024,086 | ||||||
AT&T, Inc. | 847,933 | 32,636,941 | ||||||
CBS Corp., Class B | 733,511 | 26,435,736 | ||||||
CenturyLink, Inc. | 2,491,661 | 32,242,093 | ||||||
Charter Communications, Inc., Class A(b) | 75,587 | 35,364,134 | ||||||
Comcast Corp., Class A | 685,694 | 30,732,805 | ||||||
Discovery, Inc., Class A(b)(c) | 353,244 | 9,521,692 | ||||||
Discovery, Inc., Class C(b) | 834,651 | 21,066,591 | ||||||
DISH Network Corp., Class A(b) | 911,586 | 31,340,327 | ||||||
Electronic Arts, Inc.(b) | 326,387 | 31,463,707 | ||||||
Facebook, Inc., Class A(b) | 171,709 | 32,908,030 | ||||||
Fox Corp., Class A | 652,293 | 20,899,468 | ||||||
Fox Corp., Class B | 285,813 | 8,928,798 | ||||||
Interpublic Group of Cos., Inc. (The) | 1,516,868 | 32,991,879 | ||||||
Netflix, Inc.(b) | 109,273 | 31,406,153 | ||||||
News Corp., Class A | 1,662,529 | 22,793,273 | ||||||
News Corp., Class B | 546,944 | 7,722,849 | ||||||
Omnicom Group, Inc. | 401,681 | 31,005,756 | ||||||
Take-Two Interactive Software, Inc.(b) | 256,961 | 30,925,256 | ||||||
T-Mobile US, Inc.(b) | 404,819 | 33,462,339 | ||||||
TripAdvisor, Inc.(b) | 787,418 | 31,811,687 | ||||||
Twitter, Inc.(b) | 754,050 | 22,598,879 | ||||||
Verizon Communications, Inc. | 536,065 | 32,415,851 | ||||||
Viacom, Inc., Class B | 1,234,349 | 26,612,564 | ||||||
Walt Disney Co. (The) | 232,883 | 30,256,159 | ||||||
|
| |||||||
713,368,254 | ||||||||
|
| |||||||
ConsumerDiscretionary-12.54% | ||||||||
Advance Auto Parts, Inc. | 204,730 | 33,264,530 | ||||||
Amazon.com, Inc.(b) | 17,330 | 30,789,518 | ||||||
Aptiv PLC | 356,481 | 31,922,874 | ||||||
AutoZone, Inc.(b) | 27,976 | 32,015,175 | ||||||
Best Buy Co., Inc. | 482,780 | 34,678,087 | ||||||
Booking Holdings, Inc.(b) | 15,627 | 32,016,129 | ||||||
BorgWarner, Inc. | 803,562 | 33,492,464 | ||||||
Capri Holdings Ltd.(b) | 1,004,137 | 31,198,537 | ||||||
CarMax, Inc.(b) | 370,520 | 34,521,348 | ||||||
Carnival Corp. | 635,855 | 27,271,821 | ||||||
Chipotle Mexican Grill, Inc.(b) | 40,797 | 31,746,594 | ||||||
D.R. Horton, Inc. | 649,523 | 34,015,519 | ||||||
Darden Restaurants, Inc. | 252,416 | 28,338,744 | ||||||
Dollar General Corp. | 203,745 | 32,668,473 | ||||||
Dollar Tree, Inc.(b) | 288,991 | 31,904,606 | ||||||
eBay, Inc. | 796,195 | 28,065,874 | ||||||
Expedia Group, Inc. | 242,953 | 33,201,957 | ||||||
Ford Motor Co. | 3,401,317 | 29,217,313 | ||||||
Gap, Inc. (The) | 1,670,605 | 27,164,037 | ||||||
Garmin Ltd. | 376,639 | 35,309,906 | ||||||
General Motors Co. | 827,136 | 30,736,374 | ||||||
Genuine Parts Co. | 325,726 | 33,412,973 | ||||||
H&R Block, Inc. | 1,329,850 | 33,232,951 | ||||||
Hanesbrands, Inc. | 2,030,479 | 30,883,586 | ||||||
Harley-Davidson, Inc. | 876,773 | 34,115,237 | ||||||
Hasbro, Inc. | 268,349 | 26,113,041 | ||||||
Hilton Worldwide Holdings, Inc. | 334,644 | 32,447,082 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Home Depot, Inc. (The) | 137,389 | $ | 32,228,712 | |||||
Kohl’s Corp. | 609,914 | 31,264,192 | ||||||
L Brands, Inc. | 1,703,365 | 29,025,340 | ||||||
Las Vegas Sands Corp. | 500,006 | 30,920,371 | ||||||
Leggett & Platt, Inc. | 762,936 | 39,138,617 | ||||||
Lennar Corp., Class A | 595,287 | 35,479,105 | ||||||
LKQ Corp.(b) | 981,748 | 33,369,615 | ||||||
Lowe’s Cos., Inc. | 283,566 | 31,648,801 | ||||||
Macy’s, Inc. | 1,875,290 | 28,429,396 | ||||||
Marriott International, Inc., Class A | 238,543 | 30,187,617 | ||||||
McDonald’s Corp. | 153,496 | 30,192,663 | ||||||
MGM Resorts International | 1,105,694 | 31,512,279 | ||||||
Mohawk Industries, Inc.(b) | 255,810 | 36,678,038 | ||||||
Newell Brands, Inc. | 1,741,194 | 33,030,450 | ||||||
NIKE, Inc., Class B | 368,099 | 32,963,265 | ||||||
Nordstrom, Inc.(c) | 923,635 | 33,158,496 | ||||||
Norwegian Cruise Line Holdings Ltd.(b) | 580,843 | 29,483,591 | ||||||
NVR, Inc.(b) | 8,952 | 32,554,754 | ||||||
O’Reilly Automotive, Inc.(b) | 82,160 | 35,781,502 | ||||||
PulteGroup, Inc. | 911,878 | 35,782,093 | ||||||
PVH Corp. | 354,733 | 30,918,528 | ||||||
Ralph Lauren Corp. | 314,322 | 30,193,771 | ||||||
Ross Stores, Inc. | 294,591 | 32,307,795 | ||||||
Royal Caribbean Cruises Ltd. | 279,912 | 30,462,823 | ||||||
Starbucks Corp. | 355,306 | 30,044,675 | ||||||
Tapestry, Inc. | 1,276,508 | 33,010,497 | ||||||
Target Corp. | 297,672 | 31,824,114 | ||||||
Tiffany & Co. | 327,049 | 40,720,871 | ||||||
TJX Cos., Inc. (The) | 568,089 | 32,750,331 | ||||||
Tractor Supply Co. | 331,023 | 31,453,805 | ||||||
Ulta Beauty, Inc.(b) | 141,684 | 33,033,625 | ||||||
Under Armour, Inc., Class A(b) | 786,189 | 16,234,803 | ||||||
Under Armour, Inc., Class C(b) | 812,323 | 15,027,975 | ||||||
VF Corp. | 355,951 | 29,291,208 | ||||||
Whirlpool Corp. | 214,484 | 32,627,306 | ||||||
Wynn Resorts, Ltd. | 275,726 | 33,456,593 | ||||||
Yum! Brands, Inc. | 287,012 | 29,191,991 | ||||||
|
| |||||||
2,019,124,358 | ||||||||
|
| |||||||
ConsumerStaples-6.56% | ||||||||
Altria Group, Inc. | 765,115 | 34,269,501 | ||||||
Archer-Daniels-Midland Co. | 781,511 | 32,854,722 | ||||||
Brown-Forman Corp., Class B | 500,591 | 32,798,722 | ||||||
Campbell Soup Co. | 694,579 | 32,165,953 | ||||||
Church & Dwight Co., Inc. | 446,549 | 31,231,637 | ||||||
Clorox Co. (The) | 202,420 | 29,895,410 | ||||||
Coca-Cola Co. (The) | 592,378 | 32,243,135 | ||||||
Colgate-Palmolive Co. | 454,566 | 31,183,228 | ||||||
Conagra Brands, Inc. | 1,066,873 | 28,858,915 | ||||||
Constellation Brands, Inc., Class A | 157,515 | 29,979,830 | ||||||
Costco Wholesale Corp. | 110,118 | 32,717,159 | ||||||
Coty, Inc., Class A | 3,015,240 | 35,248,156 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 165,001 | 30,734,736 | ||||||
General Mills, Inc. | 596,867 | 30,356,656 | ||||||
Hershey Co. (The) | 216,375 | 31,778,996 | ||||||
Hormel Foods Corp. | 747,847 | 30,579,464 | ||||||
JM Smucker Co. (The) | 301,780 | 31,892,110 | ||||||
Kellogg Co. | 507,378 | 32,233,724 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Kimberly-Clark Corp. | 242,748 | $ | 32,256,354 | |||||
Kraft Heinz Co. (The) | 1,098,887 | 35,527,017 | ||||||
Kroger Co. (The) | 1,225,408 | 30,194,053 | ||||||
Lamb Weston Holdings, Inc. | 445,494 | 34,766,352 | ||||||
McCormick & Co., Inc. | 201,153 | 32,323,276 | ||||||
Molson Coors Brewing Co., Class B | 562,226 | 29,640,555 | ||||||
Mondelez International, Inc., Class A | 594,350 | 31,173,657 | ||||||
Monster Beverage Corp.(b) | 546,083 | 30,651,639 | ||||||
PepsiCo, Inc. | 235,580 | 32,314,509 | ||||||
Philip Morris International, Inc. | 440,005 | 35,834,007 | ||||||
Procter & Gamble Co. (The) | 263,252 | 32,777,506 | ||||||
Sysco Corp. | 410,639 | 32,797,737 | ||||||
Tyson Foods, Inc., Class A | 377,391 | 31,244,201 | ||||||
Walgreens Boots Alliance, Inc. | 574,075 | 31,447,828 | ||||||
Walmart, Inc. | 273,741 | 32,098,870 | ||||||
|
| |||||||
1,056,069,615 | ||||||||
|
| |||||||
Energy-5.27% | ||||||||
Apache Corp. | 1,320,562 | 28,603,373 | ||||||
Baker Hughes Co. | 1,414,722 | 30,275,051 | ||||||
Cabot Oil & Gas Corp. | 1,708,796 | 31,851,957 | ||||||
Chevron Corp. | 262,678 | 30,507,423 | ||||||
Cimarex Energy Co. | 670,333 | 28,301,459 | ||||||
Concho Resources, Inc. | 436,955 | 29,503,202 | ||||||
ConocoPhillips | 560,559 | 30,942,857 | ||||||
Devon Energy Corp. | 1,282,106 | 26,001,110 | ||||||
Diamondback Energy, Inc. | 332,292 | 28,497,362 | ||||||
EOG Resources, Inc. | 404,870 | 28,061,540 | ||||||
Exxon Mobil Corp. | 442,489 | 29,898,982 | ||||||
Halliburton Co. | 1,585,717 | 30,525,052 | ||||||
Helmerich & Payne, Inc. | 775,263 | 29,072,362 | ||||||
Hess Corp. | 508,451 | 33,430,653 | ||||||
HollyFrontier Corp. | 625,581 | 34,369,420 | ||||||
Kinder Morgan, Inc. | 1,552,748 | 31,023,905 | ||||||
Marathon Oil Corp. | 2,530,903 | 29,181,312 | ||||||
Marathon Petroleum Corp. | 603,161 | 38,572,146 | ||||||
National Oilwell Varco, Inc. | 1,409,140 | 31,874,747 | ||||||
Noble Energy, Inc. | 1,283,645 | 24,723,003 | ||||||
Occidental Petroleum Corp. | 712,851 | 28,870,466 | ||||||
ONEOK, Inc. | 431,615 | 30,139,675 | ||||||
Phillips 66 | 312,760 | 36,536,623 | ||||||
Pioneer Natural Resources Co. | 237,338 | 29,197,321 | ||||||
Schlumberger Ltd. | 861,034 | 28,147,201 | ||||||
TechnipFMC PLC (United Kingdom) | 1,260,489 | 24,869,448 | ||||||
Valero Energy Corp. | 375,805 | 36,445,569 | ||||||
Williams Cos., Inc. (The) | 1,301,314 | 29,032,315 | ||||||
|
| |||||||
848,455,534 | ||||||||
|
| |||||||
Financials-13.31% | ||||||||
Affiliated Managers Group, Inc. | 360,794 | 28,820,225 | ||||||
Aflac, Inc. | 620,871 | 33,005,502 | ||||||
Allstate Corp. (The) | 303,774 | 32,327,629 | ||||||
American Express Co. | 269,653 | 31,624,904 | ||||||
American International Group, Inc. | 561,096 | 29,715,644 | ||||||
Ameriprise Financial, Inc. | 218,019 | 32,896,887 | ||||||
Aon PLC | 167,175 | 32,291,523 | ||||||
Arthur J. Gallagher & Co. | 363,602 | 33,167,774 | ||||||
Assurant, Inc. | 257,205 | 32,425,834 | ||||||
Bank of America Corp. | 1,065,378 | 33,314,370 | ||||||
Bank of New York Mellon Corp. (The) | 685,341 | 32,039,692 | ||||||
BB&T Corp. | 605,776 | 32,136,417 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Berkshire Hathaway, Inc., Class B(b) | 150,473 | $ | 31,987,550 | |||||
BlackRock, Inc. | 71,331 | 32,933,523 | ||||||
Capital One Financial Corp. | 343,331 | 32,015,616 | ||||||
Cboe Global Markets, Inc. | 292,543 | 33,686,326 | ||||||
Charles Schwab Corp. (The) | 736,873 | 29,998,100 | ||||||
Chubb Ltd. | 202,193 | 30,818,257 | ||||||
Cincinnati Financial Corp. | 284,604 | 32,220,019 | ||||||
Citigroup, Inc. | 456,633 | 32,813,647 | ||||||
Citizens Financial Group, Inc. | 872,723 | 30,684,941 | ||||||
CME Group, Inc., Class A | 156,183 | 32,134,652 | ||||||
Comerica, Inc. | 489,976 | 32,054,230 | ||||||
Discover Financial Services | 379,147 | 30,430,338 | ||||||
E*TRADE Financial Corp. | 703,536 | 29,400,769 | ||||||
Everest Re Group, Ltd. | 126,975 | 32,644,003 | ||||||
Fifth Third Bancorp. | 1,132,574 | 32,935,252 | ||||||
First Republic Bank | 330,868 | 35,191,121 | ||||||
Franklin Resources, Inc. | 1,074,639 | 29,606,304 | ||||||
Globe Life, Inc. | 337,131 | 32,812,960 | ||||||
Goldman Sachs Group, Inc. (The) | 146,169 | 31,189,541 | ||||||
Hartford Financial Services Group, Inc. (The) | 532,898 | 30,417,818 | ||||||
Huntington Bancshares, Inc. | 2,179,149 | 30,791,375 | ||||||
Intercontinental Exchange, Inc. | 353,910 | 33,380,791 | ||||||
Invesco Ltd.(d) | 1,847,265 | 31,070,997 | ||||||
JPMorgan Chase & Co. | 267,406 | 33,404,358 | ||||||
KeyCorp. | 1,759,303 | 31,614,675 | ||||||
Lincoln National Corp. | 521,201 | 29,437,433 | ||||||
Loews Corp. | 632,726 | 31,003,574 | ||||||
M&T Bank Corp. | 202,869 | 31,755,085 | ||||||
MarketAxess Holdings, Inc. | 97,316 | 35,869,704 | ||||||
Marsh & McLennan Cos., Inc. | 324,709 | 33,646,347 | ||||||
MetLife, Inc. | 653,176 | 30,562,105 | ||||||
Moody’s Corp. | 151,482 | 33,430,563 | ||||||
Morgan Stanley | 711,747 | 32,775,949 | ||||||
MSCI, Inc. | 139,970 | 32,831,363 | ||||||
Nasdaq, Inc. | 322,976 | 32,223,316 | ||||||
Northern Trust Corp. | 324,867 | 32,382,743 | ||||||
People’s United Financial, Inc. | 1,950,911 | 31,546,231 | ||||||
PNC Financial Services Group, Inc. (The) | 230,774 | 33,854,546 | ||||||
Principal Financial Group, Inc. | 555,809 | 29,669,084 | ||||||
Progressive Corp. (The) | 442,246 | 30,824,546 | ||||||
Prudential Financial, Inc. | 357,856 | 32,614,996 | ||||||
Raymond James Financial, Inc. | 368,986 | 30,806,641 | ||||||
Regions Financial Corp. | 1,965,900 | 31,650,990 | ||||||
S&P Global, Inc. | 128,558 | 33,166,678 | ||||||
State Street Corp. | 525,635 | 34,728,704 | ||||||
SunTrust Banks, Inc. | 468,207 | 31,997,266 | ||||||
SVB Financial Group(b) | 143,487 | 31,779,501 | ||||||
Synchrony Financial | 938,953 | 33,210,768 | ||||||
T. Rowe Price Group, Inc. | 270,271 | 31,297,382 | ||||||
Travelers Cos., Inc. (The) | 219,688 | 28,792,309 | ||||||
U.S. Bancorp | 573,154 | 32,681,241 | ||||||
Unum Group | 1,079,693 | 29,734,745 | ||||||
Wells Fargo & Co. | 657,041 | 33,923,027 | ||||||
Willis Towers Watson PLC | 167,583 | 31,321,263 | ||||||
Zions Bancorp. N.A. | 710,240 | 34,425,333 | ||||||
|
| |||||||
2,143,946,997 | ||||||||
|
| |||||||
HealthCare-12.58% | ||||||||
Abbott Laboratories | 387,744 | 32,419,276 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
AbbVie, Inc. | 455,856 | $ | 36,263,345 | |||||
ABIOMED, Inc.(b) | 172,430 | 35,793,019 | ||||||
Agilent Technologies, Inc. | 412,655 | 31,258,616 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 299,279 | 31,544,007 | ||||||
Align Technology, Inc.(b) | 181,116 | 45,693,756 | ||||||
Allergan PLC | 193,467 | 34,071,473 | ||||||
AmerisourceBergen Corp. | 385,308 | 32,897,597 | ||||||
Amgen, Inc. | 164,437 | 35,066,190 | ||||||
Anthem, Inc. | 127,005 | 34,174,505 | ||||||
Baxter International, Inc. | 369,796 | 28,363,353 | ||||||
Becton, Dickinson and Co. | 123,301 | 31,565,056 | ||||||
Biogen, Inc.(b) | 135,835 | 40,575,273 | ||||||
Boston Scientific Corp.(b) | 768,775 | 32,057,918 | ||||||
Bristol-Myers Squibb Co. | 650,262 | 37,305,531 | ||||||
Cardinal Health, Inc. | 666,577 | 32,962,233 | ||||||
Celgene Corp.(b) | 330,332 | 35,685,766 | ||||||
Centene Corp.(b) | 707,982 | 37,579,685 | ||||||
Cerner Corp. | 473,728 | 31,796,623 | ||||||
Cigna Corp. | 201,244 | 35,914,004 | ||||||
Cooper Cos., Inc. (The) | 106,605 | 31,022,055 | ||||||
CVS Health Corp. | 501,755 | 33,311,515 | ||||||
Danaher Corp. | 228,343 | 31,470,232 | ||||||
DaVita, Inc.(b) | 519,599 | 30,448,501 | ||||||
DENTSPLY SIRONA, Inc. | 619,434 | 33,932,595 | ||||||
Edwards Lifesciences Corp.(b) | 146,453 | 34,911,466 | ||||||
Eli Lilly and Co. | 285,305 | 32,510,505 | ||||||
Gilead Sciences, Inc. | 480,368 | 30,604,245 | ||||||
HCA Healthcare, Inc. | 249,032 | 33,255,733 | ||||||
Henry Schein, Inc.(b) | 499,727 | 31,275,414 | ||||||
Hologic, Inc.(b) | 646,470 | 31,230,966 | ||||||
Humana, Inc. | 117,014 | 34,425,519 | ||||||
IDEXX Laboratories, Inc.(b) | 120,477 | 34,337,150 | ||||||
Illumina, Inc.(b) | 106,818 | 31,566,855 | ||||||
Incyte Corp.(b) | 420,547 | 35,292,304 | ||||||
Intuitive Surgical, Inc.(b) | 61,432 | 33,968,824 | ||||||
IQVIA Holdings, Inc.(b) | 212,372 | 30,670,764 | ||||||
Johnson & Johnson | 245,773 | 32,451,867 | ||||||
Laboratory Corp. of America Holdings(b) | 186,526 | 30,733,889 | ||||||
McKesson Corp. | 223,943 | 29,784,419 | ||||||
Medtronic PLC | 293,145 | 31,923,491 | ||||||
Merck & Co., Inc. | 385,108 | 33,373,459 | ||||||
Mettler-Toledo International, Inc.(b) | 45,080 | 31,778,695 | ||||||
Mylan N.V.(b) | 1,481,901 | 28,378,404 | ||||||
PerkinElmer, Inc. | 370,860 | 31,879,126 | ||||||
Perrigo Co. PLC | 574,383 | 30,453,787 | ||||||
Pfizer, Inc. | 870,834 | 33,413,901 | ||||||
Quest Diagnostics, Inc. | 307,879 | 31,172,749 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 114,135 | 34,957,268 | ||||||
ResMed, Inc. | 243,182 | 35,971,481 | ||||||
Stryker Corp. | 147,352 | 31,867,817 | ||||||
Teleflex, Inc. | 98,458 | 34,205,294 | ||||||
Thermo Fisher Scientific, Inc. | 107,988 | 32,610,216 | ||||||
UnitedHealth Group, Inc. | 137,591 | 34,769,246 | ||||||
Universal Health Services, Inc., Class B | 210,788 | 28,974,919 | ||||||
Varian Medical Systems, Inc.(b) | 273,810 | 33,078,986 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 183,732 | 35,915,931 | ||||||
Waters Corp.(b) | 138,468 | 29,302,598 | ||||||
WellCare Health Plans, Inc.(b) | 120,303 | 35,681,870 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Zimmer Biomet Holdings, Inc. | 231,648 | $ | 32,020,703 | |||||
Zoetis, Inc. | 265,646 | 33,981,436 | ||||||
|
| |||||||
2,025,903,421 | ||||||||
|
| |||||||
Industrials-13.85% | ||||||||
3M Co. | 187,486 | 30,933,315 | ||||||
A.O. Smith Corp. | 639,778 | 31,784,171 | ||||||
Alaska Air Group, Inc. | 487,968 | 33,879,618 | ||||||
Allegion PLC | 314,384 | 36,481,119 | ||||||
American Airlines Group, Inc. | 1,073,206 | 32,260,572 | ||||||
AMETEK, Inc. | 354,381 | 32,479,019 | ||||||
Arconic, Inc. | 1,186,531 | 32,594,007 | ||||||
Boeing Co. (The) | 84,639 | 28,769,642 | ||||||
C.H. Robinson Worldwide, Inc. | 369,028 | 27,913,278 | ||||||
Caterpillar, Inc. | 240,265 | 33,108,517 | ||||||
Cintas Corp. | 130,300 | 35,007,701 | ||||||
Copart, Inc.(b) | 392,924 | 32,471,239 | ||||||
CSX Corp. | 443,530 | 31,166,853 | ||||||
Cummins, Inc. | 194,648 | 33,572,887 | ||||||
Deere & Co. | 194,309 | 33,836,969 | ||||||
Delta Air Lines, Inc. | 535,618 | 29,501,839 | ||||||
Dover Corp. | 322,490 | 33,503,486 | ||||||
Eaton Corp. PLC | 367,514 | 32,014,145 | ||||||
Emerson Electric Co. | 490,352 | 34,398,193 | ||||||
Equifax, Inc. | 227,475 | 31,098,107 | ||||||
Expeditors International of Washington, Inc. | 421,706 | 30,759,236 | ||||||
Fastenal Co. | 955,485 | 34,340,131 | ||||||
FedEx Corp. | 184,622 | 28,184,395 | ||||||
Flowserve Corp. | 653,783 | 31,930,762 | ||||||
Fortive Corp. | 459,046 | 31,674,174 | ||||||
Fortune Brands Home & Security, Inc. | 590,239 | 35,443,852 | ||||||
General Dynamics Corp. | 169,205 | 29,915,444 | ||||||
General Electric Co. | 3,441,376 | 34,344,932 | ||||||
Honeywell International, Inc. | 191,656 | 33,104,741 | ||||||
Huntington Ingalls Industries, Inc. | 148,407 | 33,489,524 | ||||||
IDEX Corp. | 187,953 | 29,232,330 | ||||||
IHS Markit Ltd.(b) | 473,719 | 33,169,804 | ||||||
Illinois Tool Works, Inc. | 201,178 | 33,914,587 | ||||||
Ingersoll-Rand PLC | 255,706 | 32,446,534 | ||||||
J.B. Hunt Transport Services, Inc. | 279,599 | 32,869,658 | ||||||
Jacobs Engineering Group, Inc. | 352,444 | 32,981,710 | ||||||
Johnson Controls International PLC | 729,865 | 31,625,050 | ||||||
Kansas City Southern | 241,573 | 34,008,647 | ||||||
L3Harris Technologies, Inc. | 154,964 | 31,970,623 | ||||||
Lockheed Martin Corp. | 83,515 | 31,458,430 | ||||||
Masco Corp. | 744,070 | 34,413,238 | ||||||
Nielsen Holdings PLC | 1,431,097 | 28,850,916 | ||||||
Norfolk Southern Corp. | 176,423 | 32,108,986 | ||||||
Northrop Grumman Corp. | 88,391 | 31,156,060 | ||||||
PACCAR, Inc. | 455,274 | 34,628,140 | ||||||
Parker-Hannifin Corp. | 176,385 | 32,364,884 | ||||||
Pentair PLC | 849,432 | 35,225,945 | ||||||
Quanta Services, Inc. | 843,796 | 35,481,622 | ||||||
Raytheon Co. | 161,748 | 34,324,543 | ||||||
Republic Services, Inc. | 377,524 | 33,037,125 | ||||||
Robert Half International, Inc. | 566,719 | 32,455,997 | ||||||
Rockwell Automation, Inc. | 192,757 | 33,152,276 | ||||||
Rollins, Inc. | 930,586 | 35,464,632 | ||||||
Roper Technologies, Inc. | 88,624 | 29,862,743 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Snap-on, Inc. | 194,253 | $ | 31,599,136 | |||||
Southwest Airlines Co. | 576,133 | 32,338,345 | ||||||
Stanley Black & Decker, Inc. | 219,779 | 33,259,156 | ||||||
Textron, Inc. | 625,339 | 28,821,875 | ||||||
TransDigm Group, Inc. | 61,874 | 32,563,049 | ||||||
Union Pacific Corp. | 187,475 | 31,019,614 | ||||||
United Airlines Holdings, Inc.(b) | 351,862 | 31,963,144 | ||||||
United Parcel Service, Inc., Class B | 262,086 | 30,184,445 | ||||||
United Rentals, Inc.(b) | 249,419 | 33,314,896 | ||||||
United Technologies Corp. | 232,822 | 33,428,583 | ||||||
Verisk Analytics, Inc. | 206,359 | 29,860,147 | ||||||
W.W. Grainger, Inc. | 108,751 | 33,586,659 | ||||||
Wabtec Corp.(c) | 427,539 | 29,658,380 | ||||||
Waste Management, Inc. | 287,116 | 32,217,286 | ||||||
Xylem, Inc. | 408,575 | 31,333,617 | ||||||
|
| |||||||
2,231,314,680 | ||||||||
|
| |||||||
InformationTechnology-13.63% | ||||||||
Accenture PLC, Class A | 165,155 | 30,623,040 | ||||||
Adobe, Inc.(b) | 116,264 | 32,313,254 | ||||||
Advanced Micro Devices, Inc.(b) | 1,050,119 | 35,630,538 | ||||||
Akamai Technologies, Inc.(b) | 355,573 | 30,757,064 | ||||||
Alliance Data Systems Corp. | 240,355 | 24,035,500 | ||||||
Amphenol Corp., Class A | 338,045 | 33,916,055 | ||||||
Analog Devices, Inc. | 275,926 | 29,421,989 | ||||||
ANSYS, Inc.(b) | 151,531 | 33,359,550 | ||||||
Apple, Inc. | 146,945 | 36,554,038 | ||||||
Applied Materials, Inc. | 626,010 | 33,967,303 | ||||||
Arista Networks, Inc.(b) | 131,862 | 32,249,489 | ||||||
Autodesk, Inc.(b) | 209,425 | 30,860,868 | ||||||
Automatic Data Processing, Inc. | 201,216 | 32,643,272 | ||||||
Broadcom, Inc. | 111,013 | 32,510,157 | ||||||
Broadridge Financial Solutions, Inc. | 259,172 | 32,453,518 | ||||||
Cadence Design Systems, Inc.(b) | 490,427 | 32,049,404 | ||||||
CDW Corp. | 287,732 | 36,803,800 | ||||||
Cisco Systems, Inc. | 642,464 | 30,523,465 | ||||||
Citrix Systems, Inc. | 329,342 | 35,852,170 | ||||||
Cognizant Technology Solutions Corp., Class A | 499,650 | 30,448,671 | ||||||
Corning, Inc. | 1,065,731 | 31,577,610 | ||||||
DXC Technology Co. | 982,949 | 27,198,199 | ||||||
F5 Networks, Inc.(b) | 232,801 | 33,541,968 | ||||||
Fidelity National Information Services, Inc. | 245,654 | 32,367,371 | ||||||
Fiserv, Inc.(b) | 313,342 | 33,258,120 | ||||||
FleetCor Technologies, Inc.(b) | 110,030 | 32,373,027 | ||||||
FLIR Systems, Inc. | 609,451 | 31,423,294 | ||||||
Fortinet, Inc.(b) | 411,504 | 33,562,266 | ||||||
Gartner, Inc.(b) | 234,447 | 36,123,594 | ||||||
Global Payments, Inc. | 191,930 | 32,470,717 | ||||||
Hewlett Packard Enterprise Co. | 2,098,073 | 34,429,378 | ||||||
HP, Inc. | 1,684,615 | 29,261,763 | ||||||
Intel Corp. | 611,785 | 34,584,206 | ||||||
International Business Machines Corp. | 223,725 | 29,918,744 | ||||||
Intuit, Inc. | 121,192 | 31,206,940 | ||||||
IPG Photonics Corp.(b) | 219,643 | 29,493,662 | ||||||
Jack Henry & Associates, Inc. | 221,350 | 31,334,306 | ||||||
Juniper Networks, Inc. | 1,324,371 | 32,870,888 | ||||||
Keysight Technologies, Inc.(b) | 322,789 | 32,572,638 | ||||||
KLA Corp. | 213,847 | 36,148,697 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Lam Research Corp. | 136,473 | $ | 36,989,642 | |||||
Leidos Holdings, Inc. | 374,552 | 32,297,619 | ||||||
Mastercard, Inc., Class A | 116,324 | 32,199,646 | ||||||
Maxim Integrated Products, Inc. | 539,393 | 31,640,793 | ||||||
Microchip Technology, Inc. | 338,346 | 31,902,644 | ||||||
Micron Technology, Inc.(b) | 636,545 | 30,267,715 | ||||||
Microsoft Corp. | 234,071 | 33,558,759 | ||||||
Motorola Solutions, Inc. | 192,422 | 32,003,627 | ||||||
NetApp, Inc. | 568,189 | 31,750,401 | ||||||
NVIDIA Corp. | 176,666 | 35,513,399 | ||||||
Oracle Corp. | 607,109 | 33,081,369 | ||||||
Paychex, Inc. | 393,808 | 32,938,101 | ||||||
PayPal Holdings, Inc.(b) | 300,396 | 31,271,224 | ||||||
Qorvo, Inc.(b) | 414,687 | 33,531,591 | ||||||
QUALCOMM, Inc. | 409,956 | 32,976,861 | ||||||
salesforce.com, inc.(b) | 212,490 | 33,252,560 | ||||||
Seagate Technology PLC | 572,481 | 33,221,072 | ||||||
Skyworks Solutions, Inc. | 391,312 | 35,632,871 | ||||||
Symantec Corp. | 1,314,081 | 30,066,173 | ||||||
Synopsys, Inc.(b) | 238,791 | 32,415,878 | ||||||
TE Connectivity Ltd. | 332,429 | 29,752,396 | ||||||
Texas Instruments, Inc. | 248,011 | 29,262,818 | ||||||
VeriSign, Inc.(b) | 170,301 | 32,360,596 | ||||||
Visa, Inc., Class A | 181,320 | 32,430,895 | ||||||
Western Digital Corp. | 497,565 | 25,699,232 | ||||||
Western Union Co. (The) | 1,375,976 | 34,481,959 | ||||||
Xerox Holdings Corp. | 1,042,908 | 35,385,868 | ||||||
Xilinx, Inc. | 302,381 | 27,438,052 | ||||||
|
| |||||||
2,196,014,294 | ||||||||
|
| |||||||
Materials-5.47% | ||||||||
Air Products and Chemicals, Inc. | 145,423 | 31,012,909 | ||||||
Albemarle Corp.(c) | 463,952 | 28,180,444 | ||||||
Amcor PLC | 3,145,053 | 29,940,905 | ||||||
Avery Dennison Corp. | 275,784 | 35,261,742 | ||||||
Ball Corp. | 441,955 | 30,923,591 | ||||||
Celanese Corp. | 256,206 | 31,039,357 | ||||||
CF Industries Holdings, Inc. | 644,023 | 29,206,443 | ||||||
Corteva, Inc. | 1,067,146 | 28,151,311 | ||||||
Dow, Inc. | 666,857 | 33,669,610 | ||||||
DuPont de Nemours, Inc. | 437,073 | 28,807,481 | ||||||
Eastman Chemical Co. | 425,899 | 32,385,360 | ||||||
Ecolab, Inc. | 160,320 | 30,792,662 | ||||||
FMC Corp. | 353,054 | 32,304,441 | ||||||
Freeport-McMoRan, Inc. | 2,993,234 | 29,393,558 | ||||||
International Flavors & Fragrances, Inc.(c) | 252,495 | 30,806,915 | ||||||
International Paper Co. | 741,527 | 32,389,899 | ||||||
Linde PLC (United Kingdom) | 167,270 | 33,178,005 | ||||||
LyondellBasell Industries N.V., Class A | 372,581 | 33,420,516 | ||||||
Martin Marietta Materials, Inc. | 121,748 | 31,887,019 | ||||||
Mosaic Co. (The) | 1,425,689 | 28,342,697 | ||||||
Newmont Goldcorp Corp. | 832,276 | 33,066,326 | ||||||
Nucor Corp. | 599,673 | 32,292,391 | ||||||
Packaging Corp. of America | 296,600 | 32,465,836 | ||||||
PPG Industries, Inc. | 273,524 | 34,223,323 | ||||||
Sealed Air Corp. | 758,075 | 31,664,793 | ||||||
Sherwin-Williams Co. (The) | 59,400 | 33,995,808 | ||||||
Vulcan Materials Co. | 217,806 | 31,117,943 | ||||||
Westrock Co. | 822,267 | 30,728,118 | ||||||
|
| |||||||
880,649,403 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
RealEstate-6.53% | ||||||||
Alexandria Real Estate Equities, Inc. | 210,760 | $ | 33,458,150 | |||||
American Tower Corp. | 149,141 | 32,524,669 | ||||||
Apartment Investment & Management Co., Class A | 623,480 | 34,216,583 | ||||||
AvalonBay Communities, Inc. | 153,199 | 33,345,294 | ||||||
Boston Properties, Inc. | 244,614 | 33,561,041 | ||||||
CBRE Group, Inc., Class A(b) | 595,288 | 31,877,672 | ||||||
Crown Castle International Corp. | 236,321 | 32,798,992 | ||||||
Digital Realty Trust, Inc. | 258,547 | 32,845,811 | ||||||
Duke Realty Corp. | 1,004,047 | 35,282,212 | ||||||
Equinix, Inc. | 59,910 | 33,955,790 | ||||||
Equity Residential | 380,179 | 33,706,670 | ||||||
Essex Property Trust, Inc. | 99,689 | 32,611,263 | ||||||
Extra Space Storage, Inc. | 276,816 | 31,078,132 | ||||||
Federal Realty Investment Trust | 236,478 | 32,163,373 | ||||||
HCP, Inc. | 952,653 | 35,838,806 | ||||||
Host Hotels & Resorts, Inc. | 1,855,798 | 30,416,529 | ||||||
Iron Mountain, Inc. | 1,004,678 | 32,953,438 | ||||||
Kimco Realty Corp. | 1,597,539 | 34,442,941 | ||||||
Macerich Co. (The)(c) | 967,274 | 26,600,035 | ||||||
Mid-America Apartment Communities, Inc. | 253,179 | 35,189,349 | ||||||
Prologis, Inc. | 381,786 | 33,505,539 | ||||||
Public Storage | 132,030 | 29,424,206 | ||||||
Realty Income Corp. | 442,550 | 36,196,165 | ||||||
Regency Centers Corp. | 472,266 | 31,755,166 | ||||||
SBA Communications Corp., Class A | 132,035 | 31,774,223 | ||||||
Simon Property Group, Inc. | 208,813 | 31,463,943 | ||||||
SL Green Realty Corp. | 392,124 | 32,781,566 | ||||||
UDR, Inc. | 686,461 | 34,494,665 | ||||||
Ventas, Inc. | 459,309 | 29,901,016 | ||||||
Vornado Realty Trust | 506,419 | 33,236,279 | ||||||
Welltower, Inc. | 375,893 | 34,089,736 | ||||||
Weyerhaeuser Co. | 1,172,654 | 34,253,223 | ||||||
|
| |||||||
1,051,742,477 | ||||||||
|
| |||||||
Utilities-5.70% | ||||||||
AES Corp. (The) | 2,035,620 | 34,707,321 | ||||||
Alliant Energy Corp. | 622,313 | 33,194,175 | ||||||
Ameren Corp. | 415,566 | 32,289,478 | ||||||
American Electric Power Co., Inc. | 351,956 | 33,221,127 | ||||||
American Water Works Co., Inc. | 269,540 | 33,226,196 | ||||||
Atmos Energy Corp. | 292,922 | 32,947,867 | ||||||
CenterPoint Energy, Inc. | 1,064,113 | 30,933,765 | ||||||
CMS Energy Corp. | 524,603 | 33,532,624 | ||||||
Consolidated Edison, Inc. | 360,028 | 33,201,782 | ||||||
Dominion Energy, Inc. | 409,353 | 33,792,090 | ||||||
DTE Energy Co. | 246,106 | 31,334,216 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Duke Energy Corp. | 342,316 | $ | 32,266,706 | |||||
Edison International | 446,860 | 28,107,494 | ||||||
Entergy Corp. | 283,145 | 34,396,455 | ||||||
Evergy, Inc. | 500,583 | 31,992,260 | ||||||
Eversource Energy | 390,175 | 32,673,254 | ||||||
Exelon Corp. | 679,976 | 30,932,108 | ||||||
FirstEnergy Corp. | 678,597 | 32,789,807 | ||||||
NextEra Energy, Inc. | 147,112 | 35,062,674 | ||||||
NiSource, Inc. | 1,108,818 | 31,091,257 | ||||||
NRG Energy, Inc. | 834,870 | 33,494,984 | ||||||
Pinnacle West Capital Corp. | 345,320 | 32,501,518 | ||||||
PPL Corp. | 1,040,885 | 34,859,239 | ||||||
Public Service Enterprise Group, Inc. | 522,918 | 33,105,939 | ||||||
Sempra Energy | 226,835 | 32,779,926 | ||||||
Southern Co. (The) | 534,566 | 33,495,906 | ||||||
WEC Energy Group, Inc. | 352,598 | 33,285,251 | ||||||
Xcel Energy, Inc. | 513,375 | 32,604,446 | ||||||
|
| |||||||
917,819,865 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $13,672,151,432) |
| 16,084,408,898 | ||||||
|
| |||||||
Money MarketFunds-0.07% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) (Cost $10,792,205) | 10,792,205 | 10,792,205 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 16,095,201,103 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.66% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 79,718,972 | 79,718,972 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 26,854,065 | 26,864,807 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 106,583,779 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.60% |
| 16,201,784,882 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.60)% |
| (96,986,922 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 16,104,797,960 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | ||||
|
| |||
Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||
Invesco Ltd. | $35,682,422 | $7,944,984 | $(4,503,175) | $(5,862,931) | $(2,190,303) | $31,070,997 | $977,826 |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Industrials | 13.85 | |||
Information Technology | 13.63 | |||
Financials | 13.31 | |||
Health Care | 12.58 | |||
Consumer Discretionary | 12.54 | |||
Consumer Staples | 6.56 | |||
Real Estate | 6.53 | |||
Utilities | 5.70 | |||
Materials | 5.47 | |||
Energy | 5.27 | |||
Communication Services | 4.43 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | ||||
|
| |||
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.02% |
| |||||||
Diversified TelecommunicationServices-13.65% |
| |||||||
AT&T, Inc. | 37,064 | $ 1,426,593 | ||||||
CenturyLink, Inc. | 108,922 | 1,409,451 | ||||||
Verizon Communications, Inc. | 23,434 | 1,417,054 | ||||||
|
| |||||||
4,253,098 | ||||||||
|
| |||||||
Entertainment-25.65% | ||||||||
Activision Blizzard, Inc. | 25,113 | 1,407,081 | ||||||
Electronic Arts, Inc.(b) | 14,268 | 1,375,435 | ||||||
Netflix, Inc.(b) | 4,777 | 1,372,958 | ||||||
Take-Two Interactive Software, Inc.(b) | 11,232 | 1,351,771 | ||||||
Viacom, Inc., Class B | 53,959 | 1,163,356 | ||||||
Walt Disney Co. (The) | 10,180 | 1,322,586 | ||||||
|
| |||||||
7,993,187 | ||||||||
|
| |||||||
Interactive Media &Services-16.84% | ||||||||
Alphabet, Inc., Class A(b) | 560 | 704,928 | ||||||
Alphabet, Inc., Class C(b) | 574 | 723,303 | ||||||
Facebook, Inc., Class A(b) | 7,506 | 1,438,525 | ||||||
TripAdvisor, Inc.(b) | 34,422 | 1,390,649 | ||||||
Twitter, Inc.(b) | 32,960 | 987,811 | ||||||
|
| |||||||
5,245,216 | ||||||||
|
| |||||||
Media-39.18% | ||||||||
CBS Corp., Class B | 32,065 | 1,155,622 | ||||||
Charter Communications, Inc., Class A(b) | 3,301 | 1,544,406 | ||||||
Comcast Corp., Class A | 29,972 | 1,343,345 | ||||||
Discovery, Inc., Class A(b)(c) | 15,974 | 430,579 | ||||||
Discovery, Inc., Class C(b) | 36,486 | 920,907 | ||||||
DISH Network Corp., Class A(b) | 39,849 | 1,370,008 | ||||||
Fox Corp., Class A | 28,515 | 913,620 | ||||||
Fox Corp., Class B | 13,066 | 408,182 |
Shares | Value | |||||||
Media-(continued) | ||||||||
Interpublic Group of Cos., Inc. (The) | 66,309 | $ 1,442,221 | ||||||
News Corp., Class A | 72,677 | 996,402 | ||||||
News Corp., Class B | 23,332 | 329,448 | ||||||
Omnicom Group, Inc. | 17,535 | 1,353,527 | ||||||
|
| |||||||
12,208,267 | ||||||||
|
| |||||||
Wireless TelecommunicationServices-4.70% |
| |||||||
T-Mobile US, Inc.(b) | 17,696 | 1,462,752 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 31,162,520 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.27% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 296,514 | 296,514 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 98,798 | 98,838 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 395,352 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.29% |
| 31,557,872 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.29)% |
| (400,812 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $31,157,060 | |||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition | ||||||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||
Media | 39.18 | |||||
Entertainment | 25.65 | |||||
Interactive Media & Services | 16.84 | |||||
Diversified Telecommunication Services | 13.65 | |||||
Wireless Telecommunication Services | 4.70 | |||||
Money Market Funds Plus Other Assets Less Liabilities | (0.02 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.98% |
| |||||||
AutoComponents-3.24% | ||||||||
Aptiv PLC | 15,884 | $ | 1,422,412 | |||||
BorgWarner, Inc. | 35,812 | 1,492,644 | ||||||
|
| |||||||
2,915,056 | ||||||||
|
| |||||||
Automobiles-4.66% | ||||||||
Ford Motor Co. | 151,583 | 1,302,098 | ||||||
General Motors Co. | 36,862 | 1,369,792 | ||||||
Harley-Davidson, Inc. | 39,075 | 1,520,408 | ||||||
|
| |||||||
4,192,298 | ||||||||
|
| |||||||
Distributors-3.31% | ||||||||
Genuine Parts Co. | 14,516 | 1,489,051 | ||||||
LKQ Corp.(b) | 43,753 | 1,487,165 | ||||||
|
| |||||||
2,976,216 | ||||||||
|
| |||||||
Diversified ConsumerServices-1.64% |
| |||||||
H&R Block, Inc. | 59,266 | 1,481,057 | ||||||
|
| |||||||
Hotels, Restaurants &Leisure-19.57% |
| |||||||
Carnival Corp. | 28,338 | 1,215,417 | ||||||
Chipotle Mexican Grill, Inc.(b) | 1,823 | 1,418,585 | ||||||
Darden Restaurants, Inc. | 11,250 | 1,263,038 | ||||||
Hilton Worldwide Holdings, Inc. | 14,959 | 1,450,425 | ||||||
Las Vegas Sands Corp. | 21,849 | 1,351,142 | ||||||
Marriott International, Inc., Class A | 10,691 | 1,352,946 | ||||||
McDonald’s Corp. | 6,848 | 1,347,002 | ||||||
MGM Resorts International | 49,277 | 1,404,394 | ||||||
Norwegian Cruise Line Holdings Ltd.(b) | 26,197 | 1,329,760 | ||||||
Royal Caribbean Cruises Ltd. | 12,475 | 1,357,654 | ||||||
Starbucks Corp. | 15,831 | 1,338,669 | ||||||
Wynn Resorts, Ltd. | 12,195 | 1,479,741 | ||||||
Yum! Brands, Inc. | 12,901 | 1,312,161 | ||||||
|
| |||||||
17,620,934 | ||||||||
|
| |||||||
HouseholdDurables-15.57% | ||||||||
D.R. Horton, Inc. | 29,026 | 1,520,092 | ||||||
Garmin Ltd. | 16,835 | 1,578,281 | ||||||
Leggett & Platt, Inc. | 34,000 | 1,744,200 | ||||||
Lennar Corp., Class A | 26,787 | 1,596,505 | ||||||
Mohawk Industries, Inc.(b) | 11,401 | 1,634,675 | ||||||
Newell Brands, Inc. | 77,826 | 1,476,359 | ||||||
NVR, Inc.(b) | 389 | 1,414,634 | ||||||
PulteGroup, Inc. | 40,753 | 1,599,148 | ||||||
Whirlpool Corp. | 9,585 | 1,458,070 | ||||||
|
| |||||||
14,021,964 | ||||||||
|
| |||||||
Internet & Direct MarketingRetail-6.15% |
| |||||||
Amazon.com, Inc.(b) | 779 | 1,384,018 | ||||||
Booking Holdings, Inc.(b) | 696 | 1,425,944 | ||||||
eBay, Inc. | 35,483 | 1,250,776 | ||||||
Expedia Group, Inc. | 10,828 | 1,479,754 | ||||||
|
| |||||||
5,540,492 | ||||||||
|
| |||||||
LeisureProducts-1.29% | ||||||||
Hasbro, Inc. | 11,960 | 1,163,828 | ||||||
|
| |||||||
MultilineRetail-9.35% | ||||||||
Dollar General Corp. | 9,106 | 1,460,056 | ||||||
Dollar Tree, Inc.(b) | 12,693 | 1,401,307 | ||||||
Kohl’s Corp. | 27,181 | 1,393,298 | ||||||
Macy’s, Inc. | 83,574 | 1,266,982 |
Shares | Value | |||||||
Multiline Retail-(continued) | ||||||||
Nordstrom, Inc.(c) | 41,163 | $ | 1,477,752 | |||||
Target Corp. | 13,265 | 1,418,161 | ||||||
|
| |||||||
8,417,556 | ||||||||
|
| |||||||
SpecialtyRetail-22.82% | ||||||||
Advance Auto Parts, Inc. | 9,151 | 1,486,855 | ||||||
AutoZone, Inc.(b) | 1,251 | 1,431,619 | ||||||
Best Buy Co., Inc. | 21,210 | 1,523,514 | ||||||
CarMax, Inc.(b) | 16,561 | 1,542,988 | ||||||
Gap, Inc. (The) | 74,453 | 1,210,606 | ||||||
Home Depot, Inc. (The) | 6,140 | 1,440,321 | ||||||
L Brands, Inc. | 75,912 | 1,293,540 | ||||||
Lowe’s Cos., Inc. | 12,636 | 1,410,304 | ||||||
O’Reilly Automotive, Inc.(b) | 3,666 | 1,596,580 | ||||||
Ross Stores, Inc. | 13,164 | 1,443,696 | ||||||
Tiffany & Co. | 14,574 | 1,814,609 | ||||||
TJX Cos., Inc. (The) | 25,392 | 1,463,849 | ||||||
Tractor Supply Co. | 14,797 | 1,406,011 | ||||||
Ulta Beauty, Inc.(b) | 6,333 | 1,476,539 | ||||||
|
| |||||||
20,541,031 | ||||||||
|
| |||||||
Textiles, Apparel & LuxuryGoods-12.38% |
| |||||||
Capri Holdings Ltd.(b) | 44,750 | 1,390,383 | ||||||
Hanesbrands, Inc. | 90,490 | 1,376,353 | ||||||
NIKE, Inc., Class B | 16,450 | 1,473,098 | ||||||
PVH Corp. | 15,809 | 1,377,912 | ||||||
Ralph Lauren Corp. | 14,008 | 1,345,608 | ||||||
Tapestry, Inc. | 57,059 | 1,475,546 | ||||||
Under Armour, Inc., Class A(b) | 35,037 | 723,514 | ||||||
Under Armour, Inc., Class C(b) | 36,202 | 669,737 | ||||||
VF Corp. | 15,911 | 1,309,316 | ||||||
|
| |||||||
11,141,467 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 90,011,899 | ||||||
|
| |||||||
Money MarketFunds-0.00% | ||||||||
Invesco Premier U.S. Government Money | 4,411 | 4,411 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 90,016,310 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.48% | ||||||||
Invesco Government & Agency Portfolio, | 1,000,244 | 1,000,244 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 333,281 | $ | 333,415 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,333,659 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.46% |
| 91,349,969 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.46)% |
| (1,318,305 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 90,031,664 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||
Specialty Retail | 22.82 | |||||
Hotels, Restaurants & Leisure | 19.57 | |||||
Household Durables | 15.57 | |||||
Textiles, Apparel & Luxury Goods | 12.38 | |||||
Multiline Retail | 9.35 | |||||
Internet & Direct Marketing Retail | 6.15 | |||||
Automobiles | 4.66 | |||||
Distributors | 3.31 | |||||
Auto Components | 3.24 | |||||
Industry Types Each Less Than 3% | 2.93 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.02 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.82% |
| |||||||
Beverages-17.73% | ||||||||
Brown-Forman Corp., Class B | 229,755 | $ | 15,053,548 | |||||
Coca-Cola Co. (The) | 271,887 | 14,798,809 | ||||||
Constellation Brands, Inc., Class A | 72,293 | 13,759,527 | ||||||
Molson Coors Brewing Co., Class B | 258,046 | 13,604,185 | ||||||
Monster Beverage Corp.(b) | 250,641 | 14,068,479 | ||||||
PepsiCo, Inc. | 108,127 | 14,831,781 | ||||||
|
| |||||||
|
86,116,329 |
| ||||||
|
| |||||||
Food & StaplesRetailing-15.05% | ||||||||
Costco Wholesale Corp. | 50,540 | 15,015,939 | ||||||
Kroger Co. (The) | 562,434 | 13,858,374 | ||||||
Sysco Corp. | 188,459 | 15,052,220 | ||||||
Walgreens Boots Alliance, Inc. | 263,487 | 14,433,818 | ||||||
Walmart, Inc. | 125,630 | 14,731,374 | ||||||
|
| |||||||
|
73,091,725 |
| ||||||
|
| |||||||
FoodProducts-39.32% | ||||||||
Archer-Daniels-Midland Co. | 354,377 | 14,898,009 | ||||||
Campbell Soup Co.(c) | 318,770 | 14,762,239 | ||||||
Conagra Brands, Inc. | 493,896 | 13,359,887 | ||||||
General Mills, Inc. | 273,349 | 13,902,530 | ||||||
Hershey Co. (The) | 99,299 | 14,584,044 | ||||||
Hormel Foods Corp. | 343,242 | 14,035,165 | ||||||
JM Smucker Co. (The) | 138,510 | 14,637,737 | ||||||
Kellogg Co. | 232,876 | 14,794,612 | ||||||
Kraft Heinz Co. (The) | 504,362 | 16,306,024 | ||||||
Lamb Weston Holdings, Inc. | 204,472 | 15,956,995 | ||||||
McCormick & Co., Inc. | 93,893 | 15,087,666 | ||||||
Mondelez International, Inc., Class A | 272,792 | 14,307,940 | ||||||
Tyson Foods, Inc., Class A | 173,212 | 14,340,222 | ||||||
|
| |||||||
|
190,973,070 |
| ||||||
|
| |||||||
HouseholdProducts-14.86% | ||||||||
Church & Dwight Co., Inc. | 204,955 | 14,334,553 | ||||||
Clorox Co. (The) | 92,819 | 13,708,438 | ||||||
Colgate-Palmolive Co. | 208,638 | 14,312,567 | ||||||
Kimberly-Clark Corp. | 111,417 | 14,805,091 | ||||||
Procter & Gamble Co. (The) | 120,805 | 15,041,430 | ||||||
|
| |||||||
|
72,202,079 |
| ||||||
|
|
Shares | Value | |||||||
PersonalProducts-6.24% | ||||||||
Coty, Inc., Class A | 1,383,923 | $ | 16,178,060 | |||||
Estee Lauder Cos., Inc. (The), Class A | 75,726 | 14,105,482 | ||||||
|
| |||||||
|
30,283,542 |
| ||||||
|
| |||||||
Tobacco-6.62% | ||||||||
Altria Group, Inc. | 351,171 | 15,728,949 | ||||||
Philip Morris International, Inc. | 201,953 | 16,447,052 | ||||||
|
| |||||||
|
32,176,001 |
| ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 484,842,746 | ||||||
|
| |||||||
Money MarketFunds-0.08% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 406,610 | 406,610 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% |
| 485,249,356 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.34% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 4,892,906 | 4,892,906 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 1,630,317 | 1,630,969 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,523,875 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.24% |
| 491,773,231 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.24)% |
| (6,032,141 | ) | |||||
|
| |||||||
NETASSETS-100.00%. | $ | 485,741,090 |
| |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019
Food Products
|
| 39.32
|
| |||||
Beverages
|
| 17.73
|
| |||||
Food & Staples Retailing
|
| 15.05
|
| |||||
Household Products
|
| 14.86
|
| |||||
Tobacco
|
| 6.62
|
| |||||
Personal Products
|
|
6.24
|
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.18
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||||||||||||
Invesco S&P 500® Equal Weight Energy ETF (RYE)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.90% |
| |||||||
Energy Equipment &Services-20.56% |
| |||||||
Baker Hughes Co. | 207,899 | $ | 4,449,039 | |||||
Halliburton Co. | 233,028 | 4,485,789 | ||||||
Helmerich & Payne, Inc. | 113,928 | 4,272,300 | ||||||
National Oilwell Varco, Inc. | 207,079 | 4,684,127 | ||||||
Schlumberger Ltd. | 126,533 | 4,136,364 | ||||||
TechnipFMC PLC (United Kingdom) | 185,235 | 3,654,686 | ||||||
|
| |||||||
25,682,305 | ||||||||
|
| |||||||
Oil, Gas & ConsumableFuels-79.34% |
| |||||||
Apache Corp. | 194,062 | 4,203,383 | ||||||
Cabot Oil & Gas Corp. | 251,116 | 4,680,802 | ||||||
Chevron Corp. | 38,876 | 4,515,059 | ||||||
Cimarex Energy Co. | 98,508 | 4,159,008 | ||||||
Concho Resources, Inc. | 64,212 | 4,335,594 | ||||||
ConocoPhillips | 82,376 | 4,547,155 | ||||||
Devon Energy Corp. | 188,411 | 3,820,975 | ||||||
Diamondback Energy, Inc. | 48,832 | 4,187,832 | ||||||
EOG Resources, Inc. | 59,497 | 4,123,737 | ||||||
Exxon Mobil Corp. | 65,026 | 4,393,807 | ||||||
Hess Corp. | 74,715 | 4,912,511 | ||||||
HollyFrontier Corp. | 91,932 | 5,050,744 | ||||||
Kinder Morgan, Inc. | 230,751 | 4,610,405 | ||||||
Marathon Oil Corp. | 371,928 | 4,288,330 |
Shares | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) | ||||||||
Marathon Petroleum Corp. | 88,637 | $ | 5,668,336 | |||||
Noble Energy, Inc. | 188,637 | 3,633,149 | ||||||
Occidental Petroleum Corp. | 104,756 | 4,242,618 | ||||||
ONEOK, Inc. | 63,419 | 4,428,549 | ||||||
Phillips 66 | 45,961 | 5,369,164 | ||||||
Pioneer Natural Resources Co. | 34,877 | 4,290,568 | ||||||
Valero Energy Corp. | 55,226 | 5,355,817 | ||||||
Williams Cos., Inc. (The) | 191,234 | 4,266,431 | ||||||
|
| |||||||
99,083,974 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 124,766,279 | ||||||
|
| |||||||
Money MarketFunds-0.03% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(b) | 30,848 | 30,848 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.93% |
| 124,797,127 | ||||||
OTHER ASSETS LESSLIABILITIES-0.07% | 92,163 | |||||||
|
| |||||||
NETASSETS-100.00% | $ | 124,889,290 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019
Oil, Gas & Consumable Fuels | 79.34 | |||
Energy Equipment & Services | 20.56 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco S&P 500® Equal Weight Financials ETF (RYF)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.95% |
| |||||||
Banks-28.87% | ||||||||
Bank of America Corp. | 126,764 | $ | 3,963,910 | |||||
BB&T Corp. | 72,079 | 3,823,791 | ||||||
Citigroup, Inc. | 54,333 | 3,904,369 | ||||||
Citizens Financial Group, Inc. | 103,842 | 3,651,085 | ||||||
Comerica, Inc. | 58,299 | 3,813,921 | ||||||
Fifth Third Bancorp | 134,759 | 3,918,792 | ||||||
First Republic Bank | 39,962 | 4,250,358 | ||||||
Huntington Bancshares, Inc. | 259,287 | 3,663,725 | ||||||
JPMorgan Chase & Co. | 31,810 | 3,973,705 | ||||||
KeyCorp | 209,330 | 3,761,660 | ||||||
M&T Bank Corp. | 24,138 | 3,778,321 | ||||||
People’s United Financial, Inc. | 234,343 | 3,789,326 | ||||||
PNC Financial Services Group, Inc. (The) | 27,458 | 4,028,089 | ||||||
Regions Financial Corp. | 233,914 | 3,766,016 | ||||||
SunTrust Banks, Inc. | 55,710 | 3,807,222 | ||||||
SVB Financial Group(b) | 17,073 | 3,781,328 | ||||||
U.S. Bancorp | 68,197 | 3,888,593 | ||||||
Wells Fargo & Co. | 78,178 | 4,036,330 | ||||||
Zions Bancorp. N.A. | 85,426 | 4,140,598 | ||||||
|
| |||||||
73,741,139 | ||||||||
|
| |||||||
CapitalMarkets-32.94% | ||||||||
Affiliated Managers Group, Inc. | 43,131 | 3,445,304 | ||||||
Ameriprise Financial, Inc. | 25,940 | 3,914,087 | ||||||
Bank of New York Mellon Corp. (The) | 81,545 | 3,812,229 | ||||||
BlackRock, Inc. | 8,635 | 3,986,779 | ||||||
Cboe Global Markets, Inc. | 34,436 | 3,965,305 | ||||||
Charles Schwab Corp. (The) | 87,677 | 3,569,331 | ||||||
CME Group, Inc., Class A | 18,584 | 3,823,658 | ||||||
E*TRADE Financial Corp. | 84,406 | 3,527,327 | ||||||
Franklin Resources, Inc. | 127,867 | 3,522,736 | ||||||
Goldman Sachs Group, Inc. (The) | 17,392 | 3,711,105 | ||||||
Intercontinental Exchange, Inc. | 42,106 | 3,971,438 | ||||||
Invesco Ltd.(c) | 219,797 | 3,696,986 | ||||||
MarketAxess Holdings, Inc. | 11,579 | 4,267,904 | ||||||
Moody’s Corp. | 18,017 | 3,976,172 | ||||||
Morgan Stanley | 84,687 | 3,899,836 | ||||||
MSCI, Inc. | 16,653 | 3,906,128 | ||||||
Nasdaq, Inc. | 38,430 | 3,834,161 | ||||||
Northern Trust Corp. | 38,655 | 3,853,130 | ||||||
Raymond James Financial, Inc. | 43,905 | 3,665,628 | ||||||
S&P Global, Inc. | 15,293 | 3,945,441 |
Shares | Value | |||||||
Capital Markets-(continued) | ||||||||
State Street Corp. | 62,543 | $ | 4,132,216 | |||||
T. Rowe Price Group, Inc. | 32,155 | 3,723,549 | ||||||
|
| |||||||
84,150,450 | ||||||||
|
| |||||||
ConsumerFinance-5.93% | ||||||||
American Express Co. | 32,084 | 3,762,811 | ||||||
Capital One Financial Corp. | 40,851 | 3,809,356 | ||||||
Discover Financial Services | 45,110 | 3,620,528 | ||||||
Synchrony Financial | 111,891 | 3,957,585 | ||||||
|
| |||||||
15,150,280 | ||||||||
|
| |||||||
Diversified FinancialServices-1.49% |
| |||||||
Berkshire Hathaway, Inc., Class B(b) | 17,905 | 3,806,245 | ||||||
|
| |||||||
Insurance-30.72% | ||||||||
Aflac, Inc. | 73,874 | 3,927,142 | ||||||
Allstate Corp. (The) | 36,144 | 3,846,444 | ||||||
American International Group, Inc. | 66,757 | 3,535,451 | ||||||
Aon PLC | 20,035 | 3,869,960 | ||||||
Arthur J. Gallagher & Co. | 43,970 | 4,010,943 | ||||||
Assurant, Inc. | 30,595 | 3,857,112 | ||||||
Chubb Ltd. | 24,059 | 3,667,073 | ||||||
Cincinnati Financial Corp. | 33,860 | 3,833,291 | ||||||
Everest Re Group, Ltd. | 14,916 | 3,834,754 | ||||||
Globe Life, Inc. | 40,109 | 3,903,809 | ||||||
Hartford Financial Services Group, Inc. (The) | 63,402 | 3,618,986 | ||||||
Lincoln National Corp. | 62,014 | 3,502,551 | ||||||
Loews Corp. | 75,285 | 3,688,965 | ||||||
Marsh & McLennan Cos., Inc. | 38,306 | 3,969,268 | ||||||
MetLife, Inc. | 79,066 | 3,699,498 | ||||||
Principal Financial Group, Inc. | 66,133 | 3,530,179 | ||||||
Progressive Corp. (The) | 52,620 | 3,667,614 | ||||||
Prudential Financial, Inc. | 42,579 | 3,880,650 | ||||||
Travelers Cos., Inc. (The) | 26,140 | 3,425,908 | ||||||
Unum Group | 128,468 | 3,538,009 | ||||||
Willis Towers Watson PLC. | 19,644 | 3,671,464 | ||||||
|
| |||||||
78,479,071 | ||||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.95% |
| 255,327,185 | ||||||
OTHER ASSETS LESSLIABILITIES-0.05% |
| 135,909 | ||||||
|
| |||||||
NETASSETS-100.00%. | $ | 255,463,094 | ||||||
|
|
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) | The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||||||||||||
Invesco Ltd. | $4,740,203 | $1,077,682 | $(1,052,736 | ) | $(614,070) | $ | (454,093 | ) | $3,696,986 | $ | 128,438 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco S&P 500® Equal Weight Financials ETF (RYF)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019
Capital Markets | 32.94 | |||
Insurance | 30.72 | |||
Banks | 28.87 | |||
Consumer Finance | 5.93 | |||
Diversified Financial Services | 1.49 | |||
Other Assets Less Liabilities | 0.05 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco S&P 500® Equal Weight Health Care ETF (RYH)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.00% |
| |||||||
Biotechnology-15.59% | ||||||||
AbbVie, Inc. | 164,047 | $ | 13,049,939 | |||||
Alexion Pharmaceuticals, Inc.(b) | 107,700 | 11,351,580 | ||||||
Amgen, Inc. | 59,175 | 12,619,069 | ||||||
Biogen, Inc.(b) | 48,882 | 14,601,542 | ||||||
Celgene Corp.(b) | 117,550 | 12,698,926 | ||||||
Gilead Sciences, Inc. | 173,887 | 11,078,341 | ||||||
Incyte Corp.(b) | 151,341 | 12,700,537 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 41,073 | 12,579,838 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 66,120 | 12,925,138 | ||||||
|
| |||||||
113,604,910 | ||||||||
|
| |||||||
Health Care Equipment &Supplies-31.35% |
| |||||||
Abbott Laboratories | 137,261 | 11,476,392 | ||||||
ABIOMED, Inc.(b) | 62,051 | 12,880,547 | ||||||
Align Technology, Inc.(b) | 65,177 | 16,443,505 | ||||||
Baxter International, Inc. | 133,061 | 10,205,779 | ||||||
Becton, Dickinson and Co. | 44,369 | 11,358,464 | ||||||
Boston Scientific Corp.(b) | 276,655 | 11,536,513 | ||||||
Cooper Cos., Inc. (The) | 38,363 | 11,163,633 | ||||||
Danaher Corp. | 82,024 | 11,304,548 | ||||||
DENTSPLY SIRONA, Inc. | 222,913 | 12,211,174 | ||||||
Edwards Lifesciences Corp.(b) | 52,697 | 12,561,911 | ||||||
Hologic, Inc.(b) | 232,642 | 11,238,935 | ||||||
IDEXX Laboratories, Inc.(b) | 43,572 | 12,418,456 | ||||||
Intuitive Surgical, Inc.(b) | 22,107 | 12,224,066 | ||||||
Medtronic PLC | 105,471 | 11,485,792 | ||||||
ResMed, Inc. | 87,503 | 12,943,444 | ||||||
Stryker Corp. | 53,016 | 11,465,770 | ||||||
Teleflex, Inc. | 34,930 | 12,135,031 | ||||||
Varian Medical Systems, Inc.(b) | 98,534 | 11,903,892 | ||||||
Zimmer Biomet Holdings, Inc. | 83,341 | 11,520,226 | ||||||
|
| |||||||
228,478,078 | ||||||||
|
| |||||||
Health Care Providers &Services-26.02% |
| |||||||
AmerisourceBergen Corp. | 138,659 | 11,838,705 | ||||||
Anthem, Inc. | 45,705 | 12,298,301 | ||||||
Cardinal Health, Inc. | 239,879 | 11,862,017 | ||||||
Centene Corp.(b) | 254,779 | 13,523,669 | ||||||
Cigna Corp. | 71,911 | 12,833,237 | ||||||
CVS Health Corp. | 180,564 | 11,987,644 |
Shares | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
DaVita, Inc.(b) | 186,986 | $ | 10,957,380 | |||||
HCA Healthcare, Inc. | 89,618 | 11,967,588 | ||||||
Henry Schein, Inc.(b) | 179,835 | 11,254,973 | ||||||
Humana, Inc. | 42,109 | 12,388,468 | ||||||
Laboratory Corp. of America | 67,125 | 11,060,186 | ||||||
McKesson Corp. | 80,589 | 10,718,337 | ||||||
Quest Diagnostics, Inc. | 110,795 | 11,217,994 | ||||||
UnitedHealth Group, Inc. | 49,514 | 12,512,188 | ||||||
Universal Health Services, Inc., Class B | 75,839 | 10,424,829 | ||||||
WellCare Health Plans, Inc.(b) | 43,293 | 12,840,704 | ||||||
|
| |||||||
189,686,220 | ||||||||
|
| |||||||
Health CareTechnology-1.57% | ||||||||
Cerner Corp. | 170,478 | 11,442,483 | ||||||
|
| |||||||
Life Sciences Tools &Services-10.82% |
| |||||||
Agilent Technologies, Inc. | 148,485 | 11,247,739 | ||||||
Illumina, Inc.(b) | 38,440 | 11,359,789 | ||||||
IQVIA Holdings, Inc.(b) | 76,425 | 11,037,298 | ||||||
Mettler-Toledo International, Inc.(b) | 16,223 | 11,436,242 | ||||||
PerkinElmer, Inc. | 133,460 | 11,472,221 | ||||||
Thermo Fisher Scientific, Inc. | 38,861 | 11,735,245 | ||||||
Waters Corp.(b) | 49,830 | 10,545,025 | ||||||
|
| |||||||
78,833,559 | ||||||||
|
| |||||||
Pharmaceuticals-14.65% | ||||||||
Allergan PLC | 69,622 | 12,261,130 | ||||||
Bristol-Myers Squibb Co. | 234,007 | 13,424,982 | ||||||
Eli Lilly and Co. | 104,310 | 11,886,124 | ||||||
Johnson & Johnson | 88,446 | 11,678,410 | ||||||
Merck & Co., Inc. | 140,019 | 12,134,046 | ||||||
Mylan N.V.(b) | 533,285 | 10,212,408 | ||||||
Perrigo Co. PLC | 206,700 | 10,959,234 | ||||||
Pfizer, Inc. | 313,383 | 12,024,506 | ||||||
Zoetis, Inc. | 95,579 | 12,226,466 | ||||||
|
| |||||||
106,807,306 | ||||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.00% |
| 728,852,556 | ||||||
OTHER ASSETS LESSLIABILITIES-0.00% |
| 3,484 | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 728,856,040 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco S&P 500® Equal Weight Health Care ETF (RYH)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019
Health Care Equipment & Supplies | 31.35 | |||
Health Care Providers & Services | 26.02 | |||
Biotechnology | 15.59 | |||
Pharmaceuticals | 14.65 | |||
Life Sciences Tools & Services | 10.82 | |||
Health Care Technology | 1.57 | |||
Other Assets Less Liabilities | 0.00 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.92% |
| |||||||
Aerospace &Defense-15.59% | ||||||||
Arconic, Inc. | 99,856 | $ | 2,743,044 | |||||
Boeing Co. (The) | 7,123 | 2,421,179 | ||||||
General Dynamics Corp. | 14,240 | 2,517,632 | ||||||
Huntington Ingalls Industries, Inc. | 12,391 | 2,796,153 | ||||||
L3Harris Technologies, Inc. | 13,039 | 2,690,076 | ||||||
Lockheed Martin Corp. | 7,029 | 2,647,684 | ||||||
Northrop Grumman Corp. | 7,438 | 2,621,746 | ||||||
Raytheon Co. | 13,613 | 2,888,815 | ||||||
Textron, Inc. | 52,628 | 2,425,625 | ||||||
TransDigm Group, Inc. | 5,204 | 2,738,761 | ||||||
United Technologies Corp. | 19,593 | 2,813,163 | ||||||
|
| |||||||
29,303,878 | ||||||||
|
| |||||||
Air Freight &Logistics-5.24% | ||||||||
C.H. Robinson Worldwide, Inc. | 31,057 | 2,349,151 | ||||||
Expeditors International of Washington, Inc. | 35,490 | 2,588,641 | ||||||
FedEx Corp. | 15,537 | 2,371,878 | ||||||
United Parcel Service, Inc., Class B | 22,052 | 2,539,729 | ||||||
|
| |||||||
9,849,399 | ||||||||
|
| |||||||
Airlines-7.16% | ||||||||
Alaska Air Group, Inc. | 41,067 | 2,851,282 | ||||||
American Airlines Group, Inc. | 90,320 | 2,715,019 | ||||||
Delta Air Lines, Inc. | 45,078 | 2,482,896 | ||||||
Southwest Airlines Co. | 48,487 | 2,721,575 | ||||||
United Airlines Holdings, Inc.(b) | 29,612 | 2,689,954 | ||||||
|
| |||||||
13,460,726 | ||||||||
|
| |||||||
BuildingProducts-7.60% | ||||||||
A.O. Smith Corp. | 53,843 | 2,674,920 | ||||||
Allegion PLC | 26,459 | 3,070,302 | ||||||
Fortune Brands Home & Security, Inc. | 49,680 | 2,983,284 | ||||||
Johnson Controls International PLC | 61,423 | 2,661,459 | ||||||
Masco Corp. | 62,618 | 2,896,083 | ||||||
|
| |||||||
14,286,048 | ||||||||
|
| |||||||
Commercial Services &Supplies-7.53% |
| |||||||
Cintas Corp. | 10,966 | 2,946,235 | ||||||
Copart, Inc.(b) | 33,066 | 2,732,574 | ||||||
Republic Services, Inc. | 31,772 | 2,780,368 | ||||||
Rollins, Inc. | 78,317 | 2,984,661 | ||||||
Waste Management, Inc. | 24,164 | 2,711,442 | ||||||
|
| |||||||
14,155,280 | ||||||||
|
| |||||||
Construction &Engineering-3.06% |
| |||||||
Jacobs Engineering Group, Inc. | 29,657 | 2,775,302 | ||||||
Quanta Services, Inc. | 70,981 | 2,984,751 | ||||||
|
| |||||||
5,760,053 | ||||||||
|
| |||||||
ElectricalEquipment-5.91% | ||||||||
AMETEK, Inc. | 29,825 | 2,733,461 | ||||||
Eaton Corp. PLC | 30,926 | 2,693,964 | ||||||
Emerson Electric Co. | 41,267 | 2,894,880 | ||||||
Rockwell Automation, Inc. | 16,223 | 2,790,194 | ||||||
|
| |||||||
11,112,499 | ||||||||
|
| |||||||
IndustrialConglomerates-5.75% |
| |||||||
3M Co. | 15,779 | 2,603,377 | ||||||
General Electric Co. | 289,623 | 2,890,438 |
Shares | Value | |||||||
Industrial Conglomerates-(continued) |
| |||||||
Honeywell International, Inc. | 16,130 | $ | 2,786,135 | |||||
Roper Technologies, Inc. | 7,524 | 2,535,287 | ||||||
|
| |||||||
10,815,237 | ||||||||
|
| |||||||
Machinery-23.38% | ||||||||
Caterpillar, Inc. | 20,221 | 2,786,454 | ||||||
Cummins, Inc. | 16,383 | 2,825,740 | ||||||
Deere & Co. | 16,353 | 2,847,711 | ||||||
Dover Corp. | 27,140 | 2,819,575 | ||||||
Flowserve Corp. | 55,729 | 2,721,804 | ||||||
Fortive Corp. | 38,633 | 2,665,677 | ||||||
IDEX Corp. | 15,830 | 2,462,040 | ||||||
Illinois Tool Works, Inc. | 16,931 | 2,854,228 | ||||||
Ingersoll-Rand PLC | 21,759 | 2,760,999 | ||||||
PACCAR, Inc. | 37,818 | 2,876,437 | ||||||
Parker-Hannifin Corp. | 14,844 | 2,723,725 | ||||||
Pentair PLC | 71,487 | 2,964,566 | ||||||
Snap-on, Inc. | 16,652 | 2,708,781 | ||||||
Stanley Black & Decker, Inc. | 18,496 | 2,799,000 | ||||||
Wabtec Corp. | 35,981 | 2,496,002 | ||||||
Xylem, Inc. | 34,385 | 2,636,986 | ||||||
|
| |||||||
43,949,725 | ||||||||
|
| |||||||
ProfessionalServices-6.96% | ||||||||
Equifax, Inc. | 19,144 | 2,617,176 | ||||||
IHS Markit Ltd.(b) | 39,862 | 2,791,137 | ||||||
Nielsen Holdings PLC | 120,440 | 2,428,071 | ||||||
Robert Half International, Inc. | 47,659 | 2,729,431 | ||||||
Verisk Analytics, Inc. | 17,367 | 2,513,005 | ||||||
|
| |||||||
13,078,820 | ||||||||
|
| |||||||
Road &Rail-7.21% | ||||||||
CSX Corp. | 37,327 | 2,622,968 | ||||||
J.B. Hunt Transport Services, Inc. | 23,531 | 2,766,304 | ||||||
Kansas City Southern | 20,325 | 2,861,354 | ||||||
Norfolk Southern Corp. | 14,848 | 2,702,336 | ||||||
Union Pacific Corp. | 15,778 | 2,610,628 | ||||||
|
| |||||||
13,563,590 | ||||||||
|
| |||||||
Trading Companies &Distributors-4.53% |
| |||||||
Fastenal Co. | 80,413 | 2,890,043 | ||||||
United Rentals, Inc.(b) | 20,991 | 2,803,768 | ||||||
W.W. Grainger, Inc. | 9,152 | 2,826,504 | ||||||
|
| |||||||
8,520,315 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 187,855,570 | |||||||
|
| |||||||
Money MarketFunds-0.02% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 32,908 | 32,908 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.94% | 187,888,478 | |||||||
OTHER ASSETS LESSLIABILITIES-0.06% | 112,307 | |||||||
|
| |||||||
NETASSETS-100.00% | $ | 188,000,785 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019
Machinery | 23.38 | |||
Aerospace & Defense | 15.59 | |||
Building Products | 7.60 | |||
Commercial Services & Supplies | 7.53 | |||
Road & Rail | 7.21 | |||
Airlines | 7.16 | |||
Professional Services | 6.96 | |||
Electrical Equipment | 5.91 | |||
Industrial Conglomerates | 5.75 | |||
Air Freight & Logistics | 5.24 | |||
Trading Companies & Distributors | 4.53 | |||
Construction & Engineering | 3.06 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco S&P 500® Equal Weight Materials ETF (RTM)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99% |
| |||||||
Chemicals-56.66% | ||||||||
Air Products and Chemicals, Inc. | 22,392 | $ | 4,775,318 | |||||
Albemarle Corp.(b) | 71,831 | 4,363,015 | ||||||
Celanese Corp. | �� | 39,656 | 4,804,324 | |||||
CF Industries Holdings, Inc. | 99,708 | 4,521,758 | ||||||
Corteva, Inc. | 165,220 | 4,358,504 | ||||||
Dow, Inc. | 103,246 | 5,212,890 | ||||||
DuPont de Nemours, Inc. | 67,670 | 4,460,130 | ||||||
Eastman Chemical Co. | 65,939 | 5,014,002 | ||||||
Ecolab, Inc. | 25,021 | 4,805,783 | ||||||
FMC Corp. | 54,656 | 5,001,024 | ||||||
International Flavors & Fragrances, Inc.(b) | 39,092 | 4,769,615 | ||||||
Linde PLC (United Kingdom) | 25,897 | 5,136,670 | ||||||
LyondellBasell Industries N.V., Class A | 57,684 | 5,174,255 | ||||||
Mosaic Co. (The) | 219,710 | 4,367,835 | ||||||
PPG Industries, Inc. | 41,686 | 5,215,752 | ||||||
Sherwin-Williams Co. (The) | 9,190 | 5,259,621 | ||||||
|
| |||||||
77,240,496 | ||||||||
|
| |||||||
ConstructionMaterials-7.16% | ||||||||
Martin Marietta Materials, Inc. | 18,847 | 4,936,218 | ||||||
Vulcan Materials Co. | 33,720 | 4,817,576 | ||||||
|
| |||||||
9,753,794 | ||||||||
|
| |||||||
Containers &Packaging-25.42% | ||||||||
Amcor PLC | 486,931 | 4,635,583 | ||||||
Avery Dennison Corp. | 42,698 | 5,459,366 | ||||||
Ball Corp. | 68,423 | 4,787,557 | ||||||
International Paper Co. | 116,326 | 5,081,120 | ||||||
Packaging Corp. of America | 45,921 | 5,026,513 | ||||||
Sealed Air Corp. | 117,369 | 4,902,503 | ||||||
Westrock Co. | 127,307 | 4,757,463 | ||||||
|
| |||||||
34,650,105 | ||||||||
|
|
Shares | Value | |||||||
Metals &Mining-10.75% | ||||||||
Freeport-McMoRan, Inc. | 462,494 | $ | 4,541,691 | |||||
Newmont Goldcorp Corp. | 128,856 | 5,119,449 | ||||||
Nucor Corp. | 92,844 | 4,999,649 | ||||||
|
| |||||||
14,660,789 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 136,305,184 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-5.47% | ||||||||
Invesco Government & Agency Portfolio, Institutional | 5,594,931 | 5,594,931 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 1,864,231 | 1,864,977 | ||||||
|
| |||||||
Total Investments Purchased with Cash |
| 7,459,908 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-105.46% |
| 143,765,092 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.46)% |
| (7,443,974 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 136,321,118 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019
Chemicals | 56.66 | |||
Containers & Packaging | 25.42 | |||
Metals & Mining | 10.75 | |||
Construction Materials | 7.16 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.00% |
| |||||||
EquityREITs-96.97% |
| |||||||
Alexandria Real Estate Equities, Inc. | 10,005 | $ | 1,588,294 | |||||
American Tower Corp. | 7,040 | 1,535,283 | ||||||
Apartment Investment & Management Co., Class A | 29,862 | 1,638,827 | ||||||
AvalonBay Communities, Inc. | 7,321 | 1,593,489 | ||||||
Boston Properties, Inc. | 11,538 | 1,583,014 | ||||||
Crown Castle International Corp. | 11,113 | 1,542,373 | ||||||
Digital Realty Trust, Inc. | 12,196 | 1,549,380 | ||||||
Duke Realty Corp. | 46,995 | 1,651,404 | ||||||
Equinix, Inc. | 2,824 | 1,600,587 | ||||||
Equity Residential | 17,931 | 1,589,762 | ||||||
Essex Property Trust, Inc. | 4,698 | 1,536,857 | ||||||
Extra Space Storage, Inc. | 13,056 | 1,465,797 | ||||||
Federal Realty Investment Trust | 11,226 | 1,526,848 | ||||||
HCP, Inc. | 44,934 | 1,690,417 | ||||||
Host Hotels & Resorts, Inc. | 87,533 | 1,434,666 | ||||||
Iron Mountain, Inc. | 46,577 | 1,527,726 | ||||||
Kimco Realty Corp. | 75,351 | 1,624,568 | ||||||
Macerich Co. (The)(b) | 45,623 | 1,254,632 | ||||||
Mid-America Apartment Communities, Inc. | 11,942 | 1,659,819 | ||||||
Prologis, Inc. | 18,008 | 1,580,382 | ||||||
Public Storage | 6,227 | 1,387,749 | ||||||
Realty Income Corp. | 20,875 | 1,707,366 | ||||||
Regency Centers Corp. | 22,275 | 1,497,771 | ||||||
SBA Communications Corp., Class A | 6,226 | 1,498,287 | ||||||
Simon Property Group, Inc. | 9,848 | 1,483,897 | ||||||
SL Green Realty Corp. | 18,494 | 1,546,098 | ||||||
UDR, Inc. | 31,851 | 1,600,513 | ||||||
Ventas, Inc. | 21,664 | 1,410,326 | ||||||
Vornado Realty Trust | 23,886 | 1,567,638 | ||||||
Welltower, Inc. | 17,730 | 1,607,934 | ||||||
Weyerhaeuser Co. | 55,312 | 1,615,663 | ||||||
|
| |||||||
48,097,367 | ||||||||
|
|
Shares | Value | |||||||
Real Estate Management &Development-3.03% |
| |||||||
CBRE Group, Inc., Class A(c) | 28,074 | $ | 1,503,363 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 49,600,730 | ||||||
|
| |||||||
Money MarketFunds-0.03% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 17,470 | 17,470 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-100.03% |
| 49,618,200 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-2.32% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 862,262 | 862,262 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 287,306 | 287,421 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,149,683 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-102.35% |
| 50,767,883 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.35)% |
| (1,167,399 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 49,600,484 | |||||
|
|
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) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | ||||
|
| |||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Equity REITs | 96.97 | |||
Real Estate Management & Development | 3.03 | |||
Money Market Funds Plus Other Assets | ||||
Less Liabilities | (0.00 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | ||||
|
| |||
Invesco S&P 500® Equal Weight Technology ETF (RYT)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||
CommunicationsEquipment-7.32% |
| |||||||
Arista Networks, Inc.(b) | 100,373 | $ | 24,548,225 | |||||
Cisco Systems, Inc. | 489,044 | 23,234,480 | ||||||
F5 Networks, Inc.(b) | 174,976 | 25,210,542 | ||||||
Juniper Networks, Inc. | 1,008,112 | 25,021,340 | ||||||
Motorola Solutions, Inc. | 146,473 | 24,361,389 | ||||||
|
| |||||||
122,375,976 | ||||||||
|
| |||||||
Electronic Equipment, Instruments &Components-10.27% |
| |||||||
Amphenol Corp., Class A | 258,335 | 25,918,750 | ||||||
CDW Corp. | 219,021 | 28,014,976 | ||||||
Corning, Inc. | 811,236 | 24,036,923 | ||||||
FLIR Systems, Inc. | 463,915 | 23,919,457 | ||||||
IPG Photonics Corp.(b) | 167,192 | 22,450,542 | ||||||
Keysight Technologies, Inc.(b) | 245,704 | 24,793,991 | ||||||
TE Connectivity Ltd. | 253,044 | 22,647,438 | ||||||
|
| |||||||
171,782,077 | ||||||||
|
| |||||||
ITServices-30.23% |
| |||||||
Accenture PLC, Class A | 125,716 | 23,310,261 | ||||||
Akamai Technologies, Inc.(b) | 270,628 | 23,409,322 | ||||||
Alliance Data Systems Corp. | 182,957 | 18,295,700 | ||||||
Automatic Data Processing, Inc. | 153,167 | 24,848,282 | ||||||
Broadridge Financial Solutions, Inc. | 197,282 | 24,703,652 | ||||||
Cognizant Technology Solutions Corp., Class A | 380,334 | 23,177,554 | ||||||
DXC Technology Co. | 748,222 | 20,703,303 | ||||||
Fidelity National Information Services, Inc. | 186,941 | 24,631,346 | ||||||
Fiserv, Inc.(b) | 238,471 | 25,311,312 | ||||||
FleetCor Technologies, Inc.(b) | 83,756 | 24,642,690 | ||||||
Gartner, Inc.(b) | 178,460 | 27,497,117 | ||||||
Global Payments, Inc. | 146,058 | 24,710,093 | ||||||
International Business Machines Corp. | 170,299 | 22,774,085 | ||||||
Jack Henry & Associates, Inc. | 168,493 | 23,851,869 | ||||||
Leidos Holdings, Inc. | 285,095 | 24,583,742 | ||||||
Mastercard, Inc., Class A | 88,545 | 24,510,142 | ||||||
Paychex, Inc. | 299,766 | 25,072,428 | ||||||
PayPal Holdings, Inc.(b) | 228,662 | 23,803,714 | ||||||
VeriSign, Inc.(b) | 129,633 | 24,632,863 | ||||||
Visa, Inc., Class A | 138,020 | 24,686,257 | ||||||
Western Union Co. (The) | 1,047,384 | 26,247,443 | ||||||
|
| |||||||
505,403,175 | ||||||||
|
| |||||||
Semiconductors & SemiconductorEquipment-24.01% |
| |||||||
Advanced Micro Devices, Inc.(b) | 797,226 | 27,049,878 | ||||||
Analog Devices, Inc. | 209,980 | 22,390,167 | ||||||
Applied Materials, Inc. | 476,477 | 25,853,642 | ||||||
Broadcom, Inc. | 84,276 | 24,680,227 | ||||||
Intel Corp. | 465,681 | 26,324,947 | ||||||
KLA Corp. | 162,769 | 27,514,472 |
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment-(continued) |
| |||||||
Lam Research Corp. | 103,868 | $ | 28,152,383 | |||||
Maxim Integrated Products, Inc. | 410,587 | 24,085,033 | ||||||
Microchip Technology, Inc. | 257,546 | 24,284,012 | ||||||
Micron Technology, Inc.(b) | 484,498 | 23,037,880 | ||||||
NVIDIA Corp. | 134,478 | 27,032,768 | ||||||
Qorvo, Inc.(b) | 315,661 | 25,524,348 | ||||||
QUALCOMM, Inc. | 312,045 | 25,100,900 | ||||||
Skyworks Solutions, Inc. | 297,868 | 27,123,860 | ||||||
Texas Instruments, Inc. | 188,780 | 22,274,152 | ||||||
Xilinx, Inc. | 232,486 | 21,095,780 | ||||||
|
| |||||||
401,524,449 | ||||||||
|
| |||||||
Software-17.81% |
| |||||||
Adobe, Inc.(b) | 87,900 | 24,430,047 | ||||||
ANSYS, Inc.(b) | 115,346 | 25,393,422 | ||||||
Autodesk, Inc.(b) | 159,414 | 23,491,247 | ||||||
Cadence Design Systems, Inc.(b) | 373,312 | 24,395,939 | ||||||
Citrix Systems, Inc. | 254,996 | 27,758,865 | ||||||
Fortinet, Inc.(b) | 313,236 | 25,547,528 | ||||||
Intuit, Inc. | 92,251 | 23,754,633 | ||||||
Microsoft Corp. | 178,174 | 25,544,806 | ||||||
Oracle Corp. | 455,198 | 24,803,739 | ||||||
salesforce.com, inc.(b) | 159,935 | 25,028,228 | ||||||
Symantec Corp. | 1,000,281 | 22,886,429 | ||||||
Synopsys, Inc.(b) | 181,721 | 24,668,626 | ||||||
|
| |||||||
297,703,509 | ||||||||
|
| |||||||
Technology Hardware, Storage &Peripherals-10.30% |
| |||||||
Apple, Inc. | 111,851 | 27,824,055 | ||||||
Hewlett Packard Enterprise Co. | 1,597,054 | 26,207,656 | ||||||
HP, Inc. | 1,282,331 | 22,274,089 | ||||||
NetApp, Inc. | 432,506 | 24,168,435 | ||||||
Seagate Technology PLC | 435,746 | 25,286,340 | ||||||
Western Digital Corp. | 378,744 | 19,562,128 | ||||||
Xerox Holdings Corp. | 793,863 | 26,935,772 | ||||||
|
| |||||||
172,258,475 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,671,047,661 | ||||||
|
| |||||||
Money MarketFunds-0.07% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 1,090,863 | 1,090,863 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.01% |
| 1,672,138,524 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.01)% |
| (139,384 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 1,671,999,140 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Invesco S&P 500® Equal Weight Technology ETF (RYT)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019
IT Services | 30.23 | |||
Semiconductors & Semiconductor Equipment | 24.01 | |||
Software | 17.81 | |||
Technology Hardware, Storage & Peripherals | 10.30 | |||
Electronic Equipment, Instruments & Components | 10.27 | |||
Communications Equipment | 7.32 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||||
Common Stocks & Other EquityInterests-99.91% |
| |||||||||
ElectricUtilities-49.82% | ||||||||||
Alliant Energy Corp. | 267,363 | $ | 14,261,143 | |||||||
American Electric Power Co., Inc. | 150,856 | 14,239,298 | ||||||||
Duke Energy Corp. | 147,064 | 13,862,253 | ||||||||
Edison International | 191,982 | 12,075,668 | ||||||||
Entergy Corp. | 121,646 | 14,777,556 | ||||||||
Evergy, Inc. | 215,064 | 13,744,740 | ||||||||
Eversource Energy | 167,629 | 14,037,253 | ||||||||
Exelon Corp. | 292,137 | 13,289,312 | ||||||||
FirstEnergy Corp. | 291,520 | 14,086,246 | ||||||||
NextEra Energy, Inc. | 63,203 | 15,063,803 | ||||||||
Pinnacle West Capital Corp. | 148,360 | 13,963,643 | ||||||||
PPL Corp. | 447,192 | 14,976,460 | ||||||||
Southern Co. (The) | 229,658 | 14,390,370 | ||||||||
Xcel Energy, Inc. | 220,561 | 14,007,829 | ||||||||
|
| |||||||||
196,775,574 | ||||||||||
|
| |||||||||
GasUtilities-3.58% | ||||||||||
Atmos Energy Corp. | 125,848 | 14,155,383 | ||||||||
|
| |||||||||
Independent Power and Renewable ElectricityProducers-7.42% |
| |||||||||
AES Corp. (The) | 874,560 | 14,911,248 | ||||||||
NRG Energy, Inc. | 358,684 | 14,390,402 | ||||||||
|
| |||||||||
29,301,650 | ||||||||||
|
| |||||||||
Multi-Utilities-35.53% | ||||||||||
Ameren Corp. | 180,278 | 14,007,601 |
Shares | Value | |||||||
Multi-Utilities-(continued) | ||||||||
CenterPoint Energy, Inc. | 462,624 | $ | 13,448,480 | |||||
CMS Energy Corp. | 225,385 | 14,406,609 | ||||||
Consolidated Edison, Inc. | 153,761 | 14,179,839 | ||||||
Dominion Energy, Inc. | 175,870 | 14,518,068 | ||||||
DTE Energy Co. | 107,524 | 13,689,956 | ||||||
NiSource, Inc. | 475,527 | 13,333,777 | ||||||
Public Service Enterprise Group, Inc. | 227,127 | 14,379,410 | ||||||
Sempra Energy | 97,455 | 14,083,222 | ||||||
WEC Energy Group, Inc. | 151,484 | 14,300,090 | ||||||
|
| |||||||
140,347,052 | ||||||||
|
| |||||||
WaterUtilities-3.56% | ||||||||
American Water Works Co., Inc. | 113,919 | 14,042,795 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 394,622,454 | ||||||
|
| |||||||
Money MarketFunds-0.02% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(b) | 68,246 | 68,246 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.93% |
| 394,690,700 | ||||||
OTHER ASSETS LESSLIABILITIES-0.07% |
| 263,926 | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 394,954,626 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Electric Utilities | 49.82 | |||||
Multi-Utilities | 35.53 | |||||
Independent Power and Renewable Electricity Producers | 7.42 | |||||
Gas Utilities | 3.58 | |||||
Water Utilities | 3.56 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.09 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||||
Common Stocks & Other EquityInterests-99.96% |
| |||||||||
CommunicationServices-2.64% |
| |||||||||
AMC Networks, Inc., Class A(b) | 4,279 | $ | 186,350 | |||||||
Cable One, Inc. | 175 | 231,940 | ||||||||
Cinemark Holdings, Inc. | 5,526 | 202,252 | ||||||||
John Wiley & Sons, Inc., Class A | 4,690 | 216,068 | ||||||||
Live Nation Entertainment, Inc.(b) | 3,094 | 218,127 | ||||||||
Meredith Corp. | 5,802 | 218,735 | ||||||||
New York Times Co. (The), Class A | 7,358 | 227,362 | ||||||||
TEGNA, Inc. | 13,494 | 202,815 | ||||||||
Telephone & Data Systems, Inc. | 8,098 | 211,277 | ||||||||
World Wrestling Entertainment, Inc., Class A(c) | 3,009 | 168,624 | ||||||||
Yelp, Inc.(b) | 5,811 | 200,538 | ||||||||
|
| |||||||||
2,284,088 | ||||||||||
|
| |||||||||
ConsumerDiscretionary-14.56% | ||||||||||
Aaron’s, Inc. | 3,468 | 259,857 | ||||||||
Adient PLC | 8,678 | 183,887 | ||||||||
Adtalem Global Education, Inc.(b) | 5,276 | 157,119 | ||||||||
American Eagle Outfitters, Inc. | 12,145 | 186,790 | ||||||||
AutoNation, Inc.(b) | 4,327 | 220,028 | ||||||||
Bed Bath & Beyond, Inc.(c) | 20,677 | 283,275 | ||||||||
Boyd Gaming Corp. | 8,018 | 218,491 | ||||||||
Brinker International, Inc. | 5,001 | 222,294 | ||||||||
Brunswick Corp. | 4,053 | 236,047 | ||||||||
Caesars Entertainment Corp.(b) | 18,280 | 224,478 | ||||||||
Carter’s, Inc. | 2,272 | 227,745 | ||||||||
Cheesecake Factory, Inc. (The)(c) | 5,109 | 213,505 | ||||||||
Churchill Downs, Inc. | 1,769 | 229,952 | ||||||||
Cracker Barrel Old Country Store, Inc.(c) | 1,324 | 205,882 | ||||||||
Dana, Inc. | 14,283 | 231,813 | ||||||||
Deckers Outdoor Corp.(b) | 1,472 | 225,069 | ||||||||
Delphi Technologies PLC | 12,560 | 153,358 | ||||||||
Dick’s Sporting Goods, Inc. | 5,576 | 217,074 | ||||||||
Dillard’s, Inc., Class A(c) | 3,231 | 222,874 | ||||||||
Domino’s Pizza, Inc. | 899 | 244,186 | ||||||||
Dunkin’ Brands Group, Inc. | 2,704 | 212,589 | ||||||||
Eldorado Resorts, Inc.(b)(c) | 5,030 | 225,193 | ||||||||
Etsy, Inc.(b) | 3,825 | 170,174 | ||||||||
Five Below, Inc.(b) | 1,631 | 204,054 | ||||||||
Foot Locker, Inc. | 5,396 | 234,780 | ||||||||
Gentex Corp. | 7,753 | 217,472 | ||||||||
Goodyear Tire & Rubber Co. (The) | 15,539 | 246,604 | ||||||||
Graham Holdings Co., Class B | 314 | 197,713 | ||||||||
GrubHub, Inc.(b)(c) | 3,277 | 111,615 | ||||||||
Helen of Troy Ltd.(b) | 1,465 | 219,398 | ||||||||
Jack in the Box, Inc. | 2,471 | 207,613 | ||||||||
KB Home | 7,197 | 256,861 | ||||||||
Marriott Vacations Worldwide Corp. | 1,970 | 216,562 | ||||||||
Mattel, Inc.(b)(c) | 19,215 | 229,427 | ||||||||
Murphy USA, Inc.(b) | 2,401 | 283,150 | ||||||||
Ollie’s Bargain Outlet Holdings, Inc.(b)(c) | 3,415 | 218,150 | ||||||||
Papa John’s International, Inc.(c) | 4,165 | 243,861 | ||||||||
Penn National Gaming, Inc.(b) | 10,398 | 221,633 | ||||||||
Polaris, Inc. | 2,411 | 237,845 | ||||||||
Pool Corp. | 1,146 | 237,680 | ||||||||
Sally Beauty Holdings, Inc.(b) | 14,910 | 231,105 | ||||||||
Scientific Games Corp.(b) | 9,089 | 218,045 | ||||||||
Service Corp. International | 4,479 | 203,705 |
Shares | Value | |||||||||
Consumer Discretionary-(continued) | ||||||||||
Six Flags Entertainment Corp. | 3,914 | $ | 165,132 | |||||||
Skechers U.S.A., Inc., Class A(b) | 5,898 | 220,408 | ||||||||
Tempur Sealy International, Inc.(b) | 2,770 | 251,932 | ||||||||
Texas Roadhouse, Inc. | 4,010 | 226,565 | ||||||||
Thor Industries, Inc. | 4,038 | 255,444 | ||||||||
Toll Brothers, Inc. | 5,615 | 223,309 | ||||||||
TRI Pointe Group, Inc.(b) | 14,767 | 232,433 | ||||||||
Urban Outfitters, Inc.(b) | 8,132 | 233,388 | ||||||||
Visteon Corp.(b) | 2,684 | 249,666 | ||||||||
Wendy’s Co. (The) | 11,201 | 237,237 | ||||||||
Williams-Sonoma, Inc. | 3,198 | 213,594 | ||||||||
WW International, Inc.(b) | 6,295 | 219,507 | ||||||||
Wyndham Destinations, Inc. | 4,548 | 211,073 | ||||||||
Wyndham Hotels & Resorts, Inc. | 4,049 | 218,525 | ||||||||
|
| |||||||||
12,567,166 | ||||||||||
|
| |||||||||
ConsumerStaples-3.70% | ||||||||||
Boston Beer Co., Inc. (The), Class A(b) | 566 | 211,944 | ||||||||
Casey’s General Stores, Inc. | 1,273 | 217,441 | ||||||||
Edgewell Personal Care Co.(b) | 6,374 | 223,090 | ||||||||
Energizer Holdings, Inc.(c) | 4,800 | 203,952 | ||||||||
Flowers Foods, Inc. | 9,746 | 211,683 | ||||||||
Hain Celestial Group, Inc. (The)(b) | 9,905 | 234,154 | ||||||||
Ingredion, Inc. | 2,603 | 205,637 | ||||||||
Lancaster Colony Corp. | 1,490 | 207,378 | ||||||||
Nu Skin Enterprises, Inc., Class A | 4,942 | 220,315 | ||||||||
Pilgrim’s Pride Corp.(b) | 7,059 | 214,311 | ||||||||
Post Holdings, Inc.(b) | 2,043 | 210,225 | ||||||||
Sanderson Farms, Inc. | 1,450 | 224,475 | ||||||||
Sprouts Farmers Market, Inc.(b) | 10,834 | 210,288 | ||||||||
Tootsie Roll Industries, Inc.(c) | 5,719 | 196,047 | ||||||||
TreeHouse Foods, Inc.(b) | 3,727 | 201,333 | ||||||||
|
| |||||||||
3,192,273 | ||||||||||
|
| |||||||||
Energy-3.98% | ||||||||||
Antero Midstream Corp.(c) | 30,171 | 194,301 | ||||||||
Apergy Corp.(b) | 7,564 | 190,386 | ||||||||
Chesapeake Energy Corp.(b)(c) | 122,206 | 163,756 | ||||||||
CNX Resources Corp.(b) | 26,689 | 224,988 | ||||||||
Core Laboratories N.V. | 4,636 | 204,170 | ||||||||
EQT Corp. | 17,887 | 192,106 | ||||||||
Equitrans Midstream Corp. | 16,244 | 226,117 | ||||||||
Matador Resources Co.(b) | 13,167 | 183,153 | ||||||||
Murphy Oil Corp. | 10,560 | 217,853 | ||||||||
Oasis Petroleum, Inc.(b) | 58,474 | 152,617 | ||||||||
Oceaneering International, Inc.(b) | 14,729 | 208,563 | ||||||||
Patterson-UTI Energy, Inc. | 23,879 | 198,673 | ||||||||
PBF Energy, Inc., Class A | 8,496 | 274,251 | ||||||||
Southwestern Energy Co.(b) | 97,545 | 199,967 | ||||||||
Transocean Ltd.(b) | 37,963 | 180,324 | ||||||||
World Fuel Services Corp. | 5,462 | 228,148 | ||||||||
WPX Energy, Inc.(b) | 19,810 | 197,704 | ||||||||
|
| |||||||||
3,437,077 | ||||||||||
|
| |||||||||
Financials-15.53% | ||||||||||
Alleghany Corp.(b) | 283 | 220,256 | ||||||||
American Financial Group, Inc. | 2,060 | 214,322 | ||||||||
Associated Banc-Corp. | 10,677 | 214,714 | ||||||||
BancorpSouth Bank | 7,263 | 222,756 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||||
Financials-(continued) | ||||||||||
Bank of Hawaii Corp. | 2,494 | $ | 217,751 | |||||||
Bank OZK | 7,608 | 213,481 | ||||||||
Brighthouse Financial, Inc.(b) | 5,355 | 202,205 | ||||||||
Brown & Brown, Inc. | 6,046 | 227,813 | ||||||||
Cathay General Bancorp | 6,088 | 216,550 | ||||||||
CNO Financial Group, Inc. | 13,217 | 206,846 | ||||||||
Commerce Bancshares, Inc. | 3,548 | 228,349 | ||||||||
Cullen/Frost Bankers, Inc. | 2,405 | 216,642 | ||||||||
East West Bancorp, Inc. | 4,720 | 202,582 | ||||||||
Eaton Vance Corp. | 4,656 | 212,314 | ||||||||
Evercore, Inc., Class A | 2,602 | 191,611 | ||||||||
F.N.B. Corp. | 18,670 | 225,160 | ||||||||
FactSet Research Systems, Inc. | 784 | 198,760 | ||||||||
Federated Investors, Inc., Class B | 6,588 | 210,421 | ||||||||
First American Financial Corp. | 3,794 | 234,393 | ||||||||
First Financial Bankshares, Inc. | 6,532 | 217,385 | ||||||||
First Horizon National Corp. | 13,217 | 211,076 | ||||||||
FirstCash, Inc. | 2,220 | 187,346 | ||||||||
Fulton Financial Corp. | 12,818 | 218,675 | ||||||||
Genworth Financial, Inc., Class A(b) | 49,213 | 210,632 | ||||||||
Green Dot Corp., Class A(b) | 8,054 | 232,277 | ||||||||
Hancock Whitney Corp. | 5,551 | 216,489 | ||||||||
Hanover Insurance Group, Inc. (The) | 1,682 | 221,536 | ||||||||
Home BancShares, Inc. | 11,201 | 206,995 | ||||||||
Interactive Brokers Group, Inc., Class A | 4,203 | 199,937 | ||||||||
International Bancshares Corp. | 5,505 | 225,485 | ||||||||
Janus Henderson Group PLC (United Kingdom) | 9,975 | 230,722 | ||||||||
Jefferies Financial Group, Inc. | 11,773 | 219,802 | ||||||||
Kemper Corp. | 2,875 | 206,655 | ||||||||
Legg Mason, Inc. | 5,507 | 205,191 | ||||||||
LendingTree, Inc.(b) | 672 | 241,819 | ||||||||
Mercury General Corp. | 3,961 | 190,366 | ||||||||
Navient Corp. | 16,368 | 225,387 | ||||||||
New York Community Bancorp, Inc. | 16,887 | 196,734 | ||||||||
Old Republic International Corp. | 9,608 | 214,643 | ||||||||
PacWest Bancorp | 5,692 | 210,547 | ||||||||
Pinnacle Financial Partners, Inc. | 3,754 | 220,810 | ||||||||
Primerica, Inc. | 1,763 | 222,455 | ||||||||
Prosperity Bancshares, Inc. | 3,063 | 211,408 | ||||||||
Reinsurance Group of America, Inc. | 1,364 | 221,609 | ||||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 1,167 | 218,439 | ||||||||
SEI Investments Co. | 3,587 | 214,933 | ||||||||
Selective Insurance Group, Inc. | 2,886 | 199,480 | ||||||||
Signature Bank | 1,819 | 215,224 | ||||||||
SLM Corp. | 23,341 | 196,998 | ||||||||
Sterling Bancorp | 10,374 | 203,849 | ||||||||
Stifel Financial Corp. | 3,715 | 207,966 | ||||||||
Synovus Financial Corp. | 5,711 | 193,432 | ||||||||
TCF Financial Corp. | 5,294 | 209,589 | ||||||||
Texas Capital Bancshares, Inc.(b) | 3,792 | 204,996 | ||||||||
Trustmark Corp. | 6,198 | 212,715 | ||||||||
UMB Financial Corp. | 3,254 | 212,356 | ||||||||
Umpqua Holdings Corp. | 12,871 | 203,619 | ||||||||
United Bankshares, Inc. | 5,504 | 217,628 | ||||||||
Valley National Bancorp | 19,404 | 224,698 | ||||||||
W.R. Berkley Corp. | 3,063 | 214,104 | ||||||||
Washington Federal, Inc. | 5,733 | 209,025 |
Shares | Value | |||||||||
Financials-(continued) | ||||||||||
Webster Financial Corp. | 4,415 | $ | 194,702 | |||||||
Wintrust Financial Corp. | 3,264 | 208,309 | ||||||||
|
| |||||||||
13,404,969 | ||||||||||
|
| |||||||||
HealthCare-8.85% | ||||||||||
Acadia Healthcare Co., Inc.(b) | 6,804 | 204,052 | ||||||||
Allscripts Healthcare Solutions, Inc.(b) | 20,835 | 227,935 | ||||||||
Amedisys, Inc.(b) | 1,638 | 210,516 | ||||||||
Avanos Medical, Inc.(b) | 5,684 | 250,323 | ||||||||
Bio-Rad Laboratories, Inc., Class A(b) | 651 | 215,885 | ||||||||
Bio-Techne Corp. | 1,083 | 225,448 | ||||||||
Cantel Medical Corp. | 2,502 | 182,371 | ||||||||
Catalent, Inc.(b) | 4,236 | 206,081 | ||||||||
Charles River Laboratories International, Inc.(b) | 1,645 | 213,817 | ||||||||
Chemed Corp. | 516 | 203,258 | ||||||||
Covetrus, Inc.(b) | 15,661 | 155,279 | ||||||||
Encompass Health Corp. | 3,411 | 218,372 | ||||||||
Exelixis, Inc.(b) | 11,305 | 174,662 | ||||||||
Globus Medical, Inc., Class A(b) | 4,254 | 222,782 | ||||||||
Haemonetics Corp.(b) | 1,738 | 209,829 | ||||||||
HealthEquity, Inc.(b) | 3,599 | 204,387 | ||||||||
Hill-Rom Holdings, Inc. | 2,088 | 218,593 | ||||||||
ICU Medical, Inc.(b) | 1,355 | 218,981 | ||||||||
Integra LifeSciences Holdings Corp.(b) | 3,543 | 205,707 | ||||||||
Ligand Pharmaceuticals, Inc.(b) | 2,259 | 245,802 | ||||||||
LivaNova PLC(b) | 2,552 | 180,503 | ||||||||
Masimo Corp.(b) | 1,442 | 210,229 | ||||||||
MEDNAX, Inc.(b) | 9,237 | 202,844 | ||||||||
Molina Healthcare, Inc.(b) | 1,892 | 222,575 | ||||||||
Nektar Therapeutics(b)(c) | 12,600 | 215,775 | ||||||||
NuVasive, Inc.(b) | 3,349 | 236,238 | ||||||||
Patterson Cos., Inc. | 11,925 | 204,275 | ||||||||
Penumbra, Inc.(b)(c) | 1,460 | 227,716 | ||||||||
PRA Health Sciences, Inc.(b) | 2,118 | 206,950 | ||||||||
Prestige Consumer Healthcare Inc.(b) | 6,044 | 214,320 | ||||||||
Repligen Corp.(b) | 2,728 | 216,849 | ||||||||
STERIS PLC | 1,509 | 213,629 | ||||||||
Syneos Health, Inc.(b) | 3,980 | 199,597 | ||||||||
Tenet Healthcare Corp.(b) | 8,643 | 219,014 | ||||||||
United Therapeutics Corp.(b) | 2,695 | 242,119 | ||||||||
West Pharmaceutical Services, Inc. | 1,508 | 216,911 | ||||||||
|
| |||||||||
7,643,624 | ||||||||||
|
| |||||||||
Industrials-16.00% | ||||||||||
Acuity Brands, Inc. | 1,563 | 195,047 | ||||||||
AECOM(b) | 5,755 | 230,258 | ||||||||
AGCO Corp. | 2,832 | 217,186 | ||||||||
ASGN, Inc.(b) | 3,268 | 207,812 | ||||||||
Avis Budget Group, Inc.(b) | 7,532 | 223,776 | ||||||||
Axon Enterprise, Inc.(b) | 3,340 | 170,774 | ||||||||
Brink’s Co. (The) | 2,584 | 219,537 | ||||||||
Carlisle Cos., Inc. | 1,457 | 221,857 | ||||||||
Clean Harbors, Inc.(b) | 2,820 | 232,537 | ||||||||
Colfax Corp.(b)(c) | 7,112 | 238,963 | ||||||||
Crane Co. | 2,618 | 200,329 | ||||||||
Curtiss-Wright Corp. | 1,641 | 221,945 | ||||||||
Deluxe Corp. | 4,443 | 230,281 | ||||||||
Donaldson Co., Inc. | 4,092 | 215,812 | ||||||||
Dycom Industries, Inc.(b) | 4,142 | 188,834 | ||||||||
EMCOR Group, Inc. | 2,501 | 219,363 | ||||||||
EnerSys | 3,296 | 220,371 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||||
Industrials-(continued) | ||||||||||
Fluor Corp. | 10,379 | $ | 167,206 | |||||||
FTI Consulting, Inc.(b) | 2,034 | 221,442 | ||||||||
GATX Corp. | 2,658 | 211,444 | ||||||||
Genesee & Wyoming, Inc., Class A(b) | 1,966 | 218,285 | ||||||||
Graco, Inc. | 4,662 | 210,722 | ||||||||
Granite Construction, Inc. | 6,482 | 152,586 | ||||||||
Healthcare Services Group, Inc.(c) | 8,463 | 206,159 | ||||||||
Herman Miller, Inc. | 4,880 | 226,920 | ||||||||
HNI Corp. | 6,339 | 240,882 | ||||||||
Hubbell, Inc. | 1,579 | 223,744 | ||||||||
Insperity, Inc. | 2,118 | 223,724 | ||||||||
ITT, Inc. | 3,525 | 209,561 | ||||||||
JetBlue Airways Corp.(b) | 12,510 | 241,443 | ||||||||
KAR Auction Services, Inc. | 8,247 | 205,020 | ||||||||
Kennametal, Inc. | 6,709 | 207,644 | ||||||||
Kirby Corp.(b) | 2,625 | 207,795 | ||||||||
Knight-Swift Transportation Holdings, Inc. | 6,007 | 219,015 | ||||||||
Landstar System, Inc. | 1,921 | 217,361 | ||||||||
Lennox International, Inc. | 926 | 229,055 | ||||||||
Lincoln Electric Holdings, Inc. | 2,435 | 218,103 | ||||||||
ManpowerGroup, Inc. | 2,503 | 227,573 | ||||||||
MasTec, Inc.(b) | 3,388 | 213,241 | ||||||||
Mercury Systems, Inc.(b) | 3,038 | 223,779 | ||||||||
MSA Safety, Inc. | 1,926 | 231,255 | ||||||||
MSC Industrial Direct Co., Inc., Class A | 3,011 | 220,435 | ||||||||
Nordson Corp. | 1,488 | 233,333 | ||||||||
NOW, Inc.(b) | 17,727 | 186,843 | ||||||||
nVent Electric PLC | 9,755 | 224,950 | ||||||||
Old Dominion Freight Line, Inc. | 1,252 | 227,964 | ||||||||
Oshkosh Corp. | 2,816 | 240,430 | ||||||||
Owens Corning | 3,615 | 221,527 | ||||||||
Regal Beloit Corp. | 2,841 | 210,376 | ||||||||
Resideo Technologies, Inc.(b) | 13,836 | 131,857 | ||||||||
Ryder System, Inc. | 4,079 | 198,362 | ||||||||
Stericycle, Inc.(b)(c) | 4,266 | 245,722 | ||||||||
Teledyne Technologies, Inc.(b) | 700 | 230,720 | ||||||||
Terex Corp. | 7,868 | 216,763 | ||||||||
Tetra Tech, Inc. | 2,600 | 227,422 | ||||||||
Timken Co. (The) | 4,873 | 238,777 | ||||||||
Toro Co. (The) | 2,932 | 226,145 | ||||||||
Trex Co., Inc.(b) | 2,447 | 215,067 | ||||||||
Trinity Industries, Inc. | 10,870 | 215,009 | ||||||||
Valmont Industries, Inc. | 1,506 | 206,608 | ||||||||
Watsco, Inc. | 1,282 | 226,017 | ||||||||
Werner Enterprises, Inc. | 6,165 | 225,022 | ||||||||
Woodward, Inc. | 2,022 | 215,667 | ||||||||
XPO Logistics, Inc.(b) | 2,910 | 222,324 | ||||||||
|
| |||||||||
13,815,981 | ||||||||||
|
| |||||||||
InformationTechnology-13.40% | ||||||||||
ACI Worldwide, Inc.(b) | 6,635 | 208,273 | ||||||||
Arrow Electronics, Inc.(b) | 2,839 | 225,076 | ||||||||
Avnet, Inc. | 4,868 | 192,578 | ||||||||
Belden, Inc. | 4,063 | 208,351 | ||||||||
Blackbaud, Inc. | 2,351 | 197,366 | ||||||||
CACI International, Inc., Class A(b) | 1,008 | 225,540 | ||||||||
CDK Global, Inc. | 4,698 | 237,437 | ||||||||
Ciena Corp.(b) | 5,455 | 202,490 | ||||||||
Cirrus Logic, Inc.(b) | 3,914 | 265,995 | ||||||||
Cognex Corp. | 4,309 | 221,870 |
Shares | Value | |||||||||
Information Technology-(continued) | ||||||||||
Coherent, Inc.(b) | 1,330 | $ | 198,064 | |||||||
CommVault Systems, Inc.(b) | 4,734 | 235,138 | ||||||||
CoreLogic, Inc.(b) | 4,687 | 189,777 | ||||||||
Cree, Inc.(b) | 4,191 | 200,036 | ||||||||
Cypress Semiconductor Corp. | 9,320 | 216,876 | ||||||||
Fair Isaac Corp.(b) | 703 | 213,740 | ||||||||
First Solar, Inc.(b) | 3,416 | 176,915 | ||||||||
II-VI, Inc.(b) | 6,205 | 205,696 | ||||||||
InterDigital, Inc. | 3,944 | 211,517 | ||||||||
j2 Global, Inc. | 2,383 | 226,290 | ||||||||
Jabil, Inc. | 6,917 | 254,684 | ||||||||
KBR, Inc. | 8,436 | 237,558 | ||||||||
Littelfuse, Inc. | 1,188 | 208,577 | ||||||||
LiveRamp Holdings, Inc.(b) | 4,754 | 185,834 | ||||||||
LogMeIn, Inc. | 3,160 | 207,549 | ||||||||
Lumentum Holdings, Inc.(b) | 3,686 | 230,965 | ||||||||
Manhattan Associates, Inc.(b) | 2,685 | 201,241 | ||||||||
MAXIMUS, Inc. | 2,672 | 205,049 | ||||||||
MKS Instruments, Inc. | 2,327 | 251,828 | ||||||||
Monolithic Power Systems, Inc. | 1,346 | 201,792 | ||||||||
National Instruments Corp. | 4,923 | 203,763 | ||||||||
NCR Corp.(b) | 6,558 | 191,559 | ||||||||
NetScout Systems, Inc.(b) | 8,941 | 216,551 | ||||||||
Perspecta, Inc. | 8,255 | 219,088 | ||||||||
Plantronics, Inc. | 6,088 | 239,989 | ||||||||
PTC, Inc.(b) | 3,269 | 218,729 | ||||||||
Sabre Corp. | 9,247 | 217,119 | ||||||||
Science Applications International Corp. | 2,581 | 213,242 | ||||||||
Semtech Corp.(b) | 4,449 | 224,496 | ||||||||
Silicon Laboratories, Inc.(b) | 1,903 | 202,175 | ||||||||
SolarEdge Technologies, Inc.(b) | 2,608 | 221,576 | ||||||||
Synaptics, Inc.(b)(c) | 5,570 | 234,553 | ||||||||
SYNNEX Corp. | 2,235 | 263,149 | ||||||||
Tech Data Corp.(b) | 2,090 | 253,935 | ||||||||
Teradata Corp.(b) | 6,640 | 198,735 | ||||||||
Teradyne, Inc. | 3,762 | 230,310 | ||||||||
Trimble, Inc.(b) | 5,435 | 216,530 | ||||||||
Tyler Technologies, Inc.(b) | 849 | 227,973 | ||||||||
Universal Display Corp. | 1,220 | 244,219 | ||||||||
ViaSat, Inc.(b) | 2,755 | 189,654 | ||||||||
Vishay Intertechnology, Inc. | 11,977 | 241,336 | ||||||||
WEX, Inc.(b) | 1,059 | 200,342 | ||||||||
Zebra Technologies Corp., Class A(b) | 1,061 | 252,380 | ||||||||
|
| |||||||||
11,565,505 | ||||||||||
|
| |||||||||
Materials-7.14% | ||||||||||
Allegheny Technologies, Inc.(b) | 9,932 | 208,671 | ||||||||
AptarGroup, Inc. | 1,837 | 217,042 | ||||||||
Ashland Global Holdings, Inc. | 2,777 | 214,856 | ||||||||
Cabot Corp. | 4,604 | 200,688 | ||||||||
Carpenter Technology Corp. | 3,953 | 193,776 | ||||||||
Chemours Co. (The) | 13,304 | 218,319 | ||||||||
Commercial Metals Co. | 11,597 | 224,170 | ||||||||
Compass Minerals International, Inc. | 3,819 | 215,697 | ||||||||
Domtar Corp. | 6,028 | 219,359 | ||||||||
Eagle Materials, Inc. | 2,512 | 229,446 | ||||||||
Greif, Inc., Class A | 5,524 | 216,375 | ||||||||
Ingevity Corp.(b) | 2,417 | 203,536 | ||||||||
Louisiana-Pacific Corp. | 8,655 | 252,986 | ||||||||
Minerals Technologies, Inc. | 3,930 | 194,339 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||||
Materials-(continued) | ||||||||||
NewMarket Corp. | 483 | $ | 234,492 | |||||||
Olin Corp. | 11,552 | 211,864 | ||||||||
Owens-Illinois, Inc. | 20,180 | 171,530 | ||||||||
PolyOne Corp. | 6,224 | 199,479 | ||||||||
Reliance Steel & Aluminum Co. | 2,103 | 244,032 | ||||||||
Royal Gold, Inc. | 1,795 | 207,215 | ||||||||
RPM International, Inc. | 3,138 | 227,285 | ||||||||
ScottsMiracle-Gro Co. (The) | 2,134 | 214,232 | ||||||||
Sensient Technologies Corp. | 3,123 | 195,375 | ||||||||
Silgan Holdings, Inc. | 7,250 | 223,082 | ||||||||
Sonoco Products Co. | 3,669 | 211,701 | ||||||||
Steel Dynamics, Inc. | 6,879 | 208,846 | ||||||||
United States Steel Corp.(c) | 16,605 | 191,124 | ||||||||
Valvoline, Inc. | 9,777 | 208,641 | ||||||||
Worthington Industries, Inc. | 5,586 | 205,621 | ||||||||
|
| |||||||||
6,163,779 | ||||||||||
|
| |||||||||
RealEstate-10.40% | ||||||||||
Alexander & Baldwin, Inc. | 8,836 | 207,734 | ||||||||
American Campus Communities, Inc. | 4,600 | 229,908 | ||||||||
Brixmor Property Group, Inc. | 11,114 | 244,730 | ||||||||
Camden Property Trust | 2,035 | 232,743 | ||||||||
CoreCivic, Inc. | 12,215 | 186,401 | ||||||||
CoreSite Realty Corp. | 1,914 | 224,895 | ||||||||
Corporate Office Properties Trust | 7,518 | 222,833 | ||||||||
Cousins Properties, Inc. | 6,115 | 245,395 | ||||||||
CyrusOne, Inc. | 2,955 | 210,632 | ||||||||
Douglas Emmett, Inc. | 5,177 | 224,268 | ||||||||
EastGroup Properties, Inc. | 1,738 | 232,805 | ||||||||
EPR Properties | 2,882 | 224,191 | ||||||||
First Industrial Realty Trust, Inc. | 5,608 | 236,153 | ||||||||
GEO Group, Inc. (The) | 11,932 | 181,605 | ||||||||
Healthcare Realty Trust, Inc. | 6,682 | 232,333 | ||||||||
Highwoods Properties, Inc. | 4,901 | 229,367 | ||||||||
JBG SMITH Properties | 5,608 | 225,778 | ||||||||
Jones Lang LaSalle, Inc. | 1,552 | 227,399 | ||||||||
Kilroy Realty Corp. | 2,862 | 240,208 | ||||||||
Lamar Advertising Co., Class A | 2,762 | 220,988 | ||||||||
Liberty Property Trust | 4,285 | 253,115 | ||||||||
Life Storage, Inc. | 2,123 | 231,237 | ||||||||
Mack-Cali Realty Corp. | 10,025 | 214,735 | ||||||||
Medical Properties Trust, Inc. | 11,785 | 244,303 | ||||||||
National Retail Properties, Inc. | 4,100 | 241,531 | ||||||||
Omega Healthcare Investors, Inc.(c) | 5,368 | 236,407 | ||||||||
Park Hotels & Resorts, Inc. | 9,922 | 230,686 | ||||||||
Pebblebrook Hotel Trust | 7,578 | 194,830 | ||||||||
PotlatchDeltic Corp. | 5,241 | 222,585 | ||||||||
PS Business Parks, Inc. | 1,247 | 225,146 | ||||||||
Rayonier, Inc. | 7,868 | 212,279 | ||||||||
Sabra Health Care REIT, Inc. | 9,866 | 242,704 | ||||||||
Senior Housing Properties Trust | 24,497 | 243,133 | ||||||||
Service Properties Trust | 8,534 | 215,910 | ||||||||
Spirit Realty Capital, Inc. | 4,634 | 230,959 | ||||||||
Tanger Factory Outlet Centers, Inc.(c) | 13,217 | 213,058 |
Shares | Value | |||||||||
Real Estate-(continued) | ||||||||||
Taubman Centers, Inc. | 5,153 | $ | 184,374 | |||||||
Uniti Group, Inc.(c) | 27,090 | 187,463 | ||||||||
Urban Edge Properties | 10,970 | 231,577 | ||||||||
Weingarten Realty Investors | 7,731 | 245,305 | ||||||||
|
| |||||||||
8,981,703 | ||||||||||
|
| |||||||||
Utilities-3.76% | ||||||||||
ALLETE, Inc. | 2,497 | 214,892 | ||||||||
Aqua America, Inc. | 4,992 | 226,287 | ||||||||
Black Hills Corp. | 2,868 | 226,085 | ||||||||
Hawaiian Electric Industries, Inc. | 4,929 | 222,544 | ||||||||
IDACORP, Inc. | 1,998 | 215,025 | ||||||||
MDU Resources Group, Inc. | 7,737 | 223,522 | ||||||||
National Fuel Gas Co. | 4,465 | 202,309 | ||||||||
New Jersey Resources Corp. | 4,822 | 210,239 | ||||||||
NorthWestern Corp. | 2,975 | 215,747 | ||||||||
OGE Energy Corp. | 4,950 | 213,147 | ||||||||
ONE Gas, Inc. | 2,377 | 220,681 | ||||||||
PNM Resources, Inc. | 4,335 | 226,070 | ||||||||
Southwest Gas Holdings, Inc. | 2,363 | 206,290 | ||||||||
Spire, Inc. | 2,523 | 212,083 | ||||||||
UGI Corp. | 4,374 | 208,509 | ||||||||
|
| |||||||||
3,243,430 | ||||||||||
|
| |||||||||
Total Common Stocks & Other Equity Interests |
| 86,299,595 | ||||||||
|
| |||||||||
Money MarketFunds-0.26% | ||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 223,199 | 223,199 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 86,522,794 | ||||||||
|
| |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money MarketFunds-4.89% | ||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 3,167,719 | 3,167,719 | ||||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 1,057,916 | 1,058,340 | ||||||||
|
| |||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,226,059 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS INSECURITIES-105.11% |
| 90,748,853 | ||||||||
OTHER ASSETS LESS LIABILITIES-(5.11)% |
| (4,414,506 | ) | |||||||
|
| |||||||||
NETASSETS-100.00% | $ | 86,334,347 | ||||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Industrials | 16.00 | |||
Financials | 15.53 | |||
Consumer Discretionary | 14.56 | |||
Information Technology | 13.40 | |||
Real Estate | 10.40 | |||
Health Care | 8.85 | |||
Materials | 7.14 | |||
Energy | 3.98 | |||
Utilities | 3.76 | |||
Consumer Staples | 3.70 | |||
Communication Services | 2.64 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||||
CommunicationServices-2.77% | ||||||||||
ATN International, Inc. | 814 | $ | 48,213 | |||||||
Care.com, Inc.(b) | 4,937 | 57,664 | ||||||||
Cincinnati Bell, Inc.(b) | 7,875 | 40,241 | ||||||||
Cogent Communications Holdings, Inc. | 875 | 51,310 | ||||||||
Consolidated Communications Holdings, Inc. | 10,756 | 43,024 | ||||||||
E.W. Scripps Co. (The), Class A | 3,677 | 49,401 | ||||||||
Frontier Communications Corp.(b)(c) | 48,148 | 43,815 | ||||||||
Gannett Co., Inc.(c) | 4,703 | 51,028 | ||||||||
Glu Mobile, Inc.(b) | 9,361 | 55,511 | ||||||||
Iridium Communications, Inc.(b) | 1,905 | 46,615 | ||||||||
Marcus Corp. (The) | 1,413 | 51,009 | ||||||||
New Media Investment Group, Inc.(c) | 5,495 | 48,411 | ||||||||
QuinStreet, Inc.(b) | 3,904 | 50,088 | ||||||||
Scholastic Corp. | 1,275 | 49,088 | ||||||||
Spok Holdings, Inc. | 4,051 | 48,207 | ||||||||
TechTarget, Inc.(b) | 2,063 | 50,337 | ||||||||
Vonage Holdings Corp.(b) | 3,934 | 38,435 | ||||||||
|
| |||||||||
822,397 | ||||||||||
|
| |||||||||
ConsumerDiscretionary-15.97% | ||||||||||
Abercrombie & Fitch Co., Class A | 2,855 | 46,222 | ||||||||
American Axle & Manufacturing Holdings, Inc.(b) | 5,642 | 47,167 | ||||||||
American Public Education, Inc.(b) | 2,052 | 44,569 | ||||||||
Asbury Automotive Group, Inc.(b) | 504 | 51,978 | ||||||||
Barnes & Noble Education, Inc.(b) | 11,464 | 47,117 | ||||||||
Big Lots, Inc. | 2,222 | 48,151 | ||||||||
BJ’s Restaurants, Inc. | 1,267 | 50,161 | ||||||||
Bloomin’ Brands, Inc. | 2,499 | 49,505 | ||||||||
Boot Barn Holdings, Inc.(b) | 1,398 | 49,000 | ||||||||
Buckle, Inc. (The)(c) | 2,481 | 51,903 | ||||||||
Caleres, Inc. | 2,275 | 48,958 | ||||||||
Callaway Golf Co. | 2,699 | 54,574 | ||||||||
Career Education Corp.(b) | 2,583 | 36,575 | ||||||||
Cato Corp. (The), Class A | 2,932 | 51,281 | ||||||||
Cavco Industries, Inc.(b) | 252 | 48,296 | ||||||||
Century Communities, Inc.(b) | 1,694 | 51,108 | ||||||||
Chico’s FAS, Inc. | 12,008 | 41,308 | ||||||||
Children’s Place, Inc. (The)(c) | 540 | 44,231 | ||||||||
Chuy’s Holdings, Inc.(b) | 1,953 | 47,595 | ||||||||
Conn’s, Inc.(b) | 1,914 | 46,300 | ||||||||
Cooper Tire & Rubber Co. | 1,910 | 53,938 | ||||||||
Cooper-Standard Holdings, Inc.(b) | 1,045 | 33,294 | ||||||||
Core-Mark Holding Co., Inc. | 1,529 | 46,665 | ||||||||
Crocs, Inc.(b) | 1,770 | 61,932 | ||||||||
Dave & Buster’s Entertainment, Inc. | 1,223 | 48,651 | ||||||||
Designer Brands Inc., Class A | 3,006 | 49,599 | ||||||||
Dine Brands Global, Inc. | 684 | 50,035 | ||||||||
Dorman Products, Inc.(b) | 613 | 44,105 | ||||||||
El Pollo Loco Holdings, Inc.(b) | 4,328 | 50,291 | ||||||||
Ethan Allen Interiors, Inc. | 2,613 | 51,502 | ||||||||
Express, Inc.(b) | 16,361 | 52,682 | ||||||||
Fiesta Restaurant Group, Inc.(b) | 4,838 | 41,583 | ||||||||
Fossil Group, Inc.(b) | 3,850 | 41,888 | ||||||||
Fox Factory Holding Corp.(b) | 746 | 45,461 | ||||||||
GameStop Corp., Class A(c) | 11,464 | 62,364 | ||||||||
Garrett Motion, Inc. (Switzerland)(b) | 4,107 | 39,017 | ||||||||
Genesco, Inc.(b) | 1,178 | 45,765 |
Shares | Value | |||||||||
Consumer Discretionary-(continued) | ||||||||||
Gentherm, Inc.(b) | 1,184 | $ | 49,456 | |||||||
G-III Apparel Group Ltd.(b) | 1,882 | 47,257 | ||||||||
Group 1 Automotive, Inc. | 582 | 57,874 | ||||||||
Guess?, Inc. | 2,665 | 44,639 | ||||||||
Haverty Furniture Cos., Inc. | 2,447 | 44,389 | ||||||||
Hibbett Sports, Inc.(b)(c) | 2,722 | 64,947 | ||||||||
Installed Building Products, Inc.(b) | 852 | 55,567 | ||||||||
iRobot Corp.(b)(c) | 793 | 38,112 | ||||||||
J.C. Penney Co., Inc.(b)(c) | 52,114 | 52,114 | ||||||||
Kontoor Brands, Inc. | 1,425 | 54,150 | ||||||||
La-Z-Boy, Inc. | 1,527 | 54,224 | ||||||||
LCI Industries | 537 | 52,153 | ||||||||
LGI Homes, Inc.(b) | 633 | 49,678 | ||||||||
Liquidity Services, Inc.(b) | 6,241 | 40,504 | ||||||||
Lithia Motors, Inc., Class A | 402 | 63,307 | ||||||||
Lumber Liquidators Holdings, Inc.(b)(c) | 5,175 | 47,765 | ||||||||
M.D.C. Holdings, Inc. | 1,193 | 46,181 | ||||||||
M/I Homes, Inc.(b) | 1,358 | 59,996 | ||||||||
MarineMax, Inc.(b) | 3,317 | 51,248 | ||||||||
Meritage Homes Corp.(b) | 734 | 52,914 | ||||||||
Michaels Cos., Inc. (The)(b)(c) | 5,283 | 46,121 | ||||||||
Monarch Casino & Resort, Inc.(b) | 1,095 | 47,293 | ||||||||
Monro, Inc. | 664 | 46,553 | ||||||||
Motorcar Parts of America, Inc.(b) | 2,917 | 55,598 | ||||||||
Movado Group, Inc. | 2,014 | 52,465 | ||||||||
Office Depot, Inc. | 30,092 | 61,990 | ||||||||
Oxford Industries, Inc. | 684 | 47,100 | ||||||||
PetMed Express, Inc.(c) | 2,737 | 64,087 | ||||||||
Red Robin Gourmet Burgers, Inc.(b) | 1,454 | 44,347 | ||||||||
Regis Corp.(b) | 2,578 | 53,107 | ||||||||
Rent-A-Center, Inc. | 1,958 | 50,653 | ||||||||
RH(b)(c) | 291 | 52,875 | ||||||||
Ruth’s Hospitality Group, Inc. | 2,511 | 51,676 | ||||||||
Shake Shack, Inc., Class A(b) | 496 | 40,811 | ||||||||
Shoe Carnival, Inc.(c) | 1,574 | 52,241 | ||||||||
Shutterstock, Inc.(b) | 1,342 | 54,458 | ||||||||
Signet Jewelers Ltd.(c) | 3,083 | 49,451 | ||||||||
Sleep Number Corp.(b) | 1,142 | 54,953 | ||||||||
Sonic Automotive, Inc., Class A | 1,641 | 52,889 | ||||||||
Stamps.com, Inc.(b) | 673 | 56,821 | ||||||||
Standard Motor Products, Inc. | 1,021 | 53,460 | ||||||||
Steven Madden Ltd. | 1,410 | 58,064 | ||||||||
Strategic Education, Inc. | 324 | 39,862 | ||||||||
Sturm Ruger & Co., Inc. | 1,147 | 52,487 | ||||||||
Tailored Brands, Inc.(c) | 9,913 | 45,996 | ||||||||
Tile Shop Holdings, Inc. | 17,677 | 29,697 | ||||||||
TopBuild Corp.(b) | 544 | 56,538 | ||||||||
Tupperware Brands Corp. | 3,178 | 30,604 | ||||||||
Unifi, Inc.(b) | 2,118 | 57,821 | ||||||||
Universal Electronics, Inc.(b) | 1,107 | 57,697 | ||||||||
Vera Bradley, Inc.(b) | 5,050 | 54,338 | ||||||||
Vista Outdoor, Inc.(b) | 7,591 | 50,860 | ||||||||
Vitamin Shoppe, Inc.(b) | 7,022 | 45,362 | ||||||||
William Lyon Homes, Class A(b) | 2,598 | 50,271 | ||||||||
Wingstop, Inc. | 581 | 48,473 | ||||||||
Winnebago Industries, Inc.(c) | 1,375 | 66,096 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||||
Consumer Discretionary-(continued) |
| |||||||||
Wolverine World Wide, Inc.(c) | 1,700 | $ | 50,456 | |||||||
Zumiez, Inc.(b) | 1,563 | 49,875 | ||||||||
|
| |||||||||
4,734,692 | ||||||||||
|
| |||||||||
ConsumerStaples-3.96% | ||||||||||
Andersons, Inc. (The) | 1,821 | 33,543 | ||||||||
Avon Products, Inc. (United Kingdom)(b) | 11,038 | 47,353 | ||||||||
B&G Foods, Inc.(c) | 2,535 | 39,419 | ||||||||
Calavo Growers, Inc. | 540 | 46,834 | ||||||||
Cal-Maine Foods, Inc. | 1,113 | 44,398 | ||||||||
Central Garden & Pet Co.(b) | 371 | 11,137 | ||||||||
Central Garden & Pet Co., Class A(b) | 1,488 | 42,081 | ||||||||
Chefs’ Warehouse, Inc. (The)(b) | 1,245 | 41,241 | ||||||||
Coca-Cola Consolidated, Inc. | 171 | 46,916 | ||||||||
Darling Ingredients, Inc.(b) | 2,490 | 48,057 | ||||||||
Dean Foods Co.(c) | 31,796 | 31,160 | ||||||||
Fresh Del Monte Produce, Inc. | 1,333 | 42,523 | ||||||||
Inter Parfums, Inc. | 738 | 57,143 | ||||||||
J&J Snack Foods Corp. | 267 | 50,933 | ||||||||
John B. Sanfilippo & Son, Inc. | 533 | 56,562 | ||||||||
Medifast, Inc.(c) | 468 | 51,920 | ||||||||
MGP Ingredients, Inc.(c) | 954 | 40,917 | ||||||||
National Beverage Corp.(c) | 1,065 | 46,817 | ||||||||
PriceSmart, Inc. | 684 | 50,684 | ||||||||
Seneca Foods Corp., Class A(b) | 1,600 | 56,608 | ||||||||
SpartanNash Co. | 4,252 | 55,680 | ||||||||
United Natural Foods, Inc.(b) | 4,182 | 31,365 | ||||||||
Universal Corp. | 911 | 49,923 | ||||||||
USANA Health Sciences, Inc.(b) | 705 | 52,247 | ||||||||
Vector Group Ltd.(c) | 3,906 | 47,653 | ||||||||
WD-40 Co. | 270 | 50,598 | ||||||||
|
| |||||||||
1,173,712 | ||||||||||
|
| |||||||||
Energy-6.11% | ||||||||||
Archrock, Inc. | 4,729 | 45,588 | ||||||||
Bonanza Creek Energy, Inc.(b) | 2,147 | 38,260 | ||||||||
Callon Petroleum Co.(b)(c) | 9,938 | 37,764 | ||||||||
Carrizo Oil & Gas, Inc.(b)(c) | 5,913 | 43,520 | ||||||||
CONSOL Energy, Inc.(b) | 2,931 | 38,777 | ||||||||
Denbury Resources, Inc.(b)(c) | 41,439 | 41,360 | ||||||||
Diamond Offshore Drilling, Inc.(b)(c) | 6,574 | 34,776 | ||||||||
DMC Global, Inc. | 1,075 | 48,095 | ||||||||
Dril-Quip, Inc.(b) | 972 | 39,871 | ||||||||
Era Group, Inc.(b) | 4,668 | 45,140 | ||||||||
Exterran Corp.(b) | 3,781 | 47,905 | ||||||||
Geospace Technologies Corp.(b) | 3,322 | 48,468 | ||||||||
Green Plains, Inc. | 4,685 | 57,766 | ||||||||
Gulfport Energy Corp.(b) | 16,965 | 47,248 | ||||||||
Helix Energy Solutions Group, Inc.(b) | 5,693 | 48,903 | ||||||||
HighPoint Resources Corp.(b)(c) | 35,804 | 37,952 | ||||||||
Jagged Peak Energy, Inc.(b)(c) | 6,713 | 47,595 | ||||||||
KLX Energy Services Holdings, Inc.(b) | 4,694 | 37,270 | ||||||||
Laredo Petroleum, Inc.(b) | 18,935 | 44,687 | ||||||||
Matrix Service Co.(b) | 2,648 | 49,676 | ||||||||
McDermott International, Inc.(b) | 8,731 | 14,232 | ||||||||
Nabors Industries Ltd. | 21,981 | 40,665 | ||||||||
Newpark Resources, Inc.(b) | 6,609 | 39,654 | ||||||||
NexTier Oilfield Solutions, Inc.(b) | 100 | 432 | ||||||||
Noble Corp. PLC(b) | 26,749 | 32,901 | ||||||||
Oil States International, Inc.(b) | 3,268 | 46,634 | ||||||||
Par Pacific Holdings, Inc.(b) | 2,193 | 49,671 |
Shares | Value | |||||||||
Energy-(continued) | ||||||||||
PDC Energy, Inc.(b) | 1,547 | $ | 30,863 | |||||||
Penn Virginia Corp.(b) | 1,551 | 36,914 | ||||||||
ProPetro Holding Corp.(b) | 4,765 | 36,929 | ||||||||
QEP Resources, Inc. | 12,391 | 41,262 | ||||||||
Range Resources Corp.(c) | 10,919 | 44,004 | ||||||||
Renewable Energy Group, Inc.(b)(c) | 3,182 | 51,994 | ||||||||
REX American Resources Corp.(b) | 653 | 52,841 | ||||||||
Ring Energy, Inc.(b) | 34,391 | 57,089 | ||||||||
RPC, Inc.(c) | 8,932 | 36,978 | ||||||||
SEACOR Holdings, Inc.(b) | 993 | 42,610 | ||||||||
SM Energy Co. | 5,239 | 41,074 | ||||||||
SRC Energy, Inc.(b) | 9,760 | 30,451 | ||||||||
Talos Energy, Inc.(b) | 1,504 | 32,381 | ||||||||
TETRA Technologies, Inc.(b) | 26,608 | 45,234 | ||||||||
Unit Corp.(b) | 15,228 | 31,065 | ||||||||
US Silica Holdings, Inc. | 4,642 | 20,703 | ||||||||
Valaris PLC(c) | 7,961 | 32,720 | ||||||||
Whiting Petroleum Corp.(b)(c) | 6,601 | 41,850 | ||||||||
|
| |||||||||
1,811,772 | ||||||||||
|
| |||||||||
Financials-15.77% | ||||||||||
Allegiance Bancshares, Inc.(b) | 1,484 | 49,358 | ||||||||
Ambac Financial Group, Inc.(b) | 2,566 | 52,603 | ||||||||
American Equity Investment Life Holding Co. | 2,061 | 50,865 | ||||||||
Ameris Bancorp | 1,282 | 54,934 | ||||||||
AMERISAFE, Inc. | 754 | 47,902 | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 2,621 | 47,964 | ||||||||
ARMOUR Residential REIT, Inc. | 2,953 | 49,404 | ||||||||
Axos Financial, Inc.(b) | 1,715 | 49,821 | ||||||||
Banc of California, Inc. | 3,439 | 47,355 | ||||||||
Banner Corp. | 869 | 46,909 | ||||||||
Berkshire Hills Bancorp, Inc. | 1,572 | 48,779 | ||||||||
Blucora, Inc.(b) | 2,003 | 43,325 | ||||||||
Boston Private Financial Holdings, Inc. | 4,158 | 46,778 | ||||||||
Brookline Bancorp, Inc. | 3,391 | 53,239 | ||||||||
Cadence BanCorp | 2,832 | 43,556 | ||||||||
Capstead Mortgage Corp. | 6,705 | 51,830 | ||||||||
Central Pacific Financial Corp. | 1,738 | 50,263 | ||||||||
City Holding Co. | 659 | 52,285 | ||||||||
Columbia Banking System, Inc. | 1,347 | 52,937 | ||||||||
Community Bank System, Inc. | 757 | 51,309 | ||||||||
Customers Bancorp, Inc.(b) | 2,365 | 55,767 | ||||||||
CVB Financial Corp. | 2,351 | 48,854 | ||||||||
Dime Community Bancshares, Inc. | 2,322 | 44,791 | ||||||||
Donnelley Financial Solutions, Inc.(b) | 4,158 | 46,985 | ||||||||
Eagle Bancorp, Inc. | 1,111 | 50,151 | ||||||||
eHealth, Inc.(b)(c) | 669 | 46,188 | ||||||||
Employers Holdings, Inc. | 1,147 | 48,564 | ||||||||
Encore Capital Group, Inc.(b) | 1,469 | 48,756 | ||||||||
Enova International, Inc.(b) | 2,064 | 48,483 | ||||||||
EZCORP, Inc., Class A(b) | 6,055 | 31,849 | ||||||||
FGL Holdings | 5,450 | 49,214 | ||||||||
First BanCorp | 4,966 | 52,242 | ||||||||
First Commonwealth Financial Corp. | 3,750 | 52,837 | ||||||||
First Financial Bancorp | 1,998 | 46,833 | ||||||||
First Midwest Bancorp, Inc. | 2,525 | 51,864 | ||||||||
Flagstar Bancorp, Inc. | 1,367 | 49,677 | ||||||||
Franklin Financial Network, Inc. | 1,586 | 52,766 | ||||||||
Glacier Bancorp, Inc. | 1,222 | 51,715 | ||||||||
Granite Point Mortgage Trust, Inc. | 2,706 | 50,332 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Great Western Bancorp, Inc. | 1,520 | $ | 53,002 | |||||
Greenhill & Co., Inc. | 3,330 | 53,946 | ||||||
Hanmi Financial Corp. | 2,633 | 50,685 | ||||||
HCI Group, Inc. | 1,177 | 49,493 | ||||||
Heritage Financial Corp. | 1,806 | 49,719 | ||||||
HomeStreet, Inc.(b) | 1,760 | 52,818 | ||||||
Hope Bancorp, Inc. | 3,407 | 48,618 | ||||||
Horace Mann Educators Corp. | 1,064 | 46,348 | ||||||
Independent Bank Corp. | 678 | 55,650 | ||||||
INTL. FCStone, Inc.(b) | 1,146 | 45,840 | ||||||
Invesco Mortgage Capital, Inc.(d) | 3,302 | 51,973 | ||||||
James River Group Holdings Ltd. | 1,019 | 36,490 | ||||||
KKR Real Estate Finance Trust, Inc.(c) | 2,470 | 49,524 | ||||||
Meta Financial Group, Inc. | 1,488 | 47,110 | ||||||
National Bank Holdings Corp., Class A | 1,367 | 47,025 | ||||||
NBT Bancorp, Inc. | 1,326 | 52,708 | ||||||
New York Mortgage Trust, Inc. | 8,180 | 51,207 | ||||||
NMI Holdings, Inc., Class A(b) | 1,914 | 55,984 | ||||||
Northfield Bancorp, Inc. | 3,152 | 53,616 | ||||||
Northwest Bancshares, Inc. | 3,020 | 50,947 | ||||||
OFG Bancorp | 2,250 | 45,698 | ||||||
Old National Bancorp | 2,809 | 50,548 | ||||||
Opus Bank | 2,248 | 55,728 | ||||||
Oritani Financial Corp. | 2,748 | 51,278 | ||||||
Pacific Premier Bancorp, Inc. | 1,555 | 52,489 | ||||||
PennyMac Mortgage Investment Trust | 2,297 | 52,578 | ||||||
Piper Jaffray Cos. | 647 | 50,815 | ||||||
PRA Group, Inc.(b) | 1,451 | 49,232 | ||||||
Preferred Bank | 941 | 50,165 | ||||||
ProAssurance Corp. | 1,256 | 49,260 | ||||||
Provident Financial Services, Inc. | 1,961 | 48,927 | ||||||
Redwood Trust, Inc. | 3,024 | 49,412 | ||||||
RLI Corp. | 563 | 54,791 | ||||||
S&T Bancorp, Inc. | 1,342 | 50,533 | ||||||
Safety Insurance Group, Inc. | 501 | 48,697 | ||||||
Seacoast Banking Corp. of Florida(b) | 1,984 | 55,552 | ||||||
ServisFirst Bancshares, Inc. | 1,483 | 51,905 | ||||||
Simmons First National Corp., Class A | 1,979 | 47,338 | ||||||
Southside Bancshares, Inc. | 1,445 | 49,780 | ||||||
Stewart Information Services Corp. | 1,469 | 60,111 | ||||||
Third Point Reinsurance Ltd. (Bermuda)(b) | 4,942 | 46,900 | ||||||
Tompkins Financial Corp. | 588 | 51,456 | ||||||
Triumph Bancorp, Inc.(b) | 1,550 | 50,298 | ||||||
TrustCo Bank Corp. NY | 6,062 | 52,376 | ||||||
United Community Banks, Inc. | 1,805 | 54,529 | ||||||
United Fire Group, Inc. | 1,066 | 48,524 | ||||||
United Insurance Holdings Corp. | 3,642 | 44,651 | ||||||
Universal Insurance Holdings, Inc. | 1,756 | 47,605 | ||||||
Veritex Holdings, Inc. | 1,986 | 48,895 | ||||||
Virtus Investment Partners, Inc. | 425 | 46,104 | ||||||
Waddell & Reed Financial, Inc., Class A | 2,835 | 46,948 | ||||||
Walker & Dunlop, Inc. | 889 | 55,998 | ||||||
Westamerica Bancorp | 783 | 51,694 | ||||||
WisdomTree Investments, Inc. | 9,109 | 46,547 | ||||||
World Acceptance Corp.(b) | 361 | 37,475 | ||||||
|
| |||||||
4,676,824 | ||||||||
|
| |||||||
HealthCare-12.85% | ||||||||
Acorda Therapeutics, Inc.(b) | 13,097 | 21,610 | ||||||
Addus HomeCare Corp.(b) | 647 | 54,484 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Akorn, Inc.(b) | 13,889 | $ | 69,306 | |||||
AMAG Pharmaceuticals, Inc.(b)(c) | 4,288 | 41,615 | ||||||
AMN Healthcare Services, Inc.(b) | 908 | 53,354 | ||||||
Amphastar Pharmaceuticals, Inc.(b) | 2,349 | 45,371 | ||||||
AngioDynamics, Inc.(b) | 2,734 | 41,830 | ||||||
ANI Pharmaceuticals, Inc.(b) | 649 | 50,693 | ||||||
Anika Therapeutics, Inc.(b) | 938 | 66,026 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 1,688 | 67,604 | ||||||
Assertio Therapeutics, Inc.(b) | 37,173 | 29,370 | ||||||
BioTelemetry, Inc.(b) | 1,176 | 46,287 | ||||||
Cambrex Corp.(b) | 848 | 50,651 | ||||||
Cardiovascular Systems, Inc.(b) | 994 | 44,253 | ||||||
Community Health Systems, Inc.(b)(c) | 13,701 | 48,502 | ||||||
Computer Programs & Systems, Inc. | 2,106 | 48,585 | ||||||
CONMED Corp. | 500 | 55,010 | ||||||
Corcept Therapeutics, Inc.(b) | 3,790 | 55,296 | ||||||
CorVel Corp.(b) | 636 | 50,320 | ||||||
Cross Country Healthcare, Inc.(b) | 4,778 | 51,650 | ||||||
CryoLife, Inc.(b) | 1,710 | 38,390 | ||||||
Cutera, Inc.(b) | 1,772 | 55,818 | ||||||
Cytokinetics, Inc.(b) | 4,080 | 47,532 | ||||||
Diplomat Pharmacy, Inc.(b) | 8,948 | 48,677 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 878 | 55,051 | ||||||
Emergent BioSolutions, Inc.(b) | 972 | 55,560 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 730 | 44,442 | ||||||
Endo International PLC(b) | 13,030 | 59,808 | ||||||
Ensign Group, Inc. (The) | 1,235 | 52,179 | ||||||
Genomic Health, Inc.(b) | 705 | 47,009 | ||||||
Hanger, Inc.(b) | 2,595 | 58,673 | ||||||
HealthStream, Inc.(b) | 1,908 | 53,538 | ||||||
Heska Corp.(b) | 754 | 61,089 | ||||||
HMS Holdings Corp.(b) | 1,371 | 44,818 | ||||||
Innoviva, Inc.(b) | 4,411 | 51,256 | ||||||
Inogen, Inc.(b) | 1,044 | 56,830 | ||||||
Integer Holdings Corp.(b) | 653 | 50,568 | ||||||
Invacare Corp. | 6,532 | 50,427 | ||||||
Lannett Co., Inc.(b)(c) | 3,624 | 43,089 | ||||||
Lantheus Holdings, Inc.(b) | 2,053 | 42,805 | ||||||
LeMaitre Vascular, Inc. | 1,423 | 49,236 | ||||||
LHC Group, Inc.(b) | 430 | 47,717 | ||||||
Luminex Corp. | 2,238 | 45,868 | ||||||
Magellan Health, Inc.(b) | 797 | 51,725 | ||||||
Medicines Co. (The)(b)(c) | 1,040 | 54,590 | ||||||
Medpace Holdings, Inc.(b) | 590 | 43,442 | ||||||
Meridian Bioscience, Inc. | 5,122 | 50,144 | ||||||
Merit Medical Systems, Inc.(b) | 1,828 | 37,757 | ||||||
Mesa Laboratories, Inc. | 210 | 47,828 | ||||||
Momenta Pharmaceuticals, Inc.(b) | 3,674 | 56,874 | ||||||
Myriad Genetics, Inc.(b) | 1,844 | 62,087 | ||||||
Natus Medical, Inc.(b) | 1,631 | 54,932 | ||||||
Neogen Corp.(b) | 643 | 41,834 | ||||||
NeoGenomics, Inc.(b) | 2,367 | 54,275 | ||||||
NextGen Healthcare, Inc.(b) | 3,146 | 53,183 | ||||||
Omnicell, Inc.(b) | 686 | 48,288 | ||||||
OraSure Technologies, Inc.(b) | 6,661 | 56,885 | ||||||
Orthofix Medical, Inc.(b) | 991 | 41,652 | ||||||
Owens & Minor, Inc.(c) | 8,076 | 54,351 | ||||||
Pacira BioSciences, Inc.(b) | 1,267 | 51,301 | ||||||
Pennant Group, Inc. (The)(b) | 2,738 | 49,257 | ||||||
Phibro Animal Health Corp., Class A | 2,362 | 56,594 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Progenics Pharmaceuticals, Inc.(b) | 9,450 | $ | 50,180 | |||||
Providence Service Corp. (The)(b) | 831 | 53,076 | ||||||
REGENXBIO, Inc.(b) | 1,333 | 47,575 | ||||||
Select Medical Holdings Corp.(b) | 2,981 | 54,314 | ||||||
Spectrum Pharmaceuticals, Inc.(b) | 5,706 | 44,279 | ||||||
Supernus Pharmaceuticals, Inc.(b) | 1,836 | 51,022 | ||||||
Surmodics, Inc.(b) | 1,059 | 50,313 | ||||||
Tabula Rasa HealthCare, Inc.(b)(c) | 906 | 46,152 | ||||||
Tactile Systems Technology, Inc.(b) | 959 | 43,558 | ||||||
Tivity Health, Inc.(b)(c) | 2,728 | 44,221 | ||||||
US Physical Therapy, Inc. | 387 | 54,749 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 3,720 | 50,257 | ||||||
Varex Imaging Corp.(b) | 1,720 | 51,617 | ||||||
Xencor, Inc.(b) | 1,429 | 48,886 | ||||||
|
| |||||||
3,809,395 | ||||||||
|
| |||||||
Industrials-15.22% | ||||||||
AAON, Inc. | 1,014 | 49,341 | ||||||
AAR Corp. | 1,113 | 46,468 | ||||||
ABM Industries, Inc. | 1,393 | 50,789 | ||||||
Actuant Corp., Class A | 1,929 | 47,781 | ||||||
Aegion Corp.(b) | 2,387 | 51,726 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 990 | 42,798 | ||||||
AeroVironment, Inc.(b) | 830 | 48,123 | ||||||
Alamo Group, Inc. | 436 | 46,678 | ||||||
Albany International Corp. | 564 | 47,365 | ||||||
Allegiant Travel Co. | 335 | 56,055 | ||||||
American Woodmark Corp.(b) | 566 | 56,124 | ||||||
Apogee Enterprises, Inc. | 1,218 | 45,724 | ||||||
Applied Industrial Technologies, Inc. | 883 | 52,839 | ||||||
ArcBest Corp. | 1,619 | 46,773 | ||||||
Arcosa, Inc. | 1,447 | 55,579 | ||||||
Astec Industries, Inc. | 1,557 | 54,635 | ||||||
Atlas Air Worldwide Holdings, Inc.(b) | 1,864 | 40,877 | ||||||
AZZ, Inc. | 1,142 | 44,298 | ||||||
Barnes Group, Inc. | 916 | 53,540 | ||||||
Brady Corp., Class A | 914 | 51,495 | ||||||
Briggs & Stratton Corp. | 7,949 | 58,584 | ||||||
Chart Industries, Inc.(b) | 720 | 42,214 | ||||||
CIRCOR International, Inc.(b) | 1,366 | 52,304 | ||||||
Comfort Systems USA, Inc. | 1,195 | 60,240 | ||||||
Cubic Corp. | 705 | 51,987 | ||||||
DXP Enterprises, Inc.(b) | 1,407 | 48,570 | ||||||
Echo Global Logistics, Inc.(b) | 2,143 | 42,667 | ||||||
Encore Wire Corp. | 846 | 47,545 | ||||||
EnPro Industries, Inc. | 717 | 49,867 | ||||||
ESCO Technologies, Inc. | 622 | 52,553 | ||||||
Exponent, Inc. | 723 | 45,932 | ||||||
Federal Signal Corp. | 1,513 | 49,082 | ||||||
Forrester Research, Inc. | 1,391 | 47,962 | ||||||
Forward Air Corp. | 783 | 54,160 | ||||||
Franklin Electric Co., Inc. | 998 | 53,742 | ||||||
Gibraltar Industries, Inc.(b) | 1,083 | 57,648 | ||||||
GMS, Inc.(b) | 1,822 | 54,587 | ||||||
Greenbrier Cos., Inc. (The) | 1,710 | 50,086 | ||||||
Griffon Corp. | 2,458 | 52,380 | ||||||
Harsco Corp.(b) | 2,453 | 49,722 | ||||||
Hawaiian Holdings, Inc. | 1,783 | 51,012 | ||||||
Heartland Express, Inc. | 2,303 | 48,133 | ||||||
Heidrick & Struggles International, Inc. | 1,828 | 52,025 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Hillenbrand, Inc. | 1,609 | $ | 49,541 | |||||
Hub Group, Inc., Class A(b) | 1,096 | 50,197 | ||||||
Insteel Industries, Inc. | 2,280 | 43,480 | ||||||
Interface, Inc. | 3,801 | 63,211 | ||||||
John Bean Technologies Corp. | 450 | 46,246 | ||||||
Kaman Corp. | 801 | 46,995 | ||||||
Kelly Services, Inc., Class A | 2,057 | 49,389 | ||||||
Korn Ferry | 1,323 | 48,541 | ||||||
Lindsay Corp. | 549 | 51,831 | ||||||
Lydall, Inc.(b) | 1,898 | 37,144 | ||||||
Marten Transport Ltd. | 2,292 | 49,645 | ||||||
Matson, Inc. | 1,239 | 47,305 | ||||||
Matthews International Corp., Class A | 1,357 | 50,182 | ||||||
Mobile Mini, Inc. | 1,436 | 54,022 | ||||||
Moog, Inc., Class A | 559 | 46,794 | ||||||
Mueller Industries, Inc. | 1,720 | 52,924 | ||||||
MYR Group, Inc.(b) | 1,528 | 52,578 | ||||||
National Presto Industries, Inc.(c) | 529 | 45,542 | ||||||
Park Aerospace Corp. | 2,835 | 48,167 | ||||||
Patrick Industries, Inc.(b) | 1,201 | 59,341 | ||||||
PGT Innovations, Inc.(b) | 2,943 | 51,973 | ||||||
Pitney Bowes, Inc. | 11,260 | 49,544 | ||||||
Powell Industries, Inc. | 1,295 | 50,712 | ||||||
Proto Labs, Inc.(b) | 469 | 45,479 | ||||||
Quanex Building Products Corp. | 2,664 | 51,389 | ||||||
Raven Industries, Inc. | 1,428 | 49,809 | ||||||
Resources Connection, Inc. | 2,948 | 43,188 | ||||||
RR Donnelley & Sons Co. | 14,403 | 62,797 | ||||||
Saia, Inc.(b) | 529 | 47,187 | ||||||
Simpson Manufacturing Co., Inc. | 737 | 60,906 | ||||||
SkyWest, Inc. | 796 | 47,402 | ||||||
SPX Corp.(b) | 1,231 | 56,060 | ||||||
SPX FLOW, Inc.(b) | 1,168 | 52,887 | ||||||
Standex International Corp. | 647 | 49,030 | ||||||
Team, Inc.(b) | 2,851 | 51,774 | ||||||
Tennant Co. | 685 | 53,039 | ||||||
Titan International, Inc. | 16,576 | 44,258 | ||||||
Triumph Group, Inc. | 1,996 | 41,457 | ||||||
TrueBlue, Inc.(b) | 2,378 | 54,456 | ||||||
UniFirst Corp. | 257 | 51,616 | ||||||
Universal Forest Products, Inc. | 1,230 | 61,943 | ||||||
US Ecology, Inc. | 787 | 48,975 | ||||||
Veritiv Corp.(b) | 2,629 | 35,860 | ||||||
Viad Corp. | 760 | 46,375 | ||||||
Vicor Corp.(b) | 1,507 | 54,779 | ||||||
Wabash National Corp. | 3,467 | 49,439 | ||||||
Watts Water Technologies, Inc., Class A | 510 | 47,557 | ||||||
|
| |||||||
4,514,976 | ||||||||
|
| |||||||
InformationTechnology-13.34% | ||||||||
3D Systems Corp.(b)(c) | 5,955 | 56,513 | ||||||
8x8, Inc.(b) | 2,259 | 43,644 | ||||||
ADTRAN, Inc. | 4,458 | 39,275 | ||||||
Advanced Energy Industries, Inc.(b) | 897 | 53,013 | ||||||
Agilysys, Inc.(b) | 1,865 | 46,979 | ||||||
Alarm.com Holdings, Inc.(b) | 1,015 | 50,141 | ||||||
Anixter International, Inc.(b) | 731 | 60,490 | ||||||
Applied Optoelectronics, Inc.(b)(c) | 4,526 | 42,363 | ||||||
Arlo Technologies, Inc.(b) | 14,043 | 47,887 | ||||||
Axcelis Technologies, Inc.(b) | 2,746 | 52,641 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Badger Meter, Inc. | 935 | $ | 54,043 | |||||
Bel Fuse, Inc., Class B | 3,341 | 49,146 | ||||||
Benchmark Electronics, Inc. | 1,768 | 59,935 | ||||||
Bottomline Technologies (DE), Inc.(b) | 1,223 | 50,082 | ||||||
Brooks Automation, Inc. | 1,320 | 56,060 | ||||||
Cabot Microelectronics Corp. | 359 | 54,252 | ||||||
CalAmp Corp.(b) | 4,373 | 49,065 | ||||||
Cardtronics PLC, Class A(b) | 1,614 | 55,296 | ||||||
CEVA, Inc.(b) | 1,540 | 41,919 | ||||||
Cohu, Inc. | 3,516 | 58,436 | ||||||
Comtech Telecommunications Corp. | 1,694 | 59,205 | ||||||
CSG Systems International, Inc. | 956 | 55,104 | ||||||
CTS Corp. | 1,513 | 40,367 | ||||||
Daktronics, Inc. | 6,498 | 44,576 | ||||||
Diebold Nixdorf, Inc.(b) | 3,781 | 26,467 | ||||||
Digi International, Inc.(b) | 3,518 | 50,730 | ||||||
Diodes, Inc.(b) | 1,243 | 57,986 | ||||||
DSP Group, Inc.(b) | 3,475 | 51,812 | ||||||
Ebix, Inc. | 1,154 | 49,195 | ||||||
ePlus, Inc.(b) | 629 | 49,144 | ||||||
EVERTEC, Inc. | 1,522 | 46,558 | ||||||
ExlService Holdings, Inc.(b) | 737 | 51,317 | ||||||
Extreme Networks, Inc.(b) | 6,591 | 42,446 | ||||||
Fabrinet (Thailand)(b) | 903 | 50,776 | ||||||
FARO Technologies, Inc.(b) | 927 | 44,199 | ||||||
FormFactor, Inc.(b) | 2,714 | 59,247 | ||||||
Harmonic, Inc.(b) | 7,359 | 57,253 | ||||||
Ichor Holdings Ltd.(b) | 1,939 | 56,444 | ||||||
Insight Enterprises, Inc.(b) | 965 | 59,232 | ||||||
Itron, Inc.(b) | 677 | 51,628 | ||||||
KEMET Corp. | 2,556 | 55,567 | ||||||
Knowles Corp.(b) | 2,427 | 52,375 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 2,208 | 52,429 | ||||||
LivePerson, Inc.(b) | 1,382 | 56,731 | ||||||
ManTech International Corp., Class A | 739 | 58,514 | ||||||
MaxLinear, Inc.(b) | 2,211 | 41,921 | ||||||
Methode Electronics, Inc. | 1,376 | 47,334 | ||||||
MicroStrategy, Inc., Class A(b) | 341 | 52,258 | ||||||
MTS Systems Corp. | 889 | 50,211 | ||||||
NETGEAR, Inc.(b) | 1,444 | 39,233 | ||||||
NIC, Inc. | 2,328 | 54,754 | ||||||
OneSpan, Inc.(b) | 3,085 | 57,720 | ||||||
Onto Innovation, Inc.(b) | 1,638 | 52,744 | ||||||
OSI Systems, Inc.(b) | 474 | 47,040 | ||||||
PDF Solutions, Inc.(b) | 3,737 | 60,390 | ||||||
Perficient, Inc.(b) | 1,334 | 52,293 | ||||||
Photronics, Inc.(b) | 4,542 | 53,596 | ||||||
Plexus Corp.(b) | 781 | 57,747 | ||||||
Power Integrations, Inc. | 543 | 49,473 | ||||||
Progress Software Corp. | 1,276 | 50,887 | ||||||
Qualys, Inc.(b) | 620 | 52,905 | ||||||
Rambus, Inc.(b) | 3,614 | 50,036 | ||||||
Rogers Corp.(b) | 341 | 46,199 | ||||||
Sanmina Corp.(b) | 1,552 | 47,693 | ||||||
ScanSource, Inc.(b) | 1,626 | 52,520 | ||||||
SMART Global Holdings, Inc.(b) | 1,632 | 48,470 | ||||||
SPS Commerce, Inc.(b) | 1,029 | 54,300 | ||||||
Sykes Enterprises, Inc.(b) | 1,610 | 49,741 | ||||||
TiVo Corp. | 6,004 | 48,873 | ||||||
TTEC Holdings, Inc. | 1,069 | 50,638 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
TTM Technologies, Inc.(b) | 4,134 | $ | 48,409 | |||||
Ultra Clean Holdings, Inc.(b) | 3,162 | 67,572 | ||||||
Unisys Corp.(b) | 5,818 | 59,693 | ||||||
Veeco Instruments, Inc.(b) | 4,474 | 61,025 | ||||||
Viavi Solutions, Inc.(b) | 3,411 | 54,439 | ||||||
Virtusa Corp.(b) | 1,276 | 47,569 | ||||||
Xperi Corp. | 2,432 | 49,382 | ||||||
|
| |||||||
|
3,957,547 |
| ||||||
|
| |||||||
Materials-5.89% | ||||||||
A. Schulman Inc., CVR(b)(e) | 1,595 | 834 | ||||||
AdvanSix, Inc.(b) | 1,877 | 42,720 | ||||||
AK Steel Holding Corp.(b) | 18,055 | 42,610 | ||||||
American Vanguard Corp. | 3,022 | 42,248 | ||||||
Balchem Corp. | 480 | 48,581 | ||||||
Boise Cascade Co. | 1,597 | 57,125 | ||||||
Century Aluminum Co.(b) | 7,171 | 41,807 | ||||||
Clearwater Paper Corp.(b) | 2,856 | 52,950 | ||||||
Cleveland-Cliffs, Inc.(c) | 6,322 | 45,708 | ||||||
Ferro Corp.(b) | 4,077 | 45,377 | ||||||
FutureFuel Corp. | 4,134 | 50,972 | ||||||
GCP Applied Technologies, Inc.(b) | 2,418 | 49,956 | ||||||
H.B. Fuller Co. | 1,024 | 49,971 | ||||||
Hawkins, Inc. | 1,110 | 47,452 | ||||||
Haynes International, Inc. | 1,400 | 48,244 | ||||||
Innophos Holdings, Inc. | 1,515 | 49,419 | ||||||
Innospec, Inc. | 530 | 48,421 | ||||||
Kaiser Aluminum Corp. | 507 | 54,290 | ||||||
Koppers Holdings, Inc.(b) | 1,694 | 54,377 | ||||||
Kraton Corp.(b) | 1,474 | 33,047 | ||||||
Livent Corp.(b) | 6,600 | 45,276 | ||||||
LSB Industries, Inc.(b) | 7,778 | 32,901 | ||||||
Materion Corp. | 736 | 41,834 | ||||||
Mercer International, Inc. (Germany) | 3,821 | 46,616 | ||||||
Myers Industries, Inc. | 2,804 | 47,472 | ||||||
Neenah, Inc. | 745 | 48,052 | ||||||
Olympic Steel, Inc. | 3,168 | 47,457 | ||||||
PH Glatfelter Co. | 3,170 | 57,060 | ||||||
Quaker Chemical Corp. | 299 | 45,711 | ||||||
Rayonier Advanced Materials, Inc. | 11,464 | 47,805 | ||||||
Schweitzer-Mauduit International, Inc. | 1,379 | 55,836 | ||||||
Stepan Co. | 511 | 49,935 | ||||||
SunCoke Energy, Inc.(b) | 7,041 | 37,247 | ||||||
TimkenSteel Corp.(b) | 6,750 | 37,935 | ||||||
Tredegar Corp. | 2,562 | 50,933 | ||||||
Trinseo S.A | 1,142 | 48,535 | ||||||
US Concrete, Inc.(b) | 1,060 | 55,396 | ||||||
Warrior Met Coal, Inc. | 2,233 | 43,499 | ||||||
|
| |||||||
|
1,745,609 |
| ||||||
|
| |||||||
RealEstate-7.03% | ||||||||
Acadia Realty Trust | 1,773 | 49,609 | ||||||
Agree Realty Corp. | 709 | 55,848 | ||||||
American Assets Trust, Inc. | 1,078 | 52,779 | ||||||
Armada Hoffler Properties, Inc. | 2,806 | 52,584 | ||||||
CareTrust REIT, Inc. | 2,212 | 53,619 | ||||||
CBL & Associates Properties, Inc.(c) | 42,129 | 60,666 | ||||||
Cedar Realty Trust, Inc. | 17,739 | 59,248 | ||||||
Chatham Lodging Trust | 2,790 | 50,359 | ||||||
Community Healthcare Trust, Inc. | 1,219 | 59,024 | ||||||
DiamondRock Hospitality Co. | 5,056 | 50,459 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Easterly Government Properties, Inc. | 2,422 | $ | 54,059 | |||||
Essential Properties Realty Trust, Inc. | 2,095 | 53,758 | ||||||
Four Corners Property Trust, Inc. | 1,789 | 51,255 | ||||||
Franklin Street Properties Corp. | 6,211 | 53,415 | ||||||
Getty Realty Corp. | 1,562 | 52,389 | ||||||
Global NET Lease, Inc. | 2,569 | 50,044 | ||||||
Hersha Hospitality Trust | 3,357 | 46,327 | ||||||
Independence Realty Trust, Inc. | 3,632 | 55,933 | ||||||
Innovative Industrial Properties, Inc.(c) | 544 | 41,344 | ||||||
iStar, Inc.(c) | 3,919 | 50,986 | ||||||
Kite Realty Group Trust | 3,200 | 57,024 | ||||||
Lexington Realty Trust | 5,005 | 54,454 | ||||||
LTC Properties, Inc. | 1,028 | 53,302 | ||||||
Marcus & Millichap, Inc.(b) | 1,353 | 48,329 | ||||||
National Storage Affiliates Trust | 1,573 | 53,749 | ||||||
Office Properties Income Trust | 1,677 | 53,463 | ||||||
Pennsylvania REIT(c) | 9,362 | 51,678 | ||||||
RE/MAX Holdings, Inc., Class A | 1,855 | 62,050 | ||||||
Realogy Holdings Corp.(c) | 8,525 | 67,177 | ||||||
Retail Opportunity Investments Corp. | 2,775 | 51,795 | ||||||
RPT Realty | 3,726 | 54,027 | ||||||
Saul Centers, Inc. | 938 | 50,220 | ||||||
Summit Hotel Properties, Inc. | 4,231 | 51,872 | ||||||
Universal Health Realty Income Trust | 509 | 60,688 | ||||||
Urstadt Biddle Properties, Inc., Class A | 2,096 | 50,996 | ||||||
Washington Prime Group, Inc.(c) | 12,799 | 54,012 | ||||||
Washington REIT | 1,819 | 56,425 | ||||||
Whitestone REIT | 3,666 | 52,204 | ||||||
Xenia Hotels & Resorts, Inc. | 2,334 | 49,131 | ||||||
|
| |||||||
|
2,086,301 |
| ||||||
|
| |||||||
Utilities-1.03% | ||||||||
American States Water Co. | 558 | 53,083 | ||||||
Avista Corp. | 1,052 | 50,528 | ||||||
California Water Service Group | 934 | 52,276 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
El Paso Electric Co. | 758 | $ | 50,566 | |||||
Northwest Natural Holding Co. | 704 | 48,829 | ||||||
South Jersey Industries, Inc. | 1,544 | 49,655 | ||||||
|
| |||||||
|
304,937 |
| ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
|
|
29,638,162 |
| ||||
|
| |||||||
Money MarketFunds-0.03% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(f) | 10,305 | 10,305 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 29,648,467 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-7.60% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(f)(g) | 1,689,334 | 1,689,334 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 562,886 | 563,111 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,252,445 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-107.57% |
| 31,900,912 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.57)% |
| (2,246,302 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
$ |
29,654,610 |
| |||||
|
|
Investment Abbreviations:
CVR -Contingent Value Rights
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The Fund’s Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||
Invesco Mortgage Capital, Inc. | $60,368 | $5,778 | $(12,631) | $(1,372) | $(170) | $51,973 | $3,047 |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Consumer Discretionary | 15.97 | |||
Financials | 15.77 | |||
Industrials | 15.22 | |||
Information Technology | 13.34 | |||
Health Care | 12.85 | |||
Real Estate | 7.03 | |||
Energy | 6.11 | |||
Materials | 5.89 | |||
Consumer Staples | 3.96 | |||
Sector Types Each Less Than 3% | 3.80 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
(This Page Intentionally Left Blank)
39 | ||||
|
| |||
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco S&P 500® Equal Weight ETF (RSP) | Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) | Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) | Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 16,053,337,901 | $ | 31,162,520 | $ | 90,011,899 | $ | 484,842,746 | ||||||||||||
Affiliated investments in securities, at value | 148,446,981 | 395,352 | 1,338,070 | 6,930,485 | ||||||||||||||||
Cash | 43,027 | - | - | - | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 12,324,479 | 33,281 | 48,179 | 663,225 | ||||||||||||||||
Securities lending | 16,163 | 53 | 167 | 698 | ||||||||||||||||
Investments sold | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 16,214,168,551 | 31,591,206 | 91,398,315 | 492,437,154 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | 23,402 | - | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Collateral upon return of securities loaned | 106,581,396 | 395,352 | 1,333,659 | 6,523,715 | ||||||||||||||||
Fund shares repurchased | - | - | - | - | ||||||||||||||||
Accrued unitary management fees | 2,669,723 | 10,354 | 28,798 | 163,800 | ||||||||||||||||
Accrued expenses | 119,472 | 5,038 | 4,194 | 8,549 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 109,370,591 | 434,146 | 1,366,651 | 6,696,064 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 16,104,797,960 | $ | 31,157,060 | $ | 90,031,664 | $ | 485,741,090 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 14,064,847,965 | $ | 31,579,174 | $ | 109,922,579 | $ | 508,063,446 | ||||||||||||
Distributable earnings (loss) | 2,039,949,995 | (422,114 | ) | (19,890,915 | ) | (22,322,356 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 16,104,797,960 | $ | 31,157,060 | $ | 90,031,664 | $ | 485,741,090 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 147,202,663 | 1,250,001 | 850,000 | 3,500,000 | ||||||||||||||||
Net asset value | $ | 109.41 | $ | 24.93 | $ | 105.92 | $ | 138.78 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 109.29 | $ | 24.92 | $ | 105.77 | $ | 138.62 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 13,627,120,073 | $ | 31,953,941 | $ | 92,938,332 | $ | 481,118,623 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 162,404,960 | $ | 395,352 | $ | 1,338,070 | $ | 6,930,325 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 103,802,052 | $ | 387,505 | $ | 1,329,952 | $ | 6,393,929 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
Invesco S&P 500® Equal Weight Energy ETF (RYE) | Invesco S&P 500® Equal Weight Financials ETF (RYF) | Invesco S&P 500® Equal Weight Health Care ETF (RYH) | Invesco S&P 500® Equal Weight Industrials ETF (RGI) | Invesco S&P 500® Equal Weight Materials ETF (RTM) | Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) | Invesco S&P 500® Equal Weight Technology ETF (RYT) | |||||||||||||||||||||||||||
$ | 124,766,279 | $ | 251,630,199 | $ | 728,852,556 | $ | 187,855,570 | $ | 136,305,184 | $ | 49,600,730 | $ | 1,671,047,661 | ||||||||||||||||||||
30,848 | 3,696,986 | - | 32,908 | 7,459,908 | 1,167,153 | 1,090,863 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
140,229 | 282,851 | 430,696 | 181,804 | 113,302 | 4,771 | 486,266 | |||||||||||||||||||||||||||
- | 23 | 159 | 15 | 1,310 | 160 | - | |||||||||||||||||||||||||||
- | 2,201,054 | - | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
124,937,356 | 257,811,113 | 729,283,411 | 188,070,297 | 143,879,704 | 50,772,814 | 1,672,624,790 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
- | 53,174 | 180,122 | - | 47,426 | - | 51,902 | |||||||||||||||||||||||||||
- | - | - | - | 7,459,761 | 1,149,666 | - | |||||||||||||||||||||||||||
- | 2,202,268 | - | - | - | - | - | |||||||||||||||||||||||||||
41,906 | 85,537 | 236,621 | 63,037 | 45,448 | 17,378 | 556,235 | |||||||||||||||||||||||||||
6,160 | 7,040 | 10,628 | 6,475 | 5,951 | 5,286 | 17,513 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
48,066 | 2,348,019 | 427,371 | 69,512 | 7,558,586 | 1,172,330 | 625,650 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 124,889,290 | $ | 255,463,094 | $ | 728,856,040 | $ | 188,000,785 | $ | 136,321,118 | $ | 49,600,484 | $ | 1,671,999,140 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 296,550,530 | $ | 269,250,708 | $ | 694,149,481 | $ | 193,038,814 | $ | 158,359,494 | $ | 45,852,629 | $ | 1,395,630,702 | ||||||||||||||||||||
(171,661,240 | ) | (13,787,614 | ) | 34,706,559 | (5,038,029 | ) | (22,038,376 | ) | 3,747,855 | 276,368,438 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 124,889,290 | $ | 255,463,094 | $ | 728,856,040 | $ | 188,000,785 | $ | 136,321,118 | $ | 49,600,484 | $ | 1,671,999,140 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
2,900,005 | 5,800,000 | 3,550,000 | 1,450,000 | 1,250,000 | 1,550,000 | 9,150,000 | |||||||||||||||||||||||||||
$ | 43.07 | $ | 44.05 | $ | 205.31 | $ | 129.66 | $ | 109.06 | $ | 32.00 | $ | 182.73 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 43.02 | $ | 44.00 | $ | 205.10 | $ | 129.46 | $ | 108.92 | $ | 32.00 | $ | 182.52 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 187,712,314 | $ | 251,603,224 | $ | 649,149,679 | $ | 184,374,452 | $ | 144,342,987 | $ | 48,911,562 | $ | 1,445,447,589 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 30,848 | $ | 6,672,884 | $ | - | $ | 32,908 | $ | 7,459,761 | $ | 1,167,136 | $ | 1,090,863 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | 7,165,241 | $ | 1,129,151 | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | ||||
|
| |||
�� |
Statements of Assets and Liabilities–(continued)
October 31, 2019
(Unaudited)
Invesco S&P 500® | Invesco S&P | Invesco S&P | |||||||||||||
Equal Weight | MidCap 400® | SmallCap 600® | |||||||||||||
Utilities | Equal Weight | Equal Weight | |||||||||||||
ETF (RYU) | ETF (EWMC) | ETF (EWSC) | |||||||||||||
Assets: | |||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 394,622,454 | $ | 86,299,595 | $ | 29,586,189 | |||||||||
Affiliated investments in securities, at value | 68,246 | 4,449,258 | 2,314,723 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends | 406,579 | 59,070 | 13,312 | ||||||||||||
Securities lending | - | 4,875 | 3,232 | ||||||||||||
Investments sold | - | - | 90,758 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 395,097,279 | 90,812,798 | 32,008,214 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | - | 218,100 | - | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | - | - | 81,588 | ||||||||||||
Collateral upon return of securities loaned | - | 4,225,968 | 2,252,419 | ||||||||||||
Accrued unitary management fees | 134,997 | 28,691 | 9,838 | ||||||||||||
Accrued expenses | 7,656 | 5,692 | 9,759 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 142,653 | 4,478,451 | 2,353,604 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 394,954,626 | $ | 86,334,347 | $ | 29,654,610 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 356,933,424 | $ | 102,683,804 | $ | 46,208,698 | |||||||||
Distributable earnings (loss) | 38,021,202 | (16,349,457 | ) | (16,554,088 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 394,954,626 | $ | 86,334,347 | $ | 29,654,610 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 3,750,000 | 1,350,000 | 550,000 | ||||||||||||
Net asset value | $ | 105.32 | $ | 63.95 | $ | 53.92 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 105.25 | $ | 63.89 | $ | 53.71 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 343,186,191 | $ | 86,104,853 | $ | 31,114,868 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 68,246 | $ | 4,449,167 | $ | 2,319,426 | |||||||||
|
|
|
|
|
| ||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | - | $ | 4,074,958 | $ | 2,099,580 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
(This Page Intentionally Left Blank)
43 | ||||
|
| |||
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco S&P 500® Equal Weight ETF (RSP) | Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) | Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) | Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 166,196,200 | $ | 193,818 | $ | 917,208 | $ | 6,088,994 | ||||||||||||
Affiliated dividend income | 1,093,720 | 121 | 323 | 3,171 | ||||||||||||||||
Securities lending income | 370,984 | 147 | 2,022 | 123,063 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 167,660,904 | 194,086 | 919,553 | 6,215,228 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 15,974,106 | 49,227 | 175,247 | 925,438 | ||||||||||||||||
Proxy fees | 124,871 | 5,038 | 5,594 | 8,549 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 16,098,977 | 54,265 | 180,841 | 933,987 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (10,416 | ) | (11 | ) | (30 | ) | (284 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 16,088,561 | 54,254 | 180,811 | 933,703 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 151,572,343 | 139,832 | 738,742 | 5,281,525 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (174,205,009 | ) | (186,712 | ) | (2,485,359 | ) | (4,957,378 | ) | ||||||||||||
Affiliated investment securities | (2,292,069 | ) | - | - | - | |||||||||||||||
Unaffiliatedin-kind redemptions | 665,051,293 | 520,800 | 2,644,149 | 10,530,117 | ||||||||||||||||
Affiliatedin-kind redemptions | 101,766 | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 488,655,981 | 334,088 | 158,790 | 5,572,739 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (314,409,034 | ) | (1,444,574 | ) | (2,982,825 | ) | 6,479,943 | |||||||||||||
Affiliated investment securities | (5,860,548 | ) | - | - | 160 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in unrealized appreciation (depreciation) | (320,269,582 | ) | (1,444,574 | ) | (2,982,825 | ) | 6,480,103 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | 168,386,399 | (1,110,486 | ) | (2,824,035 | ) | 12,052,842 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 319,958,742 | $ | (970,654 | ) | $ | (2,085,293 | ) | $ | 17,334,367 | ||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | ||||
|
| |||
Invesco S&P 500® Equal Weight Energy ETF (RYE) | Invesco S&P 500® Equal Weight Financials ETF (RYF) | Invesco S&P 500® Equal Weight Health Care ETF (RYH) | Invesco S&P 500® Equal Weight Industrials ETF (RGI) | Invesco S&P 500® Equal Weight Materials ETF (RTM) | Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) | Invesco S&P 500® Equal Weight Technology ETF (RYT) | |||||||||||||||||||||||||||
$ | 1,799,621 | $ | 3,168,833 | $ | 3,634,323 | $ | 2,058,255 | $ | 1,550,631 | $ | 777,847 | $ | 12,601,643 | ||||||||||||||||||||
564 | 130,485 | 3,221 | 980 | 832 | 375 | 16,849 | |||||||||||||||||||||||||||
41 | 209 | 857 | 1,060 | 5,866 | 516 | 3,035 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
1,800,226 | 3,299,527 | 3,638,401 | 2,060,295 | 1,557,329 | 778,738 | 12,621,527 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
296,466 | 548,170 | 1,430,622 | 429,394 | 270,513 | 89,391 | 3,412,254 | |||||||||||||||||||||||||||
6,160 | 7,040 | 10,628 | 6,475 | 5,952 | 5,286 | 17,513 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
302,626 | 555,210 | 1,441,250 | 435,869 | 276,465 | 94,677 | 3,429,767 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(57 | ) | (182 | ) | (270 | ) | (88 | ) | (77 | ) | (34 | ) | (1,406 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
302,569 | 555,028 | 1,440,980 | 435,781 | 276,388 | 94,643 | 3,428,361 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
1,497,657 | 2,744,499 | 2,197,421 | 1,624,514 | 1,280,941 | 684,095 | 9,193,166 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(3,843,103 | ) | (2,934,223 | ) | (26,989,492 | ) | (2,637,513 | ) | (2,077,204 | ) | (150,121 | ) | (7,782,937 | ) | ||||||||||||||||||||
- | (295,148 | ) | - | - | - | - | - | ||||||||||||||||||||||||||
(1,211,791 | ) | 7,206,706 | 28,581,229 | 9,656,984 | 2,209,220 | 3,356,206 | 125,124,549 | ||||||||||||||||||||||||||
- | (158,945 | ) | - | - | - | - | - | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(5,054,894 | ) | 3,818,390 | 1,591,737 | 7,019,471 | 132,016 | 3,206,085 | 117,341,612 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(25,562,053 | ) | (3,015,736 | ) | 40,392,741 | (3,302,778 | ) | 1,061,275 | 89,436 | (108,146,263 | ) | |||||||||||||||||||||||
- | (614,070 | ) | - | - | 147 | 17 | - | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(25,562,053 | ) | (3,629,806 | ) | 40,392,741 | (3,302,778 | ) | 1,061,422 | 89,453 | (108,146,263 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(30,616,947 | ) | 188,584 | 41,984,478 | 3,716,693 | 1,193,438 | 3,295,538 | 9,195,349 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | (29,119,290 | ) | $ | 2,933,083 | $ | 44,181,899 | $ | 5,341,207 | $ | 2,474,379 | $ | 3,979,633 | $ | 18,388,515 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 | ||||
|
| |||
Statements of Operations–(continued)
For the six months ended October 31, 2019
(Unaudited)
Invesco S&P 500® | Invesco S&P | Invesco S&P | |||||||||||||
Equal Weight | MidCap 400® | SmallCap 600® | |||||||||||||
Utilities | Equal Weight | Equal Weight | |||||||||||||
ETF (RYU) | ETF (EWMC) | ETF (EWSC) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated dividend income | $ | 5,528,371 | $ | 941,918 | $ | 414,234 | |||||||||
Affiliated dividend income | 3,889 | 723 | 3,281 | ||||||||||||
Securities lending income | 121 | 23,967 | 13,920 | ||||||||||||
Foreign withholding tax | - | (828 | ) | (66 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 5,532,381 | 965,780 | 431,369 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 739,630 | 196,643 | 63,533 | ||||||||||||
Proxy fees | 7,656 | 5,692 | 5,188 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses | 747,286 | 202,335 | 68,721 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (355 | ) | (67 | ) | (19 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 746,931 | 202,268 | 68,702 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 4,785,450 | 763,512 | 362,667 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | (83,417 | ) | (3,282,182 | ) | (1,013,837 | ) | |||||||||
Affiliated investment securities | - | - | (400 | ) | |||||||||||
Unaffiliatedin-kind redemptions | 11,414,328 | 4,938,895 | 1,098,427 | ||||||||||||
Affiliatedin-kind redemptions | - | - | 230 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain | 11,330,911 | 1,656,713 | 84,420 | ||||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 17,682,609 | (5,563,776 | ) | (1,440,493 | ) | ||||||||||
Affiliated investment securities | - | 91 | (1,346 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Change in unrealized appreciation (depreciation) | 17,682,609 | (5,563,685 | ) | (1,441,839 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain (loss) | 29,013,520 | (3,906,972 | ) | (1,357,419 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 33,798,970 | $ | (3,143,460 | ) | $ | (994,752 | ) | |||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | ||||
|
| |||
(This Page Intentionally Left Blank)
47 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P 500®Equal Weight ETF (RSP) | ||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 151,572,343 | $ | 262,905,089 | ||||||
Net realized gain | 488,655,981 | 884,074,677 | ||||||||
Change in net unrealized appreciation (depreciation) | (320,269,582 | ) | 299,656,683 | |||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 319,958,742 | 1,446,636,449 | ||||||||
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||
Distributable earnings | (149,786,824 | ) | (281,738,317 | ) | ||||||
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||
Proceeds from shares sold | 1,482,696,490 | 3,919,384,246 | ||||||||
Value of shares repurchased | (1,692,030,968 | ) | (3,556,378,815 | ) | ||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from share transactions | (209,334,478 | ) | 363,005,431 | |||||||
|
| �� |
|
| ||||||
Net increase (decrease) in net assets | (39,162,560 | ) | 1,527,903,563 | |||||||
|
|
|
| |||||||
Net assets: | ||||||||||
Beginning of period | 16,143,960,520 | 14,616,056,957 | ||||||||
|
|
|
| |||||||
End of period | $ | 16,104,797,960 | $ | 16,143,960,520 | ||||||
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||
Shares sold | 13,750,000 | 38,250,000 | ||||||||
Shares repurchased | (15,750,000 | ) | (35,400,000 | ) | ||||||
Shares outstanding, beginning of period | 149,202,663 | 146,352,663 | ||||||||
|
|
|
| |||||||
Shares outstanding, end of period | 147,202,663 | 149,202,663 | ||||||||
|
|
|
|
(a) | For the period November 5, 2018 (commencement of investment operations) to April 30, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48 | ||||
|
| |||
Invesco S&P 500®Equal Weight Communication Services ETF (EWCO) | Invesco S&P 500®Equal Weight Consumer Discretionary ETF (RCD) | |||||||||||||||||
Six Months Ended October 31, 2019 | Period Ended April 30, 2019(a) | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||
$ | 139,832 | $ | 62,265 | $ | 738,742 | $ | 1,458,711 | |||||||||||
334,088 | 909,098 | 158,790 | 3,959,197 | |||||||||||||||
(1,444,574 | ) | 653,153 | (2,982,825 | ) | 2,541,435 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(970,654 | ) | 1,624,516 | (2,085,293 | ) | 7,959,343 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
|
| ||||||||||||||||
(136,453 | ) | (28,476 | ) | (736,712 | ) | (1,507,788 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
|
| ||||||||||||||||
20,432,667 | 34,174,882 | 10,523,880 | 103,317,979 | |||||||||||||||
(11,019,227 | ) | (12,920,195 | ) | (30,909,652 | ) | (80,808,929 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
9,413,440 | 21,254,687 | (20,385,772 | ) | 22,509,050 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
8,306,333 | 22,850,727 | (23,207,777 | ) | 28,960,605 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
|
| ||||||||||||||||
22,850,727 | - | 113,239,441 | 84,278,836 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 31,157,060 | $ | 22,850,727 | $ | 90,031,664 | $ | 113,239,441 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
|
| ||||||||||||||||
800,000 | 1,450,001 | 100,000 | 1,000,000 | |||||||||||||||
(450,000 | ) | (550,000 | ) | (300,000 | ) | (800,000 | ) | |||||||||||
900,001 | - | 1,050,000 | 850,000 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,250,001 | 900,001 | 850,000 | 1,050,000 | |||||||||||||||
|
|
|
|
|
|
|
|
49 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P 500®Equal Weight Consumer Staples ETF (RHS) | ||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 5,281,525 | $ | 10,423,141 | ||||||
Net realized gain (loss) | 5,572,739 | 14,957,216 | ||||||||
Change in net unrealized appreciation (depreciation) | 6,480,103 | 18,516,498 | ||||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 17,334,367 | 43,896,855 | ||||||||
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||
Distributable earnings | (5,259,856 | ) | (11,042,415 | ) | ||||||
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||
Proceeds from shares sold | 102,853,721 | 279,942,417 | ||||||||
Value of shares repurchased | (61,023,649 | ) | (298,713,392 | ) | ||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from share transactions | 41,830,072 | (18,770,975 | ) | |||||||
|
|
|
| |||||||
Net increase (decrease) in net assets | 53,904,583 | 14,083,465 | ||||||||
|
|
|
| |||||||
Net assets: | ||||||||||
Beginning of period | 431,836,507 | 417,753,042 | ||||||||
|
|
|
| |||||||
End of period | $ | 485,741,090 | $ | 431,836,507 | ||||||
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||
Shares sold | 750,000 | 2,200,000 | ||||||||
Shares repurchased | (450,000 | ) | (2,400,000 | ) | ||||||
Shares outstanding, beginning of period | 3,200,000 | 3,400,000 | ||||||||
|
|
|
| |||||||
Shares outstanding, end of period | 3,500,000 | 3,200,000 | ||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50 | ||||
|
| |||
Invesco S&P 500®Equal Weight Energy ETF (RYE) | Invesco S&P 500®Equal Weight Financials ETF (RYF) | |||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||
$ | 1,497,657 | $ | 3,661,989 | $ | 2,744,499 | $ | 6,632,263 | |||||||||||
(5,054,894 | ) | (8,748,971 | ) | 3,818,390 | 15,152,642 | |||||||||||||
(25,562,053 | ) | (35,709,100 | ) | (3,629,806 | ) | (29,117,332 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
(29,119,290 | ) | (40,796,082 | ) | 2,933,083 | (7,332,427 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(1,713,282 | ) | (4,181,660 | ) | (2,646,381 | ) | (7,699,405 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
6,919,727 | 276,270,674 | 23,877,678 | 84,986,669 | |||||||||||||||
(61,020,754 | ) | (274,672,264 | ) | (59,845,800 | ) | (220,368,652 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
(54,101,027 | ) | 1,598,410 | (35,968,122 | ) | (135,381,983 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(84,933,599 | ) | (43,379,332 | ) | (35,681,420 | ) | (150,413,815 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
209,822,889 | 253,202,221 | 291,144,514 | 441,558,329 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 124,889,290 | $ | 209,822,889 | $ | 255,463,094 | $ | 291,144,514 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
150,000 | 4,700,000 | 550,000 | 2,000,000 | |||||||||||||||
(1,300,000 | ) | (4,850,000 | ) | (1,400,000 | ) | (5,400,000 | ) | |||||||||||
4,050,005 | 4,200,005 | 6,650,000 | 10,050,000 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
2,900,005 | 4,050,005 | 5,800,000 | 6,650,000 | |||||||||||||||
|
|
|
|
|
|
|
|
51 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P 500®Equal Weight Health Care ETF (RYH) | ||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 2,197,421 | $ | 3,750,564 | ||||||
Net realized gain (loss) | 1,591,737 | 50,144,824 | ||||||||
Change in net unrealized appreciation (depreciation) | 40,392,741 | (6,705,939 | ) | |||||||
|
|
|
| |||||||
Net increase in net assets resulting from operations | 44,181,899 | 47,189,449 | ||||||||
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||
Distributable earnings | (2,237,997 | ) | (3,834,753 | ) | ||||||
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||
Proceeds from shares sold | 79,445,035 | 261,569,215 | ||||||||
Value of shares repurchased | (99,377,895 | ) | (196,990,256 | ) | ||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from share transactions | (19,932,860 | ) | 64,578,959 | |||||||
|
|
|
| |||||||
Net increase (decrease) in net assets | 22,011,042 | 107,933,655 | ||||||||
|
|
|
| |||||||
Net assets: | ||||||||||
Beginning of period | 706,844,998 | 598,911,343 | ||||||||
|
| �� |
|
| ||||||
End of period | $ | 728,856,040 | $ | 706,844,998 | ||||||
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||
Shares sold | 400,000 | 1,350,000 | ||||||||
Shares repurchased | (500,000 | ) | (1,050,000 | ) | ||||||
Shares outstanding, beginning of period | 3,650,000 | 3,350,000 | ||||||||
|
|
|
| |||||||
Shares outstanding, end of period | 3,550,000 | 3,650,000 | ||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52 | ||||
|
| |||
Invesco S&P 500®Equal Weight Industrials ETF (RGI) | Invesco S&P 500® Equal Weight Materials ETF (RTM) | |||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||
$ | 1,624,514 | $ | 3,082,431 | $ | 1,280,941 | $ | 2,484,380 | |||||||||||
7,019,471 | 5,248,141 | 132,016 | (3,723,853 | ) | ||||||||||||||
(3,302,778 | ) | 9,169,704 | 1,061,422 | 3,621,001 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
5,341,207 | 17,500,276 | 2,474,379 | 2,381,528 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(1,404,480 | ) | (3,156,072 | ) | (1,378,977 | ) | (2,650,226 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
31,233,131 | 132,418,296 | 21,485,188 | 48,609,682 | |||||||||||||||
(92,919,343 | ) | (182,774,836 | ) | (15,987,041 | ) | (99,339,316 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
(61,686,212 | ) | (50,356,540 | ) | 5,498,147 | (50,729,634 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(57,749,485 | ) | (36,012,336 | ) | 6,593,549 | (50,998,332 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
245,750,270 | 281,762,606 | 129,727,569 | 180,725,901 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 188,000,785 | $ | 245,750,270 | $ | 136,321,118 | $ | 129,727,569 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
250,000 | 1,100,000 | 200,000 | 450,000 | |||||||||||||||
(750,000 | ) | (1,600,000 | ) | (150,000 | ) | (950,000 | ) | |||||||||||
1,950,000 | 2,450,000 | 1,200,000 | 1,700,000 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,450,000 | 1,950,000 | 1,250,000 | 1,200,000 | |||||||||||||||
|
|
|
|
|
|
|
|
53 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P 500®Equal Weight Real Estate ETF (EWRE) | ||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 684,095 | $ | 519,358 | ||||||
Net realized gain (loss) | 3,206,085 | 718,835 | ||||||||
Change in net unrealized appreciation (depreciation) | 89,453 | 2,242,570 | ||||||||
|
|
|
| |||||||
Net increase in net assets resulting from operations | 3,979,633 | 3,480,763 | ||||||||
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||
Distributable earnings | (700,082 | ) | (702,345 | ) | ||||||
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||
Proceeds from shares sold | 39,878,041 | 24,629,150 | ||||||||
Value of shares repurchased | (30,700,161 | ) | (7,137,070 | ) | ||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from share transactions | 9,177,880 | 17,492,080 | ||||||||
|
|
|
| |||||||
Net increase (decrease) in net assets | 12,457,431 | 20,270,498 | ||||||||
|
|
|
| |||||||
Net assets: | ||||||||||
Beginning of period | 37,143,053 | 16,872,555 | ||||||||
|
|
|
| |||||||
End of period | $ | 49,600,484 | $ | 37,143,053 | ||||||
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||
Shares sold | 1,300,000 | 850,000 | ||||||||
Shares repurchased | (1,000,000 | ) | (250,000 | ) | ||||||
Shares outstanding, beginning of period | 1,250,000 | 650,000 | ||||||||
|
|
|
| |||||||
Shares outstanding, end of period | 1,550,000 | 1,250,000 | ||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54 | ||||
|
| |||
Invesco S&P 500®Equal Weight Technology ETF (RYT) | Invesco S&P 500® Equal Weight Utilities ETF (RYU) | |||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||
$ | 9,193,166 | $ | 16,211,611 | $ | 4,785,450 | $ | 6,413,995 | |||||||||||
117,341,612 | 221,991,243 | 11,330,911 | (5,226,247 | ) | ||||||||||||||
(108,146,263 | ) | 67,176,950 | 17,682,609 | 38,279,021 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
18,388,515 | 305,379,804 | 33,798,970 | 39,466,769 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(8,586,477 | ) | (16,781,040 | ) | (5,062,941 | ) | (6,335,821 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
265,631,056 | 784,103,342 | 86,037,176 | 234,753,812 | |||||||||||||||
(392,280,151 | ) | (898,921,413 | ) | (55,317,298 | ) | (71,819,651 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
(126,649,095 | ) | (114,818,071 | ) | 30,719,878 | 162,934,161 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(116,847,057 | ) | 173,780,693 | 59,455,907 | 196,065,109 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,788,846,197 | 1,615,065,504 | 335,498,719 | 139,433,610 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 1,671,999,140 | $ | 1,788,846,197 | $ | 394,954,626 | $ | 335,498,719 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,500,000 | 4,800,000 | 850,000 | 2,600,000 | |||||||||||||||
(2,250,000 | ) | (5,600,000 | ) | (550,000 | ) | (800,000 | ) | |||||||||||
9,900,000 | 10,700,000 | 3,450,000 | 1,650,000 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
9,150,000 | 9,900,000 | 3,750,000 | 3,450,000 | |||||||||||||||
|
|
|
|
|
|
|
|
55 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) | |||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | ||||||||||||||
Operations: | |||||||||||||||
Net investment income | $ | 763,512 | $ | 1,215,478 | |||||||||||
Net realized gain (loss) | 1,656,713 | 2,845,318 | |||||||||||||
Change in net unrealized appreciation (depreciation) | (5,563,685 | ) | 2,191,849 | ||||||||||||
|
|
|
| ||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,143,460 | ) | 6,252,645 | ||||||||||||
|
|
|
| ||||||||||||
Distributions to Shareholders from: | |||||||||||||||
Distributable earnings | (699,958 | ) | (1,331,829 | ) | |||||||||||
|
|
|
| ||||||||||||
Shareholder Transactions: | |||||||||||||||
Proceeds from shares sold | 6,444,983 | 13,112,375 | |||||||||||||
Value of shares repurchased | (22,160,169 | ) | (16,577,948 | ) | |||||||||||
|
|
|
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (15,715,186 | ) | (3,465,573 | ) | |||||||||||
|
|
|
| ||||||||||||
Net increase (decrease) in net assets | (19,558,604 | ) | 1,455,243 | ||||||||||||
|
|
|
| ||||||||||||
Net assets: | |||||||||||||||
Beginning of period | 105,892,951 | 104,437,708 | |||||||||||||
|
|
|
| ||||||||||||
End of period | $ | 86,334,347 | $ | 105,892,951 | |||||||||||
|
|
|
| ||||||||||||
Changes in Shares Outstanding: | |||||||||||||||
Shares sold | 100,000 | 200,000 | |||||||||||||
Shares repurchased | (350,000 | ) | (250,000 | ) | |||||||||||
Shares outstanding, beginning of period | 1,600,000 | 1,650,000 | |||||||||||||
|
|
|
| ||||||||||||
Shares outstanding, end of period | 1,350,000 | 1,600,000 | |||||||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) | |||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | ||||||||||||
$ | 362,667 | $ | 388,296 | ||||||||||
84,420 | (254,196 | ) | |||||||||||
(1,441,839 | ) | (426,135 | ) | ||||||||||
|
|
|
| ||||||||||
(994,752 | ) | (292,035 | ) | ||||||||||
|
|
|
| ||||||||||
(241,360 | ) | (314,960 | ) | ||||||||||
|
|
|
| ||||||||||
- | 12,080,100 | ||||||||||||
(5,396,578 | ) | (5,393,393 | ) | ||||||||||
|
|
|
| ||||||||||
(5,396,578 | ) | 6,686,707 | |||||||||||
|
|
|
| ||||||||||
(6,632,690 | ) | 6,079,712 | |||||||||||
|
|
|
| ||||||||||
36,287,300 | 30,207,588 | ||||||||||||
|
|
|
| ||||||||||
$ | 29,654,610 | $ | 36,287,300 | ||||||||||
|
|
|
| ||||||||||
- | 200,000 | ||||||||||||
(100,000 | ) | (100,000 | ) | ||||||||||
650,000 | 550,000 | ||||||||||||
|
|
|
| ||||||||||
550,000 | 650,000 | ||||||||||||
|
|
|
|
57 | ||||
|
| |||
Financial Highlights
Invesco S&P 500® Equal Weight ETF (RSP)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 108.20 | $ | 99.87 | $ | 96.58 | $ | 81.57 | $ | 78.71 | $ | 78.08 | $ | 67.94 | |||||||||||||||||||||
Net investment | 1.02 | 1.78 | 0.85 | 1.39 | 1.31 | 1.22 | 1.09 | ||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 1.20 | 8.45 | 3.33 | 14.85 | 2.78 | 0.71 | 10.13 | ||||||||||||||||||||||||||||
Total from investment operations | 2.22 | 10.23 | 4.18 | 16.24 | 4.09 | 1.93 | 11.22 | ||||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.01 | ) | (1.90 | ) | (0.89 | ) | (1.23 | ) | (1.23 | ) | (1.30 | ) | (1.08 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 109.41 | $ | 108.20 | $ | 99.87 | $ | 96.58 | $ | 81.57 | $ | 78.71 | $ | 78.08 | |||||||||||||||||||||
Market price at end of period(b) | $ | 109.29 | $ | 108.22 | $ | 99.92 | |||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 2.10 | % | 10.45 | % | 4.30 | % | 19.98 | % | 5.24 | % | 2.49 | % | 16.60 | % | |||||||||||||||||||||
Market Price Total Return(c) | 1.95 | % | 10.43 | % | 4.36 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 16,104,798 | $ | 16,143,961 | $ | 14,616,057 | $ | 14,226,625 | $ | 9,959,671 | $ | 9,799,542 | $ | 8,976,197 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.20 | %(d) | 0.20 | % | 0.20 | %(e) | 0.33 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.20 | %(d) | 0.20 | % | 0.20 | %(e) | 0.36 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 1.90 | %(d) | 1.74 | % | 1.69 | %(e) | 1.52 | % | 1.66 | % | 1.53 | % | 1.48 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 8 | % | 19 | % | 9 | % | 21 | % | 22 | % | 22 | % | 18 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
58 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)
For the Period | ||||||||||||
Six Months Ended | November 5, 2018(a) | |||||||||||
October 31, | Through | |||||||||||
2019 | April 30, | |||||||||||
(Unaudited) | 2019 | |||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 25.39 | $ | 25.00 | ||||||||
|
|
|
| |||||||||
Net investment income(b) | 0.14 | 0.16 | ||||||||||
Net realized and unrealized gain (loss) on investments | (0.44 | ) | 0.33 | |||||||||
|
|
|
| |||||||||
Total from investment operations | (0.30 | ) | 0.49 | |||||||||
|
|
|
| |||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.16 | ) | (0.10 | ) | ||||||||
|
|
|
| |||||||||
Net asset value at end of period | $ | 24.93 | $ | 25.39 | ||||||||
|
|
|
| |||||||||
Market price at end of period(c) | $ | 24.92 | $ | 25.41 | ||||||||
|
|
|
| |||||||||
Net Asset Value Total Return(d) | (1.21 | )% | 2.04 | %(e) | ||||||||
Market Price Total Return(d) | (1.33 | )% | 2.12 | %(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 31,157 | $ | 22,851 | ||||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.42 | %(f) | 0.40 | %(g) | ||||||||
Net investment income | 1.16 | %(f) | 1.42 | %(g) | ||||||||
Portfolio turnover rate(h) | 8 | % | 10 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (November 7, 2018, the first day of trading on the exchange) to April 30, 2019 was 0.08%. The market price total return from Fund Inception to April 30, 2019 was 0.04%. |
(f) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.02%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
59 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 107.85 | $ | 99.15 | $ | 91.21 | $ | 85.40 | $ | 90.26 | $ | 82.76 | $ | 76.06 | |||||||||||||||||||||
Net investment income(a) | 0.88 | 1.49 | 0.68 | 1.27 | 1.29 | 1.15 | 0.95 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.92 | ) | 8.80 | 7.98 | 5.84 | (4.96 | ) | 7.39 | 6.67 | ||||||||||||||||||||||||||
Total from investment operations | (1.04 | ) | 10.29 | 8.66 | 7.11 | (3.67 | ) | 8.54 | 7.62 | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.89 | ) | (1.59 | ) | (0.72 | ) | (1.30 | ) | (1.19 | ) | (1.04 | ) | (0.92 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 105.92 | $ | 107.85 | $ | 99.15 | $ | 91.21 | $ | 85.40 | $ | 90.26 | $ | 82.76 | |||||||||||||||||||||
Market price at end of period(b) | $ | 105.77 | $ | 107.86 | $ | 99.13 | |||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (0.94 | )% | 10.58 | % | 9.49 | % | 8.32 | % | (4.07 | )% | 10.35 | % | 10.07 | % | |||||||||||||||||||||
Market Price Total Return(c) | (1.09 | )% | 10.61 | % | 9.48 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 90,032 | $ | 113,239 | $ | 84,279 | $ | 72,965 | $ | 68,323 | $ | 176,001 | $ | 86,897 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | | 0.41 | %(d) | 0.40 | % | | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||
Net investment income | | 1.69 | %(d) | 1.45 | % | | 1.38 | %(e) | 1.39 | % | 1.49 | % | 1.29 | % | 1.20 | % | |||||||||||||||||||
Portfolio turnover rate(f) | 15 | % | 30 | % | 13 | % | 29 | % | 30 | % | 23 | % | 22 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
60 | ||||
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 134.95 | $ | 122.87 | $ | 121.67 | $ | 121.52 | $ | 111.76 | $ | 100.75 | $ | 88.48 | |||||||||||||||||||||
Net investment income(a) | 1.56 | 2.87 | 1.32 | 2.30 | 2.19 | 2.08 | 2.04 | ||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 3.81 | 12.30 | 1.14 | 0.13 | 9.69 | 10.86 | 12.03 | ||||||||||||||||||||||||||||
Total from investment operations | 5.37 | 15.17 | 2.46 | 2.43 | 11.88 | 12.94 | 14.07 | ||||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.54 | ) | (3.09 | ) | (1.26 | ) | (2.28 | ) | (2.12 | ) | (1.93 | ) | (1.80 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 138.78 | $ | 134.95 | $ | 122.87 | $ | 121.67 | $ | 121.52 | $ | 111.76 | $ | 100.75 | |||||||||||||||||||||
Market price at end of period(b) | $ | 138.62 | $ | 134.97 | $ | 122.84 | |||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 3.99 | % | 12.63 | % | 1.96 | % | 1.99 | % | 10.63 | % | 12.95 | % | 16.04 | % | |||||||||||||||||||||
Market Price Total Return(c) | 3.85 | % | 12.67 | % | 1.97 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 485,741 | $ | 431,837 | $ | 417,753 | $ | 444,092 | $ | 613,661 | $ | 530,872 | $ | 186,382 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 2.28 | %(d) | 2.27 | % | 2.06 | %(e) | 1.86 | % | 1.81 | % | 1.94 | % | 2.18 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 12 | % | 19 | % | 9 | % | 20 | % | 17 | % | 16 | % | 20 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
61 | ||||
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Energy ETF (RYE)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 51.81 | $ | 60.29 | $ | 54.29 | $ | 56.90 | $ | 54.39 | $ | 77.16 | $ | 79.86 | |||||||||||||||||||||
Net investment income(a) | 0.47 | 0.82 | 0.47 | 1.28 | 0.90 | 1.35 | 1.40 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (8.67 | ) | (8.34 | ) | 5.98 | (2.50 | ) | 2.53 | (22.73 | ) | (2.91 | ) | |||||||||||||||||||||||
Total from investment operations | (8.20 | ) | (7.52 | ) | 6.45 | (1.22 | ) | 3.43 | (21.38 | ) | (1.51 | ) | |||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.54 | ) | (0.96 | ) | (0.45 | ) | (1.39 | ) | (0.92 | ) | (1.39 | ) | (1.19 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 43.07 | $ | 51.81 | $ | 60.29 | $ | 54.29 | $ | 56.90 | $ | 54.39 | $ | 77.16 | |||||||||||||||||||||
Market price at end of period(b) | $ | 43.02 | $ | 51.82 | $ | 60.43 | |||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (15.91 | )% | (12.46 | )% | 11.97 | % | (2.20 | )% | 6.50 | % | (27.93 | )% | (2.02 | )% | |||||||||||||||||||||
Market Price Total Return(c) | (16.02 | )% | (12.65 | )% | 12.31 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 124,889 | $ | 209,823 | $ | 253,202 | $ | 230,747 | $ | 199,164 | $ | 176,773 | $ | 100,307 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 2.02 | %(d) | 1.46 | % | 1.69 | %(e) | 2.22 | % | 1.72 | % | 2.16 | % | 1.64 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 14 | % | 31 | % | 10 | % | 34 | % | 41 | % | 34 | % | 25 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
62 | ||||
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Financials ETF (RYF)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.78 | $ | 43.94 | $ | 41.93 | $ | 31.41 | $ | 43.72 | $ | 43.27 | $ | 37.64 | |||||||||||||||||||||
Net investment income(a) | 0.43 | 0.78 | 0.40 | 0.55 | 0.81 | 0.72 | 0.53 | ||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 0.26 | - | 1.91 | 10.45 | 1.03 | 0.58 | 5.76 | ||||||||||||||||||||||||||||
Total from investment operations | 0.69 | 0.78 | 2.31 | 11.00 | 1.84 | 1.30 | 6.29 | ||||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.94 | ) | (0.30 | ) | (0.48 | ) | (0.78 | ) | (0.80 | ) | (0.66 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | (13.37 | )(b) | (0.05 | ) | - | ||||||||||||||||||||||||||
Total distributions | (0.42 | ) | (0.94 | ) | (0.30 | ) | (0.48 | ) | (14.15 | ) | (0.85 | ) | (0.66 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 44.05 | $ | 43.78 | $ | 43.94 | $ | 41.93 | $ | 31.41 | $ | 43.72 | $ | 43.27 | |||||||||||||||||||||
Market price at end of period(c) | $ | 44.00 | $ | 43.79 | $ | 43.98 | |||||||||||||||||||||||||||||
Net Asset Value Total Return(d) | 1.60 | % | 1.98 | % | 5.50 | % | 35.15 | % | 4.33 | % | 3.04 | % | 16.84 | % | |||||||||||||||||||||
Market Price Total Return(d) | 1.46 | % | 1.91 | % | 5.47 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 255,463 | $ | 291,145 | $ | 441,558 | $ | 358,496 | $ | 114,649 | $ | 183,620 | $ | 136,316 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(e) | 0.40 | % | 0.40 | %(f) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 2.01 | %(e) | 1.86 | % | 1.81 | %(f) | 1.44 | % | 1.96 | % | 1.64 | % | 1.30 | % | |||||||||||||||||||||
Portfolio turnover rate(g) | 8 | % | 17 | % | 7 | % | 15 | % | 53 | % | 13 | % | 19 | % |
(a) | Based on average shares outstanding. |
(b) | Special distribution. |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
63 | ||||
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Health Care ETF (RYH)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 193.66 | $ | 178.78 | $ | 175.84 | $ | 143.79 | $ | 149.97 | $ | 137.44 | $ | 104.50 | |||||||||||||||||||||
Net investment income(a) | 0.61 | 1.05 | 0.44 | 0.78 | 0.78 | 0.75 | 0.66 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 11.66 | 14.87 | 2.93 | 32.02 | (6.22 | ) | 12.46 | 32.89 | |||||||||||||||||||||||||||
Total from investment operations | 12.27 | 15.92 | 3.37 | 32.80 | (5.44 | ) | 13.21 | 33.55 | |||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.62 | ) | (1.04 | ) | (0.43 | ) | (0.75 | ) | (0.74 | ) | (0.68 | ) | (0.61 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 205.31 | $ | 193.66 | $ | 178.78 | $ | 175.84 | $ | 143.79 | $ | 149.97 | $ | 137.44 | |||||||||||||||||||||
Market price at end of period(b) | $ | 205.10 | $ | 193.67 | $ | 178.95 | |||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 6.35 | % | 8.91 | % | 1.92 | % | 22.85 | % | (3.65 | )% | 9.61 | % | 32.20 | % | |||||||||||||||||||||
Market Price Total Return(c) | 6.22 | % | 8.82 | % | 2.06 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 728,856 | $ | 706,845 | $ | 598,911 | $ | 650,617 | $ | 474,494 | $ | 569,893 | $ | 391,714 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 0.62 | %(d) | 0.55 | % | 0.49 | %(e) | 0.48 | % | 0.52 | % | 0.49 | % | 0.55 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 10 | % | 23 | % | 12 | % | 24 | % | 28 | % | 22 | % | 23 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
64 | ||||
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 126.03 | $ | 115.01 | $ | 113.29 | $ | 90.92 | $ | 85.30 | $ | 88.18 | $ | 76.33 | |||||||||||||||||||||
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Net investment income(a) | 0.95 | 1.53 | 0.62 | 1.24 | 1.40 | 1.13 | 1.22 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.58 | 11.15 | 1.73 | 22.50 | 5.57 | (2.69 | ) | 11.59 | |||||||||||||||||||||||||||
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Total from investment operations | 4.53 | 12.68 | 2.35 | 23.74 | 6.97 | (1.56 | ) | 12.81 | |||||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.90 | ) | (1.66 | ) | (0.63 | ) | (1.37 | ) | (1.35 | ) | (1.29 | ) | (0.96 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | (0.03 | ) | - | |||||||||||||||||||||||||||
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Total distributions | (0.90 | ) | (1.66 | ) | (0.63 | ) | (1.37 | ) | (1.35 | ) | (1.32 | ) | (0.96 | ) | |||||||||||||||||||||
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Net asset value at end of period | $ | 129.66 | $ | 126.03 | $ | 115.01 | $ | 113.29 | $ | 90.92 | $ | 85.30 | $ | 88.18 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 129.46 | $ | 126.01 | $ | 115.03 | |||||||||||||||||||||||||||||
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Net Asset Value Total | 3.62 | % | 11.21 | % | 2.05 | % | 26.21 | % | 8.25 | % | (1.78 | )% | 16.85 | % | |||||||||||||||||||||
Market Price Total Return(c) | 3.48 | % | 11.17 | % | 2.00 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 188,001 | $ | 245,750 | $ | 281,763 | $ | 226,584 | $ | 127,288 | $ | 93,831 | $ | 123,447 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 1.52 | %(d) | 1.29 | % | 1.05 | %(e) | 1.18 | % | 1.60 | % | 1.29 | % | 1.47 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 9 | % | 28 | % | 7 | % | 18 | % | 23 | % | 22 | % | 15 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
65 | ||||
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Materials ETF (RTM)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 108.11 | $ | 106.31 | $ | 107.79 | $ | 84.46 | $ | 79.97 | $ | 82.38 | $ | 75.49 | |||||||||||||||||||||
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Net investment income(a) | 1.02 | 1.79 | 0.70 | 1.49 | 1.29 | 1.23 | 1.21 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.01 | 1.97 | (1.50 | ) | 23.28 | 4.49 | (2.41 | ) | 6.85 | ||||||||||||||||||||||||||
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Total from investment operations | 2.03 | 3.76 | (0.80 | ) | 24.77 | 5.78 | (1.18 | ) | 8.06 | ||||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.08 | ) | (1.96 | ) | (0.68 | ) | (1.44 | ) | (1.29 | ) | (1.23 | ) | (1.17 | ) | |||||||||||||||||||||
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|
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|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 109.06 | $ | 108.11 | $ | 106.31 | $ | 107.79 | $ | 84.46 | $ | 79.97 | $ | 82.38 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Market price at end of | $ | 108.92 | $ | 108.16 | $ | 106.31 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total | 1.89 | % | 3.67 | % | (0.77 | )% | 29.52 | % | 7.29 | % | (1.44 | )% | 10.68 | % | |||||||||||||||||||||
Market Price Total Return(c) | 1.72 | % | 3.70 | % | (0.91 | )% | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 136,321 | $ | 129,728 | $ | 180,726 | $ | 194,020 | $ | 84,463 | $ | 55,982 | $ | 74,138 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 1.90 | %(d) | 1.69 | % | 1.28 | %(e) | 1.54 | % | 1.57 | % | 1.46 | % | 1.48 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 13 | % | 23 | % | 6 | % | 22 | % | 25 | % | 27 | % | 22 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
66 | ||||
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | For the Period August 13, 2015(a) Through October 31, 2015 | ||||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.71 | $ | 25.96 | $ | 27.29 | $ | 25.81 | $ | 25.63 | $ | 25.31 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(b) | 0.48 | 0.69 | 0.44 | 0.54 | 0.70 | 0.13 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.28 | 3.97 | (1.20 | ) | 1.59 | (0.08 | ) | 0.27 | ||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | 2.76 | 4.66 | (0.76 | ) | 2.13 | 0.62 | 0.40 | |||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.47 | ) | (0.85 | ) | (0.35 | ) | (0.65 | ) | (0.44 | ) | (0.08 | ) | ||||||||||||||||||
Net realized gains | - | (0.06 | ) | (0.22 | ) | - | - | - | ||||||||||||||||||||||
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Total distributions | (0.47 | ) | (0.91 | ) | (0.57 | ) | (0.65 | ) | (0.44 | ) | (0.08 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 32.00 | $ | 29.71 | $ | 25.96 | $ | 27.29 | $ | 25.81 | $ | 25.63 | ||||||||||||||||||
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Market price at end of period(c) | $ | 32.00 | $ | 29.75 | $ | 25.96 | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Net Asset Value Total Return(d) | 9.33 | % | 18.35 | % | (2.93 | )% | 8.33 | % | 2.39 | % | 1.61 | % | ||||||||||||||||||
Market Price Total Return(d). | 9.18 | % | 18.51 | % | (2.35 | )% | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 49,600 | $ | 37,143 | $ | 16,873 | $ | 24,561 | $ | 36,135 | $ | 2,563 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.41 | %(e) | 0.40 | % | 0.41 | %(f) | 0.41 | % | 0.37 | % | 0.40 | %(f) | ||||||||||||||||||
Net investment income | 3.07 | %(e) | 2.46 | % | 3.28 | %(f) | 2.00 | % | 2.70 | % | 2.49 | %(f) | ||||||||||||||||||
Portfolio turnover rate(g) | 5 | % | 14 | % | 2 | % | 24 | % | 10 | % | 5 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
67 | ||||
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| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Technology ETF (RYT)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 180.69 | $ | 150.94 | $ | 142.44 | $ | 104.67 | $ | 93.16 | $ | 87.17 | $ | 70.98 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 0.96 | 1.57 | 0.56 | 1.16 | 1.47 | 1.09 | 0.78 | ||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 1.99 | 29.78 | 8.56 | 37.61 | 11.48 | 6.09 | 16.15 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | 2.95 | 31.35 | 9.12 | 38.77 | 12.95 | 7.18 | 16.93 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.91 | ) | (1.60 | ) | (0.62 | ) | (1.00 | ) | (1.44 | ) | (1.12 | ) | (0.74 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | (0.07 | ) | - | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total distributions | (0.91 | ) | (1.60 | ) | (0.62 | ) | (1.00 | ) | (1.44 | ) | (1.19 | ) | (0.74 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 182.73 | $ | 180.69 | $ | 150.94 | $ | 142.44 | $ | 104.67 | $ | 93.16 | $ | 87.17 | |||||||||||||||||||||
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Market price at end of | $ | 182.52 | $ | 180.66 | $ | 151.10 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total | 1.65 | % | 20.92 | % | 6.40 | % | 37.19 | % | 14.06 | % | 8.30 | % | 23.92 | % | |||||||||||||||||||||
Market Price Total Return(c) | 1.55 | % | 20.77 | % | 6.48 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,671,999 | $ | 1,788,846 | $ | 1,615,066 | $ | 1,509,833 | $ | 915,879 | $ | 740,629 | $ | 671,221 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 1.08 | %(d) | 0.98 | % | 0.76 | %(e) | 0.95 | % | 1.55 | % | 1.20 | % | 0.97 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 11 | % | 27 | % | 10 | % | 19 | % | 24 | % | 21 | % | 22 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
68 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
Six Months Ended October 31, | Six Months Ended | ||||||||||||||||||||||||||||||||||
2019 | Year Ended April 30, | April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 97.25 | $ | 84.51 | $ | 88.52 | $ | 81.10 | $ | 73.29 | $ | 76.69 | $ | 64.67 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 1.32 | 2.67 | 1.38 | 2.54 | 2.49 | 2.48 | 2.59 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.13 | 12.69 | (3.92 | ) | 7.44 | 7.81 | (2.97 | ) | 11.75 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | 9.45 | 15.36 | (2.54 | ) | 9.98 | 10.30 | (0.49 | ) | 14.34 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.38 | ) | (2.62 | ) | (1.47 | ) | (2.56 | ) | (2.49 | ) | (2.91 | ) | (2.32 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 105.32 | $ | 97.25 | $ | 84.51 | $ | 88.52 | $ | 81.10 | $ | 73.29 | $ | 76.69 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 105.25 | $ | 97.23 | $ | 84.45 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 9.75 | % | 18.54 | % | (2.88 | )% | 12.51 | % | 14.13 | % | (0.56 | )% | 22.61 | % | |||||||||||||||||||||
Market Price Total Return(c) | 9.70 | % | 18.60 | % | (2.92 | )% | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 394,955 | $ | 335,499 | $ | 139,434 | $ | 168,180 | $ | 210,865 | $ | 128,258 | $ | 141,875 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 2.59 | %(d) | 2.96 | % | 3.29 | %(e) | 3.01 | % | 3.09 | % | 3.30 | % | 3.72 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 4 | % | 27 | % | 7 | % | 11 | % | 22 | % | 20 | % | 31 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
69 | ||||
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| |||
Financial Highlights–(continued)
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
Six Months Ended | |||||||||||||||||||||||||||||||||||
October 31, | Six Months Ended | ||||||||||||||||||||||||||||||||||
2019 | Year Ended April 30, | April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period. | $ | 66.18 | $ | 63.30 | $ | 62.00 | $ | 51.40 | $ | 49.09 | $ | 50.39 | $ | 45.24 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 0.49 | 0.77 | 0.42 | 0.60 | 0.66 | 0.62 | 0.62 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.27 | ) | 2.96 | 1.30 | 10.59 | 2.30 | (1.21 | ) | 5.48 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | (1.78 | ) | 3.73 | 1.72 | 11.19 | 2.96 | (0.59 | ) | 6.10 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.45 | ) | (0.85 | ) | (0.42 | ) | (0.59 | ) | (0.65 | ) | (0.67 | ) | (0.59 | ) | |||||||||||||||||||||
Capital gains | - | - | - | - | - | - | (0.36 | ) | |||||||||||||||||||||||||||
Return of capital | - | - | - | - | - | (0.04 | ) | - | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total distributions | (0.45 | ) | (0.85 | ) | (0.42 | ) | (0.59 | ) | (0.65 | ) | (0.71 | ) | (0.95 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 63.95 | $ | 66.18 | $ | 63.30 | $ | 62.00 | $ | 51.40 | $ | 49.09 | $ | 50.39 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 63.89 | $ | 66.19 | $ | 63.29 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (2.68 | )% | 5.96 | % | 2.76 | % | 21.82 | % | 6.08 | % | (1.19 | )% | 13.61 | % | |||||||||||||||||||||
Market Price Total Return(c) | (2.78 | )% | 5.99 | % | 2.74 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 86,334 | $ | 105,893 | $ | 104,438 | $ | 114,692 | $ | 89,944 | $ | 132,532 | $ | 146,125 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.41 | %(d) | 0.40 | % | 0.40 | %(e) | 0.41 | % | 0.41 | % | 0.41 | % | 0.41 | % | |||||||||||||||||||||
Net investment income | 1.56 | %(d) | 1.19 | % | 1.33 | %(e) | 1.02 | % | 1.35 | % | 1.22 | % | 1.27 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 14 | % | 30 | % | 9 | % | 26 | % | 101 | % | 31 | % | 29 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
70 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 | |||||||||||||||||||||||||||||||||
Years Ended October 31, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.83 | $ | 54.92 | $ | 52.78 | $ | 42.47 | $ | 41.84 | $ | 44.87 | $ | 42.89 | |||||||||||||||||||||
Net investment income(a) | 0.61 | 0.59 | 0.29 | 0.47 | 0.32 | 0.49 | 0.43 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.11 | ) | 0.80 | 2.15 | 10.27 | 0.67 | (2.97 | ) | 1.97 | ||||||||||||||||||||||||||
Total from investment operations | (1.50 | ) | 1.39 | 2.44 | 10.74 | 0.99 | (2.48 | ) | 2.40 | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.48 | ) | (0.30 | ) | (0.43 | ) | (0.36 | ) | (0.52 | ) | (0.42 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | (0.03 | ) | - | |||||||||||||||||||||||||||
Total distributions | (0.41 | ) | (0.48 | ) | (0.30 | ) | (0.43 | ) | (0.36 | ) | (0.55 | ) | (0.42 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 53.92 | $ | 55.83 | $ | 54.92 | $ | 52.78 | $ | 42.47 | $ | 41.84 | $ | 44.87 | |||||||||||||||||||||
Market price at end of | $ | 53.71 | $ | 55.63 | $ | 55.02 | |||||||||||||||||||||||||||||
Net Asset Value Total | (2.67 | )% | 2.55 | % | 4.62 | % | 25.32 | % | 2.39 | % | (5.59 | )% | 5.58 | % | |||||||||||||||||||||
Market Price Total Return(c) | (2.70 | )% | 2.00 | % | 4.55 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 29,655 | $ | 36,287 | $ | 30,208 | $ | 31,666 | $ | 33,978 | $ | 43,930 | $ | 40,380 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.42 | %(d) | 0.40 | % | 0.40 | %(e) | 0.41 | % | 0.41 | % | 0.41 | % | 0.42 | % | |||||||||||||||||||||
Net investment income | 2.30 | %(d) | 1.05 | % | 1.10 | %(e) | 0.96 | % | 0.80 | % | 1.11 | % | 0.96 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 21 | % | 34 | % | 10 | % | 24 | % | 96 | % | 47 | % | 43 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.02%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |||
Invesco S&P 500®Equal Weight ETF (RSP) | “S&P 500®Equal Weight ETF” | |||
Invesco S&P 500®Equal Weight Communication Services ETF (EWCO) | “S&P 500®Equal Weight Communication Services ETF” | |||
Invesco S&P 500®Equal Weight Consumer Discretionary ETF (RCD) | “S&P 500®Equal Weight Consumer Discretionary ETF” | |||
Invesco S&P 500®Equal Weight Consumer Staples ETF (RHS) | “S&P 500®Equal Weight Consumer Staples ETF” | |||
Invesco S&P 500®Equal Weight Energy ETF (RYE) | “S&P 500®Equal Weight Energy ETF” | |||
Invesco S&P 500®Equal Weight Financials ETF (RYF) | “S&P 500®Equal Weight Financials ETF” | |||
Invesco S&P 500®Equal Weight Health Care ETF (RYH) | “S&P 500®Equal Weight Health Care ETF” | |||
Invesco S&P 500®Equal Weight Industrials ETF (RGI) | “S&P 500®Equal Weight Industrials ETF” | |||
Invesco S&P 500®Equal Weight Materials ETF (RTM) | “S&P 500®Equal Weight Materials ETF” | |||
Invesco S&P 500®Equal Weight Real Estate ETF (EWRE) | “S&P 500®Equal Weight Real Estate ETF” | |||
Invesco S&P 500®Equal Weight Technology ETF (RYT) | “S&P 500®Equal Weight Technology ETF” | |||
Invesco S&P 500®Equal Weight Utilities ETF (RYU) | “S&P 500®Equal Weight Utilities ETF” | |||
Invesco S&P MidCap 400®Equal Weight ETF (EWMC) | “S&P MidCap 400®Equal Weight ETF��� | |||
Invesco S&P SmallCap 600®Equal Weight ETF (EWSC) | “S&P SmallCap 600®Equal Weight ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each of the Funds is to replicate as closely as possible, before fees and expenses, the daily performance of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |||
S&P 500®Equal Weight ETF | S&P 500®Equal Weight Index | |||
S&P 500®Equal Weight Communication Services ETF | S&P 500®Equal Weight Communication Services Plus Index | |||
S&P 500®Equal Weight Consumer Discretionary ETF | S&P 500®Equal Weight Consumer Discretionary Index | |||
S&P 500®Equal Weight Consumer Staples ETF | S&P 500®Equal Weight Consumer Staples Index | |||
S&P 500®Equal Weight Energy ETF | S&P 500®Equal Weight Energy Index | |||
S&P 500®Equal Weight Financials ETF | S&P 500®Equal Weight Financials Index | |||
S&P 500®Equal Weight Health Care ETF | S&P 500®Equal Weight Health Care Index | |||
S&P 500®Equal Weight Industrials ETF | S&P 500®Equal Weight Industrials Index | |||
S&P 500®Equal Weight Materials ETF | S&P 500®Equal Weight Materials Index | |||
S&P 500®Equal Weight Real Estate ETF | S&P 500®Equal Weight Real Estate Index | |||
S&P 500®Equal Weight Technology ETF | S&P 500®Equal Weight Information Technology Index | |||
S&P 500®Equal Weight Utilities ETF | S&P 500®Equal Weight Telecommunication Services & Utilities Index | |||
S&P MidCap 400®Equal Weight ETF | S&P MidCap 400®Equal Weight Index | |||
S&P SmallCap 600®Equal Weight ETF | S&P SmallCap 600®Equal Weight 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.
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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 (except convertible securities) 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 theover-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 generally are valued 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 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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the
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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. | 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
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 particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, 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.
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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Each Fund isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
REIT Risk. For certain Funds, although the Funds will not invest in real estate directly, the REITs in which the Funds invest are subject to risks inherent in the direct ownership of real estate. These risks include, but are not limited to, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. REITs may be affected by changes in the values of the underlying properties that they own or operate and could fail to qualify for favorable tax or regulatory treatment. REITs also are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs rely heavily on cash flows and a variety of economic and other factors may adversely affect a lessee’s ability to meet its
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obligations to a REIT. Should a lessee default on their loan, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies, which 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- andmid-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.
C. | Investment Transactions and Investment Income - Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on theex-dividend date, net of applicable taxes withheld by foreign countries. Taxablenon-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscalyear-end, and may differ from the estimated amounts. |
The Funds may periodically participate in litigation related to each 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 each Fund’s NAV and, accordingly, they reduce each 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.
D. | 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. |
E. | 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 onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to 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 forin-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.
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G. | Expenses- 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. |
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment
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Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets as follows:
Unitary Management Fees | ||
(as a % of Net Assets) | ||
S&P 500®Equal Weight ETF | 0.20% | |
S&P 500®Equal Weight Communication Services ETF | 0.40% | |
S&P 500®Equal Weight Consumer Discretionary ETF | 0.40% | |
S&P 500®Equal Weight Consumer Staples ETF | 0.40% | |
S&P 500®Equal Weight Energy ETF | 0.40% | |
S&P 500®Equal Weight Financials ETF | 0.40% | |
S&P 500®Equal Weight Health Care ETF | 0.40% | |
S&P 500®Equal Weight Industrials ETF | 0.40% | |
S&P 500®Equal Weight Materials ETF | 0.40% | |
S&P 500®Equal Weight Real Estate ETF | 0.40% | |
S&P 500®Equal Weight Technology ETF | 0.40% | |
S&P 500®Equal Weight Utilities ETF | 0.40% | |
S&P MidCap 400®Equal Weight ETF | 0.40% | |
S&P SmallCap 600®Equal Weight ETF | 0.40% |
Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (except S&P 500® Equal Weight Communication Services ETF) (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and litigation expenses and extraordinary expenses) from exceeding a percentage of the Fund’s average daily net assets per year (the “Expense Cap”) through at least April 6, 2020, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration. For each Fund, the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap. The limits are listed below:
Expense Caps | Contract End Date | |||
S&P 500®Equal Weight ETF | 0.20% | 04/06/20 | ||
S&P 500®Equal Weight Consumer Discretionary ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Consumer Staples ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Energy ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Financials ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Health Care ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Industrials ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Materials ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Real Estate ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Technology ETF | 0.40% | 04/06/20 | ||
S&P 500®Equal Weight Utilities ETF | 0.40% | 04/06/20 | ||
S&P MidCap 400®Equal Weight ETF | 0.40% | 04/06/20 | ||
S&P SmallCap 600®Equal Weight ETF | 0.40% | 04/06/20 |
Additionally, through at least August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investment in money market funds managed by that affiliate (excluding investment of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
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For thesix-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
S&P 500®Equal Weight ETF | $ | 10,416 | ||
S&P 500®Equal Weight Communication Services ETF | 11 | |||
S&P 500®Equal Weight Consumer Discretionary ETF | 30 | |||
S&P 500®Equal Weight Consumer Staples ETF | 284 | |||
S&P 500®Equal Weight Energy ETF | 57 | |||
S&P 500®Equal Weight Financials ETF | 182 | |||
S&P 500®Equal Weight Health Care ETF | 270 | |||
S&P 500®Equal Weight Industrials ETF | 88 | |||
S&P 500®Equal Weight Materials ETF | 77 | |||
S&P 500®Equal Weight Real Estate ETF | 34 | |||
S&P 500®Equal Weight Technology ETF | 1,406 | |||
S&P 500®Equal Weight Utilities ETF | 355 | |||
S&P MidCap 400®Equal Weight ETF | 67 | |||
S&P SmallCap 600®Equal Weight ETF | 19 |
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 Trust has entered into service agreements whereby The Bank of New York Mellon, 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.
The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 the 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. |
Except for the Fund listed below, as of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
S&P SmallCap 600®Equal Weight ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 29,637,328 | $ | - | $ | 834 | $ | 29,638,162 | ||||||||||||
Money Market Funds | 2,262,750 | - | - | 2,262,750 | ||||||||||||||||
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Total Investments | $ | 31,900,078 | $ | - | $ | 834 | $ | 31,900,912 | ||||||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
S&P 500®Equal Weight ETF | $ | 125,032,648 | $ | 721,081,850 | $ | 846,114,498 | ||||||
S&P 500®Equal Weight Communication Services ETF | - | - | - | |||||||||
S&P 500®Equal Weight Consumer Discretionary ETF | 1,979,498 | 14,776,085 | 16,755,583 | |||||||||
S&P 500®Equal Weight Consumer Staples ETF | 4,543,897 | 26,541,630 | 31,085,527 | |||||||||
S&P 500®Equal Weight Energy ETF | 26,053,807 | 75,079,484 | 101,133,291 | |||||||||
S&P 500®Equal Weight Financials ETF | 4,221,047 | 9,708,381 | 13,929,428 | |||||||||
S&P 500®Equal Weight Health Care ETF | 5,369,955 | 37,141,080 | 42,511,035 | |||||||||
S&P 500®Equal Weight Industrials ETF | 4,096,116 | 10,181,989 | 14,278,105 | |||||||||
S&P 500®Equal Weight Materials ETF | 2,634,884 | 10,840,858 | 13,475,742 | |||||||||
S&P 500®Equal Weight Real Estate ETF | - | 16,535 | 16,535 | |||||||||
S&P 500®Equal Weight Technology ETF | 27,996,715 | 33,235,858 | 61,232,573 | |||||||||
S&P 500®Equal Weight Utilities ETF | 9,062,824 | 15,082,542 | 24,145,366 | |||||||||
S&P MidCap 400®Equal Weight ETF | 8,137,255 | 10,040,966 | 18,178,221 | |||||||||
S&P SmallCap 600®Equal Weight ETF | 7,688,814 | 7,617,998 | 15,306,812 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6–Investment Transactions
For thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
S&P 500®Equal Weight ETF | $ | 1,242,349,751 | $ | 1,246,386,507 | ||||
S&P 500®Equal Weight Communication Services ETF | 1,977,629 | 3,451,165 | ||||||
S&P 500®Equal Weight Consumer Discretionary ETF | 13,523,021 | 13,507,347 | ||||||
S&P 500®Equal Weight Consumer Staples ETF | 54,315,807 | 54,174,555 | ||||||
S&P 500®Equal Weight Energy ETF | 21,373,768 | 21,180,899 | ||||||
S&P 500®Equal Weight Financials ETF | 23,910,686 | 22,961,934 | ||||||
S&P 500®Equal Weight Health Care ETF | 74,338,518 | 76,827,931 | ||||||
S&P 500®Equal Weight Industrials ETF | 19,421,214 | 22,708,751 | ||||||
S&P 500®Equal Weight Materials ETF | 17,788,030 | 18,109,632 | ||||||
S&P 500®Equal Weight Real Estate ETF | 2,106,320 | 2,496,568 | ||||||
S&P 500®Equal Weight Technology ETF | 182,385,761 | 183,722,940 | ||||||
S&P 500®Equal Weight Utilities ETF | 14,186,712 | 16,108,740 | ||||||
S&P MidCap 400®Equal Weight ETF | 14,769,942 | 13,598,138 | ||||||
S&P SmallCap 600®Equal Weight ETF | 6,623,399 | 6,664,580 |
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For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of | Value of | |||||||
Securities | Securities | |||||||
Received | Delivered | |||||||
S&P 500®Equal Weight ETF | $ | 1,479,999,626 | $ | 1,681,542,829 | ||||
S&P 500®Equal Weight Communication Services ETF | 20,418,116 | 9,487,066 | ||||||
S&P 500®Equal Weight Consumer Discretionary ETF | 10,523,742 | 30,898,818 | ||||||
S&P 500®Equal Weight Consumer Staples ETF | 102,701,591 | 60,939,977 | ||||||
S&P 500®Equal Weight Energy ETF | 6,909,664 | 60,944,497 | ||||||
S&P 500®Equal Weight Financials ETF | 23,848,597 | 60,713,259 | ||||||
S&P 500®Equal Weight Health Care ETF | 78,556,641 | 95,654,561 | ||||||
S&P 500®Equal Weight Industrials ETF | 31,232,215 | 89,477,477 | ||||||
S&P 500®Equal Weight Materials ETF | 21,469,396 | 15,715,590 | ||||||
S&P 500®Equal Weight Real Estate ETF | 39,811,105 | 30,241,785 | ||||||
S&P 500®Equal Weight Technology ETF | 265,146,527 | 389,456,002 | ||||||
S&P 500®Equal Weight Utilities ETF | 85,794,231 | 53,448,509 | ||||||
S&P MidCap 400®Equal Weight ETF | 6,439,141 | 23,257,383 | ||||||
S&P SmallCap 600®Equal Weight ETF | - | 5,374,936 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Net | ||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||
Appreciation | (Depreciation) | (Depreciation) | Cost | |||||||||||||
S&P 500®Equal Weight ETF | $ | 3,172,393,878 | $ | (784,007,219 | ) | $ | 2,388,386,659 | $ | 13,813,398,223 | |||||||
S&P 500®Equal Weight Communication Services ETF | 1,315,446 | (2,123,312 | ) | (807,866 | ) | 32,365,738 | ||||||||||
S&P 500®Equal Weight Consumer Discretionary ETF | 6,792,378 | (10,142,159 | ) | (3,349,781 | ) | 94,699,750 | ||||||||||
S&P 500®Equal Weight Consumer Staples ETF | 40,684,460 | (38,177,529 | ) | 2,506,931 | 489,266,300 | |||||||||||
S&P 500®Equal Weight Energy ETF | 1,111,095 | (66,368,525 | ) | (65,257,430 | ) | 190,054,557 | ||||||||||
S&P 500®Equal Weight Financials ETF | 19,016,787 | (22,870,900 | ) | (3,854,113 | ) | 259,181,298 | ||||||||||
S&P 500®Equal Weight Health Care ETF | 106,438,590 | (31,105,786 | ) | 75,332,804 | 653,519,752 | |||||||||||
S&P 500®Equal Weight Industrials ETF | 14,396,135 | (12,408,104 | ) | 1,988,031 | 185,900,447 | |||||||||||
S&P 500®Equal Weight Materials ETF | 10,480,952 | (19,219,799 | ) | (8,738,847 | ) | 152,503,939 | ||||||||||
S&P 500®Equal Weight Real Estate ETF | 2,648,849 | (2,074,557 | ) | 574,292 | 50,193,591 | |||||||||||
S&P 500®Equal Weight Technology ETF | 287,603,386 | (68,085,695 | ) | 219,517,691 | 1,452,620,833 | |||||||||||
S&P 500®Equal Weight Utilities ETF | 51,768,758 | (935,026 | ) | 50,833,732 | 343,856,968 | |||||||||||
S&P MidCap 400®Equal Weight ETF | 9,941,694 | (9,833,197 | ) | 108,497 | 90,640,356 | |||||||||||
S&P SmallCap 600®Equal Weight ETF | 3,561,826 | (5,109,539 | ) | (1,547,713 | ) | 33,448,625 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. 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 Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the 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.
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NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust 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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2019 through October 31, 2019.
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 theSix-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 May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco S&P 500®Equal Weight ETF (RSP) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,021.00 | 0.20 | % | $ | 1.02 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.13 | 0.20 | 1.02 | ||||||||||||||||
Invesco S&P 500®Equal Weight Communication Services ETF (EWCO) | ||||||||||||||||||||
Actual | 1,000.00 | 987.90 | 0.42 | 2.10 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.03 | 0.42 | 2.14 | ||||||||||||||||
Invesco S&P 500®Equal Weight Consumer Discretionary ETF (RCD) | ||||||||||||||||||||
Actual | 1,000.00 | 990.60 | 0.41 | 2.05 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.08 | 0.41 | 2.08 | ||||||||||||||||
Invesco S&P 500®Equal Weight Consumer Staples ETF (RHS) | ||||||||||||||||||||
Actual | 1,000.00 | 1,039.90 | 0.40 | 2.05 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P 500®Equal Weight Energy ETF (RYE) | ||||||||||||||||||||
Actual | 1,000.00 | 840.90 | 0.40 | 1.85 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P 500®Equal Weight Financials ETF (RYF) | ||||||||||||||||||||
Actual | 1,000.00 | 1,016.00 | 0.40 | 2.03 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco S&P 500®Equal Weight Health Care ETF (RYH) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,063.50 | 0.40 | % | $ | 2.07 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P 500®Equal Weight Industrials ETF (RGI) | ||||||||||||||||||||
Actual | 1,000.00 | 1,036.20 | 0.40 | 2.05 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P 500®Equal Weight Materials ETF (RTM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,018.90 | 0.40 | 2.03 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P 500®Equal Weight Real Estate ETF (EWRE) | ||||||||||||||||||||
Actual | 1,000.00 | 1,093.30 | 0.41 | 2.16 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.08 | 0.41 | 2.08 | ||||||||||||||||
Invesco S&P 500®Equal Weight Technology ETF (RYT) | ||||||||||||||||||||
Actual | 1,000.00 | 1,016.50 | 0.40 | 2.03 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P 500®Equal Weight Utilities ETF (RYU) | ||||||||||||||||||||
Actual | 1,000.00 | 1,097.50 | 0.40 | 2.11 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P MidCap 400®Equal Weight ETF (EWMC) | ||||||||||||||||||||
Actual | 1,000.00 | 973.20 | 0.41 | 2.03 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.08 | 0.41 | 2.08 | ||||||||||||||||
Invesco S&P SmallCap 600®Equal Weight ETF (EWSC) | ||||||||||||||||||||
Actual | 1,000.00 | 973.30 | 0.42 | 2.08 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.03 | 0.42 | 2.14 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
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A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
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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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST1-SAR-2 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
October 31, 2019
RPG | Invesco S&P 500® Pure Growth ETF | |||
RPV | Invesco S&P 500® Pure Value ETF | |||
XLG | Invesco S&P 500® Top 50 ETF | |||
RFG | Invesco S&P MidCap 400® Pure Growth ETF | |||
RFV | Invesco S&P MidCap 400® Pure Value ETF | |||
RZG | Invesco S&P SmallCap 600® Pure Growth ETF | |||
RZV | Invesco S&P SmallCap 600® Pure Value ETF |
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Schedules of Investments | ||||
Invesco S&P 500® Pure Growth ETF (RPG) | 3 | |||
Invesco S&P 500® Pure Value ETF (RPV) | 5 | |||
Invesco S&P 500® Top 50 ETF (XLG) | 8 | |||
Invesco S&P MidCap 400® Pure Growth ETF (RFG) | 10 | |||
Invesco S&P MidCap 400® Pure Value ETF (RFV) | 12 | |||
Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | 14 | |||
Invesco S&P SmallCap 600® Pure Value ETF (RZV) | 17 | |||
Statements of Assets and Liabilities | 20 | |||
Statements of Operations | 22 | |||
Statements of Changes in Net Assets | 24 | |||
Financial Highlights | 28 | |||
Notes to Financial Statements | 35 | |||
Fund Expenses | 43 | |||
Proxy Results | 45 |
| 2 |
|
Invesco S&P 500® Pure Growth ETF (RPG)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.95% |
| |||||||
CommunicationServices-6.43% |
| |||||||
Alphabet, Inc., Class A(b) | 12,422 | $ | 15,636,814 | |||||
Alphabet, Inc., Class C(b) | 12,782 | 16,106,726 | ||||||
Facebook, Inc., Class A(b) | 109,094 | 20,907,865 | ||||||
Netflix, Inc.(b) | 140,416 | 40,356,962 | ||||||
Take-Two Interactive Software, | 269,411 | 32,423,614 | ||||||
Twitter, Inc.(b) | 594,174 | 17,807,395 | ||||||
Verizon Communications, Inc. | 417,700 | 25,258,319 | ||||||
|
| |||||||
168,497,695 | ||||||||
|
| |||||||
ConsumerDiscretionary-10.45% | ||||||||
Amazon.com, Inc.(b) | 9,035 | 16,052,123 | ||||||
AutoZone, Inc.(b) | 14,343 | 16,413,842 | ||||||
Chipotle Mexican Grill, Inc.(b) | 30,781 | 23,952,543 | ||||||
Dollar General Corp. | 181,219 | 29,056,655 | ||||||
Hilton Worldwide Holdings, Inc. | 200,201 | 19,411,489 | ||||||
O’Reilly Automotive, Inc.(b) | 88,541 | 38,560,491 | ||||||
TJX Cos., Inc. (The) | 387,816 | 22,357,592 | ||||||
Tractor Supply Co. | 258,757 | 24,587,090 | ||||||
Ulta Beauty, Inc.(b) | 171,137 | 39,900,592 | ||||||
VF Corp. | 250,901 | 20,646,643 | ||||||
Yum! Brands, Inc. | 225,792 | 22,965,304 | ||||||
|
| |||||||
273,904,364 | ||||||||
|
| |||||||
ConsumerStaples-7.62% | ||||||||
Church & Dwight Co., Inc. | 458,617 | 32,075,673 | ||||||
Clorox Co. (The) | 87,599 | 12,937,496 | ||||||
Constellation Brands, Inc., Class A | 139,313 | 26,515,443 | ||||||
Hormel Foods Corp. | 601,883 | 24,610,996 | ||||||
Kellogg Co. | 489,029 | 31,068,013 | ||||||
Lamb Weston Holdings, Inc. | 292,958 | 22,862,442 | ||||||
McCormick & Co., Inc. | 166,382 | 26,735,924 | ||||||
Monster Beverage Corp.(b) | 407,977 | 22,899,749 | ||||||
|
| |||||||
199,705,736 | ||||||||
|
| |||||||
Energy-6.99% | ||||||||
Apache Corp. | 807,264 | 17,485,338 | ||||||
ConocoPhillips | 600,752 | 33,161,510 | ||||||
Devon Energy Corp. | 1,759,481 | 35,682,275 | ||||||
Diamondback Energy, Inc. | 360,609 | 30,925,828 | ||||||
HollyFrontier Corp. | 582,525 | 32,003,923 | ||||||
Marathon Oil Corp. | 1,668,338 | 19,235,937 | ||||||
Occidental Petroleum Corp. | 366,235 | 14,832,518 | ||||||
|
| |||||||
183,327,329 | ||||||||
|
| |||||||
Financials-5.82% | ||||||||
Cboe Global Markets, Inc. | 196,515 | 22,628,702 | ||||||
First Republic Bank | 177,970 | 18,928,889 | ||||||
Intercontinental Exchange, Inc. | 370,161 | 34,913,586 | ||||||
S&P Global, Inc. | 63,509 | 16,384,687 | ||||||
SVB Financial Group(b) | 153,170 | 33,924,092 | ||||||
U.S. Bancorp. | 451,368 | 25,737,003 | ||||||
|
| |||||||
152,516,959 | ||||||||
|
| |||||||
HealthCare-16.27% | ||||||||
Abbott Laboratories | 278,303 | 23,268,914 | ||||||
Boston Scientific Corp.(b) | 620,886 | 25,890,946 | ||||||
Cerner Corp. | 310,395 | 20,833,712 | ||||||
DaVita, Inc.(b) | 497,466 | 29,151,508 | ||||||
Edwards Lifesciences Corp.(b) | 147,248 | 35,100,978 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Eli Lilly and Co. | 201,129 | $ | 22,918,649 | |||||
HCA Healthcare, Inc. | 131,908 | 17,614,994 | ||||||
Humana, Inc. | 73,003 | 21,477,483 | ||||||
Illumina, Inc.(b) | 36,240 | 10,709,645 | ||||||
Intuitive Surgical, Inc.(b) | 40,102 | 22,174,401 | ||||||
Medtronic PLC | 150,702 | 16,411,448 | ||||||
Merck & Co., Inc. | 181,064 | 15,691,006 | ||||||
Pfizer, Inc. | 390,192 | 14,971,667 | ||||||
Thermo Fisher Scientific, Inc. | 164,503 | 49,676,616 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 228,708 | 44,707,840 | ||||||
WellCare Health Plans, Inc.(b) | 105,056 | 31,159,610 | ||||||
Zimmer Biomet Holdings, Inc. | 178,862 | 24,724,094 | ||||||
|
| |||||||
426,483,511 | ||||||||
|
| |||||||
Industrials-14.12% | ||||||||
AMETEK, Inc. | 151,356 | 13,871,777 | ||||||
Boeing Co. (The) | 36,351 | 12,356,068 | ||||||
Cintas Corp. | 132,856 | 35,694,422 | ||||||
CSX Corp. | 668,164 | 46,951,884 | ||||||
Expeditors International of Washington, Inc. | 224,442 | 16,370,800 | ||||||
Fastenal Co. | 631,202 | 22,685,400 | ||||||
IDEX Corp. | 78,291 | 12,176,599 | ||||||
IHS Markit Ltd.(b) | 405,968 | 28,425,879 | ||||||
Ingersoll-Rand PLC | 182,606 | 23,170,875 | ||||||
Roper Technologies, Inc. | 39,761 | 13,397,867 | ||||||
TransDigm Group, Inc. | 72,898 | 38,364,760 | ||||||
Union Pacific Corp. | 105,798 | 17,505,337 | ||||||
W.W. Grainger, Inc. | 112,765 | 34,826,343 | ||||||
Waste Management, Inc. | 341,382 | 38,306,474 | ||||||
Xylem, Inc. | 210,872 | 16,171,774 | ||||||
|
| |||||||
370,276,259 | ||||||||
|
| |||||||
InformationTechnology-23.48% | ||||||||
Adobe, Inc.(b) | 84,429 | 23,465,352 | ||||||
Advanced Micro Devices, Inc.(b) | 1,228,995 | 41,699,800 | ||||||
Akamai Technologies, Inc.(b) | 241,358 | 20,877,467 | ||||||
Alliance Data Systems Corp. | 99,040 | 9,904,000 | ||||||
ANSYS, Inc.(b) | 121,426 | 26,731,934 | ||||||
Autodesk, Inc.(b) | 290,636 | 42,828,121 | ||||||
Automatic Data Processing, Inc. | 89,640 | 14,542,297 | ||||||
Broadcom, Inc. | 59,571 | 17,445,367 | ||||||
Broadridge Financial Solutions, Inc. | 125,421 | 15,705,218 | ||||||
Cisco Systems, Inc. | 420,359 | 19,971,256 | ||||||
Fidelity National Information Services, Inc. | 169,583 | 22,344,256 | ||||||
Fortinet, Inc.(b) | 299,981 | 24,466,450 | ||||||
Gartner, Inc.(b) | 160,354 | 24,707,344 | ||||||
Global Payments, Inc. | 145,299 | 24,581,685 | ||||||
Intuit, Inc. | 117,092 | 30,151,190 | ||||||
Keysight Technologies, Inc.(b) | 686,680 | 69,292,879 | ||||||
Leidos Holdings, Inc. | 224,036 | 19,318,624 | ||||||
Mastercard, Inc., Class A | 78,394 | 21,700,243 | ||||||
Motorola Solutions, Inc. | 206,309 | 34,313,313 | ||||||
NetApp, Inc. | 178,863 | 9,994,865 | ||||||
PayPal Holdings, Inc.(b) | 213,190 | 22,193,079 | ||||||
salesforce.com, inc.(b) | 291,451 | 45,609,167 | ||||||
VeriSign, Inc.(b) | 84,844 | 16,122,057 | ||||||
Xilinx, Inc. | 192,537 | 17,470,808 | ||||||
|
| |||||||
615,436,772 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco S&P 500® Pure Growth ETF (RPG)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-2.08% | ||||||||
Air Products and Chemicals, Inc. | 140,120 | $ | 29,881,991 | |||||
Ecolab, Inc. | 128,846 | 24,747,451 | ||||||
|
| |||||||
54,629,442 | ||||||||
|
| |||||||
RealEstate-2.78% | ||||||||
Apartment Investment & Management Co., Class A | 412,846 | 22,656,989 | ||||||
HCP, Inc. | 445,994 | 16,778,294 | ||||||
Welltower, Inc. | 369,459 | 33,506,237 | ||||||
|
| |||||||
72,941,520 | ||||||||
|
| |||||||
Utilities-3.91% | ||||||||
Ameren Corp. | 381,155 | 29,615,744 | ||||||
NextEra Energy, Inc. | 95,822 | 22,838,215 | ||||||
NRG Energy, Inc. | 678,542 | 27,223,105 | ||||||
Pinnacle West Capital Corp. | 242,607 | 22,834,171 | ||||||
|
| |||||||
102,511,235 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 2,620,230,822 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.02% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 636,426 | $ | 636,426 | |||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.97% | 2,620,867,248 | |||||||
OTHER ASSETS LESSLIABILITIES-0.03% |
| 720,342 | ||||||
|
| |||||||
NETASSETS-100.00% |
| $ | 2,621,587,590 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Information Technology
|
| 23.48
|
|
|
|
| ||
Health Care
|
| 16.27
|
|
|
|
| ||
Industrials
|
| 14.12
|
|
|
|
| ||
Consumer Discretionary
|
| 10.45
|
|
|
|
| ||
Consumer Staples
|
| 7.62
|
|
|
|
| ||
Energy
|
| 6.99
|
|
|
|
| ||
Communication Services
|
| 6.43
|
|
|
|
| ||
Financials
|
| 5.82
|
|
|
|
| ||
Utilities
|
| 3.91
|
|
|
|
| ||
Sector Types Each Less Than 3%
|
| 4.86
|
|
|
|
| ||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.05
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco S&P 500® Pure Value ETF (RPV)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.82% |
| |||||||
CommunicationServices-4.01% |
| |||||||
AT&T, Inc. | 257,084 | $ | 9,895,163 | |||||
CenturyLink, Inc. | 724,570 | 9,375,936 | ||||||
DISH Network Corp., Class A(b) | 161,551 | 5,554,123 | ||||||
News Corp., Class A | 341,262 | 4,678,702 | ||||||
News Corp., Class B | 109,345 | 1,543,951 | ||||||
Viacom, Inc., Class B | 217,569 | 4,690,788 | ||||||
|
| |||||||
35,738,663 | ||||||||
|
| |||||||
ConsumerDiscretionary-17.02% |
| |||||||
Best Buy Co., Inc. | 110,074 | 7,906,615 | ||||||
BorgWarner, Inc. | 152,992 | 6,376,707 | ||||||
Carnival Corp. | 52,102 | 2,234,655 | ||||||
D.R. Horton, Inc. | 204,982 | 10,734,907 | ||||||
Dollar Tree, Inc.(b) | 46,972 | 5,185,709 | ||||||
Ford Motor Co. | 2,143,748 | 18,414,795 | ||||||
Gap, Inc. (The) | 199,423 | 3,242,618 | ||||||
General Motors Co. | 360,112 | 13,381,762 | ||||||
Kohl’s Corp. | 125,522 | 6,434,258 | ||||||
Lennar Corp., Class A | 301,675 | 17,979,830 | ||||||
LKQ Corp.(b) | 233,740 | 7,944,823 | ||||||
MGM Resorts International | 139,315 | 3,970,477 | ||||||
Mohawk Industries, Inc.(b) | 69,090 | 9,906,124 | ||||||
Norwegian Cruise Line Holdings | 61,655 | 3,129,608 | ||||||
PulteGroup, Inc. | 305,249 | 11,977,971 | ||||||
PVH Corp. | 72,723 | 6,338,537 | ||||||
Target Corp. | 99,059 | 10,590,398 | ||||||
Whirlpool Corp. | 38,596 | 5,871,223 | ||||||
|
| |||||||
151,621,017 | ||||||||
|
| |||||||
ConsumerStaples-9.07% |
| |||||||
Archer-Daniels-Midland Co. | 304,180 | 12,787,727 | ||||||
Coty, Inc., Class A | 1,430,934 | 16,727,619 | ||||||
JM Smucker Co. (The) | 54,781 | 5,789,256 | ||||||
Kraft Heinz Co. (The) | 180,092 | 5,822,374 | ||||||
Kroger Co. (The) | 383,456 | 9,448,356 | ||||||
Molson Coors Brewing Co., Class B | 148,950 | 7,852,644 | ||||||
Tyson Foods, Inc., Class A | 178,162 | 14,750,032 | ||||||
Walgreens Boots Alliance, Inc. | 54,999 | 3,012,845 | ||||||
Walmart, Inc. | 39,379 | 4,617,582 | ||||||
|
| |||||||
80,808,435 | ||||||||
|
| |||||||
Energy-10.94% |
| |||||||
Baker Hughes Co. | 737,599 | 15,784,619 | ||||||
Chevron Corp. | 40,526 | 4,706,690 | ||||||
Helmerich & Payne, Inc. | 56,622 | 2,123,325 | ||||||
Kinder Morgan, Inc. | 247,444 | 4,943,931 | ||||||
Marathon Petroleum Corp. | 193,842 | 12,396,196 | ||||||
National Oilwell Varco, Inc. | 274,506 | 6,209,326 | ||||||
Noble Energy, Inc. | 310,794 | 5,985,892 | ||||||
Phillips 66 | 131,186 | 15,325,148 | ||||||
TechnipFMC PLC (United Kingdom) | 522,495 | 10,308,826 | ||||||
Valero Energy Corp. | 202,656 | 19,653,579 | ||||||
|
| |||||||
97,437,532 | ||||||||
|
| |||||||
Financials-32.88% |
| |||||||
Affiliated Managers Group, Inc. | 38,474 | 3,073,303 | ||||||
Aflac, Inc. | 125,854 | 6,690,399 | ||||||
Allstate Corp. (The) | 102,178 | 10,873,783 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
American International Group, Inc. | 177,320 | $ | 9,390,867 | |||||
Assurant, Inc. | 114,333 | 14,413,961 | ||||||
Bank of America Corp. | 216,554 | 6,771,644 | ||||||
Bank of New York Mellon Corp. (The) | 92,497 | 4,324,235 | ||||||
BB&T Corp. | 70,606 | 3,745,648 | ||||||
Capital One Financial Corp. | 107,873 | 10,059,157 | ||||||
Chubb Ltd. | 48,175 | 7,342,833 | ||||||
Citigroup, Inc. | 102,252 | 7,347,829 | ||||||
Citizens Financial Group, Inc. | 294,000 | 10,337,040 | ||||||
Everest Re Group, Ltd. | 41,090 | 10,563,828 | ||||||
Fifth Third Bancorp. | 219,143 | 6,372,678 | ||||||
Goldman Sachs Group, Inc. (The) | 45,289 | 9,663,767 | ||||||
Hartford Financial Services Group, Inc. (The) | 188,257 | 10,745,710 | ||||||
Huntington Bancshares, Inc. | 242,564 | 3,427,429 | ||||||
Invesco Ltd.(c) | 562,297 | 9,457,836 | ||||||
KeyCorp. | 254,765 | 4,578,127 | ||||||
Lincoln National Corp. | 225,624 | 12,743,243 | ||||||
Loews Corp. | 255,575 | 12,523,175 | ||||||
MetLife, Inc. | 367,120 | 17,177,545 | ||||||
Morgan Stanley | 184,391 | 8,491,206 | ||||||
People’s United Financial, Inc. | 419,689 | 6,786,371 | ||||||
PNC Financial Services Group, Inc. (The) | 30,332 | 4,449,704 | ||||||
Principal Financial Group, Inc. | 203,758 | 10,876,602 | ||||||
Prudential Financial, Inc. | 180,043 | 16,409,119 | ||||||
Raymond James Financial, Inc. | 46,493 | 3,881,701 | ||||||
Regions Financial Corp. | 344,940 | 5,553,534 | ||||||
State Street Corp. | 80,624 | 5,326,828 | ||||||
SunTrust Banks, Inc. | 88,535 | 6,050,482 | ||||||
Synchrony Financial | 214,253 | 7,578,129 | ||||||
Travelers Cos., Inc. (The) | 43,588 | 5,712,643 | ||||||
Unum Group | 415,548 | 11,444,192 | ||||||
Wells Fargo & Co. | 78,531 | 4,054,555 | ||||||
Zions Bancorp. N.A. | 95,842 | 4,645,462 | ||||||
|
| |||||||
292,884,565 | ||||||||
|
| |||||||
HealthCare-6.91% |
| |||||||
Allergan PLC | 52,772 | 9,293,677 | ||||||
AmerisourceBergen Corp. | 109,753 | 9,370,711 | ||||||
Anthem, Inc. | 13,794 | 3,711,690 | ||||||
Cardinal Health, Inc. | 190,867 | 9,438,373 | ||||||
Centene Corp.(b) | 91,268 | 4,844,506 | ||||||
CVS Health Corp. | 114,792 | 7,621,041 | ||||||
Laboratory Corp. of America Holdings(b) | 27,738 | 4,570,390 | ||||||
McKesson Corp. | 77,139 | 10,259,487 | ||||||
Mylan N.V.(b) | 129,696 | 2,483,678 | ||||||
|
| |||||||
61,593,553 | ||||||||
|
| |||||||
Industrials-7.07% | ||||||||
Alaska Air Group, Inc. | 57,517 | 3,993,405 | ||||||
American Airlines Group, Inc. | 149,581 | 4,496,405 | ||||||
Arconic, Inc. | 163,688 | 4,496,509 | ||||||
Delta Air Lines, Inc. | 52,858 | 2,911,419 | ||||||
Jacobs Engineering Group, Inc. | 118,346 | 11,074,819 | ||||||
Johnson Controls International PLC | 180,145 | 7,805,683 | ||||||
PACCAR, Inc. | 75,970 | 5,778,278 | ||||||
Quanta Services, Inc. | 341,932 | 14,378,241 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco S&P 500® Pure Value ETF (RPV)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Textron, Inc. | 59,647 | $ | 2,749,130 | |||||
United Airlines Holdings, Inc.(b) | 58,126 | 5,280,166 | ||||||
|
| |||||||
62,964,055 | ||||||||
|
| |||||||
InformationTechnology-5.64% | ||||||||
DXC Technology Co. | 143,035 | 3,957,778 | ||||||
Hewlett Packard Enterprise Co. | 795,699 | 13,057,421 | ||||||
HP, Inc. | 133,171 | 2,313,180 | ||||||
Micron Technology, Inc.(b) | 173,624 | 8,255,821 | ||||||
Western Digital Corp. | 237,543 | 12,269,096 | ||||||
Xerox Holdings Corp. | 306,117 | 10,386,550 | ||||||
|
| |||||||
50,239,846 | ||||||||
|
| |||||||
Materials-3.13% | ||||||||
Corteva, Inc. | 23,912 | 630,799 | ||||||
Dow, Inc. | 24,252 | 1,224,483 | ||||||
DuPont de Nemours, Inc. | 24,562 | 1,618,881 | ||||||
International Paper Co. | 108,016 | 4,718,139 | ||||||
LyondellBasell Industries N.V., Class A | 40,109 | 3,597,777 | ||||||
Nucor Corp. | 114,083 | 6,143,370 | ||||||
Westrock Co. | 266,879 | 9,973,268 | ||||||
|
| |||||||
27,906,717 | ||||||||
|
| |||||||
RealEstate-0.54% | ||||||||
Kimco Realty Corp. | 224,238 | 4,834,571 | ||||||
|
|
Shares | Value | |||||||
Utilities-2.61% |
| |||||||
CenterPoint Energy, Inc. | 115,918 | $ | 3,369,736 | |||||
Consolidated Edison, Inc. | 41,800 | 3,854,796 | ||||||
Duke Energy Corp. | 33,955 | 3,200,598 | ||||||
Edison International | 64,137 | 4,034,217 | ||||||
Evergy, Inc. | 49,071 | 3,136,128 | ||||||
Exelon Corp. | 125,018 | 5,687,069 | ||||||
|
| |||||||
23,282,544 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 889,311,498 | ||||||
|
| |||||||
Money MarketFunds-0.08% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 665,615 | 665,615 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.90% | 889,977,113 | |||||||
OTHER ASSETS LESSLIABILITIES-0.10% |
| 914,078 | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 890,891,191 | ||||||
|
|
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) | The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 12,382,512 | $ | 1,589,293 | $ | (1,551,052 | ) | $ | (2,890,396 | ) | $ | (72,521 | ) | $ | 9,457,836 | $ | 347,082 |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco S&P 500® Pure Value ETF (RPV)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
| |||||||
Financials
|
|
32.88
|
| |||||
Consumer Discretionary
|
|
17.02
|
| |||||
Energy
|
|
10.94
|
| |||||
Consumer Staples
|
|
9.07
|
| |||||
Industrials
|
|
7.07
|
| |||||
Health Care
|
| 6.91
|
| |||||
Information Technology
|
|
5.64
|
| |||||
Communication Services
|
| 4.01
|
| |||||
Materials
|
| 3.13
|
| |||||
Sector Types Each Less Than 3%
|
| 3.15
|
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.18
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco S&P 500® Top 50 ETF (XLG)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.87% |
| |||||||
CommunicationServices-17.92% |
| |||||||
Alphabet, Inc., Class A(b) | 19,547 | $ | 24,605,764 | |||||
Alphabet, Inc., Class C(b) | 19,721 | 24,850,629 | ||||||
AT&T, Inc. | 476,847 | 18,353,841 | ||||||
Comcast Corp., Class A | 295,985 | 13,266,048 | ||||||
Facebook, Inc., Class A(b) | 156,996 | 30,088,283 | ||||||
Netflix, Inc.(b) | 28,573 | 8,212,166 | ||||||
Verizon Communications, Inc. | 269,911 | 16,321,518 | ||||||
Walt Disney Co. (The) | 117,557 | 15,273,006 | ||||||
|
| |||||||
150,971,255 | ||||||||
|
| |||||||
ConsumerDiscretionary-8.86% | ||||||||
Amazon.com, Inc.(b) | 27,116 | 48,175,913 | ||||||
Home Depot, Inc. (The) | 71,469 | 16,765,198 | ||||||
McDonald’s Corp. | 49,560 | 9,748,452 | ||||||
|
| |||||||
74,689,563 | ||||||||
|
| |||||||
ConsumerStaples-8.81% | ||||||||
Coca-Cola Co. (The) | 251,144 | 13,669,768 | ||||||
Costco Wholesale Corp. | 28,700 | 8,527,057 | ||||||
PepsiCo, Inc. | 91,243 | 12,515,802 | ||||||
Philip Morris International, Inc. | 101,533 | 8,268,847 | ||||||
Procter & Gamble Co. (The) | 163,319 | 20,334,849 | ||||||
Walmart, Inc. | 92,808 | 10,882,666 | ||||||
|
| |||||||
74,198,989 | ||||||||
|
| |||||||
Energy-3.92% | ||||||||
Chevron Corp. | 123,889 | 14,388,469 | ||||||
Exxon Mobil Corp. | 276,118 | 18,657,293 | ||||||
|
| |||||||
33,045,762 | ||||||||
|
| |||||||
Financials-11.21% | ||||||||
Bank of America Corp. | 546,705 | 17,095,465 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 127,963 | 27,202,374 | ||||||
Citigroup, Inc. | 147,424 | 10,593,889 | ||||||
JPMorgan Chase & Co. | 208,665 | 26,066,432 | ||||||
Wells Fargo & Co. | 261,660 | 13,509,506 | ||||||
|
| |||||||
94,467,666 | ||||||||
|
| |||||||
HealthCare-13.78% | ||||||||
Abbott Laboratories | 115,338 | 9,643,410 | ||||||
AbbVie, Inc. | 96,484 | 7,675,302 | ||||||
Amgen, Inc. | 39,136 | 8,345,752 | ||||||
Eli Lilly and Co. | 55,443 | 6,317,730 | ||||||
Johnson & Johnson | 172,230 | 22,741,249 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Medtronic PLC | 87,556 | $ | 9,534,848 | |||||
Merck & Co., Inc. | 167,087 | 14,479,759 | ||||||
Pfizer, Inc. | 360,950 | 13,849,652 | ||||||
Thermo Fisher Scientific, Inc. | 26,135 | 7,892,247 | ||||||
UnitedHealth Group, Inc. | 61,845 | 15,628,232 | ||||||
|
| |||||||
116,108,181 | ||||||||
|
| |||||||
Industrials-4.18% | ||||||||
Boeing Co. (The) | 34,886 | 11,858,100 | ||||||
Honeywell International, Inc. | 46,954 | 8,110,365 | ||||||
Union Pacific Corp. | 45,977 | 7,607,354 | ||||||
United Technologies Corp. | 52,935 | 7,600,407 | ||||||
|
| |||||||
35,176,226 | ||||||||
|
| |||||||
InformationTechnology-31.19% | ||||||||
Accenture PLC, Class A | 41,579 | 7,709,578 | ||||||
Adobe, Inc.(b) | 31,680 | 8,804,822 | ||||||
Apple, Inc. | 277,222 | 68,961,745 | ||||||
Broadcom, Inc. | 25,978 | 7,607,657 | ||||||
Cisco Systems, Inc. | 277,044 | 13,162,361 | ||||||
Intel Corp. | 289,097 | 16,342,654 | ||||||
International Business Machines Corp. | 57,811 | 7,731,065 | ||||||
Mastercard, Inc., Class A | 58,262 | 16,127,504 | ||||||
Microsoft Corp. | 498,279 | 71,438,260 | ||||||
Oracle Corp. | 143,676 | 7,828,905 | ||||||
PayPal Holdings, Inc.(b) | 76,789 | 7,993,735 | ||||||
salesforce.com, inc.(b) | 57,232 | 8,956,236 | ||||||
Visa, Inc., Class A | 112,701 | 20,157,701 | ||||||
|
| |||||||
262,822,223 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 841,479,865 | |||||||
|
| |||||||
Money MarketFunds-0.06% | ||||||||
Invesco Premier U.S. Government Money | 531,863 | 531,863 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-99.93% | 842,011,728 | |||||||
OTHER ASSETS LESSLIABILITIES-0.07% | 599,361 | |||||||
|
| |||||||
NETASSETS-100.00% | $ | 842,611,089 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco S&P 500® Top 50 ETF (XLG)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Information Technology
|
| 31.19
|
| |||||
Communication Services
|
| 17.92
|
| |||||
Health Care
|
| 13.78
|
| |||||
Financials
|
| 11.21
|
| |||||
Consumer Discretionary
|
| 8.86
|
| |||||
Consumer Staples
|
| 8.81
|
| |||||
Industrials
|
| 4.18
|
| |||||
Energy
|
| 3.92
|
| |||||
Money Market Funds Plus Other Assets Less Liabilities |
| 0.13
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco S&P Midcap 400® Pure Growth ETF (RFG)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.92% |
| |||||||
CommunicationServices-4.92% |
| |||||||
Live Nation Entertainment, Inc.(b) | 71,709 | $ | 5,055,484 | |||||
New York Times Co. (The), Class A | 190,834 | 5,896,771 | ||||||
World Wrestling Entertainment, Inc., Class A(c) | 85,153 | 4,771,974 | ||||||
Yelp, Inc.(b) | 98,896 | 3,412,901 | ||||||
|
| |||||||
19,137,130 | ||||||||
|
| |||||||
ConsumerDiscretionary-18.82% | ||||||||
Adtalem Global Education, Inc.(b) | 52,650 | 1,567,917 | ||||||
Brinker International, Inc. | 86,136 | 3,828,745 | ||||||
Churchill Downs, Inc. | 81,201 | 10,555,318 | ||||||
Deckers Outdoor Corp.(b) | 45,374 | 6,937,685 | ||||||
Domino’s Pizza, Inc. | 17,131 | 4,653,122 | ||||||
Eldorado Resorts, Inc.(b)(c) | 251,779 | 11,272,146 | ||||||
Helen of Troy Ltd.(b) | 35,325 | 5,290,272 | ||||||
Pool Corp. | 15,228 | 3,158,287 | ||||||
Scientific Games Corp.(b) | 255,649 | 6,133,019 | ||||||
Service Corp. International | 98,322 | 4,471,685 | ||||||
Urban Outfitters, Inc.(b) | 197,160 | 5,658,492 | ||||||
Wendy’s Co. (The) | 236,220 | 5,003,140 | ||||||
WW International, Inc.(b) | 42,966 | 1,498,224 | ||||||
Wyndham Hotels & Resorts, Inc. | 60,032 | 3,239,927 | ||||||
|
| |||||||
73,267,979 | ||||||||
|
| |||||||
ConsumerStaples-2.42% | ||||||||
Boston Beer Co., Inc. (The), | 9,940 | 3,722,132 | ||||||
Lancaster Colony Corp. | 11,741 | 1,634,112 | ||||||
Post Holdings, Inc.(b) | 39,413 | 4,055,598 | ||||||
|
| |||||||
9,411,842 | ||||||||
|
| |||||||
Energy-3.93% | ||||||||
CNX Resources Corp.(b) | 670,061 | 5,648,614 | ||||||
Equitrans Midstream Corp. | 297,232 | 4,137,469 | ||||||
Murphy Oil Corp. | 267,047 | 5,509,180 | ||||||
|
| |||||||
15,295,263 | ||||||||
|
| |||||||
Financials-10.15% | ||||||||
Brown & Brown, Inc. | 115,877 | 4,366,245 | ||||||
FactSet Research Systems, Inc. | 12,896 | 3,269,394 | ||||||
First Financial Bankshares, Inc. | 117,801 | 3,920,417 | ||||||
FirstCash, Inc. | 40,932 | 3,454,251 | ||||||
Green Dot Corp., Class A(b) | 54,090 | 1,559,956 | ||||||
LendingTree, Inc.(b) | 16,241 | 5,844,324 | ||||||
Primerica, Inc. | 67,457 | 8,511,724 | ||||||
SLM Corp. | 476,224 | 4,019,331 | ||||||
UMB Financial Corp. | 70,341 | 4,590,454 | ||||||
|
| |||||||
39,536,096 | ||||||||
|
| |||||||
HealthCare-20.11% | ||||||||
Amedisys, Inc.(b) | 70,085 | 9,007,324 | ||||||
Avanos Medical, Inc.(b) | 139,204 | 6,130,544 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) | 12,238 | 4,058,365 | ||||||
Chemed Corp. | 8,022 | 3,159,946 | ||||||
Encompass Health Corp. | 59,994 | 3,840,816 | ||||||
Globus Medical, Inc., Class A(b) | 162,902 | 8,531,178 | ||||||
Haemonetics Corp.(b) | 19,909 | 2,403,614 | ||||||
Integra LifeSciences Holdings Corp.(b) | 64,683 | 3,755,495 | ||||||
Ligand Pharmaceuticals, Inc.(b) | 18,661 | 2,030,503 | ||||||
LivaNova PLC(b) | 44,783 | 3,167,502 | ||||||
Masimo Corp.(b) | 18,808 | 2,742,018 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Molina Healthcare, Inc.(b) | 42,515 | $ | 5,001,465 | |||||
Penumbra, Inc.(b) | 56,676 | 8,839,756 | ||||||
PRA Health Sciences, Inc.(b) | 72,528 | 7,086,711 | ||||||
Repligen Corp.(b) | 51,789 | 4,116,708 | ||||||
STERIS PLC | 31,178 | 4,413,869 | ||||||
|
| |||||||
78,285,814 | ||||||||
|
| |||||||
Industrials-8.68% | ||||||||
ASGN, Inc.(b) | 77,586 | 4,933,694 | ||||||
Axon Enterprise, Inc.(b) | 74,991 | 3,834,290 | ||||||
Curtiss-Wright Corp. | 25,084 | 3,392,611 | ||||||
Insperity, Inc. | 39,000 | 4,119,570 | ||||||
ITT, Inc. | 92,814 | 5,517,792 | ||||||
Kennametal, Inc. | 84,377 | 2,611,468 | ||||||
Lennox International, Inc. | 13,935 | 3,446,962 | ||||||
MSA Safety, Inc. | 20,590 | 2,472,241 | ||||||
Woodward, Inc. | 32,613 | 3,478,503 | ||||||
|
| |||||||
33,807,131 | ||||||||
|
| |||||||
InformationTechnology-16.94% | ||||||||
ACI Worldwide, Inc.(b) | 73,705 | 2,313,600 | ||||||
Ciena Corp.(b) | 157,582 | 5,849,444 | ||||||
CommVault Systems, Inc.(b) | 89,724 | 4,456,591 | ||||||
Cypress Semiconductor Corp. | 245,837 | 5,720,627 | ||||||
Fair Isaac Corp.(b) | 19,871 | 6,041,579 | ||||||
j2 Global, Inc. | 59,217 | 5,623,246 | ||||||
LiveRamp Holdings, Inc.(b) | 121,343 | 4,743,298 | ||||||
MAXIMUS, Inc. | 76,180 | 5,846,053 | ||||||
PTC, Inc.(b) | 43,432 | 2,906,035 | ||||||
Sabre Corp. | 164,897 | 3,871,782 | ||||||
Semtech Corp.(b) | 113,642 | 5,734,375 | ||||||
Silicon Laboratories, Inc.(b) | 25,325 | 2,690,528 | ||||||
Trimble, Inc.(b) | 63,785 | 2,541,195 | ||||||
WEX, Inc.(b) | 14,845 | 2,808,377 | ||||||
Zebra Technologies Corp., Class A(b) | 20,236 | 4,813,537 | ||||||
|
| |||||||
65,960,267 | ||||||||
|
| |||||||
Materials-3.52% | ||||||||
Allegheny Technologies, Inc.(b) | 327,493 | 6,880,628 | ||||||
Chemours Co. (The) | 171,227 | 2,809,835 | ||||||
RPM International, Inc. | 55,323 | 4,007,045 | ||||||
|
| |||||||
13,697,508 | ||||||||
|
| |||||||
RealEstate-8.02% | ||||||||
American Campus Communities, Inc. | 115,854 | 5,790,383 | ||||||
CyrusOne, Inc. | 80,267 | 5,721,432 | ||||||
Life Storage, Inc. | 25,415 | 2,768,202 | ||||||
Medical Properties Trust, Inc. | 362,542 | 7,515,496 | ||||||
National Retail Properties, Inc. | 72,365 | 4,263,022 | ||||||
Omega Healthcare Investors, Inc.(c) | 117,709 | 5,183,904 | ||||||
|
| |||||||
31,242,439 | ||||||||
|
| |||||||
Utilities-2.41% | ||||||||
Black Hills Corp. | 57,576 | 4,538,716 | ||||||
National Fuel Gas Co. | 56,986 | 2,582,036 | ||||||
UGI Corp. | 47,523 | 2,265,421 | ||||||
|
| |||||||
9,386,173 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 389,027,642 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco S&P Midcap 400® Pure Growth ETF (RFG)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money MarketFunds-0.08% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 312,829 | $ | 312,829 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-100.00% | 389,340,471 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-2.85% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 8,320,510 | 8,320,510 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,772,394 | $ | 2,773,503 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 11,094,013 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-102.85% | 400,434,484 | |||||||
OTHER ASSETS LESS LIABILITIES-(2.85)% | (11,096,926 | ) | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 389,337,558 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Health Care
|
| 20.11
|
| |||||
Consumer Discretionary
|
| 18.82
|
| |||||
Information Technology
|
| 16.94
|
| |||||
Financials
|
| 10.15
|
| |||||
Industrials
|
| 8.68
|
| |||||
Real Estate
|
| 8.02
|
| |||||
Communication Services
|
| 4.92
|
| |||||
Energy
|
| 3.93
|
| |||||
Materials
|
| 3.52
|
| |||||
Sector Types Each Less Than 3%
|
| 4.83
|
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.08
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco S&P Midcap 400® Pure Value ETF (RFV)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||
CommunicationServices-1.00% |
| |||||||
Telephone & Data Systems, Inc. | 59,247 | $ | 1,545,754 | |||||
|
| |||||||
ConsumerDiscretionary-26.15% | ||||||||
Adient PLC | 50,950 | 1,079,630 | ||||||
AutoNation, Inc.(b) | 80,318 | 4,084,170 | ||||||
Bed Bath & Beyond, Inc.(c) | 284,802 | 3,901,787 | ||||||
Caesars Entertainment Corp.(b) | 134,210 | 1,648,099 | ||||||
Dana, Inc. | 170,933 | 2,774,243 | ||||||
Delphi Technologies PLC | 91,276 | 1,114,480 | ||||||
Dick’s Sporting Goods, Inc. | 50,075 | 1,949,420 | ||||||
Dillard’s, Inc., Class A(c) | 45,486 | 3,137,624 | ||||||
Goodyear Tire & Rubber Co. (The) | 187,248 | 2,971,626 | ||||||
Graham Holdings Co., Class B | 1,708 | 1,075,459 | ||||||
KB Home | 145,591 | 5,196,143 | ||||||
Marriott Vacations Worldwide Corp. | 12,261 | 1,347,852 | ||||||
Murphy USA, Inc.(b) | 21,921 | 2,585,143 | ||||||
Thor Industries, Inc. | 28,338 | 1,792,662 | ||||||
Toll Brothers, Inc. | 58,840 | 2,340,067 | ||||||
TRI Pointe Group, Inc.(b) | 209,423 | 3,296,318 | ||||||
|
| |||||||
40,294,723 | ||||||||
|
| |||||||
ConsumerStaples-3.59% | ||||||||
Casey’s General Stores, Inc. | 4,582 | 782,652 | ||||||
Hain Celestial Group, Inc. (The)(b) | 46,310 | 1,094,768 | ||||||
Pilgrim’s Pride Corp.(b) | 47,305 | 1,436,180 | ||||||
Sanderson Farms, Inc. | 8,801 | 1,362,483 | ||||||
TreeHouse Foods, Inc.(b) | 15,708 | 848,546 | ||||||
|
| |||||||
5,524,629 | ||||||||
|
| |||||||
Energy-4.88% | ||||||||
EQT Corp. | 55,423 | 595,243 | ||||||
Oasis Petroleum, Inc.(b) | 162,689 | 424,618 | ||||||
Oceaneering International, Inc.(b) | 74,325 | 1,052,442 | ||||||
Patterson-UTI Energy, Inc. | 125,699 | 1,045,816 | ||||||
World Fuel Services Corp. | 105,488 | 4,406,234 | ||||||
|
| |||||||
7,524,353 | ||||||||
|
| |||||||
Financials-18.47% | ||||||||
Alleghany Corp.(b) | 1,992 | 1,550,354 | ||||||
Associated Banc-Corp. | 36,010 | 724,161 | ||||||
Bank OZK | 49,536 | 1,389,980 | ||||||
Brighthouse Financial, Inc.(b) | 67,034 | 2,531,204 | ||||||
CNO Financial Group, Inc. | 76,379 | 1,195,331 | ||||||
First American Financial Corp. | 22,719 | 1,403,580 | ||||||
First Horizon National Corp. | 42,919 | 685,416 | ||||||
Hancock Whitney Corp. | 18,251 | 711,789 | ||||||
Janus Henderson Group PLC (United Kingdom) | 67,901 | 1,570,550 | ||||||
Jefferies Financial Group, Inc. | 135,722 | 2,533,930 | ||||||
Legg Mason, Inc. | 81,812 | 3,048,315 | ||||||
Navient Corp. | 147,975 | 2,037,616 | ||||||
New York Community Bancorp, Inc. | 124,585 | 1,451,415 | ||||||
Old Republic International Corp. | 54,810 | 1,224,455 | ||||||
PacWest Bancorp(c) | 24,233 | 896,379 | ||||||
Pinnacle Financial Partners, Inc. | 10,969 | 645,197 | ||||||
Reinsurance Group of America, Inc. | 12,383 | 2,011,866 | ||||||
Stifel Financial Corp. | 24,631 | 1,378,843 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Umpqua Holdings Corp. | 44,676 | $ | 706,774 | |||||
Washington Federal, Inc. | 21,023 | 766,499 | ||||||
|
| |||||||
28,463,654 | ||||||||
|
| |||||||
HealthCare-2.11% |
| |||||||
Acadia Healthcare Co., Inc.(b)(c) | 42,033 | 1,260,570 | ||||||
MEDNAX, Inc.(b) | 31,489 | 691,498 | ||||||
Patterson Cos., Inc. | 75,943 | 1,300,904 | ||||||
|
| |||||||
3,252,972 | ||||||||
|
| |||||||
Industrials-19.57% | ||||||||
AECOM(b) | 84,281 | 3,372,083 | ||||||
AGCO Corp. | 24,852 | 1,905,900 | ||||||
Avis Budget Group, Inc.(b) | 61,912 | 1,839,406 | ||||||
Colfax Corp.(b)(c) | 61,452 | 2,064,787 | ||||||
EMCOR Group, Inc. | 14,296 | 1,253,902 | ||||||
Fluor Corp. | 81,528 | 1,313,416 | ||||||
Granite Construction, Inc. | 19,722 | 464,256 | ||||||
JetBlue Airways Corp.(b) | 72,235 | 1,394,135 | ||||||
Knight-Swift Transportation Holdings, Inc. | 45,302 | 1,651,711 | ||||||
ManpowerGroup, Inc. | 30,777 | 2,798,245 | ||||||
MasTec, Inc.(b) | 28,032 | 1,764,334 | ||||||
Oshkosh Corp. | 13,806 | 1,178,756 | ||||||
Owens Corning | 21,624 | 1,325,119 | ||||||
Resideo Technologies, Inc.(b) | 86,087 | 820,409 | ||||||
Ryder System, Inc. | 58,504 | 2,845,050 | ||||||
Terex Corp. | 30,437 | 838,539 | ||||||
Timken Co. (The) | 16,829 | 824,621 | ||||||
Trinity Industries, Inc. | 90,402 | 1,788,152 | ||||||
Werner Enterprises, Inc. | 19,677 | 718,210 | ||||||
|
| |||||||
30,161,031 | ||||||||
|
| |||||||
InformationTechnology-11.96% |
| |||||||
Arrow Electronics, Inc.(b) | 36,369 | 2,883,334 | ||||||
Avnet, Inc. | 59,946 | 2,371,464 | ||||||
Belden, Inc. | 14,735 | 755,611 | ||||||
CACI International, Inc., Class A(b) | 4,179 | 935,051 | ||||||
Jabil, Inc. | 73,922 | 2,721,808 | ||||||
NetScout Systems, Inc.(b) | 24,281 | 588,086 | ||||||
Perspecta, Inc. | 30,437 | 807,798 | ||||||
SYNNEX Corp. | 30,734 | 3,618,621 | ||||||
Tech Data Corp.(b) | 30,833 | 3,746,210 | ||||||
|
| |||||||
18,427,983 | ||||||||
|
| |||||||
Materials-9.64% | ||||||||
Carpenter Technology Corp. | 28,884 | 1,415,894 | ||||||
Commercial Metals Co. | 88,779 | 1,716,098 | ||||||
Domtar Corp. | 36,174 | 1,316,372 | ||||||
Minerals Technologies, Inc. | 16,590 | 820,375 | ||||||
Olin Corp. | 96,126 | 1,762,951 | ||||||
Owens-Illinois, Inc. | 61,860 | 525,810 | ||||||
Reliance Steel & Aluminum Co. | 27,987 | 3,247,611 | ||||||
Silgan Holdings, Inc. | 27,080 | 833,252 | ||||||
Steel Dynamics, Inc. | 27,636 | 839,029 | ||||||
United States Steel Corp.(c) | 149,324 | 1,718,719 | ||||||
Worthington Industries, Inc. | 17,792 | 654,924 | ||||||
|
| |||||||
14,851,035 | ||||||||
|
| |||||||
RealEstate-2.57% |
| |||||||
Alexander & Baldwin, Inc. | 47,473 | 1,116,090 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco S&P Midcap 400® Pure Value ETF (RFV)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Jones Lang LaSalle, Inc. | 5,489 | $ | 804,248 | |||||
Sabra Health Care REIT, Inc. | 49,728 | 1,223,309 | ||||||
Senior Housing Properties Trust | 81,800 | 811,865 | ||||||
|
| |||||||
3,955,512 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 154,001,646 | ||||||
|
| |||||||
Money MarketFunds-0.01% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 21,050 | 21,050 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-99.95% | 154,022,696 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-6.84% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 7,828,544 | $ | 7,828,544 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,710,022 | 2,711,106 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 10,539,650 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-106.79% | 164,562,346 | |||||||
OTHER ASSETS LESS LIABILITIES-(6.79)% | (10,466,804 | ) | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 154,095,542 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Consumer Discretionary
|
| 26.15
|
| |||||
Industrials
|
| 19.57
|
| |||||
Financials
|
| 18.47
|
| |||||
Information Technology
|
| 11.96
|
| |||||
Materials
|
| 9.64
|
| |||||
Energy
|
| 4.88
|
| |||||
Consumer Staples
|
| 3.59
|
| |||||
Sector Types Each Less Than 3%
|
| 5.68
|
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.06
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco S&P Small Cap 600® Pure Growth ETF (RZG)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.02% |
| |||||||
CommunicationServices-3.52% |
| |||||||
ATN International, Inc. | 12,074 | $ | 715,143 | |||||
Care.com, Inc.(b) | 82,141 | 959,407 | ||||||
E.W. Scripps Co. (The), Class A | 60,032 | 806,530 | ||||||
Iridium Communications, Inc.(b) | 87,763 | 2,147,561 | ||||||
Marcus Corp. (The) | 35,340 | 1,275,774 | ||||||
QuinStreet, Inc.(b) | 58,868 | 755,276 | ||||||
|
| |||||||
6,659,691 | ||||||||
|
| |||||||
ConsumerDiscretionary-16.02% | ||||||||
American Public Education, Inc.(b) | 29,605 | 643,021 | ||||||
BJ’s Restaurants, Inc. | 35,275 | 1,396,537 | ||||||
Career Education Corp.(b) | 103,064 | 1,459,386 | ||||||
Cavco Industries, Inc.(b) | 7,368 | 1,412,077 | ||||||
Children’s Place, Inc. (The)(c) | 12,713 | 1,041,322 | ||||||
Crocs, Inc.(b) | 36,194 | 1,266,428 | ||||||
Dave & Buster’s Entertainment, Inc. | 17,358 | 690,501 | ||||||
Dine Brands Global, Inc. | 8,631 | 631,358 | ||||||
Dorman Products, Inc.(b) | 12,621 | 908,081 | ||||||
El Pollo Loco Holdings, Inc.(b) | 66,624 | 774,171 | ||||||
Guess?, Inc. | 93,561 | 1,567,147 | ||||||
iRobot Corp.(b)(c) | 22,364 | 1,074,814 | ||||||
Kontoor Brands, Inc.(b) | 22,138 | 841,244 | ||||||
Liquidity Services, Inc.(b) | 171,403 | 1,112,405 | ||||||
Monro, Inc. | 12,151 | 851,907 | ||||||
Regis Corp.(b) | 86,015 | 1,771,909 | ||||||
Ruth’s Hospitality Group, Inc. | 45,698 | 940,465 | ||||||
Shake Shack, Inc., Class A(b) | 47,383 | 3,898,673 | ||||||
Shoe Carnival, Inc.(c) | 52,556 | 1,744,334 | ||||||
Sleep Number Corp.(b) | 40,495 | 1,948,619 | ||||||
Stamps.com, Inc.(b) | 9,578 | 808,670 | ||||||
Strategic Education, Inc. | 5,123 | 630,283 | ||||||
Tailored Brands, Inc.(c) | 128,697 | 597,154 | ||||||
Wingstop, Inc. | 27,856 | 2,324,026 | ||||||
|
| |||||||
30,334,532 | ||||||||
|
| |||||||
ConsumerStaples-5.61% | ||||||||
Avon Products, Inc. | 1,242,657 | 5,330,998 | ||||||
Inter Parfums, Inc. | 22,751 | 1,761,610 | ||||||
Medifast, Inc. | 17,328 | 1,922,368 | ||||||
WD-40 Co. | 8,569 | 1,605,831 | ||||||
|
| |||||||
10,620,807 | ||||||||
|
| |||||||
Energy-7.21% | ||||||||
Archrock, Inc. | 126,270 | 1,217,243 | ||||||
Callon Petroleum Co.(b)(c) | 349,326 | 1,327,439 | ||||||
Carrizo Oil & Gas, Inc.(b)(c) | 79,372 | 584,178 | ||||||
Denbury Resources, Inc.(b) | 1,019,359 | 1,017,422 | ||||||
DMC Global, Inc. | 32,498 | 1,453,961 | ||||||
HighPoint Resources Corp.(b) | 710,033 | 752,635 | ||||||
KLX Energy Services Holdings, Inc.(b) | 75,672 | 600,836 | ||||||
Penn Virginia Corp.(b) | 40,024 | 952,571 | ||||||
ProPetro Holding Corp.(b) | 115,632 | 896,148 | ||||||
QEP Resources, Inc. | 438,319 | 1,459,602 | ||||||
Renewable Energy Group, Inc.(b) | 134,209 | 2,192,975 | ||||||
Valaris PLC(c) | 294,158 | 1,208,989 | ||||||
|
| |||||||
13,663,999 | ||||||||
|
|
Shares | Value | |||||||
Financials-9.04% |
| |||||||
Blucora, Inc.(b) | 56,161 | $ | 1,214,762 | |||||
City Holding Co. | 11,016 | 874,009 | ||||||
Community Bank System, Inc. | 15,453 | 1,047,404 | ||||||
eHealth, Inc.(b) | 20,983 | 1,448,666 | ||||||
Glacier Bancorp, Inc. | 15,302 | 647,581 | ||||||
HCI Group, Inc. | 27,192 | 1,143,424 | ||||||
Independent Bank Corp. | 15,245 | 1,251,310 | ||||||
Old National Bancorp. | 75,364 | 1,356,175 | ||||||
Redwood Trust, Inc. | 89,329 | 1,459,636 | ||||||
RLI Corp. | 18,889 | 1,838,278 | ||||||
Seacoast Banking Corp. of Florida(b) | 28,258 | 791,224 | ||||||
Triumph Bancorp, Inc.(b) | 40,422 | 1,311,694 | ||||||
United Fire Group, Inc. | 27,910 | 1,270,463 | ||||||
Universal Insurance Holdings, Inc. | 31,042 | 841,549 | ||||||
Westamerica Bancorp. | 9,394 | 620,192 | ||||||
|
| |||||||
17,116,367 | ||||||||
|
| |||||||
HealthCare-23.28% |
| |||||||
Addus HomeCare Corp.(b) | 8,960 | 754,522 | ||||||
AMN Healthcare Services, Inc.(b) | 12,234 | 718,870 | ||||||
Amphastar Pharmaceuticals, Inc.(b) | 33,769 | 652,248 | ||||||
AngioDynamics, Inc.(b) | 77,799 | 1,190,325 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 58,291 | 2,334,555 | ||||||
BioTelemetry, Inc.(b) | 8,714 | 342,983 | ||||||
Cardiovascular Systems, Inc.(b) | 54,058 | 2,406,662 | ||||||
CONMED Corp. | 29,705 | 3,268,144 | ||||||
Corcept Therapeutics, Inc.(b) | 67,997 | 992,076 | ||||||
CorVel Corp.(b) | 11,233 | 888,755 | ||||||
CryoLife, Inc.(b) | 20,129 | 451,896 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 25,712 | 1,612,142 | ||||||
Endo International PLC(b) | 113,490 | 520,919 | ||||||
Ensign Group, Inc. (The) | 20,371 | 860,675 | ||||||
Heska Corp.(b) | 12,495 | 1,012,345 | ||||||
HMS Holdings Corp.(b) | 31,110 | 1,016,986 | ||||||
Innoviva, Inc.(b) | 106,625 | 1,238,982 | ||||||
Integer Holdings Corp.(b) | 14,769 | 1,143,711 | ||||||
Luminex Corp. | 76,655 | 1,571,044 | ||||||
Medpace Holdings, Inc.(b) | 42,858 | 3,155,635 | ||||||
Meridian Bioscience, Inc. | 31,940 | 312,693 | ||||||
Merit Medical Systems, Inc.(b) | 12,290 | 253,850 | ||||||
Mesa Laboratories, Inc.(c) | 4,373 | 995,951 | ||||||
Neogen Corp.(b) | 21,427 | 1,394,041 | ||||||
NeoGenomics, Inc.(b) | 160,123 | 3,671,620 | ||||||
NextGen Healthcare, Inc.(b) | 35,154 | 594,278 | ||||||
Omnicell, Inc.(b) | 14,431 | 1,015,798 | ||||||
Pennant Group, Inc. (The)(b) | 10,185 | 183,228 | ||||||
REGENXBIO, Inc.(b) | 14,712 | 525,071 | ||||||
Spectrum Pharmaceuticals, Inc.(b) | 45,307 | 351,582 | ||||||
Supernus Pharmaceuticals, Inc.(b) | 55,118 | 1,531,729 | ||||||
Surmodics, Inc.(b) | 13,467 | 639,817 | ||||||
Tabula Rasa HealthCare, Inc.(b)(c) | 33,920 | 1,727,885 | ||||||
Tactile Systems Technology, Inc.(b) | 43,430 | 1,972,591 | ||||||
Tivity Health, Inc.(b)(c) | 22,815 | 369,831 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 26,745 | 361,325 | ||||||
Xencor, Inc.(b) | 60,413 | 2,066,729 | ||||||
|
| |||||||
44,101,494 | ||||||||
|
| |||||||
Industrials-11.61% | ||||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 15,680 | 677,846 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
AeroVironment, Inc.(b) | 19,614 | $ | 1,137,220 | |||||
Albany International Corp. | 11,106 | 932,682 | ||||||
Allegiant Travel Co. | 8,703 | 1,456,273 | ||||||
DXP Enterprises, Inc.(b) | 48,729 | 1,682,125 | ||||||
ESCO Technologies, Inc. | 12,658 | 1,069,474 | ||||||
Exponent, Inc. | 16,580 | 1,053,327 | ||||||
Forrester Research, Inc. | 12,569 | 433,379 | ||||||
Franklin Electric Co., Inc. | 27,962 | 1,505,754 | ||||||
Harsco Corp.(b) | 55,487 | 1,124,721 | ||||||
Matson, Inc. | 43,165 | 1,648,040 | ||||||
Mobile Mini, Inc. | 28,124 | 1,058,025 | ||||||
National Presto Industries, Inc. | 6,911 | 594,968 | ||||||
Proto Labs, Inc.(b) | 10,113 | 980,658 | ||||||
Raven Industries, Inc. | 18,323 | 639,106 | ||||||
SPX Corp.(b) | 51,251 | 2,333,971 | ||||||
UniFirst Corp. | 5,378 | 1,080,118 | ||||||
US Ecology, Inc. | 10,202 | 634,870 | ||||||
Vicor Corp.(b) | 53,683 | 1,951,377 | ||||||
|
| |||||||
21,993,934 | ||||||||
|
| |||||||
InformationTechnology-13.37% | ||||||||
3D Systems Corp.(b)(c) | 90,312 | 857,061 | ||||||
8x8, Inc.(b) | 38,654 | 746,795 | ||||||
Agilysys, Inc.(b) | 44,009 | 1,108,587 | ||||||
Bottomline Technologies (DE), Inc.(b) | 36,770 | 1,505,731 | ||||||
Brooks Automation, Inc. | 28,153 | 1,195,658 | ||||||
Cabot Microelectronics Corp. | 12,058 | 1,822,205 | ||||||
Cardtronics PLC, Class A(b) | 39,255 | 1,344,876 | ||||||
CTS Corp. | 35,123 | 937,082 | ||||||
Harmonic, Inc.(b) | 151,308 | 1,177,176 | ||||||
KEMETCorp. | 143,870 | 3,127,734 | ||||||
Onto Innovation, Inc.(b) | 76,820 | 2,473,604 | ||||||
Perficient, Inc.(b) | 84,482 | 3,311,694 | ||||||
SPS Commerce, Inc.(b) | 41,624 | 2,196,498 | ||||||
Unisys Corp.(b) | 173,102 | 1,776,027 | ||||||
Viavi Solutions, Inc.(b) | 55,049 | 878,582 | ||||||
Virtusa Corp.(b) | 23,342 | 870,190 | ||||||
|
| |||||||
25,329,500 | ||||||||
|
| |||||||
Materials-3.40% | ||||||||
Hawkins, Inc. | 27,936 | 1,194,264 | ||||||
Innospec, Inc. | 17,444 | 1,593,684 | ||||||
Kaiser Aluminum Corp. | 19,786 | 2,118,685 | ||||||
Quaker Chemical Corp. | 2,883 | 440,753 | ||||||
SunCoke Energy, Inc.(b) | 206,913 | 1,094,570 | ||||||
|
| |||||||
6,441,956 | ||||||||
|
|
Shares | Value | |||||||
RealEstate-6.96% | ||||||||
Agree Realty Corp. | 28,723 | $ | 2,262,511 | |||||
Armada Hoffler Properties, Inc. | 75,630 | 1,417,306 | ||||||
Community Healthcare Trust, Inc. | 17,351 | 840,135 | ||||||
Easterly Government Properties, Inc. | 52,348 | 1,168,407 | ||||||
Four Corners Property Trust, Inc. | 60,067 | 1,720,920 | ||||||
Innovative Industrial Properties, Inc.(c) | 31,467 | 2,391,492 | ||||||
Marcus & Millichap, Inc.(b) | 24,619 | 879,391 | ||||||
National Storage Affiliates Trust | 20,198 | 690,166 | ||||||
Urstadt Biddle Properties, Inc., Class A | 41,173 | 1,001,739 | ||||||
Washington Prime Group, Inc.(c) | 193,204 | 815,321 | ||||||
|
| |||||||
13,187,388 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 189,449,668 | |||||||
|
| |||||||
Money MarketFunds-0.05% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 89,245 | 89,245 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 189,538,913 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-6.26% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 8,895,153 | 8,895,153 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,963,865 | 2,965,051 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 11,860,204 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-106.33% | 201,399,117 | |||||||
OTHER ASSETS LESS LIABILITIES-(6.33)% | (11,983,330 | ) | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 189,415,787 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Health Care | 23.28 | |||||||
Consumer Discretionary | 16.02 | |||||||
Information Technology | 13.37 | |||||||
Industrials | 11.61 | |||||||
Financials | 9.04 | |||||||
Energy | 7.21 | |||||||
Real Estate | 6.96 | |||||||
Consumer Staples | 5.61 | |||||||
Communication Services | 3.52 | |||||||
Materials | 3.40 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.02 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.93% |
| |||||||
CommunicationServices-1.31% |
| |||||||
Frontier Communications Corp.(b)(c) | 206,171 | $ | 187,616 | |||||
Gannett Co., Inc.(c) | 140,315 | 1,522,418 | ||||||
New Media Investment Group, | 92,366 | 813,744 | ||||||
|
| |||||||
2,523,778 | ||||||||
|
| |||||||
ConsumerDiscretionary-34.91% | ||||||||
Abercrombie & Fitch Co., Class A | 66,941 | 1,083,775 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) | 187,247 | 1,565,385 | ||||||
Barnes & Noble Education, Inc.(b) | 126,196 | 518,666 | ||||||
Big Lots, Inc. | 33,491 | 725,750 | ||||||
Bloomin’ Brands, Inc. | 25,350 | 502,184 | ||||||
Caleres, Inc. | 30,975 | 666,582 | ||||||
Cato Corp. (The), Class A | 92,961 | 1,625,888 | ||||||
Century Communities, Inc.(b) | 107,195 | 3,234,073 | ||||||
Chico’s FAS, Inc. | 323,976 | 1,114,477 | ||||||
Conn’s, Inc.(b) | 53,457 | 1,293,125 | ||||||
Cooper Tire & Rubber Co. | 17,617 | 497,504 | ||||||
Cooper-Standard Holdings, Inc.(b) | 22,000 | 700,920 | ||||||
Core-Mark Holding Co., Inc. | 38,660 | 1,179,903 | ||||||
Ethan Allen Interiors, Inc. | 30,987 | 610,754 | ||||||
Express, Inc.(b) | 358,911 | 1,155,693 | ||||||
Fossil Group, Inc.(b) | 30,006 | 326,465 | ||||||
GameStop Corp., Class A(c) | 39,287 | 213,721 | ||||||
Genesco, Inc.(b) | 43,211 | 1,678,747 | ||||||
G-III Apparel Group Ltd.(b) | 16,770 | 421,095 | ||||||
Group 1 Automotive, Inc. | 40,433 | 4,020,658 | ||||||
Haverty Furniture Cos., Inc. | 42,416 | 769,426 | ||||||
Hibbett Sports, Inc.(b)(c) | 147,122 | 3,510,331 | ||||||
J.C. Penney Co., Inc.(b)(c) | 874,618 | 874,618 | ||||||
LGI Homes, Inc.(b) | 14,189 | 1,113,553 | ||||||
Lithia Motors, Inc., Class A | 19,928 | 3,138,261 | ||||||
Lumber Liquidators Holdings, | 103,372 | 954,124 | ||||||
M.D.C. Holdings, Inc. | 46,706 | 1,807,989 | ||||||
M/I Homes, Inc.(b) | 93,462 | 4,129,151 | ||||||
MarineMax, Inc.(b) | 64,934 | 1,003,230 | ||||||
Meritage Homes Corp.(b) | 46,754 | 3,370,496 | ||||||
Motorcar Parts of America, Inc.(b) | 27,574 | 525,560 | ||||||
Office Depot, Inc. | 659,560 | 1,358,694 | ||||||
Red Robin Gourmet Burgers, Inc.(b) | 45,858 | 1,398,669 | ||||||
Rent-A-Center, Inc. | 62,409 | 1,614,521 | ||||||
Signet Jewelers Ltd.(c) | 33,164 | 531,951 | ||||||
Sonic Automotive, Inc., Class A | 154,188 | 4,969,479 | ||||||
TopBuild Corp.(b) | 11,102 | 1,153,831 | ||||||
Unifi, Inc.(b) | 25,584 | 698,443 | ||||||
Vera Bradley, Inc.(b) | 50,299 | 541,217 | ||||||
Vista Outdoor, Inc.(b) | 149,425 | 1,001,147 | ||||||
Vitamin Shoppe, Inc.(b) | 246,369 | 1,591,544 | ||||||
William Lyon Homes, Class A(b) | 182,033 | 3,522,339 | ||||||
Winnebago Industries, Inc.(c) | 62,143 | 2,987,214 | ||||||
Zumiez, Inc.(b) | 52,906 | 1,688,230 | ||||||
|
| |||||||
67,389,383 | ||||||||
|
| |||||||
ConsumerStaples-4.90% | ||||||||
Andersons, Inc. (The) | 54,979 | 1,012,713 | ||||||
Central Garden & Pet Co.(b) | 2,560 | 76,851 | ||||||
Central Garden & Pet Co., | 10,149 | 287,014 | ||||||
Dean Foods Co.(c) | 360,091 | 352,889 |
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Fresh Del Monte Produce, Inc. | 63,942 | $ | 2,039,750 | |||||
PriceSmart, Inc. | 7,250 | 537,225 | ||||||
Seneca Foods Corp., Class A(b) | 48,370 | 1,711,331 | ||||||
SpartanNash Co. | 113,199 | 1,482,341 | ||||||
United Natural Foods, Inc.(b) | 168,786 | 1,265,895 | ||||||
Universal Corp. | 12,644 | 692,891 | ||||||
|
| |||||||
9,458,900 | ||||||||
|
| |||||||
Energy-6.57% | ||||||||
Diamond Offshore Drilling, Inc.(b)(c) | 61,867 | 327,276 | ||||||
Exterran Corp.(b) | 27,179 | 344,358 | ||||||
Green Plains, Inc. | 118,198 | 1,457,381 | ||||||
Gulfport Energy Corp.(b) | 114,244 | 318,170 | ||||||
Helix Energy Solutions Group, Inc.(b) | 120,470 | 1,034,837 | ||||||
Laredo Petroleum, Inc.(b) | 233,113 | 550,147 | ||||||
Matrix Service Co.(b) | 27,452 | 515,000 | ||||||
McDermott International, Inc.(b) | 460,036 | 749,859 | ||||||
Newpark Resources, Inc.(b) | 90,912 | 545,472 | ||||||
NexTier Oilfield Solutions, Inc.(b) | 118 | 510 | ||||||
Oil States International, Inc.(b) | 26,364 | 376,214 | ||||||
Par Pacific Holdings, Inc.(b) | 78,025 | 1,767,266 | ||||||
Range Resources Corp.(c) | 278,649 | 1,122,955 | ||||||
REX American Resources Corp.(b) | 12,218 | 988,681 | ||||||
Ring Energy, Inc.(b) | 64,052 | 106,326 | ||||||
SEACOR Holdings, Inc.(b) | 20,698 | 888,151 | ||||||
SM Energy Co. | 82,735 | 648,642 | ||||||
SRC Energy, Inc.(b) | 138,471 | 432,030 | ||||||
US Silica Holdings, Inc.(c) | 113,462 | 506,041 | ||||||
|
| |||||||
12,679,316 | ||||||||
|
| |||||||
Financials-6.73% | ||||||||
Ambac Financial Group, Inc.(b) | 63,925 | 1,310,462 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 19,614 | 358,936 | ||||||
Capstead Mortgage Corp. | 70,515 | 545,081 | ||||||
Customers Bancorp, Inc.(b) | 47,151 | 1,111,821 | ||||||
Donnelley Financial Solutions, Inc.(b) | 30,369 | 343,170 | ||||||
Encore Capital Group, Inc.(b)(c) | 51,291 | 1,702,348 | ||||||
EZCORP, Inc., Class A(b) | 151,222 | 795,428 | ||||||
Hope Bancorp, Inc. | 30,305 | 432,452 | ||||||
Horace Mann Educators Corp | 12,280 | 534,917 | ||||||
INTL. FCStone, Inc.(b) | 36,224 | 1,448,960 | ||||||
Invesco Mortgage Capital, Inc.(d) | 37,965 | 597,569 | ||||||
Opus Bank | 29,581 | 733,313 | ||||||
Pacific Premier Bancorp, Inc. | 14,079 | 475,237 | ||||||
PennyMac Mortgage Investment Trust | 24,152 | 552,839 | ||||||
PRA Group, Inc.(b) | 16,805 | 570,194 | ||||||
Stewart Information Services Corp. | 20,245 | 828,425 | ||||||
Third Point Reinsurance Ltd. (Bermuda)(b) | 68,082 | 646,098 | ||||||
|
| |||||||
12,987,250 | ||||||||
|
| |||||||
HealthCare-4.15% | ||||||||
Assertio Therapeutics, Inc.(b) | 146,012 | 115,364 | ||||||
Cross Country Healthcare, Inc.(b) | 171,351 | 1,852,304 | ||||||
Diplomat Pharmacy, Inc.(b) | 77,131 | 419,593 | ||||||
Invacare Corp. | 144,160 | 1,112,915 | ||||||
Lannett Co., Inc.(b)(c) | 110,153 | 1,309,719 | ||||||
Magellan Health, Inc.(b) | 31,873 | 2,068,558 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) |
| |||||||
Owens & Minor, Inc. | 109,010 | $ | 733,637 | |||||
Select Medical Holdings Corp.(b) | 22,084 | 402,371 | ||||||
|
| |||||||
8,014,461 | ||||||||
|
| |||||||
Industrials-18.38% | ||||||||
ABM Industries, Inc. | 48,529 | 1,769,367 | ||||||
Aegion Corp.(b) | 47,996 | 1,040,073 | ||||||
Apogee Enterprises, Inc. | 11,995 | 450,292 | ||||||
ArcBest Corp. | 39,609 | 1,144,304 | ||||||
Arcosa, Inc. | 35,527 | 1,364,592 | ||||||
Astec Industries, Inc. | 16,422 | 576,248 | ||||||
Atlas Air Worldwide Holdings, Inc.(b) | 33,161 | 727,221 | ||||||
Briggs & Stratton Corp. | 86,751 | 639,355 | ||||||
CIRCOR International, Inc.(b) | 22,924 | 877,760 | ||||||
Echo Global Logistics, Inc.(b) | 53,346 | 1,062,119 | ||||||
Encore Wire Corp. | 10,462 | 587,964 | ||||||
GMS, Inc.(b) | 112,098 | 3,358,456 | ||||||
Greenbrier Cos., Inc. (The) | 23,060 | 675,427 | ||||||
Griffon Corp. | 169,297 | 3,607,719 | ||||||
Kelly Services, Inc., Class A | 98,449 | 2,363,761 | ||||||
Lydall, Inc.(b) | 69,328 | 1,356,749 | ||||||
Matthews International Corp., Class A | 11,226 | 415,137 | ||||||
Mueller Industries, Inc. | 17,955 | 552,475 | ||||||
MYR Group, Inc.(b) | 43,020 | 1,480,318 | ||||||
Patrick Industries, Inc.(b) | 26,102 | 1,289,700 | ||||||
Pitney Bowes, Inc. | 121,229 | 533,408 | ||||||
Powell Industries, Inc. | 18,441 | 722,150 | ||||||
Quanex Building Products Corp. | 51,156 | 986,799 | ||||||
SkyWest, Inc. | 9,858 | 587,044 | ||||||
SPX FLOW, Inc.(b) | 13,571 | 614,495 | ||||||
Team, Inc.(b) | 46,748 | 848,944 | ||||||
Titan International, Inc. | 209,911 | 560,462 | ||||||
TrueBlue, Inc.(b) | 41,817 | 957,609 | ||||||
Universal Forest Products, Inc. | 47,344 | 2,384,244 | ||||||
Veritiv Corp.(b) | 59,581 | 812,685 | ||||||
Wabash National Corp. | 80,175 | 1,143,296 | ||||||
|
| |||||||
35,490,173 | ||||||||
|
| |||||||
InformationTechnology-10.66% | ||||||||
Anixter International, Inc.(b) | 23,759 | 1,966,057 | ||||||
Bel Fuse, Inc., Class B | 26,902 | 395,728 | ||||||
Benchmark Electronics, Inc. | 52,900 | 1,793,310 | ||||||
Comtech Telecommunications Corp. | 20,696 | 723,325 | ||||||
Digi International, Inc.(b) | 40,493 | 583,909 | ||||||
Ichor Holdings Ltd.(b) | 43,711 | 1,272,427 | ||||||
Insight Enterprises, Inc.(b) | 30,726 | 1,885,962 | ||||||
Photronics, Inc.(b) | 88,619 | 1,045,704 | ||||||
Sanmina Corp.(b) | 45,687 | 1,403,962 | ||||||
ScanSource, Inc.(b) | 42,909 | 1,385,961 | ||||||
Sykes Enterprises, Inc.(b) | 16,389 | 506,338 | ||||||
TiVo Corp. | 45,488 | 370,272 | ||||||
TTM Technologies, Inc.(b) | 154,988 | 1,814,910 | ||||||
Ultra Clean Holdings, Inc.(b) | 254,073 | 5,429,540 | ||||||
|
| |||||||
20,577,405 | ||||||||
|
| |||||||
Materials-9.26% |
| |||||||
A. Schulman Inc., CVR(b)(e) | 10,718 | 5,605 |
Investment Abbreviations:
CVR-Contingent Value Rights
Shares | Value | |||||||
Materials-(continued) | ||||||||
AdvanSix, Inc.(b) | 22,817 | $ | 519,315 | |||||
Boise Cascade Co. | 65,013 | 2,325,515 | ||||||
Century Aluminum Co.(b) | 178,764 | 1,042,194 | ||||||
Clearwater Paper Corp.(b) | 77,038 | 1,428,284 | ||||||
Innophos Holdings, Inc. | 18,541 | 604,807 | ||||||
Koppers Holdings, Inc.(b) | 32,058 | 1,029,062 | ||||||
Kraton Corp.(b) | 62,276 | 1,396,228 | ||||||
Mercer International, Inc. (Germany) | 103,804 | 1,266,409 | ||||||
Olympic Steel, Inc. | 119,772 | 1,794,185 | ||||||
PH Glatfelter Co. | 152,727 | 2,749,086 | ||||||
Rayonier Advanced Materials, Inc. | 156,292 | 651,738 | ||||||
Schweitzer-Mauduit International, Inc. | 16,146 | 653,752 | ||||||
TimkenSteel Corp.(b) | 162,006 | 910,474 | ||||||
Tredegar Corp. | 24,692 | 490,877 | ||||||
US Concrete, Inc.(b) | 19,450 | 1,016,457 | ||||||
|
| |||||||
17,883,988 | ||||||||
|
| |||||||
RealEstate-3.06% | ||||||||
CBL& Associates Properties, Inc.(c) | 433,817 | 624,696 | ||||||
Cedar Realty Trust, Inc. | 123,543 | 412,634 | ||||||
Hersha Hospitality Trust | 27,572 | 380,494 | ||||||
iStar, Inc.(c) | 100,265 | 1,304,448 | ||||||
Realogy Holdings Corp.(c) | 266,028 | 2,096,301 | ||||||
Summit Hotel Properties, Inc. | 54,275 | 665,411 | ||||||
Xenia Hotels & Resorts, Inc. | 20,500 | 431,525 | ||||||
|
| |||||||
5,915,509 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 192,920,163 | |||||||
|
| |||||||
Money MarketFunds-0.03% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(f) | 58,021 | 58,021 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-99.96% | 192,978,184 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-7.13% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(f)(g) | 10,332,971 | 10,332,971 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 3,442,946 | 3,444,324 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 13,777,295 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-107.09% (Cost $195,357,320) | 206,755,479 | |||||||
OTHER ASSETS LESS LIABILITIES-(7.09)% | (13,695,119 | ) | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 193,060,360 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The Fund’s Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. | $ | 620,927 | $ | 44,325 | $ | (47,108 | ) | $ | (17,981 | ) | $ | (2,594 | ) | $ | 597,569 | $ | 33,450 |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Consumer Discretionary | 34.91 | |||||||
Industrials | 18.38 | |||||||
Information Technology | 10.66 | |||||||
Materials | 9.26 | |||||||
Financials | 6.73 | |||||||
Energy | 6.57 | |||||||
Consumer Staples | 4.90 | |||||||
Health Care | 4.15 | |||||||
Real Estate | 3.06 | |||||||
Communication Services | 1.31 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.07 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco S&P 500® Pure Growth ETF (RPG) | Invesco S&P 500® Pure Value ETF (RPV) | Invesco S&P 500® Top 50 ETF (XLG) | ||||||||||
Assets: |
| |||||||||||
Unaffiliated investments in securities, at value(a) | $ | 2,620,230,822 | $ | 879,853,662 | $ | 841,479,865 | ||||||
Affiliated investments in securities, at value | 636,426 | 10,123,451 | 531,863 | |||||||||
Receivable for: | ||||||||||||
Dividends | 1,519,417 | 1,186,334 | 750,427 | |||||||||
Securities lending | 12 | 10 | - | |||||||||
Investments sold | 5,997,574 | - | - | |||||||||
Fund shares sold | - | - | - | |||||||||
Foreign tax reclaims | - | - | - | |||||||||
|
|
|
|
|
| |||||||
Total assets | 2,628,384,251 | 891,163,457 | 842,762,155 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | |||||||||
Collateral upon return of securities loaned | - | - | - | |||||||||
Fund shares repurchased | 5,999,619 | - | - | |||||||||
Accrued unitary management fees | 771,162 | 262,000 | 139,989 | |||||||||
Accrued expenses | 25,880 | 10,266 | 11,077 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 6,796,661 | 272,266 | 151,066 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,621,587,590 | $ | 890,891,191 | $ | 842,611,089 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: |
| |||||||||||
Shares of beneficial interest | $ | 2,517,200,255 | $ | 1,079,489,547 | $ | 632,989,442 | ||||||
Distributable earnings (loss) | 104,387,335 | (188,598,356 | ) | 209,621,647 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,621,587,590 | $ | 890,891,191 | $ | 842,611,089 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 22,000,299 | 13,602,836 | 3,850,785 | |||||||||
Net asset value | $ | 119.16 | $ | 65.49 | $ | 218.82 | ||||||
|
|
|
|
|
| |||||||
Market price | $ | 119.05 | $ | 65.39 | $ | 218.35 | ||||||
|
|
|
|
|
| |||||||
Unaffiliated investments in securities, at cost | $ | 2,181,642,879 | $ | 842,891,416 | $ | 606,627,197 | ||||||
|
|
|
|
|
| |||||||
Affiliated investments in securities, at cost | $ | 636,426 | $ | 11,138,593 | $ | 531,863 | ||||||
|
|
|
|
|
| |||||||
(a)Includes securities on loan with an aggregate value of: | $ | - | $ | - | $ | - | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco S&P Midcap 400® Pure Growth ETF (RFG) | Invesco S&P MidCap 400®Pure Value ETF (RFV) | Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | Invesco S&P SmallCap 600® Pure Value ETF (RZV) | |||||||||||
$ | 389,027,642 | $ | 154,001,646 | $ | 189,449,668 | $ | 192,322,594 | |||||||
11,406,842 | 10,560,700 | 11,949,449 | 14,432,885 | |||||||||||
116,500 | 76,794 | 34,162 | 124,432 | |||||||||||
1,928 | 46,603 | 11,528 | 20,156 | |||||||||||
- | - | 1,142,561 | 362,497 | |||||||||||
- | - | - | 3,300,935 | |||||||||||
- | - | - | 1,306 | |||||||||||
|
|
|
|
|
|
|
| |||||||
400,552,912 | 164,685,743 | 202,587,368 | 210,564,805 | |||||||||||
|
|
|
|
|
|
|
| |||||||
- | - | 1,249,574 | 3,666,882 | |||||||||||
11,093,906 | 10,539,426 | 11,859,937 | 13,777,061 | |||||||||||
- | - | - | - | |||||||||||
113,078 | 44,844 | 55,499 | 54,286 | |||||||||||
8,370 | 5,931 | 6,571 | 6,216 | |||||||||||
|
|
|
|
|
|
|
| |||||||
11,215,354 | 10,590,201 | 13,171,581 | 17,504,445 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 389,337,558 | $ | 154,095,542 | $ | 189,415,787 | $ | 193,060,360 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 527,737,041 | $ | 182,002,777 | $ | 277,093,142 | $ | 286,097,127 | |||||||
(138,399,483 | ) | (27,907,235 | ) | (87,677,355 | ) | (93,036,767 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 389,337,558 | $ | 154,095,542 | $ | 189,415,787 | $ | 193,060,360 | |||||||
|
|
|
|
|
|
|
| |||||||
2,700,021 | 2,350,499 | 1,750,004 | 2,950,040 | |||||||||||
$ | 144.20 | $ | 65.56 | $ | 108.24 | $ | 65.44 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 144.08 | $ | 65.55 | $ | 108.12 | $ | 65.34 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 346,425,034 | $ | 140,327,302 | $ | 183,996,012 | $ | 180,904,161 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 11,406,735 | $ | 10,560,476 | $ | 11,949,182 | $ | 14,453,159 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 10,213,983 | $ | 10,083,916 | $ | 11,422,677 | $ | 12,602,060 | |||||||
|
|
|
|
|
|
|
|
| 21 |
|
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco S&P 500® Pure Growth ETF (RPG) | Invesco S&P 500® Pure Value ETF (RPV) | Invesco S&P 500® Top 50 ETF (XLG) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated dividend income | $ | 17,924,913 | $ | 12,280,703 | $ | 8,139,126 | |||||||||
Affiliated dividend income | 23,525 | 353,595 | 6,051 | ||||||||||||
Non-cash dividend income | - | - | - | ||||||||||||
Securities lending income | 2,005 | 158,090 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 17,950,443 | 12,792,388 | 8,145,177 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 4,792,164 | 1,565,579 | 828,839 | ||||||||||||
Proxy fees | 25,880 | 11,620 | 11,077 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses | 4,818,044 | 1,577,199 | 839,916 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (1,983 | ) | (609 | ) | (536 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 4,816,061 | 1,576,590 | 839,380 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 13,134,382 | 11,215,798 | 7,305,797 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | 2,444,131 | (10,727,580 | ) | (26,342,599 | ) | ||||||||||
Affiliated investment securities | - | (161,648 | ) | - | |||||||||||
Unaffiliatedin-kind redemptions | 71,743,459 | 17,347,486 | 18,282,167 | ||||||||||||
Affiliatedin-kind redemptions | - | 89,127 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | 74,187,590 | 6,547,385 | (8,060,432 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | (76,327,091 | ) | (18,936,140 | ) | 31,286,911 | ||||||||||
Affiliated investment securities | - | (2,890,396 | ) | - | |||||||||||
|
|
|
|
|
| ||||||||||
Change in unrealized appreciation (depreciation) | (76,327,091 | ) | (21,826,536 | ) | 31,286,911 | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain (loss) | (2,139,501 | ) | (15,279,151 | ) | 23,226,479 | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 10,994,881 | $ | (4,063,353 | ) | $ | 30,532,276 | ||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco S&P Midcap 400® Pure Growth ETF (RFG) | Invesco S&P MidCap 400®Pure Value ETF (RFV) | Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | Invesco S&P SmallCap 600® Pure Value ETF (RZV) | |||||||||||||||
$ | 2,434,203 | $ | 1,419,653 | $ | 1,115,846 | $ | 1,280,550 | |||||||||||
3,306 | 986 | 1,067 | 34,831 | |||||||||||||||
- | 172,887 | - | - | |||||||||||||||
19,634 | 191,480 | 90,022 | 101,944 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
2,457,143 | 1,785,006 | 1,206,935 | 1,417,325 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
745,829 | 244,087 | 378,796 | 308,908 | |||||||||||||||
8,370 | 5,931 | 6,571 | 6,216 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
754,199 | 250,018 | 385,367 | 315,124 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(282 | ) | (87 | ) | (87 | ) | (113 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
753,917 | 249,931 | 385,280 | 315,011 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,703,226 | 1,535,075 | 821,655 | 1,102,314 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(7,493,176 | ) | (6,439,715 | ) | (5,194,547 | ) | (8,642,570 | ) | |||||||||||
- | - | - | (4,316 | ) | ||||||||||||||
12,572,372 | 4,515,410 | 5,601,360 | 591,389 | |||||||||||||||
- | - | - | 1,721 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
5,079,196 | (1,924,305 | ) | 406,813 | (8,053,776 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(29,196,934 | ) | (4,941,153 | ) | (16,029,274 | ) | 2,576,673 | ||||||||||||
107 | 224 | 267 | (17,747 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(29,196,827 | ) | (4,940,929 | ) | (16,029,007 | ) | 2,558,926 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(24,117,631 | ) | (6,865,234 | ) | (15,622,194 | ) | (5,494,850 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | (22,414,405 | ) | $ | (5,330,159 | ) | $ | (14,800,539 | ) | $ | (4,392,536 | ) | |||||||
|
|
|
|
|
|
|
|
| 23 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P 500® Pure Growth ETF (RPG) | Invesco S&P 500® Pure Value ETF (RPV) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | . $ | 13,134,382 | $ | 12,837,091 | $ | 11,215,798 | $ | 20,984,434 | ||||||||||||
Net realized gain (loss) | 74,187,590 | 54,742,902 | 6,547,385 | (29,592,375 | ) | |||||||||||||||
Change in net unrealized appreciation (depreciation) | (76,327,091 | ) | 106,676,629 | (21,826,536 | ) | 19,944,418 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 10,994,881 | 174,256,622 | (4,063,353 | ) | 11,336,477 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (13,170,480 | ) | (11,700,928 | ) | (11,451,758 | ) | (20,818,512 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 52,832,540 | 1,493,867,737 | 99,480,109 | 457,558,632 | ||||||||||||||||
Value of shares repurchased | (271,228,039 | ) | (1,160,011,393 | ) | (121,957,275 | ) | (401,585,419 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (218,395,499 | ) | 333,856,344 | (22,477,166 | ) | 55,973,213 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (220,571,098 | ) | 496,412,038 | (37,992,277 | ) | 46,491,178 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 2,842,158,688 | 2,345,746,650 | 928,883,468 | 882,392,290 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,621,587,590 | $ | 2,842,158,688 | $ | 890,891,191 | $ | 928,883,468 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 450,000 | 13,900,000 | 1,550,000 | 7,450,000 | ||||||||||||||||
Shares repurchased | (2,300,000 | ) | (11,550,000 | ) | (1,950,000 | ) | (6,750,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 23,850,299 | 21,500,299 | 14,002,836 | 13,302,836 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 22,000,299 | 23,850,299 | 13,602,836 | 14,002,836 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco S&P 500® Top 50 ETF (XLG) | Invesco S&P Midcap 400® Pure Growth ETF (RFG) | |||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||
$ | 7,305,797 | $ | 14,071,157 | $ | 1,703,226 | $ | 3,946,065 | |||||||||||
(8,060,432 | ) | 52,901,819 | 5,079,196 | (48,608,641 | ) | |||||||||||||
31,286,911 | 35,383,349 | (29,196,827 | ) | 28,123,582 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
30,532,276 | 102,356,325 | (22,414,405 | ) |
|
(16,538,994 |
) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(7,124,940 | ) | (14,318,678 | ) | (1,674,230 | ) | (4,283,416 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
21,226,135 | 211,912,221 | - | 201,430,427 | |||||||||||||||
(40,926,311 | ) | (144,537,082 | ) | (80,136,612 | ) | (282,457,176 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
(19,700,176 | ) | 67,375,139 | (80,136,612 | ) | (81,026,749 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
3,707,160 | 155,412,786 | (104,225,247 | ) | (101,849,159 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
838,903,929 | 683,491,143 | 493,562,805 | 595,411,964 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 842,611,089 | $ | 838,903,929 | $ | 389,337,558 | $ | 493,562,805 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
100,000 | 1,050,000 | - | 1,400,000 | |||||||||||||||
(200,000 | ) | (750,000 | ) | (550,000 | ) | (2,000,000 | ) | |||||||||||
3,950,785 | 3,650,785 | 3,250,021 | 3,850,021 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
3,850,785 | 3,950,785 | 2,700,021 | 3,250,021 | |||||||||||||||
|
|
|
|
|
|
|
|
| 25 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P MidCap 400® Pure Value ETF (RFV) | Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 1,535,075 | $ | 1,399,315 | $ | 821,655 | $ | 778,784 | ||||||||||||
Net realized gain (loss) | (1,924,305 | ) | (9,945,602 | ) | 406,813 | (4,070,544 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | (4,940,929 | ) | 20,989,667 | (16,029,007 | ) | (4,396,199 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (5,330,159 | ) | 12,443,380 | (14,800,539 | ) | (7, 687,959 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (1,247,268 | ) | (1,390,448 | ) | (718,412 | ) | (1,100,625 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 43,873,165 | 61,713,395 | 11,158,220 | 241,193,771 | ||||||||||||||||
Value of shares repurchased | (25,937,001 | ) | (31,919,256 | ) | (43,176,990 | ) | (258,630,704 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 17,936,164 | 29,794,139 | (32,018,770 | ) | (17,436,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 11,358,737 | 40,847,071 | (47,537,721 | ) | (26,225,517 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 142,736,805 | 101,889,734 | 236,953,508 | 263,179,025 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 154,095,542 | $ | 142,736,805 | $ | 189,415,787 | $ | 236,953,508 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 700,000 | 1,050,000 | 100,000 | 2,050,000 | ||||||||||||||||
Shares repurchased | (400,000 | ) | (550,000 | ) | (400,000 | ) | (2,300,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 2,050,499 | 1,550,499 | 2,050,004 | 2,300,004 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 2,350,499 | 2,050,499 | 1,750,004 | 2,050,004 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV) | ||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||
$ | 1,102,314 | $ | 2,505,368 | |||||
(8,053,776 | ) | (28,457,993 | ) | |||||
2,558,926 | 21,265,769 | |||||||
|
|
|
| |||||
(4,392,536 | ) | (4,686,856 | ) | |||||
|
|
|
| |||||
(1,007,033 | ) | (2,712,991 | ) | |||||
|
|
|
| |||||
12,148,967 | 98,052,973 | |||||||
(5,967,622 | ) | (62,999,201 | ) | |||||
|
|
|
| |||||
6,181,345 | 35,053,772 | |||||||
|
|
|
| |||||
781,776 | 27,653,925 | |||||||
|
|
|
| |||||
192,278,584 | 164,624,659 | |||||||
|
|
|
| |||||
$ | 193,060,360 | $ | 192,278,584 | |||||
|
|
|
| |||||
200,000 | 1,550,000 | |||||||
(100,000 | ) | (1,000,000 | ) | |||||
2,850,040 | 2,300,040 | |||||||
|
|
|
| |||||
2,950,040 | 2,850,040 | |||||||
|
|
|
|
| 27 |
|
Financial Highlights
Invesco S&P 500® Pure Growth ETF (RPG)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 119.17 | $ | 109.10 | $ | 103.50 | $ | 82.11 | $ | 82.93 | $ | 78.96 | $ | 66.12 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 0.57 | 0.60 | 0.25 | 0.47 | 0.59 | 0.52 | 0.55 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | - | 10.04 | 5.55 | 21.52 | (0.95 | ) | 3.93 | 12.81 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 0.57 | 10.64 | 5.80 | 21.99 | (0.36 | ) | 4.45 | 13.36 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.58 | ) | (0.57 | ) | (0.20 | ) | (0.60 | ) | (0.46 | ) | (0.48 | ) | (0.52 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 119.16 | $ | 119.17 | $ | 109.10 | $ | 103.50 | $ | 82.11 | $ | 82.93 | $ | 78.96 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Market price at end of period(b) | $ | 119.05 | $ | 119.19 | $ | 109.20 | |||||||||||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||||||||
Net Asset Value TotalReturn(c) | 0.48 | % | 9.79 | % | 5.61 | % | 26.87 | % | (0.42 | )% | 5.65 | % | 20.24 | % | |||||||||||||||||||||
Market Price Total Return(c) | 0.37 | % | 9.71 | % | 5.71 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,621,588 | $ | 2,842,159 | $ | 2,345,747 | $ | 2,214,956 | $ | 1,769,585 | $ | 2,338,586 | $ | 1,792,516 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | %(e) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 0.96 | %(d) | 0.53 | % | 0.47 | %(e) | 0.52 | % | 0.74 | % | 0.64 | % | 0.74 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 2 | % | 64 | % | 52 | % | 58 | % | 67 | % | 62 | % | 46 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Financial Highlights–(continued)
Invesco S&P 500® Pure Value ETF (RPV)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 66.34 | $ | 66.33 | $ | 62.43 | $ | 52.33 | $ | 51.45 | $ | 54.14 | $ | 46.51 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 0.81 | 1.49 | 0.63 | 1.11 | 1.17 | 1.12 | 0.90 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.84 | ) | (0.01 | ) | 3.84 | 10.05 | 0.81 | (2.70 | ) | 7.50 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | (0.03 | ) | 1.48 | 4.47 | 11.16 | 1.98 | (1.58 | ) | 8.40 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.82 | ) | (1.47 | ) | (0.57 | ) | (1.06 | ) | (1.10 | ) | (1.11 | ) | (0.77 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 65.49 | $ | 66.34 | $ | 66.33 | $ | 62.43 | $ | 52.33 | $ | 51.45 | $ | 54.14 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Market price at end of period(b) | $ | 65.39 | $ | 66.36 | $ | 66.38 | |||||||||||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (0.02 | )% | 2.37 | % | 7.17 | % | 21.44 | % | 3.94 | % | (2.94 | )% | 18.13 | % | |||||||||||||||||||||
Market Price Total Return(c) | (0.20 | )% | 2.33 | % | 7.25 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 890,891 | $ | 928,883 | $ | 882,392 | $ | 830,507 | $ | 719,663 | $ | 813,029 | $ | 1,275,062 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | %(e) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 2.51 | %(d) | 2.29 | % | 1.94 | %(e) | 1.89 | % | 2.32 | % | 2.09 | % | 1.74 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 3 | % | 37 | % | 35 | % | 46 | % | 44 | % | 54 | % | 25 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Financial Highlights–(continued)
Invesco S&P 500® Top 50 ETF (XLG)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 212.34 | $ | 187.22 | $ | 183.08 | $ | 150.05 | $ | 145.93 | $ | 140.87 | $ | 123.06 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 1.86 | 3.72 | 1.71 | 3.35 | 3.12 | 3.00 | 2.74 | ||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 6.45 | 25.18 | 4.18 | 32.95 | 4.09 | 5.09 | 17.82 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | 8.31 | 28.90 | 5.89 | 36.30 | 7.21 | 8.09 | 20.56 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.83 | ) | (3.78 | ) | (1.75 | ) | (3.27 | ) | (3.09 | ) | (3.03 | ) | (2.75 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 218.82 | $ | 212.34 | $ | 187.22 | $ | 183.08 | $ | 150.05 | $ | 145.93 | $ | 140.87 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Market price at end of period(b) | $ | 218.35 | $ | 212.32 | $ | 187.43 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 3.94 | % | 15.64 | % | 3.20 | % | 24.40 | % | 4.99 | % | 5.87 | % | 16.86 | % | |||||||||||||||||||||
Market Price Total Return(c) | 3.74 | % | 15.50 | % | 3.20 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 842,611 | $ | 838,904 | $ | 683,491 | $ | 686,711 | $ | 577,802 | $ | 496,264 | $ | 598,797 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.20 | %(d) | 0.20 | % | 0.20 | %(e) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | |||||||||||||||||||||
Net investment income | 1.76 | %(d) | 1.89 | % | 1.81 | %(e) | 2.00 | % | 2.13 | % | 2.11 | % | 2.08 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 8 | % | 8 | % | 1 | % | 4 | % | 7 | % | 8 | % | 6 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Financial Highlights–(continued)
Invesco S&P Midcap 400® Pure Growth ETF (RFG)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 151.86 | $ | 154.65 | $ | 150.04 | $ | 119.22 | $ | 128.31 | $ | 123.30 | $ | 115.31 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 0.58 | 1.07 | 0.22 | 0.90 | 0.59 | 0.70 | 0.75 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (7.68 | ) | (2.69 | ) | 4.77 | 30.73 | (9.10 | ) | 5.10 | 7.93 | |||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | (7.10 | ) | (1.62 | ) | 4.99 | 31.63 | (8.51 | ) | 5.80 | 8.68 | |||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.56 | ) | (1.17 | ) | (0.38 | ) | (0.81 | ) | (0.58 | ) | (0.71 | ) | (0.69 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | (0.08 | ) | - | |||||||||||||||||||||||||||
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Total distributions | (0.56 | ) | (1.17 | ) | (0.38 | ) | (0.81 | ) | (0.58 | ) | (0.79 | ) | (0.69 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 144.20 | $ | 151.86 | $ | 154.65 | $ | 150.04 | $ | 119.22 | $ | 128.31 | $ | 123.30 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Market price at end of period(b) | $ | 144.08 | $ | 151.97 | $ | 154.80 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (4.67 | )% | (1.05 | )% | 3.32 | % | 26.59 | % | (6.65 | )% | 4.71 | % | 7.53 | % | |||||||||||||||||||||
Market Price Total Return(c) | (4.82 | )% | (1.07 | )% | 3.45 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 389,338 | $ | 493,563 | $ | 595,412 | $ | 585,170 | $ | 518,620 | $ | 769,872 | $ | 745,942 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | %(e) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 0.80 | %(d) | 0.69 | % | 0.29 | %(e) | 0.66 | % | 0.48 | % | 0.54 | % | 0.62 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 9 | % | 86 | % | 70 | % | 81 | % | 78 | % | 102 | % | 75 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Financial Highlights–(continued)
Invesco S&P Midcap 400® Pure Value ETF (RFV)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 69.61 | $ | 65.71 | $ | 65.44 | $ | 53.46 | $ | 50.79 | $ | 52.71 | $ | 48.42 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 0.70 | 0.81 | 0.49 | 0.75 | 0.69 | 0.86 | 0.71 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.19 | ) | 3.90 | 0.21 | 12.01 | 2.65 | (1.96 | ) | 4.18 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | (3.49 | ) | 4.71 | 0.70 | 12.76 | 3.34 | (1.10 | ) | 4.89 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.56 | ) | (0.81 | ) | (0.43 | ) | (0.78 | ) | (0.67 | ) | (0.82 | ) | (0.60 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 65.56 | $ | 69.61 | $ | 65.71 | $ | 65.44 | $ | 53.46 | $ | 50.79 | $ | 52.71 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 65.55 | $ | 69.69 | $ | 65.78 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (4.99 | )% | 7.25 | % | 1.05 | % | 23.93 | % | 6.65 | % | (2.12 | )% | 10.14 | % | |||||||||||||||||||||
Market Price Total Return(c) | (5.12 | )% | 7.25 | % | 1.19 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 154,096 | $ | 142,737 | $ | 101,890 | $ | 108,015 | $ | 165,753 | $ | 104,142 | $ | 118,631 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | %(e) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 2.21 | %(d) | 1.20 | % | 1.47 | %(e) | 1.21 | % | 1.36 | % | 1.62 | % | 1.38 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 7 | % | 57 | % | 44 | % | 76 | % | 47 | % | 59 | % | 40 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Financial Highlights–(continued)
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 115.59 | $ | 114.43 | $ | 111.12 | $ | 82.65 | $ | 85.26 | $ | 80.56 | $ | 74.23 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 0.42 | 0.32 | 0.36 | 0.46 | 0.79 | 0.47 | 0.31 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (7.41 | ) | 1.32 | 3.33 | 28.43 | (2.69 | ) | 4.70 | 6.33 | ||||||||||||||||||||||||||
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|
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| ||||||||||||||||||||||
Total from investment operations | (6.99 | ) | 1.64 | 3.69 | 28.89 | (1.90 | ) | 5.17 | 6.64 | ||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.48 | ) | (0.38 | ) | (0.42 | ) | (0.71 | ) | (0.47 | ) | (0.31 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 108.24 | $ | 115.59 | $ | 114.43 | $ | 111.12 | $ | 82.65 | $ | 85.26 | $ | 80.56 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 108.12 | $ | 115.58 | $ | 114.61 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (6.05 | )% | 1.43 | % | 3.32 | % | 35.01 | % | (2.20 | )% | 6.42 | % | 8.96 | % | |||||||||||||||||||||
Market Price Total Return(c) | (6.14 | )% | 1.26 | % | 3.36 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 189,416 | $ | 236,954 | $ | 263,179 | $ | 238,904 | $ | 152,910 | $ | 25,933 | $ | 104,723 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | %(e) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 0.76 | %(d) | 0.26 | % | 0.64 | %(e) | 0.45 | % | 0.97 | % | 0.55 | % | 0.39 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 7 | % | 71 | % | 56 | % | 70 | % | 92 | % | 62 | % | 78 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Financial Highlights–(continued)
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Six Months Ended April 30, 2018 |
Years Ended October 31, | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 67.47 | $ | 71.57 | $ | 70.68 | $ | 60.52 | $ | 57.76 | $ | 62.54 | $ | 57.37 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net investment income(a) | 0.39 | 0.99 | 0.46 | 0.62 | 0.47 | 0.71 | 0.44 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.07 | ) | (4.02 | ) | 0.86 | 10.18 | 2.69 | (4.79 | ) | 5.14 | |||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total from investment operations | (1.68 | ) | (3.03 | ) | 1.32 | 10.80 | 3.16 | (4.08 | ) | 5.58 | |||||||||||||||||||||||||
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| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.35 | ) | (1.07 | ) | (0.43 | ) | (0.64 | ) | (0.40 | ) | (0.70 | ) | (0.41 | ) | |||||||||||||||||||||
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| ||||||||||||||||||||||
Net asset value at end of period | $ | 65.44 | $ | 67.47 | $ | 71.57 | $ | 70.68 | $ | 60.52 | $ | 57.76 | $ | 62.54 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Market price at end of period(b) | $ | 65.34 | $ | 67.53 | $ | 71.64 | |||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (2.46 | )% | (4.27 | )% | 1.87 | % | 17.88 | % | 5.50 | % | (6.60 | )% | 9.73 | % | |||||||||||||||||||||
Market Price Total Return(c) | (2.70 | )% | (4.28 | )% | 1.76 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 193,060 | $ | 192,279 | $ | 164,625 | $ | 236,795 | $ | 193,665 | $ | 150,190 | $ | 171,990 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | %(e) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 1.25 | %(d) | 1.38 | % | 1.28 | %(e) | 0.91 | % | 0.83 | % | 1.15 | % | 0.73 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 8 | % | 52 | % | 48 | % | 68 | % | 51 | % | 52 | % | 51 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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|
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco S&P 500® Pure Growth ETF (RPG)
|
“S&P 500® Pure Growth ETF”
| |
Invesco S&P 500® Pure Value ETF (RPV)
|
“S&P 500® Pure Value ETF”
| |
Invesco S&P 500® Top 50 ETF (XLG)
|
“S&P 500® Top 50 ETF”
| |
Invesco S&P Midcap 400® Pure Growth ETF (RFG)
|
“S&P Midcap 400® Pure Growth ETF”
| |
Invesco S&P Midcap 400® Pure Value ETF (RFV)
|
“S&P Midcap 400® Pure Value ETF”
| |
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
|
“S&P SmallCap 600® Pure Growth ETF”
| |
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
|
“S&P SmallCap 600® Pure Value ETF”
|
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each of the Funds is to replicate as closely as possible, before fees and expenses, the daily performance of its respective index listed below (each, an Underlying Index):
Fund | Underlying Index | |
S&P 500® Pure Growth ETF
|
S&P 500® Pure Growth Index
| |
S&P 500® Pure Value ETF
|
S&P 500® Pure Value Index
| |
S&P 500® Top 50 ETF
|
S&P 500® Top 50 Index
| |
S&P Midcap 400® Pure Growth ETF
|
S&P MidCap 400® Pure Growth Index
| |
S&P Midcap 400® Pure Value ETF
|
S&P MidCap 400® Pure Value Index
| |
S&P SmallCap 600® Pure Growth ETF
|
S&P SmallCap 600® Pure Growth Index
| |
S&P SmallCap 600® Pure Value ETF
|
S&P SmallCap 600® Pure Value Index
|
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial
statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946,Financial Services—Investment Companies.
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) 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 theover-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 generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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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 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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions 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. | 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting.
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
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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 particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.
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.
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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Each Fund isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies, which 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- andmid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Value Risk. For certain Funds, “value” securities are subject to the risk that the valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.
C. | 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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 each 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
| 37 |
|
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 each Fund’s NAV and, accordingly, they reduce each 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.
D. | 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. |
E. | 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 onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | 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 forin-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.
G. | Expenses- 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. |
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general |
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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. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities 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. |
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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets as follows:
Unitary Management Fees (as a % of Net Assets) | |||||
S&P 500® Pure Growth ETF
|
|
0.35
|
%
| ||
S&P 500® Pure Value ETF
|
|
0.35
|
%
| ||
S&P 500® Top 50 ETF
|
|
0.20
|
%
| ||
S&P Midcap 400® Pure Growth ETF
|
|
0.35
|
%
| ||
S&P Midcap 400® Pure Value ETF
|
| 0.35
| %
| ||
S&P SmallCap 600® Pure Growth ETF
|
|
0.35
|
%
| ||
S&P SmallCap 600® Pure Value ETF
|
|
0.35
|
%
|
Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expense of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding a percentage of the Fund’s average daily net assets per year (the “Expense Cap’’) through at least April 6, 2020, and neither the Adviser nor the Fund can
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discontinue the agreement prior to its expiration. For each Fund, the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap. The limits are listed below:
Expense Caps | Contract End Date | |||||||||
S&P 500® Pure Growth ETF
|
|
0.35
|
%
|
|
04/06/20
|
| ||||
S&P 500® Pure Value ETF
|
|
0.35
|
%
|
|
04/06/20
|
| ||||
S&P 500® Top 50 ETF
|
|
0.20
|
%
|
|
04/06/20
|
| ||||
S&P Midcap 400® Pure Growth ETF
|
|
0.35
|
%
|
|
04/06/20
|
| ||||
S&P Midcap 400® Pure Value ETF
|
|
0.35
|
%
|
|
04/06/20
|
| ||||
S&P SmallCap 600® Pure Growth ETF
|
|
0.35
|
%
|
|
04/06/20
|
| ||||
S&P SmallCap 600® Pure Value ETF
|
|
0.35
|
%
|
|
04/06/20
|
|
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending).
There is no guarantee that the Adviser will extend the waiver of these fees past that date.
Forsix-month period ended October 31, 2019, the Adviser waived fees for each Fund in the following amounts:
S&P 500® Pure Growth ETF
|
$
|
1,983
|
| ||
S&P 500® Pure Value ETF
|
|
609
|
| ||
S&P 500® Top 50 ETF
|
|
536
|
| ||
S&P Midcap 400® Pure Growth ETF
|
|
282
|
| ||
S&P Midcap 400® Pure Value ETF
|
|
87
|
| ||
S&P SmallCap 600® Pure Growth ETF
|
|
87
|
| ||
S&P SmallCap 600® Pure Value ETF
|
|
113
|
|
The Trust has entered in a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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. |
Except for the Funds listed below, as of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.
| 40 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
S&P SmallCap 600® Pure Value ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 192,914,558 | $ | - | $ | 5,605 | $ | 192,920,163 | ||||||||||||
Money Market Funds | 13,835,316 | - | - | 13,835,316 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 206,749,874 | $ | - | $ | 5,605 | $ | 206,755,479 | ||||||||||||
|
|
|
|
|
|
|
|
NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
S&P 500® Pure Growth ETF | $ | 236,025,344 | $ | 173,882,448 | $ | 409,907,792 | |||||||||
S&P 500® Pure Value ETF | 80,546,163 | 148,423,421 | 228,969,584 | ||||||||||||
S&P 500® Top 50 ETF | 5,036,434 | 12,167,541 | 17,203,975 | ||||||||||||
S&P Midcap 400® Pure Growth ETF | 108,921,726 | 76,605,802 | 185,527,528 | ||||||||||||
S&P Midcap 400® Pure Value ETF | 19,599,251 | 19,887,033 | 39,486,284 | ||||||||||||
S&P SmallCap 600® Pure Growth ETF | 63,771,012 | 28,991,211 | 92,762,223 | ||||||||||||
S&P SmallCap 600® Pure Value ETF | 44,033,267 | 50,870,700 | 94,903,967 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6–Investment Transactions
For thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||||
S&P 500® Pure Growth ETF | $ | 64,326,258 | $ | 62,221,627 | ||||||
S&P 500® Pure Value ETF | 29,989,965 | 30,670,386 | ||||||||
S&P 500® Top 50 ETF | 63,382,090 | 63,470,284 | ||||||||
S&P Midcap 400® Pure Growth ETF | 37,723,346 | 37,376,773 | ||||||||
S&P Midcap 400® Pure Value ETF | 9,615,935 | 9,189,241 | ||||||||
S&P SmallCap 600® Pure Growth ETF | 15,685,244 | 17,829,521 | ||||||||
S&P SmallCap 600® Pure Value ETF | 14,043,975 | 13,860,119 |
For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||||
S&P 500® Pure Growth ETF | $ | 52,802,139 | $ | 273,048,065 | ||||||
S&P 500® Pure Value ETF | 99,275,830 | 121,749,065 | ||||||||
S&P 500® Top 50 ETF | 21,226,628 | 40,851,778 | ||||||||
S&P Midcap 400® Pure Growth ETF | - | 80,109,308 | ||||||||
S&P Midcap 400® Pure Value ETF | 43,648,641 | 25,915,052 | ||||||||
S&P SmallCap 600® Pure Growth ETF | 11,117,114 | 40,807,545 | ||||||||
S&P SmallCap 600® Pure Value ETF | 11,972,648 | 5,905,535 |
| 41 |
|
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation | Cost | |||||||||||||||||
S&P 500® Pure Growth ETF
|
$
|
486,464,443
|
|
$
|
(48,218,981
|
)
|
$
|
438,245,462
|
|
$
|
2,182,621,786
|
| ||||||||
S&P 500® Pure Value ETF
|
|
92,870,731
|
|
|
(59,896,485
|
)
|
|
32,974,246
|
|
|
857,002,867
|
| ||||||||
S&P 500® Top 50 ETF
|
|
248,643,773
|
|
|
(14,845,951
|
)
|
|
233,797,822
|
|
|
608,213,906
|
| ||||||||
S&P Midcap 400® Pure Growth ETF
|
|
64,783,851
|
|
|
(22,763,998
|
)
|
|
42,019,853
|
|
|
358,414,631
|
| ||||||||
S&P Midcap 400® Pure Value ETF
|
|
22,481,056
|
|
|
(9,323,331
|
)
|
|
13,157,725
|
|
|
151,404,621
|
| ||||||||
S&P SmallCap 600® Pure Growth ETF
|
|
28,006,090
|
|
|
(23,431,278
|
)
|
|
4,574,812
|
|
|
196,824,305
|
| ||||||||
S&P SmallCap 600® Pure Value ETF
|
|
39,287,255
|
|
|
(29,461,560
|
)
|
|
9,825,695
|
|
|
196,929,784
|
|
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. 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 Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by the Funds only in Creation Units of 50,000 Shares. Transactions are permitted on anin-kind basis, with a separate cash payment, which is balancing each component to equate the transaction to the net asset value per share of the Fund on the transaction date.
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.
| 42 |
|
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2019 through October 31, 2019.
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 theSix-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
| Ending Account Value
| Annualized
| Expenses Paid
| |||||||||||||||||
Invesco S&P 500® Pure Growth ETF (RPG)
| ||||||||||||||||||||
Actual
| $
| 1,000.00
|
| $
| 1,004.80
|
|
| 0.35
| %
| $
| 1.76
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,023.38
|
|
| 0.35
|
|
| 1.78
|
| ||||||||
Invesco S&P 500® Pure Value ETF (RPV)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 999.80
|
|
| 0.35
|
|
| 1.76
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,023.38
|
|
| 0.35
|
|
| 1.78
|
| ||||||||
Invesco S&P 500® Top 50 ETF (XLG)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 1,039.40
|
|
| 0.20
|
|
| 1.03
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,024.13
|
|
| 0.20
|
|
| 1.02
|
| ||||||||
Invesco S&P Midcap 400® Pure Growth ETF (RFG)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 953.30
|
|
| 0.35
|
|
| 1.72
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,023.38
|
|
| 0.35
|
|
| 1.78
|
| ||||||||
Invesco S&P Midcap 400® Pure Value ETF (RFV)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 950.10
|
|
| 0.35
|
|
| 1.72
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,023.38
|
|
| 0.35
|
|
| 1.78
|
| ||||||||
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 939.50
|
|
| 0.35
|
|
| 1.71
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,023.38
|
|
| 0.35
|
|
| 1.78
|
|
| 43 |
|
Calculating your ongoing Fund expenses–(continued)
Beginning
| Ending Account Value
| Annualized
| Expenses Paid
| |||||||||||||||||
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
| ||||||||||||||||||||
Actual
| $
| 1,000.00
|
| $
| 975.40
|
|
| 0.35
| %
| $
| 1.74
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,023.38
|
|
| 0.35
|
|
| 1.78
|
|
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
| 44 |
|
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
| 45 |
|
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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST1-SAR-3 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
October 31, 2019
PYZ | Invesco DWA Basic Materials Momentum ETF | |
PEZ | Invesco DWA Consumer Cyclicals Momentum ETF | |
PSL | Invesco DWA Consumer Staples Momentum ETF | |
PXI | Invesco DWA Energy Momentum ETF | |
PFI | Invesco DWA Financial Momentum ETF | |
PTH | Invesco DWA Healthcare Momentum ETF | |
PRN | Invesco DWA Industrials Momentum ETF | |
PTF | Invesco DWA Technology Momentum ETF | |
PUI | Invesco DWA Utilities Momentum ETF | |
PNQI | Invesco NASDAQ Internet ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
Statements of Assets and Liabilities | 24 | |||
Statements of Operations | 26 | |||
Statements of Changes in Net Assets | 28 | |||
Financial Highlights | 32 | |||
Notes to Financial Statements | 42 | |||
Fund Expenses | 51 | |||
Proxy Results | 53 |
| 2 |
|
Invesco DWA Basic Materials Momentum ETF (PYZ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
Aluminum-4.78% | ||||||||
Alcoa Corp.(b) | 49,546 | $ | 1,030,061 | |||||
Century Aluminum Co.(b) | 103,781 | 605,043 | ||||||
Kaiser Aluminum Corp. | 8,169 | 874,737 | ||||||
|
| |||||||
2,509,841 | ||||||||
|
| |||||||
CommodityChemicals-8.36% | ||||||||
Cabot Corp. | 18,602 | 810,861 | ||||||
LyondellBasell Industries N.V., Class A | 12,269 | 1,100,529 | ||||||
Olin Corp. | 45,152 | 828,088 | ||||||
Valvoline, Inc. | 38,606 | 823,852 | ||||||
Westlake Chemical Corp. | 13,110 | 828,421 | ||||||
|
| |||||||
4,391,751 | ||||||||
|
| |||||||
Copper-1.89% | ||||||||
Freeport-McMoRan, Inc. | 100,834 | 990,190 | ||||||
|
| |||||||
DiversifiedChemicals-4.20% | ||||||||
Chemours Co. (The) | 68,872 | 1,130,189 | ||||||
Huntsman Corp. | 48,535 | 1,074,080 | ||||||
|
| |||||||
2,204,269 | ||||||||
|
| |||||||
Diversified Metals &Mining-3.01% | ||||||||
Compass Minerals International, Inc. | 15,045 | 849,742 | ||||||
Materion Corp. | 12,843 | 729,996 | ||||||
|
| |||||||
1,579,738 | ||||||||
|
| |||||||
Fertilizers & AgriculturalChemicals-8.52% |
| |||||||
CF Industries Holdings, Inc. | 33,965 | 1,540,313 | ||||||
Corteva, Inc. | 36,753 | 969,544 | ||||||
FMC Corp. | 21,490 | 1,966,335 | ||||||
|
| |||||||
4,476,192 | ||||||||
|
| |||||||
ForestProducts-2.34% | ||||||||
Louisiana-Pacific Corp. | 42,107 | 1,230,788 | ||||||
|
| |||||||
Gold-7.55% | ||||||||
Coeur Mining, Inc.(b) | 178,439 | 984,983 | ||||||
Newmont Goldcorp Corp. | 39,712 | 1,577,758 | ||||||
Royal Gold, Inc. | 12,150 | 1,402,596 | ||||||
|
| |||||||
3,965,337 | ||||||||
|
| |||||||
IndustrialGases-3.42% | ||||||||
Air Products and Chemicals, Inc. | 8,411 | 1,793,730 | ||||||
|
| |||||||
Oil & Gas Equipment &Services-0.63% | ||||||||
US Silica Holdings, Inc. | 74,109 | 330,526 | ||||||
|
| |||||||
Oil & Gas Refining &Marketing-1.74% | ||||||||
Green Plains, Inc. | 74,137 | 914,109 | ||||||
|
| |||||||
PaperPackaging-3.88% | ||||||||
Avery Dennison Corp. | 15,939 | 2,037,961 | ||||||
|
|
Shares | Value | |||||||
PaperProducts-1.65% | ||||||||
Neenah, Inc. | 13,451 | $ | 867,589 | |||||
|
| |||||||
SpecializedREITs-3.86% | ||||||||
PotlatchDeltic Corp. | 21,028 | 893,059 | ||||||
Weyerhaeuser Co. | 38,738 | 1,131,537 | ||||||
|
| |||||||
2,024,596 | ||||||||
|
| |||||||
SpecialtyChemicals-34.60% | ||||||||
Ashland Global Holdings, Inc. | 18,135 | 1,403,105 | ||||||
Balchem Corp. | 7,639 | 773,143 | ||||||
Celanese Corp. | 14,334 | 1,736,564 | ||||||
DuPont de Nemours, Inc. | 23,863 | 1,572,810 | ||||||
Ecolab, Inc. | 8,856 | 1,700,972 | ||||||
Ferro Corp.(b) | 61,415 | 683,549 | ||||||
Innospec, Inc. | 10,036 | 916,889 | ||||||
Kraton Corp.(b) | 23,288 | 522,117 | ||||||
Livent Corp.(b) | 117,564 | 806,489 | ||||||
NewMarket Corp. | 1,879 | 912,236 | ||||||
PolyOne Corp. | 26,820 | 859,581 | ||||||
PPG Industries, Inc. | 14,385 | 1,799,851 | ||||||
Quaker Chemical Corp. | 8,271 | 1,264,471 | ||||||
RPM International, Inc. | 20,006 | 1,449,035 | ||||||
Sensient Technologies Corp. | 14,959 | 935,835 | ||||||
Stepan Co. | 8,470 | 827,688 | ||||||
|
| |||||||
18,164,335 | ||||||||
|
| |||||||
Steel-9.54% | ||||||||
Allegheny Technologies, Inc.(b) | 41,504 | 871,999 | ||||||
Carpenter Technology Corp. | 21,373 | 1,047,705 | ||||||
Commercial Metals Co. | 47,122 | 910,868 | ||||||
Reliance Steel & Aluminum Co. | 18,754 | 2,176,214 | ||||||
|
| |||||||
5,006,786 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 52,487,738 | ||||||
|
| |||||||
Money MarketFunds-0.34% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 179,176 | 179,176 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.31% |
| 52,666,914 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.31)% |
| (162,266 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 52,504,648 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco DWA Basic Materials Momentum ETF (PYZ)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Specialty Chemicals |
| 34.60 |
|
|
|
| ||
Steel |
| 9.54 |
| |||||
Fertilizers & Agricultural Chemicals |
| 8.52 |
| |||||
Commodity Chemicals |
| 8.36 |
| |||||
Gold |
| 7.55 |
| |||||
Aluminum |
| 4.78 |
| |||||
Diversified Chemicals |
| 4.20 |
| |||||
Paper Packaging |
| 3.88 |
| |||||
Specialized REITs |
| 3.86 |
| |||||
Industrial Gases |
| 3.42 |
| |||||
Diversified Metals & Mining |
| 3.01 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 8.25 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.03
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.01% |
| |||||||
ApparelRetail-7.09% | ||||||||
Boot Barn Holdings, Inc.(b) | 22,741 | $ | 797,072 | |||||
Burlington Stores, Inc.(b) | 11,680 | 2,244,545 | ||||||
Zumiez, Inc.(b) | 24,037 | 767,021 | ||||||
|
| |||||||
3,808,638 | ||||||||
|
| |||||||
Auto Parts &Equipment-3.87% | ||||||||
Adient PLC | 34,104 | 722,664 | ||||||
Stoneridge, Inc.(b) | 20,498 | 632,978 | ||||||
Tenneco, Inc., Class A | 57,624 | 725,486 | ||||||
|
| |||||||
2,081,128 | ||||||||
|
| |||||||
AutomotiveRetail-15.93% | ||||||||
Asbury Automotive Group, Inc.(b) | 7,278 | 750,580 | ||||||
AutoZone, Inc.(b) | 1,137 | 1,301,160 | ||||||
Carvana Co.(b)(c) | 19,865 | 1,610,654 | ||||||
Lithia Motors, Inc., Class A | 5,884 | 926,613 | ||||||
O’Reilly Automotive, Inc.(b) | 7,663 | 3,337,313 | ||||||
Sonic Automotive, Inc., Class A | 19,723 | 635,672 | ||||||
|
| |||||||
8,561,992 | ||||||||
|
| |||||||
Cable &Satellite-9.64% | ||||||||
Cable One, Inc. | 1,238 | 1,640,808 | ||||||
Charter Communications, Inc., Class A(b) | 4,996 | 2,337,429 | ||||||
Comcast Corp., Class A | 26,838 | 1,202,879 | ||||||
|
| |||||||
5,181,116 | ||||||||
|
| |||||||
Casinos &Gaming-2.27% | ||||||||
Churchill Downs, Inc. | 9,394 | 1,221,126 | ||||||
|
| |||||||
ConsumerElectronics-2.90% | ||||||||
Garmin Ltd. | 16,645 | 1,560,469 | ||||||
|
| |||||||
Distributors-1.82% | ||||||||
Funko, Inc., Class A(b) | 54,295 | 977,310 | ||||||
|
| |||||||
Diversified SupportServices-2.55% |
| |||||||
KAR Auction Services, Inc. | 55,204 | 1,372,371 | ||||||
|
| |||||||
Footwear-8.63% | ||||||||
Crocs, Inc.(b) | 46,463 | 1,625,740 | ||||||
NIKE,Inc.,Class B | 33,641 | 3,012,552 | ||||||
|
| |||||||
4,638,292 | ||||||||
|
| |||||||
General MerchandiseStores-2.41% |
| |||||||
Dollar General Corp. | 8,080 | 1,295,547 | ||||||
|
| |||||||
Home ImprovementRetail-3.67% | ||||||||
Home Depot, Inc. (The) | 8,400 | 1,970,472 | ||||||
|
| |||||||
Homebuilding-7.05% | ||||||||
KB Home | 45,484 | 1,623,324 | ||||||
M.D.C. Holdings, Inc. | 18,214 | 705,064 | ||||||
NVR, Inc.(b) | 402 | 1,461,909 | ||||||
|
| |||||||
3,790,297 | ||||||||
|
| |||||||
HomefurnishingRetail-1.91% | ||||||||
Aaron’s, Inc. | 13,702 | 1,026,691 | ||||||
|
| |||||||
Hypermarkets & SuperCenters-2.38% |
| |||||||
Costco Wholesale Corp. | 4,315 | 1,282,030 | ||||||
|
|
Shares | Value | |||||||
Interactive Media &Services-3.95% | ||||||||
IAC/InterActiveCorp.(b) | 9,338 | $ | 2,122,060 | |||||
|
| |||||||
Internet & Direct MarketingRetail-3.81% |
| |||||||
Etsy, Inc.(b) | 46,057 | 2,049,076 | ||||||
|
| |||||||
LeisureProducts-1.41% | ||||||||
Callaway Golf Co. | 37,416 | 756,552 | ||||||
|
| |||||||
Movies &Entertainment-6.44% | ||||||||
Live Nation Entertainment, Inc.(b) | 29,376 | 2,071,008 | ||||||
Walt Disney Co. (The) | 10,715 | 1,392,093 | ||||||
|
| |||||||
3,463,101 | ||||||||
|
| |||||||
Restaurants-10.44% | ||||||||
Darden Restaurants, Inc. | 11,483 | 1,289,196 | ||||||
Denny’s Corp.(b) | 21,903 | 440,688 | ||||||
Shake Shack, Inc., Class A(b) | 16,964 | 1,395,798 | ||||||
Starbucks Corp. | 14,196 | 1,200,414 | ||||||
Wendy’s Co. (The) | 60,658 | 1,284,737 | ||||||
|
| |||||||
5,610,833 | ||||||||
|
| |||||||
Trading Companies &Distributors-1.84% |
| |||||||
SiteOne Landscape Supply, Inc.(b) | 11,259 | 991,468 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 53,760,569 | ||||||
|
| |||||||
Money MarketFunds-0.29% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 151,799 | 151,799 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 53,912,368 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-2.66% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 1,073,188 | 1,073,188 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 357,586 | 357,730 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,430,918 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-102.96% |
| 55,343,286 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.96)% |
| (1,588,931 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 53,754,355 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Automotive Retail |
| 15.93 |
|
|
|
| ||
Restaurants |
| 10.44 |
| |||||
Cable & Satellite |
| 9.64 |
| |||||
Footwear |
| 8.63 |
| |||||
Apparel Retail |
| 7.09 |
| |||||
Homebuilding |
| 7.05 |
| |||||
Movies & Entertainment |
| 6.44 |
| |||||
Interactive Media & Services |
| 3.95 |
| |||||
Auto Parts & Equipment |
| 3.87 |
| |||||
Internet & Direct Marketing Retail |
| 3.81 |
| |||||
Home Improvement Retail |
| 3.67 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 19.49 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| (0.01
| )
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco DWA Consumer Staples Momentum ETF (PSL)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.96% |
| |||||||
Distillers &Vintners-3.96% | ||||||||
Brown-Forman Corp., Class B | 100,983 | $ | 6,616,406 | |||||
|
| |||||||
EducationServices-5.23% | ||||||||
Bright Horizons Family Solutions, Inc.(b) | 32,834 | 4,876,506 | ||||||
Grand Canyon Education, Inc.(b) | 41,878 | 3,851,101 | ||||||
|
| |||||||
8,727,607 | ||||||||
|
| |||||||
FoodDistributors-8.27% | ||||||||
Performance Food Group Co.(b) | 82,834 | 3,529,557 | ||||||
Sysco Corp. | 70,789 | 5,653,917 | ||||||
US Foods Holding Corp.(b) | 116,566 | 4,624,173 | ||||||
|
| |||||||
13,807,647 | ||||||||
|
| |||||||
FoodRetail-3.03% | ||||||||
Casey’s General Stores, Inc. | 29,628 | 5,060,759 | ||||||
|
| |||||||
Health CareServices-3.29% | ||||||||
Chemed Corp. | 13,954 | 5,496,620 | ||||||
|
| |||||||
HomeFurnishings-3.75% | ||||||||
Tempur Sealy International, Inc.(b) | 68,852 | 6,262,090 | ||||||
|
| |||||||
HouseholdAppliances-2.73% | ||||||||
Helen of Troy Ltd.(b) | 30,408 | 4,553,902 | ||||||
|
| |||||||
HouseholdProducts-15.43% | ||||||||
Church & Dwight Co., Inc. | 131,664 | 9,208,580 | ||||||
Clorox Co. (The) | 39,387 | 5,817,066 | ||||||
Kimberly-Clark Corp. | 34,614 | 4,599,508 | ||||||
Procter & Gamble Co. (The) | 49,376 | 6,147,806 | ||||||
|
| |||||||
25,772,960 | ||||||||
|
| |||||||
Packaged Foods &Meats-30.36% | ||||||||
Freshpet, Inc.(b) | 128,505 | 6,715,671 | ||||||
Hershey Co. (The) | 40,327 | 5,922,827 | ||||||
J&J Snack Foods Corp. | 34,470 | 6,575,497 | ||||||
John B. Sanfilippo & Son, Inc. | 50,718 | 5,382,194 | ||||||
McCormick & Co., Inc. | 55,512 | 8,920,223 | ||||||
Mondelez International, Inc., Class A | 87,543 | 4,591,630 | ||||||
Sanderson Farms, Inc. | 42,007 | 6,503,104 | ||||||
Tyson Foods, Inc., Class A | 73,674 | 6,099,471 | ||||||
|
| |||||||
50,710,617 | ||||||||
|
| |||||||
PersonalProducts-9.34% | ||||||||
elf Beauty, Inc.(b) | 174,008 | 2,923,334 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 33,052 | 6,156,596 | ||||||
Herbalife Nutrition Ltd.(b) | 146,067 | 6,524,813 | ||||||
|
| |||||||
15,604,743 | ||||||||
|
|
Shares | Value | |||||||
SoftDrinks-3.20% | ||||||||
PepsiCo, Inc. | 38,936 | $ | 5,340,851 | |||||
|
| |||||||
Specialized ConsumerServices-9.24% | ||||||||
Service Corp. International | 131,202 | 5,967,067 | ||||||
ServiceMaster Global Holdings, Inc.(b) | 93,702 | 3,783,687 | ||||||
WW International, Inc.(b) | 163,112 | 5,687,715 | ||||||
|
| |||||||
15,438,469 | ||||||||
|
| |||||||
Tobacco-2.13% | ||||||||
Vector Group Ltd.(c) | 291,226 | 3,552,957 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 166,945,628 | ||||||
|
| |||||||
Money MarketFunds-0.18% | ||||||||
Invesco Premier U.S. Government Money | 300,809 | 300,809 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 167,246,437 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.48% |
| |||||||
Invesco Government & Agency Portfolio, | 598,880 | 598,880 | ||||||
Invesco Liquid Assets Portfolio, Institutional | 199,547 | 199,627 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 798,507 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.62% |
| 168,044,944 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.62)% |
| (1,035,670 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 167,009,274 | |||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco DWA Consumer Staples Momentum ETF (PSL)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Packaged Foods & Meats |
| 30.36 |
|
|
|
| ||
Household Products |
| 15.43 |
| |||||
Personal Products |
| 9.34 |
| |||||
Specialized Consumer Services |
| 9.24 |
| |||||
Food Distributors |
| 8.27 |
| |||||
Education Services |
| 5.23 |
| |||||
Distillers & Vintners |
| 3.96 |
| |||||
Home Furnishings |
| 3.75 |
| |||||
Health Care Services |
| 3.29 |
| |||||
Soft Drinks |
| 3.20 |
| |||||
Food Retail |
| 3.03 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 4.86 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.04
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco DWA Energy Momentum ETF (PXI)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.87% |
| |||||||
Coal & ConsumableFuels-2.03% | ||||||||
Arch Coal, Inc., Class A(b) | 9,342 | $ | 736,990 | |||||
|
| |||||||
Integrated Oil &Gas-5.42% | ||||||||
Chevron Corp. | 10,195 | 1,184,047 | ||||||
Exxon Mobil Corp. | 11,607 | 784,285 | ||||||
|
| |||||||
1,968,332 | ||||||||
|
| |||||||
Oil & GasDrilling-3.38% | ||||||||
Diamond Offshore Drilling, Inc.(b)(c) | 100,601 | 532,179 | ||||||
Transocean Ltd.(c) | 146,005 | 693,524 | ||||||
|
| |||||||
1,225,703 | ||||||||
|
| |||||||
Oil & Gas Equipment &Services-7.96% |
| |||||||
Archrock, Inc. | 67,583 | 651,500 | ||||||
Cactus, Inc., Class A(c) | 25,668 | 762,853 | ||||||
Dril-Quip, Inc.(c) | 16,547 | 678,758 | ||||||
Helix Energy Solutions Group, Inc.(c) | 92,490 | 794,489 | ||||||
|
| |||||||
2,887,600 | ||||||||
|
| |||||||
Oil & Gas Exploration &Production-36.27% |
| |||||||
California Resources Corp.(b)(c) | 66,015 | 369,024 | ||||||
Cimarex Energy Co. | 16,364 | 690,888 | ||||||
CNX Resources Corp.(c) | 96,773 | 815,796 | ||||||
Comstock Resources, Inc.(b)(c) | 85,629 | 585,702 | ||||||
ConocoPhillips | 20,610 | 1,137,672 | ||||||
Diamondback Energy, Inc. | 13,444 | 1,152,958 | ||||||
EOG Resources, Inc. | 11,377 | 788,540 | ||||||
Hess Corp. | 17,522 | 1,152,072 | ||||||
Kosmos Energy Ltd. (Ghana) | 115,652 | 717,042 | ||||||
Marathon Oil Corp. | 67,639 | 779,878 | ||||||
Murphy Oil Corp. | 36,746 | 758,070 | ||||||
Parsley Energy, Inc., Class A | 44,811 | 708,462 | ||||||
Range Resources Corp.(b) | 175,965 | 709,139 | ||||||
Talos Energy, Inc.(c) | 29,104 | 626,609 | ||||||
Tellurian, Inc.(b)(c) | 88,036 | 701,647 | ||||||
Whiting Petroleum Corp.(b)(c) | 88,241 | 559,448 | ||||||
WPX Energy, Inc.(c) | 91,497 | 913,140 | ||||||
|
| |||||||
13,166,087 | ||||||||
|
| |||||||
Oil & Gas Refining &Marketing-29.37% |
| |||||||
CVR Energy, Inc. | 21,405 | 1,015,025 | ||||||
Delek US Holdings, Inc. | 24,240 | 968,388 | ||||||
HollyFrontier Corp. | 25,150 | 1,381,741 | ||||||
Marathon Petroleum Corp. | 21,690 | 1,387,075 | ||||||
Par Pacific Holdings, Inc.(c) | 35,274 | 798,956 |
Shares | Value | |||||||
Oil & Gas Refining & Marketing-(continued) |
| |||||||
PBF Energy, Inc., Class A | 34,959 | $ | 1,128,476 | |||||
Phillips 66 | 13,730 | 1,603,939 | ||||||
Renewable Energy Group, Inc.(b)(c) | 53,040 | 866,674 | ||||||
Valero Energy Corp. | 15,567 | 1,509,688 | ||||||
|
| |||||||
10,659,962 | ||||||||
|
| |||||||
Oil & Gas Storage &Transportation-13.12% |
| |||||||
Cheniere Energy, Inc.(c) | 21,843 | 1,344,437 | ||||||
Kinder Morgan, Inc. | 54,755 | 1,094,005 | ||||||
Targa Resources Corp. | 30,937 | 1,202,830 | ||||||
Williams Cos., Inc. (The) | 50,257 | 1,121,234 | ||||||
|
| |||||||
4,762,506 | ||||||||
|
| |||||||
Steel-2.32% | ||||||||
Warrior Met Coal, Inc. | 43,171 | 840,971 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 36,248,151 | ||||||
|
| |||||||
Money MarketFunds-0.38% |
| |||||||
Invesco Premier U.S. Government Money | 138,733 | 138,733 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 36,386,884 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-10.60% |
| |||||||
Invesco Government & Agency Portfolio, | 2,885,794 | 2,885,794 | ||||||
Invesco Liquid Assets Portfolio, Institutional | 961,547 | 961,931 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,847,725 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-110.85% |
| 40,234,609 | ||||||
OTHER ASSETS LESS LIABILITIES-(10.85)% |
| (3,936,854 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 36,297,755 | ||||||
|
|
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco DWA Energy Momentum ETF (PXI)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Oil & Gas Exploration & Production |
| 36.27 |
|
|
|
| ||
Oil & Gas Refining & Marketing |
| 29.37 |
| |||||
Oil & Gas Storage & Transportation |
| 13.12 |
| |||||
Oil & Gas Equipment & Services |
| 7.96 |
| |||||
Integrated Oil & Gas |
| 5.42 |
| |||||
Oil & Gas Drilling |
| 3.38 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 4.35 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco DWA Financial Momentum ETF (PFI)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99% |
| |||||||
Asset Management & CustodyBanks-6.59% |
| |||||||
Ameriprise Financial, Inc. | 7,033 | $ | 1,061,209 | |||||
Blackstone Group, Inc. (The), Class A | 16,744 | 890,111 | ||||||
Hamilton Lane, Inc., Class A | 11,211 | 668,400 | ||||||
|
| |||||||
2,619,720 | ||||||||
|
| |||||||
ConsumerFinance-2.80% | ||||||||
Discover Financial Services | 13,890 | 1,114,811 | ||||||
|
| |||||||
Data Processing & OutsourcedServices-6.00% |
| |||||||
Mastercard, Inc., Class A | 4,505 | 1,247,029 | ||||||
Visa, Inc., Class A | 6,376 | 1,140,411 | ||||||
|
| |||||||
2,387,440 | ||||||||
|
| |||||||
DiversifiedBanks-3.02% | ||||||||
JPMorgan Chase & Co. | 9,604 | 1,199,732 | ||||||
|
| |||||||
Diversified SupportServices-1.80% |
| |||||||
McGrath RentCorp. | 9,408 | 717,925 | ||||||
|
| |||||||
Financial Exchanges &Data-15.11% | ||||||||
Cboe Global Markets, Inc. | 7,573 | 872,031 | ||||||
CME Group, Inc., Class A | 4,102 | 843,987 | ||||||
Moody’s Corp. | 5,389 | 1,189,298 | ||||||
MSCI, Inc. | 4,661 | 1,093,284 | ||||||
Nasdaq, Inc. | 8,483 | 846,349 | ||||||
S&P Global, Inc. | 4,517 | 1,165,341 | ||||||
|
| |||||||
6,010,290 | ||||||||
|
| |||||||
IndustrialREITs-9.26% | ||||||||
Americold Realty Trust | 23,661 | 948,569 | ||||||
Duke Realty Corp. | 28,198 | 990,878 | ||||||
Prologis, Inc. | 10,825 | 950,002 | ||||||
Rexford Industrial Realty, Inc. | 16,517 | 794,303 | ||||||
|
| |||||||
3,683,752 | ||||||||
|
| |||||||
InsuranceBrokers-6.03% | ||||||||
Arthur J. Gallagher & Co. | 9,440 | 861,117 | ||||||
Goosehead Insurance, Inc., Class A | 13,263 | 678,800 | ||||||
Marsh & McLennan Cos., Inc. | 8,305 | 860,564 | ||||||
|
| |||||||
2,400,481 | ||||||||
|
| |||||||
Investment Banking &Brokerage-2.31% | ||||||||
LPL Financial Holdings, Inc. | 11,371 | 919,232 | ||||||
|
| |||||||
Life & HealthInsurance-4.21% | ||||||||
Globe Life, Inc. | 9,402 | 915,097 | ||||||
Primerica, Inc. | 6,013 | 758,720 | ||||||
|
| |||||||
1,673,817 | ||||||||
|
| |||||||
MortgageREITs-1.85% | ||||||||
Arbor Realty Trust, Inc.(b) | 53,870 | 735,864 | ||||||
|
| |||||||
Packaged Foods &Meats-1.55% | ||||||||
Simply Good Foods Co. (The)(c) | 25,064 | 615,071 | ||||||
|
| |||||||
Property & CasualtyInsurance-9.63% | ||||||||
Cincinnati Financial Corp. | 7,652 | 866,283 |
Shares | Value | |||||||
Property & Casualty Insurance-(continued) |
| |||||||
Fidelity National Financial, Inc. | 17,420 | $ | 798,533 | |||||
First American Financial Corp. | 12,199 | 753,654 | ||||||
Kinsale Capital Group, Inc. | 7,071 | 747,546 | ||||||
Selective Insurance Group, Inc. | 9,603 | 663,759 | ||||||
|
| |||||||
3,829,775 | ||||||||
|
| |||||||
RegionalBanks-1.52% | ||||||||
OFG Bancorp. | 29,791 | 605,055 | ||||||
|
| |||||||
ResidentialREITs-2.52% | ||||||||
Apartment Investment & Management Co., Class A | 18,298 | 1,004,194 | ||||||
|
| |||||||
RetailREITs-1.92% | ||||||||
Agree Realty Corp. | 9,711 | 764,935 | ||||||
|
| |||||||
SpecializedREITs-23.87% | ||||||||
American Tower Corp. | 13,558 | 2,956,729 | ||||||
CorEnergy Infrastructure Trust, Inc.(b) | 14,519 | 699,380 | ||||||
CoreSite Realty Corp. | 6,308 | 741,190 | ||||||
Crown Castle International Corp. | 20,864 | 2,895,715 | ||||||
CubeSmart | 25,816 | 818,367 | ||||||
Extra Space Storage, Inc. | 12,315 | 1,382,605 | ||||||
|
| |||||||
9,493,986 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 39,776,080 | ||||||
|
| |||||||
Money MarketFunds-0.40% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 160,476 | 160,476 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 39,936,556 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.34% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 996,633 | 996,633 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 332,078 | 332,211 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,328,844 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-103.73% |
| 41,265,400 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.73)% |
| (1,483,904 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 39,781,496 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco DWA Financial Momentum ETF (PFI)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Specialized REITs |
| 23.87 |
|
|
|
| ||
Financial Exchanges & Data |
| 15.11 |
| |||||
Property & Casualty Insurance |
| 9.63 |
| |||||
Industrial REITs |
| 9.26 |
| |||||
Asset Management & Custody Banks |
| 6.59 |
| |||||
Insurance Brokers |
| 6.03 |
| |||||
Data Processing & Outsourced Services |
| 6.00 |
| |||||
Life & Health Insurance |
| 4.21 |
| |||||
Diversified Banks |
| 3.02 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 16.27 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities
|
| 0.01
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco DWA Healthcare Momentum ETF (PTH)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.00% |
| |||||||
Biotechnology-29.44% | ||||||||
ACADIA Pharmaceuticals, Inc.(b) | 91,412 | $ | 3,876,783 | |||||
Allakos, Inc.(b)(c) | 38,354 | 2,631,084 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 52,873 | 2,117,564 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.(b) | 31,333 | 1,438,811 | ||||||
Catalyst Pharmaceuticals, Inc.(b) | 191,736 | 906,911 | ||||||
CEL-SCI Corp.(b)(c) | 144,505 | 991,304 | ||||||
Coherus Biosciences, Inc.(b) | 77,426 | 1,344,890 | ||||||
Exact Sciences Corp.(b) | 69,680 | 6,062,160 | ||||||
G1 Therapeutics, Inc.(b) | 49,105 | 1,042,008 | ||||||
Karyopharm Therapeutics, Inc.(b) | 162,994 | 1,907,030 | ||||||
Krystal Biotech, Inc.(b)(c) | 26,858 | 1,103,058 | ||||||
Medicines Co. (The)(b)(c) | 64,046 | 3,361,775 | ||||||
Natera, Inc.(b) | 67,401 | 2,596,286 | ||||||
Neurocrine Biosciences, Inc.(b) | 26,996 | 2,685,832 | ||||||
Repligen Corp.(b) | 43,212 | 3,434,922 | ||||||
|
| |||||||
35,500,418 | ||||||||
|
| |||||||
Health CareEquipment-41.25% | ||||||||
Becton, Dickinson and Co. | 16,478 | 4,218,368 | ||||||
Boston Scientific Corp.(b) | 96,133 | 4,008,746 | ||||||
Cardiovascular Systems, Inc.(b) | 54,009 | 2,404,481 | ||||||
CONMED Corp. | 14,122 | 1,553,702 | ||||||
DexCom, Inc.(b) | 24,328 | 3,752,351 | ||||||
Edwards Lifesciences Corp.(b) | 20,989 | 5,003,358 | ||||||
Hill-Rom Holdings, Inc | 18,587 | 1,945,873 | ||||||
IDEXX Laboratories, Inc.(b) | 14,595 | 4,159,721 | ||||||
Insulet Corp.(b) | 32,356 | 4,701,974 | ||||||
Integer Holdings Corp.(b) | 26,615 | 2,061,066 | ||||||
Intuitive Surgical, Inc.(b) | 6,191 | 3,423,313 | ||||||
Masimo Corp.(b) | 36,426 | 5,310,546 | ||||||
Nevro Corp.(b) | 17,635 | 1,520,137 | ||||||
ResMed, Inc. | 19,865 | 2,938,431 | ||||||
Tandem Diabetes Care, Inc.(b) | 44,582 | 2,745,360 | ||||||
|
| |||||||
49,747,427 | ||||||||
|
| |||||||
Health CareFacilities-2.25% | ||||||||
Hanger, Inc.(b) | 63,330 | 1,431,891 | ||||||
US Physical Therapy, Inc. | 9,027 | 1,277,050 | ||||||
|
| |||||||
2,708,941 | ||||||||
|
| |||||||
Health CareServices-2.71% | ||||||||
Addus HomeCare Corp.(b) | 12,244 | 1,031,067 | ||||||
LHC Group, Inc.(b) | 20,190 | 2,240,485 | ||||||
|
| |||||||
3,271,552 | ||||||||
|
| |||||||
Health CareSupplies-4.17% | ||||||||
Haemonetics Corp.(b) | 17,892 | 2,160,101 | ||||||
West Pharmaceutical Services, Inc | 19,934 | 2,867,307 | ||||||
|
| |||||||
5,027,408 | ||||||||
|
|
Shares | Value | |||||||
Health CareTechnology-2.95% | ||||||||
HMS Holdings Corp.(b) | 59,742 | $ | 1,952,966 | |||||
Inspire Medical Systems, Inc.(b) | 26,229 | 1,599,444 | ||||||
|
| |||||||
3,552,410 | ||||||||
|
| |||||||
Life Sciences Tools &Services-6.02% | ||||||||
Medpace Holdings, Inc.(b) | 23,732 | 1,747,387 | ||||||
Thermo Fisher Scientific, Inc. | 18,252 | 5,511,739 | ||||||
|
| |||||||
7,259,126 | ||||||||
|
| |||||||
Managed HealthCare-3.36% | ||||||||
Humana, Inc. | 13,776 | 4,052,899 | ||||||
|
| |||||||
Pharmaceuticals-7.85% | ||||||||
Axsome Therapeutics, Inc.(b)(c) | 105,544 | 2,541,500 | ||||||
Dova Pharmaceuticals, Inc.(b) | 69,278 | 1,975,116 | ||||||
Lannett Co., Inc.(b)(c) | 133,098 | 1,582,535 | ||||||
Zoetis, Inc. | 26,335 | 3,368,773 | ||||||
|
| |||||||
9,467,924 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 120,588,105 | ||||||
|
| |||||||
Money MarketFunds-0.21% | ||||||||
Invesco Premier U.S. Government Money | 253,494 | 253,494 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 120,841,599 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-5.81% |
| |||||||
Invesco Government & Agency Portfolio, | 5,254,215 | 5,254,215 | ||||||
Invesco Liquid Assets Portfolio, Institutional | 1,750,705 | 1,751,405 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 7,005,620 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-106.02% |
| 127,847,219 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.02)% |
| (7,256,219 | ) | |||||
|
| |||||||
NETASSETS-100.00%. | $ | 120,591,000 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco DWA Healthcare Momentum ETF (PTH)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Health Care Equipment |
| 41.25 |
|
|
|
| ||
Biotechnology |
| 29.44 |
| |||||
Pharmaceuticals |
| 7.85 |
| |||||
Life Sciences Tools & Services |
| 6.02 |
| |||||
Health Care Supplies |
| 4.17 |
| |||||
Managed Health Care |
| 3.36 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 7.91 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities |
|
0.00 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco DWA Industrials Momentum ETF (PRN)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.02% |
| |||||||
Aerospace &Defense-15.51% | ||||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 32,884 | $ | 1,421,575 | |||||
HEICO Corp. | 31,653 | 3,904,081 | ||||||
Hexcel Corp. | 21,195 | 1,581,571 | ||||||
Lockheed Martin Corp. | 9,245 | 3,482,406 | ||||||
Northrop Grumman Corp. | 7,641 | 2,693,300 | ||||||
Teledyne Technologies, Inc.(b) | 8,096 | 2,668,442 | ||||||
|
| |||||||
15,751,375 | ||||||||
|
| |||||||
Agricultural & FarmMachinery-2.17% | ||||||||
Toro Co. (The) | 28,578 | 2,204,221 | ||||||
|
| |||||||
BuildingProducts-4.11% | ||||||||
AAON, Inc. | 29,148 | 1,418,341 | ||||||
Masco Corp. | 59,659 | 2,759,229 | ||||||
|
| |||||||
4,177,570 | ||||||||
|
| |||||||
Construction Machinery & HeavyTrucks-1.31% | ||||||||
Alamo Group, Inc. | 12,419 | 1,329,578 | ||||||
|
| |||||||
Data Processing & OutsourcedServices-8.10% | ||||||||
Automatic Data Processing, Inc. | 15,054 | 2,442,211 | ||||||
Broadridge Financial Solutions, Inc. | 21,410 | 2,680,960 | ||||||
Fiserv, Inc.(b) | 29,210 | 3,100,349 | ||||||
|
| |||||||
8,223,520 | ||||||||
|
| |||||||
Distributors-2.36% | ||||||||
Pool Corp. | 11,540 | 2,393,396 | ||||||
|
| |||||||
Diversified SupportServices-6.50% | ||||||||
Cintas Corp. | 13,110 | 3,522,264 | ||||||
Copart, Inc.(b) | 37,310 | 3,083,298 | ||||||
|
| |||||||
6,605,562 | ||||||||
|
| |||||||
Electrical Components &Equipment-3.75% | ||||||||
AMETEK, Inc. | 41,513 | 3,804,666 | ||||||
|
| |||||||
Electronic Equipment &Instruments-2.63% | ||||||||
Keysight Technologies, Inc.(b) | 26,492 | 2,673,308 | ||||||
|
| |||||||
Environmental & FacilitiesServices-3.57% | ||||||||
Casella Waste Systems, Inc., Class A(b) | 41,965 | 1,829,255 | ||||||
Tetra Tech, Inc. | 20,475 | 1,790,948 | ||||||
|
| |||||||
3,620,203 | ||||||||
|
| |||||||
Health CareEquipment-6.32% | ||||||||
Danaher Corp. | 27,483 | 3,787,707 | ||||||
Teleflex, Inc. | 7,556 | 2,625,030 | ||||||
|
| |||||||
6,412,737 | ||||||||
|
| |||||||
Homebuilding-2.00% | ||||||||
TopBuild Corp.(b) | 19,561 | 2,032,975 | ||||||
|
| |||||||
Human Resource & EmploymentServices-1.62% | ||||||||
TriNet Group, Inc.(b) | 31,015 | 1,643,485 | ||||||
|
| |||||||
IndustrialConglomerates-3.19% | ||||||||
Roper Technologies, Inc. | 9,609 | 3,237,849 | ||||||
|
| |||||||
IndustrialMachinery-8.37% | ||||||||
IDEX Corp. | 14,850 | 2,309,621 | ||||||
Ingersoll-Rand PLC | 22,499 | 2,854,898 | ||||||
RBC Bearings, Inc.(b) | 10,312 | 1,654,457 | ||||||
SPX Corp.(b) | 36,857 | 1,678,468 | ||||||
|
| |||||||
8,497,444 | ||||||||
|
|
Shares | Value | |||||||
IT Consulting & OtherServices-3.54% | ||||||||
Accenture PLC, Class A | 19,367 | $ | 3,591,029 | |||||
|
| |||||||
PaperPackaging-2.32% | ||||||||
Graphic Packaging Holding Co. | 150,286 | 2,353,479 | ||||||
|
| |||||||
Railroads-3.78% | ||||||||
Union Pacific Corp. | 23,223 | 3,842,477 | ||||||
|
| |||||||
Research & ConsultingServices-7.94% | ||||||||
CoStar Group, Inc.(b) | 4,165 | 2,288,751 | ||||||
Exponent, Inc. | 23,965 | 1,522,496 | ||||||
FTI Consulting, Inc.(b) | 17,183 | 1,870,713 | ||||||
TransUnion | 28,851 | 2,383,670 | ||||||
|
| |||||||
8,065,630 | ||||||||
|
| |||||||
Semiconductors-1.45% | ||||||||
Impinj, Inc.(b)(c) | 44,855 | 1,475,505 | ||||||
|
| |||||||
SpecialtyChemicals-3.97% | ||||||||
Sherwin-Williams Co. (The) | 7,049 | 4,034,284 | ||||||
|
| |||||||
Trucking-5.51% | ||||||||
Old Dominion Freight Line, Inc. | 21,030 | 3,829,142 | ||||||
Saia, Inc.(b) | 19,815 | 1,767,498 | ||||||
|
| |||||||
5,596,640 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 101,566,933 | ||||||
|
| |||||||
Money MarketFunds-0.16% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 156,488 | 156,488 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 101,723,421 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.23% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 178,239 | 178,239 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 59,389 | 59,413 | ||||||
|
| |||||||
Total Investments Purchased with Cash |
| 237,652 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.41% |
| 101,961,073 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.41)% |
| (417,968 | ) | |||||
|
| |||||||
NETASSETS-100.00%. |
| $ | 101,543,105 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco DWA Industrials Momentum ETF (PRN)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Aerospace & Defense |
| 15.51 |
|
|
|
| ||
Industrial Machinery |
| 8.37 |
| |||||
Data Processing & Outsourced Services |
| 8.10 |
| |||||
Research & Consulting Services |
| 7.94 |
| |||||
Diversified Support Services |
| 6.50 |
| |||||
Health Care Equipment |
| 6.32 |
| |||||
Trucking |
| 5.51 |
| |||||
Building Products |
| 4.11 |
| |||||
Specialty Chemicals |
| 3.97 |
| |||||
Railroads |
| 3.78 |
| |||||
Electrical Components & Equipment |
| 3.75 |
| |||||
Environmental & Facilities Services |
| 3.57 |
| |||||
IT Consulting & Other Services |
| 3.54 |
| |||||
Industrial Conglomerates |
| 3.19 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 15.86 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities | (0.02 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco DWA Technology Momentum ETF (PTF)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.03% |
| |||||||
Advertising-1.76% | ||||||||
Cardlytics, Inc.(b)(c) | 85,732 | $ | 3,593,028 | |||||
|
| |||||||
Aerospace &Defense-3.96% | ||||||||
L3Harris Technologies, Inc. | 23,942 | 4,939,474 | ||||||
Mercury Systems, Inc.(b) | 42,588 | 3,137,032 | ||||||
|
| |||||||
8,076,506 | ||||||||
|
| |||||||
AlternativeCarriers-1.85% | ||||||||
Cogent Communications Holdings, Inc. | 30,403 | 1,782,832 | ||||||
Vonage Holdings Corp.(b) | 203,164 | 1,984,912 | ||||||
|
| |||||||
3,767,744 | ||||||||
|
| |||||||
ApplicationSoftware-40.43% | ||||||||
Adobe, Inc.(b) | 28,060 | 7,798,716 | ||||||
AppFolio, Inc., Class A(b) | 38,528 | 3,746,077 | ||||||
Aspen Technology, Inc.(b) | 20,454 | 2,354,460 | ||||||
Cadence Design Systems, Inc.(b) | 142,909 | 9,339,103 | ||||||
Coupa Software, Inc.(b) | 67,120 | 9,228,329 | ||||||
Digital Turbine, Inc.(b) | 616,348 | 4,308,272 | ||||||
Five9, Inc.(b) | 76,791 | 4,262,668 | ||||||
Intuit, Inc. | 28,109 | 7,238,067 | ||||||
LivePerson, Inc.(b) | 101,752 | 4,176,920 | ||||||
Model N, Inc.(b) | 57,695 | 1,718,734 | ||||||
Paylocity Holding Corp.(b) | 27,373 | 2,808,470 | ||||||
Pegasystems, Inc. | 41,374 | 3,111,739 | ||||||
Q2 Holdings, Inc.(b) | 42,291 | 3,023,384 | ||||||
RingCentral, Inc., Class A(b) | 92,782 | 14,986,149 | ||||||
Synopsys, Inc.(b) | 31,322 | 4,251,961 | ||||||
|
| |||||||
82,353,049 | ||||||||
|
| |||||||
CommunicationsEquipment-3.51% | ||||||||
Harmonic, Inc.(b) | 221,986 | 1,727,051 | ||||||
Motorola Solutions, Inc. | 32,610 | 5,423,695 | ||||||
|
| |||||||
7,150,746 | ||||||||
|
| |||||||
Interactive Media &Services-2.78% | ||||||||
Snap, Inc., Class A(b)(c) | 375,544 | 5,655,693 | ||||||
|
| |||||||
Internet Services &Infrastructure-3.20% | ||||||||
VeriSign, Inc.(b) | 34,256 | 6,509,325 | ||||||
|
| |||||||
IT Consulting & OtherServices-4.40% | ||||||||
EPAM Systems, Inc.(b) | 24,207 | 4,259,464 | ||||||
Leidos Holdings, Inc. | 54,629 | 4,710,658 | ||||||
|
| |||||||
8,970,122 | ||||||||
|
| |||||||
SemiconductorEquipment-8.23% | ||||||||
Cabot Microelectronics Corp. | 18,739 | 2,831,838 | ||||||
Entegris, Inc. | 114,844 | 5,512,512 | ||||||
KLA Corp. | 39,042 | 6,599,660 | ||||||
Ultra Clean Holdings, Inc.(b) | 84,730 | 1,810,680 | ||||||
|
| |||||||
16,754,690 | ||||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Shares | Value | |||||||
Semiconductors-16.46% | ||||||||
Advanced Micro Devices, Inc.(b) | 213,018 | $ | 7,227,701 | |||||
Ambarella, Inc.(b) | 37,333 | 1,964,836 | ||||||
Broadcom, Inc. | 29,755 | 8,713,752 | ||||||
Inphi Corp.(b) | 83,995 | 6,037,560 | ||||||
Lattice Semiconductor Corp.(b) | 166,169 | 3,255,251 | ||||||
MACOM Technology Solutions Holdings, Inc.(b) | 103,686 | 2,357,819 | ||||||
Monolithic Power Systems, Inc. | 26,504 | 3,973,480 | ||||||
|
| |||||||
33,530,399 | ||||||||
|
| |||||||
SpecializedREITs-3.98% | ||||||||
SBA Communications Corp., Class A | 33,715 | 8,113,515 | ||||||
|
| |||||||
SystemsSoftware-5.47% | ||||||||
Microsoft Corp. | 37,133 | 5,323,758 | ||||||
ServiceNow, Inc.(b) | 23,516 | 5,814,566 | ||||||
|
| |||||||
11,138,324 | ||||||||
|
| |||||||
TechnologyDistributors-3.35% | ||||||||
CDW Corp. | 53,270 | 6,813,766 | ||||||
|
| |||||||
Wireless TelecommunicationServices-0.65% |
| |||||||
Gogo, Inc.(b)(c) | 216,838 | 1,333,554 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $189,938,272) | 203,760,461 | |||||||
|
| |||||||
Money MarketFunds-0.16% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d)(Cost $321,882) | 321,882 | 321,882 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 204,082,343 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.21% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 4,907,570 | 4,907,570 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 1,635,203 | 1,635,857 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 6,543,427 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-103.40% |
| 210,625,770 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.40)% |
| (6,919,088 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 203,706,682 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco DWA Technology Momentum ETF (PTF)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Application Software |
| 40.43 |
|
|
|
| ||
Semiconductors |
| 16.46 |
| |||||
Semiconductor Equipment |
| 8.23 |
| |||||
Systems Software |
| 5.47 |
| |||||
IT Consulting & Other Services |
| 4.40 |
| |||||
Specialized REITs |
| 3.98 |
| |||||
Aerospace & Defense |
| 3.96 |
| |||||
Communications Equipment |
| 3.51 |
| |||||
Technology Distributors |
| 3.35 |
| |||||
Internet Services & Infrastructure |
| 3.20 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 7.04 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities | (0.03 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco DWA Utilities Momentum ETF (PUI)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.92% |
| |||||||
ElectricUtilities-43.27% | ||||||||
Alliant Energy Corp. | 194,355 | $ | 10,366,896 | |||||
American Electric Power Co., Inc. | 90,951 | 8,584,865 | ||||||
Entergy Corp. | 83,491 | 10,142,487 | ||||||
Evergy, Inc. | 159,409 | 10,187,829 | ||||||
Eversource Energy | 119,742 | 10,027,195 | ||||||
Exelon Corp. | 145,293 | 6,609,378 | ||||||
Hawaiian Electric Industries, Inc. | 135,325 | 6,109,924 | ||||||
IDACORP, Inc. | 61,730 | 6,643,383 | ||||||
MGE Energy, Inc. | 76,746 | 5,912,512 | ||||||
NextEra Energy, Inc. | 44,391 | 10,580,151 | ||||||
OGE Energy Corp. | 134,833 | 5,805,909 | ||||||
Pinnacle West Capital Corp. | 100,357 | 9,445,601 | ||||||
PNM Resources, Inc. | 156,001 | 8,135,452 | ||||||
Portland General Electric Co. | 103,605 | 5,893,052 | ||||||
Xcel Energy, Inc. | 143,518 | 9,114,828 | ||||||
|
| |||||||
123,559,462 | ||||||||
|
| |||||||
GasUtilities-11.50% | ||||||||
Atmos Energy Corp. | 85,154 | 9,578,122 | ||||||
Chesapeake Utilities Corp. | 58,086 | 5,506,553 | ||||||
ONE Gas, Inc. | 63,947 | 5,936,840 | ||||||
Southwest Gas Holdings, Inc. | 65,028 | 5,676,944 | ||||||
Spire, Inc. | 72,867 | 6,125,200 | ||||||
|
| |||||||
32,823,659 | ||||||||
|
| |||||||
Independent Power Producers & EnergyTraders-5.63% |
| |||||||
AES Corp. (The) | 458,997 | 7,825,899 | ||||||
Vistra Energy Corp. | 305,706 | 8,263,233 | ||||||
|
| |||||||
16,089,132 | ||||||||
|
| |||||||
Multi-Utilities-23.89% | ||||||||
Ameren Corp. | 101,208 | 7,863,862 | ||||||
Black Hills Corp. | 79,964 | 6,303,562 |
Shares | Value | |||||||
Multi-Utilities-(continued) | ||||||||
CMS Energy Corp. | 155,331 | $ | 9,928,758 | |||||
DTE Energy Co. | 76,451 | 9,733,741 | ||||||
NiSource, Inc. | 380,589 | 10,671,716 | ||||||
NorthWestern Corp. | 88,352 | 6,407,287 | ||||||
Public Service Enterprise Group, Inc. | 113,420 | 7,180,620 | ||||||
WEC Energy Group, Inc. | 107,321 | 10,131,102 | ||||||
|
| |||||||
68,220,648 | ||||||||
|
| |||||||
Oil & Gas Storage &Transportation-3.15% |
| |||||||
ONEOK, Inc. | 128,853 | 8,997,805 | ||||||
|
| |||||||
RenewableElectricity-1.85% | ||||||||
Ormat Technologies, Inc. | 68,806 | 5,267,787 | ||||||
|
| |||||||
WaterUtilities-10.63% | ||||||||
American States Water Co. | 80,231 | 7,632,375 | ||||||
American Water Works Co., Inc. | 90,031 | 11,098,121 | ||||||
Aqua America, Inc. | 147,475 | 6,685,042 | ||||||
California Water Service Group | 88,456 | 4,950,882 | ||||||
|
| |||||||
30,366,420 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 285,324,913 | ||||||
|
| |||||||
Money MarketFunds-0.13% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(b) | 378,338 | 378,338 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.05% |
| 285,703,251 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.05)% |
| (137,440 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 285,565,811 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco DWA Utilities Momentum ETF (PUI)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Electric Utilities |
| 43.27 |
|
|
|
| ||
Multi-Utilities |
| 23.89 |
| |||||
Gas Utilities |
| 11.50 |
| |||||
Water Utilities |
| 10.63 |
| |||||
Independent Power Producers & Energy Traders | 5.63 | |||||||
Oil & Gas Storage & Transportation |
| 3.15 |
| |||||
Renewable Electricity |
| 1.85 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco NASDAQ Internet ETF (PNQI)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.03% |
| |||||||
Advertising-0.20% | ||||||||
Criteo S.A., ADR (France)(b) | 37,988 | $ | 634,399 | |||||
TechTarget, Inc.(b) | 16,467 | 401,795 | ||||||
|
| |||||||
1,036,194 | ||||||||
|
| |||||||
AlternativeCarriers-0.31% | ||||||||
Cogent Communications Holdings, Inc. | 27,878 | 1,634,766 | ||||||
|
| |||||||
ApplicationSoftware-5.88% | ||||||||
2U, Inc.(b)(c) | 37,715 | 676,041 | ||||||
Alarm.com Holdings, Inc.(b) | 28,874 | 1,426,376 | ||||||
Anaplan, Inc.(b) | 76,915 | 3,630,388 | ||||||
AppFolio, Inc., Class A(b) | 9,740 | 947,020 | ||||||
Benefitfocus, Inc.(b) | 19,471 | 442,673 | ||||||
Cornerstone OnDemand, Inc.(b) | 36,135 | 2,116,427 | ||||||
Coupa Software, Inc.(b) | 36,521 | 5,021,272 | ||||||
eGain Corp.(b) | 18,054 | 135,856 | ||||||
Envestnet, Inc.(b) | 31,074 | 1,941,814 | ||||||
Five9, Inc.(b) | 36,116 | 2,004,799 | ||||||
j2 Global, Inc. | 29,130 | 2,766,185 | ||||||
LivePerson, Inc.(b) | 39,021 | 1,601,812 | ||||||
LogMeIn, Inc. | 29,439 | 1,933,554 | ||||||
New Relic, Inc.(b) | 34,780 | 2,228,007 | ||||||
Nutanix, Inc., Class A(b) | 101,382 | 2,962,382 | ||||||
SPS Commerce, Inc.(b) | 21,407 | 1,129,648 | ||||||
|
| |||||||
30,964,254 | ||||||||
|
| |||||||
Asset Management & CustodyBanks-0.12% |
| |||||||
Blucora, Inc.(b) | 29,091 | 629,238 | ||||||
|
| |||||||
CommercialPrinting-0.45% | ||||||||
Cimpress N.V. (Netherlands)(b) | 17,978 | 2,375,253 | ||||||
|
| |||||||
CommunicationsEquipment-2.12% | ||||||||
Arista Networks, Inc.(b) | 45,641 | 11,162,419 | ||||||
|
| |||||||
Data Processing & OutsourcedServices-0.18% |
| |||||||
NIC, Inc. | 39,874 | 937,836 | ||||||
|
| |||||||
Interactive HomeEntertainment-3.17% |
| |||||||
NetEase, Inc., ADR (China) | 43,362 | 12,395,461 | ||||||
Sea Ltd., ADR (Taiwan)(b)(c) | 144,880 | 4,311,629 | ||||||
|
| |||||||
16,707,090 | ||||||||
|
| |||||||
Interactive Media &Services-31.87% | ||||||||
Alphabet, Inc., Class C(b) | 36,243 | 45,670,167 | ||||||
Autohome, Inc., ADR (China)(b)(c) | 34,144 | 2,887,217 | ||||||
Baidu, Inc., ADR (China)(b) | 167,453 | 17,055,088 | ||||||
Eventbrite, Inc., Class A(b)(c) | 29,574 | 531,741 | ||||||
Facebook, Inc., Class A(b) | 231,931 | 44,449,576 | ||||||
IAC/InterActiveCorp.(b) | 46,752 | 10,624,392 | ||||||
Match Group, Inc.(c) | 42,315 | 3,088,572 | ||||||
Meet Group, Inc. (The)(b) | 45,411 | 193,451 | ||||||
Momo, Inc., ADR (China) | 95,538 | 3,202,434 | ||||||
QuinStreet, Inc.(b) | 30,350 | 389,390 | ||||||
SINA Corp. (China)(b) | 41,418 | 1,640,153 | ||||||
Snap, Inc., Class A(b)(c) | 657,290 | 9,898,787 | ||||||
Sogou, Inc., ADR (China)(b)(c) | 55,833 | 287,540 | ||||||
Sohu.com Ltd., ADR (China)(b) | 23,542 | 241,305 | ||||||
TripAdvisor, Inc.(b) | 75,330 | 3,043,332 | ||||||
TrueCar, Inc.(b) | 63,232 | 207,401 | ||||||
Twitter, Inc.(b) | 459,560 | 13,773,013 |
Shares | Value | |||||||
Interactive Media & Services-(continued) |
| |||||||
Weibo Corp., ADR (China)(b)(c) | 44,416 | $ | 2,184,823 | |||||
Yandex N.V., Class A (Russia)(b) | 172,186 | 5,749,291 | ||||||
YY, Inc., ADR (China)(b) | 29,961 | 1,702,983 | ||||||
Zillow Group, Inc., Class A(b) | 34,828 | 1,128,079 | ||||||
|
| |||||||
167,948,735 | ||||||||
|
| |||||||
Internet & Direct MarketingRetail-37.54% |
| |||||||
1-800-Flowers.com, Inc., Class A(b) | 21,304 | 303,795 | ||||||
Alibaba Group Holding Ltd., ADR (China) (b) | 246,027 | 43,465,590 | ||||||
Amazon.com, Inc.(b) | 24,241 | 43,068,015 | ||||||
Baozun, Inc., ADR (China)(b)(c) | 28,319 | 1,232,443 | ||||||
Booking Holdings, Inc.(b) | 10,947 | 22,427,885 | ||||||
eBay, Inc. | 498,650 | 17,577,413 | ||||||
Etsy, Inc.(b) | 71,733 | 3,191,401 | ||||||
Expedia Group, Inc. | 81,483 | 11,135,467 | ||||||
Groupon, Inc.(b) | 338,012 | 939,673 | ||||||
GrubHub, Inc.(b)(c) | 54,400 | 1,852,864 | ||||||
JD.com, Inc., ADR (China)(b) | 549,996 | 17,132,375 | ||||||
Lands’ End, Inc.(b)(c) | 19,204 | 231,792 | ||||||
Liquidity Services, Inc.(b) | 20,039 | 130,053 | ||||||
MakeMyTrip Ltd. (India)(b) | 35,910 | 826,648 | ||||||
MercadoLibre, Inc. (Argentina)(b) | 29,551 | 15,411,438 | ||||||
Overstock.com, Inc.(b) | 21,014 | 221,278 | ||||||
PetMed Express, Inc.(c) | 12,014 | 281,308 | ||||||
Shutterstock, Inc.(b) | 21,018 | 852,911 | ||||||
Stamps.com, Inc.(b) | 10,221 | 862,959 | ||||||
Stitch Fix, Inc., Class A(b)(c) | 32,643 | 746,219 | ||||||
Trip.com Group, Ltd., ADR (China)(b) | 289,990 | 9,566,770 | ||||||
Vipshop Holdings Ltd., ADR (China)(b) | 277,894 | 3,206,897 | ||||||
Wayfair, Inc., Class A(b)(c) | 38,606 | 3,174,571 | ||||||
|
| |||||||
197,839,765 | ||||||||
|
| |||||||
Internet Services &Infrastructure-7.83% |
| |||||||
21Vianet Group, Inc., ADR (China)(b) | 37,218 | 315,609 | ||||||
Akamai Technologies, Inc.(b) | 98,245 | 8,498,192 | ||||||
Brightcove, Inc.(b) | 22,795 | 216,780 | ||||||
Carbonite, Inc.(b) | 20,657 | 354,681 | ||||||
Endurance International Group Holdings, Inc.(b) | 86,974 | 340,938 | ||||||
GoDaddy, Inc., Class A(b) | 105,384 | 6,853,122 | ||||||
Okta, Inc.(b) | 63,476 | 6,923,327 | ||||||
Switch, Inc., Class A | 50,223 | 741,794 | ||||||
VeriSign, Inc.(b) | 70,353 | 13,368,477 | ||||||
Wix.com Ltd. (Israel)(b) | 29,693 | 3,624,625 | ||||||
|
| |||||||
41,237,545 | ||||||||
|
| |||||||
Movies &Entertainment-7.99% | ||||||||
Netflix, Inc.(b) | 146,590 | 42,131,432 | ||||||
|
| |||||||
Research & ConsultingServices-2.26% | ||||||||
CoStar Group, Inc.(b) | 21,722 | 11,936,673 | ||||||
|
| |||||||
Wireless TelecommunicationServices-0.11% |
| |||||||
Boingo Wireless, Inc.(b) | 26,268 | 248,758 | ||||||
Gogo, Inc.(b)(c) | 52,444 | 322,531 | ||||||
|
| |||||||
571,289 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 527,112,489 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco NASDAQ Internet ETF (PNQI)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money MarketFunds-0.02% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 81,998 | $ | 81,998 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 527,194,487 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.98% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 16,622,843 | 16,622,843 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 4,334,720 | $ | 4,336,454 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
(Cost $20,959,116) | 20,959,297 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-104.03% |
| 548,153,784 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.03)% |
| (21,219,548 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 526,934,236 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 22.11 | % |
Portfolio Composition Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 |
Internet & Direct Marketing Retail
|
|
37.54
|
|
|
|
| ||
Interactive Media & Services
|
|
31.87
|
|
|
|
| ||
Movies & Entertainment
|
|
7.99
|
|
|
|
| ||
Internet Services & Infrastructure
|
|
7.83
|
|
|
|
| ||
Application Software
|
|
5.88
|
|
|
|
| ||
Interactive Home Entertainment
|
|
3.17
|
|
|
|
| ||
Sub-Industry Types Each Less Than 3%
|
|
5.75
|
|
|
|
| ||
Money Market Funds Plus Other Assets Less Liabilities
|
|
(0.03
|
)
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
(This Page Intentionally Left Blank)
| 23 |
|
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco DWA Basic Materials Momentum ETF (PYZ) | Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) | Invesco DWA Consumer Staples Momentum ETF (PSL) | Invesco DWA Energy Momentum ETF (PXI) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 52,487,738 | $ | 53,760,569 | $ | 166,945,628 | $ | 36,248,151 | ||||||||||||
Affiliated investments in securities, at value | 179,176 | 1,582,717 | 1,099,316 | 3,986,458 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 33,881 | 9,451 | 88,435 | 52,872 | ||||||||||||||||
Securities lending | 129 | 268 | 72 | 36,175 | ||||||||||||||||
Fund shares sold | - | 2,687,700 | - | - | ||||||||||||||||
Foreign tax reclaims | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 52,700,924 | 58,040,705 | 168,133,451 | 40,323,656 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | 2,688,099 | - | - | ||||||||||||||||
Collateral upon return of securities loaned | - | 1,430,908 | 798,488 | 3,847,665 | ||||||||||||||||
Accrued unitary management fees | - | - | - | - | ||||||||||||||||
Accrued advisory fees | 12,131 | 10,191 | 56,424 | 5,987 | ||||||||||||||||
Accrued trustees’ and officer’s fees | 38,304 | 35,854 | 39,040 | 42,909 | ||||||||||||||||
Accrued expenses | 145,841 | 121,298 | 230,225 | 129,340 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 196,276 | 4,286,350 | 1,124,177 | 4,025,901 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 52,504,648 | $ | 53,754,355 | $ | 167,009,274 | $ | 36,297,755 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 94,318,268 | $ | 107,082,178 | $ | 209,521,381 | $ | 212,580,795 | ||||||||||||
Distributable earnings (loss) | (41,813,620 | ) | (53,327,823 | ) | (42,512,107 | ) | (176,283,040 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 52,504,648 | $ | 53,754,355 | $ | 167,009,274 | $ | 36,297,755 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 900,000 | 1,000,000 | 2,350,000 | 1,400,000 | ||||||||||||||||
Net asset value | $ | 58.34 | $ | 53.75 | $ | 71.07 | $ | 25.93 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 58.19 | $ | 53.70 | $ | 71.00 | $ | 25.87 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 49,195,492 | $ | 51,318,595 | $ | 155,841,868 | $ | 40,910,343 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 179,176 | $ | 1,582,707 | $ | 1,099,297 | $ | 3,986,398 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | - | $ | 1,377,063 | $ | 764,086 | $ | 3,581,672 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco DWA Financial Momentum ETF (PFI) | Invesco DWA Healthcare Momentum ETF (PTH) | Invesco DWA Industrials Momentum ETF (PRN) | Invesco DWA Technology Momentum ETF (PTF) | Invesco DWA Utilities Momentum ETF (PUI) | Invesco NASDAQ Internet ETF (PNQI) | |||||||||||||||||||||||
$ | 39,776,080 | $ | 120,588,105 | $ | 101,566,933 | $ | 203,760,461 | $ | 285,324,913 | $ | 527,112,489 | |||||||||||||||||
1,489,320 | 7,259,114 | 394,140 | 6,865,309 | 378,338 | 21,041,295 | |||||||||||||||||||||||
9,184 | 7,987 | 29,275 | 9,743 | 312,856 | 299 | |||||||||||||||||||||||
1,103 | 44,791 | 1,684 | 2,394 | - | 14,869 | |||||||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | 10,778 | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
41,275,687 | 127,899,997 | 101,992,032 | 210,648,685 | 286,016,107 | 548,168,952 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||
1,328,840 | 7,005,620 | 237,652 | 6,543,427 | - | 20,959,116 | |||||||||||||||||||||||
- | - | - | - | - | 266,507 | |||||||||||||||||||||||
13,623 | 36,683 | 39,740 | 70,383 | 101,475 | - | |||||||||||||||||||||||
34,236 | 42,970 | 39,201 | 38,715 | 36,383 | - | |||||||||||||||||||||||
117,492 | 223,724 | 132,334 | 289,478 | 312,438 | 9,093 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,494,191 | 7,308,997 | 448,927 | 6,942,003 | 450,296 | 21,234,716 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 39,781,496 | $ | 120,591,000 | $ | 101,543,105 | $ | 203,706,682 | $ | 285,565,811 | $ | 526,934,236 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 47,769,642 | $ | 248,659,783 | $ | 134,616,987 | $ | 253,910,226 | $ | 271,053,383 | $ | 518,799,428 | |||||||||||||||||
(7,988,146 | ) | (128,068,783 | ) | (33,073,882 | ) | (50,203,544 | ) | 14,512,428 | 8,134,808 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 39,781,496 | $ | 120,591,000 | $ | 101,543,105 | $ | 203,706,682 | $ | 285,565,811 | $ | 526,934,236 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
1,050,000 |
| 1,500,000 | 1,550,000 | 2,850,000 | 8,250,000 | 4,000,000 | |||||||||||||||||||||
$ | 37.89 | $ | 80.39 | $ | 65.51 | $ | 71.48 | $ | 34.61 | $ | 131.73 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 37.81 | $ | 80.28 | $ | 65.41 | $ | 71.38 | $ | 34.59 | $ | 131.62 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 38,673,117 | $ | 108,629,941 | $ | 89,451,335 | $ | 189,938,272 | $ | 264,751,861 | $ | 482,561,261 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 1,489,316 | $ | 7,259,114 | $ | 394,140 | $ | 6,865,309 | $ | 378,338 | $ | 21,041,114 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 1,291,715 | $ | 6,872,182 | $ | 231,745 | $ | 6,412,101 | $ | - | $ | 19,766,134 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 25 |
|
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco DWA Basic Materials Momentum ETF (PYZ) | Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) | Invesco DWA Consumer Staples Momentum ETF (PSL) | Invesco DWA Energy Momentum ETF (PXI) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 535,455 | $ | 114,695 | $ | 884,703 | $ | 710,165 | ||||||||||||
Affiliated dividend income | 2,194 | 7 | 3,090 | 1,810 | ||||||||||||||||
Securities lending income | 4,463 | 5,493 | 2,659 | 66,665 | ||||||||||||||||
Foreign withholding tax | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 542,112 | 120,195 | 890,452 | 778,640 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | - | - | - | - | ||||||||||||||||
Advisory fees | 140,942 | 108,907 | 410,838 | 98,080 | ||||||||||||||||
Sub-licensing fees | 42,289 | 32,674 | 123,269 | 29,429 | ||||||||||||||||
Accounting & administration fees | 16,386 | 14,345 | 15,864 | 15,653 | ||||||||||||||||
Professional fees | 13,159 | 13,622 | 13,115 | 13,042 | ||||||||||||||||
Custodian & transfer agent fees | 1,866 | 3,309 | 1,222 | 2,131 | ||||||||||||||||
Trustees’ and officer’s fees | 3,868 | 3,469 | 4,343 | 3,947 | ||||||||||||||||
Proxy fees | 5,378 | 5,306 | 6,145 | 5,258 | ||||||||||||||||
Other expenses | 10,950 | 9,001 | 10,214 | 11,446 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 234,838 | 190,633 | 585,010 | 178,986 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (60,516 | ) | (55,132 | ) | (86,130 | ) | (56,194 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 174,322 | 135,501 | 498,880 | 122,792 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | 367,790 | (15,306 | ) | 391,572 | 655,848 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (3,896,086 | ) | (1,899,848 | ) | (7,044,382 | ) | (7,649,284 | ) | ||||||||||||
In-kind redemptions | 608,181 | 2,334,192 | 11,293,272 | (721,779 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (3,287,905 | ) | 434,344 | 4,248,890 | (8,371,063 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 975,410 | (1,869,372 | ) | (7,206,177 | ) | (531,929 | ) | |||||||||||||
Affiliated investment securities | - | 10 | 19 | 60 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in unrealized appreciation (depreciation) | 975,410 | (1,869,362 | ) | (7,206,158 | ) | (531,869 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (2,312,495 | ) | (1,435,018 | ) | (2,957,268 | ) | (8,902,932 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (1,944,705 | ) | $ | (1,450,324 | ) | $ | (2,565,696 | ) | $ | (8,247,084 | ) | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco DWA Financial Momentum ETF (PFI) | Invesco DWA Healthcare Momentum ETF (PTH) | Invesco DWA Industrials Momentum ETF (PRN) | Invesco DWA Technology Momentum ETF (PTF) | Invesco DWA Utilities Momentum ETF (PUI) | Invesco NASDAQ Internet ETF (PNQI) | |||||||||||||||||||||||
$ | 438,324 | $ | 83,646 | $ | 619,003 | $ | 224,106 | $ | 2,820,026 | $ | 367,032 | |||||||||||||||||
1,487 | 3,896 | 2,643 | 2,556 | 2,697 | 2,192 | |||||||||||||||||||||||
24,278 | 98,604 | 31,287 | 37,934 | 123 | 83,512 | |||||||||||||||||||||||
(1,295 | ) | - | - | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
462,794 | 186,146 | 652,933 | 264,596 | 2,822,846 | 452,736 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| ||||||||||||||||||||||||||
- | - | - | - | - | 1,657,822 | |||||||||||||||||||||||
133,733 | 344,646 | 269,284 | 568,104 | 588,935 | - | |||||||||||||||||||||||
24,930 | 103,411 | 26,928 | 170,450 | 176,704 | - | |||||||||||||||||||||||
15,404 | 18,942 | 17,217 | 17,938 | 11,633 | - | |||||||||||||||||||||||
12,811 | 13,640 | 13,073 | 13,180 | 13,517 | - | |||||||||||||||||||||||
1,745 | 2,950 | 2,371 | 2,191 | 16,531 | - | |||||||||||||||||||||||
3,735 | 4,757 | 4,185 | 4,539 | 4,516 | - | |||||||||||||||||||||||
5,380 | 5,966 | 5,720 | 6,440 | 6,476 | 9,093 | |||||||||||||||||||||||
9,495 | 13,466 | 10,140 | 10,547 | 9,779 | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
207,233 | 507,778 | 348,918 | 793,389 | 828,091 | 1,666,915 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(41,508 | ) | (88,576 | ) | (20,262 | ) | (105,450 | ) | (115,160 | ) | (174 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
165,725 | 419,202 | 328,656 | 687,939 | 712,931 | 1,666,741 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
297,069 | (233,056 | ) | 324,277 | (423,343 | ) | 2,109,915 | (1,214,005 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| ||||||||||||||||||||||||||
(657,832 | ) | (10,521,263 | ) | (2,683,084 | ) | (12,939,892 | ) | (2,961,709 | ) | (1,313,192 | ) | |||||||||||||||||
7,129,234 | 17,170,382 | 11,326,928 | 25,278,181 | 10,778,439 | 8,809,335 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
6,471,402 | 6,649,119 | 8,643,844 | 12,338,289 | 7,816,730 | 7,496,143 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(2,512,904 | ) | 582,995 | (5,514,235 | ) | (21,739,545 | ) | 8,909,906 | (50,702,636 | ) | |||||||||||||||||||
4 | - | - | - | - | 181 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(2,512,900 | ) | 582,995 | (5,514,235 | ) | (21,739,545 | ) | 8,909,906 | (50,702,455 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,958,502 | 7,232,114 | 3,129,609 | (9,401,256 | ) | 16,726,636 | (43,206,312 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 4,255,571 | $ | 6,999,058 | $ | 3,453,886 | $ | (9,824,599 | ) | $ | 18,836,551 | $ | (44,420,317 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco DWA Basic Materials Momentum ETF (PYZ) | Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 367,790 | $ | 952,729 | $ | (15,306 | ) | $ | 80,585 | |||||||||||
Net realized gain (loss) | (3,287,905 | ) | (2,625,577 | ) | 434,344 | 1,411,723 | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 975,410 | (7,328,753 | ) | (1,869,362 | ) | 341,267 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,944,705 | ) | (9,001,601 | ) | (1,450,324 | ) | 1,833,575 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (521,115 | ) | (888,902 | ) | (1,446 | ) | (158,244 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | - | 27,240,965 | 43,338,493 | 52,623,503 | ||||||||||||||||
Value of shares repurchased | (8,547,105 | ) | (53,946,537 | ) | (19,403,007 | ) | (78,491,892 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (8,547,105 | ) | (26,705,572 | ) | 23,935,486 | (25,868,389 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (11,012,925 | ) | (36,596,075 | ) | 22,483,716 | (24,193,058 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 63,517,573 | 100,113,648 | 31,270,639 | 55,463,697 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 52,504,648 | $ | 63,517,573 | $ | 53,754,355 | $ | 31,270,639 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | - | 400,000 | 800,000 | 950,000 | ||||||||||||||||
Shares repurchased | (150,000 | ) | (850,000 | ) | (350,000 | ) | (1,500,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 1,050,000 | 1,500,000 | 550,000 | 1,100,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 900,000 | 1,050,000 | 1,000,000 | 550,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco DWA Consumer Staples | Invesco DWA Energy Momentum ETF (PXI) | Invesco DWA Financial Momentum ETF (PFI) | Invesco DWA Healthcare Momentum ETF (PTH) | |||||||||||||||||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||||||||||||||||
$ | 391,572 | $ | 960,078 | $ | 655,848 | $ | 625,338 | $ | 297,069 | $ | 472,205 | $ | (233,056 | ) | $ | (936,116 | ) | |||||||||||||||||||||
4,248,890 | (54,146 | ) | (8,371,063 | ) | (4,349,965 | ) | 6,471,402 | 2,242,954 | 6,649,119 | (11,160,441 | ) | |||||||||||||||||||||||||||
(7,206,158 | ) | 7,172,036 | (531,869 | ) | (18,412,376 | ) | (2,512,900 | ) | (3,476,945 | ) | 582,995 | (10,003,951 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(2,565,696 | ) | 8,077,968 | (8,247,084 | ) | (22,137,003 | ) | 4,255,571 | (761,786 | ) | 6,999,058 | (22,100,508 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(494,685 | ) | (896,392 | ) | (587,553 | ) | (813,322 | ) | (350,348 | ) | (535,745 | ) | - | - | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
85,966,862 | 184,250,972 | 2,608,010 | 109,650,071 | 80,127,630 | 17,180,080 | 53,534,635 | 366,642,626 | |||||||||||||||||||||||||||||||
(90,297,855 | ) | (108,009,337 | ) | (8,602,307 | ) | (124,310,912 | ) | (69,112,586 | ) | (61,351,116 | ) | (103,293,877 | ) | (336,483,387 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
|
(4,330,993 |
) | 76,241,635 | (5,994,297 | ) | (14,660,841 | ) | 11,015,044 | (44,171,036 | ) | (49,759,242 | ) | 30,159,239 | |||||||||||||||||||||||||
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| |||||||||||||||||||||||
(7,391,374 | ) | 83,423,211 | (14,828,934 | ) | (37,611,166 | ) | 14,920,267 | (45,468,567 | ) | (42,760,184 | ) | 8,058,731 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||||||||
174,400,648 | 90,977,437 | 51,126,689 | 88,737,855 | 24,861,229 | 70,329,796 | 163,351,184 | 155,292,453 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 167,009,274 | $ | 174,400,648 | $ | 36,297,755 | $ | 51,126,689 | $ | 39,781,496 | $ | 24,861,229 | $ | 120,591,000 | $ | 163,351,184 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
1,200,000 | 2,600,000 | 100,000 | 2,550,000 | 2,200,000 | 500,000 | 650,000 | 4,100,000 | |||||||||||||||||||||||||||||||
(1,250,000 | ) | (1,550,000 | ) | (300,000 | ) | (3,050,000 | ) | (1,850,000 | ) | (1,800,000 | ) | (1,250,000 | ) | (4,000,000 | ) | |||||||||||||||||||||||
2,400,000 | 1,350,000 | 1,600,000 | 2,100,000 | 700,000 | 2,000,000 | 2,100,000 | 2,000,000 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
2,350,000 | 2,400,000 | 1,400,000 | 1,600,000 | 1,050,000 | 700,000 | 1,500,000 | 2,100,000 | |||||||||||||||||||||||||||||||
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| �� |
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| 29 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco DWA Industrials Momentum ETF (PRN) | Invesco DWA Technology Momentum ETF (PTF) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 324,277 | $ | 301,854 | $ | (423,343 | ) | $ | (206,032 | ) | ||||||||||
Net realized gain | 8,643,844 | 295,631 | 12,338,289 | 16,289,164 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | (5,514,235 | ) | 7,878,282 | (21,739,545 | ) | 15,847,728 | ||||||||||||||
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| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 3,453,886 | 8,475,767 | (9,824,599 | ) | 31,930,860 | |||||||||||||||
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| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (366,800 | ) | (271,559 | ) | - | (94,036 | ) | |||||||||||||
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| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 56,054,255 | 70,906,996 | 201,454,644 | 155,387,556 | ||||||||||||||||
Value of shares repurchased | (59,437,359 | ) | (84,325,128 | ) | (163,888,946 | ) | (129,255,146 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (3,383,104 | ) | (13,418,132 | ) | 37,565,698 | 26,132,410 | ||||||||||||||
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| |||||||||||||
Net increase (decrease) in net assets | (296,018 | ) | (5,213,924 | ) | 27,741,099 | 57,969,234 | ||||||||||||||
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| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 101,839,123 | 107,053,047 | 175,965,583 | 117,996,349 | ||||||||||||||||
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End of period | $ | 101,543,105 | $ | 101,839,123 | $ | 203,706,682 | $ | 175,965,583 | ||||||||||||
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Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 850,000 | 1,150,000 | 2,750,000 | 2,400,000 | ||||||||||||||||
Shares repurchased | (900,000 | ) | (1,400,000 | ) | (2,350,000 | ) | (2,050,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 1,600,000 | 1,850,000 | 2,450,000 | 2,100,000 | ||||||||||||||||
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| |||||||||||||
Shares outstanding, end of period | 1,550,000 | 1,600,000 | 2,850,000 | 2,450,000 | ||||||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco DWA Utilities Momentum ETF (PUI) | Invesco NASDAQ Internet ETF (PNQI) | |||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||
$ | 2,109,915 | $ | 2,156,924 | $ | (1,214,005 | ) | $ | (2,031,013 | ) | |||||||||
7,816,730 | 6,490,296 | 7,496,143 | 58,622,369 | |||||||||||||||
8,909,906 | 10,841,628 | (50,702,455 | ) | (8,326,753 | ) | |||||||||||||
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| |||||||||||
18,836,551 | 19,488,848 | (44,420,317 | ) | 48,264,603 | ||||||||||||||
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| |||||||||||
(2,700,288 | ) | (1,488,891 | ) | - | - | |||||||||||||
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| |||||||||||
149,420,037 | 224,199,894 | - | 148,587,172 | |||||||||||||||
(103,627,283 | ) | (63,293,016 | ) | (26,877,021 | ) | (199,155,415 | ) | |||||||||||
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| |||||||||||
|
45,792,754 |
| 160,906,878 | (26,877,021 | ) | (50,568,243 | ) | |||||||||||
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| |||||||||||
61,929,017 | 178,906,835 | (71,297,338 | ) | (2,303,640 | ) | |||||||||||||
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| |||||||||||
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| ||||||||||||||||
223,636,794 | 44,729,959 | 598,231,574 | 600,535,214 | |||||||||||||||
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| |||||||||||
$ | 285,565,811 | $ | 223,636,794 | $ | 526,934,236 | $ | 598,231,574 | |||||||||||
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| |||||||||||
4,450,000 | 7,350,000 | - | 1,100,000 | |||||||||||||||
(3,150,000 | ) | (2,050,000 | ) | (200,000 | ) | (1,550,000 | ) | |||||||||||
6,950,000 | 1,650,000 | 4,200,000 | 4,650,000 | |||||||||||||||
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| |||||||||||
8,250,000 | 6,950,000 | 4,000,000 | 4,200,000 | |||||||||||||||
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| 31 |
|
Financial Highlights
Invesco DWA Basic Materials Momentum ETF (PYZ)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 60.49 | $ | 66.74 | $ | 61.38 | $ | 54.35 | $ | 53.85 | $ | 52.33 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.38 | 0.72 | 0.49 | 0.46 | 0.58 | 0.43 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.00 | ) | (6.30 | ) | 5.27 | 7.14 | 0.59 | 1.57 | ||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | (1.62 | ) | (5.58 | ) | 5.76 | 7.60 | 1.17 | 2.00 | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.53 | ) | (0.67 | ) | (0.40 | ) | (0.57 | ) | (0.67 | ) | (0.48 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 58.34 | $ | 60.49 | $ | 66.74 | $ | 61.38 | $ | 54.35 | $ | 53.85 | ||||||||||||||||||
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Market price at end of period(b) | $ | 58.19 | $ | 60.48 | $ | 66.79 | $ | 61.38 | $ | 54.38 | $ | 53.80 | ||||||||||||||||||
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Net Asset Value Total Return(c) | (2.68 | )% | (8.36 | )% | 9.40 | % | 14.04 | % | 2.32 | % | 3.82 | % | ||||||||||||||||||
Market Price Total Return(c) | (2.92 | )% | (8.46 | )% | 9.48 | % | 13.98 | % | 2.47 | % | 3.77 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 52,505 | $ | 63,518 | $ | 100,114 | $ | 101,269 | $ | 168,497 | $ | 78,082 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.82 | %(d) | 0.76 | % | 0.76 | % | 0.69 | % | 0.69 | % | 0.69 | % | ||||||||||||||||||
Net investment income | 1.31 | %(d) | 1.12 | % | 0.75 | % | 0.79 | % | 1.17 | % | 0.79 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 48 | % | 89 | % | 75 | % | 132 | % | 96 | % | 80 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Financial Highlights–(continued)
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 56.86 | $ | 50.42 | $ | 44.36 | $ | 42.26 | $ | 45.93 | $ | 39.79 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income (loss)(a) | (0.02 | ) | 0.08 | 0.25 | 0.15 | 0.17 | 0.27 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.09 | ) | 6.53 | 6.03 | 2.30 | (3.71 | ) | 6.06 | ||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | (3.11 | ) | 6.61 | 6.28 | 2.45 | (3.54 | ) | 6.33 | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.00 | )(b) | (0.17 | ) | (0.22 | ) | (0.35 | ) | (0.13 | ) | (0.19 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 53.75 | $ | 56.86 | $ | 50.42 | $ | 44.36 | $ | 42.26 | $ | 45.93 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 53.70 | $ | 56.87 | $ | 50.48 | $ | 44.37 | $ | 42.25 | $ | 45.93 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(d) | (5.46 | )% | 13.15 | % | 14.20 | % | 5.85 | % | (7.73 | )% | 15.91 | % | ||||||||||||||||||
Market Price Total Return(d) | (5.57 | )% | 13.03 | % | 14.31 | % | 5.90 | % | (7.76 | )% | 16.06 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 53,754 | $ | 31,271 | $ | 55,464 | $ | 28,837 | $ | 92,964 | $ | 96,463 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.86 | %(e) | 0.80 | % | 0.90 | % | 0.86 | % | 0.71 | % | 0.81 | % | ||||||||||||||||||
Net investment income (loss) | (0.06 | )%(e) | 0.15 | % | 0.52 | % | 0.35 | % | 0.39 | % | 0.63 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 72 | % | 136 | % | 185 | % | 117 | % | 139 | % | 114 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Financial Highlights–(continued)
Invesco DWA Consumer Staples Momentum ETF (PSL)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 72.67 | $ | 67.39 | $ | 59.38 | $ | 56.05 | $ | 51.43 | $ | 43.04 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.17 | 0.45 | 0.41 | 0.76 | 0.43 | 0.76 | (b) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.55 | ) | 5.25 | 7.90 | 3.69 | 4.54 | 8.37 | |||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | (1.38 | ) | 5.70 | 8.31 | 4.45 | 4.97 | 9.13 | |||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.42 | ) | (0.30 | ) | (1.12 | ) | (0.35 | ) | (0.74 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 71.07 | $ | 72.67 | $ | 67.39 | $ | 59.38 | $ | 56.05 | $ | 51.43 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 71.00 | $ | 72.65 | $ | 67.61 | $ | 59.38 | $ | 56.05 | $ | 51.43 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(d) | (1.90 | )% | 8.50 | % | 14.03 | % | 8.12 | % | 9.67 | % | 21.28 | % | ||||||||||||||||||
Market Price Total Return(d) | (1.97 | )% | 8.12 | % | 14.40 | % | 8.12 | % | 9.67 | % | 21.31 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 167,009 | $ | 174,401 | $ | 90,977 | $ | 77,191 | $ | 297,070 | $ | 97,713 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.71 | %(e) | 0.71 | % | 0.79 | % | 0.71 | % | 0.69 | % | 0.78 | % | ||||||||||||||||||
Net investment income | 0.48 | %(e) | 0.64 | % | 0.65 | % | 1.33 | % | 0.76 | % | 1.54 | %(b) | ||||||||||||||||||
Portfolio turnover rate(f) | 59 | % | 118 | % | 80 | % | 106 | % | 113 | % | 83 | % |
(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 of $5.77 per share owned of Pilgrim’s Pride Corp. on January 28, 2015. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.28 and 0.55%, 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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Financial Highlights–(continued)
Invesco DWA Energy Momentum ETF (PXI)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.95 | $ | 42.26 | $ | 36.36 | $ | 37.97 | $ | 49.51 | $ | 60.41 | ||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.46 | 0.28 | 0.41 | 0.14 | 0.51 | 0.53 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.06 | ) | (10.24 | ) | 5.80 | (1.50 | ) | (11.39 | ) | (10.82 | ) | |||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (5.60 | ) | (9.96 | ) | 6.21 | (1.36 | ) | (10.88 | ) | (10.29 | ) | |||||||||||||||||||
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|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.35 | ) | (0.31 | ) | (0.19 | ) | (0.66 | ) | (0.61 | ) | ||||||||||||||||||
Return of capital | - | - | - | (0.06 | ) | - | - | |||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.42 | ) | (0.35 | ) | (0.31 | ) | (0.25 | ) | (0.66 | ) | (0.61 | ) | ||||||||||||||||||
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|
|
|
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|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 25.93 | $ | 31.95 | $ | 42.26 | $ | 36.36 | $ | 37.97 | $ | 49.51 | ||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 25.87 | $ | 31.95 | $ | 42.32 | $ | 36.35 | $ | 37.95 | $ | 49.51 | ||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | (17.64 | )% | (23.63 | )% | 17.28 | % | (3.62 | )% | (22.01 | )% | (17.08 | )% | ||||||||||||||||||
Market Price Total Return(c) | (17.83 | )% | (23.74 | )% | 17.47 | % | (3.60 | )% | (22.05 | )% | (17.02 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 36,298 | $ | 51,127 | $ | 88,738 | $ | 112,731 | $ | 125,286 | $ | 183,178 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.90 | %(d) | 0.75 | % | 0.78 | % | 0.72 | % | 0.76 | % | 0.74 | % | ||||||||||||||||||
Net investment income | 3.36 | %(d) | 0.72 | % | 1.15 | % | 0.34 | % | 1.32 | % | 0.97 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 46 | % | 113 | % | 95 | % | 116 | % | 119 | % | 109 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Financial Highlights–(continued)
Invesco DWA Financial Momentum ETF (PFI)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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|
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.52 | $ | 35.16 | $ | 30.66 | $ | 29.42 | $ | 30.76 | $ | 27.82 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.21 | 0.41 | 0.35 | 0.47 | 0.42 | 0.37 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.37 | 0.39 | 4.44 | 1.43 | (1.37 | ) | 2.92 | |||||||||||||||||||||||
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|
|
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| |||||||||||||||||||
Total from investment operations | 2.58 | 0.80 | 4.79 | 1.90 | (0.95 | ) | 3.29 | |||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.44 | ) | (0.29 | ) | (0.66 | ) | (0.39 | ) | (0.35 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 37.89 | $ | 35.52 | $ | 35.16 | $ | 30.66 | $ | 29.42 | $ | 30.76 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 37.81 | $ | 35.49 | $ | 35.22 | $ | 30.64 | $ | 29.43 | $ | 30.76 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 7.27 | % | 2.44 | % | 15.64 | % | 6.51 | % | (3.11 | )% | 11.84 | % | ||||||||||||||||||
Market Price Total Return(c) | 7.13 | % | 2.18 | % | 15.91 | % | 6.41 | % | (3.08 | )% | 11.96 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 39,781 | $ | 24,861 | $ | 70,330 | $ | 85,857 | $ | 29,418 | $ | 38,447 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(e) | ||||||||||||||||||
Expenses, prior to Waivers | 0.76 | %(d) | 0.79 | % | 0.75 | % | 0.77 | % | 0.84 | % | 0.85 | %(e) | ||||||||||||||||||
Net investment income | 1.12 | %(d) | 1.22 | % | 1.04 | % | 1.53 | % | 1.38 | % | 1.24 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 69 | % | 132 | % | 105 | % | 204 | % | 119 | % | 115 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Financial Highlights–(continued)
Invesco DWA Healthcare Momentum ETF (PTH)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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|
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|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 77.79 | $ | 77.65 | $ | 55.03 | $ | 44.31 | $ | 57.68 | $ | 45.34 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income (loss)(a) | (0.14 | ) | (0.33 | ) | (0.21 | ) | (0.19 | ) | (0.27 | ) | (0.20 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.74 | 0.47 | 22.83 | 10.91 | (13.10 | ) | 12.54 | |||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 2.60 | 0.14 | 22.62 | 10.72 | (13.37 | ) | 12.34 | |||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 80.39 | $ | 77.79 | $ | 77.65 | $ | 55.03 | $ | 44.31 | $ | 57.68 | ||||||||||||||||||
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|
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|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 80.28 | $ | 77.69 | $ | 77.80 | $ | 55.02 | $ | 44.28 | $ | 57.64 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 3.34 | % | 0.18 | % | 41.11 | % | 24.19 | % | (23.18 | )% | 27.22 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.34 | % | (0.15 | )% | 41.40 | % | 24.26 | % | (23.18 | )% | 27.13 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 120,591 | $ | 163,351 | $ | 155,292 | $ | 63,279 | $ | 75,332 | $ | 178,802 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.73 | %(d) | 0.69 | % | 0.73 | % | 0.78 | % | 0.70 | % | 0.68 | % | ||||||||||||||||||
Net investment income (loss) | (0.33 | )%(d) | (0.39 | )% | (0.31 | )% | (0.39 | )% | (0.48 | )% | (0.38 | )% | ||||||||||||||||||
Portfolio turnover rate(e) | 64 | % | 166 | % | 130 | % | 175 | % | 200 | % | 151 | % |
(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) | Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Financial Highlights–(continued)
Invesco DWA Industrials Momentum ETF (PRN)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 63.65 | $ | 57.87 | $ | 52.27 | $ | 45.13 | $ | 46.84 | $ | 46.47 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.20 | 0.17 | 0.23 | 0.29 | 0.22 | 0.17 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.89 | 5.76 | 5.73 | 7.14 | (1.73 | ) | 0.35 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 2.09 | 5.93 | 5.96 | 7.43 | (1.51 | ) | 0.52 | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.15 | ) | (0.23 | ) | (0.29 | ) | (0.20 | ) | (0.15 | ) | ||||||||||||||||||
Return of capital | - | - | (0.13 | ) | - | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.23 | ) | (0.15 | ) | (0.36 | ) | �� | (0.29 | ) | (0.20 | ) | (0.15 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 65.51 | $ | 63.65 | $ | 57.87 | $ | 52.27 | $ | 45.13 | $ | 46.84 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 65.41 | $ | 63.64 | $ | 57.91 | $ | 52.26 | $ | 45.13 | $ | 46.85 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 3.28 | % | 10.28 | % | 11.43 | % | 16.50 | % | (3.24 | )% | 1.12 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.14 | % | 10.19 | % | 11.53 | % | 16.48 | % | (3.26 | )% | 1.23 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 101,543 | $ | 101,839 | $ | 107,053 | $ | 130,669 | $ | 42,876 | $ | 112,414 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.64 | %(d) | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.64 | % | ||||||||||||||||||
Net investment income | 0.61 | %(d) | 0.29 | % | 0.39 | % | 0.59 | % | 0.48 | % | 0.36 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 60 | % | 104 | % | 106 | % | 122 | % | 122 | % | 121 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Financial Highlights–(continued)
Invesco DWA Technology Momentum ETF (PTF)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 71.82 | $ | 56.19 | $ | 45.25 | $ | 36.16 | $ | 40.37 | $ | 32.44 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income (loss)(a) | (0.14 | ) | (0.09 | ) | 0.04 | 0.07 | (0.01 | ) | 0.17 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.20 | ) | 15.76 | 10.92 | 9.12 | (4.20 | ) | 8.02 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (0.34 | ) | 15.67 | 10.96 | 9.19 | (4.21 | ) | 8.19 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income. | - | (0.04 | ) | (0.02 | ) | (0.05 | ) | - | (0.26 | ) | ||||||||||||||||||||
Return of capital | - | - | - | (0.05 | ) | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | - | (0.04 | ) | (0.02 | ) | (0.10 | ) | - | (0.26 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 71.48 | $ | 71.82 | $ | 56.19 | $ | 45.25 | $ | 36.16 | $ | 40.37 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 71.38 | $ | 71.91 | $ | 56.21 | $ | 45.22 | $ | 36.16 | $ | 40.36 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | (0.47 | )% | 27.90 | % | 24.22 | % | 25.46 | % | (10.43 | )% | 25.29 | % | ||||||||||||||||||
Market Price Total Return(c) | (0.74 | )% | 28.01 | % | 24.35 | % | 25.38 | % | (10.41 | )% | 25.22 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 203,707 | $ | 175,966 | $ | 117,996 | $ | 131,217 | $ | 182,623 | $ | 64,588 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.70 | %(d) | 0.72 | % | 0.74 | % | 0.72 | % | 0.70 | % | 0.77 | % | ||||||||||||||||||
Net investment income (loss) | (0.37 | )%(d) | (0.15 | )% | 0.08 | % | 0.17 | % | (0.03 | )% | 0.46 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 73 | % | 133 | % | 107 | % | 147 | % | 159 | % | 157 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco DWA Utilities Momentum ETF (PUI)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.18 | $ | 27.11 | $ | 27.50 | $ | 25.12 | $ | 22.51 | $ | 22.49 | ||||||||||||||||||
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Net investment income(a) | 0.30 | 0.63 | 0.65 | 0.65 | 0.64 | 0.57 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.52 | 4.98 | (0.31 | ) | 2.71 | 2.60 | (0.01 | ) | ||||||||||||||||||||||
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Total from investment operations | 2.82 | 5.61 | 0.34 | 3.36 | 3.24 | 0.56 | ||||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.54 | ) | (0.73 | ) | (0.98 | ) | (0.63 | ) | (0.54 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 34.61 | $ | 32.18 | $ | 27.11 | $ | 27.50 | $ | 25.12 | $ | 22.51 | ||||||||||||||||||
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Market price at end of period(b) | $ | 34.59 | $ | 32.18 | $ | 27.13 | $ | 27.51 | $ | 25.10 | $ | 22.50 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 8.81 | % | 20.98 | % | 1.16 | % | 13.65 | % | 14.86 | % | 2.48 | % | ||||||||||||||||||
Market Price Total Return(c) | 8.74 | % | 20.89 | % | 1.19 | % | 13.78 | % | 14.81 | % | 2.53 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 285,566 | $ | 223,637 | $ | 44,730 | $ | 137,476 | $ | 200,953 | $ | 34,893 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.70 | %(d) | 0.73 | % | 0.83 | % | 0.71 | % | 0.74 | % | 0.80 | % | ||||||||||||||||||
Net investment income | 1.79 | %(d) | 2.08 | % | 2.35 | % | 2.46 | % | 2.74 | % | 2.49 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 34 | % | 49 | % | 41 | % | 54 | % | 91 | % | 47 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco NASDAQ Internet ETF (PNQI)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 142.44 | $ | 129.15 | $ | 99.14 | $ | 76.48 | $ | 72.28 | $ | 61.62 | ||||||||||||||||||
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Net investment income (loss)(a) | (0.30 | ) | (0.44 | ) | (0.36 | ) | (0.22 | ) | (0.16 | ) | (0.21 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (10.41 | ) | 13.73 | 30.40 | 22.88 | 4.36 | 10.87 | |||||||||||||||||||||||
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Total from investment operations. | (10.71 | ) | 13.29 | 30.04 | 22.66 | 4.20 | 10.66 | |||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | - | (0.03 | ) | - | - | - | |||||||||||||||||||||||
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Net asset value at end of period | $ | 131.73 | $ | 142.44 | $ | 129.15 | $ | 99.14 | $ | 76.48 | $ | 72.28 | ||||||||||||||||||
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Market price at end of period(b) | $ | 131.62 | $ | 142.41 | $ | 129.29 | $ | 99.17 | $ | 76.44 | $ | 72.26 | ||||||||||||||||||
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Net Asset Value Total Return(c) | (7.53 | )% | 10.29 | % | 30.30 | % | 29.63 | % | 5.81 | % | 17.30 | % | ||||||||||||||||||
Market Price Total Return(c) | (7.58 | )% | 10.15 | % | 30.40 | % | 29.73 | % | 5.79 | % | 17.48 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 526,934 | $ | 598,232 | $ | 600,535 | $ | 351,939 | $ | 279,152 | $ | 216,851 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.60 | %(d)(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Net investment income (loss) | (0.44 | )%(e) | (0.34 | )% | (0.31 | )% | (0.26 | )% | (0.21 | )% | (0.31 | )% | ||||||||||||||||||
Portfolio turnover rate(f) | 9 | % | 20 | % | 20 | % | 14 | % | 27 | % | 31 | % |
(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) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 DWA Basic Materials Momentum ETF (PYZ)
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“DWA Basic Materials Momentum ETF”
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Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
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“DWA Consumer Cyclicals Momentum ETF”
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Invesco DWA Consumer Staples Momentum ETF (PSL)
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“DWA Consumer Staples Momentum ETF”
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Invesco DWA Energy Momentum ETF (PXI)
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“DWA Energy Momentum ETF”
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Invesco DWA Financial Momentum ETF (PFI)
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“DWA Financial Momentum ETF”
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Invesco DWA Healthcare Momentum ETF (PTH)
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“DWA Healthcare Momentum ETF”
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Invesco DWA Industrials Momentum ETF (PRN)
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“DWA Industrials Momentum ETF”
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Invesco DWA Technology Momentum ETF (PTF)
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“DWA Technology Momentum ETF”
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Invesco DWA Utilities Momentum ETF (PUI)
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“DWA Utilities Momentum ETF”
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Invesco NASDAQ Internet ETF (PNQI)
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“NASDAQ Internet ETF”
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Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on 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 | |||
DWA Basic Materials Momentum ETF
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Dorsey Wright®Basic Materials Technical Leaders Index
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DWA Consumer Cyclicals Momentum ETF
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Dorsey Wright®Consumer Cyclicals Technical Leaders Index
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DWA Consumer Staples Momentum ETF
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Dorsey Wright®Consumer Staples Technical Leaders Index
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DWA Energy Momentum ETF
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Dorsey Wright®Energy Technical Leaders Index
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DWA Financial Momentum ETF
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Dorsey Wright®Financials Technical Leaders Index
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DWA Healthcare Momentum ETF
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Dorsey Wright®Healthcare Technical Leaders Index
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DWA Industrials Momentum ETF
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Dorsey Wright®Industrials Technical Leaders Index
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DWA Technology Momentum ETF
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Dorsey Wright®Technology Technical Leaders Index
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DWA Utilities Momentum ETF
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Dorsey Wright®Utilities Technical Leaders Index
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NASDAQ Internet ETF
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NASDAQ Internet IndexSM
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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 (except convertible securities) 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 theover-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.
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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 generally are valued 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 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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions 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. | 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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
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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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
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 particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, 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.
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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. NASDAQ Internet ETF isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its 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 thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies, which 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- andmid-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.
C. | 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 |
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income is recorded on the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
D. | 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. |
E. | 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 onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | 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 forin-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.
G. | Expenses- 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. |
Each Fund (except for NASDAQ Internet ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, 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, acquired fund fees and expenses, if any, and extraordinary expenses.
NASDAQ Internet ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
| 45 |
|
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
NOTE 3–Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of NASDAQ Internet ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except NASDAQ Internet ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except NASDAQ Internet ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. 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 August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s
| 46 |
|
investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.
For thesix-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA Basic Materials Momentum ETF
|
$
|
60,516
|
| |||
DWA Consumer Cyclicals Momentum ETF
|
|
55,132
|
| |||
DWA Consumer Staples Momentum ETF
|
|
86,130
|
| |||
DWA Energy Momentum ETF
|
|
56,194
|
| |||
DWA Financial Momentum ETF
|
|
41,508
|
| |||
DWA Healthcare Momentum ETF
|
|
88,576
|
| |||
DWA Industrials Momentum ETF
|
|
20,262
|
| |||
DWA Technology Momentum ETF
|
|
105,450
|
| |||
DWA Utilities Momentum ETF
|
|
115,160
|
| |||
NASDAQ Internet ETF
|
|
174
|
|
Except for NASDAQ Internet ETF, the fees waived and/or expenses borne by the Adviser 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 the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2019 are as follows:
Total Potential Recapture Amounts |
Potential Recapture Amounts Expiring | ||||||||||||||||||||||||||
4/30/20 | 4/30/21 | 4/30/22 | 10/31/22 | ||||||||||||||||||||||||
DWA Basic Materials Momentum ETF
|
$
|
477,672
|
|
$
|
125,307
|
|
$
|
159,542
|
|
$
|
132,491
|
|
$
|
60,332
|
| ||||||||||||
DWA Consumer Cyclicals Momentum ETF
|
|
397,373
|
|
|
115,120
|
|
|
119,724
|
|
|
107,540
|
|
|
54,989
|
| ||||||||||||
DWA Consumer Staples Momentum ETF
|
|
601,610
|
|
|
214,731
|
|
|
140,107
|
|
|
160,906
|
|
|
85,866
|
| ||||||||||||
DWA Energy Momentum ETF
|
|
533,830
|
|
|
184,582
|
|
|
160,735
|
|
|
132,479
|
|
|
56,034
|
| ||||||||||||
DWA Financial Momentum ETF
|
|
321,649
|
|
|
91,999
|
|
|
112,796
|
|
|
75,482
|
|
|
41,372
|
| ||||||||||||
DWA Healthcare Momentum ETF
|
|
611,963
|
|
|
124,797
|
|
|
174,653
|
|
|
224,272
|
|
|
88,241
|
| ||||||||||||
DWA Industrials Momentum ETF
|
|
158,154
|
|
|
47,109
|
|
|
51,599
|
|
|
39,388
|
|
|
20,058
|
| ||||||||||||
DWA Technology Momentum ETF
|
|
620,365
|
|
|
180,774
|
|
|
173,020
|
|
|
161,341
|
|
|
105,230
|
| ||||||||||||
DWA Utilities Momentum ETF
|
|
557,115
|
|
|
165,742
|
|
|
140,725
|
|
|
135,751
|
|
|
114,897
|
|
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 | |||
DWA Basic Materials Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Consumer Cyclicals Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Consumer Staples Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Energy Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Financial Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Healthcare Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Industrials Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Technology Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
DWA Utilities Momentum ETF
|
Dorsey Wright & Associates, LLC
| |||
NASDAQ Internet ETF
|
Nasdaq, Inc.
|
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’ssub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet ETF) are required to pay thesub-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.
| 47 |
|
The Trust has entered into service agreements whereby The Bank of New York Mellon, 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.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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. |
As of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of
Investments for security categories). 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.
NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
DWA Basic Materials Momentum ETF
|
$
|
35,085,639
|
|
$
|
6,540,589
|
|
$
|
41,626,228
|
| |||
DWA Consumer Cyclicals Momentum ETF
|
|
55,705,628
|
|
|
445,085
|
|
|
56,150,713
|
| |||
DWA Consumer Staples Momentum ETF
|
|
56,144,781
|
|
|
1,444,229
|
|
|
57,589,010
|
| |||
DWA Energy Momentum ETF
|
|
145,159,073
|
|
|
17,559,247
|
|
|
162,718,320
|
| |||
DWA Financial Momentum ETF
|
|
15,154,985
|
|
|
412,595
|
|
|
15,567,580
|
| |||
DWA Healthcare Momentum ETF
|
|
145,792,956
|
|
|
-
|
|
|
145,792,956
|
| |||
DWA Industrials Momentum ETF
|
|
53,664,003
|
|
|
43,373
|
|
|
53,707,376
|
| |||
DWA Technology Momentum ETF
|
|
75,543,958
|
|
|
-
|
|
|
75,543,958
|
| |||
DWA Utilities Momentum ETF
|
|
11,687,042
|
|
|
1,889,000
|
|
|
13,576,042
|
| |||
NASDAQ Internet ETF
|
|
11,100,138
|
|
|
15,508,317
|
|
|
26,608,455
|
|
* | Capital loss carryforwards as of the date listed above 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. |
| 48 |
|
NOTE 6–Investment Transactions
For thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA Basic Materials Momentum ETF
|
$
|
27,043,710
|
|
$
|
27,201,429
|
| ||
DWA Consumer Cyclicals Momentum ETF
|
|
30,708,588
|
|
|
30,669,352
|
| ||
DWA Consumer Staples Momentum ETF
|
|
102,728,711
|
|
|
101,797,315
|
| ||
�� DWA Energy Momentum ETF
|
|
18,247,621
|
|
|
18,301,631
|
| ||
DWA Financial Momentum ETF
|
|
35,643,085
|
|
|
35,184,289
|
| ||
DWA Healthcare Momentum ETF
|
|
93,984,100
|
|
|
92,493,975
|
| ||
DWA Industrials Momentum ETF
|
|
67,922,807
|
|
|
67,403,213
|
| ||
DWA Technology Momentum ETF
|
|
173,550,912
|
|
|
170,936,250
|
| ||
DWA Utilities Momentum ETF
|
|
84,324,170
|
|
|
83,519,108
|
| ||
NASDAQ Internet ETF
|
|
48,522,292
|
|
|
49,548,737
|
|
For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||||
DWA Basic Materials Momentum ETF
|
$
|
-
|
|
$
|
8,548,705
|
| ||||
DWA Consumer Cyclicals Momentum ETF
|
|
43,339,584
|
|
|
19,427,106
|
| ||||
DWA Consumer Staples Momentum ETF
|
|
86,019,237
|
|
|
91,453,252
|
| ||||
DWA Energy Momentum ETF
|
|
2,534,261
|
|
|
8,471,804
|
| ||||
DWA Financial Momentum ETF
|
|
78,883,005
|
|
|
68,325,019
|
| ||||
DWA Healthcare Momentum ETF
|
|
53,559,946
|
|
|
104,926,206
|
| ||||
DWA Industrials Momentum ETF
|
|
56,049,206
|
|
|
59,946,301
|
| ||||
DWA Technology Momentum ETF
|
|
201,595,034
|
|
|
166,993,711
|
| ||||
DWA Utilities Momentum ETF
|
|
149,401,026
|
|
|
105,060,949
|
| ||||
NASDAQ Internet ETF
|
|
-
|
|
|
26,868,503
|
|
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||||||
DWA Basic Materials Momentum ETF
|
$
|
6,327,842
|
|
$
|
(3,263,161
|
)
|
$
|
3,064,681
|
|
$
|
49,602,233
|
| ||||||||
DWA Consumer Cyclicals Momentum ETF
|
|
3,537,535
|
|
|
(1,099,903
|
)
|
|
2,437,632
|
|
|
52,905,654
|
| ||||||||
DWA Consumer Staples Momentum ETF
|
|
13,348,524
|
|
|
(2,595,428
|
)
|
|
10,753,096
|
|
|
157,291,848
|
| ||||||||
DWA Energy Momentum ETF
|
|
1,316,179
|
|
|
(6,610,140
|
)
|
|
(5,293,961
|
)
|
|
45,528,570
|
| ||||||||
DWA Financial Momentum ETF
|
|
1,539,185
|
|
|
(462,996
|
)
|
|
1,076,189
|
|
|
40,189,211
|
| ||||||||
DWA Healthcare Momentum ETF
|
|
13,700,491
|
|
|
(2,106,138
|
)
|
|
11,594,353
|
|
|
116,252,866
|
| ||||||||
DWA Industrials Momentum ETF
|
|
13,600,932
|
|
|
(1,567,437
|
)
|
|
12,033,495
|
|
|
89,927,578
|
| ||||||||
DWA Technology Momentum ETF
|
|
15,859,476
|
|
|
(2,273,838
|
)
|
|
13,585,638
|
|
|
197,040,132
|
| ||||||||
DWA Utilities Momentum ETF
|
|
21,231,988
|
|
|
(1,169,049
|
)
|
|
20,062,939
|
|
|
265,640,312
|
| ||||||||
NASDAQ Internet ETF
|
|
89,628,260
|
|
|
(60,502,316
|
)
|
|
29,125,944
|
|
|
519,027,840
|
|
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet ETF. 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
| 49 |
|
Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust 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.
| 50 |
|
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco NASDAQ Internet ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Invesco NASDAQ Internet ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2019 through October 31, 2019.
In addition to the fees and expenses which the Invesco NASDAQ Internet ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly are included in the Portfolio total returns.
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 theSix-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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning
| Ending
| Annualized
| Expenses Paid
| |||||||||||||||||
Invesco DWA Basic Materials Momentum ETF (PYZ)
| ||||||||||||||||||||
Actual
| $
| 1,000.00
|
| $
| 973.20
|
|
| 0.61
| %
| $
| 3.03
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.07
|
|
| 0.61
|
|
| 3.10
|
| ||||||||
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 945.40
|
|
| 0.61
|
|
| 2.98
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.07
|
|
| 0.61
|
|
| 3.10
|
| ||||||||
Invesco DWA Consumer Staples Momentum ETF (PSL)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 981.00
|
|
| 0.60
|
|
| 2.99
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.12
|
|
| 0.60
|
|
| 3.05
|
|
| 51 |
|
Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Energy Momentum ETF (PXI)
| ||||||||||||||||||||
Actual
| $
| 1,000.00
|
| $
| 823.60
|
|
| 0.61
| %
| $
| 2.80
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.07
|
|
| 0.61
|
|
| 3.10
|
| ||||||||
Invesco DWA Financial Momentum ETF (PFI)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 1,072.70
|
|
| 0.61
|
|
| 3.18
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.07
|
|
| 0.61
|
|
| 3.10
|
| ||||||||
Invesco DWA Healthcare Momentum ETF (PTH)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 1,033.40
|
|
| 0.60
|
|
| 3.07
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.12
|
|
| 0.60
|
|
| 3.05
|
| ||||||||
Invesco DWA Industrials Momentum ETF (PRN)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 1,032.80
|
|
| 0.60
|
|
| 3.07
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.12
|
|
| 0.60
|
|
| 3.05
|
| ||||||||
Invesco DWA Technology Momentum ETF (PTF)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 995.30
|
|
| 0.60
|
|
| 3.01
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.12
|
|
| 0.60
|
|
| 3.05
|
| ||||||||
Invesco DWA Utilities Momentum ETF (PUI)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 1,088.10
|
|
| 0.60
|
|
| 3.15
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.12
|
|
| 0.60
|
|
| 3.05
|
| ||||||||
Invesco NASDAQ Internet ETF (PNQI)
| ||||||||||||||||||||
Actual
|
| 1,000.00
|
|
| 924.70
|
|
| 0.60
|
|
| 2.90
|
| ||||||||
Hypothetical (5% return before expenses)
|
| 1,000.00
|
|
| 1,022.12
|
|
| 0.60
|
|
| 3.05
|
|
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
| 52 |
|
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
| 53 |
|
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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-3 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
October 31, 2019
PPA | Invesco Aerospace & Defense ETF | |
EEB | Invesco BRIC ETF | |
PZD | Invesco CleantechTM ETF | |
PDP | Invesco DWA Momentum ETF | |
PSP | Invesco Global Listed Private Equity ETF | |
PGJ | Invesco Golden Dragon China ETF | |
NFO | Invesco Insider Sentiment ETF | |
RYJ | Invesco Raymond JamesSB-1 Equity ETF | |
PBP | Invesco S&P 500 BuyWrite ETF | |
SPHQ | Invesco S&P 500® Quality ETF | |
CSD | Invesco S&PSpin-Off ETF | |
PHO | Invesco Water Resources ETF | |
PBW | Invesco WilderHill Clean Energy ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Schedules of Investments | ||||
3 | ||||
5 | ||||
8 | ||||
11 | ||||
13 | ||||
16 | ||||
18 | ||||
20 | ||||
23 | ||||
29 | ||||
31 | ||||
33 | ||||
35 | ||||
Statements of Assets and Liabilities | 38 | |||
Statements of Operations | 40 | |||
Statements of Changes in Net Assets | 42 | |||
Financial Highlights | 47 | |||
Notes to Financial Statements | 60 | |||
Fund Expenses | 74 | |||
Proxy Results | 76 |
| 2 |
|
Invesco Aerospace & Defense ETF (PPA)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.05% |
| |||||||
Aerospace &Defense-67.93% | ||||||||
AAR Corp. | 84,462 | $ | 3,526,289 | |||||
Aerojet Rocketdyne Holdings, Inc.(b) | 184,522 | 7,976,886 | ||||||
AeroVironment, Inc.(b) | 58,139 | 3,370,899 | ||||||
Axon Enterprise, Inc.(b) | 142,788 | 7,300,750 | ||||||
Boeing Co. (The) | 202,399 | 68,797,444 | ||||||
BWX Technologies, Inc. | 231,252 | 13,435,741 | ||||||
Cubic Corp. | 66,173 | 4,879,597 | ||||||
Curtiss-Wright Corp. | 103,848 | 14,045,442 | ||||||
Ducommun, Inc.(b) | 27,721 | 1,374,407 | ||||||
Elbit Systems Ltd. (Israel) | 103,802 | 17,014,186 | ||||||
General Dynamics Corp. | 302,807 | 53,536,278 | ||||||
HEICO Corp. | 322,746 | 39,807,492 | ||||||
Hexcel Corp. | 205,889 | 15,363,437 | ||||||
Huntington Ingalls Industries, Inc. | 101,730 | 22,956,392 | ||||||
Kratos Defense & Security Solutions, Inc.(b) | 251,939 | 4,756,608 | ||||||
L3Harris Technologies, Inc. | 205,089 | 42,311,912 | ||||||
Lockheed Martin Corp. | 198,490 | 74,767,213 | ||||||
Maxar Technologies, Inc.(c) | 144,219 | 1,224,419 | ||||||
Mercury Systems, Inc.(b) | 131,709 | 9,701,685 | ||||||
Moog, Inc., Class A | 84,487 | 7,072,407 | ||||||
Northrop Grumman Corp. | 178,945 | 63,074,534 | ||||||
Parsons Corp.(b) | 234,677 | 8,354,501 | ||||||
Raytheon Co. | 295,782 | 62,767,898 | ||||||
Teledyne Technologies, Inc.(b) | 87,617 | 28,878,563 | ||||||
Textron, Inc. | 572,019 | 26,364,356 | ||||||
TransDigm Group, Inc. | 82,569 | 43,454,413 | ||||||
Triumph Group, Inc. | 121,122 | 2,515,704 | ||||||
United Technologies Corp. | 570,166 | 81,864,434 | ||||||
Vectrus, Inc.(b) | 27,356 | 1,250,443 | ||||||
|
| |||||||
731,744,330 | ||||||||
|
| |||||||
CommunicationsEquipment-1.13% |
| |||||||
Comtech Telecommunications Corp. | 58,860 | 2,057,157 | ||||||
ViaSat, Inc.(b) | 147,012 | 10,120,306 | ||||||
|
| |||||||
12,177,463 | ||||||||
|
| |||||||
Construction &Engineering-3.00% |
| |||||||
Jacobs Engineering Group, Inc. | 345,295 | 32,312,706 | ||||||
|
| |||||||
Containers &Packaging-3.78% | ||||||||
Ball Corp. | 581,610 | 40,695,252 | ||||||
|
| |||||||
Diversified TelecommunicationServices-0.79% |
| |||||||
Intelsat S.A.(b) | 335,054 | 8,507,021 | ||||||
|
| |||||||
Electronic Equipment, Instruments &Components-1.98% |
| |||||||
FLIR Systems, Inc. | 329,023 | 16,964,426 | ||||||
OSI Systems, Inc.(b) | 43,781 | 4,344,826 | ||||||
|
| |||||||
21,309,252 | ||||||||
|
|
Shares | Value | |||||||
IndustrialConglomerates-7.47% | ||||||||
Honeywell International, Inc. | 466,012 | $ | 80,494,253 | |||||
|
| |||||||
ITServices-10.01% | ||||||||
Booz Allen Hamilton Holding Corp. | 339,978 | 23,924,252 | ||||||
CACI International, Inc., Class A(b) | 60,407 | 13,516,066 | ||||||
KBR, Inc. | 342,095 | 9,633,395 | ||||||
Leidos Holdings, Inc. | 354,477 | 30,566,552 | ||||||
ManTech International Corp., Class A | 96,538 | 7,643,879 | ||||||
Perspecta, Inc. | 395,993 | 10,509,654 | ||||||
Science Applications International Corp. | 145,676 | 12,035,751 | ||||||
|
| |||||||
107,829,549 | ||||||||
|
| |||||||
Machinery-2.88% | ||||||||
Oshkosh Corp. | 175,711 | 15,002,205 | ||||||
Woodward, Inc. | 149,941 | 15,992,707 | ||||||
|
| |||||||
30,994,912 | ||||||||
|
| |||||||
Software-0.71% | ||||||||
FireEye, Inc.(b) | 484,643 | 7,676,745 | ||||||
|
| |||||||
Trading Companies &Distributors-0.37% |
| |||||||
Kaman Corp. | 67,671 | 3,970,258 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,077,711,741 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.03% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 279,087 | 279,087 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 92,992 | 93,029 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 372,116 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.08% |
| 1,078,083,857 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.08)% |
| (891,820 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,077,192,037 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Aerospace & Defense ETF (PPA)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Aerospace & Defense | 67.93 | |||||||
IT Services | 10.01 | |||||||
Industrial Conglomerates | 7.47 | |||||||
Containers & Packaging | 3.78 | |||||||
Construction & Engineering | 3.00 | |||||||
Industry Types Each Less Than 3% | 7.86 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.05 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco BRIC ETF (EEB)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.92% |
| |||||||
CommunicationServices-16.61% | ||||||||
58.com, Inc., ADR (China)(b) | 8,640 | $ | 456,278 | |||||
Autohome, Inc., ADR (China)(b)(c) | 5,334 | 451,043 | ||||||
Baidu, Inc., ADR (China)(b) | 25,950 | 2,643,008 | ||||||
Bilibili, Inc., ADR (China)(b)(c) | 7,439 | 117,462 | ||||||
Bitauto Holdings Ltd., ADR (China)(b) | 2,432 | 36,796 | ||||||
China Mobile Ltd. (China) | 519,079 | 4,225,377 | ||||||
China Telecom Corp. Ltd., H Shares (China) | 1,302,036 | 554,857 | ||||||
China Unicom Hong Kong Ltd. (China) | 545,728 | 541,014 | ||||||
HUYA, Inc., ADR (China)(b) | 5,375 | 119,540 | ||||||
iQIYI, Inc., ADR (China)(b)(c) | 25,228 | 439,724 | ||||||
Mail.Ru Group Ltd., GDR | 9,787 | 207,876 | ||||||
Mobile TeleSystems PJSC, ADR (Russia) | 42,206 | 377,744 | ||||||
Momo, Inc., ADR (China) | 14,752 | 494,487 | ||||||
NetEase, Inc., ADR (China) | 6,485 | 1,853,802 | ||||||
Oi S.A., ADR (Brazil)(b) | 48,238 | 52,097 | ||||||
Qutoutiao, Inc., ADR (China)(b)(c) | 11,487 | 47,786 | ||||||
Rostelecom PJSC, ADR (Russia) | 3,113 | 22,600 | ||||||
Sistema PJSFC, GDR (Russia)(d) | 15,121 | 68,256 | ||||||
Sohu.com Ltd., ADR (China)(b) | 2,821 | 28,915 | ||||||
Telefonica Brasil S.A., ADR (Brazil) | 38,869 | 511,905 | ||||||
Tencent Music Entertainment Group, ADR (China)(b) | 4,016 | 55,581 | ||||||
TIM Participacoes S.A., ADR (Brazil) | 14,951 | 211,557 | ||||||
VEON Ltd., ADR (Russia) | 62,477 | 149,945 | ||||||
Weibo Corp., ADR (China)(b)(c) | 6,018 | 296,025 | ||||||
YY, Inc., ADR (China)(b)(c) | 4,090 | 232,476 | ||||||
|
| |||||||
14,196,151 | ||||||||
|
| |||||||
ConsumerDiscretionary-20.82% |
| |||||||
Alibaba Group Holding Ltd., ADR (China)(b) | 47,687 | 8,424,862 | ||||||
Baozun, Inc., ADR (China)(b)(c) | 3,628 | 157,891 | ||||||
Huazhu Group Ltd., ADR (China) | 10,494 | 397,303 | ||||||
JD.com, Inc., ADR (China)(b) | 81,674 | 2,544,145 | ||||||
Luckin Coffee, Inc., ADR (China)(b)(c) | 3,075 | 60,208 | ||||||
Mahindra & Mahindra Ltd., GDR (India)(d) | 2,651 | 22,666 | ||||||
New Oriental Education & Technology Group, Inc., ADR (China)(b) | 11,130 | 1,358,528 | ||||||
NIO, Inc., ADR (China)(b)(c) | 64,315 | 93,257 | ||||||
Pinduoduo, Inc., ADR (China)(b) | 33,839 | 1,383,338 | ||||||
TAL Education Group, ADR | 34,383 | 1,471,936 | ||||||
Tata Motors Ltd., ADR (India)(b) | 18,910 | 228,433 | ||||||
Trip.com Group, Ltd., ADR (China)(b) | 37,413 | 1,234,255 | ||||||
Vipshop Holdings Ltd., ADR | 35,694 | 411,909 | ||||||
|
| |||||||
17,788,731 | ||||||||
|
| |||||||
ConsumerStaples-4.02% | ||||||||
Ambev S.A., ADR (Brazil) | 413,386 | 1,781,694 | ||||||
BRF S.A., ADR (Brazil)(b) | 67,872 | 594,559 | ||||||
Cia Brasileira de Distribuicao, ADR (Brazil) | 14,671 | 302,516 | ||||||
Magnit PJSC, GDR (Russia)(d) | 35,397 | 402,110 | ||||||
X5 Retail Group N.V., GDR | 10,447 | 349,556 | ||||||
|
| |||||||
3,430,435 | ||||||||
|
| |||||||
Energy-22.67% | ||||||||
China Petroleum & Chemical Corp., H Shares (China) | 2,395,993 | 1,375,655 | ||||||
CNOOC Ltd., ADR (China) | 2,394 | 355,605 | ||||||
Gazprom Neft PJSC, ADR (Russia) | 3,117 | 100,523 |
Shares | Value | |||||||
Energy-(continued) | ||||||||
Gazprom PJSC, ADR (Russia) | 566,630 | $ | 4,535,306 | |||||
LUKOIL PJSC, ADR (Russia) | 41,531 | 3,819,191 | ||||||
Novatek PJSC, GDR (Russia)(d) | 7,674 | 1,642,236 | ||||||
PetroChina Co., Ltd., H Shares (China) | 1,979,893 | 972,554 | ||||||
Petroleo Brasileiro S.A., ADR (Brazil) | 125,748 | 2,042,148 | ||||||
Petroleo Brasileiro S.A., ADR (Brazil) | 118,549 | 1,788,904 | ||||||
Reliance Industries Ltd., GDR (India)(d) | 9,502 | 390,057 | ||||||
Rosneft Oil Co. PJSC, GDR (Russia)(d) | 109,429 | 724,639 | ||||||
Surgutneftegas PJSC, ADR (Russia) | 41,428 | 273,425 | ||||||
Tatneft PJSC, ADR (Russia) | 17,104 | 1,197,280 | ||||||
Ultrapar Participacoes S.A., ADR (Brazil) | 32,235 | 150,537 | ||||||
|
| |||||||
19,368,060 | ||||||||
|
| |||||||
Financials-20.46% | ||||||||
360 Finance, Inc., ADR (China)(b) | 4,640 | 41,064 | ||||||
Axis Bank Ltd., GDR (India)(d) | 2,452 | 127,259 | ||||||
Banco Bradesco S.A., ADR (Brazil) | 337,329 | 2,955,002 | ||||||
Banco Santander Brasil S.A., ADR (Brazil) | 26,354 | 309,396 | ||||||
China Life Insurance Co., Ltd., H Shares | 698,382 | 1,817,752 | ||||||
HDFC Bank Ltd., ADR (India) | 38,547 | 2,354,836 | ||||||
ICICI Bank Ltd., ADR (India) | 123,081 | 1,603,745 | ||||||
Itau Unibanco Holding S.A., ADR (Brazil) | 436,564 | 3,942,173 | ||||||
LexinFintech Holdings Ltd., ADR | 5,343 | 60,590 | ||||||
Qudian, Inc., ADR (China)(b)(c) | 11,342 | 78,600 | ||||||
Sberbank of Russia PJSC, ADR (Russia) | 253,275 | 3,723,142 | ||||||
State Bank of India, GDR (India)(b)(d) | 4,274 | 185,064 | ||||||
TCS Group Holding PLC, GDR | 4,776 | 90,840 | ||||||
VTB Bank PJSC, GDR (Russia)(d) | 145,819 | 193,793 | ||||||
|
| |||||||
17,483,256 | ||||||||
|
| |||||||
HealthCare-0.87% | ||||||||
BeiGene Ltd., ADR (China)(b) | 3,443 | 476,304 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR (India) | 3,825 | 149,749 | ||||||
Zai Lab Ltd., ADR (China)(b) | 3,406 | 115,089 | ||||||
|
| |||||||
741,142 | ||||||||
|
| |||||||
Industrials-2.18% | ||||||||
Azul S.A., ADR (Brazil)(b) | 7,923 | 308,839 | ||||||
China Eastern Airlines Corp. Ltd., H Shares (China)(b) | 190,241 | 95,149 | ||||||
China Southern Airlines Co., Ltd., H Shares (China) | 144,305 | 89,112 | ||||||
Embraer S.A., ADR (Brazil) | 16,282 | 282,818 | ||||||
Gol Linhas Aereas Inteligentes S.A., ADR (Brazil) | 6,154 | 111,818 | ||||||
Larsen & Toubro Ltd., GDR (India)(d) | 4,052 | 85,497 | ||||||
ZTO Express Cayman, Inc., ADR (China) | 40,552 | 892,144 | ||||||
|
| |||||||
1,865,377 | ||||||||
|
| |||||||
InformationTechnology-2.89% |
| |||||||
Daqo New Energy Corp., ADR (China)(b) | 838 | 31,811 | ||||||
GDS Holdings Ltd., ADR (China)(b) | 6,297 | 262,459 | ||||||
Infosys Ltd., ADR (India) | 175,779 | 1,685,721 | ||||||
JinkoSolar Holding Co. Ltd., ADR (China)(b)(c) | 2,930 | 42,309 | ||||||
QIWI PLC, ADR (Russia) | 2,565 | 49,658 | ||||||
Wipro Ltd., ADR (India) | 48,834 | 194,359 | ||||||
WNS (Holdings) Ltd., ADR (India)(b) | 3,220 | 199,125 | ||||||
|
| |||||||
2,465,442 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco BRIC ETF (EEB)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-8.07% | ||||||||
Aluminum Corp. of China Ltd., H Shares | 370,629 | $ | 110,181 | |||||
Cia Siderurgica Nacional S.A., ADR (Brazil) | 59,730 | 174,412 | ||||||
Gerdau S.A., ADR (Brazil) | 98,961 | 325,582 | ||||||
Magnitogorsk Iron & Steel Works PJSC, GDR (Russia)(d) | 9,984 | 72,983 | ||||||
MMC Norilsk Nickel PJSC, ADR (Russia) | 56,436 | 1,563,277 | ||||||
Novolipetsk Steel PJSC, GDR | 10,660 | 208,510 | ||||||
PhosAgro PJSC, GDR (Russia)(d) | 9,459 | 118,994 | ||||||
Polyus PJSC, GDR (Russia)(d) | 5,272 | 310,257 | ||||||
Severstal PJSC, GDR (Russia)(d) | 18,029 | 246,276 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares (China) | 288,771 | 80,320 | ||||||
Suzano S.A., ADR (Brazil) | 9,241 | 74,667 | ||||||
Vale S.A., ADR (Brazil)(b) | 297,606 | 3,493,894 | ||||||
Vedanta Ltd., ADR (India) | 14,255 | 118,887 | ||||||
|
| |||||||
6,898,240 | ||||||||
|
| |||||||
Utilities-1.33% | ||||||||
Centrais Eletricas Brasileiras S.A., ADR (Brazil) | 8,131 | 79,765 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil) | 32,083 | 434,404 | ||||||
Cia Energetica de Minas Gerais, ADR (Brazil) | 91,149 | 306,261 | ||||||
Cia Paranaense de Energia, Class B, ADR (Brazil) | 9,481 | 130,743 | ||||||
Huaneng Power International, Inc., H Shares (China) | 353,241 | 168,109 | ||||||
RusHydro PJSC, ADR (Russia) | 22,699 | 17,024 | ||||||
|
| |||||||
1,136,306 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 85,373,140 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.13% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e)(Cost $109,225) | 109,225 | $ | 109,225 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 85,482,365 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.53% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 982,833 | 982,833 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 327,480 | 327,611 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,310,444 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.58% |
| 86,792,809 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.58)% |
| (1,347,477 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 85,445,332 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2019 was $5,446,869, which represented 6.37% of the Fund’s Net Assets. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
This Fund has holdings greater than 10% of net assets in the following countries:
China | 43.52 | % | ||
Russia | 23.96 | % | ||
Brazil | 23.83 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco BRIC ETF (EEB)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Energy | 22.67 | |||||||
Consumer Discretionary | 20.82 | |||||||
Financials | 20.46 | |||||||
Communication Services | 16.61 | |||||||
Materials | 8.07 | |||||||
Consumer Staples | 4.02 | |||||||
Sector Types Each Less Than 3% | 7.27 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco CleantechTM ETF (PZD)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.60% |
| |||||||
Aerospace &Defense-2.39% | ||||||||
Hexcel Corp. | 64,479 | $ | 4,811,423 | |||||
|
| |||||||
AutoComponents-3.02% | ||||||||
BorgWarner, Inc. | 145,547 | 6,066,399 | ||||||
|
| |||||||
BuildingProducts-6.63% | ||||||||
DIRTT Environmental Solutions (Canada)(b) | 268,804 | 1,222,998 | ||||||
Johnson Controls International PLC | 132,263 | 5,730,956 | ||||||
Kingspan Group PLC (Ireland) | 123,228 | 6,387,293 | ||||||
|
| |||||||
13,341,247 | ||||||||
|
| |||||||
Chemicals-8.39% | ||||||||
Gurit Holding AG, BR (Switzerland) | 1,115 | 1,591,001 | ||||||
Novozymes A/S, Class B (Denmark) | 135,656 | 6,390,152 | ||||||
PQ Group Holdings, Inc.(b) | 149,784 | 2,466,942 | ||||||
Umicore S.A. (Belgium) | 156,133 | 6,439,800 | ||||||
|
| |||||||
16,887,895 | ||||||||
|
| |||||||
Commercial Services &Supplies-2.23% |
| |||||||
Tomra Systems ASA (Norway)(c) | 166,715 | 4,495,996 | ||||||
|
| |||||||
CommunicationsEquipment-0.63% | ||||||||
Digi International, Inc.(b) | 87,738 | 1,265,182 | ||||||
|
| |||||||
ElectricalEquipment-18.27% | ||||||||
ABB Ltd. (Switzerland) | 287,213 | 6,022,232 | ||||||
EnerSys | 55,326 | 3,699,096 | ||||||
Schneider Electric S.E. (France) | 65,502 | 6,084,420 | ||||||
Sensata Technologies Holding PLC(b) | 106,144 | 5,433,511 | ||||||
Siemens Gamesa Renewable Energy S.A. (Spain)(c) | 390,534 | 5,369,996 | ||||||
Sunrun, Inc.(b) | 171,861 | 2,670,720 | ||||||
TPI Composites, Inc.(b) | 79,868 | 1,639,690 | ||||||
Vestas Wind Systems A/S (Denmark) | 71,395 | 5,830,513 | ||||||
|
| |||||||
36,750,178 | ||||||||
|
| |||||||
Electronic Equipment, Instruments &Components-10.80% |
| |||||||
Badger Meter, Inc. | 54,484 | 3,149,175 | ||||||
Hollysys Automation Technologies Ltd. (China) | 116,766 | 1,647,568 | ||||||
Horiba Ltd. (Japan) | 65,477 | 4,469,916 | ||||||
Itron, Inc.(b) | 49,011 | 3,737,579 | ||||||
Opus Group AB (Sweden) | 1,571,363 | 851,387 | ||||||
Trimble, Inc.(b) | 150,613 | 6,000,422 | ||||||
Vaisala Oyj, Class A (Finland) | 62,491 | 1,871,931 | ||||||
|
| |||||||
21,727,978 | ||||||||
|
| |||||||
EquityREITs-1.54% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 103,756 | 3,098,154 | ||||||
|
| |||||||
Independent Power and Renewable ElectricityProducers-3.35% |
| |||||||
Ormat Technologies, Inc. | 61,865 | 4,736,384 | ||||||
Scatec Solar ASA (Norway)(d) | 180,849 | 2,011,141 | ||||||
|
| |||||||
6,747,525 | ||||||||
|
| |||||||
IndustrialConglomerates-3.90% | ||||||||
Raven Industries, Inc. | 69,063 | 2,408,917 | ||||||
Roper Technologies, Inc. | 16,155 | 5,443,589 | ||||||
|
| |||||||
7,852,506 | ||||||||
|
| |||||||
Life Sciences Tools &Services-3.06% | ||||||||
Eurofins Scientific S.E. (Luxembourg)(c) | 12,141 | 6,152,191 | ||||||
|
|
Shares | Value | |||||||
Machinery-11.29% | ||||||||
Donaldson Co., Inc. | 103,216 | $ | 5,443,612 | |||||
Kadant, Inc. | 20,970 | 1,904,076 | ||||||
Kornit Digital Ltd. (Israel)(b) | 73,367 | 2,493,744 | ||||||
Lindsay Corp.(c) | 19,389 | 1,830,515 | ||||||
Woodward, Inc. | 49,622 | 5,292,683 | ||||||
Xylem, Inc. | 74,956 | 5,748,376 | ||||||
|
| |||||||
22,713,006 | ||||||||
|
| |||||||
ProfessionalServices-7.08% | ||||||||
Intertek Group PLC (United Kingdom) | 85,386 | 5,913,394 | ||||||
Ricardo PLC (United Kingdom) | 151,703 | 1,256,343 | ||||||
SGS S.A. (Switzerland) | 2,346 | 6,105,425 | ||||||
Willdan Group, Inc.(b) | 31,734 | 961,540 | ||||||
|
| |||||||
14,236,702 | ||||||||
|
| |||||||
Semiconductors & SemiconductorEquipment-11.31% |
| |||||||
Advanced Energy Industries, Inc.(b) | 66,845 | 3,950,539 | ||||||
ams AG (Austria)(b) | 94,541 | 4,225,243 | ||||||
Cree, Inc.(b)(c) | 107,551 | 5,133,409 | ||||||
Power Integrations, Inc. | 41,186 | 3,752,456 | ||||||
SMA Solar Technology AG | 44,793 | 1,400,253 | ||||||
SolarEdge Technologies, Inc.(b) | 50,656 | 4,303,734 | ||||||
|
| |||||||
22,765,634 | ||||||||
|
| |||||||
Software-5.71% | ||||||||
ANSYS, Inc.(b) | 26,816 | 5,903,542 | ||||||
Autodesk, Inc.(b) | 37,875 | 5,581,260 | ||||||
|
| |||||||
11,484,802 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 200,396,818 | ||||||
|
| |||||||
Exchange-TradedFunds-0.30% |
| |||||||
Invesco India ETF(e) | 24,222 | 607,972 | ||||||
|
| |||||||
Money MarketFunds-0.06% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(f) | 125,352 | 125,352 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 201,130,142 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-4.95% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 7,468,208 | 7,468,208 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco CleantechTM ETF (PZD)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 2,488,407 | $ | 2,489,403 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral |
| 9,957,611 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-104.91% |
| 211,087,753 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.91)% |
| (9,879,821 | ) | |||||
|
| |||||||
NETASSETS-100.00%. |
| $ | 201,207,932 | |||||
|
|
Investment Abbreviations:
BR-Bearer Shares
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2019 represented less than 1% of the Fund’s Net Assets. |
(e) | The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 800,368 | $ | 228,358 | $ | (403,355 | ) | $ | (7,327 | ) | $ | (10,072 | ) | $ | 607,972 | $ | 31 |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco CleantechTM ETF (PZD)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Electrical Equipment | 18.27 | |||||||
Semiconductors & Semiconductor Equipment | 11.31 | |||||||
Machinery | 11.29 | |||||||
Electronic Equipment, Instruments & Components | 10.80 | |||||||
Chemicals | 8.39 | |||||||
Professional Services | 7.08 | |||||||
Building Products | 6.63 | |||||||
Software | 5.71 | |||||||
Industrial Conglomerates | 3.90 | |||||||
Independent Power and Renewable Electricity Producers | 3.35 | |||||||
Life Sciences Tools & Services | 3.06 | |||||||
Auto Components | 3.02 | |||||||
Industry Types Each Less Than 3% | 7.09 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco DWA Momentum ETF (PDP)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.02% |
| |||||||
CommunicationServices-1.74% |
| |||||||
Charter Communications, Inc., Class A(b) | 22,188 | $ | 10,380,878 | |||||
IAC/InterActiveCorp.(b) | 35,328 | 8,028,288 | ||||||
Live Nation Entertainment, Inc.(b) | 123,321 | 8,694,130 | ||||||
|
| |||||||
27,103,296 | ||||||||
|
| |||||||
ConsumerDiscretionary-11.52% |
| |||||||
AutoZone, Inc.(b) | 11,339 | 12,976,125 | ||||||
Burlington Stores, Inc.(b) | 46,996 | 9,031,221 | ||||||
Churchill Downs, Inc. | 72,209 | 9,386,448 | ||||||
Etsy, Inc.(b) | 191,205 | 8,506,710 | ||||||
Helen of Troy Ltd.(b) | 66,269 | 9,924,445 | ||||||
Home Depot, Inc. (The) | 40,298 | 9,453,105 | ||||||
NIKE, Inc., Class B | 322,051 | 28,839,667 | ||||||
NVR, Inc.(b) | 2,507 | 9,116,931 | ||||||
O’Reilly Automotive, Inc.(b) | 108,103 | 47,079,938 | ||||||
Pool Corp. | 51,374 | 10,654,968 | ||||||
Service Corp. International | 328,815 | 14,954,506 | ||||||
TJX Cos., Inc. (The) | 168,814 | 9,732,127 | ||||||
|
| |||||||
179,656,191 | ||||||||
|
| |||||||
ConsumerStaples-4.09% |
| |||||||
Brown-Forman Corp., Class B | 230,792 | 15,121,492 | ||||||
Church & Dwight Co., Inc. | 429,280 | 30,023,843 | ||||||
Costco Wholesale Corp. | 31,411 | 9,332,522 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 49,864 | 9,288,168 | ||||||
|
| |||||||
63,766,025 | ||||||||
|
| |||||||
Energy-0.83% |
| |||||||
Cheniere Energy, Inc.(b) | 209,877 | 12,917,929 | ||||||
|
| |||||||
Financials-6.72% | ||||||||
Credit Acceptance Corp.(b) | 71,180 | 31,163,316 | ||||||
Discover Financial Services | 101,788 | 8,169,505 | ||||||
Moody’s Corp. | 39,580 | 8,734,910 | ||||||
MSCI, Inc. | 47,471 | 11,134,798 | ||||||
S&P Global, Inc. | 32,788 | 8,458,976 | ||||||
W.R. Berkley Corp. | 531,023 | 37,118,508 | ||||||
|
| |||||||
104,780,013 | ||||||||
|
| |||||||
HealthCare-9.14% |
| |||||||
Becton, Dickinson and Co. | 41,162 | 10,537,472 | ||||||
Boston Scientific Corp.(b) | 198,077 | 8,259,811 | ||||||
Chemed Corp. | 19,732 | 7,772,632 | ||||||
Cooper Cos., Inc. (The) | 56,733 | 16,509,303 | ||||||
Danaher Corp. | 159,614 | 21,998,001 | ||||||
Edwards Lifesciences Corp.(b) | 40,686 | 9,698,729 | ||||||
Haemonetics Corp.(b) | 62,701 | 7,569,892 | ||||||
IDEXX Laboratories, Inc.(b) | 42,837 | 12,208,973 | ||||||
Insulet Corp.(b) | 56,081 | 8,149,691 | ||||||
Masimo Corp.(b) | 65,531 | 9,553,765 | ||||||
West Pharmaceutical Services, Inc. | 210,233 | 30,239,915 | ||||||
|
| |||||||
142,498,184 | ||||||||
|
| |||||||
Industrials-19.14% |
| |||||||
Cintas Corp. | 33,939 | 9,118,391 | ||||||
Copart, Inc.(b) | 350,819 | 28,991,682 | ||||||
CoStar Group, Inc.(b) | 31,425 | 17,268,666 | ||||||
HEICO Corp. | 130,805 | 16,133,489 | ||||||
Hexcel Corp. | 105,830 | 7,897,034 |
Shares | Value | |||||||
Industrials-(continued) |
| |||||||
IDEX Corp. | 107,341 | $ | 16,694,746 | |||||
Lockheed Martin Corp. | 69,316 | 26,109,951 | ||||||
Mercury Systems, Inc.(b) | 164,832 | 12,141,525 | ||||||
Northrop Grumman Corp. | 55,679 | 19,625,734 | ||||||
Old Dominion Freight Line, Inc. | 128,886 | 23,467,563 | ||||||
Roper Technologies, Inc. | 101,749 | 34,285,343 | ||||||
Teledyne Technologies, Inc.(b) | 75,892 | 25,014,003 | ||||||
Toro Co. (The) | 115,652 | 8,920,239 | ||||||
TransDigm Group, Inc. | 47,519 | 25,008,299 | ||||||
TriNet Group, Inc.(b) | 124,427 | 6,593,387 | ||||||
Union Pacific Corp. | 127,209 | 21,048,001 | ||||||
|
| |||||||
298,318,053 | ||||||||
|
| |||||||
InformationTechnology-28.63% |
| |||||||
Accenture PLC, Class A | 42,335 | 7,849,756 | ||||||
Adobe, Inc.(b) | 33,041 | 9,183,085 | ||||||
Amphenol Corp., Class A | 240,915 | 24,171,002 | ||||||
ANSYS, Inc.(b) | 162,267 | 35,723,080 | ||||||
Apple, Inc. | 215,533 | 53,615,989 | ||||||
Aspen Technology, Inc.(b) | 113,116 | 13,020,783 | ||||||
Booz Allen Hamilton Holding Corp. | 117,501 | 8,268,545 | ||||||
Broadridge Financial Solutions, Inc. | 64,640 | 8,094,221 | ||||||
Cadence Design Systems, Inc.(b) | 291,887 | 19,074,815 | ||||||
CDW Corp. | 67,804 | 8,672,810 | ||||||
Coupa Software, Inc.(b)(c) | 69,416 | 9,544,006 | ||||||
Entegris, Inc. | 199,583 | 9,579,984 | ||||||
EPAM Systems, Inc.(b) | 44,857 | 7,893,038 | ||||||
Euronet Worldwide, Inc.(b) | 59,606 | 8,349,012 | ||||||
Fair Isaac Corp.(b) | 58,144 | 17,678,102 | ||||||
Fiserv, Inc.(b) | 249,423 | 26,473,757 | ||||||
Global Payments, Inc. | 52,624 | 8,902,928 | ||||||
Intuit, Inc. | 40,956 | 10,546,170 | ||||||
Mastercard, Inc., Class A | 152,512 | 42,216,847 | ||||||
MAXIMUS, Inc. | 153,136 | 11,751,657 | ||||||
Monolithic Power Systems, Inc. | �� | 83,496 | 12,517,720 | |||||
Paylocity Holding Corp.(b) | 87,547 | 8,982,322 | ||||||
Q2 Holdings, Inc.(b) | 123,069 | 8,798,203 | ||||||
RingCentral, Inc., Class A(b) | 148,756 | 24,027,069 | ||||||
ServiceNow, Inc.(b) | 38,992 | 9,641,162 | ||||||
Synopsys, Inc.(b) | 59,706 | 8,105,089 | ||||||
Tyler Technologies, Inc.(b) | 51,961 | 13,952,568 | ||||||
VeriSign, Inc.(b) | 42,635 | 8,101,503 | ||||||
Visa, Inc., Class A | 64,292 | 11,499,267 | ||||||
|
| |||||||
446,234,490 | ||||||||
|
| |||||||
Materials-8.58% |
| |||||||
Air Products and Chemicals, Inc. | 38,545 | 8,220,107 | ||||||
AptarGroup, Inc. | 92,047 | 10,875,353 | ||||||
Ball Corp. | 537,393 | 37,601,388 | ||||||
Ecolab, Inc. | 82,860 | 15,914,920 | ||||||
Graphic Packaging Holding Co. | 1,106,726 | 17,331,329 | ||||||
NewMarket Corp. | 20,834 | 10,114,699 | ||||||
Sherwin-Williams Co. (The) | 59,004 | 33,769,169 | ||||||
|
| |||||||
133,826,965 | ||||||||
|
| |||||||
RealEstate-7.09% |
| |||||||
American Tower Corp. | 199,393 | 43,483,626 | ||||||
Crown Castle International Corp. | 58,804 | 8,161,407 | ||||||
CubeSmart | 347,869 | 11,027,447 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco DWA Momentum ETF (PDP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) |
| |||||||
Equity LifeStyle Properties, Inc. | 188,352 | $ | 13,173,339 | |||||
Extra Space Storage, Inc. | 104,886 | 11,775,551 | ||||||
First Industrial Realty Trust, Inc. | 207,854 | 8,752,732 | ||||||
SBA Communications Corp., Class A | 58,609 | 14,104,256 | ||||||
|
| |||||||
110,478,358 | ||||||||
|
| |||||||
Utilities-2.54% |
| |||||||
Aqua America, Inc. | 198,841 | 9,013,462 | ||||||
Atmos Energy Corp. | 74,222 | 8,348,491 | ||||||
CMS Energy Corp. | 161,400 | 10,316,688 | ||||||
NextEra Energy, Inc. | 50,353 | 12,001,134 | ||||||
|
| |||||||
39,679,775 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,559,259,279 | ||||||
|
| |||||||
Money MarketFunds-0.08% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 1,246,309 | 1,246,309 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,560,505,588 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.45% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 5,232,110 | $ | 5,232,110 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 1,743,339 | 1,744,037 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,976,147 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.55% |
| 1,567,481,735 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.55)% |
| (8,631,253 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,558,850,482 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Information Technology | 28.63 | |||||||
Industrials | 19.14 | |||||||
Consumer Discretionary | 11.52 | |||||||
Health Care | 9.14 | |||||||
Materials | 8.58 | |||||||
Real Estate | 7.09 | |||||||
Financials | 6.72 | |||||||
Consumer Staples | 4.09 | |||||||
Sector Types Each Less Than 3% | 5.11 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.02 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Global Listed Private Equity ETF (PSP)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-92.91% |
| |||||||
CapitalMarkets-57.31% | ||||||||
3i Group PLC (United Kingdom) | 817,274 | $ | 11,929,186 | |||||
Alaris Royalty Corp. (Canada)(b) | 69,333 | 1,032,860 | ||||||
Allied Minds PLC (United Kingdom)(c) | 694,357 | 462,726 | ||||||
Altamir (France) | 28,019 | 520,469 | ||||||
Apollo Global Management, Inc. | 127,286 | 5,239,092 | ||||||
Apollo Investment Corp.(b) | 95,182 | 1,508,635 | ||||||
Ares Capital Corp. | 303,327 | 5,550,884 | ||||||
AURELIUS Equity Opportunities S.E. & Co. KGaA (Germany) | 49,408 | 2,034,004 | ||||||
Bain Capital Specialty Finance, Inc. | 82,209 | 1,558,683 | ||||||
BlackRock Capital Investment Corp. | 205,262 | 950,363 | ||||||
BlackRock TCP Capital Corp. | 115,125 | 1,593,330 | ||||||
Blackstone Group, Inc. (The), Class A | 141,894 | 7,543,085 | ||||||
Brait S.E. (South Africa)(c) | 1,019,340 | 1,158,502 | ||||||
Bure Equity AB (Sweden) | 67,510 | 1,044,081 | ||||||
Carlyle Group L.P. (The) | 215,178 | 5,870,056 | ||||||
Deutsche Beteiligungs AG (Germany) | 29,140 | 1,184,992 | ||||||
FS KKR Capital Corp. | 450,905 | 2,574,668 | ||||||
Georgia Capital PLC (Georgia)(c) | 80,739 | 1,016,553 | ||||||
Gimv N.V. (Belgium) | 34,172 | 2,051,072 | ||||||
Gladstone Investment Corp.(b) | 83,996 | 1,084,388 | ||||||
Goldman Sachs BDC, Inc. | 75,924 | 1,581,497 | ||||||
Golub Capital BDC, Inc. | 111,241 | 1,981,202 | ||||||
Hamilton Lane, Inc., Class A | 42,462 | 2,531,584 | ||||||
HBM Healthcare Investments AG, Class A (Switzerland) | 7,757 | 1,565,943 | ||||||
Hercules Capital, Inc.(b) | 157,915 | 2,231,339 | ||||||
Intermediate Capital Group PLC | 317,813 | 6,111,172 | ||||||
IP Group PLC (United Kingdom)(c) | 1,968,291 | 1,426,302 | ||||||
Jafco Co. Ltd. (Japan) | 54,741 | 2,073,580 | ||||||
KKR & Co., Inc., Class A | 262,805 | 7,576,668 | ||||||
Long4Life Ltd. (South Africa)(c) | 1,909,981 | 533,808 | ||||||
Main Street Capital Corp.(b) | 59,263 | 2,551,272 | ||||||
Merian Chrysalis Investment Co. Ltd. (Guernsey)(c) | 671,970 | 1,008,653 | ||||||
New Mountain Finance Corp. | 114,871 | 1,559,948 | ||||||
Oaktree Specialty Lending Corp. | 301,353 | 1,557,995 | ||||||
Oxford Square Capital Corp.(b) | 83,008 | 424,171 | ||||||
Partners Group Holding AG (Switzerland) | 14,822 | 11,554,175 | ||||||
Princess Private Equity Holding Ltd. (Guernsey)(b) | 146,156 | 1,646,896 | ||||||
Prospect Capital Corp.(b) | 315,834 | 2,033,971 | ||||||
Ratos AB, Class B (Sweden) | 614,518 | 1,586,956 | ||||||
Solar Capital Ltd. | 75,378 | 1,559,571 | ||||||
Sutter Rock Capital Corp.(b)(c) | 80,922 | 538,941 | ||||||
Syncona Ltd. (United Kingdom) | 874,250 | 2,545,377 | ||||||
Tamburi Investment Partners S.p.A. (Italy) | 238,892 | 1,708,393 | ||||||
TCG BDC, Inc. | 104,843 | 1,498,206 | ||||||
TPG Specialty Lending, Inc. | 74,796 | 1,593,155 | ||||||
VinaCapital Vietnam Opportunity Fund Ltd. (Guernsey) | 246,517 | 1,092,550 | ||||||
Vostok New Ventures Ltd., SDR (Sweden)(c) | 149,423 | 938,324 |
Shares | Value | |||||||
Capital Markets-(continued) | ||||||||
Woodford Patient Capital Trust PLC (United Kingdom)(b)(c) | 1,741,373 | $ | 845,001 | |||||
Zeder Investments Ltd. (South Africa) | 3,293,074 | 1,071,203 | ||||||
|
| |||||||
120,835,482 | ||||||||
|
| |||||||
Diversified FinancialServices-17.27% |
| |||||||
Apax Global Alpha Ltd. (Guernsey)(d) | 803,769 | 1,679,723 | ||||||
Cannae Holdings, Inc.(c) | 95,719 | 2,794,995 | ||||||
Compass Diversified Holdings | 108,402 | 2,238,501 | ||||||
Eurazeo S.E. (France) | 80,634 | 5,622,460 | ||||||
HgCapital Trust PLC | 719,871 | 2,240,288 | ||||||
Kinnevik AB, Class B (Sweden)(b) | 270,822 | 7,418,279 | ||||||
NB Private Equity Partners Ltd. (Guernsey) | 108,211 | 1,564,779 | ||||||
Onex Corp. (Canada) | 108,337 | 6,382,268 | ||||||
Wendel S.A. (France) | 45,616 | 6,463,223 | ||||||
|
| |||||||
36,404,516 | ||||||||
|
| |||||||
Diversified TelecommunicationServices-0.73% |
| |||||||
ATN International, Inc. | 26,138 | 1,548,154 | ||||||
|
| |||||||
ElectricalEquipment-5.78% | ||||||||
Melrose Industries PLC | 4,415,089 | 12,174,662 | ||||||
|
| |||||||
FoodProducts-0.75% | ||||||||
Schouw & Co. A/S (Denmark) | 21,918 | 1,571,931 | ||||||
|
| |||||||
IndustrialConglomerates-3.72% | ||||||||
Fosun International Ltd. (China) | 5,065,222 | 6,643,592 | ||||||
Italmobiliare S.p.A. (Italy) | 44,824 | 1,197,690 | ||||||
|
| |||||||
7,841,282 | ||||||||
|
| |||||||
Interactive Media &Services-4.33% | ||||||||
IAC/InterActiveCorp.(c) | 40,195 | 9,134,314 | ||||||
|
| |||||||
Internet & Direct MarketingRetail-2.23% |
| |||||||
Rocket Internet S.E. (Germany)(c)(d) | 177,073 | 4,705,679 | ||||||
|
| |||||||
ITServices-0.79% | ||||||||
Digital Garage, Inc. (Japan) | 50,138 | 1,660,368 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 195,876,388 | ||||||
|
| |||||||
Money MarketFunds-6.81% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) | 14,356,604 | 14,356,604 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 210,232,992 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-8.28% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 13,090,191 | 13,090,191 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Global Listed Private Equity ETF (PSP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 4,361,652 | $ | 4,363,397 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 17,453,588 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-108.00% (Cost $207,821,454) |
| 227,686,580 | ||||||
OTHER ASSETS LESS LIABILITIES-(8.00)% |
| (16,856,057 | ) | |||||
|
| |||||||
NETASSETS-100.00%. |
| $ | 210,830,523 | |||||
|
|
Investment Abbreviations:
SDR-Swedish Depository Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2019 was $6,385,402, which represented 3.03% of the Fund’s Net Assets. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
This Fund has holdings greater than 10% of net assets in the following country: | ||||
United Kingdom | 17.91 | % |
OpenOver-The-Counter Total Return Swap Agreements(a)(b) | ||||||||||||||||||||||||||||||||||||
Counterparty | Pay/ Receive | Reference Entity | Rate | Payment Frequency | Maturity Date | Notional Value(c) | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Equity Risk | ||||||||||||||||||||||||||||||||||||
Citibank, N.A. | Receive | KKR & Co. LP | | 1-Month LIBOR plus 65 basis points | | | Monthly | | October-2019 | $ | 2,252,921 | $ | - | $ | 53,478 | $ | 53,478 | |||||||||||||||||||
Citibank, N.A. | Receive | | The Blackstone Group LP | | | 1-Month LIBOR plus 65 basis points | | | Monthly | | October-2019 | 2,379,673 | - | 12,527 | 12,527 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Subtotal – Appreciation |
| – | 66,005 | 66,005 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Equity Risk | ||||||||||||||||||||||||||||||||||||
Citibank, N.A. | Receive | | Brookfield Business Partners LP | | | 1-Month CDOR plus 65 basis points | | | Monthly | | October-2019 | CAD 8,894,538 | - | (31,725 | ) | (31,725 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Global Listed Private Equity ETF (PSP)–(continued)
October 31, 2019
(Unaudited)
OpenOver-The-Counter Total Return Swap Agreements(a)(b)–(continued) | ||||||||||||||||||||||||||||||||
Counterparty | Pay/ Receive | Reference Entity | Rate | Payment Frequency | Maturity Date | Notional Value(c) | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | Receive | Riverstone Energy Ltd. | | 1-Month LIBOR plus 85 basis points | | | Monthly | | August-2020 | GBP 773,855 | $ | - | $ | (1,415 | ) | $ | (1,415 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Subtotal – Depreciation | – | (33,140 | ) | (33,140 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
TotalOver-The-Counter Total Return Swap Agreements |
| $ | – | $ | 32,865 | $ | 32,865 | |||||||||||||||||||||||||
|
|
|
|
|
|
Abbreviations:
CAD | -Canadian Dollar |
CDOR | -Canadian Dealer Offered Rate |
GBP | -British Pound Sterling |
LIBOR | -London Interbank Offered Rate |
(a) | OpenOver-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $270,000. |
(b) | The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
(c) | Notional Value is denominated in U.S. Dollars unless otherwise noted. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||
Capital Markets | 57.31 | |||||
Diversified Financial Services | 17.27 | |||||
Electrical Equipment | 5.78 | |||||
Interactive Media & Services | 4.33 | |||||
Industrial Conglomerates | 3.72 | |||||
Industry Types Each Less Than 3% | 4.50 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 7.09 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Golden Dragon China ETF (PGJ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99%(b) |
| |||||||
CommunicationServices-37.25% | ||||||||
58.com, Inc., ADR(c) | 104,717 | $ | 5,530,105 | |||||
Autohome,Inc.,ADR(c)(d) | 56,254 | 4,756,838 | ||||||
Baidu, Inc., ADR(c) | 133,549 | 13,601,966 | ||||||
Bilibili, Inc., ADR(c) | 140,943 | 2,225,490 | ||||||
Bitauto Holdings Ltd., ADR(c) | 32,350 | 489,455 | ||||||
Changyou.com Ltd., ADR(d) | 19,492 | 186,344 | ||||||
China Mobile Ltd., ADR | 100,127 | 4,043,128 | ||||||
China Telecom Corp. Ltd., ADR | 4,961 | 210,297 | ||||||
China Unicom Hong Kong Ltd., ADR | 35,736 | 348,426 | ||||||
Fang Holdings Ltd., ADR(c) | 58,382 | 117,348 | ||||||
iQIYI, Inc., ADR(c)(d) | 292,394 | 5,096,427 | ||||||
Luokung Technology Corp.(c) | 193,893 | 341,252 | ||||||
Momo, Inc., ADR | 157,399 | 5,276,014 | ||||||
NetEase, Inc., ADR | 54,713 | 15,640,258 | ||||||
Qutoutiao, Inc., ADR(c)(d) | 79,601 | 331,140 | ||||||
SINA Corp.(c) | 68,238 | 2,702,225 | ||||||
Sohu.com Ltd., ADR(c) | 38,786 | 397,556 | ||||||
Weibo Corp., ADR(c)(d) | 73,177 | 3,599,577 | ||||||
YY, Inc., ADR(c) | 49,359 | 2,805,566 | ||||||
|
| |||||||
67,699,412 | ||||||||
|
| |||||||
ConsumerDiscretionary-45.46% | ||||||||
500.com Ltd., ADR(c)(d) | 32,939 | 320,826 | ||||||
Alibaba Group Holding Ltd., ADR(c) | 79,712 | 14,082,719 | ||||||
Baozun, Inc., ADR(c)(d) | 46,657 | 2,030,513 | ||||||
Bright Scholar Education Holdings Ltd., ADR | 25,526 | 233,563 | ||||||
Hailiang Education Group, Inc., ADR(c)(d) | 2,908 | 192,597 | ||||||
Huazhu Group Ltd., ADR | 143,303 | 5,425,452 | ||||||
JD.com, Inc., ADR(c) | 457,441 | 14,249,287 | ||||||
Jumei International Holding Ltd., ADR(c) | 98,725 | 203,373 | ||||||
Kaixin Auto Holdings (Hong Kong)(c) | 60,191 | 86,073 | ||||||
Kandi Technologies Group, Inc.(c)(d) | 51,822 | 258,073 | ||||||
New Oriental Education & Technology Group, Inc., ADR(c) | 121,053 | 14,775,729 | ||||||
Niu Technologies, ADR(c)(d) | 24,535 | 230,384 | ||||||
Pinduoduo, Inc., ADR(c) | 212,876 | 8,702,371 | ||||||
RISE Education Cayman Ltd., ADR(c)(d) | 22,963 | 169,926 | ||||||
Secoo Holding Ltd., ADR(c)(d) | 14,466 | 86,941 | ||||||
TAL Education Group, ADR(c) | 195,789 | 8,381,727 | ||||||
Trip.com Group, Ltd., ADR(c) | 215,440 | 7,107,366 | ||||||
Uxin Ltd., ADR(c)(d) | 179,193 | 537,579 | ||||||
Viomi Technology Co., Ltd., ADR(d) | 30,430 | 263,828 | ||||||
Vipshop Holdings Ltd., ADR(c) | 457,836 | 5,283,427 | ||||||
|
| |||||||
82,621,754 | ||||||||
|
| |||||||
Energy-1.48% | ||||||||
China Petroleum & Chemical Corp., ADR | 15,602 | 881,357 | ||||||
CNOOC Ltd., ADR | 9,928 | 1,474,705 | ||||||
PetroChina Co., Ltd., ADR | 7,082 | 341,565 | ||||||
Sino Clean Energy, Inc., Rts., expiring 07/31/2049(c)(e) | 26,179 | 0 | ||||||
|
| |||||||
2,697,627 | ||||||||
|
| |||||||
Financials-2.71% | ||||||||
360 Finance, Inc., ADR(c) | 40,691 | 360,115 | ||||||
China Life Insurance Co., Ltd., ADR | 25,517 | 327,383 | ||||||
Fanhua, Inc., ADR(d) | 31,682 | 799,020 | ||||||
LexinFintech Holdings Ltd., ADR(c) | 92,122 | 1,044,664 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Noah Holdings Ltd., ADR(c)(d) | 31,750 | $ | 961,708 | |||||
Qudian, Inc., ADR(c)(d) | 194,451 | 1,347,545 | ||||||
Yiren Digital Ltd., ADR(c)(d) | 12,547 | 81,179 | ||||||
|
| |||||||
4,921,614 | ||||||||
|
| |||||||
HealthCare-2.99% |
| |||||||
China Biologic Products Holdings, | 37,540 | 4,281,062 | ||||||
Zai Lab Ltd., ADR(c) | 34,209 | 1,155,922 | ||||||
|
| |||||||
5,436,984 | ||||||||
|
| |||||||
Industrials-5.91% |
| |||||||
51job, Inc., ADR(c) | 38,698 | 3,048,241 | ||||||
China Customer Relations Centers, Inc.(c)(d) | 17,984 | 205,737 | ||||||
ZTO Express Cayman, Inc., ADR | 340,126 | 7,482,772 | ||||||
|
| |||||||
10,736,750 | ||||||||
|
| |||||||
InformationTechnology-4.06% |
| |||||||
21Vianet Group, Inc., ADR(c) | 61,319 | 519,985 | ||||||
Aurora Mobile Ltd., ADR(c) | 36,051 | 144,564 | ||||||
Canadian Solar, Inc. (Canada)(c) | 58,312 | 995,386 | ||||||
Cheetah Mobile, Inc., ADR(d) | 44,294 | 171,418 | ||||||
Daqo New Energy Corp., ADR(c) | 9,882 | 375,121 | ||||||
GDS Holdings Ltd., ADR(c)(d) | 86,782 | 3,617,074 | ||||||
Hollysys Automation Technologies Ltd. | 59,201 | 835,326 | ||||||
Huami Corp., ADR(c) | 21,757 | 196,683 | ||||||
JinkoSolar Holding Co. Ltd., ADR(c)(d) | 33,654 | 485,964 | ||||||
MMTEC, Inc.(c) | 19,691 | 48,440 | ||||||
|
| |||||||
7,389,961 | ||||||||
|
| |||||||
Materials-0.06% |
| |||||||
Sinopec Shanghai Petrochemical Co. Ltd., ADR(d) | 3,874 | 105,876 | ||||||
|
| |||||||
RealEstate-0.07% |
| |||||||
Xinyuan Real Estate Co. Ltd., ADR | 36,499 | 133,586 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 181,743,564 | ||||||
|
| |||||||
Money MarketFunds-0.20% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(f) | 352,373 | 352,373 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 182,095,937 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-12.19% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 16,621,231 | 16,621,231 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Golden Dragon China ETF (PGJ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 5,538,195 | $ | 5,540,410 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 22,161,641 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-112.38% |
| 204,257,578 | ||||||
OTHER ASSETS LESS LIABILITIES-(12.38)% |
| (22,495,183 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 181,762,395 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Rts.-Rights
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted. |
(c) | Non-income producing security. |
(d) | All or a portion of this security was out on loan at October 31, 2019. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||
Consumer Discretionary | 45.46 | |||||
Communication Services | 37.25 | |||||
Industrials | 5.91 | |||||
Information Technology | 4.06 | |||||
Sector Types Each Less Than 3% | 7.31 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Insider Sentiment ETF (NFO)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99% |
| |||||||
CommunicationServices-5.26% | ||||||||
AT&T, Inc. | 20,506 | $ | 789,276 | |||||
Comcast Corp., Class A | 17,213 | 771,487 | ||||||
Liberty Broadband Corp., Class A(b) | 7,424 | 875,958 | ||||||
Liberty Media Corp.-Liberty Braves, Class A(b) | 27,882 | 823,076 | ||||||
Zynga, Inc., Class A(b) | 133,325 | 822,615 | ||||||
|
| |||||||
4,082,412 | ||||||||
|
| |||||||
ConsumerDiscretionary-8.49% | ||||||||
Aramark | 17,805 | 779,147 | ||||||
Darden Restaurants, Inc. | 6,564 | 736,940 | ||||||
Dollar General Corp. | 4,882 | 782,780 | ||||||
Helen of Troy Ltd.(b) | 4,922 | 737,119 | ||||||
McDonald’s Corp. | 3,614 | 710,874 | ||||||
NVR, Inc.(b) | 209 | 760,047 | ||||||
ServiceMaster Global Holdings, Inc.(b) | 13,881 | 560,515 | ||||||
Starbucks Corp. | 8,776 | 742,098 | ||||||
Target Corp. | 7,258 | 775,953 | ||||||
|
| |||||||
6,585,473 | ||||||||
|
| |||||||
ConsumerStaples-4.85% | ||||||||
Coca-Cola Co. (The) | 14,253 | 775,791 | ||||||
Conagra Brands, Inc. | 25,292 | 684,149 | ||||||
McCormick & Co., Inc. | 4,964 | 797,665 | ||||||
Post Holdings, Inc.(b) | 7,331 | 754,360 | ||||||
Tyson Foods, Inc., Class A | 9,008 | 745,772 | ||||||
|
| |||||||
3,757,737 | ||||||||
|
| |||||||
Financials-4.94% | ||||||||
CME Group, Inc., Class A | 3,672 | 755,514 | ||||||
Globe Life, Inc. | 8,103 | 788,665 | ||||||
Hartford Financial Services Group, Inc. (The) | 12,802 | 730,738 | ||||||
Starwood Property Trust, Inc. | 32,038 | 788,135 | ||||||
Voya Financial, Inc. | 14,253 | 769,092 | ||||||
|
| |||||||
3,832,144 | ||||||||
|
| |||||||
HealthCare-8.05% | ||||||||
Baxter International, Inc. | 8,871 | 680,406 | ||||||
Hologic, Inc.(b) | 15,368 | 742,428 | ||||||
Laboratory Corp. of America Holdings(b) | 4,619 | 761,072 | ||||||
Merck & Co., Inc. | 9,218 | 798,832 | ||||||
Mirati Therapeutics, Inc.(b) | 9,960 | 938,033 | ||||||
Quest Diagnostics, Inc. | 7,250 | 734,062 | ||||||
West Pharmaceutical Services, Inc. | 5,471 | 786,949 | ||||||
Zoetis, Inc. | 6,228 | 796,686 | ||||||
|
| |||||||
6,238,468 | ||||||||
|
| |||||||
Industrials-15.10% | ||||||||
AECOM(b) | 20,659 | 826,567 | ||||||
Armstrong World Industries, Inc. | 8,024 | 750,485 | ||||||
Cintas Corp. | 2,894 | 777,531 | ||||||
Hexcel Corp. | 9,448 | 705,010 | ||||||
Hubbell, Inc. | 5,905 | 836,738 | ||||||
IDEX Corp. | 4,735 | 736,435 | ||||||
Ingersoll-Rand PLC | 6,298 | 799,153 | ||||||
L3Harris Technologies, Inc. | 3,719 | 767,267 | ||||||
Lockheed Martin Corp. | 1,989 | 749,216 | ||||||
Nordson Corp. | 5,305 | 831,877 | ||||||
Owens Corning | 12,278 | 752,396 | ||||||
Quanta Services, Inc. | 20,528 | 863,202 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
TransDigm Group, Inc. | 1,490 | $ | 784,157 | |||||
United Technologies Corp. | 5,684 | 816,109 | ||||||
Verisk Analytics, Inc. | 4,907 | 710,043 | ||||||
|
| |||||||
11,706,186 | ||||||||
|
| |||||||
InformationTechnology-17.19% | ||||||||
Accenture PLC, Class A | 4,034 | 747,984 | ||||||
ANSYS, Inc.(b) | 3,505 | 771,626 | ||||||
CACI International, Inc., Class A(b) | 3,355 | 750,681 | ||||||
Fair Isaac Corp.(b) | 2,557 | 777,430 | ||||||
Fiserv, Inc.(b) | 7,491 | 795,095 | ||||||
FleetCor Technologies, Inc.(b) | 2,706 | 796,159 | ||||||
Guidewire Software, Inc.(b) | 7,363 | 830,105 | ||||||
Jack Henry & Associates, Inc. | 5,316 | 752,533 | ||||||
KLA Corp. | 4,866 | 822,549 | ||||||
Lam Research Corp. | 3,357 | 909,881 | ||||||
Leidos Holdings, Inc. | 9,035 | 779,088 | ||||||
Manhattan Associates, Inc.(b) | 9,619 | 720,944 | ||||||
Motorola Solutions, Inc. | 4,553 | 757,255 | ||||||
NCR Corp.(b) | 24,587 | 718,186 | ||||||
Science Applications International Corp. | 8,883 | 733,914 | ||||||
Teradyne, Inc. | 13,399 | 820,287 | ||||||
Western Union Co. (The) | 33,489 | 839,234 | ||||||
|
| |||||||
13,322,951 | ||||||||
|
| |||||||
Materials-4.94% | ||||||||
Air Products and Chemicals, Inc. | 3,497 | 745,770 | ||||||
Ball Corp. | 10,657 | 745,670 | ||||||
Ecolab, Inc. | 3,918 | 752,530 | ||||||
Newmont Goldcorp Corp. | 20,463 | 812,995 | ||||||
W.R. Grace & Co. | 11,623 | 772,349 | ||||||
|
| |||||||
3,829,314 | ||||||||
|
| |||||||
RealEstate-14.32% | ||||||||
Alexandria Real Estate Equities, Inc. | 5,037 | 799,624 | ||||||
American Homes 4 Rent, Class A | 29,971 | 793,332 | ||||||
American Tower Corp. | 3,509 | 765,243 | ||||||
CubeSmart | 22,234 | 704,818 | ||||||
Digital Realty Trust, Inc. | 5,978 | 759,445 | ||||||
Equity Commonwealth | 22,656 | 729,070 | ||||||
Essex Property Trust, Inc. | 2,375 | 776,934 | ||||||
Kilroy Realty Corp. | 9,962 | 836,111 | ||||||
Kimco Realty Corp. | 37,162 | 801,213 | ||||||
Sabra Health Care REIT, Inc. | 33,796 | 831,382 | ||||||
Spirit Realty Capital, Inc. | 16,213 | 808,056 | ||||||
STORE Capital Corp. | 20,742 | 840,051 | ||||||
Sun Communities, Inc. | 5,227 | 850,171 | ||||||
UDR, Inc. | 16,006 | 804,301 | ||||||
|
| |||||||
11,099,751 | ||||||||
|
| |||||||
Utilities-16.85% | ||||||||
Alliant Energy Corp. | 14,388 | 767,456 | ||||||
Ameren Corp. | 9,693 | 753,146 | ||||||
American Electric Power Co., Inc. | 8,282 | 781,738 | ||||||
American Water Works Co., Inc. | 6,246 | 769,944 | ||||||
Aqua America, Inc. | 17,309 | 784,617 | ||||||
Consolidated Edison, Inc. | 8,214 | 757,495 | ||||||
Dominion Energy, Inc. | 9,575 | 790,416 | ||||||
DTE Energy Co. | 5,836 | 743,040 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Insider Sentiment ETF (NFO)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Entergy Corp. | 6,612 | $ | 803,226 | |||||
Exelon Corp. | 16,062 | 730,660 | ||||||
FirstEnergy Corp. | 16,089 | 777,421 | ||||||
NextEra Energy, Inc. | 3,330 | 793,672 | ||||||
ONE Gas, Inc. | 8,074 | 749,590 | ||||||
PNM Resources, Inc. | 14,899 | 776,983 | ||||||
Sempra Energy | 5,257 | 759,689 | ||||||
Southern Co. (The) | 12,562 | 787,135 | ||||||
UGI Corp. | 15,436 | 735,834 | ||||||
|
| |||||||
13,062,062 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 77,516,498 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.18% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 138,041 | $ | 138,041 | |||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.17% |
| 77,654,539 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.17)% |
| (134,340 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 77,520,199 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||
Information Technology | 17.19 | |||||
Utilities | 16.85 | |||||
Industrials | 15.10 | |||||
Real Estate | 14.32 | |||||
Consumer Discretionary | 8.49 | |||||
Health Care | 8.05 | |||||
Communication Services | 5.26 | |||||
Financials | 4.94 | |||||
Materials | 4.94 | |||||
Consumer Staples | 4.85 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Raymond JamesSB-1 Equity ETF (RYJ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.90% |
| |||||||
CommunicationServices-5.30% | ||||||||
Charter Communications, Inc., Class A(b) | 2,518 | $ | 1,178,072 | |||||
DISH Network Corp., Class A(b) | 31,343 | 1,077,572 | ||||||
Netflix, Inc.(b) | 4,127 | 1,186,141 | ||||||
ORBCOMM, Inc.(b) | 237,238 | 951,324 | ||||||
Spotify Technology S.A.(b) | 9,328 | 1,346,030 | ||||||
T-Mobile US, Inc.(b) | 13,478 | 1,114,092 | ||||||
WideOpenWest, Inc.(b) | 185,005 | 1,174,782 | ||||||
|
| |||||||
8,028,013 | ||||||||
|
| |||||||
ConsumerDiscretionary-9.37% | ||||||||
Aaron’s, Inc. | 14,283 | 1,070,225 | ||||||
Alibaba Group Holding Ltd., ADR | 6,480 | 1,144,822 | ||||||
Bed Bath & Beyond, Inc.(c) | 79,999 | 1,095,986 | ||||||
Best Buy Co., Inc. | 15,204 | 1,092,103 | ||||||
Everi Holdings, Inc.(b) | 116,485 | 1,171,839 | ||||||
Floor & Decor Holdings, Inc., Class A(b) | 24,571 | 1,126,089 | ||||||
M.D.C. Holdings, Inc. | 24,056 | 931,208 | ||||||
Polaris, Inc. | 10,860 | 1,071,339 | ||||||
Rent-A-Center, Inc. | 41,013 | 1,061,006 | ||||||
Sonos, Inc.(b) | 81,661 | 1,068,126 | ||||||
Target Corp. | 9,725 | 1,039,700 | ||||||
Tempur Sealy International, Inc.(b) | 13,416 | 1,220,185 | ||||||
Tractor Supply Co. | 11,693 | 1,111,069 | ||||||
|
| |||||||
14,203,697 | ||||||||
|
| |||||||
Energy-20.10% | ||||||||
Brigham Minerals, Inc., Class A | 54,820 | 1,046,514 | ||||||
Cactus, Inc., Class A(b) | 39,398 | 1,170,909 | ||||||
Concho Resources, Inc. | 16,922 | 1,142,573 | ||||||
Continental Resources, Inc.(b) | 38,342 | 1,129,939 | ||||||
Delek US Holdings, Inc. | 28,733 | 1,147,883 | ||||||
Diamondback Energy, Inc. | 12,846 | 1,101,673 | ||||||
Energy Transfer L.P. | 86,676 | 1,091,251 | ||||||
Enterprise Products Partners L.P. | 40,028 | 1,041,929 | ||||||
Green Plains Partners L.P. | 39,669 | 537,912 | ||||||
Halliburton Co. | 55,316 | 1,064,833 | ||||||
Helix Energy Solutions Group, Inc.(b) | 123,130 | 1,057,687 | ||||||
Kimbell Royalty Partners L.P. | 61,426 | 863,650 | ||||||
Marathon Oil Corp. | 93,843 | 1,082,010 | ||||||
Marathon Petroleum Corp. | 16,888 | 1,079,988 | ||||||
Newpark Resources, Inc.(b) | 150,792 | 904,752 | ||||||
Nine Energy Service, Inc.(b)(c) | 197,273 | 1,114,592 | ||||||
Occidental Petroleum Corp. | 26,072 | 1,055,916 | ||||||
Oil States International, Inc.(b) | 81,179 | 1,158,424 | ||||||
Parsley Energy, Inc., Class A | 67,203 | 1,062,479 | ||||||
Patterson-UTI Energy, Inc. | 128,596 | 1,069,919 | ||||||
Pioneer Natural Resources Co. | 8,440 | 1,038,289 | ||||||
Plains All American Pipeline, L.P. | 56,976 | 1,032,975 | ||||||
Plains GP Holdings L.P., Class A | 55,288 | 1,026,145 | ||||||
SRC Energy, Inc.(b) | 331,561 | 1,034,470 | ||||||
Targa Resources Corp. | 27,458 | 1,067,567 | ||||||
Viper Energy Partners L.P. | 42,241 | 1,016,741 | ||||||
Williams Cos., Inc. (The) | 47,427 | 1,058,096 | ||||||
WPX Energy, Inc.(b) | 112,325 | 1,121,003 | ||||||
YPF S.A., ADR (Argentina) | 121,365 | 1,135,976 | ||||||
|
| |||||||
30,456,095 | ||||||||
|
|
Shares | Value | |||||||
Financials-15.62% | ||||||||
Allstate Corp. (The) | 10,240 | $ | 1,089,741 | |||||
Ares Commercial Real Estate Corp. | 71,433 | 1,107,212 | ||||||
Argo Group International Holdings Ltd. | 16,039 | 992,333 | ||||||
Axos Financial, Inc.(b) | 36,717 | 1,066,629 | ||||||
Bancorp, Inc. (The)(b) | 107,498 | 1,171,728 | ||||||
BGC Partners, Inc., Class A | 190,447 | 990,324 | ||||||
Carolina Financial Corp. | 30,467 | 1,156,223 | ||||||
ConnectOne Bancorp, Inc. | 48,815 | 1,185,228 | ||||||
FedNat Holding Co. | 57,798 | 829,401 | ||||||
Kemper Corp. | 15,001 | 1,078,272 | ||||||
Ladder Capital Corp. | 63,046 | 1,088,804 | ||||||
Meta Financial Group, Inc. | 30,947 | 979,782 | ||||||
OceanFirst Financial Corp. | 45,885 | 1,098,028 | ||||||
Old Republic International Corp. | 46,291 | 1,034,141 | ||||||
Progressive Corp. (The) | 16,007 | 1,115,688 | ||||||
Regions Financial Corp. | 67,866 | 1,092,643 | ||||||
Signature Bank | 8,898 | 1,052,811 | ||||||
State Street Corp. | 16,666 | 1,101,123 | ||||||
Synovus Financial Corp. | 32,281 | 1,093,357 | ||||||
TCF Financial Corp. | 28,938 | 1,145,655 | ||||||
Willis Towers Watson PLC | 5,831 | 1,089,814 | ||||||
Zions Bancorp. N.A. | 22,895 | 1,109,721 | ||||||
|
| |||||||
23,668,658 | ||||||||
|
| |||||||
HealthCare-13.30% | ||||||||
Antares Pharma, Inc.(b) | 320,928 | 1,078,318 | ||||||
Becton, Dickinson and Co. | 4,398 | 1,125,888 | ||||||
Bluebird Bio, Inc.(b) | 12,549 | 1,016,469 | ||||||
Boston Scientific Corp.(b) | 28,831 | 1,202,253 | ||||||
CareDx, Inc.(b) | 40,440 | 1,059,932 | ||||||
ChemoCentryx, Inc.(b) | 138,988 | 1,195,297 | ||||||
CVS Health Corp. | 16,538 | 1,097,958 | ||||||
Cymabay Therapeutics, Inc.(b) | 218,409 | 980,656 | ||||||
Flexion Therapeutics, Inc.(b)(c) | 74,706 | 1,282,702 | ||||||
G1 Therapeutics, Inc.(b) | 53,075 | 1,126,252 | ||||||
Gilead Sciences, Inc. | 16,714 | 1,064,849 | ||||||
HealthEquity, Inc.(b) | 19,337 | 1,098,148 | ||||||
Intercept Pharmaceuticals, Inc.(b)(c) | 16,012 | 1,165,353 | ||||||
Quidel Corp.(b) | 18,246 | 1,038,197 | ||||||
Sol-Gel Technologies Ltd. (Israel)(b)(c) | 18,135 | 143,267 | ||||||
Teleflex, Inc. | 3,414 | 1,186,058 | ||||||
UnitedHealth Group, Inc. | 4,413 | 1,115,165 | ||||||
Viking Therapeutics, Inc.(b)(c) | 167,292 | 1,082,379 | ||||||
Voyager Therapeutics, Inc.(b) | 70,881 | 1,090,859 | ||||||
|
| |||||||
20,150,000 | ||||||||
|
| |||||||
Industrials-11.68% | ||||||||
Alaska Air Group, Inc. | 15,910 | 1,104,631 | ||||||
Axon Enterprise, Inc.(b) | 20,692 | 1,057,982 | ||||||
Casella Waste Systems, Inc., Class A(b) | 25,600 | 1,115,904 | ||||||
Construction Partners, Inc.(b) | 65,135 | 1,115,111 | ||||||
Cubic Corp. | 15,486 | 1,141,938 | ||||||
Evoqua Water Technologies Corp.(b) | 65,562 | 1,138,812 | ||||||
Foundation Building Materials, Inc.(b) | 59,825 | 1,112,147 | ||||||
GMS, Inc.(b) | 35,821 | 1,073,197 | ||||||
Kansas City Southern | 7,588 | 1,068,239 | ||||||
Masco Corp. | 24,866 | 1,150,052 | ||||||
Mesa Air Group, Inc.(b) | 142,774 | 1,087,938 | ||||||
SkyWest, Inc. | 18,762 | 1,117,277 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco Raymond JamesSB-1 Equity ETF (RYJ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
TPI Composites, Inc.(b)(c) | 56,220 | $ | 1,154,197 | |||||
Union Pacific Corp. | 6,446 | 1,066,555 | ||||||
United Parcel Service, Inc., Class B | 9,481 | 1,091,927 | ||||||
Waste Connections, Inc. | 11,825 | 1,092,630 | ||||||
|
| |||||||
17,688,537 | ||||||||
|
| |||||||
InformationTechnology-17.00% | ||||||||
Alarm.com Holdings, Inc.(b) | 23,228 | 1,147,463 | ||||||
Avnet, Inc. | 26,608 | 1,052,612 | ||||||
Cerence, Inc.(b) | 68,885 | 1,067,717 | ||||||
EchoStar Corp., Class A(b) | 28,429 | 1,108,731 | ||||||
Envestnet, Inc.(b) | 18,295 | 1,143,255 | ||||||
Fidelity National Information Services, Inc. | 8,775 | 1,156,194 | ||||||
GDS Holdings Ltd., ADR (China)(b) | 27,610 | 1,150,785 | ||||||
IPG Photonics Corp.(b) | 7,882 | 1,058,395 | ||||||
Jabil, Inc. | 30,076 | 1,107,398 | ||||||
Lumentum Holdings, Inc.(b) | 20,007 | 1,253,639 | ||||||
Microsoft Corp. | 8,072 | 1,157,283 | ||||||
MiX Telematics Ltd., ADR (South Africa) | 86,607 | 1,090,382 | ||||||
nLight, Inc.(b) | 77,520 | 1,035,667 | ||||||
Nokia Oyj, ADR (Finland)(c) | 212,507 | 775,651 | ||||||
ON Semiconductor Corp.(b) | 57,124 | 1,165,330 | ||||||
QUALCOMM, Inc. | 14,028 | 1,128,412 | ||||||
Rapid7, Inc.(b) | 23,551 | 1,179,670 | ||||||
RingCentral, Inc., Class A(b) | 7,176 | 1,159,068 | ||||||
salesforce.com, inc.(b) | 7,734 | 1,210,294 | ||||||
ServiceNow, Inc.(b) | 4,821 | 1,192,040 | ||||||
SS&C Technologies Holdings, Inc. | 22,612 | 1,176,050 | ||||||
Switch, Inc., Class A | 76,817 | 1,134,587 | ||||||
SYNNEX Corp. | 9,383 | 1,104,754 | ||||||
|
| |||||||
25,755,377 | ||||||||
|
| |||||||
Materials-0.31% | ||||||||
Tecnoglass, Inc. | 55,276 | 467,082 | ||||||
|
| |||||||
RealEstate-7.22% | ||||||||
Agree Realty Corp. | 14,253 | 1,122,709 | ||||||
CBRE Group, Inc., Class A(b) | 21,288 | 1,139,972 | ||||||
CubeSmart | 32,065 | 1,016,460 |
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
CyrusOne, Inc. | 14,484 | $ | 1,032,420 | |||||
Equinix, Inc. | 1,931 | 1,094,452 | ||||||
Invitation Homes, Inc. | 35,810 | 1,102,590 | ||||||
Landmark Infrastructure Partners L.P. | 61,807 | 1,126,124 | ||||||
NexPoint Residential Trust, Inc. | 22,748 | 1,109,420 | ||||||
Retail Opportunity Investments Corp. | 58,089 | 1,084,231 | ||||||
Weyerhaeuser Co. | 37,789 | 1,103,817 | ||||||
|
| |||||||
10,932,195 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 151,349,654 | ||||||
|
| |||||||
Money MarketFunds-0.12% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 192,896 | 192,896 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 151,542,550 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.49% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 3,964,181 | 3,964,181 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 1,320,865 | 1,321,394 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 5,285,575 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-103.51% |
| 156,828,125 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.51)% |
| (5,323,367 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 151,504,758 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Raymond JamesSB-1 Equity ETF (RYJ)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Energy | 20.10 | |||||
Information Technology | 17.00 | |||||
Financials | 15.62 | |||||
Health Care | 13.30 | |||||
Industrials | 11.68 | |||||
Consumer Discretionary | 9.37 | |||||
Real Estate | 7.22 | |||||
Communication Services | 5.30 | |||||
Materials | 0.31 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco S&P 500 BuyWrite ETF (PBP)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-101.83%(b) |
| |||||||
CommunicationServices-10.62% | ||||||||
Activision Blizzard, Inc. | 8,991 | $ | 503,766 | |||||
Alphabet, Inc., Class A(c) | 3,512 | 4,420,906 | ||||||
Alphabet, Inc., Class C(c) | 3,544 | 4,465,830 | ||||||
AT&T, Inc. | 85,646 | 3,296,514 | ||||||
CBS Corp., Class B | 3,834 | 138,177 | ||||||
CenturyLink, Inc. | 11,505 | 148,875 | ||||||
Charter Communications, Inc., Class A(c) | 1,896 | 887,063 | ||||||
Comcast Corp., Class A | 53,163 | 2,382,766 | ||||||
Discovery, Inc., Class A(c) | 1,852 | 49,921 | ||||||
Discovery, Inc., Class C(c) | 4,068 | 102,676 | ||||||
DISH Network Corp., Class A(c) | 2,819 | 96,917 | ||||||
Electronic Arts, Inc.(c) | 3,454 | 332,966 | ||||||
Facebook, Inc., Class A(c) | 28,199 | 5,404,338 | ||||||
Fox Corp., Class A | 4,153 | 133,062 | ||||||
Fox Corp., Class B | 1,904 | 59,481 | ||||||
Interpublic Group of Cos., Inc. (The) | 4,540 | 98,745 | ||||||
Netflix, Inc.(c) | 5,129 | 1,474,126 | ||||||
News Corp., Class A | 4,520 | 61,969 | ||||||
News Corp., Class B | 1,429 | 20,177 | ||||||
Omnicom Group, Inc. | 2,548 | 196,680 | ||||||
Take-Two Interactive Software, Inc.(c) | 1,327 | 159,704 | ||||||
T-Mobile US, Inc.(c) | 3,705 | 306,255 | ||||||
TripAdvisor, Inc.(c) | 1,230 | 49,692 | ||||||
Twitter, Inc.(c) | 9,063 | 271,618 | ||||||
Verizon Communications, Inc. | 48,480 | 2,931,586 | ||||||
Viacom, Inc., Class B | 4,148 | 89,431 | ||||||
Walt Disney Co. (The) | 21,115 | 2,743,261 | ||||||
|
| |||||||
30,826,502 | ||||||||
|
| |||||||
ConsumerDiscretionary-10.19% | ||||||||
Advance Auto Parts, Inc. | 838 | 136,158 | ||||||
Amazon.com, Inc.(c) | 4,868 | 8,648,781 | ||||||
Aptiv PLC | 3,005 | 269,098 | ||||||
AutoZone, Inc.(c) | 288 | 329,581 | ||||||
Best Buy Co., Inc. | 2,720 | 195,378 | ||||||
Booking Holdings, Inc.(c) | 499 | 1,022,336 | ||||||
BorgWarner, Inc. | 2,421 | 100,907 | ||||||
Capri Holdings Ltd.(c) | 1,775 | 55,149 | ||||||
CarMax, Inc.(c) | 1,942 | 180,936 | ||||||
Carnival Corp. | 4,693 | 201,283 | ||||||
Chipotle Mexican Grill, Inc.(c) | 300 | 233,448 | ||||||
D.R. Horton, Inc. | 3,944 | 206,547 | ||||||
Darden Restaurants, Inc. | 1,441 | 161,781 | ||||||
Dollar General Corp. | 3,015 | 483,425 | ||||||
Dollar Tree, Inc.(c) | 2,772 | 306,029 | ||||||
eBay, Inc. | 9,242 | 325,781 | ||||||
Expedia Group, Inc. | 1,640 | 224,122 | ||||||
Ford Motor Co. | 45,934 | 394,573 | ||||||
Gap, Inc. (The) | 2,509 | 40,796 | ||||||
Garmin Ltd. | 1,695 | 158,906 | ||||||
General Motors Co. | 14,726 | 547,218 | ||||||
Genuine Parts Co. | 1,711 | 175,514 | ||||||
H&R Block, Inc. | 2,353 | 58,801 | ||||||
Hanesbrands, Inc. | 4,238 | 64,460 | ||||||
Harley-Davidson, Inc. | 1,837 | 71,478 | ||||||
Hasbro, Inc. | 1,377 | 133,996 | ||||||
Hilton Worldwide Holdings, Inc. | 3,361 | 325,883 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Home Depot, Inc. (The) | 12,835 | $ | 3,010,834 | |||||
Kohl’s Corp. | 1,866 | 95,651 | ||||||
L Brands, Inc. | 2,722 | 46,383 | ||||||
Las Vegas Sands Corp. | 3,970 | 245,505 | ||||||
Leggett & Platt, Inc. | 1,541 | 79,053 | ||||||
Lennar Corp., Class A | 3,332 | 198,587 | ||||||
LKQ Corp.(c) | 3,611 | 122,738 | ||||||
Lowe’s Cos., Inc. | 9,047 | 1,009,736 | ||||||
Macy’s, Inc. | 3,620 | 54,879 | ||||||
Marriott International, Inc., Class A | 3,205 | 405,593 | ||||||
McDonald’s Corp. | 8,901 | 1,750,827 | ||||||
MGM Resorts International | 6,112 | 174,192 | ||||||
Mohawk Industries, Inc.(c) | 701 | 100,509 | ||||||
Newell Brands, Inc. | 4,466 | 84,720 | ||||||
NIKE, Inc., Class B | 14,672 | 1,313,878 | ||||||
Nordstrom, Inc. | 1,252 | 44,947 | ||||||
Norwegian Cruise Line Holdings Ltd.(c) | 2,526 | 128,220 | ||||||
NVR, Inc.(c) | 41 | 149,100 | ||||||
O’Reilly Automotive, Inc.(c) | 899 | 391,524 | ||||||
PulteGroup, Inc. | 3,023 | 118,623 | ||||||
PVH Corp. | 870 | 75,829 | ||||||
Ralph Lauren Corp. | 609 | 58,501 | ||||||
Ross Stores, Inc. | 4,275 | 468,839 | ||||||
Royal Caribbean Cruises Ltd. | 2,012 | 218,966 | ||||||
Starbucks Corp. | 14,031 | 1,186,461 | ||||||
Tapestry, Inc. | 3,361 | 86,915 | ||||||
Target Corp. | 5,987 | 640,070 | ||||||
Tiffany & Co. | 1,274 | 158,626 | ||||||
TJX Cos., Inc. (The) | 14,169 | 816,843 | ||||||
Tractor Supply Co. | 1,400 | 133,028 | ||||||
Ulta Beauty, Inc.(c) | 689 | 160,640 | ||||||
Under Armour, Inc., Class A(c) | 2,207 | 45,575 | ||||||
Under Armour, Inc., Class C(c) | 2,277 | 42,125 | ||||||
VF Corp. | 3,825 | 314,759 | ||||||
Whirlpool Corp. | 745 | 113,329 | ||||||
Wynn Resorts, Ltd. | 1,137 | 137,964 | ||||||
Yum! Brands, Inc. | 3,565 | 362,596 | ||||||
|
| |||||||
29,598,930 | ||||||||
|
| |||||||
ConsumerStaples-7.55% | ||||||||
Altria Group, Inc. | 21,897 | 980,767 | ||||||
Archer-Daniels-Midland Co. | 6,528 | 274,437 | ||||||
Brown-Forman Corp., Class B | 2,134 | 139,820 | ||||||
Campbell Soup Co. | 1,975 | 91,462 | ||||||
Church & Dwight Co., Inc. | 2,896 | 202,546 | ||||||
Clorox Co. (The) | 1,473 | 217,547 | ||||||
Coca-Cola Co. (The) | 45,107 | 2,455,174 | ||||||
Colgate-Palmolive Co. | 10,057 | 689,910 | ||||||
Conagra Brands, Inc. | 5,702 | 154,239 | ||||||
Constellation Brands, Inc., Class A | 1,962 | 373,428 | ||||||
Costco Wholesale Corp. | 5,152 | 1,530,711 | ||||||
Coty, Inc., Class A | 3,449 | 40,319 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 2,593 | 482,998 | ||||||
General Mills, Inc. | 7,073 | 359,733 | ||||||
Hershey Co. (The) | 1,745 | 256,288 | ||||||
Hormel Foods Corp. | 3,256 | 133,138 | ||||||
JM Smucker Co. (The) | 1,337 | 141,294 | ||||||
Kellogg Co. | 2,915 | 185,190 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Kimberly-Clark Corp. | 4,035 | $ | 536,171 | |||||
Kraft Heinz Co. (The) | 7,291 | 235,718 | ||||||
Kroger Co. (The) | 9,361 | 230,655 | ||||||
Lamb Weston Holdings, Inc. | 1,710 | 133,448 | ||||||
McCormick & Co., Inc. | 1,444 | 232,036 | ||||||
Molson Coors Brewing Co., Class B | 2,204 | 116,195 | ||||||
Mondelez International, Inc., Class A | 16,904 | 886,615 | ||||||
Monster Beverage Corp.(c) | 4,535 | 254,550 | ||||||
PepsiCo, Inc. | 16,389 | 2,248,079 | ||||||
Philip Morris International, Inc. | 18,237 | 1,485,221 | ||||||
Procter & Gamble Co. (The) | 29,332 | 3,652,127 | ||||||
Sysco Corp. | 6,015 | 480,418 | ||||||
Tyson Foods, Inc., Class A | 3,454 | 285,957 | ||||||
Walgreens Boots Alliance, Inc. | 8,891 | 487,049 | ||||||
Walmart, Inc. | 16,670 | 1,954,724 | ||||||
|
| |||||||
21,927,964 | ||||||||
|
| |||||||
Energy-4.40% | ||||||||
Apache Corp. | 4,405 | 95,412 | ||||||
Baker Hughes Co. | 7,609 | 162,833 | ||||||
Cabot Oil & Gas Corp. | 4,902 | 91,373 | ||||||
Chevron Corp. | 22,250 | 2,584,115 | ||||||
Cimarex Energy Co. | 1,187 | 50,115 | ||||||
Concho Resources, Inc. | 2,357 | 159,145 | ||||||
ConocoPhillips | 13,013 | 718,318 | ||||||
Devon Energy Corp. | 4,737 | 96,066 | ||||||
Diamondback Energy, Inc. | 1,912 | 163,973 | ||||||
EOG Resources, Inc. | 6,802 | 471,447 | ||||||
Exxon Mobil Corp. | 49,592 | 3,350,931 | ||||||
Halliburton Co. | 10,267 | 197,640 | ||||||
Helmerich & Payne, Inc. | 1,282 | 48,075 | ||||||
Hess Corp. | 3,032 | 199,354 | ||||||
HollyFrontier Corp. | 1,773 | 97,409 | ||||||
Kinder Morgan, Inc. | 22,819 | 455,924 | ||||||
Marathon Oil Corp. | 9,423 | 108,647 | ||||||
Marathon Petroleum Corp. | 7,718 | 493,566 | ||||||
National Oilwell Varco, Inc. | 4,523 | 102,310 | ||||||
Noble Energy, Inc. | 5,606 | 107,972 | ||||||
Occidental Petroleum Corp. | 10,484 | 424,602 | ||||||
ONEOK, Inc. | 4,841 | 338,047 | ||||||
Phillips 66 | 5,257 | 614,123 | ||||||
Pioneer Natural Resources Co. | 1,961 | 241,242 | ||||||
Schlumberger Ltd. | 16,209 | 529,872 | ||||||
TechnipFMC PLC (United Kingdom) | 4,917 | 97,012 | ||||||
Valero Energy Corp. | 4,859 | 471,226 | ||||||
Williams Cos., Inc. (The) | 14,206 | 316,936 | ||||||
|
| |||||||
12,787,685 | ||||||||
|
| |||||||
Financials-13.19% | ||||||||
Affiliated Managers Group, Inc. | 595 | 47,529 | ||||||
Aflac, Inc. | 8,678 | 461,322 | ||||||
Allstate Corp. (The) | 3,858 | 410,568 | ||||||
American Express Co. | 7,975 | 935,308 | ||||||
American International Group, Inc. | 10,195 | 539,927 | ||||||
Ameriprise Financial, Inc. | 1,533 | 231,314 | ||||||
Aon PLC | 2,763 | 533,701 | ||||||
Arthur J. Gallagher & Co. | 2,182 | 199,042 | ||||||
Assurant, Inc. | 715 | 90,140 | ||||||
Bank of America Corp. | 98,196 | 3,070,589 | ||||||
Bank of New York Mellon Corp. (The) | 10,055 | 470,071 | ||||||
BB&T Corp. | 8,981 | 476,442 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Berkshire Hathaway, Inc., Class B(c) | 22,985 | $ | 4,886,151 | |||||
BlackRock, Inc. | 1,379 | 636,684 | ||||||
Capital One Financial Corp. | 5,512 | 513,994 | ||||||
Cboe Global Markets, Inc. | 1,309 | 150,731 | ||||||
Charles Schwab Corp. (The) | 13,635 | 555,081 | ||||||
Chubb Ltd. | 5,343 | 814,380 | ||||||
Cincinnati Financial Corp. | 1,780 | 201,514 | ||||||
Citigroup, Inc. | 26,477 | 1,902,637 | ||||||
Citizens Financial Group, Inc. | 5,240 | 184,238 | ||||||
CME Group, Inc., Class A | 4,196 | 863,327 | ||||||
Comerica, Inc. | 1,749 | 114,420 | ||||||
Discover Financial Services | 3,731 | 299,450 | ||||||
E*TRADE Financial Corp. | 2,809 | 117,388 | ||||||
Everest Re Group, Ltd. | 477 | 122,632 | ||||||
Fifth Third Bancorp | 8,560 | 248,925 | ||||||
First Republic Bank | 1,971 | 209,636 | ||||||
Franklin Resources, Inc. | 3,304 | 91,025 | ||||||
Globe Life, Inc. | 1,179 | 114,752 | ||||||
Goldman Sachs Group, Inc. (The) | 3,808 | 812,551 | ||||||
Hartford Financial Services Group, Inc. (The) | 4,238 | 241,905 | ||||||
Huntington Bancshares, Inc. | 12,166 | 171,906 | ||||||
Intercontinental Exchange, Inc. | 6,568 | 619,494 | ||||||
Invesco Ltd.(d) | 4,516 | 75,959 | ||||||
JPMorgan Chase & Co. | 37,477 | 4,681,627 | ||||||
KeyCorp | 11,758 | 211,291 | ||||||
Lincoln National Corp. | 2,347 | 132,559 | ||||||
Loews Corp. | 3,046 | 149,254 | ||||||
M&T Bank Corp. | 1,567 | 245,282 | ||||||
MarketAxess Holdings, Inc. | 442 | 162,917 | ||||||
Marsh & McLennan Cos., Inc. | 5,932 | 614,674 | ||||||
MetLife, Inc. | 9,331 | 436,597 | ||||||
Moody’s Corp. | 1,908 | 421,077 | ||||||
Morgan Stanley | 14,723 | 677,994 | ||||||
MSCI, Inc. | 992 | 232,684 | ||||||
Nasdaq, Inc. | 1,352 | 134,889 | ||||||
Northern Trust Corp. | 2,517 | 250,895 | ||||||
People’s United Financial, Inc. | 4,673 | 75,562 | ||||||
PNC Financial Services Group, Inc. (The) | 5,219 | 765,627 | ||||||
Principal Financial Group, Inc. | 3,037 | 162,115 | ||||||
Progressive Corp. (The) | 6,853 | 477,654 | ||||||
Prudential Financial, Inc. | 4,711 | 429,361 | ||||||
Raymond James Financial, Inc. | 1,446 | 120,727 | ||||||
Regions Financial Corp. | 11,697 | 188,322 | ||||||
S&P Global, Inc. | 2,887 | 744,817 | ||||||
State Street Corp. | 4,366 | 288,462 | ||||||
SunTrust Banks, Inc. | 5,203 | 355,573 | ||||||
SVB Financial Group(c) | 606 | 134,217 | ||||||
Synchrony Financial | 7,155 | 253,072 | ||||||
T. Rowe Price Group, Inc. | 2,760 | 319,608 | ||||||
Travelers Cos., Inc. (The) | 3,050 | 399,733 | ||||||
U.S. Bancorp | 16,807 | 958,335 | ||||||
Unum Group | 2,447 | 67,390 | ||||||
Wells Fargo & Co. | 46,995 | 2,426,352 | ||||||
Willis Towers Watson PLC | 1,511 | 282,406 | ||||||
Zions Bancorp. N.A. | 2,074 | 100,527 | ||||||
|
| |||||||
38,316,333 | ||||||||
|
| |||||||
HealthCare-14.28% | ||||||||
Abbott Laboratories | 20,715 | 1,731,981 | ||||||
AbbVie, Inc. | 17,329 | 1,378,522 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
ABIOMED, Inc.(c) | 532 | $ | 110,433 | |||||
Agilent Technologies, Inc. | 3,627 | 274,745 | ||||||
Alexion Pharmaceuticals, Inc.(c) | 2,628 | 276,991 | ||||||
Align Technology, Inc.(c) | 853 | 215,203 | ||||||
Allergan PLC | 3,843 | 676,791 | ||||||
AmerisourceBergen Corp. | 1,782 | 152,147 | ||||||
Amgen, Inc. | 7,028 | 1,498,721 | ||||||
Anthem, Inc. | 3,000 | 807,240 | ||||||
Baxter International, Inc. | 5,983 | 458,896 | ||||||
Becton, Dickinson and Co. | 3,165 | 810,240 | ||||||
Biogen, Inc.(c) | 2,163 | 646,110 | ||||||
Boston Scientific Corp.(c) | 16,327 | 680,836 | ||||||
Bristol-Myers Squibb Co. | 19,173 | 1,099,955 | ||||||
Cardinal Health, Inc. | 3,496 | 172,877 | ||||||
Celgene Corp.(c) | 8,305 | 897,189 | ||||||
Centene Corp.(c) | 4,850 | 257,438 | ||||||
Cerner Corp. | 3,733 | 250,559 | ||||||
Cigna Corp. | 4,426 | 789,864 | ||||||
Cooper Cos., Inc. (The) | 583 | 169,653 | ||||||
CVS Health Corp. | 15,242 | 1,011,916 | ||||||
Danaher Corp. | 7,485 | 1,031,583 | ||||||
DaVita, Inc.(c) | 1,137 | 66,628 | ||||||
DENTSPLY SIRONA, Inc. | 2,628 | 143,962 | ||||||
Edwards Lifesciences Corp.(c) | 2,439 | 581,409 | ||||||
Eli Lilly and Co. | 9,957 | 1,134,600 | ||||||
Gilead Sciences, Inc. | 14,845 | 945,775 | ||||||
HCA Healthcare, Inc. | 3,117 | 416,244 | ||||||
Henry Schein, Inc.(c) | 1,736 | 108,648 | ||||||
Hologic, Inc.(c) | 3,132 | 151,307 | ||||||
Humana, Inc. | 1,584 | 466,013 | ||||||
IDEXX Laboratories, Inc.(c) | 1,009 | 287,575 | ||||||
Illumina, Inc.(c) | 1,722 | 508,885 | ||||||
Incyte Corp.(c) | 2,092 | 175,561 | ||||||
Intuitive Surgical, Inc.(c) | 1,351 | 747,035 | ||||||
IQVIA Holdings, Inc.(c) | 2,136 | 308,481 | ||||||
Johnson & Johnson | 30,934 | 4,084,525 | ||||||
Laboratory Corp. of America Holdings(c) | 1,147 | 188,991 | ||||||
McKesson Corp. | 2,168 | 288,344 | ||||||
Medtronic PLC | 15,725 | 1,712,453 | ||||||
Merck & Co., Inc. | 30,011 | 2,600,753 | ||||||
Mettler-Toledo International, Inc.(c) | 288 | 203,023 | ||||||
Mylan N.V.(c) | 6,047 | 115,800 | ||||||
PerkinElmer, Inc. | 1,302 | 111,920 | ||||||
Perrigo Co. PLC | 1,595 | 84,567 | ||||||
Pfizer, Inc. | 64,829 | 2,487,489 | ||||||
Quest Diagnostics, Inc. | 1,579 | 159,874 | ||||||
Regeneron Pharmaceuticals, Inc.(c) | 935 | 286,372 | ||||||
ResMed, Inc. | 1,685 | 249,245 | ||||||
Stryker Corp. | 3,762 | 813,608 | ||||||
Teleflex, Inc. | 542 | 188,296 | ||||||
Thermo Fisher Scientific, Inc. | 4,693 | 1,417,192 | ||||||
UnitedHealth Group, Inc. | 11,108 | 2,806,992 | ||||||
Universal Health Services, Inc., Class B | 951 | 130,724 | ||||||
Varian Medical Systems, Inc.(c) | 1,068 | 129,025 | ||||||
Vertex Pharmaceuticals, Inc.(c) | 3,015 | 589,372 | ||||||
Waters Corp.(c) | 783 | 165,699 | ||||||
WellCare Health Plans, Inc.(c) | 590 | 174,994 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Zimmer Biomet Holdings, Inc. | 2,407 | $ | 332,720 | |||||
Zoetis, Inc. | 5,598 | 716,096 | ||||||
|
| |||||||
41,480,087 | ||||||||
|
| |||||||
Industrials-9.41% | ||||||||
3M Co. | 6,741 | 1,112,198 | ||||||
A.O. Smith Corp. | 1,623 | 80,631 | ||||||
Alaska Air Group, Inc. | 1,447 | 100,465 | ||||||
Allegion PLC | 1,095 | 127,064 | ||||||
American Airlines Group, Inc. | 4,643 | 139,569 | ||||||
AMETEK, Inc. | 2,678 | 245,439 | ||||||
Arconic, Inc. | 4,541 | 124,741 | ||||||
Boeing Co. (The) | 6,265 | 2,129,536 | ||||||
C.H. Robinson Worldwide, Inc. | 1,587 | 120,041 | ||||||
Caterpillar, Inc. | 6,595 | 908,791 | ||||||
Cintas Corp. | 973 | 261,416 | ||||||
Copart, Inc.(c) | 2,363 | 195,278 | ||||||
CSX Corp. | 9,353 | 657,235 | ||||||
Cummins, Inc. | 1,849 | 318,915 | ||||||
Deere & Co. | 3,690 | 642,577 | ||||||
Delta Air Lines, Inc. | 6,782 | 373,552 | ||||||
Dover Corp. | 1,707 | 177,340 | ||||||
Eaton Corp. PLC | 4,922 | 428,755 | ||||||
Emerson Electric Co. | 7,211 | 505,852 | ||||||
Equifax, Inc. | 1,419 | 193,991 | ||||||
Expeditors International of Washington, Inc. | 1,999 | 145,807 | ||||||
Fastenal Co. | 6,719 | 241,481 | ||||||
FedEx Corp. | 2,811 | 429,127 | ||||||
Flowserve Corp. | 1,538 | 75,116 | ||||||
Fortive Corp. | 3,461 | 238,809 | ||||||
Fortune Brands Home & Security, Inc. | 1,641 | 98,542 | ||||||
General Dynamics Corp. | 2,744 | 485,139 | ||||||
General Electric Co. | 102,293 | 1,020,884 | ||||||
Honeywell International, Inc. | 8,434 | 1,456,805 | ||||||
Huntington Ingalls Industries, Inc. | 484 | 109,219 | ||||||
IDEX Corp. | 890 | 138,422 | ||||||
IHS Markit Ltd.(c) | 4,701 | 329,164 | ||||||
Illinois Tool Works, Inc. | 3,450 | 581,601 | ||||||
Ingersoll-Rand PLC | 2,831 | 359,226 | ||||||
J.B. Hunt Transport Services, Inc. | 1,001 | 117,678 | ||||||
Jacobs Engineering Group, Inc. | 1,588 | 148,605 | ||||||
Johnson Controls International PLC | 9,328 | 404,182 | ||||||
Kansas City Southern | 1,181 | 166,261 | ||||||
L3Harris Technologies, Inc. | 2,617 | 539,913 | ||||||
Lockheed Martin Corp. | 2,913 | 1,097,269 | ||||||
Masco Corp. | 3,393 | 156,926 | ||||||
Nielsen Holdings PLC | 4,169 | 84,047 | ||||||
Norfolk Southern Corp. | 3,087 | 561,834 | ||||||
Northrop Grumman Corp. | 1,844 | 649,973 | ||||||
PACCAR, Inc. | 4,062 | 308,956 | ||||||
Parker-Hannifin Corp. | 1,504 | 275,969 | ||||||
Pentair PLC | 1,972 | 81,779 | ||||||
Quanta Services, Inc. | 1,668 | 70,139 | ||||||
Raytheon Co. | 3,266 | 693,078 | ||||||
Republic Services, Inc. | 2,483 | 217,287 | ||||||
Robert Half International, Inc. | 1,380 | 79,033 | ||||||
Rockwell Automation, Inc. | 1,372 | 235,970 | ||||||
Rollins, Inc. | 1,652 | 62,958 | ||||||
Roper Technologies, Inc. | 1,218 | 410,417 | ||||||
Snap-on, Inc. | 650 | 105,735 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Southwest Airlines Co. | 5,668 | $ | 318,145 | |||||
Stanley Black & Decker, Inc. | 1,777 | 268,913 | ||||||
Textron, Inc. | 2,698 | 124,351 | ||||||
TransDigm Group, Inc. | 583 | 306,821 | ||||||
Union Pacific Corp. | 8,260 | 1,366,700 | ||||||
United Airlines Holdings, Inc.(c) | 2,590 | 235,276 | ||||||
United Parcel Service, Inc., Class B | 8,186 | 942,782 | ||||||
United Rentals, Inc.(c) | 907 | 121,148 | ||||||
United Technologies Corp. | 9,508 | 1,365,159 | ||||||
Verisk Analytics, Inc. | 1,918 | 277,535 | ||||||
W.W. Grainger, Inc. | 518 | 159,979 | ||||||
Wabtec Corp. | 2,135 | 148,105 | ||||||
Waste Management, Inc. | 4,576 | 513,473 | ||||||
Xylem, Inc. | 2,111 | 161,893 | ||||||
|
| |||||||
27,331,017 | ||||||||
|
| |||||||
InformationTechnology-22.71% | ||||||||
Accenture PLC, Class A | 7,470 | 1,385,087 | ||||||
Adobe, Inc.(c) | 5,688 | 1,580,866 | ||||||
Advanced Micro Devices, Inc.(c) | 12,725 | 431,759 | ||||||
Akamai Technologies, Inc.(c) | 1,935 | 167,377 | ||||||
Alliance Data Systems Corp. | 479 | 47,900 | ||||||
Amphenol Corp., Class A | 3,488 | 349,951 | ||||||
Analog Devices, Inc. | 4,331 | 461,815 | ||||||
ANSYS, Inc.(c) | 985 | 216,848 | ||||||
Apple, Inc. | 49,794 | 12,386,755 | ||||||
Applied Materials, Inc. | 10,828 | 587,527 | ||||||
Arista Networks, Inc.(c) | 640 | 156,525 | ||||||
Autodesk, Inc.(c) | 2,573 | 379,157 | ||||||
Automatic Data Processing, Inc. | 5,088 | 825,426 | ||||||
Broadcom, Inc. | 4,665 | 1,366,145 | ||||||
Broadridge Financial Solutions, Inc. | 1,340 | 167,795 | ||||||
Cadence Design Systems, Inc.(c) | 3,285 | 214,675 | ||||||
CDW Corp. | 1,698 | 217,191 | ||||||
Cisco Systems, Inc. | 49,761 | 2,364,145 | ||||||
Citrix Systems, Inc. | 1,444 | 157,194 | ||||||
Cognizant Technology Solutions Corp., Class A | 6,472 | 394,404 | ||||||
Corning, Inc. | 9,152 | 271,174 | ||||||
DXC Technology Co. | 3,070 | 84,947 | ||||||
F5 Networks, Inc.(c) | 704 | 101,432 | ||||||
Fidelity National Information Services, Inc. | 7,191 | 947,486 | ||||||
Fiserv, Inc.(c) | 6,692 | 710,289 | ||||||
FleetCor Technologies, Inc.(c) | 1,014 | 298,339 | ||||||
FLIR Systems, Inc. | 1,590 | 81,980 | ||||||
Fortinet, Inc.(c) | 1,665 | 135,797 | ||||||
Gartner, Inc.(c) | 1,057 | 162,863 | ||||||
Global Payments, Inc. | 3,518 | 595,175 | ||||||
Hewlett Packard Enterprise Co. | 15,303 | 251,122 | ||||||
HP, Inc. | 17,369 | 301,700 | ||||||
Intel Corp. | 51,926 | 2,935,377 | ||||||
International Business Machines Corp. | 10,385 | 1,388,786 | ||||||
Intuit, Inc. | 3,046 | 784,345 | ||||||
IPG Photonics Corp.(c) | 417 | 55,995 | ||||||
Jack Henry & Associates, Inc. | 905 | 128,112 | ||||||
Juniper Networks, Inc. | 4,055 | 100,645 | ||||||
Keysight Technologies, Inc.(c) | 2,200 | 222,002 | ||||||
KLA Corp. | 1,868 | 315,767 | ||||||
Lam Research Corp. | 1,696 | 459,684 | ||||||
Leidos Holdings, Inc. | 1,585 | 136,675 | ||||||
Mastercard, Inc., Class A | 10,463 | 2,896,263 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Maxim Integrated Products, Inc. | 3,180 | $ | 186,539 | |||||
Microchip Technology, Inc. | 2,788 | 262,880 | ||||||
Micron Technology, Inc.(c) | 12,938 | 615,202 | ||||||
Microsoft Corp. | 89,499 | 12,831,472 | ||||||
Motorola Solutions, Inc. | 1,942 | 322,993 | ||||||
NetApp, Inc. | 2,787 | 155,738 | ||||||
NVIDIA Corp. | 7,138 | 1,434,881 | ||||||
Oracle Corp. | 25,807 | 1,406,223 | ||||||
Paychex, Inc. | 3,750 | 313,650 | ||||||
PayPal Holdings, Inc.(c) | 13,793 | 1,435,851 | ||||||
Qorvo, Inc.(c) | 1,382 | 111,749 | ||||||
QUALCOMM, Inc. | 14,249 | 1,146,190 | ||||||
salesforce.com, inc.(c) | 10,280 | 1,608,717 | ||||||
Seagate Technology PLC | 2,773 | 160,917 | ||||||
Skyworks Solutions, Inc. | 2,011 | 183,122 | ||||||
Symantec Corp. | 6,665 | 152,495 | ||||||
Synopsys, Inc.(c) | 1,760 | 238,920 | ||||||
TE Connectivity Ltd. | 3,938 | 352,451 | ||||||
Texas Instruments, Inc. | 10,941 | 1,290,929 | ||||||
VeriSign, Inc.(c) | 1,220 | 231,824 | ||||||
Visa, Inc., Class A | 20,241 | 3,620,305 | ||||||
Western Digital Corp. | 3,470 | 179,225 | ||||||
Western Union Co. (The) | 4,969 | 124,523 | ||||||
Xerox Holdings Corp. | 2,232 | 75,732 | ||||||
Xilinx, Inc. | 2,962 | 268,772 | ||||||
|
| |||||||
65,935,797 | ||||||||
|
| |||||||
Materials-2.72% | ||||||||
Air Products and Chemicals, Inc. | 2,583 | 550,851 | ||||||
Albemarle Corp. | 1,242 | 75,439 | ||||||
Amcor PLC | 19,042 | 181,280 | ||||||
Avery Dennison Corp. | 986 | 126,070 | ||||||
Ball Corp. | 3,891 | 272,253 | ||||||
Celanese Corp. | 1,448 | 175,425 | ||||||
CF Industries Holdings, Inc. | 2,558 | 116,005 | ||||||
Corteva, Inc. | 8,779 | 231,590 | ||||||
Dow, Inc. | 8,711 | 439,818 | ||||||
DuPont de Nemours, Inc. | 8,739 | 575,988 | ||||||
Eastman Chemical Co. | 1,606 | 122,120 | ||||||
Ecolab, Inc. | 2,935 | 563,725 | ||||||
FMC Corp. | 1,528 | 139,812 | ||||||
Freeport-McMoRan, Inc. | 17,005 | 166,989 | ||||||
International Flavors & Fragrances, Inc. | 1,251 | 152,635 | ||||||
International Paper Co. | 4,602 | 201,015 | ||||||
Linde PLC (United Kingdom) | 6,336 | 1,256,746 | ||||||
LyondellBasell Industries N.V., Class A | 3,024 | 271,253 | ||||||
Martin Marietta Materials, Inc. | 732 | 191,718 | ||||||
Mosaic Co. (The) | 4,160 | 82,701 | ||||||
Newmont Goldcorp Corp. | 9,608 | 381,726 | ||||||
Nucor Corp. | 3,551 | 191,221 | ||||||
Packaging Corp. of America | 1,110 | 121,501 | ||||||
PPG Industries, Inc. | 2,768 | 346,332 | ||||||
Sealed Air Corp. | 1,811 | 75,645 | ||||||
Sherwin-Williams Co. (The) | 961 | 550,000 | ||||||
Vulcan Materials Co. | 1,551 | 221,591 | ||||||
Westrock Co. | 3,018 | 112,783 | ||||||
|
| |||||||
7,894,232 | ||||||||
|
| |||||||
RealEstate-3.21% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,330 | 211,137 | ||||||
American Tower Corp. | 5,187 | 1,131,181 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Apartment Investment & Management Co., Class A | 1,744 | $ | 95,711 | |||||
AvalonBay Communities, Inc. | 1,638 | 356,527 | ||||||
Boston Properties, Inc. | 1,686 | 231,319 | ||||||
CBRE Group, Inc., Class A(c) | 3,943 | 211,148 | ||||||
Crown Castle International Corp. | 4,871 | 676,046 | ||||||
Digital Realty Trust, Inc. | 2,443 | 310,359 | ||||||
Duke Realty Corp. | 4,237 | 148,888 | ||||||
Equinix, Inc. | 994 | 563,379 | ||||||
Equity Residential | 4,084 | 362,087 | ||||||
Essex Property Trust, Inc. | 770 | 251,890 | ||||||
Extra Space Storage, Inc. | 1,505 | 168,966 | ||||||
Federal Realty Investment Trust | 818 | 111,256 | ||||||
HCP, Inc. | 5,757 | 216,578 | ||||||
Host Hotels & Resorts, Inc. | 8,553 | 140,184 | ||||||
Iron Mountain, Inc. | 3,364 | 110,339 | ||||||
Kimco Realty Corp. | 4,946 | 106,636 | ||||||
Macerich Co. (The) | 1,291 | 35,503 | ||||||
Mid-America Apartment Communities, Inc. | 1,337 | 185,830 | ||||||
Prologis, Inc. | 7,398 | 649,248 | ||||||
Public Storage | 1,759 | 392,011 | ||||||
Realty Income Corp. | 3,731 | 305,158 | ||||||
Regency Centers Corp. | 1,966 | 132,194 | ||||||
SBA Communications Corp., Class A | 1,326 | 319,102 | ||||||
Simon Property Group, Inc. | 3,609 | 543,804 | ||||||
SL Green Realty Corp. | 965 | 80,674 | ||||||
UDR, Inc. | 3,432 | 172,458 | ||||||
Ventas, Inc. | 4,366 | 284,227 | ||||||
Vornado Realty Trust | 1,856 | 121,809 | ||||||
Welltower, Inc. | 4,749 | 430,687 | ||||||
Weyerhaeuser Co. | 8,731 | 255,033 | ||||||
|
| |||||||
9,311,369 | ||||||||
|
| |||||||
Utilities-3.55% | ||||||||
AES Corp. (The) | 7,780 | 132,649 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Alliant Energy Corp. | 2,782 | $ | 148,392 | |||||
Ameren Corp. | 2,881 | 223,854 | ||||||
American Electric Power Co., Inc. | 5,787 | 546,235 | ||||||
American Water Works Co., Inc. | 2,118 | 261,086 | ||||||
Atmos Energy Corp. | 1,387 | 156,010 | ||||||
CenterPoint Energy, Inc. | 5,888 | 171,164 | ||||||
CMS Energy Corp. | 3,325 | 212,534 | ||||||
Consolidated Edison, Inc. | 3,892 | 358,920 | ||||||
Dominion Energy, Inc. | 9,632 | 795,122 | ||||||
DTE Energy Co. | 2,149 | 273,611 | ||||||
Duke Energy Corp. | 8,542 | 805,169 | ||||||
Edison International | 4,196 | 263,928 | ||||||
Entergy Corp. | 2,330 | 283,048 | ||||||
Evergy, Inc. | 2,762 | 176,519 | ||||||
Eversource Energy | 3,794 | 317,710 | ||||||
Exelon Corp. | 11,389 | 518,086 | ||||||
FirstEnergy Corp. | 6,329 | 305,817 | ||||||
NextEra Energy, Inc. | 5,728 | 1,365,211 | ||||||
NiSource, Inc. | 4,375 | 122,675 | ||||||
NRG Energy, Inc. | 2,966 | 118,996 | ||||||
Pinnacle West Capital Corp. | 1,317 | 123,956 | ||||||
PPL Corp. | 8,466 | 283,526 | ||||||
Public Service Enterprise Group, Inc. | 5,924 | 375,048 | ||||||
Sempra Energy | 3,219 | 465,178 | ||||||
Southern Co. (The) | 12,250 | 767,585 | ||||||
WEC Energy Group, Inc. | 3,697 | 348,997 | ||||||
Xcel Energy, Inc. | 6,147 | 390,396 | ||||||
|
| |||||||
10,311,422 | ||||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.83% |
| 295,721,338 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.83)% |
| (5,316,685 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 290,404,653 | ||||||
|
|
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) | A portion of the securities in the Fund are subject to covered call options written. See Note 2L and Note 5. |
(c) | Non-income producing security. |
(d) | The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||||||||||||||||||||
Invesco Ltd. | $ | 116,221 | $ | 23,104 | $ | (36,782 | ) | $ | 1,137 | $ | (27,721 | ) | $ | 75,959 | $ | 3,272 | ||||||||||||||||
Open Exchange-Traded Index Options Written | ||||||||||||||||||||||||||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Premiums Received | Notional Value* | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Equity Risk | ||||||||||||||||||||||||||||||||
S&P 500 Index | Call | 11/15/2019 | 972 | $ | 2,995 | $ | (3,422,471 | ) | $ | 291,114,000 | $ | (5,316,840 | ) | $ | (1,894,369 | ) |
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Information Technology | 22.71 | |||||
Health Care | 14.28 | |||||
Financials | 13.19 | |||||
Communication Services | 10.62 | |||||
Consumer Discretionary | 10.19 | |||||
Industrials | 9.41 | |||||
Consumer Staples | 7.55 | |||||
Energy | 4.40 | |||||
Utilities | 3.55 | |||||
Real Estate | 3.21 | |||||
Materials | 2.72 | |||||
Other Assets Less Liabilities | (1.83 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco S&P 500®Quality ETF (SPHQ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
CommunicationServices-0.06% | ||||||||
TripAdvisor, Inc.(b) | 24,545 | $ | 991,618 | |||||
|
| |||||||
ConsumerDiscretionary-9.23% | ||||||||
Advance Auto Parts, Inc. | 17,624 | 2,863,548 | ||||||
Best Buy Co., Inc. | 83,741 | 6,015,116 | ||||||
Booking Holdings, Inc.(b) | 13,123 | 26,886,009 | ||||||
Darden Restaurants, Inc. | 29,052 | 3,261,668 | ||||||
Dollar General Corp. | 58,287 | 9,345,738 | ||||||
eBay, Inc. | 209,854 | 7,397,353 | ||||||
Garmin Ltd. | 28,263 | 2,649,656 | ||||||
NIKE, Inc., Class B | 419,495 | 37,565,777 | ||||||
PulteGroup, Inc. | 57,456 | 2,254,573 | ||||||
Ross Stores, Inc. | 104,436 | 11,453,496 | ||||||
TJX Cos., Inc. (The) | 390,086 | 22,488,458 | ||||||
Ulta Beauty, Inc.(b) | 16,327 | 3,806,640 | ||||||
Under Armour, Inc., Class A(b)(c) | 38,450 | 793,993 | ||||||
VF Corp | 74,052 | 6,093,739 | ||||||
|
| |||||||
142,875,764 | ||||||||
|
| |||||||
ConsumerStaples-10.68% | ||||||||
Costco Wholesale Corp. | 93,018 | 27,636,578 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 57,010 | 10,619,253 | ||||||
Monster Beverage Corp.(b) | 112,958 | 6,340,332 | ||||||
PepsiCo, Inc. | 392,921 | 53,896,973 | ||||||
Procter & Gamble Co. (The) | 536,570 | 66,808,331 | ||||||
|
| |||||||
165,301,467 | ||||||||
|
| |||||||
Energy-4.86% | ||||||||
Cabot Oil & Gas Corp. | 119,115 | 2,220,304 | ||||||
Chevron Corp. | 405,142 | 47,053,192 | ||||||
ConocoPhillips | 289,222 | 15,965,054 | ||||||
Devon Energy Corp. | 138,118 | 2,801,033 | ||||||
Occidental Petroleum Corp. | 175,353 | 7,101,796 | ||||||
|
| |||||||
75,141,379 | ||||||||
|
| |||||||
Financials-4.42% | ||||||||
Aflac, Inc. | 165,933 | 8,820,998 | ||||||
Ameriprise Financial, Inc. | 33,591 | 5,068,546 | ||||||
Charles Schwab Corp. (The) | 409,808 | 16,683,284 | ||||||
Cincinnati Financial Corp. | 36,074 | 4,083,937 | ||||||
E*TRADE Financial Corp. | 76,130 | 3,181,473 | ||||||
Everest Re Group, Ltd. | 9,342 | 2,401,735 | ||||||
Franklin Resources, Inc. | 91,729 | 2,527,134 | ||||||
Globe Life, Inc. | 24,176 | 2,353,050 | ||||||
Hartford Financial Services Group, Inc. (The). | 81,688 | 4,662,751 | ||||||
Huntington Bancshares, Inc. | 233,843 | 3,304,201 | ||||||
Lincoln National Corp. | 48,620 | 2,746,058 | ||||||
Principal Financial Group, Inc. | 63,252 | 3,376,392 | ||||||
SVB Financial Group(b) | 12,737 | 2,820,991 | ||||||
T. Rowe Price Group, Inc. | 54,976 | 6,366,221 | ||||||
|
| |||||||
68,396,771 | ||||||||
|
| |||||||
HealthCare-20.44% | ||||||||
Agilent Technologies, Inc. | 74,356 | 5,632,467 | ||||||
Align Technology, Inc.(b) | 20,076 | 5,064,974 | ||||||
Amgen, Inc. | 181,452 | 38,694,639 | ||||||
Biogen, Inc.(b) | 46,102 | 13,771,128 | ||||||
Bristol-Myers Squibb Co. | 404,458 | 23,203,755 | ||||||
Edwards Lifesciences Corp.(b) | 50,212 | 11,969,537 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Gilead Sciences, Inc. | 373,135 | $ | 23,772,431 | |||||
Johnson & Johnson | 525,205 | 69,348,068 | ||||||
Merck & Co., Inc. | 673,368 | 58,354,071 | ||||||
Mettler-Toledo International, Inc.(b) | 6,435 | 4,536,289 | ||||||
Pfizer, Inc. | 1,268,050 | 48,655,078 | ||||||
ResMed, Inc. | 32,262 | 4,772,195 | ||||||
Varian Medical Systems, Inc.(b) | 23,676 | 2,860,298 | ||||||
Waters Corp.(b) | 27,248 | 5,766,222 | ||||||
|
| |||||||
316,401,152 | ||||||||
|
| |||||||
Industrials-8.58% | ||||||||
3M Co. | 138,753 | 22,892,858 | ||||||
A.O. Smith Corp. | 33,041 | 1,641,477 | ||||||
C.H. Robinson Worldwide, Inc. | 33,121 | 2,505,272 | ||||||
Copart, Inc.(b) | 44,326 | 3,663,101 | ||||||
Cummins, Inc. | 32,330 | 5,576,278 | ||||||
Dover Corp. | 35,362 | 3,673,758 | ||||||
Expeditors International of Washington, Inc. | 37,406 | 2,728,394 | ||||||
Fastenal Co. | 130,256 | 4,681,401 | ||||||
Honeywell International, Inc. | 183,294 | 31,660,373 | ||||||
Huntington Ingalls Industries, Inc. | 9,702 | 2,189,353 | ||||||
Illinois Tool Works, Inc. | 76,162 | 12,839,390 | ||||||
Pentair PLC | 51,293 | 2,127,121 | ||||||
Raytheon Co. | 62,671 | 13,299,413 | ||||||
Robert Half International, Inc. | 33,381 | 1,911,730 | ||||||
Rockwell Automation, Inc. | 34,058 | 5,857,635 | ||||||
Rollins, Inc. | 35,635 | 1,358,050 | ||||||
Snap-on, Inc. | 12,664 | 2,060,053 | ||||||
Southwest Airlines Co. | 116,049 | 6,513,830 | ||||||
Textron, Inc. | 51,702 | 2,382,945 | ||||||
W.W. Grainger, Inc. | 10,411 | 3,215,333 | ||||||
|
| |||||||
132,777,765 | ||||||||
|
| |||||||
InformationTechnology-40.50% | ||||||||
Accenture PLC, Class A | 152,680 | 28,309,926 | ||||||
Apple, Inc. | 364,605 | 90,699,140 | ||||||
Applied Materials, Inc. | 240,812 | 13,066,459 | ||||||
Automatic Data Processing, Inc. | 96,674 | 15,683,423 | ||||||
Broadridge Financial Solutions, Inc. | 24,081 | 3,015,423 | ||||||
Cisco Systems, Inc. | 1,269,768 | 60,326,678 | ||||||
Citrix Systems, Inc. | 26,207 | 2,852,894 | ||||||
Fortinet, Inc.(b) | 48,960 | 3,993,178 | ||||||
Intel Corp. | 910,331 | 51,461,011 | ||||||
Intuit, Inc. | 65,008 | 16,739,560 | ||||||
Juniper Networks, Inc. | 67,554 | 1,676,690 | ||||||
KLA Corp. | 43,945 | 7,428,463 | ||||||
Lam Research Corp. | 51,427 | 13,938,774 | ||||||
Mastercard, Inc., Class A | 258,285 | 71,495,871 | ||||||
Microsoft Corp. | 538,463 | 77,199,440 | ||||||
NetApp, Inc. | 90,482 | 5,056,134 | ||||||
Paychex, Inc. | 81,674 | 6,831,213 | ||||||
PayPal Holdings, Inc.(b) | 334,591 | 34,830,923 | ||||||
Qorvo, Inc.(b) | 24,417 | 1,974,359 | ||||||
QUALCOMM, Inc. | 273,711 | 22,017,313 | ||||||
Texas Instruments, Inc. | 260,862 | 30,779,107 | ||||||
Visa, Inc., Class A | 377,209 | 67,467,602 | ||||||
|
| |||||||
626,843,581 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco S&P 500® Quality ETF (SPHQ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-0.38% | ||||||||
Corteva, Inc. | 225,392 | $ | 5,945,841 | |||||
|
| |||||||
RealEstate-0.82% | ||||||||
HCP, Inc. | 112,772 | 4,242,482 | ||||||
Public Storage | 37,551 | 8,368,616 | ||||||
|
| |||||||
12,611,098 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,547,286,436 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.05% |
| |||||||
Invesco Government & Agency Portfolio, Institutional | 550,258 | 550,258 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 183,346 | $ | 183,419 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 733,677 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.02% |
| 1,548,020,113 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.02)% |
| (251,428 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,547,768,685 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Information Technology | 40.50 | |||||
Health Care | 20.44 | |||||
Consumer Staples | 10.68 | |||||
Consumer Discretionary | 9.23 | |||||
Industrials | 8.58 | |||||
Energy | 4.86 | |||||
Financials | 4.42 | |||||
Sector Types Each Less Than 3% | 1.26 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco S&PSpin-Off ETF (CSD)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.01% |
| |||||||
CommunicationServices-0.56% | ||||||||
Cars.com, Inc.(b) | 52,283 | $ | 591,321 | |||||
|
| |||||||
ConsumerDiscretionary-15.98% | ||||||||
Adient PLC | 68,280 | 1,446,853 | ||||||
Delphi Technologies PLC | 68,313 | 834,102 | ||||||
frontdoor, Inc.(b) | 66,383 | 3,201,652 | ||||||
Garrett Motion, Inc. (Switzerland)(b) | 58,520 | 555,940 | ||||||
Hilton Grand Vacations, Inc.(b) | 67,373 | 2,339,864 | ||||||
Kontoor Brands, Inc. | 36,574 | 1,389,812 | ||||||
Penn National Gaming, Inc.(b) | 85,414 | 1,820,600 | ||||||
Veoneer, Inc. (Sweden)(b)(c) | 78,623 | 1,251,678 | ||||||
Wyndham Hotels & Resorts, Inc. | 75,624 | 4,081,427 | ||||||
|
| |||||||
16,921,928 | ||||||||
|
| |||||||
ConsumerStaples-7.24% | ||||||||
Lamb Weston Holdings, Inc. | 98,321 | 7,672,971 | ||||||
|
| |||||||
Energy-3.67% | ||||||||
Apergy Corp.(b) | 60,743 | 1,528,901 | ||||||
Equitrans Midstream Corp. | 159,998 | 2,227,172 | ||||||
KLX Energy Services Holdings, Inc.(b) | 16,475 | 130,812 | ||||||
|
| |||||||
3,886,885 | ||||||||
|
| |||||||
Financials-10.87% | ||||||||
Brighthouse Financial, Inc.(b) | 87,365 | 3,298,902 | ||||||
Synchrony Financial | 232,303 | 8,216,557 | ||||||
|
| |||||||
11,515,459 | ||||||||
|
| |||||||
HealthCare-1.57% | ||||||||
Covetrus, Inc.(b)(c) | 76,397 | 757,476 | ||||||
Varex Imaging Corp.(b) | 30,114 | 903,721 | ||||||
|
| |||||||
1,661,197 | ||||||||
|
| |||||||
Industrials-19.02% | ||||||||
Arcosa, Inc. | 37,946 | 1,457,506 | ||||||
Fortive Corp. | 115,133 | 7,944,177 | ||||||
Hertz Global Holdings, Inc.(b) | 79,100 | 1,068,641 | ||||||
IAA, Inc.(b) | 104,674 | 3,993,313 | ||||||
nVent Electric PLC | 122,012 | 2,813,597 | ||||||
Resideo Technologies, Inc.(b) | 96,281 | 917,558 | ||||||
Welbilt, Inc.(b) | 102,875 | 1,950,510 | ||||||
|
| |||||||
20,145,302 | ||||||||
|
| |||||||
InformationTechnology-11.69% | ||||||||
Conduent, Inc.(b) | 129,263 | 798,845 | ||||||
Hewlett Packard Enterprise Co. | 530,809 | 8,710,576 | ||||||
Perspecta, Inc. | 108,183 | 2,871,177 | ||||||
|
| |||||||
12,380,598 | ||||||||
|
|
Shares | Value | |||||||
Materials-21.48% | ||||||||
Alcoa Corp.(b) | 145,512 | $ | 3,025,194 | |||||
Corteva, Inc. | 285,383 | 7,528,404 | ||||||
Dow, Inc. | 169,701 | 8,568,203 | ||||||
GCP Applied Technologies, Inc.(b) | 42,172 | 871,274 | ||||||
Ingevity Corp.(b) | 32,828 | 2,764,446 | ||||||
|
| |||||||
22,757,521 | ||||||||
|
| |||||||
RealEstate-7.93% | ||||||||
CorePoint Lodging, Inc. | 30,775 | 303,134 | ||||||
JBG SMITH Properties | 92,560 | 3,726,466 | ||||||
Park Hotels & Resorts, Inc. | 188,002 | 4,371,046 | ||||||
|
| |||||||
8,400,646 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 105,933,828 | ||||||
|
| |||||||
Money MarketFunds-0.22% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 230,128 | 230,128 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 106,163,956 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.36% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 1,080,736 | 1,080,736 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 360,101 | 360,245 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,440,981 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.59% |
| 107,604,937 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.59)% |
| (1,684,843 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 105,920,094 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco S&PSpin-Off ETF (CSD)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Materials | 21.48 | |||||||||||
Industrials | 19.02 | |||||||||||
Consumer Discretionary | 15.98 | |||||||||||
Information Technology | 11.69 | |||||||||||
Financials | 10.87 | |||||||||||
Real Estate | 7.93 | |||||||||||
Consumer Staples | 7.24 | |||||||||||
Energy | 3.67 | |||||||||||
Sector Types Each Less Than 3% | 2.13 | |||||||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.01 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco Water Resources ETF (PHO)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.95% |
| |||||||
BuildingProducts-5.58% |
| |||||||
A.O. Smith Corp. | 863,338 | $ | 42,890,632 | |||||
Advanced Drainage Systems, Inc. | 381,623 | 14,127,683 | ||||||
|
| |||||||
57,018,315 | ||||||||
|
| |||||||
Chemicals-7.31% | ||||||||
Ecolab, Inc. | 389,341 | 74,780,726 | ||||||
|
| |||||||
Commercial Services &Supplies-4.23% |
| |||||||
Tetra Tech, Inc. | 495,099 | 43,306,310 | ||||||
|
| |||||||
Construction &Engineering-2.92% |
| |||||||
Aegion Corp.(b) | 167,227 | 3,623,809 | ||||||
Valmont Industries, Inc. | 191,299 | 26,244,310 | ||||||
|
| |||||||
29,868,119 | ||||||||
|
| |||||||
Electronic Equipment, Instruments &Components-4.42% |
| |||||||
Badger Meter, Inc. | 241,689 | 13,969,624 | ||||||
Itron, Inc.(b) | 408,839 | 31,178,062 | ||||||
|
| |||||||
45,147,686 | ||||||||
|
| |||||||
Health Care Equipment &Supplies-7.62% |
| |||||||
Danaher Corp. | 565,311 | 77,911,162 | ||||||
|
| |||||||
IndustrialConglomerates-7.22% |
| |||||||
Roper Technologies, Inc. | 219,013 | 73,798,620 | ||||||
|
| |||||||
Life Sciences Tools &Services-7.84% |
| |||||||
Waters Corp.(b) | 379,088 | 80,222,603 | ||||||
|
| |||||||
Machinery-30.74% | ||||||||
Energy Recovery, Inc.(b)(c) | 351,526 | 3,272,707 | ||||||
Evoqua Water Technologies Corp.(b) | 546,927 | 9,500,122 | ||||||
Franklin Electric Co., Inc. | 231,210 | 12,450,658 | ||||||
Gorman-Rupp Co. (The) | 64,234 | 2,372,804 | ||||||
IDEX Corp. | 487,675 | 75,848,093 | ||||||
Lindsay Corp.(c) | 135,212 | 12,765,365 | ||||||
Mueller Industries, Inc. | 377,546 | 11,617,090 | ||||||
Mueller Water Products, Inc., Class��A | 1,052,190 | 12,310,623 | ||||||
Pentair PLC | 1,118,109 | 46,367,980 | ||||||
Rexnord Corp.(b) | 924,389 | 26,150,965 | ||||||
Toro Co. (The) | 557,735 | 43,018,101 | ||||||
Watts Water Technologies, Inc., Class A | 198,064 | 18,469,468 | ||||||
Xylem, Inc. | 524,246 | 40,204,426 | ||||||
|
| |||||||
314,348,402 | ||||||||
|
| |||||||
Trading Companies &Distributors-3.99% |
| |||||||
HD Supply Holdings, Inc.(b) | 1,032,189 | 40,812,753 | ||||||
|
|
Shares | Value | |||||||
WaterUtilities-18.08% | ||||||||
American States Water Co. | 263,859 | $ | 25,100,907 | |||||
American Water Works Co., Inc. | 315,445 | 38,884,905 | ||||||
Aqua America, Inc. | 906,807 | 41,105,561 | ||||||
AquaVenture Holdings Ltd.(b) | 305,994 | 6,003,602 | ||||||
Artesian Resources Corp., Class A | 18,086 | 670,991 | ||||||
California Water Service Group | 349,834 | 19,580,209 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil) | 2,524,703 | 34,184,479 | ||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 60,337 | 1,058,311 | ||||||
Middlesex Water Co. | 97,905 | 6,584,111 | ||||||
SJW Group | 162,686 | 11,770,332 | ||||||
|
| |||||||
184,943,408 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,022,158,104 | ||||||
|
| |||||||
Money MarketFunds-0.12% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 1,255,684 | 1,255,684 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,023,413,788 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.11% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 869,182 | 869,182 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 289,611 | 289,727 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,158,909 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.18% |
| 1,024,572,697 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.18)% |
| (1,842,390 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,022,730,307 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco Water Resources ETF (PHO)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Machinery | 30.74 | |||||||
Water Utilities | 18.08 | |||||||
Life Sciences Tools & Services | 7.84 | |||||||
Health Care Equipment & Supplies | 7.62 | |||||||
Chemicals | 7.31 | |||||||
Industrial Conglomerates | 7.22 | |||||||
Building Products | 5.58 | |||||||
Electronic Equipment, Instruments & Components | 4.42 | |||||||
Commercial Services & Supplies | 4.23 | |||||||
Trading Companies & Distributors | 3.99 | |||||||
Construction & Engineering | 2.92 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.05 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco WilderHill Clean Energy ETF (PBW)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.92% |
| |||||||
Aerospace &Defense-2.38% |
| |||||||
Hexcel Corp. | 57,614 | $ | 4,299,157 | |||||
|
| |||||||
AutoComponents-4.73% |
| |||||||
Gentherm, Inc.(b) | 116,056 | 4,847,659 | ||||||
Workhorse Group, Inc.(b)(c) | 1,457,544 | 3,687,586 | ||||||
|
| |||||||
8,535,245 | ||||||||
|
| |||||||
Automobiles-5.41% | ||||||||
NIO, Inc., ADR (China)(b)(c) | 2,162,807 | 3,136,070 | ||||||
Tesla, Inc.(b)(c) | 21,027 | 6,621,823 | ||||||
|
| |||||||
9,757,893 | ||||||||
|
| |||||||
Chemicals-10.09% | ||||||||
Air Products and Chemicals, Inc. | 21,293 | 4,540,945 | ||||||
Albemarle Corp.(c) | 69,131 | 4,199,017 | ||||||
Livent Corp.(b) | 692,226 | 4,748,671 | ||||||
Sociedad Quimica y Minera de Chile S.A., ADR (Chile) | 173,057 | 4,703,689 | ||||||
|
| |||||||
18,192,322 | ||||||||
|
| |||||||
Construction &Engineering-9.00% |
| |||||||
Ameresco, Inc., Class A(b) | 324,750 | 4,786,815 | ||||||
MYR Group, Inc.(b) | 162,984 | 5,608,279 | ||||||
Quanta Services, Inc. | 139,054 | 5,847,221 | ||||||
|
| |||||||
16,242,315 | ||||||||
|
| |||||||
ElectricalEquipment-15.78% |
| |||||||
American Superconductor Corp.(b)(c) | 114,703 | 898,125 | ||||||
Ballard Power Systems, Inc. | 862,737 | 4,762,308 | ||||||
Bloom Energy Corp., Class A(b)(c) | 1,448,548 | 4,432,557 | ||||||
Plug Power, Inc.(b)(c) | 1,725,475 | 4,572,509 | ||||||
Sunrun, Inc.(b) | 281,372 | 4,372,521 | ||||||
TPI Composites, Inc.(b) | 243,806 | 5,005,337 | ||||||
Vivint Solar, Inc.(b)(c) | 629,127 | 4,410,180 | ||||||
|
| |||||||
28,453,537 | ||||||||
|
| |||||||
Electronic Equipment, Instruments &Components-2.98% |
| |||||||
Itron, Inc.(b) | 70,447 | 5,372,288 | ||||||
|
| |||||||
Independent Power and Renewable ElectricityProducers-12.84% |
| |||||||
Atlantica Yield PLC (Spain) | 194,178 | 4,662,214 | ||||||
Ormat Technologies, Inc. | 63,733 | 4,879,398 | ||||||
Pattern Energy Group, Inc., Class A | 171,853 | 4,817,039 | ||||||
Sunnova Energy International, Inc.(b)(c) | 404,943 | 4,300,495 | ||||||
TerraForm Power, Inc., Class A | 265,008 | 4,499,836 | ||||||
|
| |||||||
23,158,982 | ||||||||
|
| |||||||
Machinery-5.40% | ||||||||
ESCO Technologies, Inc. | 60,186 | 5,085,115 | ||||||
Woodward, Inc. | 43,654 | 4,656,136 | ||||||
|
| |||||||
9,741,251 | ||||||||
|
|
Shares | Value | |||||||
Oil, Gas & ConsumableFuels-3.06% |
| |||||||
Renewable Energy Group, Inc.(b) | 337,404 | $ | 5,513,181 | |||||
|
| |||||||
ProfessionalServices-2.27% |
| |||||||
Willdan Group, Inc.(b) | 135,130 | 4,094,439 | ||||||
|
| |||||||
Semiconductors & SemiconductorEquipment-25.98% |
| |||||||
Advanced Energy Industries, Inc.(b) | 80,571 | 4,761,746 | ||||||
Canadian Solar, Inc. (Canada)(b) | 220,757 | 3,768,322 | ||||||
Cree, Inc.(b) | 93,716 | 4,473,065 | ||||||
Daqo New Energy Corp., ADR (China)(b) | 97,981 | 3,719,359 | ||||||
Enphase Energy, Inc.(b)(c) | 187,581 | 3,644,699 | ||||||
First Solar, Inc.(b) | 71,675 | 3,712,048 | ||||||
JinkoSolar Holding Co. Ltd., ADR | 248,060 | 3,581,986 | ||||||
SolarEdge Technologies, Inc.(b) | 54,095 | 4,595,911 | ||||||
SunPower Corp.(b)(c) | 339,848 | 2,977,069 | ||||||
Universal Display Corp. | 28,695 | 5,744,165 | ||||||
Veeco Instruments, Inc.(b) | 430,944 | 5,878,076 | ||||||
|
| |||||||
46,856,446 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 180,217,056 | ||||||
|
| |||||||
Money MarketFunds-0.07% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 135,371 | 135,371 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 180,352,427 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-22.25% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 30,094,761 | 30,094,761 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 10,027,576 | 10,031,587 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 40,126,348 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-122.24% |
| 220,478,775 | ||||||
OTHER ASSETS LESS LIABILITIES-(22.24)% |
| (40,115,236 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 180,363,539 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco WilderHill Clean Energy ETF (PBW)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2019
Semiconductors & Semiconductor Equipment | 25.98 | |||||||
Electrical Equipment | 15.78 | |||||||
Independent Power and Renewable Electricity Producers | 12.84 | |||||||
Chemicals | 10.09 | |||||||
Construction & Engineering | 9.00 | |||||||
Automobiles | 5.41 | |||||||
Machinery | 5.40 | |||||||
Auto Components | 4.73 | |||||||
Oil, Gas & Consumable Fuels | 3.06 | |||||||
Industry Types Each Less Than 3% | 7.63 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
(This Page Intentionally Left Blank)
| 37 |
|
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco Aerospace & Defense ETF (PPA) | Invesco BRIC ETF (EEB) | Invesco CleantechTM ETF (PZD) | Invesco DWA Momentum ETF (PDP) | Invesco Global Listed Private Equity ETF (PSP) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 1,077,711,741 | $ | 85,373,140 | $ | 200,396,818 | $ | 1,559,259,279 | $ | 195,876,388 | ||||||||||
Affiliated investments in securities, at value | 372,116 | 1,419,669 | 10,690,935 | 8,222,456 | 31,810,192 | |||||||||||||||
Other investments: | ||||||||||||||||||||
Unrealized appreciation on swap agreements – OTC | - | - | - | - | 66,005 | |||||||||||||||
Cash | - | - | - | 28,916 | - | |||||||||||||||
Foreign currencies, at value | - | - | 5,995 | - | 24,570 | |||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cashcollateral-OTC derivatives | - | - | - | - | 270,000 | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 689,345 | 171,613 | 57,963 | 316,564 | 70,991 | |||||||||||||||
Securities lending | 1,192 | 3,526 | 4,840 | 1,385 | 19,646 | |||||||||||||||
Investments sold | - | - | - | 3,075,681 | 428,448 | |||||||||||||||
Fund shares sold | 3,366,225 | 24,328,117 | - | 3,050,588 | - | |||||||||||||||
Foreign tax reclaims | - | - | 311,176 | - | 578,263 | |||||||||||||||
Other assets | 429 | - | 519 | 757 | 355 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 1,082,141,048 | 111,296,065 | 211,468,246 | 1,573,955,626 | 229,144,858 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||
Unrealized depreciation on swap agreements – OTC | - | - | - | - | 33,140 | |||||||||||||||
Open written options, at value | - | - | - | - | - | |||||||||||||||
Due to custodian | 138,895 | - | - | - | 87,100 | |||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | 3,367,647 | 24,325,069 | - | 3,051,367 | 343,911 | |||||||||||||||
Collateral upon return of securities loaned | 372,113 | 1,310,419 | 9,957,446 | 6,976,147 | 17,453,425 | |||||||||||||||
Fund shares repurchased | - | - | - | 3,074,768 | - | |||||||||||||||
Open swap agreements - OTC | - | - | - | - | 1,901 | |||||||||||||||
Expenses recaptured. | - | - | 6,064 | - | - | |||||||||||||||
Accrued unitary management fees | - | - | - | - | - | |||||||||||||||
Accrued advisory fees | 451,138 | 23,651 | 81,353 | 659,045 | 85,553 | |||||||||||||||
Accrued trustees’ and officer’s fees | 57,468 | 7,961 | 43,178 | 125,690 | 64,438 | |||||||||||||||
Accrued expenses | 561,750 | 183,633 | 172,273 | 1,218,127 | 244,867 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 4,949,011 | 25,850,733 | 10,260,314 | 15,105,144 | 18,314,335 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 1,077,192,037 | $ | 85,445,332 | $ | 201,207,932 | $ | 1,558,850,482 | $ | 210,830,523 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 803,784,801 | $ | 249,008,582 | $ | 179,698,390 | $ | 1,594,941,326 | $ | 278,217,723 | ||||||||||
Distributable earnings (loss) | 273,407,236 | (163,563,250 | ) | 21,509,542 | (36,090,844 | ) | (67,387,200 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 1,077,192,037 | $ | 85,445,332 | $ | 201,207,932 | $ | 1,558,850,482 | $ | 210,830,523 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 16,000,000 | 2,300,800 | 4,400,000 | 25,550,000 | 17,350,000 | |||||||||||||||
Net asset value | $ | 67.32 | $ | 37.14 | $ | 45.73 | $ | 61.01 | $ | 12.15 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 67.23 | $ | 37.06 | $ | 45.78 | $ | 60.93 | $ | 12.13 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 845,155,589 | $ | 80,579,008 | $ | 142,606,460 | $ | 1,264,353,711 | $ | 176,011,425 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 372,113 | $ | 1,419,644 | $ | 10,690,899 | $ | 8,222,456 | $ | 31,810,029 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Foreign currencies, at cost | $ | - | $ | - | $ | 5,854 | $ | - | $ | 23,671 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Premium received on written options | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 394,895 | $ | 1,268,578 | $ | 9,548,115 | $ | 6,672,665 | $ | 13,374,460 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco Golden Dragon China ETF (PGJ) | Invesco Insider Sentiment ETF (NFO) | Invesco Raymond James SB-1 Equity ETF (RYJ) | Invesco S&P 500 BuyWrite ETF (PBP) | Invesco S&P 500® Quality ETF (SPHQ) | Invesco S&P Spin-Off ETF (CSD) | Invesco Water Resources ETF (PHO) | Invesco WilderHill Clean Energy ETF (PBW) | |||||||||||||||||||||||
$ | 181,743,564 | $ | 77,516,498 | $ | 151,349,654 | $ | 295,645,379 | $ | 1,547,286,436 | $ | 105,933,828 | $ | 1,022,158,104 | $ | 180,217,056 | |||||||||||||||
22,514,014 | 138,041 | 5,478,471 | 75,959 | 733,677 | 1,671,109 | 2,414,593 | 40,261,719 | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
- | - | 161,351 | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
21,018 | 33,590 | 73,665 | 267,654 | 1,383,117 | 42,771 | 569,222 | 34,444 | |||||||||||||||||||||||
55,369 | 853 | 4,575 | - | 28 | 365 | 1,212 | 368,428 | |||||||||||||||||||||||
1,913,108 | - | 57,067 | 3,369,467 | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | 1,717,834 | - | - | - | |||||||||||||||||||||||
- | - | 5,478 | - | - | - | - | - | |||||||||||||||||||||||
217 | - | - | - | 199 | - | 326 | 2,280 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
206,247,290 | 77,688,982 | 157,130,261 | 299,358,459 | 1,551,121,291 | 107,648,073 | 1,025,143,457 | 220,883,927 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
| -
|
| - | - | 5,316,840 | - | - | - | - | |||||||||||||||||||||
- | - | - | 136,858 | 129,779 | - | - | - | |||||||||||||||||||||||
- | - | 161,351 | 59,964 | 1,718,331 | - | - | - | |||||||||||||||||||||||
22,161,143 | - | 5,285,466 | - | 733,677 | 1,440,967 | 1,158,894 | 40,125,642 | |||||||||||||||||||||||
1,913,283 | - | - | 3,312,600 | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | - | 4,387 | |||||||||||||||||||||||
| -
|
| - | 172,529 | 120,194 | - | - | - | - | |||||||||||||||||||||
72,595 | 30,602 | - | - | 134,984 | 46,737 | 425,974 | 75,916 | |||||||||||||||||||||||
67,184 | 4,729 | - | - | 72,786 | 5,436 | 164,636 | 84,129 | |||||||||||||||||||||||
270,690 | 133,452 | 6,157 | 7,350 | 563,049 | 234,839 | 663,646 | 230,314 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
24,484,895 | 168,783 | 5,625,503 | 8,953,806 | 3,352,606 | 1,727,979 | 2,413,150 | 40,520,388 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 181,762,395 | $ | 77,520,199 | $ | 151,504,758 | $ | 290,404,653 | $ | 1,547,768,685 | $ | 105,920,094 | $ | 1,022,730,307 | $ | 180,363,539 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 398,301,071 | $ | 128,088,937 | $ | 199,737,259 | $ | 278,702,187 | $ | 1,441,377,473 | $ | 243,224,598 | $ | 988,026,727 | $ | 601,502,338 | |||||||||||||||
(216,538,676 | ) | (50,568,738 | ) | (48,232,501 | ) | 11,702,466 | 106,391,212 | (137,304,504 | ) | 34,703,580 | (421,138,799 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 181,762,395 | $ | 77,520,199 | $ | 151,504,758 | $ | 290,404,653 | $ | 1,547,768,685 | $ | 105,920,094 | $ | 1,022,730,307 | $ | 180,363,539 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 4,750,000 |
| 1,100,800 | 3,522,822 | 13,150,000 | 45,050,000 | 2,250,000 | 27,800,000 | 6,218,273 | |||||||||||||||||||||
$ | 38.27 | $ | 70.42 | $ | 43.01 | $ | 22.08 | $ | 34.36 | $ | 47.08 | $ | 36.79 | $ | 29.01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 38.11 | $ | 70.39 | $ | 42.91 | $ | 22.06 | $ | 34.28 | $ | 47.03 | $ | 36.72 | $ | 28.96 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 183,264,363 | $ | 71,942,823 | $ | 142,201,372 | $ | 235,524,813 | $ | 1,334,866,473 | $ | 117,453,841 | $ | 749,250,783 | $ | 172,019,125 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 22,513,516 | $ | 138,041 | $ | 5,478,362 | $ | 134,028 | $ | 733,677 | $ | 1,671,095 | $ | 2,414,578 | $ | 40,261,013 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | - | $ | - | $ | - | $ | 3,422,471 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 21,596,121 | $ | - | $ | 5,165,339 | $ | - | $ | 712,983 | $ | 1,356,596 | $ | 1,114,543 | $ | 38,104,889 | |||||||||||||||
|
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|
|
| 39 |
|
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco Aerospace & Defense ETF (PPA) | Invesco BRIC ETF (EEB) | Invesco CleantechTM ETF (PZD) | Invesco DWA Momentum ETF (PDP) | Invesco Global Listed Private Equity ETF (PSP) | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 9,471,931 | $ | 1,449,947 | $ | 988,275 | $ | 6,991,458 | $ | 3,785,334 | ||||||||||
Affiliated dividend income | 12,496 | 1,166 | 288 | 15,912 | 199,586 | |||||||||||||||
Non-cash dividend income | - | - | - | - | 1,791,928 | |||||||||||||||
Securities lending income | 10,067 | 18,585 | 75,575 | 34,135 | 156,585 | |||||||||||||||
Foreign withholding tax | (15,553 | ) | (112,841 | ) | (72,166 | ) | - | (174,161 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 9,478,941 | 1,356,857 | 991,972 | 7,041,505 | 5,759,272 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | - | - | - | - | - | |||||||||||||||
Advisory fees | 2,545,173 | 156,947 | 460,031 | 3,872,448 | 541,384 | |||||||||||||||
Sub-licensing fees | 305,446 | 12,590 | 69,014 | 774,556 | 108,292 | |||||||||||||||
Accounting & administration fees | 47,519 | 11,206 | 18,108 | 70,876 | 20,850 | |||||||||||||||
Professional fees | 16,860 | 12,647 | 13,169 | 19,785 | 14,662 | |||||||||||||||
Custodian & transfer agent fees | 5,754 | 25,248 | 9,175 | 8,384 | 15,326 | |||||||||||||||
Trustees’ and officer’s fees | 8,463 | 3,627 | 4,479 | 13,763 | 5,221 | |||||||||||||||
Recapture (Note 3) | - | - | 31,129 | - | - | |||||||||||||||
Proxy fees | 12,315 | 5,419 | 6,301 | 16,381 | 6,558 | |||||||||||||||
Other expenses | 49,580 | 13,447 | 17,279 | 53,399 | 19,321 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 2,991,110 | 241,131 | 628,685 | 4,829,592 | 731,614 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (1,003 | ) | (34,925 | ) | (31 | ) | (1,360 | ) | (16,737 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net expenses | 2,990,107 | 206,206 | 628,654 | 4,828,232 | 714,877 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 6,488,834 | 1,150,651 | 363,318 | 2,213,273 | 5,044,395 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (7,946,773 | ) | (204,951 | ) | (1,903,033 | ) | (15,161,623 | ) | (7,983,089 | ) | ||||||||||
Affiliated investment securities | - | - | (10,072 | ) | - | - | ||||||||||||||
Unaffiliatedin-kind redemptions | 54,111,039 | 2,684,896 | - | 103,380,206 | 8,298,601 | |||||||||||||||
Affiliatedin-kind redemptions | - | - | - | - | - | |||||||||||||||
Short Sales | - | - | - | - | - | |||||||||||||||
Foreign currencies | - | 319 | (7,861 | ) | - | (48,234 | ) | |||||||||||||
Swap agreements | - | - | - | - | 2,023,729 | |||||||||||||||
Written options | - | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 46,164,266 | 2,480,264 | (1,920,966 | ) | 88,218,583 | 2,291,007 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 34,593,216 | (4,557,227 | ) | 5,980,757 | (31,112,760 | ) | (206,371 | ) | ||||||||||||
Affiliated investment securities | 3 | 25 | (7,162 | ) | - | 163 | ||||||||||||||
Foreign currencies | - | (41 | ) | 6,661 | - | 19,372 | ||||||||||||||
Swap agreements | - | - | - | - | 67,199 | |||||||||||||||
Written options | - | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in unrealized appreciation (depreciation) | 34,593,219 | (4,557,243 | ) | 5,980,256 | (31,112,760 | ) | (119,637 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 80,757,485 | (2,076,979 | ) | 4,059,290 | 57,105,823 | 2,171,370 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 87,246,319 | $ | (926,328 | ) | $ | 4,422,608 | $ | 59,319,096 | $ | 7,215,765 | |||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco Golden Dragon China ETF (PGJ) | Invesco Insider Sentiment ETF (NFO) | Invesco Raymond James SB-1 Equity ETF (RYJ) | Invesco S&P 500 BuyWrite ETF (PBP) | Invesco S&P 500® Quality ETF (SPHQ) | Invesco S&P Spin-Off ETF (CSD) | Invesco Water Resources ETF (PHO) | Invesco WilderHill Clean Energy ETF (PBW) | |||||||||||||||||||||||
$ | 829,614 | $ | 789,301 | $ | 1,335,368 | $ | 3,140,216 | $ | 13,983,678 | $ | 1,182,369 | $ | 5,526,612 | $ | 462,700 | |||||||||||||||
3,219 | 1,181 | 840 | 4,138 | 12,488 | 2,620 | 9,466 | 2,487 | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
285,855 | 2,709 | 44,296 | - | 660 | 7,627 | 3,923 | 1,977,250 | |||||||||||||||||||||||
(46,984 | ) | - | (2,042 | ) | - | - | - | - | (42,862 | ) | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,071,704 | 793,191 | 1,378,462 | 3,144,354 | 13,996,826 | 1,192,616 | 5,540,001 | 2,399,575 | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
- | - | 600,236 | 770,691 | - | - | - | - | |||||||||||||||||||||||
469,078 | 177,439 | - | - | 1,116,802 | 318,219 | 2,453,387 | 435,851 | |||||||||||||||||||||||
93,829 | 21,351 | - | - | 179,122 | 31,910 | 368,054 | 87,179 | |||||||||||||||||||||||
21,824 | 12,250 | - | - | 58,803 | 19,430 | 41,153 | 16,469 | |||||||||||||||||||||||
15,596 | 13,456 | - | - | 18,587 | 13,404 | 16,312 | 13,142 | |||||||||||||||||||||||
44,429 | 7,563 | - | - | 17,101 | 8,911 | 3,156 | 12,636 | |||||||||||||||||||||||
5,213 | 3,580 | - | - | 11,037 | 4,033 | 10,855 | 4,745 | |||||||||||||||||||||||
- | - | - | - | - | - | - | 21,886 | |||||||||||||||||||||||
6,362 | 5,454 | 6,157 | 7,350 | 16,158 | 5,926 | 12,117 | 6,166 | |||||||||||||||||||||||
16,454 | 10,662 | - | - | 41,968 | 15,028 | 52,779 | 20,140 | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
672,785 | 251,755 | 606,393 | 778,041 | 1,459,578 | 416,861 | 2,957,813 | 618,214 | |||||||||||||||||||||||
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|
| |||||||||||||||
(10,487 | ) | (33,473 | ) | (73 | ) | (85 | ) | (328,151 | ) | (3,600 | ) | (860 | ) | (215 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
662,298 | 218,282 | 606,320 | 777,956 | 1,131,427 | 413,261 | 2,956,953 | 617,999 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
409,406 | 574,909 | 772,142 | 2,366,398 | 12,865,399 | 779,355 | 2,583,048 | 1,781,576 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(9,423,535 | ) | (270,027 | ) | (8,828,607 | ) | (1,392,033 | ) | (34,594,661 | ) | (5,832,490 | ) | 4,040,020 | (4,750,815 | ) | ||||||||||||||||
- | - | - | (23,299 | ) | - | - | - | - | ||||||||||||||||||||||
6,495,215 | 3,589,406 | 7,759,298 | 20,626,445 | 90,930,700 | 12,950,601 | 51,740,409 | 21,667,161 | |||||||||||||||||||||||
- | - | - | (4,422 | ) | - | - | - | - | ||||||||||||||||||||||
- | - | - | 98,010 | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | (399,600 | ) | - | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(2,928,320 | ) | 3,319,379 | (1,069,309 | ) | 18,905,101 | 56,336,039 | 7,118,111 | 55,780,429 | 16,916,346 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(17,299,846 | ) | (638,261 | ) | (8,615,728 | ) | (9,935,815 | ) | (3,881,509 | ) | (22,455,116 | ) | 3,309,051 | (13,448,331 | ) | ||||||||||||||||
498 | - | 109 | 1,137 | - | 14 | 15 | 706 | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | 651,483 | - | - | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(17,299,348 | ) | (638,261 | ) | (8,615,619 | ) | (9,283,195 | ) | (3,881,509 | ) | (22,455,102 | ) | 3,309,066 | (13,447,625 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(20,227,668 | ) | 2,681,118 | (9,684,928 | ) | 9,621,906 | 52,454,530 | (15,336,991 | ) | 59,089,495 | 3,468,721 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | (19,818,262 | ) | $ | 3,256,027 | $ | (8,912,786 | ) | $ | 11,988,304 | $ | 65,319,929 | $ | (14,557,636 | ) | $ | 61,672,543 | $ | 5,250,297 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 41 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco Aerospace & Defense ETF (PPA) | Invesco BRIC ETF (EEB) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Eight Months Ended April 30, 2019(a)(b) | Year Ended August 31, 2018 | ||||||||||||||||
Operations: |
| |||||||||||||||||||
Net investment income | $ | 6,488,834 | $ | 8,066,369 | $ | 1,150,651 | $ | 394,495 | $ | 1,546,438 | ||||||||||
Net realized gain (loss) | 46,164,266 | 89,843,301 | 2,480,264 | (6,522,961 | ) | (932,833 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | 34,593,219 | 209,762 | (4,557,243 | ) | 10,946,472 | 440,634 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | 87,246,319 | 98,119,432 | (926,328 | ) | 4,818,006 | 1,054,239 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to Shareholders from: |
| |||||||||||||||||||
Distributable earnings | (6,869,152 | ) | (8,051,313 | ) | - | (1,731,261 | ) | (1,588,508 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shareholder Transactions: |
| |||||||||||||||||||
Proceeds from shares sold | 179,947,345 | 67,402,990 | 24,328,117 | 9,001,851 | 7,466,289 | |||||||||||||||
Value of shares repurchased | (121,378,329 | ) | (225,933,878 | ) | (10,472,875 | ) | (8,639,382 | ) | (24,294,005 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from share transactions | 58,569,016 | (158,530,888 | ) | 13,855,242 | 362,469 | (16,827,716 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets | 138,946,183 | (68,462,769 | ) | 12,928,914 | 3,449,214 | (17,361,985 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net assets: |
| |||||||||||||||||||
Beginning of period | 938,245,854 | 1,006,708,623 | 72,516,418 | 69,067,204 | 86,429,189 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of period | $ | 1,077,192,037 | $ | 938,245,854 | $ | 85,445,332 | $ | 72,516,418 | $ | 69,067,204 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Changes in Shares Outstanding: |
| |||||||||||||||||||
Shares sold | 2,700,000 | 1,150,000 | 650,000 | 250,000 | 200,000 | |||||||||||||||
Shares repurchased | (1,850,000 | ) | (4,100,000 | ) | (300,000 | ) | (250,000 | ) | (650,000 | ) | ||||||||||
Shares outstanding, beginning of period | 15,150,000 | 18,100,000 | 1,950,800 | 1,950,800 | 2,400,800 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding, end of period | 16,000,000 | 15,150,000 | 2,300,800 | 1,950,800 | 1,950,800 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | For the period September 1, 2018 through April 30, 2019. |
(b) | Effective April 30, 2019, Invesco BRIC ETF changed fiscal year end to April 30. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco CleantechTM ETF (PZD) | Invesco DWA Momentum ETF (PDP) | Invesco Global Listed Private Equity ETF (PSP) | Invesco Golden Dragon China ETF (PGJ) | |||||||||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||||||||
$ | 363,318 | $ | 762,695 | $ | 2,213,273 | $ | 2,910,983 | $ | 5,044,395 | $ | 6,637,957 | $ | 409,406 | $ | 573,064 | |||||||||||||||
(1,920,966 | ) | 414,995 | 88,218,583 | 120,652,437 | 2,291,007 | 7,163,396 | (2,928,320 | ) | 11,901,350 | |||||||||||||||||||||
| 5,980,256 |
| 10,915,621 | (31,112,760 | ) | 28,031,961 | (119,637 | ) | (9,969,568 | ) | (17,299,348 | ) | (33,512,069 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
4,422,608 |
| 12,093,311 | 59,319,096 | 151,595,381 | 7,215,765 | 3,831,785 | (19,818,262 | ) | (21,037,655 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(769,110 | ) | (870,880 | ) | (2,947,850 | ) | (2,302,714 | ) | (6,879,030 | ) | (8,142,823 | ) | (365,592 | ) | (536,515 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
17,433,745 | 13,011,807 | 443,539,076 | 978,754,798 | 9,938,051 | 62,756,056 | 8,992,516 | 45,958,312 | |||||||||||||||||||||||
- | (4,170,443 | ) | (487,007,069 | ) | (1,104,009,298 | ) | (43,887,052 | ) | (59,054,014 | ) | (23,776,051 | ) | (78,862,572 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
17,433,745 |
| 8,841,364 | (43,467,993 | ) | (125,254,500 | ) | (33,949,001 | ) | 3,702,042 | (14,783,535 | ) | (32,904,260 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 21,087,243 |
| 20,063,795 | 12,903,253 | 24,038,167 | (33,612,266 | ) | (608,996 | ) | (34,967,389 | ) | (54,478,430 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
180,120,689 | 160,056,894 | 1,545,947,229 | 1,521,909,062 | 244,442,789 | 245,051,785 | 216,729,784 | 271,208,214 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 201,207,932 | $ | 180,120,689 | $ | 1,558,850,482 | $ | 1,545,947,229 | $ | 210,830,523 | $ | 244,442,789 | $ | 181,762,395 | $ | 216,729,784 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
400,000 | 300,000 | 7,350,000 | 18,100,000 | 850,000 | 5,350,000 | 250,000 | 950,000 | |||||||||||||||||||||||
- | (100,000 | ) | (8,100,000 | ) | (20,700,000 | ) | (3,700,000 | ) | (5,250,000 | ) | (650,000 | ) | (1,750,000 | ) | ||||||||||||||||
| 4,000,000 |
| 3,800,000 | 26,300,000 | 28,900,000 | 20,200,000 | 20,100,000 | 5,150,000 | 5,950,000 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 4,400,000 |
| 4,000,000 | 25,550,000 | 26,300,000 | 17,350,000 | 20,200,000 | 4,750,000 | 5,150,000 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 43 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco Insider Sentiment ETF (NFO) | Invesco Raymond JamesSB-1 Equity ETF (RYJ) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Eight Months Ended April 30, 2019(a)(b) | Year Ended August 31, 2018 | ||||||||||||||||
Operations: |
| |||||||||||||||||||
Net investment income | $ | 574,909 | $ | 766,770 | $ | 772,142 | $ | 503,437 | $ | 1,149,260 | ||||||||||
Net realized gain (loss) | 3,319,379 | 1,728,405 | (1,069,309 | ) | (1,160,241 | ) | 24,357,786 | |||||||||||||
Change in net unrealized appreciation (depreciation) | (638,261 | ) | 2,296,044 | (8,615,619 | ) | (14,274,311 | ) | 17,075,286 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | 3,256,027 | 4,791,219 | (8,912,786 | ) | (14,931,115 | ) | 42,582,332 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to Shareholders from: |
| |||||||||||||||||||
Distributable earnings | - | (651,057 | ) | - | (2,047,360 | ) | - | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shareholder Transactions: |
| |||||||||||||||||||
Proceeds from shares sold | 31,520,241 | 19,121,597 | 14,844,784 | 28,666,826 | 81,954,730 | |||||||||||||||
Value of shares repurchased | (27,951,661 | ) | (25,251,063 | ) | (27,583,301 | ) | (39,092,608 | ) | (109,778,150 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from share transactions | 3,568,580 | (6,129,466 | ) | (12,738,517 | ) | (10,425,782 | ) | (27,823,420 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets | 6,824,607 | (1,989,304 | ) | (21,651,303 | ) | (27,404,257 | ) | 14,758,912 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net assets: |
| |||||||||||||||||||
Beginning of period | 70,695,592 | 72,684,896 | 173,156,061 | 200,560,318 | 185,801,406 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of period | $ | 77,520,199 | $ | 70,695,592 | $ | 151,504,758 | $ | 173,156,061 | $ | 200,560,318 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Changes in Shares Outstanding: |
| |||||||||||||||||||
Shares sold | 450,000 | 300,000 | 350,000 | 650,000 | 1,800,000 | |||||||||||||||
Shares repurchased | (400,000 | ) | (400,000 | ) | (650,000 | ) | (900,000 | ) | (2,450,000 | ) | ||||||||||
Shares outstanding, beginning of period | 1,050,800 | 1,150,800 | 3,822,822 | 4,072,822 | 4,722,822 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding, end of period | 1,100,800 | 1,050,800 | 3,522,822 | 3,822,822 | 4,072,822 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | For the period September 1, 2018 through April 30, 2019. |
(b) | Effective April 30, 2019, Invesco Raymond JamesSB-1 Equity ETF changed fiscal year end to April 30. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco S&P 500 BuyWrite ETF (PBP) | Invesco S&P 500®Quality ETF (SPHQ) | Invesco S&PSpin-Off ETF (CSD) | ||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
$ | 2,366,398 | $ | 4,808,264 | $ | 12,865,399 | $ | 22,305,465 | $ | 779,355 | $ | 1,523,383 | |||||||||||
18,905,101 | (5,540,829 | ) | 56,336,039 | 22,647,584 | 7,118,111 | 9,145,488 | ||||||||||||||||
| (9,283,195 | ) | 7,900,477 | (3,881,509 | ) | 132,647,083 | (22,455,102 | ) | (14,390,165 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
|
11,988,304 |
| 7,167,912 | 65,319,929 | 177,600,132 | (14,557,636 | ) | (3,721,294 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,629,334 | ) | (8,385,502 | ) | (13,382,914 | ) | (21,455,885 | ) | - | (1,410,652 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
18,408,416 | 94,564,629 | 637,145,171 | 738,880,207 | 20,585,390 | 38,961,813 | |||||||||||||||||
(58,140,404 | ) | (74,865,327 | ) | (611,098,619 | ) | (752,396,827 | ) | (46,922,073 | ) | (89,549,926 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
|
(39,731,988 |
) | 19,699,302 | 26,046,552 | (13,516,620 | ) | (26,336,683 | ) | (50,588,113 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| (30,373,018 | ) | 18,481,712 | 77,983,567 | 142,627,627 | (40,894,319 | ) | (55,720,059 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
320,777,671 | 302,295,959 | 1,469,785,118 | 1,327,157,491 | 146,814,413 | 202,534,472 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 290,404,653 | $ | 320,777,671 | $ | 1,547,768,685 | $ | 1,469,785,118 | $ | 105,920,094 | $ | 146,814,413 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
850,000 | 4,400,000 | 19,200,000 | 24,350,000 | 450,000 | 750,000 | |||||||||||||||||
(2,700,000 | ) | (3,600,000 | ) | (18,300,000 | ) | (25,150,000 | ) | (1,000,000 | ) | (1,800,000 | ) | |||||||||||
| 15,000,000 |
| 14,200,000 | 44,150,000 | 44,950,000 | 2,800,000 | 3,850,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
13,150,000 | 15,000,000 | 45,050,000 | 44,150,000 | 2,250,000 | 2,800,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 45 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco Water Resources ETF (PHO) | Invesco WilderHill Clean Energy ETF (PBW) | |||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||
Operations: |
| |||||||||||||||
Net investment income | $ | 2,583,048 | $ | 4,294,743 | $ | 1,781,576 | $ | 1,769,176 | ||||||||
Net realized gain | 55,780,429 | 44,622,934 | 16,916,346 | 5,674,707 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 3,309,066 | 75,770,242 | (13,447,625 | ) | 9,670,394 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 61,672,543 | 124,687,919 | 5,250,297 | 17,114,277 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: |
| |||||||||||||||
Distributable earnings | (3,351,003 | ) | (3,503,105 | ) | (1,902,134 | ) | (1,768,255 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: |
| |||||||||||||||
Proceeds from shares sold | 141,991,217 | 164,167,797 | 74,723,424 | 43,306,082 | ||||||||||||
Value of shares repurchased | (118,851,267 | ) | (165,631,704 | ) | (42,565,252 | ) | (30,057,580 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 23,139,950 | (1,463,907 | ) | 32,158,172 | 13,248,502 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets | 81,461,490 | 119,720,907 | 35,506,335 | 28,594,524 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: |
| |||||||||||||||
Beginning of period | 941,268,817 | 821,547,910 | 144,857,204 | 116,262,680 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,022,730,307 | $ | 941,268,817 | $ | 180,363,539 | $ | 144,857,204 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: |
| |||||||||||||||
Shares sold | 3,950,000 | 5,000,000 | 2,550,000 | 1,600,000 | ||||||||||||
Shares repurchased | (3,300,000 | ) | (5,150,000 | ) | (1,450,000 | ) | (1,200,000 | ) | ||||||||
Shares outstanding, beginning of period | 27,150,000 | 27,300,000 | 5,118,273 | 4,718,273 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 27,800,000 | 27,150,000 | 6,218,273 | 5,118,273 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Financial Highlights
Invesco Aerospace & Defense ETF (PPA)
Six Months Ended 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 61.93 | $ | 55.62 | $ | 44.81 | $ | 36.43 | $ | 35.73 | $ | 32.16 | ||||||||||||||||||
Net investment income(a) | 0.42 | 0.49 | 0.42 | 0.60 | 0.53 | (b) | 0.32 | |||||||||||||||||||||||
Net realized and unrealized gain on investments | 5.41 | 6.30 | 10.79 | 8.43 | 0.67 | 3.52 | ||||||||||||||||||||||||
Total from investment operations | 5.83 | 6.79 | 11.21 | 9.03 | 1.20 | 3.84 | ||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.44 | ) | (0.48 | ) | (0.40 | ) | (0.65 | ) | (0.50 | ) | (0.27 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 67.32 | $ | 61.93 | $ | 55.62 | $ | 44.81 | $ | 36.43 | $ | 35.73 | ||||||||||||||||||
Market price at end of period(c) | $ | 67.23 | $ | 61.94 | $ | 55.66 | $ | 44.84 | $ | 36.42 | $ | 35.71 | ||||||||||||||||||
Net Asset Value Total Return(d) | 9.42 | % | 12.33 | % | 25.13 | % | 25.06 | % | 3.43 | % | 11.99 | % | ||||||||||||||||||
Market Price Total Return(d) | 9.26 | % | 12.27 | % | 25.14 | % | 25.18 | % | 3.46 | % | 11.96 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,077,192 | $ | 938,246 | $ | 1,006,709 | $ | 569,149 | $ | 298,735 | $ | 262,613 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.59 | %(e) | 0.59 | % | 0.60 | % | 0.61 | % | 0.64 | % | 0.66 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.59 | %(e) | 0.59 | % | 0.60 | % | 0.61 | % | 0.64 | % | 0.66 | % | ||||||||||||||||||
Net investment income | 1.28 | %(e) | 0.86 | % | 0.80 | % | 1.47 | % | 1.50 | %(b) | 0.94 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 9 | % | 15 | % | 7 | % | 10 | % | 16 | % | 13 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.33 and 0.93%, 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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Financial Highlights–(continued)
Invesco BRIC ETF (EEB)
Six Months Ended October 31, 2019 | Eight Months Ended April 30, | Years Ended August 31, | |||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 37.17 | $ | 35.40 | $ | 36.00 | $ | 28.64 | $ | 24.97 | $ | 37.98 | $ | 31.99 | |||||||||||||||||||||
Net investment income(a) | 0.66 | 0.21 | 0.66 | 0.53 | 0.36 | 0.56 | 0.75 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.69 | ) | 2.55 | (0.62 | ) | 7.24 | 3.79 | (12.54 | ) | 6.10 | |||||||||||||||||||||||||
Total from investment operations | (0.03 | ) | 2.76 | 0.04 | 7.77 | 4.15 | (11.98 | ) | 6.85 | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | - | (0.99 | ) | (0.64 | ) | (0.41 | ) | (0.48 | ) | (1.03 | ) | (0.86 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 37.14 | $ | 37.17 | $ | 35.40 | $ | 36.00 | $ | 28.64 | $ | 24.97 | $ | 37.98 | |||||||||||||||||||||
Market price at end of period | $ | 37.06 | (b) | $ | 37.21 | (b) | $ | 35.39 | (b) | $ | 36.03 | $ | 28.54 | $ | 24.95 | $ | 37.84 | ||||||||||||||||||
Net Asset Value Total Return(c) | (0.08 | )% | 8.34 | % | 0.01 | % | 27.49 | % | 16.97 | % | (31.90 | )% | 21.68 | % | |||||||||||||||||||||
Market Price Total Return(c) | (0.40 | )% | 8.47 | % | (0.10 | )% | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 85,445 | $ | 72,516 | $ | 69,067 | $ | 86,429 | $ | 74,480 | $ | 86,177 | $ | 180,427 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.64 | %(e) | 0.59 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.76 | %(d) | 0.85 | %(e) | 0.67 | % | 0.75 | % | 0.78 | % | 0.70 | % | 0.66 | % | |||||||||||||||||||||
Net investment income | 3.67 | %(d) | 0.91 | %(e) | 1.75 | % | 1.69 | % | 1.41 | % | 1.81 | % | 2.17 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 28 | % | 42 | % | 39 | % | 41 | % | 24 | % | 24 | % | 68 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Financial Highlights–(continued)
Invesco CleantechTM ETF (PZD)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.03 | $ | 42.12 | $ | 37.06 | $ | 30.41 | $ | 30.60 | $ | 31.90 | ||||||||||||||||||
Net investment income(a) | 0.09 | 0.19 | 0.25 | 0.59 | (b) | 0.22 | 0.27 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.80 | 2.95 | 5.18 | 6.41 | (0.18 | ) | (1.33 | ) | ||||||||||||||||||||||
Total from investment operations | 0.89 | 3.14 | 5.43 | 7.00 | 0.04 | (1.06 | ) | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.23 | ) | (0.37 | ) | (0.35 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 45.73 | $ | 45.03 | $ | 42.12 | $ | 37.06 | $ | 30.41 | $ | 30.60 | ||||||||||||||||||
Market price at end of period(c) | $ | 45.78 | $ | 45.21 | $ | 42.26 | $ | 37.19 | $ | 30.29 | $ | 30.54 | ||||||||||||||||||
Net Asset Value Total Return(d) | 1.98 | % | 7.48 | % | 14.74 | % | 23.21 | % | 0.15 | % | (3.36 | )% | ||||||||||||||||||
Market Price Total Return(d) | 1.69 | % | 7.55 | % | 14.72 | % | 24.13 | % | (0.05 | )% | (3.61 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 201,208 | $ | 180,121 | $ | 160,057 | $ | 92,639 | $ | 71,466 | $ | 76,512 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.68 | %(e) | 0.68 | % | 0.67 | % | 0.68 | % | 0.67 | % | 0.67 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.68 | %(e) | 0.68 | % | 0.68 | % | 0.73 | % | 0.73 | % | 0.72 | % | ||||||||||||||||||
Net investment income | 0.40 | %(e) | 0.47 | % | 0.61 | % | 1.81 | %(b) | 0.76 | % | 0.89 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 10 | % | 21 | % | 17 | % | 24 | % | 25 | % | 22 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.39 and 1.20%, 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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Financial Highlights–(continued)
Invesco DWA Momentum ETF (PDP)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 58.78 | $ | 52.66 | $ | 45.86 | $ | 40.51 | $ | 42.44 | $ | 36.96 | ||||||||||||||||||
Net investment income(a) | 0.09 | 0.11 | 0.13 | 0.28 | 0.12 | 0.16 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.25 | 6.10 | 6.81 | 5.41 | (1.94 | ) | 5.43 | |||||||||||||||||||||||
Total from investment operations | 2.34 | 6.21 | 6.94 | 5.69 | (1.82 | ) | 5.59 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.09 | ) | (0.13 | ) | (0.34 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||||||||
Return of capital | - | - | (0.01 | ) | - | - | - | |||||||||||||||||||||||
Total distributions | (0.11 | ) | (0.09 | ) | (0.14 | ) | (0.34 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 61.01 | $ | 58.78 | $ | 52.66 | $ | 45.86 | $ | 40.51 | $ | 42.44 | ||||||||||||||||||
Market price at end of period(b) | $ | 60.93 | $ | 58.79 | $ | 52.72 | $ | 45.87 | $ | 40.50 | $ | 42.43 | ||||||||||||||||||
Net Asset Value Total Return(c) | 3.99 | % | 11.81 | % | 15.17 | % | 14.12 | % | (4.29 | )% | 15.13 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.84 | % | 11.70 | % | 15.28 | % | 14.17 | % | (4.29 | )% | 15.19 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,558,850 | $ | 1,545,947 | $ | 1,521,909 | $ | 1,417,070 | $ | 1,438,022 | $ | 1,871,780 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(d) | 0.62 | % | 0.63 | % | 0.63 | % | 0.64 | % | 0.63 | %(e) | ||||||||||||||||||
Expenses, prior to Waivers | 0.62 | %(d) | 0.62 | % | 0.63 | % | 0.63 | % | 0.64 | % | 0.63 | %(e) | ||||||||||||||||||
Net investment income | 0.29 | %(d) | 0.20 | % | 0.26 | % | 0.65 | % | 0.29 | % | 0.39 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 35 | % | 82 | % | 68 | % | 68 | % | 100 | % | 73 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Financial Highlights–(continued)
Invesco Global Listed Private Equity ETF (PSP)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.10 | $ | 12.19 | $ | 12.25 | $ | 10.45 | $ | 11.95 | $ | 11.79 | ||||||||||||||||||
Net investment income(a) | 0.28 | 0.32 | 0.40 | (b) | 0.41 | 0.60 | (c) | 0.35 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.16 | (0.03 | ) | 0.99 | 1.85 | (1.53 | ) | 0.41 | ||||||||||||||||||||||
Total from investment operations | 0.44 | 0.29 | 1.39 | 2.26 | (0.93 | ) | 0.76 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.38 | ) | (1.40 | ) | (0.46 | ) | (0.57 | ) | (0.60 | ) | ||||||||||||||||||
Return of capital | - | - | (0.05 | ) | - | - | - | |||||||||||||||||||||||
Total distributions | (0.39 | ) | (0.38 | ) | (1.45 | ) | (0.46 | ) | (0.57 | ) | (0.60 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 12.15 | $ | 12.10 | $ | 12.19 | $ | 12.25 | $ | 10.45 | $ | 11.95 | ||||||||||||||||||
Market price at end of period(d) | $ | 12.13 | $ | 12.13 | $ | 12.21 | $ | 12.29 | $ | 10.39 | $ | 11.93 | ||||||||||||||||||
Net Asset Value Total Return(e) | 3.67 | % | 2.28 | % | 11.76 | % | 22.21 | % | (8.09 | )% | 6.79 | % | ||||||||||||||||||
Market Price Total Return(e) | 3.24 | % | 2.36 | % | 11.57 | % | 23.32 | % | (8.47 | )% | 6.09 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 210,831 | $ | 244,443 | $ | 245,052 | $ | 286,143 | $ | 325,925 | $ | 476,606 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers(f) | 0.66 | %(g) | 0.64 | % | 0.64 | % | 0.66 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||
Expenses, prior to Waivers(f) | 0.67 | %(g) | 0.66 | % | 0.65 | % | 0.67 | % | 0.66 | % | 0.66 | % | ||||||||||||||||||
Net investment income | 4.66 | %(g) | 2.79 | % | 3.16 | %(b) | 3.77 | % | 5.51 | %(c) | 3.04 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 29 | % | 64 | % | 44 | % | 39 | % | 35 | % | 30 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.30 and 2.37%, respectively. |
(c) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.34 and 3.12%, respectively. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Financial Highlights–(continued)
Invesco Golden Dragon China ETF (PGJ)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 42.08 | $ | 45.58 | $ | 35.69 | $ | 30.51 | $ | 33.67 | $ | 27.65 | ||||||||||||||||||
Net investment income(a) | 0.08 | 0.11 | 0.31 | 0.19 | 0.06 | 0.21 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.82 | ) | (3.51 | ) | 10.50 | 5.54 | (3.10 | ) | 6.06 | |||||||||||||||||||||
Total from investment operations | (3.74 | ) | (3.40 | ) | 10.81 | 5.73 | (3.04 | ) | 6.27 | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.10 | ) | (0.92 | ) | (0.55 | ) | (0.09 | ) | (0.25 | ) | ||||||||||||||||||
Return of capital | - | - | - | - | (0.03 | ) | - | |||||||||||||||||||||||
Total distributions | (0.07 | ) | (0.10 | ) | (0.92 | ) | (0.55 | ) | (0.12 | ) | (0.25 | ) | ||||||||||||||||||
Net asset value at end of period | �� | $ | 38.27 | $ | 42.08 | $ | 45.58 | $ | 35.69 | $ | 30.51 | $ | 33.67 | |||||||||||||||||
Market price at end of period(b) | $ | 38.11 | $ | 42.11 | $ | 45.58 | $ | 35.69 | $ | 30.49 | $ | 33.62 | ||||||||||||||||||
Net Asset Value Total Return(c) | (8.88 | )% | (7.46 | )% | 30.46 | % | 19.23 | % | (9.04 | )% | 22.79 | % | ||||||||||||||||||
Market Price Total Return(c) | (9.32 | )% | (7.39 | )% | 30.46 | % | 19.31 | % | (8.97 | )% | 22.83 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 181,762 | $ | 216,730 | $ | 271,208 | $ | 153,460 | $ | 163,248 | $ | 230,631 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.70 | % | 0.70 | % | 0.73 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||
Net investment income | 0.44 | %(d) | 0.27 | % | 0.70 | % | 0.61 | % | 0.18 | % | 0.68 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 17 | % | 36 | % | 25 | % | 30 | % | 47 | % | 25 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
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Financial Highlights–(continued)
Invesco Insider Sentiment ETF (NFO)
Six Months Ended 2019 | Year Ended April 30, | Eight Months Ended | Years Ended August 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 67.28 | $ | 63.16 | $ | 57.67 | $ | 50.29 | $ | 47.50 | $ | 49.25 | $ | 41.15 | |||||||||||||||||||||
Net investment income(a) | 0.56 | 0.70 | 0.44 | 0.61 | 0.69 | 0.55 | 0.56 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.58 | 4.01 | 5.97 | 7.67 | 2.82 | (1.72 | ) | 7.98 | |||||||||||||||||||||||||||
Total from investment operations | 3.14 | 4.71 | 6.41 | 8.28 | 3.51 | (1.17 | ) | 8.54 | |||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | - | (0.59 | ) | (0.92 | ) | (0.90 | ) | (0.72 | ) | (0.58 | ) | (0.44 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 70.42 | $ | 67.28 | $ | 63.16 | $ | 57.67 | $ | 50.29 | $ | 47.50 | $ | 49.25 | |||||||||||||||||||||
Market price at end of period | $ | 70.39 | (b) | $ | 67.21 | (b) | $ | 63.18 | (b) | $ | 57.51 | $ | 50.23 | $ | 47.52 | $ | 49.22 | ||||||||||||||||||
Net Asset Value Total Return(c) | 4.67 | % | 7.70 | % | 11.14 | % | 16.79 | % | 7.51 | % | (2.40 | )% | 20.80 | % | |||||||||||||||||||||
Market Price Total Return(c) | 4.73 | % | 7.56 | % | 11.48 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 77,520 | $ | 70,696 | $ | 72,685 | $ | 72,128 | $ | 77,983 | $ | 123,547 | $ | 184,735 | |||||||||||||||||||||
Ratio to average net assets of: | �� | ||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.60 | % | 0.60 | %(e) | 0.61 | % | 0.65 | % | 0.65 | % | 0.66 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.70 | %(d) | 0.69 | % | 0.73 | %(e) | 0.74 | % | 0.76 | % | 0.73 | % | 0.74 | % | |||||||||||||||||||||
Net investment income | 1.63 | %(d) | 1.10 | % | 1.08 | %(e) | 1.18 | % | 1.47 | % | 1.13 | % | 1.21 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 62 | % | 116 | % | 108 | % | 189 | % | 117 | % | 112 | % | 106 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco Raymond JamesSB-1 Equity ETF (RYJ)
Six Months Ended 2019 | Eight Months Ended | Years Ended August 31, | |||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.30 | $ | 49.24 | $ | 39.34 | $ | 35.99 | $ | 34.24 | $ | 35.26 | $ | 29.06 | |||||||||||||||||||||
Net investment income(a) | 0.21 | 0.13 | 0.27 | 0.12 | 0.29 | 0.21 | 0.12 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.50 | ) | (3.55 | ) | 9.63 | 3.82 | 1.76 | (1.14 | ) | 6.19 | |||||||||||||||||||||||||
Total from investment operations | (2.29 | ) | (3.42 | ) | 9.90 | 3.94 | 2.05 | (0.93 | ) | 6.31 | |||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | - | (0.52 | ) | - | (0.52 | ) | (0.30 | ) | (0.09 | ) | (0.11 | ) | |||||||||||||||||||||||
Return of capital | - | - | - | (0.07 | ) | - | - | - | |||||||||||||||||||||||||||
Total distributions | - | (0.52 | ) | - | (0.59 | ) | (0.30 | ) | (0.09 | ) | (0.11 | ) | |||||||||||||||||||||||
Net asset value at end of period | $ | 43.01 | $ | 45.30 | $ | 49.24 | $ | 39.34 | $ | 35.99 | $ | 34.24 | $ | 35.26 | |||||||||||||||||||||
Market price at end of period | $ | 42.91 | (b) | $ | 45.30 | (b) | $ | 49.19 | (b) | $ | 39.32 | $ | 36.01 | $ | 34.19 | $ | 35.28 | ||||||||||||||||||
Net Asset Value Total | (5.06 | )% | (6.60 | )% | 25.16 | % | 11.00 | % | 6.08 | % | (2.64 | )% | 21.75 | % | |||||||||||||||||||||
Market Price Total Return(c) | (5.28 | )% | (6.51 | )% | 25.10 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 151,505 | $ | 173,156 | $ | 200,560 | $ | 185,801 | $ | 180,784 | $ | 240,495 | $ | 267,054 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.75 | %(d) | 0.75 | %(e)(f) | 0.71 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.75 | %(d) | 0.75 | %(e)(f) | 0.71 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | |||||||||||||||||||||
Net investment income | 0.97 | %(d) | 0.44 | %(e) | 0.60 | % | 0.30 | % | 0.87 | % | 0.59 | % | 0.36 | % | |||||||||||||||||||||
Portfolio turnover rate(g) | 51 | % | 65 | % | 82 | % | 90 | % | 118 | % | 95 | % | 114 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P 500 BuyWrite ETF (PBP)
Six Months Ended 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.39 | $ | 21.29 | $ | 22.21 | $ | 20.33 | $ | 21.22 | $ | 21.32 | ||||||||||||||||||
Net investment income(a) | 0.16 | 0.32 | 0.28 | 0.29 | 0.30 | 0.28 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.71 | 0.32 | 1.16 | 2.10 | (0.11 | ) | 0.65 | |||||||||||||||||||||||
Total from investment operations | 0.87 | 0.64 | 1.44 | 2.39 | 0.19 | 0.93 | ||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.31 | ) | (1.09 | ) | (0.33 | ) | (0.34 | ) | (0.86 | ) | ||||||||||||||||||
Net realized gains | - | (0.23 | ) | (1.27 | ) | (0.18 | ) | (0.74 | ) | (0.17 | ) | |||||||||||||||||||
Total distributions | (0.18 | ) | (0.54 | ) | (2.36 | ) | (0.51 | ) | (1.08 | ) | (1.03 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 22.08 | $ | 21.39 | $ | 21.29 | $ | 22.21 | $ | 20.33 | $ | 21.22 | ||||||||||||||||||
Market price at end of period(b) | $ | 22.06 | $ | 21.39 | $ | 21.33 | $ | 22.23 | $ | 20.29 | $ | 21.22 | ||||||||||||||||||
Net Asset Value Total Return(c) | 4.08 | % | 3.16 | % | 6.59 | % | 11.86 | % | 0.90 | % | 4.48 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.99 | % | 2.97 | % | 6.68 | % | 12.18 | % | 0.67 | % | 4.32 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 290,405 | $ | 320,778 | $ | 302,296 | $ | 327,596 | $ | 297,895 | $ | 404,270 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.49 | %(d) | 0.53 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||
Net investment income | 1.51 | %(d) | 1.47 | % | 1.25 | % | 1.37 | % | 1.47 | % | 1.33 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 11 | % | 15 | % | 16 | % | 24 | % | 43 | % | 50 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
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Financial Highlights–(continued)
Invesco S&P 500® Quality ETF (SPHQ)
Six Months Ended 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.29 | $ | 29.53 | $ | 27.62 | $ | 24.70 | $ | 23.25 | $ | 20.90 | ||||||||||||||||||
Net investment income(a) | 0.29 | 0.51 | 0.57 | 0.54 | 0.45 | 0.41 | ||||||||||||||||||||||||
Net realized and unrealized gain on investments | 1.08 | 3.75 | 1.89 | 2.84 | 1.46 | 2.33 | ||||||||||||||||||||||||
Total from investment operations | 1.37 | 4.26 | 2.46 | 3.38 | 1.91 | 2.74 | ||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.50 | ) | (0.55 | ) | (0.46 | ) | (0.46 | ) | (0.39 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 34.36 | $ | 33.29 | $ | 29.53 | $ | 27.62 | $ | 24.70 | $ | 23.25 | ||||||||||||||||||
Market price at end of period(b) | $ | 34.28 | $ | 33.30 | $ | 29.55 | $ | 27.63 | $ | 24.70 | $ | 23.24 | ||||||||||||||||||
Net Asset Value Total Return(c) | 4.13 | % | 14.63 | % | 8.94 | % | 13.84 | % | 8.39 | % | 13.17 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.86 | % | 14.59 | % | 8.98 | % | 13.88 | % | 8.43 | % | 13.18 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,547,769 | $ | 1,469,785 | $ | 1,327,157 | $ | 1,222,223 | $ | 899,078 | $ | 533,537 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.15 | %(d) | 0.19 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.19 | %(d) | 0.26 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||
Net investment income | 1.73 | %(d) | 1.67 | % | 1.95 | % | 2.10 | % | 1.92 | % | 1.83 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 40 | % | 73 | % | 60 | % | 49 | % | 102 | % | 18 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
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Financial Highlights–(continued)
Invesco S&PSpin-Off ETF (CSD)
Six Months Ended 2019 | Year Ended April 30, | Eight Months Ended | Years Ended August 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 52.43 | $ | 52.61 | $ | 49.42 | $ | 42.42 | $ | 40.90 | $ | 46.47 | $ | 37.96 | |||||||||||||||||||||
Net investment income(a) | 0.29 | 0.43 | 0.04 | 0.39 | 0.61 | 0.72 | 0.45 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.64 | ) | (0.19 | ) | 3.46 | 7.31 | 1.91 | (5.55 | ) | 8.15 | |||||||||||||||||||||||||
Total from investment operations | (5.35 | ) | 0.24 | 3.50 | 7.70 | 2.52 | (4.83 | ) | 8.60 | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | - | (0.42 | ) | (0.20 | ) | (0.70 | ) | (1.00 | ) | (0.74 | ) | (0.09 | ) | ||||||||||||||||||||||
Return of capital | - | - | (0.11 | ) | - | - | - | - | |||||||||||||||||||||||||||
Total distributions | - | (0.42 | ) | (0.31 | ) | (0.70 | ) | (1.00 | ) | (0.74 | ) | (0.09 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 47.08 | $ | 52.43 | $ | 52.61 | $ | 49.42 | $ | 42.42 | $ | 40.90 | $ | 46.47 | |||||||||||||||||||||
Market price at end of period | $ | 47.03 | (b) | $ | 52.41 | (b) | $ | 52.55 | (b) | $ | 49.34 | $ | 42.42 | $ | 40.85 | $ | 46.46 | ||||||||||||||||||
Net Asset Value Total | (10.20 | )% | 0.71 | % | 7.10 | % | 18.39 | % | 6.42 | % | (10.54 | )% | 22.65 | % | |||||||||||||||||||||
Market Price Total Return(c) | (10.27 | )% | 0.78 | % | 7.15 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 105,920 | $ | 146,814 | $ | 202,534 | $ | 195,208 | $ | 216,319 | $ | 413,092 | $ | 615,693 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(d) | 0.62 | % | 0.64 | %(e) | 0.64 | % | 0.65 | % | 0.65 | % | 0.66 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.65 | %(d) | 0.62 | % | 0.65 | %(e) | 0.64 | % | 0.71 | % | 0.71 | % | 0.72 | % | |||||||||||||||||||||
Net investment income | 1.23 | %(d) | 0.84 | % | 0.12 | %(e) | 0.86 | % | 1.54 | % | 1.57 | % | 1.00 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 33 | % | 49 | % | 24 | % | 44 | % | 116 | % | 56 | % | 81 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
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Financial Highlights–(continued)
Invesco Water Resources ETF (PHO)
Six Months Ended 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.67 | $ | 30.09 | $ | 26.71 | $ | 22.99 | $ | 25.19 | $ | 25.92 | ||||||||||||||||||
Net investment income(a) | 0.09 | 0.16 | 0.09 | 0.16 | 0.13 | 0.14 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.15 | 4.55 | 3.39 | 3.68 | (2.17 | ) | (0.72 | ) | ||||||||||||||||||||||
Total from investment operations | 2.24 | 4.71 | 3.48 | 3.84 | (2.04 | ) | (0.58 | ) | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.13 | ) | (0.10 | ) | (0.12 | ) | (0.16 | ) | (0.15 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 36.79 | $ | 34.67 | $ | 30.09 | $ | 26.71 | $ | 22.99 | $ | 25.19 | ||||||||||||||||||
Market price at end of period(b) | $ | 36.72 | $ | 34.70 | $ | 30.09 | $ | 26.70 | $ | 22.98 | $ | 25.17 | ||||||||||||||||||
Net Asset Value Total Return(c) | 6.48 | % | 15.74 | % | 13.07 | % | 16.73 | % | (8.09 | )% | (2.25 | )% | ||||||||||||||||||
Market Price Total Return(c) | 6.19 | % | 15.84 | % | 13.11 | % | 16.74 | % | (8.06 | )% | (2.29 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,022,730 | $ | 941,269 | $ | 821,548 | $ | 797,147 | $ | 680,463 | $ | 855,159 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.60 | % | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.60 | %(d) | 0.60 | % | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | ||||||||||||||||||
Net investment income | 0.53 | %(d) | 0.51 | % | 0.31 | % | 0.64 | % | 0.58 | % | 0.56 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 13 | % | 31 | % | 23 | % | 44 | % | 89 | % | 25 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco WilderHill Clean Energy ETF (PBW)
Six Months Ended October 31, 2019 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017(a) | 2016(a) | 2015(a) | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.30 | $ | 24.64 | $ | 20.85 | $ | 20.55 | $ | 28.80 | $ | 32.95 | ||||||||||||||||||
Net investment income(b) | 0.30 | 0.39 | 0.31 | 0.30 | 0.55 | 0.70 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.73 | 3.66 | 3.78 | 0.40 | (8.30 | ) | (4.10 | ) | ||||||||||||||||||||||
Total from investment operations | 1.03 | 4.05 | 4.09 | 0.70 | (7.75 | ) | (3.40 | ) | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.39 | ) | (0.30 | ) | (0.40 | ) | (0.50 | ) | (0.75 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 29.01 | $ | 28.30 | $ | 24.64 | $ | 20.85 | $ | 20.55 | $ | 28.80 | ||||||||||||||||||
Market price at end of period(c) | $ | 28.96 | $ | 28.31 | $ | 24.66 | $ | 20.85 | $ | 20.55 | $ | 28.80 | ||||||||||||||||||
Net Asset Value Total Return(d) | 3.60 | % | 16.76 | % | 19.78 | % | 3.60 | % | (27.19 | )% | (10.36 | )% | ||||||||||||||||||
Market Price Total Return(d) | 3.39 | % | 16.70 | % | 19.87 | % | 3.60 | % | (27.19 | )% | (10.36 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 180,364 | $ | 144,857 | $ | 116,263 | $ | 103,177 | $ | 101,255 | $ | 143,790 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.71 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.71 | %(e) | 0.71 | % | 0.77 | % | 0.76 | % | 0.76 | % | 0.72 | % | ||||||||||||||||||
Net investment income | 2.05 | %(e) | 1.56 | % | 1.30 | % | 1.59 | % | 2.37 | % | 2.39 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 27 | % | 40 | % | 43 | % | 59 | % | 60 | % | 48 | % |
(a) | Per share amounts have been adjusted to reflect aone-for-five reverse stock split effective after the close of business on October 20, 2017. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 Aerospace & Defense ETF (PPA) | “Aerospace & Defense ETF” | |
Invesco BRIC ETF (EEB) | “BRIC ETF” | |
Invesco CleantechTMETF (PZD) | “CleantechTMETF” | |
Invesco DWA Momentum ETF (PDP) | “DWA Momentum ETF” | |
Invesco Global Listed Private Equity ETF (PSP) | “Global Listed Private Equity ETF” | |
Invesco Golden Dragon China ETF (PGJ) | “Golden Dragon China ETF” | |
Invesco Insider Sentiment ETF (NFO) | “Insider Sentiment ETF” | |
Invesco Raymond JamesSB-1 Equity ETF (RYJ) | “Raymond JamesSB-1 Equity ETF” | |
Invesco S&P 500 BuyWrite ETF (PBP) | “S&P 500 BuyWrite ETF” | |
Invesco S&P 500®Quality ETF (SPHQ) | “S&P 500®Quality ETF” | |
Invesco S&PSpin-Off ETF (CSD) | “S&PSpin-Off ETF” | |
Invesco Water Resources ETF (PHO) | “Water Resources ETF” | |
Invesco WilderHill Clean Energy ETF (PBW) | “WilderHill Clean Energy ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of DWA Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which 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 | |
Aerospace & Defense ETF | SPADE®Defense Index | |
BRIC ETF | S&P/BNY Mellon BRIC Select DR Index (USD) | |
CleantechTMETF | The Cleantech IndexTM | |
DWA Momentum ETF | Dorsey Wright®Technical Leaders Index | |
Global Listed Private Equity ETF | Red Rocks Global Listed Private Equity Index | |
Golden Dragon China ETF | NASDAQ Golden Dragon China Index | |
Insider Sentiment ETF | Nasdaq US Insider Sentiment Index | |
Raymond JamesSB-1 Equity ETF | Raymond JamesSB-1 Equity index | |
S&P 500 BuyWrite ETF | CBOE S&P 500 BuyWrite IndexSM | |
S&P 500®Quality ETF | S&P 500®Quality Index | |
S&PSpin-Off ETF | S&P U.S.Spin-Off Index | |
Water Resources ETF | NASDAQ OMX US Water IndexSM | |
WilderHill Clean Energy ETF | WilderHill Clean Energy 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.
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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 (except convertible securities) 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 theover-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 generally are valued 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 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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the
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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. | Other Risks |
ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of anon-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
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 particular industries will become negative. 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.
Foreign Investment Risk. For certain Funds, investments in the securities ofnon-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer
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restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be exacerbated in emerging market countries. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
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.
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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Micro-Capitalization Securities Risk. For certain Funds, micro-capitalization stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Aerospace & Defense ETF, BRIC ETF, Golden Dragon China ETF, Insider Sentiment ETF, Raymond JamesSB-1 Equity ETF, S&PSpin-Off ETF and Water Resources ETF arenon-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its 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 thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. For certain Funds, although the Funds will not invest in real estate directly, the REITs in which the Funds invest are subject to risks inherent in the direct ownership of real estate. These risks include, but are not limited to, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. REITs may be affected by changes in the values of the underlying properties that they own or operate and could fail to qualify for favorable tax or regulatory treatment. REITs also are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs rely heavily on cash flows and a variety of economic and other factors may adversely affect a lessee’s ability to meet its obligations to a REIT. Should a lessee default on their loan, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments.
Risk of Investing in Listed Private Equity Companies. For certain Funds, there are certain risks inherent in investing in listed private equity companies, which encompass business development companies (“BDCs”), and other financial institutions or vehicles whose principal business is to invest in and lend capital to, or provide services to privately held companies. The 1940
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Act imposes certain restraints upon the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may incur indebtedness only in amounts such that the BDC’s asset coverage equals at least 200% after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly-traded companies.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies, which 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- andmid-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.
C. | 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscalyear-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each 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 each Fund’s NAV and, accordingly, they reduce each 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.
D. | 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. |
E. | Dividends and Distributions to Shareholders- Each Fund (except BRIC ETF, Insider Sentiment ETF, Raymond JamesSB-1 Equity ETF and S&PSpin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. BRIC ETF, Insider Sentiment ETF, Raymond JamesSB-1 Equity ETF and S&PSpin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | 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 |
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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 forin-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.
G. | Expenses- 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. |
Each Fund (except for S&P 500 BuyWrite ETF and Raymond JamesSB-1 Equity ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, 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 acquired fund fees and expenses, if any, and extraordinary expenses.
S&P 500 BuyWrite ETF and Raymond JamesSB-1 Equity ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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 |
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risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
K. | Foreign Currency Translations- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. A Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscalperiod-end, resulting from changes in exchange rates. |
Certain Funds may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
L. | Call Options Purchased and Written- Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written. |
When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently“marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.
When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently“marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
M. | Swap Agreements- Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain apre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. Interest rate, total return, index and currency exchange rate swap agreements aretwo- party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are |
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calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.
Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.
N. | Distributions from Distributable Earnings- In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
For the fiscal year ended August 31, 2018, distributions from distributable earnings for BRIC ETF consisted of distributions from net investment income.
NOTE 3–Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond JamesSB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.
Pursuant to another Investment Advisory Agreement, Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses,sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for Raymond JamesSB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. The Expense Cap (includingsub-licensing fees) for S&P 500® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2021. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the
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period under this Expense Cap for Aerospace & Defense ETF, CleantechTM ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Water Resources ETF and WilderHill Clean Energy ETF.
Further, the Adviser agrees to reimburse BRIC ETF, Insider Sentiment ETF and S&PSpin-Off ETF in the amount equal to the licensing fees that each Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.64%, 0.60% and 0.64%, respectively, through April 6, 2020 (for Insider Sentiment ETF and S&PSpin-Off ETF) and May 18, 2020 (for BRIC ETF). The Adviser also has agreed to waive a portion of the unitary management fee for Raymond JamesSB-1 Equity ETF through at least May 18, 2020 to prevent the expenses (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes, and litigation expenses and other extraordinary expenses) from exceeding 0.75%. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.
Additionally, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration. This agreement is not subject to recapture by the Adviser.
For thesix-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Aerospace & Defense ETF | $ | 1,003 | ||
BRIC ETF | 34,925 | |||
CleantechTMETF | 31 | |||
DWA Momentum ETF | 1,360 | |||
Global Listed Private Equity ETF | 16,737 | |||
Golden Dragon China ETF | 10,487 | |||
Insider Sentiment ETF | 33,473 | |||
Raymond JamesSB-1 Equity ETF | 73 | |||
S&P 500 BuyWrite ETF | 85 | |||
S&P 500®Quality ETF | 328,151 | |||
S&PSpin-Off ETF | 3,600 | |||
Water Resources ETF | 860 | |||
WilderHill Clean Energy ETF | 215 |
The fees waived and/or expenses borne by the Adviser 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 the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2019 are as follows:
Total Potential Recapture Amounts | ||||||||||||||||||||
Potential Recapture Amounts Expiring | ||||||||||||||||||||
4/30/20 | 4/30/21 | 4/30/22 | 10/31/22 | |||||||||||||||||
CleantechTMETF | $ | 8,060 | $ | 8,060 | $ | - | $ | - | $ | - | ||||||||||
Golden Dragon China ETF | 12,262 | 2,056 | - | - | 10,206 | |||||||||||||||
Insider Sentiment ETF | 113,177 | - | 17,225 | 62,579 | 33,373 | |||||||||||||||
S&P 500®Quality ETF | 3,152,744 | 919,351 | 1,062,417 | 843,964 | 327,012 | |||||||||||||||
S&PSpin-Off ETF | 3,376 | - | - | - | 3,376 | |||||||||||||||
WilderHill Clean Energy ETF | 121,376 | 34,772 | 70,007 | 16,597 | - |
Total Potential Recapture Amounts | ||||||||||||||||||
Potential Recapture Amounts Expiring | ||||||||||||||||||
8/31/20 | 8/31/21 | 4/30/22 | 10/31/22 | |||||||||||||||
BRIC ETF | $ | 161,752 | $- | $ | 35,110 | $ | 91,815 | $ | 34,827 |
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.
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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Aerospace & Defense ETF | SPADE Indexes | |
BRIC ETF | The Bank of New York Mellon | |
CleantechTMETF | Cleantech Indices LLC | |
DWA Momentum ETF | Dorsey Wright & Associates, LLC | |
Global Listed Private Equity ETF | Red Rocks Capital, LLC | |
Golden Dragon China ETF | Nasdaq, Inc. | |
Insider Sentiment ETF | Nasdaq, Inc. | |
Raymond JamesSB-1 Equity ETF | Raymond James Research Services, LLC | |
S&P 500 BuyWrite ETF | S&P Dow Jones Indices LLC | |
S&P 500®Quality ETF | S&P Dow Jones Indices LLC | |
S&PSpin-Off ETF | S&P Dow Jones Indices LLC | |
Water Resources ETF | Nasdaq, Inc. | |
WilderHill Clean Energy ETF | WilderHill |
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’ssub-licensing agreement with the Adviser. The Funds (except for Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay thesub-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 The Bank of New York Mellon, 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.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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. |
Except for the Funds listed below, as of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value on options held in S&P 500 BuyWrite ETF was based on Level 1 inputs. 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.
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Global Listed Private Equity ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 195,876,388 | $ | - | $ | - | $ | 195,876,388 | ||||||||
Money Market Funds | 31,810,192 | - | - | 31,810,192 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 227,686,580 | - | - | 227,686,580 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Investments - Assets* | ||||||||||||||||
Swap Agreements | - | 66,005 | - | 66,005 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Investments - Liabilities* | ||||||||||||||||
Swap Agreements | - | (33,140 | ) | - | (33,140 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Other Investments | - | 32,865 | - | 32,865 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 227,686,580 | $ | 32,865 | $ | - | $ | 227,719,445 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Golden Dragon China ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 181,743,564 | $ | - | $ | 0 | $ | 181,743,564 | ||||||||
Money Market Funds | 22,514,014 | - | - | 22,514,014 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 204,257,578 | $ | - | $ | - | $ | 204,257,578 | ||||||||
|
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|
|
|
|
|
|
* | Unrealized appreciation (depreciation). |
NOTE 5–Derivative Investments
The Funds may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions andclose-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.
Value of Derivative Investments atPeriod-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2019:
Value | ||||||||||
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Derivative Assets | Equity Risk | Equity Risk | ||||||||
Unrealized appreciation on swap agreements–OTC | $ | 66,005 | $ | - | ||||||
Derivatives not subject to master netting agreements | - | - | ||||||||
|
|
|
| |||||||
Total Derivative Assets subject to master netting agreements | $ | 66,005 | $ | - | ||||||
|
|
|
|
Value | ||||||||||
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Derivative Liabilities | Equity Risk | Equity Risk | ||||||||
Unrealized depreciation on swap agreements–OTC | $ | (33,140 | ) | $ | - | |||||
Options written, at value - Exchange-Traded | - | (5,316,840 | ) | |||||||
|
|
|
| |||||||
Total Derivative Liabilities | (33,140 | ) | (5,316,840 | ) | ||||||
|
|
|
| |||||||
Derivatives not subject to master netting agreements | - | 5,316,840 | ||||||||
|
|
|
| |||||||
Total Derivative Liabilities subject to master netting agreements | $ | (33,140 | ) | $ | - | |||||
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|
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Offsetting Assets and Liabilities
The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2019:
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Global Listed Private Equity ETF
Financial Derivative Assets | Financial Derivative Liabilities | Collateral (Received)/Pledged | ||||||||||||||||||||||||||||
Counterparty | Swap Agreements | Swap Agreements | Net Value of Derivatives | Non-Cash | Cash | Net Amount | ||||||||||||||||||||||||
Citibank, N.A. | $ | 66,005 | $ | (31,725 | ) | $ | 34,280 | $ | - | $ | - | $ | 34,280 | |||||||||||||||||
Morgan Stanley Capital Services LLC | - | (1,415 | ) | (1,415 | ) | - | 1,415 | - | ||||||||||||||||||||||
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Total | $ | 66,005 | $ | (33,140 | ) | $ | 32,865 | $ | - | $ | 1,415 | $ | 34,280 | |||||||||||||||||
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Effect of Derivative Investments for theSix-Month Period Ended October 31, 2019
The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:
Location of Gain (Loss) on Statements of Operations | ||||||||||
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Equity Risk | ||||||||||
Realized Gain (Loss): | ||||||||||
Options written | $ | - | $ | (399,600 | ) | |||||
Swap agreements | 2,023,729 | - | ||||||||
Change in Net Unrealized Appreciation: | ||||||||||
Options written | - | 651,483 | ||||||||
Swap agreements | 67,199 | - | ||||||||
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Total | $ | 2,090,928 | $ | 251,883 | ||||||
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The table below summarizes the average notional value of derivatives held during the period.
Average Notional Value | ||||||||||
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Options written | $ | - | $ | 314,399,857 | ||||||
Swap agreements | 16,509,314 | - |
NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Aerospace & Defense ETF | $ | - | $ | - | $ | - | ||||||
BRIC ETF | 2,851,241 | 167,912,951 | 170,764,192 | |||||||||
CleantechTMETF | 1,261,711 | 30,524,552 | 31,786,263 | |||||||||
DWA Momentum ETF | 403,707,292 | 2,626,145 | 406,333,437 | |||||||||
Global Listed Private Equity ETF | 17,346,934 | 53,232,022 | 70,578,956 | |||||||||
Golden Dragon China ETF | 31,264,781 | 168,891,118 | 200,155,899 | |||||||||
Insider Sentiment ETF | 50,437,272 | 9,781,415 | 60,218,687 | |||||||||
Raymond JamesSB-1 Equity ETF | 30,644,498 | 16,169,555 | 46,814,053 | |||||||||
S&P 500 BuyWrite ETF | - | - | - | |||||||||
S&P 500®Quality ETF | 94,847,255 | 51,895,609 | 146,742,864 | |||||||||
S&PSpin-Off ETF | 58,176,176 | 73,138,005 | 131,314,181 |
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No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Water Resources ETF | $ | 163,791,855 | $ | 123,255,723 | $ | 287,047,578 | ||||||
WilderHill Clean Energy ETF | 85,090,913 | 355,979,752 | 441,070,665 |
* | Capital loss carryforwards as of the date listed above 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 thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Aerospace & Defense ETF | $ | 87,383,420 | $ | 87,552,983 | ||||
BRIC ETF | 19,588,005 | 18,331,069 | ||||||
CleantechTMETF | 18,957,009 | 19,333,573 | ||||||
DWA Momentum ETF | 553,114,390 | 552,427,983 | ||||||
Global Listed Private Equity ETF | 72,221,169 | 57,730,358 | ||||||
Golden Dragon China ETF | 31,945,111 | 31,907,209 | ||||||
Insider Sentiment ETF | 44,408,951 | 43,315,834 | ||||||
Raymond JamesSB-1 Equity ETF | 83,555,513 | 81,201,523 | ||||||
S&P 500 BuyWrite ETF | 34,725,693 | 35,479,620 | ||||||
S&P 500®Quality ETF | 590,313,180 | 596,430,815 | ||||||
S&PSpin-Off ETF | 44,523,847 | 41,188,448 | ||||||
Water Resources ETF | 122,786,186 | 122,341,046 | ||||||
WilderHill Clean Energy ETF | 47,035,862 | 46,140,118 |
For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Aerospace & Defense ETF | $ | 179,841,665 | $ | 120,969,757 | ||||
BRIC ETF | 24,149,581 | 10,472,632 | ||||||
CleantechTMETF | 17,366,663 | - | ||||||
DWA Momentum ETF | 443,380,385 | 488,860,107 | ||||||
Global Listed Private Equity ETF | 9,480,233 | 38,927,588 | ||||||
Golden Dragon China ETF | 8,992,808 | 23,778,257 | ||||||
Insider Sentiment ETF | 31,514,328 | 28,553,491 | ||||||
Raymond JamesSB-1 Equity ETF | 14,760,657 | 28,957,555 | ||||||
S&P 500 BuyWrite ETF | 18,697,117 | 58,526,793 | ||||||
S&P 500®Quality ETF | 636,596,504 | 603,613,519 | ||||||
S&PSpin-Off ETF | 20,575,875 | 49,437,133 | ||||||
Water Resources ETF | 141,895,515 | 119,531,329 | ||||||
WilderHill Clean Energy ETF | 73,921,019 | 42,425,315 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Aerospace & Defense ETF | $ | 240,754,037 | $ | (13,905,744 | ) | $ | 226,848,293 | $ | 851,235,564 | |||||||
BRIC ETF | 10,213,463 | (6,846,001 | ) | 3,367,462 | 83,425,347 | |||||||||||
CleantechTMETF | 59,286,005 | (4,142,163 | ) | 55,143,842 | 155,943,911 | |||||||||||
DWA Momentum ETF | 307,594,452 | (25,341,660 | ) | 282,252,792 | 1,285,228,943 |
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Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Global Listed Private Equity ETF | $ | 29,199,866 | $ | (30,948,229 | ) | $ | (1,748,363 | ) | $ | 229,467,808 | ||||||
Golden Dragon China ETF | 25,905,546 | (39,277,234 | ) | (13,371,688 | ) | 217,629,266 | ||||||||||
Insider Sentiment ETF | 6,474,195 | (932,811 | ) | 5,541,384 | 72,113,155 | |||||||||||
Raymond JamesSB-1 Equity ETF | 19,397,793 | (18,809,077 | ) | 588,716 | 156,239,409 | |||||||||||
S&P 500 BuyWrite ETF | 73,455,286 | (78,951,943 | ) | (5,496,657 | ) | 295,901,155 | ||||||||||
S&P 500®Quality ETF | 243,720,393 | (49,680,050 | ) | 194,040,343 | 1,353,979,770 | |||||||||||
S&PSpin-Off ETF | 6,700,666 | (20,701,092 | ) | (14,000,426 | ) | 121,605,363 | ||||||||||
Water Resources ETF | 272,907,336 | (7,677,686 | ) | 265,229,650 | 759,343,047 | |||||||||||
WilderHill Clean Energy ETF | 25,142,998 | (22,412,422 | ) | 2,730,576 | 217,748,199 |
NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond JamesSB-1 Equity ETF and S&P 500 BuyWrite ETF. 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 Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust 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.
NOTE 10–Subsequent Event
At a meeting held on December 12, 2019, the Board of Trustees of the Trust approved the termination and winding down of BRIC ETF and Insider Sentiment ETF, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on February 13, 2020 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 26, 2020.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco S&P 500 BuyWrite ETF and Invesco Raymond JamesSB-1 Equity ETF), you incur advisory fees and other Fund expenses. As a shareholder of a Fund of Invesco S&P 500 BuyWrite ETF or Invesco Raymond JamesSB-1 Equity ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2019 through October 31, 2019.
In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF and Invesco Raymond JamesSB-1 Equity ETF (the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invests. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invests in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in the Portfolios’ total return.
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 theSix-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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Aerospace & Defense ETF (PPA) | ||||||||||||||||||||
Actual | $1,000.00 | $1,094.20 | 0.59 | % | $3.11 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.17 | 0.59 | 3.00 | ||||||||||||||||
Invesco BRIC ETF (EEB) | ||||||||||||||||||||
Actual | 1,000.00 | 999.20 | 0.65 | 3.27 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.87 | 0.65 | 3.30 | ||||||||||||||||
Invesco CleantechTMETF (PZD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,019.80 | 0.68 | 3.45 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.72 | 0.68 | 3.46 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Momentum ETF (PDP) | ||||||||||||||||||||
Actual | $1,000.00 | $1,039.90 | 0.62 | % | $3.18 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.02 | 0.62 | 3.15 | ||||||||||||||||
Invesco Global Listed Private Equity ETF (PSP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,036.70 | 0.66 | 3.38 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.82 | 0.66 | 3.35 | ||||||||||||||||
Invesco Golden Dragon China ETF (PGJ) | ||||||||||||||||||||
Actual | 1,000.00 | 911.20 | 0.70 | 3.36 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.62 | 0.70 | 3.56 | ||||||||||||||||
Invesco Insider Sentiment ETF (NFO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,046.70 | 0.61 | 3.14 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.07 | 0.61 | 3.10 | ||||||||||||||||
Invesco Raymond JamesSB-1 Equity ETF (RYJ) | ||||||||||||||||||||
Actual | 1,000.00 | 949.40 | 0.75 | 3.68 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.37 | 0.75 | 3.81 | ||||||||||||||||
Invesco S&P 500 BuyWrite ETF (PBP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,040.80 | 0.49 | 2.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.67 | 0.49 | 2.49 | ||||||||||||||||
Invesco S&P 500®Quality ETF (SPHQ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,041.30 | 0.15 | 0.77 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.38 | 0.15 | 0.76 | ||||||||||||||||
Invesco S&PSpin-Off ETF (CSD) | ||||||||||||||||||||
Actual | 1,000.00 | 898.00 | 0.64 | 3.05 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.92 | 0.64 | 3.25 | ||||||||||||||||
Invesco Water Resources ETF (PHO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,064.80 | 0.60 | 3.11 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.12 | 0.60 | 3.05 | ||||||||||||||||
Invesco WilderHill Clean Energy ETF (PBW) | ||||||||||||||||||||
Actual | 1,000.00 | 1,036.00 | 0.71 | 3.63 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.57 | 0.71 | 3.61 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
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A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
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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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-4 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
October 31, 2019
PWB | Invesco Dynamic Large Cap Growth ETF | |||
PWV | Invesco Dynamic Large Cap Value ETF | |||
EQWL | Invesco S&P 100 Equal Weight ETF (formerly, Invesco Russell Top 200 Equal Weight ETF) | |||
SPGP | Invesco S&P 500 GARP ETF (formerly, Invesco Russell Top 200 Pure Growth ETF) | |||
SPVM | Invesco S&P 500 Value with Momentum ETF (formerly, Invesco Russell Top 200 Pure Value ETF) | |||
XMMO | Invesco S&P MidCap Momentum ETF (formerly, Invesco Russell Midcap Pure Growth ETF) | |||
XMHQ | Invesco S&P MidCap Quality ETF (formerly, Invesco Russell Midcap Equal Weight ETF) | |||
XMVM | Invesco S&P MidCap Value with Momentum ETF (formerly, Invesco Russell Midcap Pure Value ETF) | |||
XSMO | Invesco S&P SmallCap Momentum ETF (formerly, Invesco Russell 2000 Pure Growth ETF) | |||
XSVM | Invesco S&P SmallCap Value with Momentum ETF (formerly, Invesco Russell 2000 Pure Value ETF) | |||
CZA | Invesco Zacks Mid-Cap ETF | |||
CVY | Invesco Zacks Multi-Asset Income ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Schedules of Investments | ||||
Invesco Dynamic Large Cap Growth ETF (PWB) | 3 | |||
Invesco Dynamic Large Cap Value ETF (PWV) | 5 | |||
Invesco S&P 100 Equal Weight ETF (EQWL) | 7 | |||
Invesco S&P 500 GARP ETF (SPGP) | 9 | |||
Invesco S&P 500 Value with Momentum ETF (SPVM) | 11 | |||
Invesco S&P MidCap Momentum ETF (XMMO) | 13 | |||
Invesco S&P MidCap Quality ETF (XMHQ) | 15 | |||
Invesco S&P MidCap Value with Momentum ETF (XMVM) | 17 | |||
Invesco S&P SmallCap Momentum ETF (XSMO) | 19 | |||
Invesco S&P SmallCap Value with Momentum ETF (XSVM) | 22 | |||
Invesco Zacks Mid-Cap ETF (CZA) | 25 | |||
Invesco Zacks Multi-Asset Income ETF (CVY) | 28 | |||
Statements of Assets and Liabilities | 32 | |||
Statements of Operations | 34 | |||
Statements of Changes in Net Assets | 36 | |||
Financial Highlights | 41 | |||
Notes to Financial Statements | 53 | |||
Fund Expenses | 63 | |||
Proxy Results | 65 |
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Invesco Dynamic Large Cap Growth ETF (PWB)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.99% |
| |||||||
CommunicationServices-9.77% |
| |||||||
Alphabet, Inc., Class A(b) | 20,083 | $ | 25,280,481 | |||||
Facebook, Inc., Class A(b) | 129,252 | 24,771,146 | ||||||
T-Mobile US, Inc.(b) | 132,023 | 10,913,021 | ||||||
Twitter, Inc.(b) | 242,362 | 7,263,589 | ||||||
|
| |||||||
68,228,237 | ||||||||
|
| |||||||
ConsumerDiscretionary-12.70% |
| |||||||
Booking Holdings, Inc.(b) | 5,248 | 10,751,945 | ||||||
Dollar General Corp. | 65,980 | 10,579,233 | ||||||
McDonald’s Corp. | 108,743 | 21,389,748 | ||||||
NIKE, Inc., Class B | 280,949 | 25,158,983 | ||||||
Starbucks Corp. | 245,471 | 20,757,028 | ||||||
|
| |||||||
88,636,937 | ||||||||
|
| |||||||
ConsumerStaples-11.03% |
| |||||||
Costco Wholesale Corp. | 80,873 | 24,028,177 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 50,568 | 9,419,302 | ||||||
Hershey Co. (The) | 65,192 | 9,574,749 | ||||||
Tyson Foods, Inc., Class A | 112,277 | 9,295,413 | ||||||
Walmart, Inc. | 210,255 | 24,654,501 | ||||||
|
| |||||||
76,972,142 | ||||||||
|
| |||||||
Financials-2.96% |
| |||||||
Moody’s Corp. | 47,606 | 10,506,168 | ||||||
S&P Global, Inc. | 39,500 | 10,190,605 | ||||||
|
| |||||||
20,696,773 | ||||||||
|
| |||||||
HealthCare-23.85% |
| |||||||
Abbott Laboratories | 282,787 | 23,643,821 | ||||||
Baxter International, Inc. | 117,689 | 9,026,746 | ||||||
Celgene Corp.(b) | 106,054 | 11,457,014 | ||||||
Danaher Corp. | 72,698 | 10,019,238 | ||||||
Edwards Lifesciences Corp.(b) | 46,797 | 11,155,469 | ||||||
Humana, Inc. | 36,844 | 10,839,505 | ||||||
IDEXX Laboratories, Inc.(b) | 35,588 | 10,142,936 | ||||||
IQVIA Holdings, Inc.(b) | 66,030 | 9,536,053 | ||||||
Thermo Fisher Scientific, Inc. | 83,931 | 25,345,483 | ||||||
UnitedHealth Group, Inc. | 104,002 | 26,281,305 | ||||||
Veeva Systems, Inc., Class A(b) | 61,077 | 8,662,551 | ||||||
Zoetis, Inc. | 81,303 | 10,400,280 | ||||||
|
| |||||||
166,510,401 | ||||||||
|
|
Shares | Value | |||||||
Industrials-8.48% |
| |||||||
Cintas Corp. | 38,926 | $ | 10,458,248 | |||||
L3Harris Technologies, Inc. | 48,273 | 9,959,203 | ||||||
Lockheed Martin Corp. | 26,788 | 10,090,504 | ||||||
Northrop Grumman Corp. | 27,995 | 9,867,678 | ||||||
Roper Technologies, Inc. | 28,277 | 9,528,218 | ||||||
Verisk Analytics, Inc. | 64,065 | 9,270,205 | ||||||
|
| |||||||
59,174,056 | ||||||||
|
| |||||||
InformationTechnology-25.59% |
| |||||||
Accenture PLC, Class A | 120,688 | 22,377,969 | ||||||
Automatic Data Processing, Inc. | 60,779 | 9,860,177 | ||||||
FleetCor Technologies, Inc.(b) | 34,274 | 10,084,096 | ||||||
Mastercard, Inc., Class A | 85,237 | 23,594,454 | ||||||
Microsoft Corp. | 173,643 | 24,895,197 | ||||||
PayPal Holdings, Inc.(b) | 219,625 | 22,862,962 | ||||||
QUALCOMM, Inc. | 134,700 | 10,835,268 | ||||||
VeriSign, Inc.(b) | 49,991 | 9,499,290 | ||||||
Visa, Inc., Class A | 132,389 | 23,679,097 | ||||||
VMware, Inc., Class A | 75,612 | 11,967,111 | ||||||
Xilinx, Inc. | 99,542 | 9,032,441 | ||||||
|
| |||||||
178,688,062 | ||||||||
|
| |||||||
Materials-5.61% |
| |||||||
Air Products and Chemicals, Inc. | 45,894 | 9,787,354 | ||||||
Ball Corp. | 128,032 | 8,958,399 | ||||||
Ecolab, Inc. | 49,743 | 9,554,138 | ||||||
Linde PLC (United Kingdom) | 54,868 | 10,883,068 | ||||||
|
| |||||||
39,182,959 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 698,089,567 | ||||||
|
| |||||||
Money MarketFunds-0.05% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 385,500 | 385,500 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.04% |
| 698,475,067 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% |
| (311,430 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 698,163,637 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Dynamic Large Cap Growth ETF (PWB)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Information Technology | 25.59 | |||||||
Health Care | 23.85 | |||||||
Consumer Discretionary | 12.70 | |||||||
Consumer Staples | 11.03 | |||||||
Communication Services | 9.77 | |||||||
Industrials | 8.48 | |||||||
Materials | 5.61 | |||||||
Financials | 2.96 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco Dynamic Large Cap Value ETF (PWV)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.93% |
| |||||||
CommunicationServices-6.67% |
| |||||||
AT&T, Inc. | 863,786 | $ | 33,247,123 | |||||
Verizon Communications, Inc. | 523,902 | 31,680,354 | ||||||
|
| |||||||
64,927,477 | ||||||||
|
| |||||||
ConsumerDiscretionary-1.34% |
| |||||||
General Motors Co. | 352,304 | 13,091,617 | ||||||
|
| |||||||
ConsumerStaples-7.18% |
| |||||||
General Mills, Inc. | 242,732 | 12,345,349 | ||||||
Kimberly-Clark Corp. | 92,144 | 12,244,095 | ||||||
Procter & Gamble Co. (The) | 250,621 | 31,204,821 | ||||||
Walgreens Boots Alliance, Inc. | 257,987 | 14,132,528 | ||||||
|
| |||||||
69,926,793 | ||||||||
|
| |||||||
Energy-6.20% |
| |||||||
Chevron Corp. | 258,361 | 30,006,046 | ||||||
ConocoPhillips | 247,804 | 13,678,781 | ||||||
Valero Energy Corp. | 172,201 | 16,700,053 | ||||||
|
| |||||||
60,384,880 | ||||||||
|
| |||||||
Financials-31.76% |
| |||||||
Aflac, Inc. | 262,140 | 13,935,362 | ||||||
Allstate Corp. (The) | 126,697 | 13,483,095 | ||||||
Bank of America Corp. | 1,110,742 | 34,732,902 | ||||||
Bank of New York Mellon Corp. (The) | 310,507 | 14,516,202 | ||||||
Blackstone Group, Inc. (The), Class A | 261,377 | 13,894,801 | ||||||
Capital One Financial Corp. | 150,244 | 14,010,253 | ||||||
Charles Schwab Corp. (The) | 344,374 | 14,019,466 | ||||||
Chubb Ltd. | 82,285 | 12,541,880 | ||||||
Citigroup, Inc. | 475,035 | 34,136,015 | ||||||
Discover Financial Services | 161,884 | 12,992,810 | ||||||
MetLife, Inc. | 294,634 | 13,785,925 | ||||||
Morgan Stanley | 314,892 | 14,500,777 | ||||||
PNC Financial Services Group, Inc. (The) | 100,983 | 14,814,206 | ||||||
Prudential Financial, Inc. | 162,884 | 14,845,248 | ||||||
T. Rowe Price Group, Inc. | 118,215 | 13,689,297 | ||||||
TD Ameritrade Holding Corp. | 296,404 | 11,375,986 | ||||||
U.S. Bancorp | 247,218 | 14,096,370 | ||||||
Wells Fargo & Co. | 657,186 | 33,930,513 | ||||||
|
| |||||||
309,301,108 | ||||||||
|
|
Shares | Value | |||||||
HealthCare-15.70% |
| |||||||
Amgen, Inc. | 146,733 | $ | 31,290,812 | |||||
Biogen, Inc.(b) | 58,841 | 17,576,395 | ||||||
CVS Health Corp. | 216,165 | 14,351,194 | ||||||
Gilead Sciences, Inc. | 203,129 | 12,941,349 | ||||||
Johnson & Johnson | 236,835 | 31,271,693 | ||||||
McKesson Corp. | 93,884 | 12,486,572 | ||||||
Pfizer, Inc. | 859,431 | 32,976,368 | ||||||
|
| |||||||
152,894,383 | ||||||||
|
| |||||||
Industrials-10.35% |
| |||||||
Caterpillar, Inc. | 110,408 | 15,214,222 | ||||||
Eaton Corp. PLC | 162,622 | 14,166,002 | ||||||
Illinois Tool Works, Inc. | 87,412 | 14,735,915 | ||||||
Johnson Controls International PLC | 303,827 | 13,164,824 | ||||||
Southwest Airlines Co. | 247,605 | 13,898,069 | ||||||
United Parcel Service, Inc., Class B | 256,588 | 29,551,240 | ||||||
|
| |||||||
100,730,272 | ||||||||
|
| |||||||
InformationTechnology-17.77% |
| |||||||
Applied Materials, Inc. | 274,882 | 14,915,097 | ||||||
Broadcom, Inc. | 107,182 | 31,388,249 | ||||||
Cisco Systems, Inc. | 642,318 | 30,516,528 | ||||||
HP, Inc. | 718,782 | 12,485,243 | ||||||
Intel Corp. | 647,655 | 36,611,937 | ||||||
International Business Machines Corp. | 225,065 | 30,097,943 | ||||||
Lam Research Corp. | 62,630 | 16,975,235 | ||||||
|
| |||||||
172,990,232 | ||||||||
|
| |||||||
Materials-1.52% |
| |||||||
PPG Industries, Inc. | 118,046 | 14,769,916 | ||||||
|
| |||||||
Utilities-1.44% |
| |||||||
Southern Co. (The) | 224,140 | 14,044,612 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.93% |
| 973,061,290 | ||||||
OTHER ASSETS LESSLIABILITIES-0.07% |
| 667,079 | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 973,728,369 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Dynamic Large Cap Value ETF (PWV)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||||||
Financials | 31.76 | |||||||
Information Technology | 17.77 | |||||||
Health Care | 15.70 | |||||||
Industrials | 10.35 | |||||||
Consumer Staples | 7.18 | |||||||
Communication Services | 6.67 | |||||||
Energy | 6.20 | |||||||
Sector Types Each Less Than 3% | 4.30 | |||||||
Other Assets Less Liabilities | 0.07 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco S&P 100 Equal Weight ETF (EQWL)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.92% |
| |||||||
CommunicationServices-7.98% |
| |||||||
Alphabet, Inc., Class A(b) | 242 | $ | 304,630 | |||||
Alphabet, Inc., Class C(b) | 248 | 312,507 | ||||||
AT&T, Inc. | 16,032 | 617,072 | ||||||
Charter Communications, Inc., | 1,435 | 671,379 | ||||||
Comcast Corp., Class A | 12,964 | 581,046 | ||||||
Facebook, Inc., Class A(b) | 3,247 | 622,287 | ||||||
Netflix, Inc.(b) | 2,066 | 593,789 | ||||||
Verizon Communications, Inc. | 10,136 | 612,924 | ||||||
Walt Disney Co. (The) | 4,403 | 572,038 | ||||||
|
| |||||||
4,887,672 | ||||||||
|
| |||||||
ConsumerDiscretionary-9.64% |
| |||||||
Amazon.com, Inc.(b) | 332 | 589,851 | ||||||
Booking Holdings, Inc.(b) | 296 | 606,436 | ||||||
Ford Motor Co. | 64,313 | 552,449 | ||||||
General Motors Co. | 15,640 | 581,182 | ||||||
Home Depot, Inc. (The) | 2,610 | 612,254 | ||||||
Lowe’s Cos., Inc. | 5,361 | 598,341 | ||||||
McDonald’s Corp. | 2,897 | 569,840 | ||||||
NIKE,Inc.,Class B | 6,992 | 626,134 | ||||||
Starbucks Corp. | 6,717 | 567,990 | ||||||
Target Corp. | 5,628 | 601,689 | ||||||
|
| |||||||
5,906,166 | ||||||||
|
| |||||||
ConsumerStaples-11.17% |
| |||||||
Altria Group, Inc. | 14,467 | 647,977 | ||||||
Coca-Cola Co. (The) | 11,201 | 609,670 | ||||||
Colgate-Palmolive Co. | 8,595 | 589,617 | ||||||
Costco Wholesale Corp. | 2,082 | 618,583 | ||||||
Kraft Heinz Co. (The) | 20,778 | 671,753 | ||||||
Mondelez International, Inc., Class A | 11,238 | 589,433 | ||||||
PepsiCo, Inc. | 4,476 | 613,973 | ||||||
Philip Morris International, Inc. | 8,320 | 677,581 | ||||||
Procter & Gamble Co. (The) | 4,977 | 619,686 | ||||||
Walgreens Boots Alliance, Inc. | 10,855 | 594,637 | ||||||
Walmart, Inc. | 5,200 | 609,752 | ||||||
|
| |||||||
6,842,662 | ||||||||
|
| |||||||
Energy-5.55% |
| |||||||
Chevron Corp. | 5,002 | 580,932 | ||||||
ConocoPhillips | 10,599 | 585,065 | ||||||
Exxon Mobil Corp. | 8,367 | 565,358 | ||||||
Kinder Morgan, Inc. | 29,690 | 593,206 | ||||||
Occidental Petroleum Corp. | 13,479 | 545,900 | ||||||
Schlumberger Ltd. | 16,281 | 532,226 | ||||||
|
| |||||||
3,402,687 | ||||||||
|
| |||||||
Financials-14.95% |
| |||||||
Allstate Corp. (The) | 5,744 | 611,276 | ||||||
American Express Co. | 5,099 | 598,011 | ||||||
American International Group, Inc. | 10,608 | 561,800 | ||||||
Bank of America Corp. | 20,144 | 629,903 | ||||||
Bank of New York Mellon Corp. (The) | 12,959 | 605,833 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 2,845 | 604,790 | ||||||
BlackRock, Inc. | 1,372 | 633,452 | ||||||
Capital One Financial Corp. | 6,492 | 605,379 | ||||||
Citigroup, Inc. | 8,634 | 620,439 | ||||||
Goldman Sachs Group, Inc. (The) | 2,764 | 589,782 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
JPMorgan Chase & Co. | 5,055 | $ | 631,471 | |||||
MetLife, Inc. | 12,565 | 587,916 | ||||||
Morgan Stanley | 13,458 | 619,741 | ||||||
U.S. Bancorp | 10,837 | 617,926 | ||||||
Wells Fargo & Co. | 12,423 | 641,400 | ||||||
|
| |||||||
9,159,119 | ||||||||
|
| |||||||
HealthCare-16.85% |
| |||||||
Abbott Laboratories | 7,212 | 602,995 | ||||||
AbbVie, Inc. | 8,660 | 688,903 | ||||||
Allergan PLC | 3,658 | 644,210 | ||||||
Amgen, Inc. | 3,124 | 666,193 | ||||||
Biogen, Inc.(b) | 2,582 | 771,269 | ||||||
Bristol-Myers Squibb Co. | 12,295 | 705,364 | ||||||
Celgene Corp.(b) | 6,206 | 670,434 | ||||||
CVS Health Corp. | 9,487 | 629,842 | ||||||
Danaher Corp. | 4,310 | 594,004 | ||||||
Eli Lilly and Co. | 5,481 | 624,560 | ||||||
Gilead Sciences, Inc. | 9,136 | 582,055 | ||||||
Johnson & Johnson | 4,647 | 613,590 | ||||||
Medtronic PLC | 5,542 | 603,524 | ||||||
Merck & Co., Inc. | 7,357 | 637,558 | ||||||
Pfizer, Inc. | 16,466 | 631,801 | ||||||
UnitedHealth Group, Inc. | 2,602 | 657,525 | ||||||
|
| |||||||
10,323,827 | ||||||||
|
| |||||||
Industrials-12.77% |
| |||||||
3M Co. | 3,545 | 584,890 | ||||||
Boeing Co. (The) | 1,608 | 546,575 | ||||||
Caterpillar, Inc. | 4,543 | 626,025 | ||||||
Emerson Electric Co. | 9,272 | 650,431 | ||||||
FedEx Corp. | 3,491 | 532,936 | ||||||
General Dynamics Corp. | 3,199 | 565,583 | ||||||
General Electric Co. | 65,070 | 649,398 | ||||||
Honeywell International, Inc. | 3,624 | 625,974 | ||||||
Lockheed Martin Corp. | 1,587 | 597,791 | ||||||
Raytheon Co. | 3,073 | 652,121 | ||||||
Union Pacific Corp. | 3,545 | 586,556 | ||||||
United Parcel Service, Inc., Class B | 4,954 | 570,552 | ||||||
United Technologies Corp. | 4,402 | 632,039 | ||||||
|
| |||||||
7,820,871 | ||||||||
|
| |||||||
InformationTechnology-14.04% |
| |||||||
Accenture PLC, Class A | 3,123 | 579,067 | ||||||
Adobe, Inc.(b) | 2,194 | 609,778 | ||||||
Apple, Inc. | 2,791 | 694,289 | ||||||
Cisco Systems, Inc. | 12,148 | 577,152 | ||||||
Intel Corp. | 11,568 | 653,939 | ||||||
International Business Machines Corp. | 4,230 | 565,678 | ||||||
Mastercard, Inc., Class A | 2,210 | 611,750 | ||||||
Microsoft Corp. | 4,426 | 634,556 | ||||||
NVIDIA Corp. | 3,356 | 674,623 | ||||||
Oracle Corp. | 11,360 | 619,006 | ||||||
PayPal Holdings, Inc.(b) | 5,680 | 591,288 | ||||||
QUALCOMM, Inc. | 7,751 | 623,490 | ||||||
Texas Instruments, Inc. | 4,689 | 553,255 | ||||||
Visa, Inc., Class A | 3,445 | 616,173 | ||||||
|
| |||||||
8,604,044 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-1.93% |
| |||||||
Dow, Inc. | 12,609 | $ | 636,629 | |||||
DuPont de Nemours, Inc. | 8,264 | 544,680 | ||||||
|
| |||||||
1,181,309 | ||||||||
|
| |||||||
RealEstate-0.97% |
| |||||||
Simon Property Group, Inc. | 3,948 | 594,885 | ||||||
|
| |||||||
Utilities-4.07% |
| |||||||
Duke Energy Corp. | 6,503 | 612,973 | ||||||
Exelon Corp. | 12,857 | 584,865 | ||||||
NextEra Energy, Inc. | 2,782 | 663,062 | ||||||
Southern Co. (The) | 10,107 | 633,304 | ||||||
|
| |||||||
2,494,204 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 61,217,446 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.14% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 87,501 | $ | 87,501 | |||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.06% |
| 61,304,947 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.06)% |
| (35,987 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 61,268,960 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Health Care | 16.85 | |||
Financials | 14.95 | |||
Information Technology | 14.04 | |||
Industrials | 12.77 | |||
Consumer Staples | 11.17 | |||
Consumer Discretionary | 9.64 | |||
Communication Services | 7.98 | |||
Energy | 5.55 | |||
Utilities | 4.07 | |||
Sector Types Each Less Than 3% | 2.90 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco S&P 500 GARP ETF (SPGP)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||
CommunicationServices-4.83% |
| |||||||
Alphabet, Inc., Class A(b) | 3,995 | $ | 5,028,906 | |||||
CBS Corp., Class B | 66,399 | 2,393,020 | ||||||
Facebook, Inc., Class A(b) | 34,650 | 6,640,673 | ||||||
|
| |||||||
14,062,599 | ||||||||
|
| |||||||
ConsumerDiscretionary-14.50% |
| |||||||
Best Buy Co., Inc. | 44,725 | 3,212,597 | ||||||
Booking Holdings, Inc.(b) | 2,182 | 4,470,416 | ||||||
BorgWarner, Inc. | 73,049 | 3,044,682 | ||||||
Carnival Corp. | 50,553 | 2,168,218 | ||||||
D.R. Horton, Inc. | 69,813 | 3,656,107 | ||||||
eBay, Inc. | 88,803 | 3,130,306 | ||||||
Lennar Corp., Class A | 61,116 | 3,642,513 | ||||||
Norwegian Cruise Line Holdings | 58,685 | 2,978,851 | ||||||
PulteGroup, Inc. | 170,108 | 6,675,038 | ||||||
Ross Stores, Inc. | 28,604 | 3,137,001 | ||||||
TJX Cos., Inc. (The) | 52,250 | 3,012,212 | ||||||
Ulta Beauty, Inc.(b) | 13,167 | 3,069,886 | ||||||
|
| |||||||
42,197,827 | ||||||||
|
| |||||||
ConsumerStaples-3.71% |
| |||||||
Constellation Brands, Inc., Class A | 15,334 | 2,918,520 | ||||||
Kroger Co. (The) | 107,687 | 2,653,408 | ||||||
Molson Coors Brewing Co., Class B | 98,957 | 5,217,013 | ||||||
|
| |||||||
10,788,941 | ||||||||
|
| |||||||
Energy-6.90% |
| |||||||
Chevron Corp. | 23,631 | 2,744,504 | ||||||
HollyFrontier Corp. | 77,002 | 4,230,490 | ||||||
Marathon Petroleum Corp. | 68,592 | 4,386,458 | ||||||
Phillips 66 | 39,090 | 4,566,494 | ||||||
Valero Energy Corp. | 42,906 | 4,161,024 | ||||||
|
| |||||||
20,088,970 | ||||||||
|
| |||||||
Financials-16.62% |
| |||||||
Ameriprise Financial, Inc. | 17,500 | 2,640,575 | ||||||
Capital One Financial Corp. | 29,308 | 2,732,971 | ||||||
Charles Schwab Corp. (The) | 88,332 | 3,595,996 | ||||||
Citizens Financial Group, Inc. | 92,824 | 3,263,692 | ||||||
Comerica, Inc. | 42,756 | 2,797,097 | ||||||
Discover Financial Services | 34,554 | 2,773,304 | ||||||
E*TRADE Financial Corp. | 110,838 | 4,631,920 | ||||||
Hartford Financial Services Group, Inc. (The) | 48,882 | 2,790,185 | ||||||
Lincoln National Corp. | 46,469 | 2,624,569 | ||||||
Progressive Corp. (The) | 43,672 | 3,043,938 | ||||||
Raymond James Financial, Inc. | 34,017 | 2,840,079 | ||||||
Regions Financial Corp. | 192,850 | 3,104,885 | ||||||
SVB Financial Group(b) | 21,093 | 4,671,678 | ||||||
T. Rowe Price Group, Inc. | 25,310 | 2,930,898 | ||||||
Zions Bancorp. N.A. | 80,810 | 3,916,861 | ||||||
|
| |||||||
48,358,648 | ||||||||
|
| |||||||
HealthCare-9.31% |
| |||||||
Align Technology, Inc.(b) | 17,677 | 4,459,730 | ||||||
Biogen, Inc.(b) | 12,384 | 3,699,225 | ||||||
Bristol-Myers Squibb Co. | 69,123 | 3,965,587 | ||||||
Celgene Corp.(b) | 48,336 | 5,221,738 | ||||||
Mettler-Toledo International, Inc.(b) | 3,332 | 2,348,860 |
Shares | Value | |||||||
Health Care-(continued) |
| |||||||
Regeneron Pharmaceuticals, Inc.(b) | 13,147 | $ | 4,026,663 | |||||
Stryker Corp. | 15,538 | 3,360,403 | ||||||
|
| |||||||
27,082,206 | ||||||||
|
| |||||||
Industrials-10.68% |
| |||||||
Allegion PLC | 28,646 | 3,324,082 | ||||||
Cummins, Inc. | 17,133 | 2,955,100 | ||||||
Expeditors International of Washington, Inc. | 34,984 | 2,551,733 | ||||||
FedEx Corp. | 23,586 | 3,600,639 | ||||||
Huntington Ingalls Industries, Inc. | 12,433 | 2,805,631 | ||||||
J.B. Hunt Transport Services, Inc. | 33,968 | 3,993,278 | ||||||
Quanta Services, Inc. | 116,510 | 4,899,245 | ||||||
United Airlines Holdings, Inc.(b) | 31,163 | 2,830,847 | ||||||
United Rentals, Inc.(b) | 30,815 | 4,115,959 | ||||||
|
| |||||||
31,076,514 | ||||||||
|
| |||||||
InformationTechnology-27.59% |
| |||||||
Applied Materials, Inc. | 133,445 | 7,240,726 | ||||||
Broadcom, Inc. | 19,725 | 5,776,466 | ||||||
Cognizant Technology Solutions Corp., Class A | 42,755 | 2,605,490 | ||||||
Corning, Inc. | 135,433 | 4,012,880 | ||||||
DXC Technology Co. | 66,955 | 1,852,645 | ||||||
Fortinet, Inc.(b) | 66,497 | 5,423,495 | ||||||
Intel Corp. | 57,947 | 3,275,744 | ||||||
Intuit, Inc. | 15,451 | 3,978,632 | ||||||
IPG Photonics Corp.(b) | 26,946 | 3,618,309 | ||||||
KLA Corp. | 31,058 | 5,250,044 | ||||||
Lam Research Corp. | 30,969 | 8,393,838 | ||||||
Mastercard, Inc., Class A | 14,785 | 4,092,636 | ||||||
Micron Technology, Inc.(b) | 144,457 | 6,868,930 | ||||||
NetApp, Inc. | 54,162 | 3,026,573 | ||||||
NVIDIA Corp. | 40,888 | 8,219,306 | ||||||
Texas Instruments, Inc. | 23,545 | 2,778,074 | ||||||
Visa, Inc., Class A | 21,613 | 3,865,701 | ||||||
|
| |||||||
80,279,489 | ||||||||
|
| |||||||
Materials-4.03% |
| |||||||
Celanese Corp. | 34,733 | 4,207,903 | ||||||
LyondellBasell Industries N.V., Class A | 33,464 | 3,001,721 | ||||||
Nucor Corp. | 84,110 | 4,529,323 | ||||||
|
| |||||||
11,738,947 | ||||||||
|
| |||||||
RealEstate-1.77% |
| |||||||
CBRE Group, Inc., Class A(b) | 96,329 | 5,158,418 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 290,832,559 | ||||||
|
| |||||||
Money MarketFunds-0.09% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 275,014 | 275,014 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.03% |
| 291,107,573 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.03)% |
| (86,408 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 291,021,165 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco S&P 500 GARP ETF (SPGP)–(continued)
October 31, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Information Technology | 27.59 | |||
Financials | 16.62 | |||
Consumer Discretionary | 14.50 | |||
Industrials | 10.68 | |||
Health Care | 9.31 | |||
Energy | 6.90 | |||
Communication Services | 4.83 | |||
Materials | 4.03 | |||
Consumer Staples | 3.71 | |||
Real Estate | 1.77 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.96% |
| |||||||
CommunicationServices-6.16% |
| |||||||
AT&T, Inc. | 18,803 | $ | 723,727 | |||||
CBS Corp., Class B | 11,671 | 420,623 | ||||||
Comcast Corp., Class A | 8,281 | 371,154 | ||||||
DISH Network Corp., Class A(b) | 12,846 | 441,646 | ||||||
Interpublic Group of Cos., Inc. (The) | 19,202 | 417,644 | ||||||
Omnicom Group, Inc. | 4,367 | 337,089 | ||||||
Viacom, Inc., Class B | 25,799 | 556,226 | ||||||
|
| |||||||
3,268,109 | ||||||||
|
| |||||||
ConsumerDiscretionary-14.62% |
| |||||||
Best Buy Co., Inc. | 10,295 | 739,490 | ||||||
CarMax, Inc.(b) | 5,278 | 491,751 | ||||||
D.R. Horton, Inc. | 13,011 | 681,386 | ||||||
Gap, Inc. (The) | 50,663 | 823,780 | ||||||
General Motors Co. | 31,993 | 1,188,860 | ||||||
Genuine Parts Co. | 3,835 | 393,394 | ||||||
H&R Block, Inc. | 13,822 | 345,412 | ||||||
Kohl’s Corp. | 18,274 | 936,725 | ||||||
Norwegian Cruise Line Holdings Ltd.(b) | 7,794 | 395,624 | ||||||
PulteGroup, Inc. | 20,629 | 809,482 | ||||||
Royal Caribbean Cruises Ltd. | 2,857 | 310,927 | ||||||
Target Corp. | 5,923 | 633,228 | ||||||
|
| |||||||
7,750,059 | ||||||||
|
| |||||||
ConsumerStaples-6.87% |
| |||||||
Archer-Daniels-Midland Co. | 23,397 | 983,610 | ||||||
JM Smucker Co. (The) | 2,834 | 299,497 | ||||||
Kroger Co. (The) | 40,353 | 994,298 | ||||||
Sysco Corp. | 5,004 | 399,670 | ||||||
Tyson Foods, Inc., Class A | 6,827 | 565,207 | ||||||
Walmart, Inc. | 3,399 | 398,567 | ||||||
|
| |||||||
3,640,849 | ||||||||
|
| |||||||
Energy-3.65% |
| |||||||
Chevron Corp. | 3,987 | 463,050 | ||||||
ConocoPhillips | 8,520 | 470,304 | ||||||
Exxon Mobil Corp. | 6,460 | 436,502 | ||||||
Marathon Oil Corp. | 48,867 | 563,437 | ||||||
|
| |||||||
1,933,293 | ||||||||
|
| |||||||
Financials-26.71% |
| |||||||
Aflac, Inc. | 8,963 | 476,473 | ||||||
Allstate Corp. (The) | 5,797 | 616,917 | ||||||
Ameriprise Financial, Inc. | 2,835 | 427,773 | ||||||
Assurant, Inc. | 5,860 | 738,770 | ||||||
Bank of America Corp. | 21,799 | 681,655 | ||||||
BB&T Corp. | 9,887 | 524,505 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 2,119 | 450,457 | ||||||
Capital One Financial Corp. | 9,866 | 920,004 | ||||||
Chubb Ltd. | 2,979 | 454,059 | ||||||
Cincinnati Financial Corp. | 3,508 | 397,141 | ||||||
Citigroup, Inc. | 11,188 | 803,970 | ||||||
Discover Financial Services | 6,345 | 509,250 | ||||||
Everest Re Group, Ltd. | 1,623 | 417,257 | ||||||
Franklin Resources, Inc. | 14,183 | 390,742 | ||||||
Globe Life, Inc. | 4,944 | 481,199 | ||||||
Huntington Bancshares, Inc. | 39,705 | 561,032 | ||||||
JPMorgan Chase & Co. | 4,253 | 531,285 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Morgan Stanley | 16,906 | $ | 778,521 | |||||
PNC Financial Services Group, Inc. (The) | 3,653 | 535,895 | ||||||
Prudential Financial, Inc. | 9,583 | 873,395 | ||||||
Raymond James Financial, Inc. | 5,567 | 464,789 | ||||||
SunTrust Banks, Inc. | 8,639 | 590,389 | ||||||
Synchrony Financial | 19,098 | 675,496 | ||||||
Travelers Cos., Inc. (The) | 3,185 | 417,426 | ||||||
U.S. Bancorp | 7,806 | 445,098 | ||||||
|
| |||||||
14,163,498 | ||||||||
|
| |||||||
HealthCare-5.28% |
| |||||||
Anthem, Inc. | 1,607 | 432,412 | ||||||
Centene Corp.(b) | 12,366 | 656,387 | ||||||
HCA Healthcare, Inc. | 2,849 | 380,455 | ||||||
Henry Schein, Inc.(b) | 5,690 | 356,109 | ||||||
Universal Health Services, Inc., Class B | 3,847 | 528,809 | ||||||
WellCare Health Plans, Inc.(b) | 1,495 | 443,417 | ||||||
|
| |||||||
2,797,589 | ||||||||
|
| |||||||
Industrials-15.84% |
| |||||||
Arconic, Inc. | 22,801 | 626,344 | ||||||
Cummins, Inc. | 3,144 | 542,277 | ||||||
Deere & Co. | 2,539 | 442,141 | ||||||
Delta Air Lines, Inc. | 11,193 | 616,510 | ||||||
Eaton Corp. PLC | 5,286 | 460,464 | ||||||
Fastenal Co. | 11,764 | 422,798 | ||||||
Fortive Corp. | 4,755 | 328,095 | ||||||
Jacobs Engineering Group, Inc. | 5,768 | 539,769 | ||||||
Johnson Controls International PLC | 11,912 | 516,147 | ||||||
PACCAR, Inc. | 7,723 | 587,411 | ||||||
Parker-Hannifin Corp. | 2,223 | 407,898 | ||||||
Quanta Services, Inc. | 20,659 | 868,711 | ||||||
Robert Half International, Inc. | 6,261 | 358,568 | ||||||
Snap-on, Inc. | 2,244 | 365,032 | ||||||
Southwest Airlines Co. | 9,023 | 506,461 | ||||||
United Airlines Holdings, Inc.(b) | 8,924 | 810,656 | ||||||
|
| |||||||
8,399,282 | ||||||||
|
| |||||||
InformationTechnology-8.42% |
| |||||||
Corning, Inc. | 13,315 | 394,523 | ||||||
Hewlett Packard Enterprise Co. | 42,546 | 698,180 | ||||||
HP, Inc. | 33,169 | 576,146 | ||||||
Intel Corp. | 8,899 | 503,060 | ||||||
Juniper Networks, Inc. | 14,789 | 367,063 | ||||||
Lam Research Corp. | 1,869 | 506,574 | ||||||
Skyworks Solutions, Inc. | 5,048 | 459,671 | ||||||
TE Connectivity Ltd. | 4,516 | 404,182 | ||||||
Xerox Holdings Corp. | 16,341 | 554,450 | ||||||
|
| |||||||
4,463,849 | ||||||||
|
| |||||||
Materials-3.81% |
| |||||||
Celanese Corp. | 3,694 | 447,528 | ||||||
Mosaic Co. (The) | 33,327 | 662,541 | ||||||
Nucor Corp. | 16,953 | 912,919 | ||||||
|
| |||||||
2,022,988 | ||||||||
|
| |||||||
RealEstate-3.22% |
| |||||||
Apartment Investment & Management Co., Class A | 7,137 | 391,679 | ||||||
CBRE Group, Inc., Class A(b) | 9,870 | 528,539 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) |
| |||||||
Host Hotels & Resorts, Inc. | 22,367 | $ | 366,595 | |||||
Kimco Realty Corp. | 19,583 | 422,209 | ||||||
|
| |||||||
1,709,022 | ||||||||
|
| |||||||
Utilities-5.38% |
| |||||||
AES Corp. (The) | 23,491 | 400,522 | ||||||
Consolidated Edison, Inc. | 4,124 | 380,315 | ||||||
Duke Energy Corp. | 4,312 | 406,449 | ||||||
Entergy Corp. | 3,491 | 424,087 | ||||||
Exelon Corp. | 8,541 | 388,530 | ||||||
PPL Corp. | 14,009 | 469,161 | ||||||
Southern Co. (The) | 6,120 | 383,479 | ||||||
|
| |||||||
2,852,543 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 53,001,081 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.19% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 99,895 | $ | 99,895 | |||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.15% |
| 53,100,976 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.15)% |
| (81,857 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 53,019,119 | |||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 26.71 | |||
Industrials | 15.84 | |||
Consumer Discretionary | 14.62 | |||
Information Technology | 8.42 | |||
Consumer Staples | 6.87 | |||
Communication Services | 6.16 | |||
Utilities | 5.38 | |||
Health Care | 5.28 | |||
Materials | 3.81 | |||
Energy | 3.65 | |||
Real Estate | 3.22 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco S&P MidCap Momentum ETF (XMMO)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.90% |
| |||||||
CommunicationServices-6.76% |
| |||||||
Cable One, Inc. | 10,188 | $ | 13,502,869 | |||||
Live Nation Entertainment, Inc.(b) | 207,486 | 14,627,763 | ||||||
New York Times Co. (The), Class A | 186,571 | 5,765,044 | ||||||
TEGNA, Inc. | 256,300 | 3,852,189 | ||||||
Telephone & Data Systems, Inc. | 92,011 | 2,400,567 | ||||||
|
| |||||||
40,148,432 | ||||||||
|
| |||||||
ConsumerDiscretionary-11.60% |
| |||||||
Aaron’s, Inc. | 87,153 | 6,530,374 | ||||||
Churchill Downs, Inc. | 34,721 | 4,513,383 | ||||||
Cracker Barrel Old Country Store, | 28,363 | 4,410,447 | ||||||
Deckers Outdoor Corp.(b) | 31,101 | 4,755,343 | ||||||
Dunkin’ Brands Group, Inc. | 78,120 | 6,141,795 | ||||||
Etsy, Inc.(b) | 135,153 | 6,012,957 | ||||||
Graham Holdings Co., Class B | 6,840 | 4,306,874 | ||||||
Helen of Troy Ltd.(b) | 23,636 | 3,539,727 | ||||||
Pool Corp. | 45,133 | 9,360,584 | ||||||
Service Corp. International | 180,917 | 8,228,105 | ||||||
Skechers U.S.A., Inc., Class A(b) | 128,329 | 4,795,655 | ||||||
Tempur Sealy International, Inc.(b) | 68,939 | 6,270,002 | ||||||
|
| |||||||
68,865,246 | ||||||||
|
| |||||||
ConsumerStaples-5.93% |
| |||||||
Boston Beer Co., Inc. (The), Class A(b) | 10,368 | 3,882,401 | ||||||
Casey’s General Stores, Inc. | 62,159 | 10,617,379 | ||||||
Flowers Foods, Inc. | 197,865 | 4,297,628 | ||||||
Pilgrim’s Pride Corp.(b) | 77,627 | 2,356,756 | ||||||
Post Holdings, Inc.(b) | 69,116 | 7,112,036 | ||||||
Sanderson Farms, Inc. | 20,497 | 3,173,141 | ||||||
Tootsie Roll Industries, Inc.(c) | 24,462 | 838,557 | ||||||
TreeHouse Foods, Inc.(b) | 54,123 | 2,923,724 | ||||||
|
| |||||||
35,201,622 | ||||||||
|
| |||||||
Energy-0.53% |
| |||||||
World Fuel Services Corp. | 75,636 | 3,159,316 | ||||||
|
| |||||||
Financials-12.40% |
| |||||||
Brown & Brown, Inc. | 306,765 | 11,558,905 | ||||||
FactSet Research Systems, Inc. | 58,890 | 14,929,793 | ||||||
Federated Investors, Inc., Class B | 152,642 | 4,875,385 | ||||||
FirstCash, Inc. | 44,268 | 3,735,777 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 70,179 | 13,136,105 | ||||||
Selective Insurance Group, Inc. | 71,221 | 4,922,796 | ||||||
W.R. Berkley Corp. | 293,516 | 20,516,768 | ||||||
|
| |||||||
73,675,529 | ||||||||
|
| |||||||
HealthCare-13.55% |
| |||||||
Amedisys, Inc.(b) | 36,185 | 4,650,496 | ||||||
Bio-Techne Corp. | 42,327 | 8,811,212 | ||||||
Catalent, Inc.(b) | 157,323 | 7,653,764 | ||||||
Chemed Corp. | 18,872 | 7,433,870 | ||||||
Haemonetics Corp.(b) | 45,740 | 5,522,190 | ||||||
Masimo Corp.(b) | 82,684 | 12,054,500 | ||||||
Repligen Corp.(b) | 82,192 | 6,533,442 | ||||||
STERIS PLC | 116,931 | 16,553,922 | ||||||
West Pharmaceutical Services, Inc. | 78,410 | 11,278,494 | ||||||
|
| |||||||
80,491,890 | ||||||||
|
|
Shares | Value | |||||||
Industrials-6.98% |
| |||||||
Clean Harbors, Inc.(b) | 58,432 | $ | 4,818,303 | |||||
Teledyne Technologies, Inc.(b) | 46,762 | 15,412,755 | ||||||
Tetra Tech, Inc. | 58,631 | 5,128,454 | ||||||
Toro Co. (The) | 118,387 | 9,131,189 | ||||||
Woodward, Inc. | 65,545 | 6,991,030 | ||||||
|
| |||||||
41,481,731 | ||||||||
|
| |||||||
InformationTechnology-14.25% |
| |||||||
ACI Worldwide, Inc.(b) | 120,125 | 3,770,724 | ||||||
CACI International, Inc., Class A(b) | 25,238 | 5,647,002 | ||||||
Ciena Corp.(b) | 240,199 | 8,916,187 | ||||||
Cree, Inc.(b) | 95,733 | 4,569,336 | ||||||
Fair Isaac Corp.(b) | 57,171 | 17,382,271 | ||||||
KBR, Inc. | 152,128 | 4,283,924 | ||||||
LiveRamp Holdings, Inc.(b) | 61,877 | 2,418,772 | ||||||
Manhattan Associates, Inc.(b) | 113,322 | 8,493,484 | ||||||
Universal Display Corp. | 71,180 | 14,248,812 | ||||||
Zebra Technologies Corp., Class A(b) | 62,596 | 14,889,711 | ||||||
|
| |||||||
84,620,223 | ||||||||
|
| |||||||
Materials-4.07% |
| |||||||
AptarGroup, Inc. | 73,298 | 8,660,159 | ||||||
Royal Gold, Inc. | 85,836 | 9,908,908 | ||||||
ScottsMiracle-Gro Co. (The) | 55,759 | 5,597,646 | ||||||
|
| |||||||
24,166,713 | ||||||||
|
| |||||||
RealEstate-15.63% |
| |||||||
American Campus Communities, Inc. | 145,355 | 7,264,843 | ||||||
Camden Property Trust | 94,442 | 10,801,331 | ||||||
EastGroup Properties, Inc. | 53,273 | 7,135,918 | ||||||
EPR Properties | 83,824 | 6,520,669 | ||||||
First Industrial Realty Trust, Inc. | 139,171 | 5,860,491 | ||||||
Liberty Property Trust | 207,880 | 12,279,472 | ||||||
Mack-Cali Realty Corp. | 99,209 | 2,125,057 | ||||||
Medical Properties Trust, Inc. | 533,653 | 11,062,627 | ||||||
National Retail Properties, Inc. | 189,667 | 11,173,283 | ||||||
Omega Healthcare Investors, Inc.(c) | 279,314 | 12,300,989 | ||||||
PS Business Parks, Inc. | 35,088 | 6,335,138 | ||||||
|
| |||||||
92,859,818 | ||||||||
|
| |||||||
Utilities-8.20% |
| |||||||
Black Hills Corp. | 100,021 | 7,884,655 | ||||||
Hawaiian Electric Industries, Inc. | 206,980 | 9,345,147 | ||||||
NorthWestern Corp. | 61,827 | 4,483,694 | ||||||
OGE Energy Corp. | 255,801 | 11,014,791 | ||||||
ONE Gas, Inc. | 60,762 | 5,641,144 | ||||||
PNM Resources, Inc. | 108,940 | 5,681,221 | ||||||
Spire, Inc. | 55,281 | 4,646,921 | ||||||
|
| |||||||
48,697,573 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 593,368,093 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco S&P MidCap Momentum ETF (XMMO)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Money MarketFunds-0.08% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 503,727 | $ | 503,727 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 593,871,820 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.95% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 8,665,541 | 8,665,541 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,887,359 | $ | 2,888,514 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 11,554,055 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.93% |
| 605,425,875 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.93)% |
| (11,489,692 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 593,936,183 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Real Estate | 15.63 | |||
Information Technology | 14.25 | |||
Health Care | 13.55 | |||
Financials | 12.40 | |||
Consumer Discretionary | 11.60 | |||
Utilities | 8.20 | |||
Industrials | 6.98 | |||
Communication Services | 6.76 | |||
Consumer Staples | 5.93 | |||
Materials | 4.07 | |||
Energy | 0.53 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco S&P MidCap Quality ETF (XMHQ)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
ConsumerDiscretionary-13.46% |
| |||||||
Adtalem Global Education, Inc.(b) | 3,842 | $ | 114,415 | |||||
American Eagle Outfitters, Inc. | 10,783 | 165,843 | ||||||
Churchill Downs, Inc. | 2,198 | 285,718 | ||||||
Cracker Barrel Old Country Store, Inc.(c) | 1,606 | 249,733 | ||||||
Deckers Outdoor Corp.(b) | 2,416 | 369,406 | ||||||
Dick’s Sporting Goods, Inc. | 5,202 | 202,514 | ||||||
Dillard’s, Inc., Class A(c) | 1,158 | 79,879 | ||||||
Five Below, Inc.(b) | 3,938 | 492,683 | ||||||
Gentex Corp. | 16,253 | 455,897 | ||||||
Helen of Troy Ltd.(b) | 1,589 | 237,969 | ||||||
Texas Roadhouse, Inc. | 3,923 | 221,649 | ||||||
Urban Outfitters, Inc.(b) | 4,709 | 135,148 | ||||||
Williams-Sonoma, Inc. | 6,038 | 403,278 | ||||||
|
| |||||||
3,414,132 | ||||||||
|
| |||||||
ConsumerStaples-1.59% |
| |||||||
Boston Beer Co., Inc. (The), Class A(b) | 595 | 222,804 | ||||||
Lancaster Colony Corp. | 1,302 | 181,212 | ||||||
|
| |||||||
404,016 | ||||||||
|
| |||||||
Energy-1.75% |
| |||||||
Core Laboratories N.V. | 2,693 | 118,600 | ||||||
EQT Corp. | 20,137 | 216,271 | ||||||
Southwestern Energy Co.(b) | 53,198 | 109,056 | ||||||
|
| |||||||
443,927 | ||||||||
|
| |||||||
Financials-21.82% |
| |||||||
Bank of Hawaii Corp. | 2,760 | 240,976 | ||||||
Cathay General Bancorp | 5,085 | 180,873 | ||||||
East West Bancorp, Inc. | 9,927 | 426,067 | ||||||
Eaton Vance Corp. | 7,089 | 323,258 | ||||||
Evercore, Inc., Class A | 2,871 | 211,420 | ||||||
FactSet Research Systems, Inc. | 3,211 | 814,053 | ||||||
First Horizon National Corp. | 23,393 | 373,586 | ||||||
Hanover Insurance Group, Inc. (The) | 3,310 | 435,960 | ||||||
International Bancshares Corp. | 3,810 | 156,058 | ||||||
Janus Henderson Group PLC (United Kingdom) | 10,183 | 235,533 | ||||||
Mercury General Corp. | 1,754 | 84,297 | ||||||
Old Republic International Corp. | 17,859 | 398,970 | ||||||
Reinsurance Group of America, Inc. | 4,270 | 693,747 | ||||||
SEI Investments Co. | 8,598 | 515,192 | ||||||
Stifel Financial Corp. | 4,704 | 263,330 | ||||||
Trustmark Corp. | 5,315 | 182,411 | ||||||
|
| |||||||
5,535,731 | ||||||||
|
| |||||||
HealthCare-9.34% |
| |||||||
Allscripts Healthcare Solutions, Inc.(b) | 12,987 | 142,078 | ||||||
Amedisys, Inc.(b) | 2,017 | 259,225 | ||||||
Avanos Medical, Inc.(b) | 3,144 | 138,462 | ||||||
Chemed Corp. | 1,119 | 440,785 | ||||||
Covetrus, Inc.(b) | 6,179 | 61,265 | ||||||
HealthEquity, Inc.(b) | 4,392 | 249,421 | ||||||
Masimo Corp.(b) | 3,058 | 445,826 | ||||||
Molina Healthcare, Inc.(b) | 5,388 | 633,844 | ||||||
|
| |||||||
2,370,906 | ||||||||
|
| |||||||
Industrials-21.76% |
| |||||||
Carlisle Cos., Inc. | 3,689 | 561,724 | ||||||
Donaldson Co., Inc. | 8,912 | 470,019 |
Shares | Value | |||||||
Industrials-(continued) |
| |||||||
Graco, Inc. | 12,624 | $ | 570,605 | |||||
Healthcare Services Group, Inc.(c) | 4,845 | 118,024 | ||||||
Herman Miller, Inc. | 3,343 | 155,450 | ||||||
Insperity, Inc. | 3,624 | 382,803 | ||||||
ITT, Inc. | 5,417 | 322,041 | ||||||
Landstar System, Inc. | 2,680 | 303,242 | ||||||
Lincoln Electric Holdings, Inc. | 4,763 | 426,622 | ||||||
MSA Safety, Inc. | 2,325 | 279,163 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,734 | 200,156 | ||||||
Old Dominion Freight Line, Inc. | 3,904 | 710,840 | ||||||
Resideo Technologies, Inc.(b) | 8,082 | 77,021 | ||||||
Toro Co. (The) | 8,202 | 632,620 | ||||||
Trex Co., Inc.(b) | 3,536 | 310,779 | ||||||
|
| |||||||
5,521,109 | ||||||||
|
| |||||||
InformationTechnology-19.03% |
| |||||||
Ciena Corp.(b) | 8,859 | 328,846 | ||||||
Cognex Corp. | 10,373 | 534,106 | ||||||
CommVault Systems, Inc.(b) | 2,448 | 121,592 | ||||||
LiveRamp Holdings, Inc.(b) | 6,414 | 250,723 | ||||||
Manhattan Associates, Inc.(b) | 6,095 | 456,820 | ||||||
MAXIMUS, Inc. | 4,459 | 342,184 | ||||||
MKS Instruments, Inc. | 3,385 | 366,325 | ||||||
Teradyne, Inc. | 16,045 | 982,275 | ||||||
Universal Display Corp. | 2,583 | 517,065 | ||||||
Vishay Intertechnology, Inc. | 7,902 | 159,225 | ||||||
Zebra Technologies Corp., Class A(b) | 3,240 | 770,699 | ||||||
|
| |||||||
4,829,860 | ||||||||
|
| |||||||
Materials-7.18% |
| |||||||
Cabot Corp. | 3,408 | 148,555 | ||||||
Eagle Materials, Inc. | 3,146 | 287,356 | ||||||
Louisiana-Pacific Corp. | 7,157 | 209,199 | ||||||
NewMarket Corp. | 573 | 278,186 | ||||||
Royal Gold, Inc. | 4,201 | 484,963 | ||||||
Steel Dynamics, Inc. | 13,618 | 413,442 | ||||||
|
| |||||||
1,821,701 | ||||||||
|
| |||||||
RealEstate-4.04% |
| |||||||
Medical Properties Trust, Inc. | 26,733 | 554,175 | ||||||
PS Business Parks, Inc. | 1,317 | 237,784 | ||||||
Weingarten Realty Investors | 7,343 | 232,994 | ||||||
|
| |||||||
1,024,953 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 25,366,335 | ||||||
|
| |||||||
Money MarketFunds-0.40% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 100,459 | 100,459 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 25,466,794 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco S&P MidCap Quality ETF (XMHQ)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.64% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 312,638 | $ | 312,638 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 104,171 | 104,213 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 416,851 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-102.01% |
| 25,883,645 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.01)% |
| (510,700 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 25,372,945 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019.
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd.* | $ | 14,764 | $ | 9,539 | $ | (23,481 | ) | $ | 5,973 | $ | (6,795 | ) | $ | - | $ | 208 |
* At October 31, 2019, this security was no longer held.
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 21.82 | |||
Industrials | 21.76 | |||
Information Technology | 19.03 | |||
Consumer Discretionary | 13.46 | |||
Health Care | 9.34 | |||
Materials | 7.18 | |||
Real Estate | 4.04 | |||
Sector Types Each Less Than 3% | 3.34 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
CommunicationServices-2.81% |
| |||||||
AMC Networks, Inc., Class A(b) | 8,534 | $ | 371,656 | |||||
TEGNA, Inc. | 32,887 | 494,292 | ||||||
Telephone & Data Systems, Inc. | 22,672 | 591,512 | ||||||
|
| |||||||
1,457,460 | ||||||||
|
| |||||||
ConsumerDiscretionary-17.54% |
| |||||||
Aaron’s, Inc. | 6,319 | 473,483 | ||||||
American Eagle Outfitters, Inc. | 27,127 | 417,213 | ||||||
AutoNation, Inc.(b) | 26,528 | 1,348,949 | ||||||
Bed Bath & Beyond, Inc.(c) | 72,126 | 988,126 | ||||||
Brinker International, Inc. | 9,742 | 433,032 | ||||||
Dick’s Sporting Goods, Inc. | 18,544 | 721,918 | ||||||
Dillard’s, Inc., Class A(c) | 17,390 | 1,199,562 | ||||||
Graham Holdings Co., Class B | 728 | 458,392 | ||||||
KB Home | 27,919 | 996,429 | ||||||
Murphy USA, Inc.(b) | 8,686 | 1,024,340 | ||||||
Sally Beauty Holdings, Inc.(b) | 33,721 | 522,676 | ||||||
Skechers U.S.A., Inc., Class A(b) | 13,583 | 507,597 | ||||||
|
| |||||||
9,091,717 | ||||||||
|
| |||||||
Energy-8.40% |
| |||||||
Chesapeake Energy Corp.(b)(c) | 669,492 | 897,119 | ||||||
PBF Energy, Inc., Class A | 45,089 | 1,455,473 | ||||||
Southwestern Energy Co.(b) | 346,607 | 710,544 | ||||||
World Fuel Services Corp. | 30,837 | 1,288,062 | ||||||
|
| |||||||
4,351,198 | ||||||||
|
| |||||||
Financials-21.49% |
| |||||||
Alleghany Corp.(b) | 588 | 457,635 | ||||||
American Financial Group, Inc. | 4,458 | 463,810 | ||||||
First American Financial Corp. | 9,384 | 579,743 | ||||||
Fulton Financial Corp. | 28,245 | 481,860 | ||||||
Genworth Financial, Inc., Class A(b) | 483,718 | 2,070,313 | ||||||
Hanover Insurance Group, Inc. (The) | 3,688 | 485,746 | ||||||
International Bancshares Corp. | 12,475 | 510,976 | ||||||
Kemper Corp. | 4,589 | 329,857 | ||||||
Mercury General Corp. | 6,642 | 319,215 | ||||||
Navient Corp. | 47,610 | 655,590 | ||||||
New York Community Bancorp, Inc. | 59,980 | 698,767 | ||||||
Old Republic International Corp. | 26,953 | 602,130 | ||||||
Prosperity Bancshares, Inc. | 6,579 | 454,083 | ||||||
Reinsurance Group of America, Inc. | 4,179 | 678,962 | ||||||
Signature Bank | 3,923 | 464,169 | ||||||
Stifel Financial Corp. | 9,131 | 511,153 | ||||||
Trustmark Corp. | 12,632 | 433,530 | ||||||
United Bankshares, Inc. | 11,814 | 467,126 | ||||||
Washington Federal, Inc. | 12,994 | 473,761 | ||||||
|
| |||||||
11,138,426 | ||||||||
|
| |||||||
HealthCare-2.98% |
| |||||||
Molina Healthcare, Inc.(b) | 3,077 | 361,978 | ||||||
Patterson Cos., Inc. | 27,177 | 465,542 | ||||||
Tenet Healthcare Corp.(b) | 28,288 | 716,818 | ||||||
|
| |||||||
1,544,338 | ||||||||
|
| |||||||
Industrials-19.54% |
| |||||||
AECOM(b) | 23,376 | 935,274 | ||||||
AGCO Corp. | 6,917 | 530,465 | ||||||
Colfax Corp.(b) | 20,292 | 681,811 |
Shares | Value | |||||||
Industrials-(continued) |
| |||||||
EMCOR Group, Inc. | 5,417 | $ | 475,125 | |||||
EnerSys | 7,226 | 483,130 | ||||||
GATX Corp.(c) | 5,532 | 440,071 | ||||||
Herman Miller, Inc. | 9,798 | 455,607 | ||||||
HNI Corp. | 11,489 | 436,582 | ||||||
Kennametal, Inc. | 14,130 | 437,324 | ||||||
ManpowerGroup, Inc. | 8,426 | 766,092 | ||||||
MasTec, Inc.(b) | 10,142 | 638,337 | ||||||
NOW, Inc.(b) | 43,758 | 461,209 | ||||||
Oshkosh Corp. | 6,886 | 587,927 | ||||||
Regal Beloit Corp. | 6,604 | 489,026 | ||||||
Ryder System, Inc. | 15,083 | 733,486 | ||||||
Timken Co. (The) | 9,588 | 469,812 | ||||||
Trinity Industries, Inc.(c) | 23,908 | 472,900 | ||||||
Werner Enterprises, Inc.(c) | 17,375 | 634,188 | ||||||
|
| |||||||
10,128,366 | ||||||||
|
| |||||||
InformationTechnology-14.88% |
| |||||||
Arrow Electronics, Inc.(b) | 16,663 | 1,321,043 | ||||||
Avnet, Inc. | 19,291 | 763,152 | ||||||
Jabil, Inc. | 31,212 | 1,149,226 | ||||||
KBR, Inc. | 19,869 | 559,511 | ||||||
LiveRamp Holdings, Inc.(b) | 11,442 | 447,268 | ||||||
SYNNEX Corp. | 10,696 | 1,259,347 | ||||||
Tech Data Corp.(b) | 10,936 | 1,328,724 | ||||||
Vishay Intertechnology, Inc. | 43,856 | 883,698 | ||||||
|
| |||||||
7,711,969 | ||||||||
|
| |||||||
Materials-7.26% |
| |||||||
Allegheny Technologies, Inc.(b) | 21,041 | 442,071 | ||||||
Carpenter Technology Corp. | 12,241 | 600,054 | ||||||
Domtar Corp. | 17,167 | 624,707 | ||||||
Owens-Illinois, Inc. | 34,640 | 294,440 | ||||||
Reliance Steel & Aluminum Co. | 7,860 | 912,074 | ||||||
Silgan Holdings, Inc. | 12,721 | 391,425 | ||||||
Worthington Industries, Inc. | 13,439 | 494,690 | ||||||
|
| |||||||
3,759,461 | ||||||||
|
| |||||||
RealEstate-4.24% |
| |||||||
Jones Lang LaSalle, Inc. | 4,095 | 599,999 | ||||||
Mack-Cali Realty Corp. | 23,465 | 502,620 | ||||||
Medical Properties Trust, Inc. | 31,110 | 644,910 | ||||||
Service Properties Trust | 17,805 | 450,467 | ||||||
|
| |||||||
2,197,996 | ||||||||
|
| |||||||
Utilities-0.83% |
| |||||||
MDU Resources Group, Inc. | 14,948 | 431,848 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 51,812,779 | ||||||
|
| |||||||
Money MarketFunds-0.21% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 105,355 | 105,355 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 51,918,134 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities Loan |
| |||||||
Money MarketFunds-5.23% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 2,019,501 | $ | 2,019,501 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 691,335 | 691,612 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 2,711,113 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-105.41% |
| 54,629,247 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.41)% |
| (2,801,640 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 51,827,607 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019.
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd.* | $ | 274,295 | $ | 158,652 | $ | (417,979 | ) | $ | 61,462 | $ | (76,430 | ) | $ | - | $ | 3,749 |
* At October 31, 2019, this security was no longer held.
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 21.49 | |||
Industrials | 19.54 | |||
Consumer Discretionary | 17.54 | |||
Information Technology | 14.88 | |||
Energy | 8.40 | |||
Materials | 7.26 | |||
Real Estate | 4.24 | |||
Sector Types Each Less Than 3% | 6.62 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.00% |
| |||||||
CommunicationServices-2.45% |
| |||||||
Cogent Communications Holdings, Inc. | 15,941 | $ | 934,780 | |||||
Iridium Communications, Inc.(b) | 35,383 | 865,822 | ||||||
QuinStreet, Inc.(b) | 12,200 | 156,526 | ||||||
|
| |||||||
1,957,128 | ||||||||
|
| |||||||
ConsumerDiscretionary-17.32% |
| |||||||
Asbury Automotive Group, Inc.(b) | 7,445 | 767,803 | ||||||
Boot Barn Holdings, Inc.(b) | 8,542 | 299,397 | ||||||
Core-Mark Holding Co., Inc. | 19,817 | 604,815 | ||||||
Crocs, Inc.(b) | 17,354 | 607,216 | ||||||
Dine Brands Global, Inc. | 4,705 | 344,171 | ||||||
Fox Factory Holding Corp.(b) | 16,466 | 1,003,438 | ||||||
Group 1 Automotive, Inc. | 5,517 | 548,610 | ||||||
LGI Homes, Inc.(b) | 6,183 | 485,242 | ||||||
Lithia Motors, Inc., Class A | 10,433 | 1,642,989 | ||||||
M.D.C. Holdings, Inc. | 21,074 | 815,774 | ||||||
M/I Homes, Inc.(b) | 10,504 | 464,067 | ||||||
Meritage Homes Corp.(b) | 14,928 | 1,076,159 | ||||||
Monro, Inc. | 11,060 | 775,417 | ||||||
Rent-A-Center, Inc. | 30,231 | 782,076 | ||||||
Sleep Number Corp.(b) | 13,282 | 639,130 | ||||||
Sonic Automotive, Inc., Class A | 8,358 | 269,378 | ||||||
Strategic Education, Inc. | 9,892 | 1,217,013 | ||||||
Wingstop, Inc. | 18,223 | 1,520,345 | ||||||
|
| |||||||
13,863,040 | ||||||||
|
| |||||||
ConsumerStaples-4.59% |
| |||||||
Chefs’ Warehouse, Inc. (The)(b) | 9,174 | 303,889 | ||||||
Coca-Cola Consolidated, Inc. | 2,873 | 788,236 | ||||||
Inter Parfums, Inc. | 5,316 | 411,618 | ||||||
J&J Snack Foods Corp. | 5,980 | 1,140,745 | ||||||
John B. Sanfilippo & Son, Inc. | 2,540 | 269,545 | ||||||
WD-40 Co. | 4,039 | 756,908 | ||||||
|
| |||||||
3,670,941 | ||||||||
|
| |||||||
Energy-0.39% |
| |||||||
Par Pacific Holdings, Inc.(b) | 13,857 | 313,861 | ||||||
|
| |||||||
Financials-11.40% |
| |||||||
AMERISAFE, Inc. | 5,581 | 354,561 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 44,238 | 809,555 | ||||||
Dime Community Bancshares, Inc. | 10,272 | 198,147 | ||||||
eHealth, Inc.(b) | 12,422 | 857,615 | ||||||
First BanCorp. | 87,407 | 919,522 | ||||||
Granite Point Mortgage Trust, Inc. | 18,159 | 337,757 | ||||||
Invesco Mortgage Capital, Inc.(c) | 46,473 | 731,485 | ||||||
James River Group Holdings Ltd. | 10,546 | 377,652 | ||||||
New York Mortgage Trust, Inc. | 78,665 | 492,443 | ||||||
OFG Bancorp | 19,385 | 393,709 | ||||||
PennyMac Mortgage Investment Trust | 38,905 | 890,536 | ||||||
Redwood Trust, Inc. | 34,488 | 563,534 | ||||||
RLI Corp. | 16,249 | 1,581,353 | ||||||
Safety Insurance Group, Inc. | 4,269 | 414,947 | ||||||
World Acceptance Corp.(b) | 1,926 | 199,938 | ||||||
|
| |||||||
9,122,754 | ||||||||
|
| |||||||
HealthCare-16.07% |
| |||||||
Addus HomeCare Corp.(b) | 3,897 | 328,166 | ||||||
ANI Pharmaceuticals, Inc.(b) | 3,095 | 241,750 |
Shares | Value | |||||||
Health Care-(continued) |
| |||||||
Anika Therapeutics, Inc.(b) | 4,554 | $ | 320,556 | |||||
Arrowhead Pharmaceuticals, Inc.(b) | 40,599 | 1,625,990 | ||||||
CONMED Corp. | 9,072 | 998,101 | ||||||
CorVel Corp.(b) | 4,757 | 376,374 | ||||||
Cytokinetics, Inc.(b) | 21,880 | 254,902 | ||||||
Ensign Group, Inc. (The) | 26,840 | 1,133,990 | ||||||
HMS Holdings Corp.(b) | 33,574 | 1,097,534 | ||||||
Integer Holdings Corp.(b) | 10,159 | 786,713 | ||||||
Lantheus Holdings, Inc.(b) | 15,756 | 328,513 | ||||||
LHC Group, Inc.(b) | 14,049 | 1,559,017 | ||||||
Medpace Holdings, Inc.(b) | 7,837 | 577,038 | ||||||
Mesa Laboratories, Inc. | 1,202 | 273,755 | ||||||
NeoGenomics, Inc.(b) | 54,707 | 1,254,432 | ||||||
Omnicell, Inc.(b) | 12,615 | 887,970 | ||||||
Tactile Systems Technology, Inc.(b) | 4,809 | 218,425 | ||||||
US Physical Therapy, Inc. | 4,257 | 602,238 | ||||||
|
| |||||||
12,865,464 | ||||||||
|
| |||||||
Industrials-13.23% |
| |||||||
AAON, Inc. | 15,804 | 769,023 | ||||||
ABM Industries, Inc. | 26,246 | 956,929 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 23,648 | 1,022,303 | ||||||
Albany International Corp. | 11,107 | 932,766 | ||||||
Allegiant Travel Co. | 4,220 | 706,133 | ||||||
Arcosa, Inc. | 19,140 | 735,167 | ||||||
Brady Corp., Class A | 24,224 | 1,364,780 | ||||||
ESCO Technologies, Inc. | 12,094 | 1,021,822 | ||||||
Exponent, Inc. | 26,558 | 1,687,230 | ||||||
Federal Signal Corp. | 21,919 | 711,052 | ||||||
Kelly Services, Inc., Class A | 9,692 | 232,705 | ||||||
Viad Corp. | 7,349 | 448,436 | ||||||
|
| |||||||
10,588,346 | ||||||||
|
| |||||||
InformationTechnology-15.51% |
| |||||||
Agilysys, Inc.(b) | 9,492 | 239,103 | ||||||
Alarm.com Holdings, Inc.(b) | 9,418 | 465,249 | ||||||
CSG Systems International, Inc. | 12,632 | 728,109 | ||||||
DSP Group, Inc.(b) | 7,468 | 111,348 | ||||||
EVERTEC, Inc. | 23,129 | 707,516 | ||||||
ExlService Holdings, Inc.(b) | 10,319 | 718,512 | ||||||
Fabrinet (Thailand)(b) | 13,211 | 742,855 | ||||||
FormFactor, Inc.(b) | 21,807 | 476,047 | ||||||
Harmonic, Inc.(b) | 39,117 | 304,330 | ||||||
LivePerson, Inc.(b) | 23,498 | 964,593 | ||||||
ManTech International Corp., Class A | 8,186 | 648,168 | ||||||
MaxLinear, Inc.(b) | 19,643 | 372,431 | ||||||
OSI Systems, Inc.(b) | 7,530 | 747,277 | ||||||
PDF Solutions, Inc.(b) | 8,550 | 138,168 | ||||||
Perficient, Inc.(b) | 12,929 | 506,817 | ||||||
Power Integrations, Inc. | 9,734 | 886,865 | ||||||
Rogers Corp.(b) | 5,990 | 811,525 | ||||||
SPS Commerce, Inc.(b) | 11,836 | 624,586 | ||||||
TTEC Holdings, Inc. | 5,676 | 268,872 | ||||||
Viavi Solutions, Inc.(b) | 103,975 | 1,659,441 | ||||||
Xperi Corp. | 14,378 | 291,945 | ||||||
|
| |||||||
12,413,757 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-1.53% |
| |||||||
Innospec, Inc. | 7,101 | $ | 648,747 | |||||
Stepan Co. | 5,894 | 575,962 | ||||||
|
| |||||||
1,224,709 | ||||||||
|
| |||||||
RealEstate-12.98% |
| |||||||
Acadia Realty Trust | 21,237 | 594,211 | ||||||
Agree Realty Corp. | 18,846 | 1,484,499 | ||||||
American Assets Trust, Inc. | 20,072 | 982,725 | ||||||
Armada Hoffler Properties, Inc. | 19,363 | 362,863 | ||||||
CareTrust REIT, Inc. | 51,969 | 1,259,729 | ||||||
Community Healthcare Trust, Inc. | 9,248 | 447,788 | ||||||
Four Corners Property Trust, Inc. | 21,358 | 611,907 | ||||||
Getty Realty Corp. | 9,442 | 316,685 | ||||||
Independence Realty Trust, Inc. | 43,591 | 671,301 | ||||||
Innovative Industrial Properties, Inc.(d) | 6,996 | 531,696 | ||||||
iStar, Inc. | 22,645 | 294,612 | ||||||
Lexington Realty Trust | 88,314 | 960,856 | ||||||
LTC Properties, Inc. | 12,492 | 647,710 | ||||||
National Storage Affiliates Trust | 15,434 | 527,380 | ||||||
Universal Health Realty Income Trust | 5,806 | 692,249 | ||||||
|
| |||||||
10,386,211 | ||||||||
|
| |||||||
Utilities-4.53% |
| |||||||
American States Water Co. | 18,236 | 1,734,791 | ||||||
California Water Service Group | 22,470 | 1,257,646 | ||||||
Northwest Natural Holding Co. | 9,159 | 635,268 | ||||||
|
| |||||||
3,627,705 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 80,033,916 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.17% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) | 135,318 | $ | 135,318 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 80,169,234 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.58% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 350,636 | 350,636 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 116,832 | 116,879 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 467,515 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.75% |
| 80,636,749 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.75)% |
| (603,678 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 80,033,071 | |||||
|
|
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) | The Fund’s Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019. |
Value April 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2019 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Mortgage Capital, Inc. | $ | - | $ | 749,303 | $ | (20,677 | ) | $ | 2,274 | $ | 585 | $ | 731,485 | $ | 20,221 |
(d) | All or a portion of this security was out on loan at October 31, 2019. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Consumer Discretionary | 17.32 | |||
Health Care | 16.07 | |||
Information Technology | 15.51 | |||
Industrials | 13.23 | |||
Real Estate | 12.98 | |||
Financials | 11.40 | |||
Consumer Staples | 4.59 | |||
Utilities | 4.53 | |||
Sector Types Each Less Than 3% | 4.37 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.00) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.98% |
| |||||||
CommunicationServices-2.39% |
| |||||||
E.W. Scripps Co. (The), Class A | 27,833 | $ | 373,937 | |||||
Gannett Co., Inc.(b) | 73,145 | 793,623 | ||||||
Scholastic Corp. | 16,262 | 626,087 | ||||||
|
| |||||||
1,793,647 | ||||||||
|
| |||||||
ConsumerDiscretionary-27.41% |
| |||||||
Abercrombie & Fitch Co., Class A | 41,548 | 672,662 | ||||||
American Axle & Manufacturing Holdings, Inc.(c) | 65,176 | 544,871 | ||||||
Asbury Automotive Group, Inc.(c) | 7,414 | 764,606 | ||||||
Buckle, Inc. (The)(b) | 28,490 | 596,011 | ||||||
Cato Corp. (The), Class A | 52,455 | 917,438 | ||||||
Conn’s, Inc.(c) | 39,151 | 947,063 | ||||||
Cooper Tire & Rubber Co. | 16,868 | 476,352 | ||||||
Core-Mark Holding Co., Inc. | 17,276 | 527,264 | ||||||
Ethan Allen Interiors, Inc. | 21,245 | 418,739 | ||||||
Genesco, Inc.(c) | 10,154 | 394,483 | ||||||
G-III Apparel Group Ltd.(c) | 24,540 | 616,199 | ||||||
Group 1 Automotive, Inc. | 11,828 | 1,176,176 | ||||||
Haverty Furniture Cos., Inc. | 31,766 | 576,235 | ||||||
Hibbett Sports, Inc.(b)(c) | 25,935 | 618,809 | ||||||
Lithia Motors, Inc., Class A | 4,983 | 784,723 | ||||||
M.D.C. Holdings, Inc. | 16,114 | 623,773 | ||||||
MarineMax, Inc.(c) | 42,499 | 656,610 | ||||||
Meritage Homes Corp.(c) | 10,689 | 770,570 | ||||||
Motorcar Parts of America, Inc.(c) | 22,900 | 436,474 | ||||||
Office Depot, Inc. | 657,869 | 1,355,210 | ||||||
Shoe Carnival, Inc.(b) | 22,178 | 736,088 | ||||||
Sonic Automotive, Inc., Class A | 53,258 | 1,716,505 | ||||||
Vera Bradley, Inc.(c) | 39,193 | 421,717 | ||||||
Vitamin Shoppe, Inc.(b)(c) | 369,516 | 2,387,073 | ||||||
Winnebago Industries, Inc.(b) | 13,559 | 651,781 | ||||||
Zumiez, Inc.(c) | 23,430 | 747,651 | ||||||
|
| |||||||
20,535,083 | ||||||||
|
| |||||||
ConsumerStaples-5.36% |
| |||||||
Andersons, Inc. (The) | 27,491 | 506,384 | ||||||
B&G Foods, Inc.(b) | 20,150 | 313,333 | ||||||
Seneca Foods Corp., Class A(c) | 33,916 | 1,199,948 | ||||||
SpartanNash Co. | 114,872 | 1,504,249 | ||||||
Universal Corp. | 8,980 | 492,104 | ||||||
|
| |||||||
4,016,018 | ||||||||
|
| |||||||
Energy-9.55% |
| |||||||
CONSOL Energy, Inc.(c) | 20,060 | 265,394 | ||||||
Denbury Resources, Inc.(b)(c) | 755,762 | 754,326 | ||||||
Era Group, Inc.(c) | 132,445 | 1,280,743 | ||||||
Green Plains, Inc.(b) | 80,685 | 994,846 | ||||||
Helix Energy Solutions Group, Inc.(c) | 83,889 | 720,606 | ||||||
Matrix Service Co.(c) | 24,985 | 468,719 | ||||||
Par Pacific Holdings, Inc.(c) | 31,911 | 722,784 | ||||||
Penn Virginia Corp.(c) | 21,490 | 511,462 | ||||||
Renewable Energy Group, Inc.(b)(c) | 50,658 | 827,752 | ||||||
REX American Resources Corp.(c) | 7,498 | 606,738 | ||||||
|
| |||||||
7,153,370 | ||||||||
|
| |||||||
Financials-20.83% |
| |||||||
Ambac Financial Group, Inc.(c) | 39,504 | 809,832 | ||||||
American Equity Investment Life Holding Co. | 21,649 | 534,297 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Apollo Commercial Real Estate Finance, Inc. | 25,430 | $ | 465,369 | |||||
Brookline Bancorp, Inc. | 28,348 | 445,064 | ||||||
Capstead Mortgage Corp. | 58,806 | 454,570 | ||||||
Columbia Banking System, Inc. | 12,446 | 489,128 | ||||||
Dime Community Bancshares, Inc. | 24,997 | 482,192 | ||||||
Employers Holdings, Inc. | 11,566 | 489,704 | ||||||
Enova International, Inc.(c) | 18,299 | 429,844 | ||||||
First BanCorp. | 47,855 | 503,435 | ||||||
First Commonwealth Financial Corp. | 34,107 | 480,568 | ||||||
First Midwest Bancorp, Inc. | 23,980 | 492,549 | ||||||
Flagstar Bancorp, Inc. | 15,309 | 556,329 | ||||||
Granite Point Mortgage Trust, Inc. | 24,945 | 463,977 | ||||||
Great Western Bancorp, Inc. | 15,552 | 542,298 | ||||||
HomeStreet, Inc.(c) | 14,816 | 444,628 | ||||||
Horace Mann Educators Corp. | 10,174 | 443,179 | ||||||
INTL. FCStone, Inc.(c) | 33,136 | 1,325,440 | ||||||
New York Mortgage Trust, Inc. | 80,838 | 506,046 | ||||||
Northfield Bancorp, Inc. | 29,092 | 494,855 | ||||||
OFG Bancorp | 24,566 | 498,935 | ||||||
Old National Bancorp | 29,102 | 523,691 | ||||||
PennyMac Mortgage Investment Trust | 23,702 | 542,539 | ||||||
Piper Jaffray Cos | 5,652 | 443,908 | ||||||
Provident Financial Services, Inc. | 18,724 | 467,164 | ||||||
Redwood Trust, Inc. | 29,988 | 490,004 | ||||||
Stewart Information Services Corp. | 11,159 | 456,626 | ||||||
United Fire Group, Inc. | 8,860 | 403,307 | ||||||
Virtus Investment Partners, Inc. | 4,213 | 457,026 | ||||||
Waddell & Reed Financial, Inc., Class A | 28,398 | 470,271 | ||||||
|
| |||||||
15,606,775 | ||||||||
|
| |||||||
HealthCare-0.81% |
| |||||||
Magellan Health, Inc.(c) | 9,358 | 607,334 | ||||||
|
| |||||||
Industrials-13.30% |
| |||||||
ABM Industries, Inc. | 11,865 | 432,598 | ||||||
ArcBest Corp. | 28,449 | 821,892 | ||||||
DXP Enterprises, Inc.(c) | 13,447 | 464,191 | ||||||
Echo Global Logistics, Inc.(c) | 29,735 | 592,024 | ||||||
Encore Wire Corp. | 8,456 | 475,227 | ||||||
EnPro Industries, Inc. | 6,947 | 483,164 | ||||||
Greenbrier Cos., Inc. (The) | 26,070 | 763,590 | ||||||
Griffon Corp. | 34,800 | 741,588 | ||||||
Hub Group, Inc., Class A(c) | 15,153 | 694,007 | ||||||
Matson, Inc. | 11,474 | 438,077 | ||||||
MYR Group, Inc.(c) | 15,539 | 534,697 | ||||||
Quanex Building Products Corp. | 27,023 | 521,274 | ||||||
Resources Connection, Inc. | 26,340 | 385,881 | ||||||
SkyWest, Inc. | 7,638 | 454,843 | ||||||
TrueBlue, Inc.(c) | 26,169 | 599,270 | ||||||
Universal Forest Products, Inc. | 13,239 | 666,716 | ||||||
Veritiv Corp.(c) | 65,627 | 895,152 | ||||||
|
| |||||||
9,964,191 | ||||||||
|
| |||||||
InformationTechnology-14.17% |
| |||||||
Anixter International, Inc.(c) | 12,304 | 1,018,156 | ||||||
Axcelis Technologies, Inc.(c) | 32,217 | 617,600 | ||||||
Bel Fuse, Inc., Class B | 33,839 | 497,772 | ||||||
Benchmark Electronics, Inc. | 27,833 | 943,539 | ||||||
Digi International, Inc.(c) | 44,455 | 641,041 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Insight Enterprises, Inc.(c) | 10,489 | $ | 643,815 | |||||
KEMET Corp. | 28,919 | 628,699 | ||||||
Knowles Corp.(c) | 25,412 | 548,391 | ||||||
Photronics, Inc.(c) | 71,244 | 840,679 | ||||||
Plexus Corp.(c) | 8,995 | 665,090 | ||||||
Sanmina Corp.(c) | 22,928 | 704,578 | ||||||
ScanSource, Inc.(c) | 25,411 | 820,775 | ||||||
Sykes Enterprises, Inc.(c) | 17,883 | 552,495 | ||||||
TTM Technologies, Inc.(c) | 82,938 | 971,204 | ||||||
Unisys Corp.(c) | 50,854 | 521,762 | ||||||
|
| |||||||
10,615,596 | ||||||||
|
| |||||||
Materials-2.66% |
| |||||||
FutureFuel Corp. | 41,190 | 507,873 | ||||||
H.B. Fuller Co. | 9,783 | 477,410 | ||||||
Mercer International, Inc. (Germany) | 34,658 | 422,828 | ||||||
Tredegar Corp. | 29,346 | 583,398 | ||||||
|
| |||||||
1,991,509 | ||||||||
|
| |||||||
RealEstate-3.50% |
| |||||||
Chatham Lodging Trust | 21,872 | 394,790 | ||||||
DiamondRock Hospitality Co. | 42,991 | 429,050 | ||||||
Franklin Street Properties Corp. | 58,206 | 500,571 | ||||||
Hersha Hospitality Trust | 29,006 | 400,283 | ||||||
Kite Realty Group Trust | 26,934 | 479,964 | ||||||
Xenia Hotels & Resorts, Inc. | 19,733 | 415,380 | ||||||
|
| |||||||
2,620,038 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 74,903,561 | ||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.16% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 119,317 | $ | 119,317 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 75,022,878 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-4.94% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 2,775,053 | 2,775,053 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 924,648 | 925,018 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,700,071 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-105.08% |
| 78,722,949 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.08)% |
| (3,804,988 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 74,917,961 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
The Fund’s Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for thesix-month period ended October 31, 2019.
Value | Purchases | Proceeds | Change in | Realized | Value | Dividend | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc.* | $ | 228,121 | $ | 70,973 | $ | (299,819 | ) | $ | (7,090 | ) | $ | 7,815 | $ | - | $ | - |
* At October 31, 2019, this security was no longer held.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Consumer Discretionary | 27.41 | |||
Financials | 20.83 | |||
Information Technology | 14.17 | |||
Industrials | 13.30 | |||
Energy |
| 9.55 |
| |
Consumer Staples |
| 5.36 |
| |
Real Estate |
| 3.50 |
| |
Sector Types Each Less Than 3% |
| 5.86 |
| |
Money Market Funds Plus Other Assets Less Liabilities | 0.02 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco ZacksMid-Cap ETF (CZA)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.89% |
| |||||||
ConsumerDiscretionary-7.99% |
| |||||||
Columbia Sportswear Co. | 17,357 | $ | 1,569,941 | |||||
Garmin Ltd. | 52,288 | 4,902,000 | ||||||
Gentex Corp. | 66,559 | 1,866,980 | ||||||
Levi Strauss & Co., Class A(b) | 99,030 | 1,764,715 | ||||||
Norwegian Cruise Line Holdings Ltd.(c) | 56,753 | 2,880,782 | ||||||
Royal Caribbean Cruises Ltd. | 55,794 | 6,072,061 | ||||||
Yum China Holdings, Inc. (China) | 96,909 | 4,118,632 | ||||||
|
| |||||||
23,175,111 | ||||||||
|
| |||||||
ConsumerStaples-1.19% |
| |||||||
Performance Food Group Co.(c) | 27,126 | 1,155,839 | ||||||
US Foods Holding Corp.(c) | 58,001 | 2,300,899 | ||||||
|
| |||||||
3,456,738 | ||||||||
|
| |||||||
Energy-3.10% |
| |||||||
Continental Resources, Inc.(c) | 104,761 | 3,087,307 | ||||||
Enable Midstream Partners, L.P | 116,394 | 1,174,415 | ||||||
Pembina Pipeline Corp. (Canada)(b) | 134,761 | 4,738,197 | ||||||
|
| |||||||
8,999,919 | ||||||||
|
| |||||||
Financials-29.59% |
| |||||||
American Financial Group, Inc. | 23,561 | 2,451,286 | ||||||
Arch Capital Group Ltd.(c) | 103,428 | 4,319,153 | ||||||
Arthur J. Gallagher & Co. | 48,568 | 4,430,373 | ||||||
AXIS Capital Holdings Ltd. | 21,487 | 1,276,972 | ||||||
BOK Financial Corp. | 18,642 | 1,438,230 | ||||||
Brown & Brown, Inc. | 73,736 | 2,778,373 | ||||||
Citizens Financial Group, Inc. | 117,800 | 4,141,848 | ||||||
CNA Financial Corp. | 71,095 | 3,187,900 | ||||||
Credicorp Ltd. (Peru) | 21,031 | 4,501,475 | ||||||
E*TRADE Financial Corp. | 65,116 | 2,721,198 | ||||||
East West Bancorp, Inc. | 37,849 | 1,624,479 | ||||||
Essent Group Ltd. | 26,739 | 1,392,835 | ||||||
Hartford Financial Services Group, Inc. (The) | 94,668 | 5,403,649 | ||||||
Interactive Brokers Group, Inc., Class A | 109,484 | 5,208,154 | ||||||
KeyCorp. | 260,376 | 4,678,957 | ||||||
M&T Bank Corp. | 34,736 | 5,437,226 | ||||||
MGIC Investment Corp. | 91,881 | 1,259,689 | ||||||
Nasdaq, Inc. | 42,183 | 4,208,598 | ||||||
Northern Trust Corp. | 55,564 | 5,538,620 | ||||||
OneMain Holdings, Inc. | 34,991 | 1,399,640 | ||||||
Radian Group, Inc. | 53,885 | 1,352,514 | ||||||
Regions Financial Corp. | 259,544 | 4,178,658 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 11,469 | 2,146,767 | ||||||
Santander Consumer USA Holdings, Inc. | 89,929 | 2,255,419 | ||||||
SEI Investments Co. | 39,269 | 2,352,999 | ||||||
Synchrony Financial | 173,493 | 6,136,447 | ||||||
|
| |||||||
85,821,459 | ||||||||
|
| |||||||
HealthCare-6.33% |
| |||||||
Bruker Corp. | 40,686 | 1,810,527 | ||||||
DENTSPLY SIRONA, Inc. | 56,317 | 3,085,045 | ||||||
Encompass Health Corp. | 26,127 | 1,672,651 | ||||||
Globus Medical, Inc., Class A(c) | 25,708 | 1,346,328 | ||||||
ICON PLC (Ireland)(c) | 14,373 | 2,111,394 | ||||||
Integra LifeSciences Holdings Corp.(c) | 22,382 | 1,299,499 |
Shares | Value | |||||||
Health Care-(continued) |
| |||||||
Laboratory Corp. of America Holdings(c) | 26,261 | $ | 4,327,025 | |||||
Mylan N.V.(c) | 140,762 | 2,695,592 | ||||||
|
| |||||||
18,348,061 | ||||||||
|
| |||||||
Industrials-12.48% |
| |||||||
AMETEK, Inc. | 59,279 | 5,432,920 | ||||||
Crane Co. | 15,590 | 1,192,947 | ||||||
Curtiss-Wright Corp. | 10,990 | 1,486,397 | ||||||
Fortune Brands Home & Security, Inc. | 35,803 | 2,149,970 | ||||||
Graco, Inc. | 43,343 | 1,959,104 | ||||||
Hubbell, Inc. | 13,968 | 1,979,266 | ||||||
IDEX Corp. | 19,848 | 3,086,959 | ||||||
Parker-Hannifin Corp. | 32,844 | 6,026,546 | ||||||
Rockwell Automation, Inc. | 30,520 | 5,249,135 | ||||||
Stanley Black & Decker, Inc. | 39,333 | 5,952,263 | ||||||
Woodward, Inc. | 15,778 | 1,682,881 | ||||||
|
| |||||||
36,198,388 | ||||||||
|
| |||||||
InformationTechnology-10.68% |
| |||||||
ASE Technology Holding Co. Ltd., ADR (Taiwan) | 562,218 | 2,867,312 | ||||||
Broadridge Financial Solutions, Inc. | 29,897 | 3,743,702 | ||||||
Dolby Laboratories, Inc., Class A | 25,789 | 1,659,006 | ||||||
Euronet Worldwide, Inc.(c) | 14,094 | 1,974,147 | ||||||
Genpact Ltd. | 50,008 | 1,958,813 | ||||||
Leidos Holdings, Inc. | 37,289 | 3,215,431 | ||||||
Logitech International S.A. (Switzerland) | 43,388 | 1,768,061 | ||||||
Maxim Integrated Products, Inc. | 68,756 | 4,033,227 | ||||||
SS&C Technologies Holdings, Inc. | 65,803 | 3,422,414 | ||||||
Symantec Corp. | 162,114 | 3,709,168 | ||||||
Trimble, Inc.(c) | 66,219 | 2,638,165 | ||||||
|
| |||||||
30,989,446 | ||||||||
|
| |||||||
Materials-7.23% |
| |||||||
AptarGroup, Inc. | 16,592 | 1,960,345 | ||||||
Avery Dennison Corp. | 22,120 | 2,828,263 | ||||||
Berry Global Group, Inc.(c) | 33,814 | 1,403,619 | ||||||
CF Industries Holdings, Inc. | 57,805 | 2,621,457 | ||||||
Eastman Chemical Co. | 35,646 | 2,710,522 | ||||||
FMC Corp. | 34,967 | 3,199,481 | ||||||
Huntsman Corp. | 58,432 | 1,293,100 | ||||||
RPM International, Inc. | 34,044 | 2,465,807 | ||||||
Westrock Co. | 66,293 | 2,477,369 | ||||||
|
| |||||||
20,959,963 | ||||||||
|
| |||||||
RealEstate-15.04% |
| |||||||
American Homes 4 Rent, Class A | 77,482 | 2,050,949 | ||||||
Apartment Investment & Management Co., Class A | 38,531 | 2,114,581 | ||||||
Camden Property Trust | 25,132 | 2,874,347 | ||||||
Cousins Properties, Inc. | 38,679 | 1,552,188 | ||||||
Douglas Emmett, Inc. | 45,761 | 1,982,367 | ||||||
Duke Realty Corp. | 93,098 | 3,271,464 | ||||||
Essex Property Trust, Inc. | 16,948 | 5,544,199 | ||||||
Gaming and Leisure Properties, Inc. | 56,769 | 2,291,197 | ||||||
Healthcare Trust of America, Inc., Class A | 52,676 | 1,632,956 | ||||||
Hudson Pacific Properties, Inc. | 40,808 | 1,465,823 | ||||||
JBG SMITH Properties | 35,028 | 1,410,227 | ||||||
Jones Lang LaSalle, Inc. | 13,201 | 1,934,211 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco ZacksMid-Cap ETF (CZA)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) |
| |||||||
Mid-America Apartment Communities, Inc. | 29,622 | $ | 4,117,162 | |||||
PS Business Parks, Inc. | 7,050 | 1,272,878 | ||||||
STORE Capital Corp. | 59,953 | 2,428,096 | ||||||
Sun Communities, Inc. | 23,593 | 3,837,401 | ||||||
UDR, Inc. | 76,318 | 3,834,979 | ||||||
|
| |||||||
43,615,025 | ||||||||
|
| |||||||
Utilities-6.26% |
| |||||||
AES Corp. (The) | 173,227 | 2,953,520 | ||||||
Avangrid, Inc. | 80,147 | 4,011,357 | ||||||
Brookfield Infrastructure Partners L.P. (Canada) | 72,895 | 3,657,142 | ||||||
Fortis, Inc. (Canada) | 113,317 | 4,710,588 | ||||||
MDU Resources Group, Inc. | 51,580 | 1,490,146 | ||||||
Portland General Electric Co. | 23,279 | 1,324,110 | ||||||
|
| |||||||
18,146,863 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 289,710,973 | ||||||
|
| |||||||
Money MarketFunds-0.23% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 662,795 | 662,795 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 290,373,768 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.01% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 18,355 | $ | 18,355 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 5,919 | 5,921 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 24,276 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.13% |
| 290,398,044 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.13)% |
| (379,068 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 290,018,976 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco ZacksMid-Cap ETF (CZA)–(continued)
October 31, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 29.59 | |||
Real Estate | 15.04 | |||
Industrials | 12.48 | |||
Information Technology | 10.68 | |||
Consumer Discretionary | 7.99 | |||
Materials | 7.23 | |||
Health Care | 6.33 | |||
Utilities | 6.26 | |||
Energy | 3.10 | |||
Consumer Staples | 1.19 | |||
Money Market Funds Plus Other Assets Less Liabilities |
| 0.11 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)
October 31, 2019
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-81.26% |
| |||||||
CommunicationServices-2.31% |
| |||||||
Mobile TeleSystems PJSC, ADR (Russia) | 246,250 | $ | 2,203,937 | |||||
SK Telecom Co., Ltd., ADR (South Korea) | 63,295 | 1,458,950 | ||||||
Telecom Argentina S.A., ADR (Argentina) | 127,549 | 1,147,941 | ||||||
|
| |||||||
4,810,828 | ||||||||
|
| |||||||
ConsumerDiscretionary-7.46% |
| |||||||
Dana, Inc. | 164,683 | 2,672,805 | ||||||
Dick’s Sporting Goods, Inc. | 18,899 | 735,738 | ||||||
General Motors Co. | 53,805 | 1,999,394 | ||||||
M.D.C. Holdings, Inc. | 17,470 | 676,264 | ||||||
Magna International, Inc. (Canada) | 39,897 | 2,145,262 | ||||||
Office Depot, Inc. | 1,029,653 | 2,121,085 | ||||||
Penske Automotive Group, Inc. | 30,517 | 1,486,788 | ||||||
Ralph Lauren Corp. | 7,491 | 719,585 | ||||||
Tupperware Brands Corp. | 159,733 | 1,538,229 | ||||||
Whirlpool Corp. | 9,543 | 1,451,681 | ||||||
|
| |||||||
15,546,831 | ||||||||
|
| |||||||
ConsumerStaples-0.68% |
| |||||||
Walgreens Boots Alliance, Inc. | 25,876 | 1,417,487 | ||||||
|
| |||||||
Energy-15.08% |
| |||||||
Berry Petroleum Corp. | 82,338 | 773,154 | ||||||
BP Midstream Partners L.P.(b) | 116,641 | 1,720,455 | ||||||
Crestwood Equity Partners L.P | 38,196 | 1,380,403 | ||||||
Delek US Holdings, Inc. | 61,976 | 2,475,941 | ||||||
Eni S.p.A., ADR (Italy) | 31,399 | 951,076 | ||||||
Enterprise Products Partners L.P | 41,385 | 1,077,251 | ||||||
Genesis Energy, L.P | 101,260 | 2,042,414 | ||||||
HollyFrontier Corp. | 44,702 | 2,455,928 | ||||||
Magellan Midstream Partners, L.P | 17,408 | 1,084,867 | ||||||
Marathon Petroleum Corp. | 14,113 | 902,526 | ||||||
NGL Energy Partners L.P | 182,051 | 2,048,074 | ||||||
NuStar Energy L.P | 62,077 | 1,729,465 | ||||||
Peabody Energy Corp. | 111,124 | 1,170,136 | ||||||
Phillips 66 | 6,770 | 790,871 | ||||||
Phillips 66 Partners L.P | 22,601 | 1,263,170 | ||||||
Plains All American Pipeline, L.P | 59,453 | 1,077,883 | ||||||
Royal Dutch Shell PLC, Class A, ADR (United Kingdom) | 21,305 | 1,235,051 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A(b) | 150,543 | 1,601,777 | ||||||
TOTAL S.A., ADR (France) | 20,482 | 1,077,968 | ||||||
Transportadora de Gas del Sur S.A., Class B, ADR (Argentina) | 242,569 | 1,833,822 | ||||||
USA Compression Partners L.P | 155,613 | 2,749,682 | ||||||
|
| |||||||
31,441,914 | ||||||||
|
| |||||||
Financials-25.77% |
| |||||||
Ameriprise Financial, Inc. | 15,410 | 2,325,215 | ||||||
Associated Banc-Corp. | 34,175 | 687,259 | ||||||
AXA Equitable Holdings, Inc. | 97,244 | 2,100,470 | ||||||
Banco Bilbao Vizcaya Argentaria S.A., ADR (Spain)(b) | 260,800 | 1,363,984 | ||||||
Banco Macro S.A., ADR (Argentina) | 71,414 | 1,635,381 | ||||||
Banco Santander S.A., ADR (Spain)(b) | 284,343 | 1,125,998 | ||||||
Bank of New York Mellon Corp. (The) | 31,247 | 1,460,797 | ||||||
Bank OZK | 51,992 | 1,458,895 | ||||||
Banner Corp. | 12,373 | 667,895 | ||||||
Cadence BanCorp | 43,170 | 663,955 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
Cathay General Bancorp | 19,982 | $ | 710,760 | |||||
CIT Group, Inc. | 30,988 | 1,329,075 | ||||||
Citigroup, Inc. | 31,300 | 2,249,218 | ||||||
Citizens Financial Group, Inc. | 20,062 | 705,380 | ||||||
CNO Financial Group, Inc. | 136,984 | 2,143,800 | ||||||
Comerica, Inc. | 10,882 | 711,900 | ||||||
Credicorp Ltd. (Peru) | 6,360 | 1,361,294 | ||||||
Evercore, Inc., Class A | 25,436 | 1,873,107 | ||||||
Fifth Third Bancorp | 25,287 | 735,346 | ||||||
First Merchants Corp. | 18,378 | 726,850 | ||||||
First Midwest Bancorp, Inc. | 69,091 | 1,419,129 | ||||||
Hancock Whitney Corp. | 56,800 | 2,215,200 | ||||||
Home BancShares, Inc. | 74,914 | 1,384,411 | ||||||
HSBC Holdings PLC, ADR (United Kingdom)(b) | 31,845 | 1,203,423 | ||||||
ING Groep N.V., ADR (Netherlands) | 100,158 | 1,134,790 | ||||||
International Bancshares Corp. | 37,057 | 1,517,855 | ||||||
JPMorgan Chase & Co. | 6,049 | 755,641 | ||||||
Lloyds Banking Group PLC, ADR (United Kingdom)(b) | 391,861 | 1,136,397 | ||||||
MetLife, Inc. | 29,173 | 1,365,005 | ||||||
Morgan Stanley | 32,157 | 1,480,830 | ||||||
Navient Corp. | 103,861 | 1,430,166 | ||||||
PNC Financial Services Group, Inc. (The) | 5,153 | 755,945 | ||||||
Prudential Financial, Inc. | 8,172 | 744,796 | ||||||
Redwood Trust, Inc. | 22,985 | 375,575 | ||||||
Santander Consumer USA Holdings, Inc. | 50,218 | 1,259,467 | ||||||
Starwood Property Trust, Inc. | 57,368 | 1,411,253 | ||||||
State Street Corp. | 25,902 | 1,711,345 | ||||||
Synovus Financial Corp. | 37,196 | 1,259,829 | ||||||
TCF Financial Corp. | 17,446 | 690,687 | ||||||
Unum Group. | 76,706 | 2,112,483 | ||||||
Wells Fargo & Co. | 14,296 | 738,102 | ||||||
Zions Bancorp. N.A. | 32,402 | 1,570,525 | ||||||
|
| |||||||
53,709,433 | ||||||||
|
| |||||||
HealthCare-1.05% |
| |||||||
Cardinal Health, Inc. | 15,258 | 754,508 | ||||||
CVS Health Corp. | 21,618 | 1,435,219 | ||||||
|
| |||||||
2,189,727 | ||||||||
|
| |||||||
Industrials-4.06% |
| |||||||
Caterpillar, Inc. | 11,284 | 1,554,935 | ||||||
Cummins, Inc. | 8,961 | 1,545,593 | ||||||
GrafTech International Ltd.(b) | 169,994 | 2,053,528 | ||||||
Knoll, Inc. | 28,729 | 768,214 | ||||||
Pitney Bowes, Inc. | 579,201 | 2,548,484 | ||||||
|
| |||||||
8,470,754 | ||||||||
|
| |||||||
InformationTechnology-2.44% |
| |||||||
HP, Inc. | 72,169 | 1,253,576 | ||||||
Xerox Holdings Corp. | 70,223 | 2,382,666 | ||||||
Xperi Corp. | 71,722 | 1,456,315 | ||||||
|
| |||||||
5,092,557 | ||||||||
|
| |||||||
Materials-9.00% |
| |||||||
Cabot Corp. | 16,862 | 735,015 | ||||||
Chemours Co. (The) | 156,061 | 2,560,961 | ||||||
Cia Siderurgica Nacional S.A., ADR (Brazil) | 296,678 | 866,300 | ||||||
Cleveland-Cliffs, Inc.(b) | 255,072 | 1,844,170 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)
October 31, 2019
(Unaudited)
Shares | Value | |||||||
Materials-(continued) |
| |||||||
Commercial Metals Co. | 128,908 | $ | 2,491,792 | |||||
Domtar Corp. | 20,062 | 730,056 | ||||||
Eastman Chemical Co. | 10,394 | 790,360 | ||||||
Huntsman Corp. | 68,977 | 1,526,461 | ||||||
Methanex Corp. (Canada) | 20,833 | 790,196 | ||||||
Nucor Corp. | 41,407 | 2,229,767 | ||||||
Schnitzer Steel Industries, Inc., Class A | 90,389 | 1,928,901 | ||||||
Steel Dynamics, Inc. | 74,521 | 2,262,457 | ||||||
|
| |||||||
18,756,436 | ||||||||
|
| |||||||
RealEstate-10.94% |
| |||||||
Brixmor Property Group, Inc. | 106,384 | 2,342,576 | ||||||
Corporate Office Properties Trust | 32,259 | 956,157 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 12,717 | 379,730 | ||||||
Kimco Realty Corp. | 105,976 | 2,284,842 | ||||||
Lamar Advertising Co., Class A | 13,287 | 1,063,093 | ||||||
Newmark Group, Inc., Class A | 228,958 | 2,431,534 | ||||||
Outfront Media, Inc. | 43,606 | 1,147,274 | ||||||
RMR Group, Inc. (The), Class A | 28,995 | 1,403,358 | ||||||
SITE Centers Corp. | 48,375 | 751,264 | ||||||
Spirit Realty Capital, Inc. | 41,215 | 2,054,155 | ||||||
STAG Industrial, Inc. | 45,408 | 1,409,464 | ||||||
VEREIT, Inc. | 203,258 | 2,000,059 | ||||||
Welltower, Inc. | 21,706 | 1,968,517 | ||||||
WP Carey, Inc. | 21,850 | 2,011,511 | ||||||
Xenia Hotels & Resorts, Inc. | 28,040 | 590,242 | ||||||
|
| |||||||
22,793,776 | ||||||||
|
| |||||||
Utilities-2.47% |
| |||||||
Brookfield Renewable Partners L.P. (Canada) | 28,540 | 1,214,092 | ||||||
Enel Americas S.A., ADR (Chile) | 191,026 | 1,826,208 | ||||||
Suburban Propane Partners L.P.(b) | 87,065 | 2,106,973 | ||||||
|
| |||||||
5,147,273 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 169,377,016 | ||||||
|
| |||||||
Closed-EndFunds-9.28% |
| |||||||
AllianceBernstein Global High Income Fund, Inc. | 131,819 | 1,577,873 | ||||||
Ares Dynamic Credit Allocation Fund, Inc.(b) | 63,603 | 920,971 | ||||||
Barings Global Short Duration High Yield Fund | 53,289 | 931,492 | ||||||
BlackRock Multi-Sector Income Trust | 92,710 | 1,589,977 | ||||||
Blackstone/GSO Strategic Credit | 147,353 | 2,015,789 | ||||||
First Trust Intermediate Duration Preferred & Income Fund | 90,806 | 2,185,700 | ||||||
KKR Income Opportunities Fund | 83,910 | 1,291,375 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 150,508 | 1,046,031 | ||||||
NexPoint Strategic Opportunities Fund | 44,400 | 732,156 | ||||||
Nuveen Global High Income Fund | 55,784 | 875,809 | ||||||
Nuveen Preferred & Income Opportunities Fund | 59,865 | 602,841 | ||||||
Nuveen Preferred & Income Term Fund | 23,772 | 594,062 | ||||||
PGIM Global High Yield Fund, Inc.(b) | 38,060 | 548,064 | ||||||
PGIM High Yield Bond Fund, Inc. | 42,123 | 627,211 | ||||||
Templeton Emerging Markets Income Fund | 71,132 | 643,745 | ||||||
Wells Fargo Income Opportunities Fund | 105,873 | 867,100 | ||||||
Wells Fargo Multi-Sector Income Fund | 42,405 | 537,271 | ||||||
Western Asset Global High Income Fund, Inc. | 51,163 | 501,397 |
Shares | Value | |||||||
Western Asset High Income Fund II, Inc. | 81,041 | $ | 545,406 | |||||
Western Asset High Yield Defined Opportunity Fund, Inc. | 46,394 | 714,004 | ||||||
|
| |||||||
TotalClosed-End Funds |
| 19,348,274 | ||||||
|
| |||||||
PreferredStocks-9.20% |
| |||||||
Financials-7.51% |
| |||||||
Brighthouse Financial, Inc., Series A, Pfd., 6.60% | 36,548 | 1,019,324 | ||||||
Citigroup, Inc., Series K, Pfd., 6.88% | 43,997 | 1,245,115 | ||||||
Highland Income Fund, Series A, Pfd., 5.38%(b) | 66,305 | 1,670,223 | ||||||
JPMorgan Chase & Co., Series EE, Pfd., 6.00% | 75,715 | 2,157,120 | ||||||
KeyCorp, Series G, Pfd., 5.63% | 58,021 | 1,554,963 | ||||||
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13% | 49,763 | 1,353,056 | ||||||
Synovus Financial Corp., Series E, Pfd., 5.88% | 51,969 | 1,374,060 | ||||||
U.S. Bancorp, Series F, Pfd., 6.50% | 54,999 | 1,504,773 | ||||||
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | 1,451 | 2,190,285 | ||||||
Wells Fargo & Co., Series Q, Pfd., 5.85% | 59,037 | 1,589,866 | ||||||
|
| |||||||
15,658,785 | ||||||||
�� |
|
| ||||||
Utilities-1.69% |
| |||||||
SCE Trust VI, Pfd., 5.00% | 89,330 | 1,997,419 | ||||||
Spire, Inc., Series A, Pfd., 5.90% | 56,518 | 1,529,377 | ||||||
|
| |||||||
3,526,796 | ||||||||
|
| |||||||
Total Preferred Stocks |
| 19,185,581 | ||||||
|
| |||||||
Money MarketFunds-0.12% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 260,896 | 260,896 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 208,171,767 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.67% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 5,730,574 | 5,730,574 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 1,909,428 | 1,910,191 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 7,640,765 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-103.53% |
| 215,812,532 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.53)% |
| (7,367,574 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 208,444,958 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)
October 31, 2019
(Unaudited)
Investment Abbreviations:
ADR | -American Depositary Receipt |
Conv. | -Convertible |
Pfd. -Preferred |
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 33.28 | |||
Energy | 15.08 | |||
Real Estate | 10.94 | |||
Closed-End Funds | 9.28 | |||
Materials | 9.00 | |||
Consumer Discretionary | 7.46 | |||
Utilities | 4.16 | |||
Industrials | 4.06 | |||
Sector Types Each Less Than 3% | 6.48 | |||
Money Market Funds Plus Other Assets Less Liabilities |
| 0.26 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
(This Page Intentionally Left Blank)
| 31 |
|
Statements of Assets and Liabilities
October 31, 2019
(Unaudited)
Invesco Dynamic Large Cap Growth ETF (PWB) | Invesco Dynamic Large Cap Value ETF (PWV) | Invesco S&P 100 Equal Weight ETF (EQWL) | Invesco S&P 500 GARP ETF (SPGP) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 698,089,567 | $ | 973,061,290 | $ | 61,217,446 | $ | 290,832,559 | ||||||||||||
Affiliated investments in securities, at value | 385,500 | - | 87,501 | 275,014 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 343,420 | 1,829,885 | 98,278 | 150,784 | ||||||||||||||||
Securities lending | - | - | - | - | ||||||||||||||||
Investments sold | 4,847,736 | 1,973,968 | - | - | ||||||||||||||||
Fund shares sold | - | - | - | 8,893,742 | ||||||||||||||||
Expenses absorbed | - | - | - | - | ||||||||||||||||
Foreign tax reclaims | 24,999 | - | - | - | ||||||||||||||||
Other assets | 429 | 2,235 | 820 | 1,446 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 703,691,651 | 976,867,378 | 61,404,045 | 300,153,545 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | 185,552 | - | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | - | - | 8,887,624 | ||||||||||||||||
Collateral upon return of securities loaned | - | - | - | - | ||||||||||||||||
Fund shares repurchased | 4,848,359 | 1,975,149 | - | - | ||||||||||||||||
Accrued advisory fees | 301,210 | 398,285 | 4,560 | 62,985 | ||||||||||||||||
Accrued trustees’ and officer’s fees | 70,630 | 99,573 | 34,836 | 31,553 | ||||||||||||||||
Accrued expenses | 307,815 | 480,450 | 95,689 | 150,218 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 5,528,014 | 3,139,009 | 135,085 | 9,132,380 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 698,163,637 | $ | 973,728,369 | $ | 61,268,960 | $ | 291,021,165 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 750,003,948 | $ | 1,233,013,011 | $ | 53,227,742 | $ | 271,602,170 | ||||||||||||
Distributable earnings (loss) | (51,840,311 | ) | (259,284,642 | ) | 8,041,218 | 19,418,995 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 698,163,637 | $ | 973,728,369 | $ | 61,268,960 | $ | 291,021,165 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 14,400,000 | 24,800,000 | 1,050,000 | 4,950,000 | ||||||||||||||||
Net asset value | $ | 48.48 | $ | 39.26 | $ | 58.35 | $ | 58.79 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 48.37 | $ | 39.23 | $ | 58.27 | $ | 58.74 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 644,211,631 | $ | 913,352,667 | $ | 55,739,899 | $ | 277,165,723 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 385,500 | $ | - | $ | 87,501 | $ | 275,014 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | - | $ | - | $ | - | $ | - | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM) | Invesco S&P MidCap Momentum ETF (XMMO) | Invesco S&P MidCap Quality ETF (XMHQ) | Invesco S&P MidCap Value with Momentum ETF (XMVM) | Invesco S&P SmallCap Momentum ETF (XSMO) | Invesco S&P SmallCap Value with Momentum ETF (XSVM) | Invesco Zacks Mid-Cap ETF (CZA) | Invesco Zacks Multi-Asset Income ETF (CVY) | |||||||||||||||||||||||||||||||
$ | 53,001,081 | $ | 593,368,093 | $ | 25,366,335 | $ | 51,812,779 | $ | 79,302,431 | $ | 74,903,561 | $ | 289,710,973 | $ | 207,910,871 | |||||||||||||||||||||||
99,895 | 12,057,782 | 517,310 | 2,816,468 | 1,334,318 | 3,819,388 | 687,071 | 7,901,661 | |||||||||||||||||||||||||||||||
51,025 | 451,114 | 14,300 | 18,006 | 9,763 | 43,025 | 157,775 | 511,999 | |||||||||||||||||||||||||||||||
- | 524 | 1,037 | 16,475 | 1,584 | 1,285 | 411 | 5,562 | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 236,228 | |||||||||||||||||||||||||||||||
- | 2,956,508 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | - | 1,857 | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 31,413 | |||||||||||||||||||||||||||||||
991 | 8,687 | 164 | 820 | 820 | 820 | - | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
53,152,992 | 608,842,708 | 25,901,003 | 54,664,548 | 80,648,916 | 78,768,079 | 290,556,230 | 216,597,734 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
- | - | - | - | - | - | - | 8,958 | |||||||||||||||||||||||||||||||
- | 2,954,862 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | 11,554,055 | 416,851 | 2,711,080 | 467,504 | 3,700,022 | 24,276 | 7,640,653 | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
8,869 | 140,493 | - | 8,735 | 17,648 | 14,936 | 112,984 | 85,662 | |||||||||||||||||||||||||||||||
26,672 | 48,989 | 33,521 | 36,393 | 35,334 | 38,793 | 6,080 | 5,937 | |||||||||||||||||||||||||||||||
98,332 | 208,126 | 77,686 | 80,733 | 95,359 | 96,367 | 393,914 | 411,566 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
133,873 | 14,906,525 | 528,058 | 2,836,941 | 615,845 | 3,850,118 | 537,254 | 8,152,776 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 53,019,119 | $ | 593,936,183 | $ | 25,372,945 | $ | 51,827,607 | $ | 80,033,071 | $ | 74,917,961 | $ | 290,018,976 | $ | 208,444,958 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 51,821,654 | $ | 553,129,239 | $ | 25,964,978 | $ | 61,176,089 | $ | 94,821,284 | $ | 94,327,292 | $ | 316,295,149 | $ | 608,207,198 | |||||||||||||||||||||||
1,197,465 | 40,806,944 | (592,033 | ) | (9,348,482 | ) | (14,788,213 | ) | (19,409,331 | ) | (26,276,173 | ) | (399,762,240 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 53,019,119 | $ | 593,936,183 | $ | 25,372,945 | $ | 51,827,607 | $ | 80,033,071 | $ | 74,917,961 | $ | 290,018,976 | $ | 208,444,958 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,300,000 | 10,050,000 | 500,000 | 1,550,000 | 2,100,000 | 2,400,000 | 3,950,000 | 9,300,800 | |||||||||||||||||||||||||||||||
$ | 40.78 | $ | 59.10 | $ | 50.75 | $ | 33.44 | $ | 38.11 | $ | 31.22 | $ | 73.42 | $ | 22.41 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 40.73 | $ | 59.09 | $ | 50.70 | $ | 33.40 | $ | 38.00 | $ | 31.18 | $ | 73.52 | $ | 22.39 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 51,399,142 | $ | 579,604,262 | $ | 24,569,107 | $ | 49,825,860 | $ | 76,108,924 | $ | 69,775,969 | $ | 266,160,640 | $ | 199,970,801 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 99,895 | $ | 12,057,782 | $ | 517,310 | $ | 2,816,435 | $ | 1,332,033 | $ | 3,819,339 | $ | 687,071 | $ | 7,901,549 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | - | $ | 11,367,189 | $ | 402,785 | $ | 2,555,572 | $ | 478,496 | $ | 3,509,171 | $ | 23,706 | $ | 7,329,325 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 33 |
|
Statements of Operations
For the six months ended October 31, 2019
(Unaudited)
Invesco Dynamic Large Cap Growth ETF (PWB) | Invesco Dynamic Large Cap Value ETF (PWV) | Invesco S&P 100 Equal Weight ETF (EQWL) | Invesco S&P 500 GARP ETF (SPGP) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 3,350,417 | $ | 13,704,749 | $ | 768,743 | $ | 1,657,518 | ||||||||||||
Affiliated dividend income | 3,107 | 8,452 | 1,161 | 1,670 | ||||||||||||||||
Securities lending income | - | 489 | 118 | 2,443 | ||||||||||||||||
Foreign withholding tax | - | - | (105 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 3,353,524 | 13,713,690 | 769,917 | 1,661,631 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 1,888,666 | 2,409,325 | 75,155 | 373,208 | ||||||||||||||||
Sub-licensing fees | 113,339 | 144,585 | 6,463 | 29,253 | ||||||||||||||||
Accounting & administration fees | 31,950 | 60,390 | 14,580 | 19,471 | ||||||||||||||||
Professional fees | 15,237 | 18,668 | 12,753 | 13,375 | ||||||||||||||||
Custodian & transfer agent fees | 4,678 | 23,313 | 3,549 | 2,687 | ||||||||||||||||
Trustees’ and officer’s fees | 7,607 | 9,659 | 3,761 | 4,637 | ||||||||||||||||
Recapture (Note 3) | - | - | - | - | ||||||||||||||||
Proxy fees | 10,652 | 12,170 | 5,379 | 6,834 | ||||||||||||||||
Other expenses | 22,364 | 41,220 | 8,604 | 10,447 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 2,094,493 | 2,719,330 | 130,244 | 459,912 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (275 | ) | (827 | ) | (49,811 | ) | (158 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 2,094,218 | 2,718,503 | 80,433 | 459,754 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1,259,306 | 10,995,187 | 689,484 | 1,201,877 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (32,458,564 | ) | (2,243,061 | ) | (590,787 | ) | (1,140,196 | ) | ||||||||||||
Affiliated investment securities | - | - | - | - | ||||||||||||||||
Unaffiliatedin-kind redemptions | 24,201,838 | 40,485,558 | 5,566,180 | 21,952,416 | ||||||||||||||||
Affiliatedin-kind redemptions | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (8,256,726 | ) | 38,242,497 | 4,975,393 | 20,812,220 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 4,753,581 | 25,632,732 | (3,260,701 | ) | (5,430,205 | ) | ||||||||||||||
Affiliated investment securities | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in unrealized appreciation (depreciation) | 4,753,581 | 25,632,732 | (3,260,701 | ) | (5,430,205 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (3,503,145 | ) | 63,875,229 | 1,714,692 | 15,382,015 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (2,243,839 | ) | $ | 74,870,416 | $ | 2,404,176 | $ | 16,583,892 | |||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM) | Invesco S&P MidCap Momentum ETF (XMMO) | Invesco S&P MidCap Quality ETF (XMHQ) | Invesco S&P MidCap Value with Momentum ETF (XMVM) | Invesco S&P SmallCap Momentum ETF (XSMO) | Invesco S&P SmallCap Value with Momentum ETF (XSVM) | Invesco Zacks Mid-Cap ETF (CZA) | Invesco Zacks Multi-Asset Income ETF (CVY) | |||||||||||||||||||||||||||||||
$ | 764,687 | $ | 3,746,438 | $ | 200,756 | $ | 454,035 | $ | 433,656 | $ | 649,788 | $ | 2,871,357 | $ | 4,957,332 | |||||||||||||||||||||||
1,377 | 5,711 | 1,443 | 4,921 | 21,866 | 1,433 | 3,664 | 2,932 | |||||||||||||||||||||||||||||||
6 | 7,710 | 6,951 | 75,355 | 69,120 | 19,650 | 14,095 | 36,019 | |||||||||||||||||||||||||||||||
- | - | (510 | ) | - | (787 | ) | (502 | ) | (49,762 | ) | (68,150 | ) | ||||||||||||||||||||||||||
|
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|
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|
|
|
|
| |||||||||||||||||||||||
766,070 | 3,759,859 | 208,640 | 534,311 | 523,855 | 670,369 | 2,839,354 | 4,928,133 | |||||||||||||||||||||||||||||||
|
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|
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|
|
|
|
|
|
| |||||||||||||||||||||||
83,788 | 910,659 | 31,608 | 73,228 | 121,282 | 109,529 | 688,713 | 540,019 | |||||||||||||||||||||||||||||||
6,737 | 80,620 | 2,454 | 5,147 | 10,693 | 7,744 | 194,579 | 149,848 | |||||||||||||||||||||||||||||||
16,023 | 16,910 | 13,344 | 14,150 | 14,127 | 14,952 | 24,516 | 26,810 | |||||||||||||||||||||||||||||||
12,896 | 13,361 | 12,587 | 12,652 | 12,739 | 12,927 | 14,089 | 14,246 | |||||||||||||||||||||||||||||||
4,110 | 1,736 | 8,824 | 3,013 | 5,787 | 6,633 | 15,947 | 21,975 | |||||||||||||||||||||||||||||||
3,668 | 6,528 | 3,568 | 3,740 | 3,887 | 3,914 | 4,691 | 4,499 | |||||||||||||||||||||||||||||||
- | 21,413 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
5,412 | 9,835 | 5,118 | 5,305 | 5,531 | 5,486 | 7,009 | 6,578 | |||||||||||||||||||||||||||||||
9,163 | 11,023 | 7,620 | 9,110 | 8,708 | 9,918 | 17,762 | 19,692 | |||||||||||||||||||||||||||||||
|
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|
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|
|
|
|
| |||||||||||||||||||||||
141,797 | 1,072,085 | 85,123 | 126,345 | 182,754 | 171,103 | 967,306 | 783,667 | |||||||||||||||||||||||||||||||
|
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|
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|
|
|
|
| |||||||||||||||||||||||
(23,828 | ) | (508 | ) | (48,504 | ) | (22,667 | ) | (14,260 | ) | (18,439 | ) | (65,282 | ) | (75,340 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||
117,969 | 1,071,577 | 36,619 | 103,678 | 168,494 | 152,664 | 902,024 | 708,327 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
648,101 | 2,688,282 | 172,021 | 430,633 | 355,361 | 517,705 | 1,937,330 | 4,219,806 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(3,036,301 | ) | (27,078,230 | ) | (706,461 | ) | (2,574,463 | ) | (14,509,729 | ) | (8,907,865 | ) | (7,793,171 | ) | (2,730,498 | ) | |||||||||||||||||||||||
- | - | (6,795 | ) | (77,044 | ) | 9 | 7,815 | - | - | |||||||||||||||||||||||||||||
7,821,874 | 77,260,730 | 4,031,880 | 4,572,802 | 11,251,849 | 5,625,579 | 15,356,266 | 796,290 | |||||||||||||||||||||||||||||||
- | - | - | 614 | 576 | - | - | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
4,785,573 | 50,182,500 | 3,318,624 | 1,921,909 | (3,257,295 | ) | (3,274,471 | ) | 7,563,095 | (1,934,208 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(3,995,917 | ) | (54,898,949 | ) | (3,212,139 | ) | (118,376 | ) | 4,250,829 | 5,259,826 | (328,172 | ) | 2,583,477 | ||||||||||||||||||||||||||
- | - | 5,973 | 61,495 | 2,285 | (7,041 | ) | - | 112 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(3,995,917 | ) | (54,898,949 | ) | (3,206,166 | ) | (56,881 | ) | 4,253,114 | 5,252,785 | (328,172 | ) | 2,583,589 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
789,656 | (4,716,449 | ) | 112,458 | 1,865,028 | 995,819 | 1,978,314 | 7,234,923 | 649,381 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 1,437,757 | $ | (2,028,167 | ) | $ | 284,479 | $ | 2,295,661 | $ | 1,351,180 | $ | 2,496,019 | $ | 9,172,253 | $ | 4,869,187 | ||||||||||||||||||||||
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| 35 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco Dynamic Large Cap Growth ETF (PWB) | Invesco Dynamic Large Cap Value ETF (PWV) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 1,259,306 | $ | 7,001,660 | $ | 10,995,187 | $ | 29,172,858 | ||||||||||||
Net realized gain (loss) | (8,256,726 | ) | 105,973,106 | 38,242,497 | 13,398,749 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | 4,753,581 | (35,132,757 | ) | 25,632,732 | (6,337,818 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,243,839 | ) | 77,842,009 | 74,870,416 | 36,233,789 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (2,596,915 | ) | (6,443,887 | ) | (10,571,994 | ) | (30,425,316 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 147,299,863 | 1,092,157,365 | 326,953,251 | 1,132,813,955 | ||||||||||||||||
Value of shares repurchased | (202,352,039 | ) | (975,214,347 | ) | (458,885,305 | ) | (1,470,780,669 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (55,052,176 | ) | 116,943,018 | (131,932,054 | ) | (337,966,714 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (59,892,930 | ) | 188,341,140 | (67,633,632 | ) | (332,158,241 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 758,056,567 | 569,715,427 | 1,041,362,001 | 1,373,520,242 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 698,163,637 | $ | 758,056,567 | $ | 973,728,369 | $ | 1,041,362,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 3,000,000 | 23,450,000 | 8,850,000 | 30,700,000 | ||||||||||||||||
Shares repurchased | (4,150,000 | ) | (21,050,000 | ) | (12,400,000 | ) | (40,400,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 15,550,000 | 13,150,000 | 28,350,000 | 38,050,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 14,400,000 | 15,550,000 | 24,800,000 | 28,350,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco S&P 100 Equal Weight ETF (EQWL) | Invesco S&P 500 GARP ETF (SPGP) | Invesco S&P 500 Value with Momentum ETF (SPVM) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||||||||
$ | 689,484 | $ | 1,294,737 | $ | 1,201,877 | $ | 2,317,449 | $ | 648,101 | $ | 2,730,514 | |||||||||||||||||
4,975,393 | 2,149,351 | 20,812,220 | 64,597,541 | 4,785,573 | 6,205,794 | |||||||||||||||||||||||
(3,260,701 | ) | 2,515,237 | (5,430,205 | ) | (28,437,893 | ) | (3,995,917 | ) | (688,220 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,404,176 | 5,959,325 | 16,583,892 | 38,477,097 | 1,437,757 | 8,248,088 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(676,127 | ) | (1,304,748 | ) | (1,388,106 | ) | (2,249,583 | ) | (810,496 | ) | (2,896,174 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
25,467,756 | 7,797,449 | 294,944,202 | 185,270,437 | 33,914,188 | 37,879,375 | |||||||||||||||||||||||
(25,675,571 | ) | (12,935,448 | ) | (248,206,932 | ) | (200,765,120 | ) | (77,531,447 | ) | (51,760,892 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(207,815 | ) | (5,137,999 | ) | 46,737,270 | (15,494,683 | ) | (43,617,259 | ) | (13,881,517 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,520,234 | (483,422 | ) | 61,933,056 | 20,732,831 | (42,989,998 | ) | (8,529,603 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
59,748,726 | 60,232,148 | 229,088,109 | 208,355,278 | 96,009,117 | 104,538,720 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 61,268,960 | $ | 59,748,726 | $ | 291,021,165 | $ | 229,088,109 | $ | 53,019,119 | $ | 96,009,117 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
450,000 | 150,000 | 5,300,000 | 3,550,000 | 850,000 | 1,000,000 | |||||||||||||||||||||||
(450,000 | ) | (250,000 | ) | (4,500,000 | ) | (3,750,000 | ) | (1,950,000 | ) | (1,350,000 | ) | |||||||||||||||||
1,050,000 | 1,150,000 | 4,150,000 | 4,350,000 | 2,400,000 | 2,750,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,050,000 | 1,050,000 | 4,950,000 | 4,150,000 | 1,300,000 | 2,400,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 37 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco S&P MidCap Momentum ETF (XMMO) | Invesco S&P MidCap Quality ETF (XMHQ) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 2,688,282 | $ | 361,214 | $ | 172,021 | $ | 330,122 | ||||||||||||
Net realized gain (loss) | 50,182,500 | 30,078,199 | 3,318,624 | 134,306 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | (54,898,949 | ) | 48,819,462 | (3,206,166 | ) | 1,534,003 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,028,167 | ) | 79,258,875 | 284,479 | 1,998,431 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (1,884,564 | ) | (462,502 | ) | (190,760 | ) | (332,865 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 673,028,038 | 563,499,131 | 17,310,003 | 4,602,453 | ||||||||||||||||
Value of shares repurchased | (701,078,008 | ) | (148,655,440 | ) | (17,403,066 | ) | (4,540,537 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (28,049,970 | ) | 414,843,691 | (93,063 | ) | 61,916 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (31,962,701 | ) | 493,640,064 | 656 | 1,727,482 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 625,898,884 | 132,258,820 | 25,372,289 | 23,644,807 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 593,936,183 | $ | 625,898,884 | $ | 25,372,945 | $ | 25,372,289 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 11,350,000 | 10,700,000 | 350,000 | 100,000 | ||||||||||||||||
Shares repurchased | (11,900,000 | ) | (3,000,000 | ) | (350,000 | ) | (100,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 10,600,000 | 2,900,000 | 500,000 | 500,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 10,050,000 | 10,600,000 | 500,000 | 500,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM) | Invesco S&P SmallCap Momentum ETF (XSMO) | Invesco S&P SmallCap Value with Momentum ETF (XSVM) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||||||||
$ | 430,633 | $ | 1,318,181 | $ | 355,361 | $ | 295,957 | $ | 517,705 | $ | 1,400,869 | |||||||||||||||||
1,921,909 | 1,111,056 | (3,257,295 | ) | 10,609,298 | (3,274,471 | ) | 5,829,672 | |||||||||||||||||||||
(56,881 | ) | 1,644,497 | 4,253,114 | (8,272,119 | ) | 5,252,785 | (4,276,176 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,295,661 | 4,073,734 | 1,351,180 | 2,633,136 | 2,496,019 | 2,954,365 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(614,482 | ) | (1,232,093 | ) | (283,865 | ) | (300,605 | ) | (595,535 | ) | (1,557,211 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
34,001,064 | 22,829,725 | 45,434,852 | 95,646,223 | 24,810,315 | 35,535,262 | |||||||||||||||||||||||
(35,663,353 | ) | (19,891,008 | ) | (55,963,605 | ) | (56,698,990 | ) | (30,586,480 | ) | (31,021,428 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,662,289 | ) | 2,938,717 | (10,528,753 | ) | 38,947,233 | (5,776,165 | ) | 4,513,834 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
18,890 | 5,780,358 | (9,461,438 | ) | 41,279,764 | (3,875,681 | ) | 5,910,988 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
51,808,717 | 46,028,359 | 89,494,509 | 48,214,745 | 78,793,642 | 72,882,654 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 51,827,607 | $ | 51,808,717 | $ | 80,033,071 | $ | 89,494,509 | $ | 74,917,961 | $ | 78,793,642 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,050,000 | 750,000 | 1,200,000 | 2,550,000 | 850,000 | 1,150,000 | |||||||||||||||||||||||
(1,100,000 | ) | (650,000 | ) | (1,500,000 | ) | (1,600,000 | ) | (1,050,000 | ) | (950,000 | ) | |||||||||||||||||
1,600,000 | 1,500,000 | 2,400,000 | 1,450,000 | 2,600,000 | 2,400,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,550,000 | 1,600,000 | 2,100,000 | 2,400,000 | 2,400,000 | 2,600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 39 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2019 and the year ended April 30, 2019
(Unaudited)
Invesco Zacks Mid-Cap ETF (CZA) | Invesco Zacks Multi-Asset Income ETF (CVY) | |||||||||||||||||||
Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | Six Months Ended October 31, 2019 | Year Ended April 30, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 1,937,330 | $ | 3,453,963 | $ | 4,219,806 | $ | 9,727,257 | ||||||||||||
Net realized gain (loss) | 7,563,095 | 10,626,641 | (1,934,208 | ) | (434,277 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | (328,172 | ) | 12,178,808 | 2,583,589 | 1,699,362 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 9,172,253 | 26,259,412 | 4,869,187 | 10,992,342 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | - | (2,835,826 | ) | (3,768,224 | ) | (9,787,271 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 154,752,413 | 255,472,076 | - | 300,491,601 | ||||||||||||||||
Value of shares repurchased | (138,924,304 | ) | (269,461,073 | ) | (21,876,317 | ) | (358,936,477 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 15,828,109 | (13,988,997 | ) | (21,876,317 | ) | (58,444,876 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 25,000,362 | 9,434,589 | (20,775,354 | ) | (57,239,805 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 265,018,614 | 255,584,025 | 229,220,312 | 286,460,117 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 290,018,976 | $ | 265,018,614 | $ | 208,444,958 | $ | 229,220,312 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 2,150,000 | 3,800,000 | - | 13,550,000 | ||||||||||||||||
Shares repurchased | (1,950,000 | ) | (4,000,000 | ) | (1,000,000 | ) | (16,350,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 3,750,000 | 3,950,000 | 10,300,800 | 13,100,800 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 3,950,000 | 3,750,000 | 9,300,800 | 10,300,800 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Financial Highlights
Invesco Dynamic Large Cap Growth ETF (PWB)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 48.75 | $ | 43.32 | $ | 35.00 | $ | 30.82 | $ | 30.19 | $ | 25.62 | ||||||||||||||||||
Net investment income(a) | 0.08 | 0.48 | 0.27 | 0.24 | 0.19 | 0.18 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.18 | ) | 5.39 | 8.32 | 4.19 | 0.62 | 4.56 | |||||||||||||||||||||||
Total from investment operations | (0.10 | ) | 5.87 | 8.59 | 4.43 | 0.81 | 4.74 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.44 | ) | (0.27 | ) | (0.25 | ) | (0.18 | ) | (0.17 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 48.48 | $ | 48.75 | $ | 43.32 | $ | 35.00 | $ | 30.82 | $ | 30.19 | ||||||||||||||||||
Market price at end of period(b) | $ | 48.37 | $ | 48.77 | $ | 43.38 | $ | 35.02 | $ | 30.81 | $ | 30.17 | ||||||||||||||||||
Net Asset Value Total Return(c) | (0.21 | )% | 13.69 | % | 24.63 | % | 14.46 | % | 2.70 | % | 18.52 | % | ||||||||||||||||||
Market Price Total Return(c) | (0.48 | )% | 13.57 | % | 24.73 | % | 14.57 | % | 2.73 | % | 18.44 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 698,164 | $ | 758,057 | $ | 569,715 | $ | 441,053 | $ | 443,752 | $ | 327,579 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(d) | 0.55 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.58 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.55 | %(d) | 0.55 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.58 | % | ||||||||||||||||||
Net investment income | 0.33 | %(d) | 1.06 | % | 0.68 | % | 0.74 | % | 0.64 | % | 0.63 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 92 | % | 181 | % | 119 | % | 116 | % | 97 | % | 143 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Financial Highlights–(continued)
Invesco Dynamic Large Cap Value ETF (PWV)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.73 | $ | 36.10 | $ | 35.26 | $ | 30.01 | $ | 31.43 | $ | 29.51 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
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| |||||||||||||||||||
Net investment income(a) | 0.43 | 0.84 | 0.73 | 0.67 | 0.73 | 0.64 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.51 | 0.68 | 0.83 | 5.28 | (1.43 | ) | 1.88 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 2.94 | 1.52 | 1.56 | 5.95 | (0.70 | ) | 2.52 | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.89 | ) | (0.72 | ) | (0.70 | ) | (0.72 | ) | (0.60 | ) | ||||||||||||||||||
|
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|
|
|
|
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|
|
|
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| |||||||||||||||||||
Net asset value at end of period | $ | 39.26 | $ | 36.73 | $ | 36.10 | $ | 35.26 | $ | 30.01 | $ | 31.43 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 39.23 | $ | 36.74 | $ | 36.13 | $ | 35.27 | $ | 30.00 | $ | 31.42 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 8.07 | % | 4.32 | % | 4.39 | % | 20.06 | % | (2.17 | )% | 8.56 | % | ||||||||||||||||||
Market Price Total Return(c) | 7.95 | % | 4.26 | % | 4.44 | % | 20.14 | % | (2.18 | )% | 8.60 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 973,728 | $ | 1,041,362 | $ | 1,373,520 | $ | 1,256,973 | $ | 975,299 | $ | 1,087,343 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(d) | 0.55 | % | 0.56 | % | 0.56 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.55 | % | 0.56 | % | 0.56 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||
Net investment income | 2.28 | %(d) | 2.33 | % | 1.96 | % | 2.04 | % | 2.44 | % | 2.10 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 84 | % | 189 | % | 128 | % | 118 | % | 98 | % | 82 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Financial Highlights–(continued)
Invesco S&P 100 Equal Weight ETF (EQWL)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
|
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|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 56.90 | $ | 52.38 | $ | 46.71 | $ | 39.77 | $ | 40.24 | $ | 37.06 | ||||||||||||||||||
Net investment income(a) | 0.65 | 1.14 | 0.88 | 0.74 | 0.78 | 0.75 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.44 | 4.52 | 5.63 | 6.95 | (0.48 | ) | 3.14 | |||||||||||||||||||||||
Total from investment operations | 2.09 | 5.66 | 6.51 | 7.69 | 0.30 | 3.89 | ||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.64 | ) | (1.14 | ) | (0.84 | ) | (0.75 | ) | (0.77 | ) | (0.71 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 58.35 | $ | 56.90 | $ | 52.38 | $ | 46.71 | $ | 39.77 | $ | 40.24 | ||||||||||||||||||
Market price at end of period(b) | $ | 58.27 | $ | 56.91 | $ | 52.42 | $ | 46.75 | $ | 39.73 | $ | 40.21 | ||||||||||||||||||
Net Asset Value Total Return(c) | 3.71 | % | 11.04 | % | 14.02 | % | 19.58 | % | 0.81 | % | 10.52 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.55 | % | 10.98 | % | 14.01 | % | 19.80 | % | 0.78 | % | 10.38 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 61,269 | $ | 59,749 | $ | 60,232 | $ | 39,703 | $ | 33,805 | $ | 42,249 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.26 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.26 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.42 | %(d) | 0.41 | % | 0.47 | % | 0.54 | % | 0.54 | % | 0.57 | % | ||||||||||||||||||
Net investment income | 2.30 | %(d) | 2.13 | % | 1.74 | % | 1.74 | % | 1.99 | % | 1.92 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 39 | % | 24 | % | 32 | % | 27 | % | 101 | % | 3 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(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. For the six months ended October 31, 2019 and the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Financial Highlights–(continued)
Invesco S&P 500 GARP ETF (SPGP)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.20 | $ | 47.90 | $ | 38.49 | $ | 32.92 | $ | 33.84 | $ | 29.53 | ||||||||||||||||||
Net investment income(a) | 0.26 | 0.47 | 0.35 | 0.29 | 0.28 | 0.55 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.64 | 7.29 | 9.38 | 5.61 | (0.91 | ) | 4.29 | |||||||||||||||||||||||
Total from investment operations | 3.90 | 7.76 | 9.73 | 5.90 | (0.63 | ) | 4.84 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.46 | ) | (0.32 | ) | (0.33 | ) | (0.29 | ) | (0.53 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 58.79 | $ | 55.20 | $ | 47.90 | $ | 38.49 | $ | 32.92 | $ | 33.84 | ||||||||||||||||||
Market price at end of period(b) | $ | 58.74 | $ | 55.18 | $ | 47.94 | $ | 38.50 | $ | 32.92 | $ | 33.82 | ||||||||||||||||||
Net Asset Value Total Return(c) | 7.09 | % | 16.35 | % | 25.36 | % | 18.06 | % | (1.89 | )% | 16.49 | % | ||||||||||||||||||
Market Price Total Return(c) | 7.04 | % | 16.20 | % | 25.44 | % | 18.09 | % | (1.83 | )% | 16.46 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 291,021 | $ | 229,088 | $ | 208,355 | $ | 146,256 | $ | 151,415 | $ | 145,502 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.35 | %(d) | 0.36 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.35 | %(d) | 0.36 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.43 | % | ||||||||||||||||||
Net investment income | 0.94 | %(d) | 0.92 | % | 0.80 | % | 0.84 | % | 0.85 | % | 1.73 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 82 | % | 17 | % | 19 | % | 30 | % | 105 | % | 2 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(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. For the six months ended October 31, 2019 and the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Financial Highlights–(continued)
Invesco S&P 500 Value with Momentum ETF (SPVM)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2019�� | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.00 | $ | 38.01 | $ | 35.60 | $ | 29.58 | $ | 30.63 | $ | 29.40 | ||||||||||||||||||
Net investment income(a) | 0.45 | 1.03 | 0.93 | 0.73 | 0.80 | 0.72 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.87 | 2.06 | 2.28 | 6.13 | (1.09 | ) | 1.16 | |||||||||||||||||||||||
Total from investment operations | 1.32 | 3.09 | 3.21 | 6.86 | (0.29 | ) | 1.88 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.54 | ) | (1.10 | ) | (0.80 | ) | (0.84 | ) | (0.76 | ) | (0.65 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 40.78 | $ | 40.00 | $ | 38.01 | $ | 35.60 | $ | 29.58 | $ | 30.63 | ||||||||||||||||||
Market price at end of period(b) | $ | 40.73 | $ | 39.99 | $ | 38.03 | $ | 35.63 | $ | 29.55 | $ | 30.62 | ||||||||||||||||||
Net Asset Value Total Return(c) | 3.34 | % | 8.40 | % | 9.07 | % | 23.47 | % | (0.84 | )% | 6.41 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.24 | % | 8.31 | % | 9.04 | % | 23.69 | % | (0.92 | )% | 6.41 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 53,019 | $ | 96,009 | $ | 104,539 | $ | 74,770 | $ | 68,029 | $ | 41,348 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.40 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.48 | %(d) | 0.41 | % | 0.44 | % | 0.46 | % | 0.55 | % | 0.62 | % | ||||||||||||||||||
Net investment income | 2.25 | %(d) | 2.70 | % | 2.49 | % | 2.23 | % | 2.78 | % | 2.37 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 78 | % | 32 | % | 25 | % | 28 | % | 77 | % | 2 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(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. For the six months ended October 31, 2019 and the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Financial Highlights–(continued)
Invesco S&P MidCap Momentum ETF (XMMO)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 59.05 | $ | 45.61 | $ | 34.85 | $ | 29.14 | $ | 31.95 | $ | 30.02 | ||||||||||||||||||
Net investment income(a) | 0.25 | 0.06 | 0.02 | 0.09 | 0.07 | 0.47 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.01 | ) | 13.47 | 10.79 | 5.70 | (2.72 | ) | 1.92 | ||||||||||||||||||||||
Total from investment operations | 0.24 | 13.53 | 10.81 | 5.79 | (2.65 | ) | 2.39 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.09 | ) | (0.05 | ) | (0.08 | ) | (0.16 | ) | (0.46 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 59.10 | $ | 59.05 | $ | 45.61 | $ | 34.85 | $ | 29.14 | $ | 31.95 | ||||||||||||||||||
Market price at end of period(b) | $ | 59.09 | $ | 59.07 | $ | 45.71 | $ | 34.85 | $ | 29.12 | $ | 31.95 | ||||||||||||||||||
Net Asset Value Total Return(c) | 0.42 | % | 29.72 | % | 31.05 | % | 19.89 | % | (8.34 | )% | 7.98 | % | ||||||||||||||||||
Market Price Total Return(c) | 0.36 | % | 29.48 | % | 31.34 | % | 19.98 | % | (8.40 | )% | 8.09 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 593,936 | $ | 625,899 | $ | 132,259 | $ | 67,967 | $ | 67,015 | $ | 87,870 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.34 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.34 | %(d) | 0.39 | % | 0.43 | % | 0.46 | % | 0.44 | % | 0.46 | % | ||||||||||||||||||
Net investment income | 0.86 | %(d) | 0.12 | % | 0.05 | % | 0.30 | % | 0.25 | % | 1.51 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 140 | % | 30 | % | 29 | % | 49 | % | 147 | % | 3 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(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. For the six months ended October 31, 2019 and the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Financial Highlights–(continued)
Invesco S&P MidCap Quality ETF (XMHQ)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 50.74 | $ | 47.29 | $ | 43.74 | $ | 38.93 | $ | 40.34 | $ | 36.31 | ||||||||||||||||||
Net investment income(a) | 0.34 | 0.66 | 0.60 | 0.54 | 0.56 | 0.50 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.05 | 3.46 | 3.53 | 4.86 | (1.41 | ) | 4.03 | |||||||||||||||||||||||
Total from investment operations | 0.39 | 4.12 | 4.13 | 5.40 | (0.85 | ) | 4.53 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.67 | ) | (0.58 | ) | (0.59 | ) | (0.56 | ) | (0.50 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 50.75 | $ | 50.74 | $ | 47.29 | $ | 43.74 | $ | 38.93 | $ | 40.34 | ||||||||||||||||||
Market price at end of period(b) | $ | 50.70 | $ | 50.72 | $ | 47.30 | $ | 43.74 | $ | 38.89 | $ | 40.35 | ||||||||||||||||||
Net Asset Value Total Return(c) | 0.78 | % | 8.85 | % | 9.50 | % | 14.00 | % | (2.02 | )% | 12.52 | % | ||||||||||||||||||
Market Price Total Return(c) | 0.73 | % | 8.78 | % | 9.52 | % | 14.11 | % | (2.14 | )% | 12.73 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 25,373 | $ | 25,372 | $ | 23,645 | $ | 26,242 | $ | 23,357 | $ | 34,292 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.27 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.26 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.65 | %(d) | 0.61 | % | 0.66 | % | 0.68 | % | 0.69 | % | 0.66 | % | ||||||||||||||||||
Net investment income | 1.38 | %(d) | 1.36 | % | 1.31 | % | 1.32 | % | 1.50 | % | 1.31 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 98 | % | 30 | % | 28 | % | 36 | % | 135 | % | 5 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.02%. |
(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. For the six months ended October 31, 2019 and the year ended April 30, 2019, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Financial Highlights–(continued)
Invesco S&P MidCap Value with Momentum ETF (XMVM)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.38 | $ | 30.69 | $ | 31.00 | $ | 27.22 | $ | 27.55 | $ | 25.88 | ||||||||||||||||||
Net investment income(a) | 0.27 | 0.84 | 0.69 | 0.68 | 0.68 | 0.43 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.19 | 1.64 | (0.26 | ) | 3.80 | (0.37 | ) | 1.63 | ||||||||||||||||||||||
Total from investment operations | 1.46 | 2.48 | 0.43 | 4.48 | 0.31 | 2.06 | ||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.40 | ) | (0.79 | ) | (0.74 | ) | (0.70 | ) | (0.64 | ) | (0.39 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 33.44 | $ | 32.38 | $ | 30.69 | $ | 31.00 | $ | 27.22 | $ | 27.55 | ||||||||||||||||||
Market price at end of period(b) | $ | 33.40 | $ | 32.36 | $ | 30.69 | $ | 31.00 | $ | 27.21 | $ | 27.53 | ||||||||||||||||||
Net Asset Value Total Return(c) | 4.56 | % | 8.36 | % | 1.39 | % | 16.60 | % | 1.35 | % | 7.98 | % | ||||||||||||||||||
Market Price Total Return(c) | 4.50 | % | 8.30 | % | 1.39 | % | 16.64 | % | 1.39 | % | 7.94 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 51,828 | $ | 51,809 | $ | 46,028 | $ | 68,203 | $ | 50,364 | $ | 52,338 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.40 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | %(e) | 0.39 | %(e) | ||||||||||||||||||
Expenses, prior to Waivers | 0.49 | %(d) | 0.48 | % | 0.51 | % | 0.49 | % | 0.54 | %(e) | 0.56 | %(e) | ||||||||||||||||||
Net investment income | 1.72 | %(d) | 2.73 | % | 2.24 | % | 2.28 | % | 2.62 | % | 1.58 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 91 | % | 49 | % | 52 | % | 39 | % | 131 | % | 4 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six months ended October 31, 2019 and the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Financial Highlights–(continued)
Invesco S&P SmallCap Momentum ETF (XSMO)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 37.29 | $ | 33.25 | $ | 28.50 | $ | 23.23 | $ | 25.22 | $ | 23.90 | ||||||||||||||||||
Net investment income(a) | 0.16 | 0.13 | 0.14 | 0.07 | 0.06 | 0.25 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.79 | 4.04 | 4.75 | 5.27 | (1.93 | ) | 1.39 | |||||||||||||||||||||||
Total from investment operations | 0.95 | 4.17 | 4.89 | 5.34 | (1.87 | ) | 1.64 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.13 | ) | (0.14 | ) | (0.07 | ) | (0.12 | ) | (0.32 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 38.11 | $ | 37.29 | $ | 33.25 | $ | 28.50 | $ | 23.23 | $ | 25.22 | ||||||||||||||||||
Market price at end of period(b) | $ | 38.00 | $ | 37.31 | $ | 33.31 | $ | 28.49 | $ | 23.26 | $ | 25.21 | ||||||||||||||||||
Net Asset Value Total Return(c) | 2.56 | % | 12.55 | % | 17.18 | % | 23.02 | % | (7.47 | )% | 6.92 | % | ||||||||||||||||||
Market Price Total Return(c) | 2.20 | % | 12.41 | % | 17.43 | % | 22.82 | % | (7.31 | )% | 6.92 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 80,033 | $ | 89,495 | $ | 48,215 | $ | 34,195 | $ | 26,719 | $ | 32,791 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.40 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | %(e) | 0.39 | %(e) | ||||||||||||||||||
Expenses, prior to Waivers | 0.43 | %(d) | 0.44 | % | 0.59 | % | 0.65 | % | 0.67 | %(e) | 0.69 | %(e) | ||||||||||||||||||
Net investment income | 0.86 | %(d) | 0.37 | % | 0.47 | % | 0.29 | % | 0.27 | % | 1.02 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 131 | % | 44 | % | 43 | % | 55 | % | 144 | % | 6 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the six months ended October 31, 2019 and the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Financial Highlights–(continued)
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
Six Months Ended October 31, 2019 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.31 | $ | 30.37 | $ | 29.27 | $ | 23.87 | $ | 25.75 | $ | 24.67 | ||||||||||||||||||
Net investment income(a) | 0.20 | 0.58 | 0.63 | 0.52 | 0.63 | 0.42 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.94 | 0.03 | 1.04 | 5.55 | (1.91 | ) | 1.03 | |||||||||||||||||||||||
Total from investment operations | 1.14 | 0.61 | 1.67 | 6.07 | (1.28 | ) | 1.45 | |||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.67 | ) | (0.57 | ) | (0.67 | ) | (0.60 | ) | (0.37 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 31.22 | $ | 30.31 | $ | 30.37 | $ | 29.27 | $ | 23.87 | $ | 25.75 | ||||||||||||||||||
Market price at end of period(b) | $ | 31.18 | $ | 30.30 | $ | 30.40 | $ | 29.26 | $ | 23.88 | $ | 25.75 | ||||||||||||||||||
Net Asset Value Total Return(c) | 3.83 | % | 2.13 | % | 5.73 | % | 25.64 | % | (4.93 | )% | 5.91 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.73 | % | 2.00 | % | 5.87 | % | 25.54 | % | (4.90 | )% | 5.87 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 74,918 | $ | 78,794 | $ | 72,883 | $ | 83,415 | $ | 59,668 | $ | 72,093 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.40 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.45 | %(d) | 0.44 | % | 0.46 | % | 0.46 | % | 0.50 | % | 0.55 | % | ||||||||||||||||||
Net investment income | 1.38 | %(d) | 1.88 | % | 2.12 | % | 1.90 | % | 2.67 | % | 1.65 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 83 | % | 52 | % | 56 | % | 50 | % | 137 | % | 5 | % |
(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) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of 0.01%. |
(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. For the six months ended October 31, 2019 and the year ended April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Financial Highlights–(continued)
Invesco ZacksMid-Cap ETF (CZA)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Eight Months Ended April 30, 2018 |
Years Ended August 31, | ||||||||||||||||||||||||||||||||
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2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 70.67 | $ | 64.70 | $ | 61.60 | $ | 53.00 | $ | 49.05 | $ | 49.97 | $ | 40.44 | |||||||||||||||||||||
Net investment income(a) | 0.50 | 0.90 | 0.53 | 0.81 | 0.87 | 0.50 | 0.41 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.25 | 5.82 | 3.29 | 8.81 | 3.73 | (1.05 | ) | 9.58 | |||||||||||||||||||||||||||
Total from investment operations | 2.75 | 6.72 | 3.82 | 9.62 | 4.60 | (0.55 | ) | 9.99 | |||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | - | (0.75 | ) | (0.72 | ) | (1.02 | ) | (0.65 | ) | (0.37 | ) | (0.46 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 73.42 | $ | 70.67 | $ | 64.70 | $ | 61.60 | $ | 53.00 | $ | 49.05 | $ | 49.97 | |||||||||||||||||||||
Market price at end of period | $ | 73.52 | (b) | $ | 70.75 | (b) | $ | 64.75 | (b) | $ | 61.67 | $ | 52.94 | $ | 49.09 | $ | 50.04 | ||||||||||||||||||
Net Asset Value Total Return(c) | 3.89 | % | 10.68 | % | 6.19 | % | 18.40 | % | 9.53 | % | (1.11 | )% | 24.81 | % | |||||||||||||||||||||
Market Price Total Return(c) | 3.91 | % | 10.72 | % | 6.14 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 290,019 | $ | 265,019 | $ | 255,584 | $ | 203,284 | $ | 143,100 | $ | 149,597 | $ | 132,428 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d)(e) | 0.65 | %(d) | 0.65 | %(f) | 0.65 | % | 0.65 | % | 0.65 | % | 0.66 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.70 | %(d)(e) | 0.70 | %(d) | 0.74 | %(f) | 0.74 | % | 0.74 | % | 0.73 | % | 0.73 | % | |||||||||||||||||||||
Net investment income | 1.41 | %(e) | 1.36 | % | 1.23 | %(f) | 1.43 | % | 1.78 | % | 1.01 | % | 0.89 | % | |||||||||||||||||||||
Portfolio turnover rate(g) | 67 | % | 170 | % | 136 | % | 181 | % | 172 | % | 164 | % | 175 | % |
(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) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Financial Highlights–(continued)
Invesco Zacks Multi-Asset Income ETF (CVY)
Six Months Ended October 31, 2019 (Unaudited) | Year Ended April 30, 2019 | Eight Months Ended April 30, 2018 |
Years Ended August 31, | ||||||||||||||||||||||||||||||||
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2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.25 | $ | 21.87 | $ | 21.11 | $ | 19.75 | $ | 19.92 | $ | 26.06 | $ | 23.34 | |||||||||||||||||||||
Net investment income(a) | 0.43 | 0.81 | 0.49 | 0.80 | 0.87 | 1.30 | 1.38 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.12 | 0.38 | 0.94 | 1.46 | (0.06 | ) | (6.10 | ) | 2.57 | ||||||||||||||||||||||||||
Total from investment operations | 0.55 | 1.19 | 1.43 | 2.26 | 0.81 | (4.80 | ) | 3.95 | |||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.81 | ) | (0.59 | ) | (0.60 | ) | (0.98 | ) | (1.31 | ) | (1.23 | ) | |||||||||||||||||||||
Return of capital | - | - | (0.08 | ) | (0.30 | ) | - | (0.03 | ) | - | |||||||||||||||||||||||||
Total distributions | (0.39 | ) | (0.81 | ) | (0.67 | ) | (0.90 | ) | (0.98 | ) | (1.34 | ) | (1.23 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 22.41 | $ | 22.25 | $ | 21.87 | $ | 21.11 | $ | 19.75 | $ | 19.92 | $ | 26.06 | |||||||||||||||||||||
Market price at end of period | $ | 22.39 | (b) | $ | 22.27 | (b) | $ | 21.87 | (b) | $ | 21.08 | $ | 19.74 | $ | 19.89 | $ | 26.05 | ||||||||||||||||||
Net Asset Value Total Return(c) | 2.49 | % | 5.67 | % | 6.83 | % | 11.73 | % | 4.49 | % | (18.90 | )% | 17.29 | % | |||||||||||||||||||||
Market Price Total Return(c) | 2.31 | % | 5.76 | % | 6.98 | % | |||||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 208,445 | $ | 229,220 | $ | 286,460 | $ | 346,144 | $ | 427,658 | $ | 647,321 | $ | 1,485,282 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d)(e) | 0.65 | %(d) | 0.65 | %(d)(f) | 0.65 | % | 0.65 | % | 0.65 | % | 0.66 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.72 | %(d)(e) | 0.71 | %(d) | 0.74 | %(d)(f) | 0.72 | % | 0.73 | % | 0.71 | % | 0.71 | % | |||||||||||||||||||||
Net investment income | 3.91 | %(e) | 3.71 | % | 3.38 | %(f) | 3.93 | % | 4.62 | % | 5.68 | % | 5.54 | % | |||||||||||||||||||||
Portfolio turnover rate(g) | 106 | % | 196 | % | 142 | % | 203 | % | 228 | % | 213 | % | 180 | % |
(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) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Ratios are annualized except fornon-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust
October 31, 2019
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is anopen-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 Large Cap Growth ETF (PWB) | “Dynamic Large Cap Growth ETF” | |
Invesco Dynamic Large Cap Value ETF (PWV) | “Dynamic Large Cap Value ETF” | |
Invesco S&P 100 Equal Weight ETF (EQWL) | “S&P 100 Equal Weight ETF” | |
Invesco S&P 500 GARP ETF (SPGP) | “S&P 500 GARP ETF” | |
Invesco S&P 500 Value with Momentum ETF (SPVM) | “S&P 500 Value with Momentum ETF” | |
Invesco S&P MidCap Momentum ETF (XMMO) | “S&P MidCap Momentum ETF” | |
Invesco S&P MidCap Quality ETF (XMHQ) | “S&P MidCap Quality ETF” | |
Invesco S&P MidCap Value with Momentum ETF (XMVM) | “S&P MidCap Value with Momentum ETF” | |
Invesco S&P SmallCap Momentum ETF (XSMO) | “S&P SmallCap Momentum ETF” | |
Invesco S&P SmallCap Value with Momentum ETF (XSVM) | “S&P SmallCap Value with Momentum ETF” | |
Invesco ZacksMid-Cap ETF (CZA) | “ZacksMid-Cap ETF” | |
Invesco Zacks Multi-Asset Income ETF (CVY) | “Zacks Multi-Asset Income ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, 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 Large Cap Growth ETF | Dynamic Large Cap Growth IntellidexSMIndex | |
Dynamic Large Cap Value ETF | Dynamic Large Cap Value IntellidexSMIndex | |
S&P 100 Equal Weight ETF | S&P 100®Equal Weight Index | |
S&P 500 GARP ETF | S&P 500®GARP Index | |
S&P 500 Value with Momentum ETF | S&P 500®High Momentum Value Index | |
S&P MidCap Momentum ETF | S&P MidCap 400®Momentum Index | |
S&P MidCap Quality ETF | S&P MidCap 400®Quality Index | |
S&P MidCap Value with Momentum ETF | S&P MidCap 400®High Momentum Value Index | |
S&P SmallCap Momentum ETF | S&P SmallCap 600 Momentum Index | |
S&P SmallCap Value with Momentum ETF | S&P SmallCap 600 High Momentum Value Index | |
ZacksMid-Cap ETF | ZacksMid-Cap Core Index | |
Zacks Multi-Asset Income ETF | Zacks Multi-Asset Income 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.
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A. Security Valuation- Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) 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 theover-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 generally are valued 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 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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 economic conditions, interest rates, investor perceptions 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.
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B. 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 those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
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 particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.
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.
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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Investing in ETFs and Other Investment Companies Risk. A Fund’s investment performance may depend on the investment performance of the funds in which it invests. An investment in an investment company is subject to the risks associated with that investment company. Each Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests (including costs and fees of the investment companies), while continuing to pay its own management fee to the Adviser. As a result, shareholders will absorb duplicate levels of fees with respect to a Fund’s investments in other investment companies.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the 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.
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Non-Diversified Fund Risk. ZacksMid-Cap ETF and Zacks Multi-Asset Income ETF arenon-diversified and can invest a greater portion of their assets in securities of individual issuers than can a diversified fund. 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its 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 thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. For certain Funds, although the Funds will not invest in real estate directly, the REITs in which the Funds invest are subject to risks inherent in the direct ownership of real estate. These risks include, but are not limited to, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. REITs may be affected by changes in the values of the underlying properties that they own or operate and could fail to qualify for favorable tax or regulatory treatment. REITs also are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs rely heavily on cash flows and a variety of economic and other factors may adversely affect a lessee’s ability to meet its obligations to a REIT. Should a lessee default on their loan, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies, which 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- andmid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Value Risk. For certain Funds, “value” securities are subject to the risk that the valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.
C. | 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 the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
D. | 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. |
E. | Dividends and Distributions to Shareholders- Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for ZacksMid-Cap ETF, which declares and pays dividends from net investment income, if |
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any, to shareholders annually) and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-end. |
F. | 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 forin-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.
G. | Expenses- 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. |
Each Fund is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, 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, acquired fund fees and expenses, if any, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund 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 |
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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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, ZacksMid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2021. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2021. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, ZacksMid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2021 andsub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2021. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the six months ended October 31, 2019 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF and S&P MidCap Momentum ETF.
Further, the Adviser agrees to reimburse ZacksMid-Cap ETF and Zacks Multi-Asset Income ETF in the amount equal to the licensing fees that each Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.65% through at least April 6, 2020.
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from 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 thesix-month period ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Large Cap Growth ETF | $ | 275 | ||
Dynamic Large Cap Value ETF | 827 | |||
S&P 100 Equal Weight ETF | 49,811 | |||
S&P 500 GARP ETF | 158 | |||
S&P 500 Value with Momentum ETF | 23,828 | |||
S&P MidCap Momentum ETF | 508 | |||
S&P MidCap Quality ETF | 48,504 | |||
S&P MidCap Value with Momentum ETF | 22,667 | |||
S&P SmallCap Momentum ETF | 14,260 | |||
S&P SmallCap Value with Momentum ETF | 18,439 | |||
ZacksMid-Cap ETF | 65,282 | |||
Zacks Multi-Asset Income ETF | 75,340 |
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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 the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at October 31, 2019 are as follows:
Total Potential Recapture | Potential Recapture Amounts Expiring | ||||||||||||||||||||||||
Amounts | 4/30/20 | 4/30/21 | 4/30/22 | 10/31/22 | |||||||||||||||||||||
S&P 100 Equal Weight ETF | $364,829 | $97,104 | $117,735 | $100,279 | $49,711 | ||||||||||||||||||||
S&P 500 Value with Momentum ETF | 138,368 | 45,267 | 44,708 | 24,689 | 23,704 | ||||||||||||||||||||
S&P MidCap Quality ETF | 348,883 | 106,293 | 105,995 | 88,198 | 48,397 | ||||||||||||||||||||
S&P MidCap Value with Momentum ETF | 186,582 | 54,220 | 64,988 | 44,814 | 22,560 | ||||||||||||||||||||
S&P SmallCap Momentum ETF | 205,135 | 74,308 | 78,817 | 37,890 | 14,120 | ||||||||||||||||||||
S&P SmallCap Value with Momentum ETF | 156,732 | 48,568 | 53,922 | 35,923 | 18,319 | ||||||||||||||||||||
ZacksMid-Cap ETF | 216,757 | - | 36,226 | 115,557 | 64,974 | ||||||||||||||||||||
Zacks Multi-Asset Income ETF | 274,316 | - | 54,833 | 144,419 | 75,064 |
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 Large Cap Growth ETF | ICE Data Indices, LLC | ||||
Dynamic Large Cap Value ETF | ICE Data Indices, LLC | ||||
S&P 100 Equal Weight ETF | S&P Dow Jones Indices LLC | ||||
S&P 500 GARP ETF | S&P Dow Jones Indices LLC | ||||
S&P 500 Value with Momentum ETF | S&P Dow Jones Indices LLC | ||||
S&P MidCap Momentum ETF | S&P Dow Jones Indices LLC | ||||
S&P MidCap Quality ETF | S&P Dow Jones Indices LLC | ||||
S&P MidCap Value with Momentum ETF | S&P Dow Jones Indices LLC | ||||
S&P SmallCap Momentum ETF | S&P Dow Jones Indices LLC | ||||
S&P SmallCap Value with Momentum ETF | S&P Dow Jones Indices LLC | ||||
ZacksMid-Cap ETF | Zacks Investment Research, Inc. | ||||
Zacks Multi-Asset Income ETF | Zacks Investment Research, Inc. |
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’ssub-licensing agreement with the Adviser. The Funds are required to pay thesub-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 The Bank of New York Mellon, 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.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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. |
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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. |
As of October 31, 2019, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). 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.
NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscalyear-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2019, which expire as follows:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
Dynamic Large Cap Growth ETF | $ | 95,688,650 | $ | - | $ | 95,688,650 | |||||||||
Dynamic Large Cap Value ETF | 312,854,755 | 38,311,708 | 351,166,463 | ||||||||||||
S&P 100 Equal Weight ETF | 818,579 | 1,137,998 | 1,956,577 | ||||||||||||
S&P 500 GARP ETF | 4,627,302 | 9,824,978 | 14,452,280 | ||||||||||||
S&P 500 Value with Momentum ETF | 2,671,757 | 1,888,613 | 4,560,370 | ||||||||||||
S&P MidCap Momentum ETF | 13,336,653 | 9,286,004 | 22,622,657 | ||||||||||||
S&P MidCap Quality ETF | 1,624,887 | 2,533,905 | 4,158,792 | ||||||||||||
S&P MidCap Value with Momentum ETF | 8,307,220 | 4,125,961 | 12,433,181 | ||||||||||||
S&P SmallCap Momentum ETF | 8,216,975 | 5,891,964 | 14,108,939 | ||||||||||||
S&P SmallCap Value with Momentum ETF | 10,105,893 | 9,926,224 | 20,032,117 | ||||||||||||
ZacksMid-Cap ETF | 55,638,018 | 3,672,885 | 59,310,903 | ||||||||||||
Zacks Multi-Asset Income ETF | 332,268,698 | 70,499,623 | 402,768,321 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6–Investment Transactions
For thesix-month period ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||||
Dynamic Large Cap Growth ETF | $ | 687,402,370 | $ | 687,085,314 | ||||||
Dynamic Large Cap Value ETF | 805,113,148 | 805,597,585 | ||||||||
S&P 100 Equal Weight ETF | 23,053,593 | 23,734,881 | ||||||||
S&P 500 GARP ETF | 209,983,118 | 212,786,097 | ||||||||
S&P 500 Value with Momentum ETF | 49,036,259 | 48,525,678 | ||||||||
S&P MidCap Momentum ETF | 860,858,953 | 864,132,380 | ||||||||
S&P MidCap Quality ETF | 25,297,657 | 24,471,604 | ||||||||
S&P MidCap Value with Momentum ETF | 45,354,768 | 46,034,060 | ||||||||
S&P SmallCap Momentum ETF | 109,302,118 | 108,082,030 | ||||||||
S&P SmallCap Value with Momentum ETF | 63,266,730 | 62,533,339 | ||||||||
ZacksMid-Cap ETF | 188,170,408 | 183,767,983 | ||||||||
Zacks Multi-Asset Income ETF | 228,051,550 | 228,903,703 |
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For thesix-month period ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Large Cap Growth ETF | $ | 147,254,331 | $ | 204,277,819 | ||||
Dynamic Large Cap Value ETF | 325,835,802 | 456,769,068 | ||||||
S&P 100 Equal Weight ETF | 25,439,159 | 24,979,383 | ||||||
S&P 500 GARP ETF | 294,838,836 | 245,639,067 | ||||||
S&P 500 Value with Momentum ETF | 33,832,514 | 78,025,286 | ||||||
S&P MidCap Momentum ETF | 672,753,261 | 696,637,123 | ||||||
S&P MidCap Quality ETF | 17,317,002 | 18,238,217 | ||||||
S&P MidCap Value with Momentum ETF | 33,999,243 | 35,066,110 | ||||||
S&P SmallCap Momentum ETF | 45,233,016 | 56,860,305 | ||||||
S&P SmallCap Value with Momentum ETF | 24,406,163 | 30,654,151 | ||||||
ZacksMid-Cap ETF | 154,573,832 | 141,092,187 | ||||||
Zacks Multi-Asset Income ETF | - | 19,466,723 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation | Cost | |||||||||||||
Dynamic Large Cap Growth ETF | $65,929,837 | $(13,659,535) | $52,270,302 | $646,204,765 | ||||||||||||
Dynamic Large Cap Value ETF | 72,566,324 | (20,991,700) | 51,574,624 | 921,486,666 | ||||||||||||
S&P 100 Equal Weight ETF | 7,270,405 | (2,369,852) | 4,900,553 | 56,404,394 | ||||||||||||
S&P 500 GARP ETF | 22,976,611 | (10,082,387) | 12,894,224 | 278,213,349 | ||||||||||||
S&P 500 Value with Momentum ETF | 3,392,381 | (2,528,512) | 863,869 | 52,237,107 | ||||||||||||
S&P MidCap Momentum ETF | 27,360,620 | (14,821,538) | 12,539,082 | 592,886,793 | ||||||||||||
S&P MidCap Quality ETF | 2,058,505 | (1,815,145) | 243,360 | 25,640,285 | ||||||||||||
S&P MidCap Value with Momentum ETF | 4,995,394 | (3,901,428) | 1,093,966 | 53,535,281 | ||||||||||||
S&P SmallCap Momentum ETF | 5,675,284 | (3,188,124) | 2,487,160 | 78,149,589 | ||||||||||||
S&P SmallCap Value with Momentum ETF | 8,043,310 | (4,339,208) | 3,704,102 | 75,018,847 | ||||||||||||
ZacksMid-Cap ETF | 27,604,061 | (4,663,053) | 22,941,008 | 267,457,036 | ||||||||||||
Zacks Multi-Asset Income ETF | 14,332,693 | (9,166,664) | 5,166,029 | 210,646,503 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The 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 Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. 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 of the Trust 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
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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.
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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 May 1, 2019 through October 31, 2019.
In addition to the fees and expenses which the Invesco ZacksMid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.
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 theSix-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, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Dynamic Large Cap Growth ETF (PWB) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 997.90 | 0.55 | % | $ | 2.76 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.37 | 0.55 | 2.80 | ||||||||||||||||
Invesco Dynamic Large Cap Value ETF (PWV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,080.70 | 0.56 | 2.93 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.56 | 2.85 | ||||||||||||||||
Invesco S&P 100 Equal Weight ETF (EQWL) | ||||||||||||||||||||
Actual | 1,000.00 | 1,037.10 | 0.26 | 1.33 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.83 | 0.26 | 1.32 | ||||||||||||||||
Invesco S&P 500 GARP ETF (SPGP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,070.90 | 0.35 | 1.82 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.38 | 0.35 | 1.78 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco S&P 500 Value with Momentum ETF (SPVM) |
| |||||||||||||||||||
Actual | $1,000.00 | $1,033.40 | 0.40 | % | $2.04 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P MidCap Momentum ETF (XMMO) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,004.20 | 0.34 | 1.71 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.43 | 0.34 | 1.73 | ||||||||||||||||
Invesco S&P MidCap Quality ETF (XMHQ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,007.80 | 0.27 | 1.36 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.78 | 0.27 | 1.37 | ||||||||||||||||
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,045.60 | 0.40 | 2.06 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P SmallCap Momentum ETF (XSMO) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,025.60 | 0.40 | 2.04 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,038.30 | 0.40 | 2.05 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.13 | 0.40 | 2.03 | ||||||||||||||||
Invesco ZacksMid-Cap ETF (CZA) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,038.90 | 0.65 | 3.33 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.87 | 0.65 | 3.30 | ||||||||||||||||
Invesco Zacks Multi-Asset Income ETF (CVY) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,024.90 | 0.65 | 3.31 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.87 | 0.65 | 3.30 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. |
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A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 728,737,753.65 | 22,013,719.89 | |||||||
Todd J. Barre | 736,212,431.57 | 14,539,041.97 | ||||||||
Kevin M. Carome | 735,406,511.30 | 15,344,962.24 | ||||||||
Edmund P. Giambastiani, Jr. | 734,022,540.17 | 16,728,933.36 | ||||||||
Victoria J. Herget | 736,579,144.26 | 14,172,329.27 | ||||||||
Marc M. Kole | 728,485,556.55 | 22,265,916.99 | ||||||||
Yung Bong Lim | 735,944,320.11 | 14,807,153.42 | ||||||||
Joanne Pace | 735,925,022.32 | 14,826,451.22 | ||||||||
Gary R. Wicker | 735,241,254.75 | 15,510,218.79 | ||||||||
Donald H. Wilson | 728,014,927.08 | 22,736,546.45 |
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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 atwww.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 atwww.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 Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-5 | invesco.com/ETFs |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
During the reporting period, PricewaterhouseCoopers LLP (“PwC”) advised the Registrant’s Audit Committee of the following matters for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that four PwC Managers and two PwC Partners each held financial interests either directly or, in the case of the two PwC Partners, indirectly through their respective spouse’s equivalent brokerage account or spouse’s employee benefit plan, respectively, in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”) that were inconsistent with the requirements ofRule 2-01(c)(1) of RegulationS-X. With respect to the one PwC Partner, the financial interest was disposed of July 8, 2019. PwC noted, among other things, that during the time of its audit, or with respect to the one PwC Partner and three PwC Managers, until after it was disposed of or after they ceased providing services, the engagement team was not aware of the investments, the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, the services provided by the PwC Manager were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates, or in the case of the two PwC Partners and three PwC Managers, the individuals either did not provide any audit services or did not provide services of any kind to the Registrant or its affiliates and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by these matters as they relate to the audit of the Registrant.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) | The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this FormN-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.
Item 11. Controls and Procedures.
(a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined inRule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined inRule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Not applicable. | |
(a)(2) | Certifications of the Registrant’s President and Treasurer pursuant toRule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) | Certifications of the Registrant’s President and Treasurer pursuant toRule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Invesco Exchange-Traded Fund Trust
By:/s/ Daniel E. Draper
Name: Daniel E. Draper
Title: President
Date: January 3, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:/s/ Daniel E. Draper
Name: Daniel E. Draper
Title: President
Date: January 3, 2020
By:/s/ Kelli Gallegos
Name: Kelli Gallegos
Title: Treasurer
Date: January 3, 2020