UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-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)
Anna Paglia
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, 2020
Form N-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 Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-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 to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Semi-Annual Report to Shareholders
October 31, 2020
| ||||||
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, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.08% |
| |||||||
Communication Services-4.19% |
| |||||||
Altice USA, Inc., Class A(b) | 75,504 | $ | 2,034,833 | |||||
Charter Communications, Inc., | 39,306 | 23,733,749 | ||||||
Sinclair Broadcast Group, Inc., | 9,523 | 176,937 | ||||||
Yelp, Inc.(b) | 13,943 | 274,259 | ||||||
|
| |||||||
26,219,778 | ||||||||
|
| |||||||
Consumer Discretionary-8.57% |
| |||||||
Adtalem Global Education, Inc.(b) | 9,952 | 233,275 | ||||||
American Eagle Outfitters, Inc. | 31,866 | 436,883 | ||||||
American Public Education, Inc.(b) | 2,839 | 80,259 | ||||||
AutoZone, Inc.(b) | 4,481 | 5,058,959 | ||||||
Bed Bath & Beyond, Inc.(c) | 24,430 | 483,714 | ||||||
BJ’s Restaurants, Inc. | 4,274 | 120,570 | ||||||
Bloomin’ Brands, Inc. | 16,794 | 234,780 | ||||||
Booking Holdings, Inc.(b) | 7,855 | 12,744,737 | ||||||
Brunswick Corp. | 15,186 | 967,500 | ||||||
Caleres, Inc. | 7,273 | 55,857 | ||||||
CarMax, Inc.(b) | 31,477 | 2,720,872 | ||||||
Carriage Services, Inc. | 3,440 | 88,786 | ||||||
Chico’s FAS, Inc. | 23,191 | 24,814 | ||||||
Children’s Place, Inc. (The)(c) | 2,798 | 70,705 | ||||||
Citi Trends, Inc. | 2,053 | 53,604 | ||||||
Conn’s, Inc.(b) | 5,632 | 52,772 | ||||||
Cooper-Standard Holdings, Inc.(b) | 3,247 | 50,945 | ||||||
Dave & Buster’s Entertainment, Inc.(c) | 9,130 | 156,671 | ||||||
Denny’s Corp.(b) | 12,221 | 109,500 | ||||||
Designer Brands, Inc., Class A | 12,488 | 54,073 | ||||||
Dick’s Sporting Goods, Inc. | 12,497 | 707,955 | ||||||
Dillard’s, Inc., Class A(c) | 3,523 | 157,584 | ||||||
Dine Brands Global, Inc. | 3,150 | 162,067 | ||||||
eBay, Inc. | 134,259 | 6,394,756 | ||||||
El Pollo Loco Holdings, Inc.(b) | 6,804 | 96,072 | ||||||
Express, Inc.(b) | 12,506 | 7,641 | ||||||
Foot Locker, Inc. | 20,026 | 738,559 | ||||||
GameStop Corp., Class A(b)(c) | 12,500 | 130,875 | ||||||
Genesco, Inc.(b) | 2,852 | 50,537 | ||||||
Gentherm, Inc.(b) | 6,264 | 289,961 | ||||||
Guess?, Inc. | 12,202 | 143,740 | ||||||
H&R Block, Inc. | 37,004 | 638,689 | ||||||
Harley-Davidson, Inc. | 29,397 | 966,573 | ||||||
Haverty Furniture Cos., Inc., (Acquired 01/31/2020; Cost $72,162)(d) | 3,583 | 89,647 | ||||||
Hibbett Sports, Inc.(b) | 3,174 | 120,009 | ||||||
Hilton Grand Vacations, Inc.(b) | 16,321 | 336,213 | ||||||
Hyatt Hotels Corp., Class A | 7,377 | 406,768 | ||||||
Jack in the Box, Inc. | 4,350 | 348,261 | ||||||
Kirkland’s, Inc.(b)(c) | 2,713 | 25,177 | ||||||
Kohl’s Corp. | 30,266 | 644,363 | ||||||
Lear Corp. | 11,499 | 1,389,194 | ||||||
MarineMax, Inc.(b) | 4,154 | 124,537 | ||||||
Marriott Vacations Worldwide Corp. | 7,876 | 760,822 | ||||||
Michaels Cos., Inc. (The)(b) | 28,283 | 229,375 | ||||||
Newell Brands, Inc. | 81,394 | 1,437,418 | ||||||
Nordstrom, Inc.(c) | 30,146 | 364,767 | ||||||
O’Reilly Automotive, Inc.(b) | 14,208 | 6,203,213 | ||||||
Planet Fitness, Inc., Class A(b) | 15,348 | 909,676 | ||||||
Quotient Technology, Inc.(b) | 17,351 | 154,424 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Qurate Retail, Inc., Class A | 74,330 | $ | 503,214 | |||||
Ralph Lauren Corp. | 9,239 | 617,627 | ||||||
Regis Corp.(b) | 6,912 | 38,292 | ||||||
RH(b) | 3,743 | 1,254,766 | ||||||
SeaWorld Entertainment, Inc.(b) | 15,014 | 330,608 | ||||||
Shoe Carnival, Inc.(c) | 2,708 | 83,894 | ||||||
Sleep Number Corp.(b) | 5,319 | 337,012 | ||||||
Stamps.com, Inc.(b) | 3,372 | 752,765 | ||||||
Taylor Morrison Home Corp., | 24,880 | 537,408 | ||||||
Urban Outfitters, Inc.(b) | 18,759 | 419,076 | ||||||
Wolverine World Wide, Inc. | 15,707 | 418,906 | ||||||
Wyndham Destinations, Inc. | 16,354 | 533,631 | ||||||
|
| |||||||
53,655,348 | ||||||||
|
| |||||||
Consumer Staples-1.45% |
| |||||||
Herbalife Nutrition Ltd.(b) | 28,306 | 1,277,733 | ||||||
Ingredion, Inc. | 12,850 | 910,937 | ||||||
Spectrum Brands Holdings, Inc. | 8,260 | 469,746 | ||||||
Sprouts Farmers Market, Inc.(b) | 22,625 | 431,006 | ||||||
USANA Health Sciences, Inc.(b) | 4,032 | 305,021 | ||||||
Walgreens Boots Alliance, Inc. | 166,110 | 5,654,384 | ||||||
|
| |||||||
9,048,827 | ||||||||
|
| |||||||
Energy-1.24% |
| |||||||
Arch Resources, Inc. | 2,904 | 88,717 | ||||||
Cabot Oil & Gas Corp. | 76,460 | 1,360,223 | ||||||
CNX Resources Corp.(b) | 43,072 | 417,798 | ||||||
CONSOL Energy, Inc.(b) | 5,051 | 19,143 | ||||||
Delek US Holdings, Inc. | 14,130 | 142,148 | ||||||
Devon Energy Corp. | 73,433 | 655,757 | ||||||
Exterran Corp.(b) | 6,429 | 27,195 | ||||||
Green Plains, Inc.(b) | 6,845 | 103,359 | ||||||
Gulfport Energy Corp.(b) | 31,041 | 7,946 | ||||||
HollyFrontier Corp. | 31,080 | 575,291 | ||||||
Marathon Petroleum Corp. | 124,824 | 3,682,308 | ||||||
Murphy Oil Corp. | 29,465 | 227,470 | ||||||
Patterson-UTI Energy, Inc. | 35,980 | 92,109 | ||||||
Peabody Energy Corp. | 18,954 | 24,451 | ||||||
Southwestern Energy Co.(b) | 116,152 | 310,126 | ||||||
US Silica Holdings, Inc. | 14,311 | 38,926 | ||||||
|
| |||||||
7,772,967 | ||||||||
|
| |||||||
Financials-30.84% |
| |||||||
Affiliated Managers Group, Inc. | 8,930 | 673,054 | ||||||
Allstate Corp. (The) | 59,912 | 5,317,190 | ||||||
Ally Financial, Inc. | 71,714 | 1,913,330 | ||||||
Ameriprise Financial, Inc. | 23,071 | 3,710,509 | ||||||
Apollo Investment Corp. | 12,773 | 96,692 | ||||||
Assured Guaranty Ltd. | 16,025 | 409,118 | ||||||
Athene Holding Ltd., Class A(b) | 37,263 | 1,195,397 | ||||||
Atlantic Capital Bancshares, Inc.(b) | 4,168 | 57,852 | ||||||
Bank of America Corp. | 1,329,224 | 31,502,609 | ||||||
Bank of New York Mellon Corp. (The) | 169,936 | 5,839,001 | ||||||
BankUnited, Inc. | 17,726 | 447,581 | ||||||
Brighthouse Financial, Inc.(b) | 17,845 | 590,669 | ||||||
Brightsphere Investment Group, Inc. | 15,369 | 212,092 | ||||||
Charles Schwab Corp. (The) | 247,202 | 10,162,474 | ||||||
CIT Group, Inc. | 18,885 | 556,163 | ||||||
Citigroup, Inc. | 399,367 | 16,541,781 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | ||||
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| |||
Invesco BuyBack AchieversTM ETF (PKW)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Citizens Financial Group, Inc. | 81,879 | $ | 2,231,203 | |||||
CNO Financial Group, Inc. | 27,188 | 482,587 | ||||||
Comerica, Inc. | 26,672 | 1,213,843 | ||||||
Curo Group Holdings Corp. | 7,909 | 59,238 | ||||||
Discover Financial Services | 58,781 | 3,821,353 | ||||||
Equitable Holdings, Inc. | 86,211 | 1,852,674 | ||||||
First Citizens BancShares, Inc., Class A | 1,690 | 781,963 | ||||||
First of Long Island Corp. (The) | 4,588 | 70,793 | ||||||
Fulton Financial Corp. | 31,091 | 341,690 | ||||||
Greenhill & Co., Inc. | 3,643 | 47,104 | ||||||
Hanover Insurance Group, Inc. (The) | 7,236 | 692,196 | ||||||
HCI Group, Inc. | 1,530 | 71,879 | ||||||
HomeStreet, Inc. | 4,356 | 135,341 | ||||||
Independent Bank Corp. | 4,203 | 62,919 | ||||||
Investors Bancorp, Inc. | 47,940 | 405,572 | ||||||
Jefferies Financial Group, Inc. | 51,146 | 997,858 | ||||||
JPMorgan Chase & Co. | 332,617 | 32,609,771 | ||||||
Kearny Financial Corp. | 17,076 | 143,438 | ||||||
Lazard Ltd., Class A | 20,139 | 678,080 | ||||||
Lincoln National Corp. | 37,072 | 1,301,227 | ||||||
Loews Corp. | 53,798 | 1,865,715 | ||||||
LPL Financial Holdings, Inc. | 15,172 | 1,212,698 | ||||||
M&T Bank Corp. | 24,608 | 2,548,897 | ||||||
MBIA, Inc.(b) | 11,079 | 63,261 | ||||||
MetLife, Inc. | 174,118 | 6,590,366 | ||||||
Morgan Stanley | 302,473 | 14,564,075 | ||||||
Navient Corp. | 37,201 | 297,980 | ||||||
PNC Financial Services Group, Inc. (The) | 81,433 | 9,110,724 | ||||||
Radian Group, Inc. | 36,746 | 659,591 | ||||||
Regional Management Corp.(b) | 2,170 | 44,094 | ||||||
Regions Financial Corp. | 184,190 | 2,449,727 | ||||||
Santander Consumer USA Holdings, Inc. | 60,557 | 1,231,729 | ||||||
South State Corp. | 13,605 | 835,347 | ||||||
Sterling Bancorp | 37,307 | 499,168 | ||||||
Sterling Bancorp, Inc. | 9,667 | 34,125 | ||||||
Stifel Financial Corp. | 13,152 | 768,866 | ||||||
Synchrony Financial | 111,983 | 2,801,815 | ||||||
Unum Group. | 39,049 | 689,605 | ||||||
Voya Financial, Inc. | 24,207 | 1,160,242 | ||||||
Waddell & Reed Financial, Inc., Class A | 12,500 | 191,875 | ||||||
Waterstone Financial, Inc. | 4,970 | 83,894 | ||||||
Wells Fargo & Co. | 790,355 | 16,953,115 | ||||||
World Acceptance Corp.(b)(c) | 1,424 | 119,602 | ||||||
Zions Bancorporation N.A. | 31,457 | 1,015,117 | ||||||
|
| |||||||
193,017,869 | ||||||||
|
| |||||||
Health Care-11.50% | ||||||||
Allscripts Healthcare Solutions, Inc.(b) | 31,263 | 315,131 | ||||||
Amgen, Inc. | 112,355 | 24,374,294 | ||||||
Biogen, Inc.(b) | 30,370 | 7,655,366 | ||||||
DaVita, Inc.(b) | 23,403 | 2,018,509 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 2,610 | 121,417 | ||||||
Eli Lilly and Co. | 183,481 | 23,936,931 | ||||||
Hologic, Inc.(b) | 49,682 | 3,419,115 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) | 3,084 | 254,276 | ||||||
McKesson Corp. | 31,113 | 4,588,856 | ||||||
MEDNAX, Inc.(b) | 16,394 | 209,023 | ||||||
PDL BioPharma, Inc.(b) | 21,890 | 47,064 | ||||||
Premier, Inc., Class A | 23,379 | 765,195 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Universal Health Services, Inc., Class B | 14,905 | $ | 1,632,843 | |||||
Waters Corp.(b) | 11,879 | 2,646,879 | ||||||
|
| |||||||
71,984,899 | ||||||||
|
| |||||||
Industrials-12.97% | ||||||||
ACCO Brands Corp. | 18,121 | 95,498 | ||||||
Allison Transmission Holdings, Inc. | 21,716 | 785,034 | ||||||
Apogee Enterprises, Inc. | 5,056 | 120,788 | ||||||
Armstrong Flooring, Inc.(b) | 4,191 | 12,405 | ||||||
CAI International, Inc. | 3,374 | 88,905 | ||||||
Caterpillar, Inc. | 103,878 | 16,314,040 | ||||||
CSX Corp. | 146,761 | 11,585,313 | ||||||
Delta Air Lines, Inc. | 122,338 | 3,748,436 | ||||||
Deluxe Corp. | 8,030 | 172,163 | ||||||
GATX Corp. | 6,714 | 458,432 | ||||||
Hawaiian Holdings, Inc. | 8,824 | 122,212 | ||||||
HD Supply Holdings, Inc.(b) | 31,112 | 1,240,124 | ||||||
Howmet Aerospace, Inc. | 83,666 | 1,443,239 | ||||||
Jacobs Engineering Group, Inc. | 24,978 | 2,372,910 | ||||||
JetBlue Airways Corp.(b) | 52,270 | 625,672 | ||||||
Kforce, Inc. | 4,210 | 146,087 | ||||||
Lincoln Electric Holdings, Inc. | 11,388 | 1,159,526 | ||||||
Masco Corp. | 50,170 | 2,689,112 | ||||||
Meritor, Inc.(b) | 13,867 | 337,523 | ||||||
MRC Global, Inc.(b) | 15,743 | 67,065 | ||||||
Pitney Bowes, Inc. | 33,203 | 176,308 | ||||||
Regal Beloit Corp. | 7,784 | 767,892 | ||||||
Rush Enterprises, Inc., Class A | 8,013 | 287,186 | ||||||
Southwest Airlines Co. | 113,156 | 4,473,057 | ||||||
Textron, Inc. | 43,744 | 1,566,035 | ||||||
Trinity Industries, Inc. | 22,763 | 428,855 | ||||||
Triton International Ltd. (Bermuda) | 13,181 | 486,115 | ||||||
Union Pacific Corp. | 130,223 | 23,074,213 | ||||||
United Airlines Holdings, Inc.(b) | 55,820 | 1,890,065 | ||||||
United Rentals, Inc.(b) | 13,827 | 2,465,216 | ||||||
WESCO International, Inc.(b) | 9,600 | 395,904 | ||||||
XPO Logistics, Inc.(b) | 17,519 | 1,576,710 | ||||||
|
| |||||||
81,172,040 | ||||||||
|
| |||||||
Information Technology-26.67% | ||||||||
Alliance Data Systems Corp. | 9,153 | 471,746 | ||||||
Apple, Inc. | 276,497 | 30,099,463 | ||||||
Arrow Electronics, Inc.(b) | 14,893 | 1,160,016 | ||||||
Avnet, Inc. | 18,949 | 467,472 | ||||||
Benchmark Electronics, Inc. | 6,994 | 145,685 | ||||||
CDK Global, Inc. | 23,345 | 1,006,170 | ||||||
Cisco Systems, Inc. | 812,105 | 29,154,569 | ||||||
Cognizant Technology Solutions Corp., Class A | 104,019 | 7,429,037 | ||||||
Dell Technologies, Inc., Class C(b) | 49,985 | 3,012,096 | ||||||
DXC Technology Co. | 48,763 | 898,214 | ||||||
FleetCor Technologies, Inc.(b) | 16,124 | 3,561,953 | ||||||
Hewlett Packard Enterprise Co. | 246,769 | 2,132,084 | ||||||
HP, Inc. | 263,480 | 4,732,101 | ||||||
InterDigital, Inc. | 5,910 | 330,842 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 11,864 | 310,125 | ||||||
Lam Research Corp. | 27,832 | 9,520,771 | ||||||
Leidos Holdings, Inc. | 27,277 | 2,263,991 | ||||||
LiveRamp Holdings, Inc.(b) | 12,637 | 835,179 | ||||||
MicroStrategy, Inc., Class A(b) | 1,473 | 246,094 | ||||||
NetApp, Inc. | 42,588 | 1,869,187 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | ||||
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| |||
Invesco BuyBack AchieversTM ETF (PKW)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Oracle Corp. | 536,365 | $ | 30,095,440 | |||||
Plexus Corp.(b) | 5,610 | 390,119 | ||||||
Qorvo, Inc.(b) | 21,914 | 2,790,967 | ||||||
QUALCOMM, Inc. | 216,437 | 26,699,668 | ||||||
Teradyne, Inc. | 31,850 | 2,798,023 | ||||||
Ubiquiti, Inc. | 12,219 | 2,267,969 | ||||||
Western Union Co. (The) | 78,844 | 1,532,727 | ||||||
Xerox Holdings Corp. | 40,863 | 710,199 | ||||||
|
| |||||||
166,931,907 | ||||||||
|
| |||||||
Materials-1.89% | ||||||||
AdvanSix, Inc.(b) | 5,377 | 81,838 | ||||||
Cabot Corp. | 10,831 | 411,686 | ||||||
Celanese Corp. | 22,692 | 2,575,769 | ||||||
CF Industries Holdings, Inc. | 41,029 | 1,132,811 | ||||||
Cleveland-Cliffs, Inc.(c) | 76,579 | 634,074 | ||||||
Domtar Corp. | 10,588 | 252,841 | ||||||
Eagle Materials, Inc. | 8,010 | 682,853 | ||||||
Element Solutions, Inc.(b) | 47,751 | 559,642 | ||||||
Graphic Packaging Holding Co. | 53,490 | 710,882 | ||||||
Huntsman Corp. | 42,323 | 1,028,026 | ||||||
Louisiana-Pacific Corp. | 21,544 | 615,728 | ||||||
Reliance Steel & Aluminum Co. | 12,231 | 1,333,057 | ||||||
Steel Dynamics, Inc. | 40,355 | 1,270,375 | ||||||
Worthington Industries, Inc. | 10,483 | 515,868 | ||||||
|
| |||||||
11,805,450 | ||||||||
|
| |||||||
Real Estate-0.14% | ||||||||
Bluerock Residential Growth REIT, Inc. | 4,693 | 40,641 | ||||||
CTO Realty Growth, Inc. | 906 | 39,982 | ||||||
iStar, Inc. | 14,415 | 170,097 | ||||||
SL Green Realty Corp.(c) | 14,052 | 601,566 | ||||||
|
| |||||||
852,286 | ||||||||
|
|
Shares | Value | |||||||
Utilities-0.62% | ||||||||
Evergy, Inc. | 43,513 | $ | 2,401,918 | |||||
NRG Energy, Inc. | 46,833 | 1,480,859 | ||||||
|
| |||||||
3,882,777 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 626,344,148 | ||||||
|
| |||||||
Money Market Funds-0.18% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(e)(f) | 1,152,529 | 1,152,529 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 627,496,677 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.53% | ||||||||
Invesco Private Government Fund, 0.04%(e)(f)(g) | 1,322,329 | 1,322,329 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 1,982,899 | 1,983,494 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,305,823 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.79% |
| 630,802,500 | ||||||
|
| |||||||
OTHER ASSETS LESS LIABILITIES-(0.79)% |
| (4,933,086 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 625,869,414 | ||||||
|
|
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, 2020. |
(d) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 3,785,434 | $ | (2,632,905 | ) | $- | $ | - | $ | 1,152,529 | $ | 21 | ||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 1,204,318 | 11,384,578 | (12,588,896 | ) | - | - | - | 287 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | ||||
|
| |||
Invesco BuyBack AchieversTM ETF (PKW)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 7,343,615 | $ | 22,589,909 | $ | (28,611,195 | ) | $ | - | $ | - | $ | 1,322,329 | $ | 717 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 7,142,496 | (5,159,227 | ) | - | 225 | 1,983,494 | 599 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 8,547,933 | $ | 44,902,417 | $ | (48,992,223 | ) | $ | - | $ | 225 | $ | 4,458,352 | $ | 1,624 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020 | ||||||||
Financials | 30.84 | |||||||
Information Technology | 26.67 | |||||||
Industrials | 12.97 | |||||||
Health Care | 11.50 | |||||||
Consumer Discretionary | 8.57 | |||||||
Communication Services | 4.19 | |||||||
Sector Types Each Less Than 3% | 5.34 | |||||||
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.
6 | ||||
|
| |||
Invesco Dividend AchieversTM ETF (PFM)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-6.27% | ||||||||
AT&T, Inc. | 286,569 | $ | 7,743,094 | |||||
Comcast Corp., Class A | 183,325 | 7,743,648 | ||||||
John Wiley & Sons, Inc., Class A | 1,883 | 58,298 | ||||||
Omnicom Group, Inc. | 8,615 | 406,628 | ||||||
Telephone & Data Systems, Inc. | 4,296 | 73,032 | ||||||
Verizon Communications, Inc. | 166,384 | 9,482,224 | ||||||
|
| |||||||
25,506,924 | ||||||||
|
| |||||||
Consumer Discretionary-8.85% | ||||||||
Aaron’s Holdings Co., Inc. | 2,695 | 140,841 | ||||||
Best Buy Co., Inc. | 10,383 | 1,158,224 | ||||||
Genuine Parts Co. | 5,786 | 523,228 | ||||||
Hasbro, Inc. | 5,496 | 454,629 | ||||||
Home Depot, Inc. (The) | 43,260 | 11,537,875 | ||||||
Leggett & Platt, Inc. | 5,307 | 221,461 | ||||||
Lowe’s Cos., Inc. | 30,308 | 4,791,695 | ||||||
McDonald’s Corp. | 29,942 | 6,377,646 | ||||||
Monro, Inc. | 1,336 | 56,192 | ||||||
NIKE, Inc.,Class B | 50,099 | 6,015,888 | ||||||
PetMed Express, Inc.(b) | 813 | 24,049 | ||||||
Polaris, Inc. | 2,461 | 223,606 | ||||||
Target Corp. | 20,078 | 3,056,273 | ||||||
VF Corp. | 15,629 | 1,050,269 | ||||||
Williams-Sonoma, Inc. | 3,116 | 284,210 | ||||||
Wyndham Destinations, Inc. | 3,415 | 111,431 | ||||||
|
| |||||||
36,027,517 | ||||||||
|
| |||||||
Consumer Staples-18.66% | ||||||||
Altria Group, Inc. | 74,533 | 2,689,151 | ||||||
Andersons, Inc. (The) | 1,325 | 28,739 | ||||||
Archer-Daniels-Midland Co. | 22,285 | 1,030,458 | ||||||
Brown-Forman Corp., Class B | 12,404 | 864,683 | ||||||
Bunge Ltd. | 5,597 | 317,518 | ||||||
Casey’s General Stores, Inc. | 1,477 | 248,978 | ||||||
Church & Dwight Co., Inc. | 9,918 | 876,652 | ||||||
Clorox Co. (The) | 5,058 | 1,048,270 | ||||||
Coca-Cola Co. (The) | 172,769 | 8,303,278 | ||||||
Colgate-Palmolive Co. | 34,387 | 2,712,790 | ||||||
Costco Wholesale Corp. | 17,764 | 6,352,762 | ||||||
Flowers Foods, Inc. | 8,488 | 200,147 | ||||||
Hershey Co. (The) | 5,917 | 813,351 | ||||||
Hormel Foods Corp. | 21,619 | 1,052,629 | ||||||
J&J Snack Foods Corp. | 760 | 103,033 | ||||||
JM Smucker Co. (The) | 4,578 | 513,652 | ||||||
Kellogg Co. | 13,753 | 864,926 | ||||||
Kimberly-Clark Corp. | 13,680 | 1,813,831 | ||||||
Kroger Co. (The) | 31,196 | 1,004,823 | ||||||
Lancaster Colony Corp. | 1,104 | 183,419 | ||||||
McCormick & Co., Inc. | 4,970 | 897,135 | ||||||
Nu Skin Enterprises, Inc., Class A | 2,056 | 101,464 | ||||||
PepsiCo, Inc. | 55,690 | 7,422,920 | ||||||
Philip Morris International, Inc. | 62,456 | 4,435,625 | ||||||
Procter & Gamble Co. (The) | 100,057 | 13,717,815 | ||||||
Sysco Corp. | 20,394 | 1,127,992 | ||||||
Tootsie Roll Industries, Inc.(b) | 1,593 | 47,599 | ||||||
Universal Corp. | 986 | 39,292 | ||||||
Walgreens Boots Alliance, Inc. | 34,750 | 1,182,890 |
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Walmart, Inc. | 113,804 | $ | 15,790,305 | |||||
WD-40 Co. | 548 | 133,372 | ||||||
|
| |||||||
75,919,499 | ||||||||
|
| |||||||
Energy-3.21% | ||||||||
Chevron Corp. | 74,888 | 5,204,716 | ||||||
Enterprise Products Partners L.P. | 87,670 | 1,452,692 | ||||||
Exxon Mobil Corp. | 169,581 | 5,531,732 | ||||||
Holly Energy Partners L.P. | 4,225 | 48,419 | ||||||
Magellan Midstream Partners L.P. | 9,028 | 320,855 | ||||||
ONEOK, Inc. | 17,817 | 516,693 | ||||||
|
| |||||||
13,075,107 | ||||||||
|
| |||||||
Financials-6.98% | ||||||||
1st Source Corp. | 1,027 | 34,394 | ||||||
Aflac, Inc. | 28,592 | 970,698 | ||||||
American Equity Investment Life Holding Co. | 3,684 | 91,437 | ||||||
American Financial Group, Inc. | 3,552 | 266,187 | ||||||
Ameriprise Financial, Inc. | 4,828 | 776,487 | ||||||
Assurant, Inc. | 2,395 | 297,866 | ||||||
AXIS Capital Holdings Ltd. | 3,379 | 144,250 | ||||||
BancFirst Corp. | 1,312 | 58,318 | ||||||
Bank of Marin Bancorp | 545 | 16,426 | ||||||
Bank OZK | 5,189 | 128,583 | ||||||
BlackRock, Inc. | 6,113 | 3,662,971 | ||||||
BOK Financial Corp. | 2,817 | 165,471 | ||||||
Brown & Brown, Inc. | 11,340 | 493,403 | ||||||
Chubb Ltd. | 18,104 | 2,351,891 | ||||||
Cincinnati Financial Corp. | 6,447 | 456,061 | ||||||
Cohen & Steers, Inc. | 1,916 | 107,890 | ||||||
Comerica, Inc. | 5,574 | 253,673 | ||||||
Commerce Bancshares, Inc.(b) | 4,471 | 278,320 | ||||||
Community Bank System, Inc. | 2,149 | 124,621 | ||||||
Community Trust Bancorp, Inc. | 718 | 22,847 | ||||||
Cullen/Frost Bankers, Inc. | 2,513 | 176,588 | ||||||
Eaton Vance Corp. | 4,573 | 273,420 | ||||||
Erie Indemnity Co., Class A | 1,855 | 431,974 | ||||||
Evercore, Inc., Class A | 1,629 | 129,571 | ||||||
FactSet Research Systems, Inc. | 1,528 | 468,332 | ||||||
First Financial Corp. | 550 | 19,096 | ||||||
First of Long Island Corp. (The) | 953 | 14,705 | ||||||
Franklin Resources, Inc. | 19,865 | 372,469 | ||||||
Globe Life, Inc. | 4,276 | 346,741 | ||||||
Hanover Insurance Group, Inc. (The) | 1,517 | 145,116 | ||||||
Horace Mann Educators Corp. | 1,658 | 56,223 | ||||||
International Bancshares Corp. | 2,535 | 70,169 | ||||||
Lazard Ltd., Class A | 4,208 | 141,683 | ||||||
MarketAxess Holdings, Inc. | 1,527 | 822,824 | ||||||
Marsh & McLennan Cos., Inc. | 20,316 | 2,101,893 | ||||||
Mercury General Corp. | 2,220 | 90,376 | ||||||
Moody’s Corp. | 7,525 | 1,978,322 | ||||||
Northwest Bancshares, Inc. | 5,129 | 54,726 | ||||||
Old Republic International Corp. | 12,191 | 198,469 | ||||||
People’s United Financial, Inc. | 17,037 | 181,785 | ||||||
Principal Financial Group, Inc. | 11,010 | 431,812 | ||||||
Prosperity Bancshares, Inc. | 3,721 | 205,064 | ||||||
Prudential Financial, Inc. | 15,845 | 1,014,397 | ||||||
Raymond James Financial, Inc. | 5,501 | 420,496 | ||||||
Reinsurance Group of America, Inc. | 2,725 | 275,279 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | ||||
|
| |||
Invesco Dividend AchieversTM ETF (PFM)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 2,050 | $ | 331,526 | |||||
RLI Corp. | 1,807 | 156,667 | ||||||
S&P Global, Inc. | 9,664 | 3,118,863 | ||||||
SEI Investments Co. | 5,872 | 288,609 | ||||||
Southside Bancshares, Inc. | 1,326 | 35,749 | ||||||
Stock Yards Bancorp, Inc. | 907 | 34,666 | ||||||
T. Rowe Price Group, Inc. | 9,103 | 1,152,986 | ||||||
Tompkins Financial Corp. | 597 | 33,426 | ||||||
Travelers Cos., Inc. (The) | 10,155 | 1,225,810 | ||||||
UMB Financial Corp. | 1,926 | 117,236 | ||||||
United Bankshares, Inc. | 5,205 | 136,527 | ||||||
Unum Group. | 8,167 | 144,229 | ||||||
W.R. Berkley Corp. | 7,139 | 429,197 | ||||||
Westamerica Bancorporation | 1,081 | 56,612 | ||||||
|
| |||||||
28,385,427 | ||||||||
|
| |||||||
Health Care-13.25% | ||||||||
Abbott Laboratories | 71,215 | 7,485,409 | ||||||
AmerisourceBergen Corp. | 8,189 | 786,717 | ||||||
Atrion Corp. | 71 | 42,682 | ||||||
Becton, Dickinson and Co. | 11,623 | 2,686,424 | ||||||
Bristol-Myers Squibb Co. | 90,399 | 5,283,822 | ||||||
Cardinal Health, Inc. | 11,732 | 537,208 | ||||||
Chemed Corp. | 636 | 304,211 | ||||||
Ensign Group, Inc. (The) | 2,158 | 126,977 | ||||||
Johnson & Johnson | 105,797 | 14,505,827 | ||||||
McKesson Corp. | 6,508 | 959,865 | ||||||
Medtronic PLC | 54,074 | 5,438,222 | ||||||
National HealthCare Corp. | 614 | 38,866 | ||||||
Perrigo Co. PLC | 5,475 | 240,188 | ||||||
Stryker Corp. | 15,066 | 3,043,483 | ||||||
UnitedHealth Group, Inc. | 38,194 | 11,654,517 | ||||||
West Pharmaceutical Services, Inc. | 2,964 | 806,415 | ||||||
|
| |||||||
53,940,833 | ||||||||
|
| |||||||
Industrials-14.55% | ||||||||
3M Co. | 23,102 | 3,695,396 | ||||||
A.O. Smith Corp. | 5,432 | 280,780 | ||||||
ABM Industries, Inc. | 2,676 | 92,911 | ||||||
Applied Industrial Technologies, Inc. | 1,556 | 94,994 | ||||||
Brady Corp., Class A | 1,941 | 73,215 | ||||||
C.H. Robinson Worldwide, Inc. | 5,410 | 478,406 | ||||||
Carlisle Cos., Inc. | 2,189 | 271,151 | ||||||
Caterpillar, Inc. | 21,718 | 3,410,812 | ||||||
Cintas Corp. | 4,150 | 1,305,382 | ||||||
CSX Corp. | 30,687 | 2,422,432 | ||||||
Cummins, Inc. | 5,927 | 1,303,288 | ||||||
Donaldson Co., Inc. | 5,055 | 240,112 | ||||||
Dover Corp. | 5,774 | 639,240 | ||||||
Eaton Corp. PLC | 16,043 | 1,665,103 | ||||||
Emerson Electric Co. | 23,966 | 1,552,757 | ||||||
Expeditors International of Washington, Inc. | 6,720 | 593,846 | ||||||
Fastenal Co. | 23,009 | 994,679 | ||||||
FedEx Corp. | 10,506 | 2,725,992 | ||||||
Franklin Electric Co., Inc. | 1,855 | 110,799 | ||||||
General Dynamics Corp. | 11,509 | 1,511,477 | ||||||
Gorman-Rupp Co. (The) | 1,049 | 32,571 | ||||||
Graco, Inc. | 6,683 | 413,678 | ||||||
Healthcare Services Group, Inc. | 2,986 | 68,320 | ||||||
HEICO Corp. | 2,174 | 228,379 | ||||||
Hillenbrand, Inc. | 2,998 | 87,692 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Hubbell, Inc. | 2,176 | $ | 316,630 | |||||
IDEX Corp. | 3,028 | 515,941 | ||||||
Illinois Tool Works, Inc. | 12,679 | 2,483,563 | ||||||
ITT, Inc. | 3,469 | 209,909 | ||||||
J.B. Hunt Transport Services, Inc. | 4,228 | 514,717 | ||||||
L3Harris Technologies, Inc. | 8,675 | 1,397,629 | ||||||
Lennox International, Inc. | 1,538 | 417,813 | ||||||
Lincoln Electric Holdings, Inc. | 2,384 | 242,739 | ||||||
Lindsay Corp. | 438 | 46,121 | ||||||
Lockheed Martin Corp. | 11,213 | 3,926,008 | ||||||
Matthews International Corp., Class A | 1,258 | 27,462 | ||||||
McGrath RentCorp. | 970 | 55,368 | ||||||
MSA Safety, Inc. | 1,562 | 206,059 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,829 | 127,408 | ||||||
Nordson Corp. | 2,310 | 446,823 | ||||||
Northrop Grumman Corp. | 6,683 | 1,936,867 | ||||||
Raytheon Technologies Corp. | 61,270 | 3,328,186 | ||||||
Regal Beloit Corp. | 1,628 | 160,602 | ||||||
Republic Services, Inc. | 12,769 | 1,125,843 | ||||||
Robert Half International, Inc. | 4,600 | 233,174 | ||||||
Rockwell Automation, Inc. | 4,652 | 1,103,082 | ||||||
Rollins, Inc. | 13,147 | 760,554 | ||||||
Roper Technologies, Inc. | 4,197 | 1,558,514 | ||||||
Ryder System, Inc. | 2,160 | 106,402 | ||||||
Snap-on, Inc. | 2,185 | 344,203 | ||||||
Stanley Black & Decker, Inc. | 6,402 | 1,064,012 | ||||||
Tennant Co. | 743 | 44,298 | ||||||
Toro Co. (The) | 4,302 | 353,194 | ||||||
Union Pacific Corp. | 27,226 | 4,824,175 | ||||||
United Parcel Service, Inc., Class B | 28,357 | 4,455,168 | ||||||
W.W. Grainger, Inc. | 2,150 | 752,543 | ||||||
Waste Management, Inc. | 16,947 | 1,828,751 | ||||||
|
| |||||||
59,207,170 | ||||||||
|
| |||||||
Information Technology-15.74% | ||||||||
Accenture PLC, Class A | 25,517 | 5,534,892 | ||||||
Analog Devices, Inc. | 14,807 | 1,755,074 | ||||||
Automatic Data Processing, Inc. | 17,247 | 2,724,336 | ||||||
Badger Meter, Inc. | 1,166 | 85,514 | ||||||
Broadridge Financial Solutions, Inc. | 4,621 | 635,850 | ||||||
Cass Information Systems, Inc. | 577 | 22,630 | ||||||
International Business Machines Corp. | 35,719 | 3,988,384 | ||||||
Jack Henry & Associates, Inc. | 3,072 | 455,424 | ||||||
KLA Corp. | 6,238 | 1,230,009 | ||||||
Microchip Technology, Inc. | 10,126 | 1,064,040 | ||||||
Microsoft Corp. | 75,312 | 15,248,421 | ||||||
Oracle Corp. | 123,445 | 6,926,499 | ||||||
QUALCOMM, Inc. | 45,254 | 5,582,533 | ||||||
Texas Instruments, Inc. | 36,739 | 5,312,092 | ||||||
Visa, Inc., Class A | 67,767 | 12,313,942 | ||||||
Xilinx, Inc. | 9,802 | 1,163,399 | ||||||
|
| |||||||
64,043,039 | ||||||||
|
| |||||||
Materials-3.49% | ||||||||
Air Products and Chemicals, Inc. | 8,857 | 2,446,657 | ||||||
Albemarle Corp. | 4,270 | 398,007 | ||||||
AptarGroup, Inc. | 2,582 | 294,580 | ||||||
Ashland Global Holdings, Inc. | 2,427 | 169,332 | ||||||
Balchem Corp. | 1,300 | 129,935 | ||||||
Celanese Corp. | 4,742 | 538,264 | ||||||
Eastman Chemical Co. | 5,431 | 439,042 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | ||||
|
| |||
Invesco Dividend AchieversTM ETF (PFM)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Materials-(continued) | ||||||||
Ecolab, Inc. | 11,449 | $ | 2,101,922 | |||||
H.B. Fuller Co. | 2,072 | 93,758 | ||||||
Hawkins, Inc. | 432 | 20,179 | ||||||
International Flavors & Fragrances, Inc.(b) | 4,292 | 440,617 | ||||||
International Paper Co. | 15,762 | 689,587 | ||||||
Nucor Corp. | 12,108 | 578,278 | ||||||
PPG Industries, Inc. | 9,460 | 1,227,151 | ||||||
Quaker Chemical Corp. | 718 | 136,987 | ||||||
Royal Gold, Inc. | 2,635 | 313,064 | ||||||
RPM International, Inc. | 5,213 | 441,385 | ||||||
Scotts Miracle-Gro Co. (The) | 2,235 | 335,362 | ||||||
Sensient Technologies Corp. | 1,697 | 111,035 | ||||||
Sherwin-Williams Co. (The) | 3,649 | 2,510,439 | ||||||
Silgan Holdings, Inc. | 4,446 | 153,165 | ||||||
Sonoco Products Co. | 4,029 | 196,978 | ||||||
Stepan Co. | 897 | 104,447 | ||||||
Westlake Chemical Corp. | 5,124 | 346,485 | ||||||
|
| |||||||
14,216,656 | ||||||||
|
| |||||||
Real Estate-1.55% | ||||||||
Digital Realty Trust, Inc. | 10,786 | 1,556,420 | ||||||
Equity LifeStyle Properties, Inc. | 7,309 | 432,620 | ||||||
Essex Property Trust, Inc. | 2,620 | 536,026 | ||||||
Federal Realty Investment Trust | 3,033 | 208,610 | ||||||
National Health Investors, Inc. | 1,795 | 100,610 | ||||||
National Retail Properties, Inc. | 6,957 | 222,693 | ||||||
Omega Healthcare Investors, Inc. | 9,102 | 262,229 | ||||||
Realty Income Corp. | 13,835 | 800,493 | ||||||
Simon Property Group, Inc. | 12,271 | 770,741 | ||||||
UDR, Inc. | 11,834 | 369,694 | ||||||
Universal Health Realty Income Trust | 552 | 29,515 | ||||||
Ventas, Inc. | 14,959 | 590,432 | ||||||
WP Carey, Inc. | 6,972 | 436,517 | ||||||
|
| |||||||
6,316,600 | ||||||||
|
| |||||||
Utilities-7.40% | ||||||||
Alliant Energy Corp. | 10,009 | 553,297 | ||||||
American Electric Power Co., Inc. | 19,896 | 1,789,247 | ||||||
American States Water Co. | 1,476 | 110,242 | ||||||
American Water Works Co., Inc. | 7,264 | 1,093,305 | ||||||
Atmos Energy Corp. | 4,947 | 453,491 | ||||||
Avista Corp. | 2,725 | 90,524 | ||||||
Black Hills Corp. | 2,515 | 142,500 | ||||||
Brookfield Infrastructure Partners L.P. (Canada) | 11,774 | 505,105 | ||||||
California Water Service Group | 1,979 | 88,204 | ||||||
CenterPoint Energy, Inc. | 21,846 | 461,606 | ||||||
Chesapeake Utilities Corp. | 658 | 63,964 | ||||||
CMS Energy Corp. | 11,484 | 727,282 | ||||||
Consolidated Edison, Inc. | 13,417 | 1,053,100 | ||||||
Dominion Energy, Inc. | 33,699 | 2,707,378 | ||||||
DTE Energy Co. | 7,726 | 953,543 | ||||||
Duke Energy Corp. | 29,493 | 2,716,600 | ||||||
Edison International | 15,168 | 850,015 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Essential Utilities, Inc. | 9,834 | $ | 405,161 | |||||
Evergy, Inc. | 9,096 | 502,099 | ||||||
Eversource Energy | 13,743 | 1,199,352 | ||||||
MDU Resources Group, Inc. | 8,040 | 191,030 | ||||||
MGE Energy, Inc. | 1,448 | 94,149 | ||||||
Middlesex Water Co. | 705 | 45,219 | ||||||
National Fuel Gas Co. | 3,645 | 145,654 | ||||||
New Jersey Resources Corp. | 3,847 | 112,255 | ||||||
NextEra Energy, Inc. | 78,840 | 5,771,876 | ||||||
Northwest Natural Holding Co. | 1,221 | 54,261 | ||||||
NorthWestern Corp. | 2,025 | 105,563 | ||||||
OGE Energy Corp. | 8,026 | 246,960 | ||||||
Portland General Electric Co. | 3,589 | 141,048 | ||||||
PPL Corp. | 30,832 | 847,880 | ||||||
SJW Group | 1,143 | 69,369 | ||||||
South Jersey Industries, Inc. | 4,037 | 77,793 | ||||||
Southern Co. (The) | 42,357 | 2,433,410 | ||||||
Southwest Gas Holdings, Inc. | 2,241 | 147,279 | ||||||
Spire, Inc. | 2,069 | 115,947 | ||||||
UGI Corp. | 8,352 | 270,104 | ||||||
WEC Energy Group, Inc. | 12,651 | 1,272,058 | ||||||
Xcel Energy, Inc. | 21,073 | 1,475,742 | ||||||
York Water Co. (The) | 524 | 22,139 | ||||||
|
| |||||||
30,105,751 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $327,709,053) | 406,744,523 | |||||||
|
| |||||||
Money Market Funds-0.01% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 58,013 | 58,013 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 406,802,536 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.06% | ||||||||
Invesco Private Government Fund, 0.04%(c)(d)(e) | 98,760 | 98,760 | ||||||
Invesco Private Prime Fund, 0.11%(c)(d)(e) | 148,095 | 148,140 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 246,900 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.02% |
| 407,049,436 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.02)% |
| (82,593 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 406,966,843 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco Dividend AchieversTM ETF (PFM)–(continued)
October 31, 2020
(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, 2020. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ 121,585 | $ 1,378 | $ (95,611 | ) | $292,422 | $ | (319,774 | ) | $ - | $2,196 | |||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 2,338,793 | (2,280,780 | ) | - | - | 58,013 | 2 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 6,159,556 | (6,159,556 | ) | - | - | - | 90 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,967,874 | 3,418,790 | (5,287,904 | ) | - | - | 98,760 | 105 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 787,711 | (639,604 | ) | - | 33 | 148,140 | 68 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $2,089,459 | $12,706,228 | $(14,463,455 | ) | $292,422 | $ | (319,741 | ) | $304,913 | $2,461 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020 |
Consumer Staples | 18.66 | |||
Information Technology | 15.74 | |||
Industrials | 14.55 | |||
Health Care | 13.25 | |||
Consumer Discretionary | 8.85 | |||
Utilities | 7.40 | |||
Financials | 6.98 | |||
Communication Services | 6.27 | |||
Materials | 3.49 | |||
Energy | 3.21 | |||
Real Estate | 1.55 | |||
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.
10 | ||||
|
| |||
Invesco Dow Jones Industrial Average Dividend ETF (DJD)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Communication Services-5.47% | ||||||||
Verizon Communications, Inc. | 72,986 | $ | 4,159,472 | |||||
|
| |||||||
Consumer Discretionary-7.21% | ||||||||
Home Depot, Inc. (The) | 8,017 | 2,138,214 | ||||||
McDonald’s Corp. | 11,305 | 2,407,965 | ||||||
NIKE, Inc., Class B | 7,784 | 934,703 | ||||||
|
| |||||||
5,480,882 | ||||||||
|
| |||||||
Consumer Staples-16.32% | ||||||||
Coca-Cola Co. (The) | 68,193 | 3,277,356 | ||||||
Procter & Gamble Co. (The) | 17,420 | 2,388,282 | ||||||
Walgreens Boots Alliance, Inc. | 149,181 | 5,078,121 | ||||||
Walmart, Inc. | 11,979 | 1,662,086 | ||||||
|
| |||||||
12,405,845 | ||||||||
|
| |||||||
Energy-7.61% | ||||||||
Chevron Corp. | 83,289 | 5,788,585 | ||||||
|
| |||||||
Financials-14.38% | ||||||||
American Express Co. | 17,242 | 1,573,160 | ||||||
Goldman Sachs Group, Inc. (The) | 12,782 | 2,416,309 | ||||||
JPMorgan Chase & Co. | 37,395 | 3,666,206 | ||||||
Travelers Cos., Inc. (The) | 27,192 | 3,282,346 | ||||||
|
| |||||||
10,938,021 | ||||||||
|
| |||||||
Health Care-12.27% | ||||||||
Amgen, Inc. | 10,932 | 2,371,588 | ||||||
Johnson & Johnson | 18,753 | 2,571,224 | ||||||
Merck & Co., Inc. | 35,647 | 2,681,011 | ||||||
UnitedHealth Group, Inc. | 5,584 | 1,703,901 | ||||||
|
| |||||||
9,327,724 | ||||||||
|
|
Shares | Value | |||||||
Industrials-11.88% | ||||||||
3M Co. | 22,832 | $ | 3,652,207 | |||||
Caterpillar, Inc. | 19,807 | 3,110,689 | ||||||
Honeywell International, Inc. | 13,750 | 2,268,063 | ||||||
|
| |||||||
9,030,959 | ||||||||
|
| |||||||
Information Technology-16.99% | ||||||||
Apple, Inc. | 5,950 | 647,717 | ||||||
Cisco Systems, Inc. | 89,968 | 3,229,851 | ||||||
Intel Corp. | 55,327 | 2,449,880 | ||||||
International Business Machines Corp. | 45,765 | 5,110,120 | ||||||
Microsoft Corp. | 4,648 | 941,081 | ||||||
Visa, Inc., Class A | 2,957 | 537,316 | ||||||
|
| |||||||
12,915,965 | ||||||||
|
| |||||||
Materials-7.83% | ||||||||
Dow, Inc. | 130,891 | 5,954,232 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 76,001,685 | ||||||
|
| |||||||
Money Market Funds-0.07% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(b)(c) | 52,982 | 52,982 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.03% |
| 76,054,667 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.03)% |
| (19,814 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 76,034,853 | |||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,097,832 | $ | (1,044,850 | ) | $ | - | $ | - | $ | 52,982 | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 106,166 | 2,334,214 | (2,440,380 | ) | - | - | - | 53 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 106,166 | $ | 3,432,046 | $ | (3,485,230 | ) | $ | - | $ | - | $ | 52,982 | $ | 57 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco Dow Jones Industrial Average Dividend ETF (DJD) – (continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Information Technology | 16.99 | |||
Consumer Staples | 16.32 | |||
Financials | 14.38 | |||
Health Care | 12.27 | |||
Industrials | 11.88 | |||
Materials | 7.83 | |||
Energy | 7.61 | |||
Consumer Discretionary | 7.21 | |||
Communication Services | 5.47 | |||
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 Financial Preferred ETF (PGF)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Preferred Stocks-100.00% | ||||||||
Banks-59.22% | ||||||||
Bank of America Corp. | ||||||||
Series NN, Pfd., 4.38% | 180,000 | $ | 4,500,000 | |||||
Series LL, Pfd., 5.00% | 1,097,339 | 28,585,681 | ||||||
Series KK, Pfd., 5.38% | 1,229,871 | 32,554,685 | ||||||
Series HH, Pfd., 5.88%(b) | 786,770 | 21,156,245 | ||||||
Series EE, Pfd., 6.00%(b) | 787,671 | 20,180,131 | ||||||
Series GG, Pfd., 6.00% | 1,201,734 | 32,242,523 | ||||||
Series CC, Pfd., 6.20% | 949,483 | 24,040,910 | ||||||
Citigroup, Inc. | ||||||||
Series S, Pfd., 6.30% | 813,597 | 20,706,044 | ||||||
Series K, Pfd., 6.88%(c) | 1,175,914 | 32,619,854 | ||||||
Series J, Pfd., 7.13%(b)(c) | 748,514 | 21,167,976 | ||||||
Citizens Financial Group, Inc. | ||||||||
Series E, Pfd., 5.00%(b) | 400,720 | 10,138,216 | ||||||
Series D, Pfd., 6.35%(b)(c) | 271,962 | 7,234,189 | ||||||
Fifth Third Bancorp | ||||||||
Series K, Pfd., 4.95% | 231,490 | 6,060,408 | ||||||
Series I, Pfd., 6.63%(b)(c) | 409,792 | 11,588,918 | ||||||
First Citizens BancShares, Inc., Series A, Pfd., 5.38% | 280,284 | 7,520,020 | ||||||
First Republic Bank | ||||||||
Series K, Pfd., 4.13%(b) | 422,479 | 10,633,796 | ||||||
Series J, Pfd., 4.70%(b) | 365,463 | 9,516,657 | ||||||
Series I, Pfd., 5.50% | 277,156 | 7,524,785 | ||||||
HSBC Holdings PLC, Series A, Pfd., 6.20% (United Kingdom)(b) | 113,114 | 2,917,210 | ||||||
Huntington Bancshares, Inc., Series D, Pfd., 6.25% | 543,934 | 13,935,589 | ||||||
JPMorgan Chase & Co. | ||||||||
Series GG, Pfd., 4.75%(b) | 786,823 | 20,882,282 | ||||||
Series DD, Pfd., 5.75%(b) | 1,493,786 | 40,466,663 | ||||||
Series EE, Pfd., 6.00%(b) | 1,590,722 | 43,506,247 | ||||||
Series AA, Pfd., 6.10% | 1,238,481 | 31,321,184 | ||||||
Series BB, Pfd., 6.15% | 981,083 | 24,899,887 | ||||||
KeyCorp | ||||||||
Series G, Pfd., 5.63% | 392,873 | 10,627,215 | ||||||
Series F, Pfd., 5.65% | 382,357 | 10,128,637 | ||||||
Series E, Pfd., 6.13%(b)(c) | 458,507 | 12,961,993 | ||||||
People’s United Financial, Inc., Series | 227,190 | 6,163,665 | ||||||
PNC Financial Services Group, Inc. (The), | ||||||||
Series P, Pfd., 6.13%(c) | 1,340,230 | 35,797,543 | ||||||
Regions Financial Corp. | ||||||||
Series C, Pfd., 5.70%(b)(c) | 456,078 | 12,519,341 | ||||||
Series A, Pfd., 6.38% | 449,231 | 11,518,283 | ||||||
Series B, Pfd., 6.38%(b)(c) | 457,665 | 12,997,686 | ||||||
SVB Financial Group, Series A, Pfd., 5.25%(b) | 327,699 | 8,513,620 | ||||||
Synovus Financial Corp., Series E, Pfd., 5.88%(b)(c) | 320,663 | 8,263,486 | ||||||
Truist Financial Corp. | ||||||||
Series R, Pfd., 4.75% | 810,427 | 21,144,040 | ||||||
Series F, Pfd., 5.20%(b) | 415,613 | 10,564,882 | ||||||
Series G, Pfd., 5.20% | 450,303 | 11,455,708 | ||||||
Series O, Pfd., 5.25%(b) | 518,402 | 13,970,934 | ||||||
Series H, Pfd., 5.63% | 453,789 | 11,875,658 |
Shares | Value | |||||||
Banks-(continued) | ||||||||
U.S. Bancorp | ||||||||
Series L, Pfd., 3.75% | 208,000 | $ | 4,815,200 | |||||
Pfd., 5.15%(b) | 449,611 | 11,388,647 | ||||||
Series K, Pfd., 5.50% | 543,689 | 14,685,040 | ||||||
Series F, Pfd., 6.50%(c) | 1,023,534 | 27,297,652 | ||||||
Wells Fargo & Co. | ||||||||
Series AA, Pfd., 4.70% | 145,000 | 3,581,500 | ||||||
Series Z, Pfd., 4.75%(b) | 1,786,247 | 44,620,450 | ||||||
Series O, Pfd., 5.13%(b) | 134,715 | 3,392,124 | ||||||
Pfd., 5.20%(b) | 937,676 | 23,695,073 | ||||||
Series P, Pfd., 5.25%(b) | 560,409 | 14,094,286 | ||||||
Series X, Pfd., 5.50% | 1,065,737 | 27,144,321 | ||||||
Series Y, Pfd., 5.63% | 625,526 | 16,207,379 | ||||||
Series W, Pfd., 5.70% | 876,054 | 22,251,772 | ||||||
Series Q, Pfd., 5.85%(c) | 1,512,714 | 39,164,165 | ||||||
Series V, Pfd., 6.00% | 876,025 | 22,189,713 | ||||||
Series R, Pfd., 6.63%(c) | 771,721 | 21,600,471 | ||||||
|
| |||||||
980,530,584 | ||||||||
|
| |||||||
Capital Markets-15.34% | ||||||||
Bank of New York Mellon Corp. (The), Pfd., 5.20% | 512,113 | 13,028,155 | ||||||
Charles Schwab Corp. (The) | ||||||||
Series D, Pfd., 5.95% | 689,114 | 17,848,053 | ||||||
Series C, Pfd., 6.00% | 532,365 | 13,564,660 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
Series J, Pfd., 5.50%(b)(c) | 891,263 | 23,360,003 | ||||||
Series N, Pfd., 6.30% | 605,578 | 15,835,865 | ||||||
Series K, Pfd., 6.38%(c) | 626,422 | 17,402,003 | ||||||
KKR & Co., Inc., Series A, Pfd., 6.75% | 317,399 | 8,277,766 | ||||||
Morgan Stanley | ||||||||
Series L, Pfd., 4.88%(b) | 438,236 | 11,722,813 | ||||||
Series K, Pfd., 5.85%(c) | 883,884 | 24,907,851 | ||||||
Series I, Pfd., 6.38%(b)(c) | 875,391 | 24,738,550 | ||||||
Series F, Pfd., 6.88%(c) | 745,621 | 20,832,651 | ||||||
Series E, Pfd., 7.13%(b)(c) | 751,503 | 21,605,711 | ||||||
Northern Trust Corp., Series E, Pfd., 4.70%(b) | 357,531 | 9,467,421 | ||||||
State Street Corp. | ||||||||
Series G, Pfd., 5.35%(b)(c) | 452,376 | 12,829,383 | ||||||
Series D, Pfd., 5.90%(c) | 675,874 | 18,586,535 | ||||||
|
| |||||||
254,007,420 | ||||||||
|
| |||||||
Consumer Finance-5.65% | ||||||||
Capital One Financial Corp. | ||||||||
Series J, Pfd., 4.80%(b) | 881,673 | 21,839,040 | ||||||
Series I, Pfd., 5.00% | 1,052,640 | 26,473,896 | ||||||
Series G, Pfd., 5.20%(b) | 413,518 | 10,569,520 | ||||||
Series H, Pfd., 6.00% | 336,219 | 8,761,867 | ||||||
Series F, Pfd., 6.20% | 342,285 | 8,711,154 | ||||||
Synchrony Financial, Series A, Pfd., 5.63%(b) | 688,644 | 17,278,078 | ||||||
|
| |||||||
93,633,555 | ||||||||
|
| |||||||
Diversified Financial Services-2.04% |
| |||||||
Equitable Holdings, Inc., Series A, Pfd., 5.25%(b) | 744,571 | 18,830,201 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco Financial Preferred ETF (PGF)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Diversified Financial Services-(continued) |
| |||||||
PartnerRe Ltd., Series H, Pfd., 7.25% (Bermuda) | 267,587 | $ | 6,992,048 | |||||
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c) | 279,504 | 7,935,118 | ||||||
|
| |||||||
33,757,367 | ||||||||
|
| |||||||
Insurance-16.69% | ||||||||
Allstate Corp. (The) | ||||||||
Series I, Pfd., 4.75%(b) | 269,432 | 7,142,642 | ||||||
Series H, Pfd., 5.10% | 1,030,651 | 27,600,834 | ||||||
Series G, Pfd., 5.63% | 514,650 | 14,235,219 | ||||||
American Equity Investment Life Holding Co. | ||||||||
Series A, Pfd., 5.95%(c) | 362,446 | 9,024,905 | ||||||
Series B, Pfd., 6.63%(c) | 269,924 | 7,034,219 | ||||||
American International Group, Inc., Series A, Pfd., 5.85% | 444,959 | 12,058,389 | ||||||
Arch Capital Group Ltd. | ||||||||
Series E, Pfd., 5.25% | 400,659 | 10,212,798 | ||||||
Series F, Pfd., 5.45% | 293,326 | 7,655,809 | ||||||
Aspen Insurance Holdings Ltd. | ||||||||
Pfd., 5.63% (Bermuda) | 224,611 | 5,736,565 | ||||||
Pfd., 5.63% (Bermuda) | 227,561 | 5,700,403 | ||||||
Pfd., 5.95% (Bermuda)(c) | 248,148 | 6,498,996 | ||||||
Athene Holding Ltd. | ||||||||
Series B, Pfd., 5.63%(b) | 307,255 | 7,905,671 | ||||||
Series A, Pfd., 6.35%(c) | 776,811 | 20,802,999 | ||||||
Series C, Pfd., 6.38%(c) | 529,969 | 14,256,166 | ||||||
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50% | 492,731 | 12,554,786 | ||||||
Brighthouse Financial, Inc. | ||||||||
Series A, Pfd., 6.60% | 399,787 | 10,598,353 | ||||||
Series B, Pfd., 6.75% | 342,027 | 9,344,178 | ||||||
Enstar Group Ltd., Series D, Pfd., | 366,766 | 9,763,311 | ||||||
Hartford Financial Services Group, | 319,820 | 8,785,455 | ||||||
MetLife, Inc. | ||||||||
Series F, Pfd., 4.75%(b) | 887,488 | 23,305,435 | ||||||
Series E, Pfd., 5.63% | 720,256 | 19,432,507 |
Shares | Value | |||||||
Insurance-(continued) | ||||||||
Prudential PLC | ||||||||
Pfd., 6.50% (United Kingdom) | 320,229 | $ | 8,607,756 | |||||
Pfd., 6.75% (United Kingdom)(b) | 214,158 | 5,565,966 | ||||||
RenaissanceRe Holdings Ltd. | ||||||||
Series E, Pfd., 5.38% (Bermuda)(b) | 250,984 | 6,327,307 | ||||||
Series F, Pfd., 5.75% (Bermuda) | 232,031 | 6,253,235 | ||||||
|
| |||||||
276,403,904 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance-0.75% | ||||||||
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(c) | 475,930 | 12,340,865 | ||||||
|
| |||||||
Trading Companies & Distributors-0.31% | ||||||||
Air Lease Corp., Series A, Pfd., | 226,313 | 5,191,620 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,655,865,315 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.69% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 4,544,947 | 4,544,947 | ||||||
Invesco Private Prime Fund, | 6,827,072 | 6,829,120 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 11,374,067 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.69% |
| 1,667,239,382 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.69)% |
| (11,369,216 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 1,655,870,166 | |||||
|
|
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, 2020. |
(c) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 6,104,522 | $ | (6,104,522 | ) | $- | $ | - | $ | - | $ | 26 | ||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 11,370,877 | 56,260,781 | (67,631,658 | ) | - | - | - | 2,719 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco Financial Preferred ETF (PGF)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 15,115,317 | $ | 103,969,151 | $ | (114,539,521 | ) | $ | - | $ | - | $ | 4,544,947 | $ | 2,264 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 30,786,711 | (23,958,291 | ) | - | 700 | 6,829,120 | 2,079 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 26,486,194 | $ | 197,121,165 | $ | (212,233,992 | ) | $ | - | $ | 700 | $ | 11,374,067 | $ | 7,088 | ||||||||||||||||||||
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|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Banks | 59.22 | |||
Insurance | 16.69 | |||
Capital Markets | 15.34 | |||
Consumer Finance | 5.65 | |||
Industry Types Each Less Than 3% | 3.10 | |||
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.
15 | ||||
|
| |||
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.81% |
| |||||||
Air Freight & Logistics-0.91% | ||||||||
United Parcel Service, Inc., Class B | 35,658 | $ | 5,602,228 | |||||
|
| |||||||
Banks-8.90% | ||||||||
Bank OZK | 437,162 | 10,832,874 | ||||||
Comerica, Inc. | 380,972 | 17,338,036 | ||||||
People’s United Financial, Inc. | 1,408,380 | 15,027,415 | ||||||
United Bankshares, Inc. | 448,524 | 11,764,784 | ||||||
|
| |||||||
54,963,109 | ||||||||
|
| |||||||
Capital Markets-3.87% | ||||||||
Franklin Resources, Inc. | 531,930 | 9,973,687 | ||||||
Lazard Ltd., Class A | 413,286 | 13,915,340 | ||||||
|
| |||||||
23,889,027 | ||||||||
|
| |||||||
Chemicals-1.52% | ||||||||
Eastman Chemical Co. | 116,391 | 9,409,048 | ||||||
|
| |||||||
Containers & Packaging-2.64% | ||||||||
International Paper Co. | 372,865 | 16,312,844 | ||||||
|
| |||||||
Diversified Telecommunication Services-3.98% | ||||||||
AT&T, Inc. | 557,362 | 15,059,921 | ||||||
Verizon Communications, Inc. | 167,559 | 9,549,188 | ||||||
|
| |||||||
24,609,109 | ||||||||
|
| |||||||
Electric Utilities-10.28% | ||||||||
Duke Energy Corp. | 140,864 | 12,974,983 | ||||||
Edison International | 219,368 | 12,293,383 | ||||||
OGE Energy Corp. | 365,371 | 11,242,466 | ||||||
PPL Corp. | 518,719 | 14,264,772 | ||||||
Southern Co. (The) | 221,454 | 12,722,532 | ||||||
|
| |||||||
63,498,136 | ||||||||
|
| |||||||
Food & Staples Retailing-1.68% | ||||||||
Walgreens Boots Alliance, Inc. | 304,572 | 10,367,631 | ||||||
|
| |||||||
Food Products-4.49% | ||||||||
Archer-Daniels-Midland Co. | 170,787 | 7,897,191 | ||||||
Bunge Ltd. | 229,939 | 13,044,439 | ||||||
Kellogg Co. | 108,494 | 6,823,188 | ||||||
|
| |||||||
27,764,818 | ||||||||
|
| |||||||
Gas Utilities-4.46% | ||||||||
National Fuel Gas Co. | 201,024 | 8,032,919 | ||||||
South Jersey Industries, Inc. | 571,819 | 11,018,952 | ||||||
UGI Corp. | 262,892 | 8,501,928 | ||||||
|
| |||||||
27,553,799 | ||||||||
|
| |||||||
Health Care Providers & Services-1.33% | ||||||||
Cardinal Health, Inc. | 179,157 | 8,203,599 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure-2.86% | ||||||||
Wyndham Destinations, Inc. | 540,942 | 17,650,938 | ||||||
|
| |||||||
Household Durables-1.54% | ||||||||
Leggett & Platt, Inc. | 227,746 | 9,503,841 | ||||||
|
|
Shares | Value | |||||||
Industrial Conglomerates-1.36% | ||||||||
3M Co. | 52,670 | $ | 8,425,093 | |||||
|
| |||||||
Insurance-9.67% | ||||||||
Mercury General Corp. | 277,432 | 11,294,257 | ||||||
Old Republic International Corp. | 696,643 | 11,341,348 | ||||||
Principal Financial Group, Inc. | 277,279 | 10,874,882 | ||||||
Prudential Financial, Inc. | 206,433 | 13,215,841 | ||||||
Unum Group | 736,018 | 12,998,078 | ||||||
|
| |||||||
59,724,406 | ||||||||
|
| |||||||
IT Services-1.85% | ||||||||
International Business Machines Corp. | 102,287 | 11,421,366 | ||||||
|
| |||||||
Media-3.26% | ||||||||
John Wiley & Sons, Inc., Class A | 325,451 | 10,075,963 | ||||||
Omnicom Group, Inc. | 212,637 | 10,036,466 | ||||||
|
| |||||||
20,112,429 | ||||||||
|
| |||||||
Metals & Mining-1.44% | ||||||||
Nucor Corp. | 186,114 | 8,888,805 | ||||||
|
| |||||||
Multi-Utilities-6.99% | ||||||||
Avista Corp. | 282,212 | 9,375,082 | ||||||
CenterPoint Energy, Inc. | 521,245 | 11,013,907 | ||||||
Consolidated Edison, Inc. | 142,685 | 11,199,346 | ||||||
Dominion Energy, Inc. | 144,468 | 11,606,559 | ||||||
|
| |||||||
43,194,894 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-8.94% | ||||||||
Chevron Corp. | 171,870 | 11,944,965 | ||||||
Exxon Mobil Corp. | 521,986 | 17,027,183 | ||||||
ONEOK, Inc. | 904,250 | 26,223,250 | ||||||
|
| |||||||
55,195,398 | ||||||||
|
| |||||||
Personal Products-1.28% | ||||||||
Nu Skin Enterprises, Inc., Class A | 160,093 | 7,900,590 | ||||||
|
| |||||||
Road & Rail-2.55% | ||||||||
Ryder System, Inc. | 320,403 | 15,783,052 | ||||||
|
| |||||||
Thrifts & Mortgage Finance-2.79% | ||||||||
Northwest Bancshares, Inc. | 1,617,877 | 17,262,748 | ||||||
|
| |||||||
Tobacco-6.97% | ||||||||
Altria Group, Inc. | 420,215 | 15,161,357 | ||||||
Philip Morris International, Inc. | 175,893 | 12,491,921 | ||||||
Universal Corp. | 387,271 | 15,432,749 | ||||||
|
| |||||||
43,086,027 | ||||||||
|
| |||||||
Trading Companies & Distributors-4.25% | ||||||||
MSC Industrial Direct Co., Inc., Class A | 377,070 | 26,266,696 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.81% |
| 616,589,631 | ||||||
OTHER ASSETS LESS LIABILITIES-0.19% |
| 1,156,364 | ||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 617,745,995 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)–(continued)
October 31, 2020
(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. |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 14,366,075 | $ | - | $ | (11,153,997 | ) | $ | 14,797,760 | $ | (18,009,838 | ) | $ | - | $ | 258,323 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 4,209,861 | (4,209,861 | ) | - | - | - | 10 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 40,130 | 15,995,015 | (16,035,145 | ) | - | - | - | 229 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 14,705,063 | 11,314,071 | (26,019,134 | ) | - | - | - | 114 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 121,983 | (121,983 | ) | - | - | - | 1 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 29,111,268 | $ | 31,640,930 | $ | (57,540,120 | ) | $ | 14,797,760 | $ | (18,009,838 | ) | $ | - | $ | 258,677 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
Portfolio Composition | ||
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Electric Utilities | 10.28 | |||
Insurance | 9.67 | |||
Oil, Gas & Consumable Fuels | 8.94 | |||
Banks | 8.90 | |||
Multi-Utilities | 6.99 | |||
Tobacco | 6.97 | |||
Food Products | 4.49 | |||
Gas Utilities | 4.46 | |||
Trading Companies & Distributors | 4.25 | |||
Diversified Telecommunication Services | 3.98 | |||
Capital Markets | 3.87 | |||
Media | 3.26 | |||
Industry Types Each Less Than 3% | 23.75 | |||
Other Assets Less Liabilities | 0.19 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco International Dividend AchieversTM ETF (PID)
October 31, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.61% |
| |||||||
Bermuda-4.64% | ||||||||
Hoegh LNG Partners L.P.(a) | 1,821,845 | $ | 21,188,057 | |||||
|
| |||||||
Brazil-2.15% | ||||||||
Banco Bradesco S.A., ADR | 2,809,457 | 9,833,100 | ||||||
|
| |||||||
Canada-54.73% | ||||||||
Algonquin Power & Utilities Corp.(b) | 712,394 | 10,792,769 | ||||||
Bank of Montreal(b) | 183,002 | 10,883,129 | ||||||
Bank of Nova Scotia (The) | 337,576 | 14,029,659 | ||||||
BCE, Inc. | 306,563 | 12,329,964 | ||||||
Brookfield Asset Management, Inc., Class A | 96,379 | 2,870,167 | ||||||
Brookfield Infrastructure Partners L.P. | 236,685 | 10,153,786 | ||||||
Brookfield Renewable Partners L.P. | 195,616 | 10,612,168 | ||||||
Canadian Imperial Bank of Commerce(b) | 160,507 | 11,977,032 | ||||||
Canadian National Railway Co. | 35,846 | 3,564,885 | ||||||
Canadian Natural Resources Ltd. | 715,837 | 11,417,600 | ||||||
Enbridge, Inc. | 541,516 | 14,924,181 | ||||||
Fortis, Inc.(b) | 209,305 | 8,267,548 | ||||||
Franco-Nevada Corp. | 10,477 | 1,430,634 | ||||||
Imperial Oil Ltd.(b) | 574,706 | 7,660,831 | ||||||
Magna International, Inc. | 156,253 | 7,986,091 | ||||||
Manulife Financial Corp. | 879,284 | 11,940,677 | ||||||
Methanex Corp. | 532,096 | 15,787,288 | ||||||
Open Text Corp. | 79,729 | 2,928,446 | ||||||
Pembina Pipeline Corp.(b) | 709,210 | 14,843,765 | ||||||
Ritchie Bros. Auctioneers, Inc. | 56,419 | 3,420,684 | ||||||
Royal Bank of Canada | 129,006 | 9,029,130 | ||||||
Stantec, Inc. | 98,533 | 2,828,882 | ||||||
Sun Life Financial, Inc. | 221,488 | 8,819,652 | ||||||
Suncor Energy, Inc. | 1,041,034 | 11,753,274 | ||||||
TC Energy Corp. | 249,496 | 9,845,112 | ||||||
TELUS Corp.(b) | 599,590 | 10,258,985 | ||||||
Toronto-Dominion Bank (The) | 214,766 | 9,499,100 | ||||||
|
| |||||||
249,855,439 | ||||||||
|
| |||||||
Colombia-1.89% | ||||||||
Bancolombia S.A., ADR | 337,754 | 8,609,349 | ||||||
|
| |||||||
France-1.55% | ||||||||
Sanofi, ADR | 156,745 | 7,100,549 | ||||||
|
| |||||||
Germany-1.13% | ||||||||
Fresenius Medical Care AG& Co. KGaA, ADR(b) | 93,827 | 3,587,006 | ||||||
SAP SE, ADR | 14,891 | 1,590,806 | ||||||
|
| |||||||
5,177,812 | ||||||||
|
| |||||||
Greece-3.45% | ||||||||
GasLog Partners L.P.(a) | 4,903,823 | 15,741,272 | ||||||
|
| |||||||
India-1.25% | ||||||||
Infosys Ltd., ADR | 353,892 | 5,050,039 | ||||||
Reliance Industries Ltd., GDR(c) | 12,177 | 668,517 | ||||||
|
| |||||||
5,718,556 | ||||||||
|
| |||||||
Mexico-1.44% | ||||||||
America Movil S.A.B. de C.V., Class L, ADR | 550,324 | 6,559,862 | ||||||
|
| |||||||
Netherlands-0.35% | ||||||||
ASML Holding N.V., New York Shares | 4,415 | 1,594,742 | ||||||
|
|
Shares | Value | |||||||
Peru-3.06% | ||||||||
Credicorp Ltd. | 121,880 | $ | 13,977,198 | |||||
|
| |||||||
Russia-4.63% | ||||||||
Novolipetsk Steel PJSC, GDR(c) | 909,995 | 21,148,284 | ||||||
|
| |||||||
Switzerland-3.85% | ||||||||
ABB Ltd., ADR(b) | 299,441 | 7,273,422 | ||||||
Logitech International S.A.(b) | 30,831 | 2,609,844 | ||||||
Novartis AG, ADR | 98,337 | 7,678,153 | ||||||
|
| |||||||
17,561,419 | ||||||||
|
| |||||||
Taiwan-1.09% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 59,177 | 4,963,175 | ||||||
|
| |||||||
United Kingdom-8.45% | ||||||||
Diageo PLC, ADR | 46,622 | 6,069,252 | ||||||
Linde PLC | 14,183 | 3,125,082 | ||||||
National Grid PLC, ADR(b) | 227,547 | 13,527,669 | ||||||
Prudential PLC, ADR(b) | 141,599 | 3,459,264 | ||||||
RELX PLC, ADR | 263,675 | 5,202,308 | ||||||
Unilever N.V., New York Shares(b) | 127,399 | 7,205,687 | ||||||
|
| |||||||
38,589,262 | ||||||||
|
| |||||||
United States-5.95% | ||||||||
Amdocs Ltd. | 76,814 | 4,330,773 | ||||||
Brookfield Property Partners L.P. | 1,644,341 | 22,839,897 | ||||||
|
| |||||||
27,170,670 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 454,788,746 | ||||||
|
| |||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(a)(d) | 34,547 | 34,547 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 454,823,293 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-9.13% |
| |||||||
Invesco Private Government Fund, 0.04%(a)(d)(e) | 15,674,262 | 15,674,262 | ||||||
Invesco Private Prime Fund, 0.11%(a)(d)(e) | 26,007,694 | 26,015,496 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 41,689,758 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-108.75% |
| 496,513,051 | ||||||
OTHER ASSETS LESS LIABILITIES-(8.75)% |
| (39,968,660 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 456,544,391 | |||||
|
|
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, 2020
(Unaudited)
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
Notes to Schedule of Investments:
(a) | Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 3,241,118 | $ | (3,206,571 | ) | $ | - | $ | - | $ | 34,547 | $ | 1 | |||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 311,171 | 12,893,632 | (13,204,803 | ) | - | - | - | 104 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Private Government Fund | 49,685,697 | 287,254,172 | (321,265,607 | ) | - | - | 15,674,262 | 6,704 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 116,321,680 | (90,307,424 | ) | - | 1,240 | 26,015,496 | 5,978 | * | |||||||||||||||||||
Investments in Other Affiliates: | ||||||||||||||||||||||||||||
GasLog Partners L.P. | 41,528,579 | 4,343,422 | (13,848,942 | ) | (7,855,222 | ) | (8,426,565 | ) | 15,741,272 | - | ||||||||||||||||||
Hoegh LNG Partners L.P. | 23,976,524 | 3,330,898 | (5,927,061 | ) | 944,157 | (1,136,461 | ) | 21,188,057 | 2,500,939 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 115,501,971 | $ | 427,384,922 | $ | (447,760,408 | ) | $ | (6,911,065 | ) | $ | (9,561,786 | ) | $ | 78,653,634 | $ | 2,513,726 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(b) | All or a portion of this security was out on loan at October 31, 2020. |
(c) | 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, 2020 was $21,816,801, which represented 4.78% of the Fund’s Net Assets. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
19 | ||||
|
| |||
Invesco International Dividend AchieversTM ETF (PID)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Financials | 25.17 | |||
Energy | 23.68 | |||
Utilities | 11.68 | |||
Materials | 9.08 | |||
Communication Services | 6.39 | |||
Information Technology | 5.05 | |||
Real Estate | 5.00 | |||
Industrials | 4.89 | |||
Health Care | 4.01 | |||
Sector Types Each Less Than 3% | 4.66 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.39 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Statements of Assets and Liabilities
October 31, 2020
(Unaudited)
Invesco | Invesco | |||||||||||||||||||||||||||||
Invesco | Invesco | Invesco Dow Jones | Invesco | High Yield | International | |||||||||||||||||||||||||
BuyBack | Dividend | Industrial Average | Financial | Equity Dividend | Dividend | |||||||||||||||||||||||||
AchieversTM | AchieversTM | Dividend ETF | Preferred | AchieversTM | AchieversTM | |||||||||||||||||||||||||
ETF (PKW) | ETF (PFM) | ETF (DJD) | ETF (PGF) | ETF (PEY) | ETF (PID) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Unaffiliated investments in | $ | 626,344,148 | $ | 406,744,523 | $ | 76,001,685 | $ | 1,655,865,315 | $ | 616,589,631 | $ | 417,859,417 | ||||||||||||||||||
Affiliated investments in securities, at value | 4,458,352 | 304,913 | 52,982 | 11,374,067 | - | 78,653,634 | ||||||||||||||||||||||||
Cash | 7,517 | - | - | - | - | 101,533 | ||||||||||||||||||||||||
Foreign currencies, at value | - | - | - | - | - | 229 | ||||||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||||
Dividends | 1,008,586 | 645,477 | 120,780 | 4,936,405 | 2,241,989 | 1,905,984 | ||||||||||||||||||||||||
Securities lending | 11,029 | 168 | - | 42,653 | 8 | 23,778 | ||||||||||||||||||||||||
Investments sold | 7,385,421 | 40,492 | - | 13,261,985 | 2,950,016 | - | ||||||||||||||||||||||||
Investments sold - affiliated broker | 6,462,527 | - | - | - | - | - | ||||||||||||||||||||||||
Fund shares sold | - | - | - | 5,570,093 | - | - | ||||||||||||||||||||||||
Foreign tax reclaims | - | - | - | - | - | 466,889 | ||||||||||||||||||||||||
Other assets | - | - | - | 3,048 | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total assets | 645,677,580 | 407,735,573 | 76,175,447 | 1,691,053,566 | 621,781,644 | 499,011,464 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Due to custodian | - | - | - | 13,431,629 | 224,102 | - | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||||
Investments purchased | - | - | 120,504 | 5,563,254 | - | - | ||||||||||||||||||||||||
Investments purchased -affiliated broker | 6,528,718 | - | 15,337 | - | - | - | ||||||||||||||||||||||||
Collateral upon return of securities loaned | 3,305,823 | 246,900 | - | 11,374,067 | - | 41,689,758 | ||||||||||||||||||||||||
Fund shares repurchased | 8,856,521 | - | - | 2,792,357 | 2,955,679 | - | ||||||||||||||||||||||||
Accrued unitary management fees | - | - | 4,753 | - | - | - | ||||||||||||||||||||||||
Accrued advisory fees | 280,732 | 143,230 | - | 700,221 | 216,850 | 162,553 | ||||||||||||||||||||||||
Accrued trustees’ and officer’s fees | 149,109 | 66,258 | - | 208,407 | 89,052 | 129,665 | ||||||||||||||||||||||||
Accrued expenses | 687,263 | 312,342 | - | 1,113,465 | 549,966 | 485,097 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total liabilities | 19,808,166 | 768,730 | 140,594 | 35,183,400 | 4,035,649 | 42,467,073 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 625,869,414 | $ | 406,966,843 | $ | 76,034,853 | $ | 1,655,870,166 | $ | 617,745,995 | $ | 456,544,391 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Statements of Assets and Liabilities–(continued)
October 31, 2020
(Unaudited)
Invesco | Invesco | |||||||||||||||||||||||||||||
Invesco | Invesco | Invesco Dow Jones | Invesco | High Yield | International | |||||||||||||||||||||||||
BuyBack | Dividend | Industrial Average | Financial | Equity Dividend | Dividend | |||||||||||||||||||||||||
AchieversTM | AchieversTM | Dividend ETF | Preferred | AchieversTM | AchieversTM | |||||||||||||||||||||||||
ETF (PKW) | ETF (PFM) | ETF (DJD) | ETF (PGF) | ETF (PEY) | ETF (PID) | |||||||||||||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||||
Shares of beneficial interest | $ | 1,084,933,007 | $ | 340,534,172 | $ | 82,602,678 | $ | 1,652,394,912 | $ | 848,013,205 | $ | 935,739,894 | ||||||||||||||||||
Distributable earnings (loss) | (459,063,593 | ) | 66,432,671 | (6,567,825 | ) | 3,475,254 | (230,267,210 | ) | (479,195,503 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Assets | $ | 625,869,414 | $ | 406,966,843 | $ | 76,034,853 | $ | 1,655,870,166 | $ | 617,745,995 | $ | 456,544,391 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 10,600,000 | 13,750,000 | 2,300,000 | 88,950,000 | 41,800,000 | 35,950,000 | ||||||||||||||||||||||||
Net asset value | $ | 59.04 | $ | 29.60 | $ | 33.06 | $ | 18.62 | $ | 14.78 | $ | 12.70 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price | $ | 58.91 | $ | 29.55 | $ | 33.06 | $ | 18.58 | $ | 14.77 | $ | 12.64 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Unaffiliated investments in securities, at cost | $ | 702,638,391 | $ | 327,709,053 | $ | 84,012,803 | $ | 1,622,164,271 | $ | 667,327,822 | $ | 451,160,340 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Affiliated investments in securities, at cost | $ | 4,458,352 | $ | 304,913 | $ | 52,982 | $ | 11,374,067 | $ | - | $ | 96,181,765 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Foreign currencies, at cost | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 229 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 3,191,220 | $ | 240,310 | $ | - | $ | 11,019,305 | $ | - | $ | 40,453,122 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| �� |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
For the six months ended October 31, 2020
(Unaudited)
Invesco | Invesco | |||||||||||||||||||||||||||||
Invesco | Invesco | Invesco Dow Jones | Invesco | High Yield | International | |||||||||||||||||||||||||
BuyBack | Dividend | Industrial Average | Financial | Equity Dividend | Dividend | |||||||||||||||||||||||||
AchieversTM | AchieversTM | Dividend ETF | Preferred | AchieversTM | AchieversTM | |||||||||||||||||||||||||
ETF (PKW) | ETF (PFM) | ETF (DJD) | ETF (PGF) | ETF (PEY) | ETF (PID) | |||||||||||||||||||||||||
Investment income: | ||||||||||||||||||||||||||||||
Unaffiliated dividend income | $ | 8,187,422 | $ | 4,863,815 | $ | 1,914,268 | $ | 44,877,905 | $ | 16,020,649 | $ | 11,508,241 | ||||||||||||||||||
Affiliated dividend income | 308 | 2,288 | 57 | 2,745 | 258,562 | 105 | ||||||||||||||||||||||||
Securities lending income | 28,113 | 4,125 | - | 373,982 | 720 | 242,456 | ||||||||||||||||||||||||
Foreign withholding tax | - | (11 | ) | - | - | - | (1,186,971 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total investment income | 8,215,843 | 4,870,217 | 1,914,325 | 45,254,632 | 16,279,931 | 10,563,831 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Unitary management fees | - | - | 33,924 | - | - | - | ||||||||||||||||||||||||
Advisory fees | 1,726,614 | 743,474 | - | 3,864,653 | 1,280,639 | 996,783 | ||||||||||||||||||||||||
Sub-licensing fees | 345,320 | 185,867 | - | 730,409 | 320,157 | 249,193 | ||||||||||||||||||||||||
Accounting & administration fees | 53,332 | 20,274 | - | 57,071 | 36,383 | 34,743 | ||||||||||||||||||||||||
Custodian & transfer agent fees | 4,757 | 2,756 | - | 4,750 | 4,920 | 23,852 | ||||||||||||||||||||||||
Trustees’ and officer’s fees | 38,005 | 18,968 | - | 55,558 | 25,747 | 33,069 | ||||||||||||||||||||||||
Other expenses | 74,538 | 29,512 | - | 78,070 | 50,297 | 66,892 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total expenses | 2,242,566 | 1,000,851 | 33,924 | 4,790,511 | 1,718,143 | 1,404,532 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Less: Waivers | (858 | ) | (297 | ) | (134 | ) | (5,615 | ) | (843 | ) | (313 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net expenses | 2,241,708 | 1,000,554 | 33,790 | 4,784,896 | 1,717,300 | 1,404,219 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income | 5,974,135 | 3,869,663 | 1,880,535 | 40,469,736 | 14,562,631 | 9,159,612 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||||
Unaffiliated investment securities | 1,422,613 | (549,540 | ) | (4,908,789 | ) | (3,689,172 | ) | (64,041,400 | ) | (9,578,986 | ) | |||||||||||||||||||
Affiliated investment securities | 225 | (319,741 | ) | - | 700 | (18,005,277 | ) | (9,561,786 | ) | |||||||||||||||||||||
Unaffiliated in-kind redemptions | 823,755 | 1,358,309 | 7,236,764 | 1,614,507 | 1,833,798 | 8,764,028 | ||||||||||||||||||||||||
Affiliated in-kind redemptions | - | - | - | - | (4,561 | ) | - | |||||||||||||||||||||||
Foreign currencies | - | - | - | - | - | 10,194 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net realized gain (loss) | 2,246,593 | 489,028 | 2,327,975 | (2,073,965 | ) | (80,217,440 | ) | (10,366,550 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||||||
Unaffiliated investment securities | 56,612,697 | 26,024,885 | (879,206 | ) | 45,273,723 | 91,771,361 | 43,974,386 | |||||||||||||||||||||||
Affiliated investment securities | - | 292,422 | - | - | 14,797,760 | (6,911,065 | ) | |||||||||||||||||||||||
Foreign currencies | - | - | - | - | - | (2,119 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 56,612,697 | 26,317,307 | (879,206 | ) | 45,273,723 | 106,569,121 | 37,061,202 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net realized and unrealized gain | 58,859,290 | 26,806,335 | 1,448,769 | 43,199,758 | 26,351,681 | 26,694,652 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase in net assets resulting from operations | $ | 64,833,425 | $ | 30,675,998 | $ | 3,329,304 | $ | 83,669,494 | $ | 40,914,312 | $ | 35,854,264 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco BuyBack | Invesco Dividend | |||||||||||||||||||
AchieversTM ETF (PKW) | AchieversTM ETF (PFM) | |||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||
October 31, | April 30, | October 31, | April 30, | |||||||||||||||||
2020 | 2020 | 2020 | 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 5,974,135 | $ | 18,412,965 | $ | 3,869,663 | $ | 6,432,979 | ||||||||||||
Net realized gain (loss) | 2,246,593 | 35,681,111 | 489,028 | 16,772,909 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | 56,612,697 | (230,427,722 | ) | 26,317,307 | (26,238,561 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 64,833,425 | (176,333,646 | ) | 30,675,998 | (3,032,673 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (6,561,257 | ) | (19,077,680 | ) | (3,737,737 | ) | (6,842,429 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 8,737,397 | 701,919,893 | 76,155,807 | 68,172,876 | ||||||||||||||||
Value of shares repurchased | (159,470,930 | ) | (1,101,581,340 | ) | (2,906,932 | ) | (50,993,065 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (150,733,533 | ) | (399,661,447 | ) | 73,248,875 | 17,179,811 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (92,461,365 | ) | (595,072,773 | ) | 100,187,136 | 7,304,709 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 718,330,779 | 1,313,403,552 | 306,779,707 | 299,474,998 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 625,869,414 | $ | 718,330,779 | $ | 406,966,843 | $ | 306,779,707 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 150,000 | 10,500,000 | 2,600,000 | 2,550,000 | ||||||||||||||||
Shares repurchased | (2,750,000 | ) | (17,950,000 | ) | (100,000 | ) | (1,800,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 13,200,000 | 20,650,000 | 11,250,000 | 10,500,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 10,600,000 | 13,200,000 | 13,750,000 | 11,250,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco Dow Jones | ||||||||||||||||||||||||||||||||
Industrial Average | Invesco Financial | Invesco High Yield Equity Dividend | Invesco International Dividend | |||||||||||||||||||||||||||||
Dividend ETF (DJD) | Preferred ETF (PGF) | AchieversTM ETF (PEY) | AchieversTM ETF (PID) | |||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||
October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | |||||||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2020 | 2020 | 2020 | 2020 | |||||||||||||||||||||||||
$1,880,535 | $ | 2,387,528 | $ | 40,469,736 | $ | 77,096,509 | $ | 14,562,631 | $ | 36,322,730 | $ | 9,159,612 | $ | 27,727,993 | ||||||||||||||||||
2,327,975 | 1,024,704 | (2,073,965 | ) | (11,377,401 | ) | (80,217,440 | ) | (16,535,218 | ) | (10,366,550 | ) | (58,077,642 | ) | |||||||||||||||||||
(879,206) | (9,513,066 | ) | 45,273,723 | (28,448,156 | ) | 106,569,121 | (190,957,626 | ) | 37,061,202 | (134,061,829 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,329,304 | (6,100,834 | ) | 83,669,494 | 37,270,952 | 40,914,312 | (171,170,114 | ) | 35,854,264 | (164,411,478 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,908,345) | (2,239,884 | ) | (38,557,088 | ) | (78,034,495 | ) | (15,771,979 | ) | (36,486,586 | ) | (11,363,593 | ) | (32,779,007 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
34,580,820 | 93,984,096 | 176,289,547 | 349,431,093 | 2,235,904 | 237,468,388 | - | 98,426,346 | |||||||||||||||||||||||||
(76,075,105) | (43,502,678 | ) | (28,121,400 | ) | (231,851,412 | ) | (40,569,820 | ) | (233,097,748 | ) | (78,198,619 | ) | (157,266,596 | ) | ||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(41,494,285) | 50,481,418 | 148,168,147 | 117,579,681 | (38,333,916 | ) | 4,370,640 | (78,198,619 | ) | (58,840,250 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(40,073,326) | 42,140,700 | 193,280,553 | 76,816,138 | (13,191,583 | ) | (203,286,060 | ) | (53,707,948 | ) | (256,030,735 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
116,108,179 | 73,967,479 | 1,462,589,613 | 1,385,773,475 | 630,937,578 | 834,223,638 | 510,252,339 | 766,283,074 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$76,034,853 | $ | 116,108,179 | $ | 1,655,870,166 | $ | 1,462,589,613 | $ | 617,745,995 | $ | 630,937,578 | $ | 456,544,391 | $ | 510,252,339 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,000,000 | 2,750,000 | 9,450,000 | 18,850,000 | 150,000 | 12,950,000 | - | 5,900,000 | |||||||||||||||||||||||||
(2,200,000) | (1,250,000 | ) | (1,550,000 | ) | (13,400,000 | ) | (2,750,000 | ) | (14,250,000 | ) | (6,150,000 | ) | (10,400,000 | ) | ||||||||||||||||||
3,500,000 | 2,000,000 | 81,050,000 | 75,600,000 | 44,400,000 | 45,700,000 | 42,100,000 | 46,600,000 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,300,000 | 3,500,000 | 88,950,000 | 81,050,000 | 41,800,000 | 44,400,000 | 35,950,000 | 42,100,000 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 | ||||
|
| |||
Invesco BuyBack AchieversTM ETF (PKW)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 54.42 | $ | 63.60 | $ | 56.93 | $ | 52.20 | $ | 45.67 | $ | 48.78 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.51 | 1.01 | 0.73 | 0.55 | 0.51 | 0.56 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.67 | (9.13 | ) | 6.67 | 4.64 | 6.70 | (3.08 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 5.18 | (8.12 | ) | 7.40 | 5.19 | 7.21 | (2.52 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.56 | ) | (1.06 | ) | (0.73 | ) | (0.46 | ) | (0.68 | ) | (0.59 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 59.04 | $ | 54.42 | $ | 63.60 | $ | 56.93 | $ | 52.20 | $ | 45.67 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 58.91 | $ | 54.45 | $ | 63.62 | $ | 56.95 | $ | 52.19 | $ | 45.65 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 9.54 | % | (12.81 | )% | 13.16 | % | 9.95 | % | 15.92 | % | (5.18 | )% | ||||||||||||||||||
Market Price Total Return(c) | 9.24 | % | (12.79 | )% | 13.16 | % | 10.02 | % | 15.96 | % | (5.20 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 625,869 | $ | 718,331 | $ | 1,313,404 | $ | 1,312,224 | $ | 1,362,381 | $ | 1,639,434 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.65 | %(d) | 0.62 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | %(e) | ||||||||||||||||||
Net investment income | 1.73 | %(d) | 1.60 | % | 1.25 | % | 0.99 | % | 1.05 | % | 1.21 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 4 | % | 56 | % | 76 | % | 66 | % | 57 | % | 53 | % |
(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) | 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.
| 26 |
|
Financial Highlights–(continued)
Invesco Dividend AchieversTM ETF (PFM)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.27 | $ | 28.52 | $ | 25.22 | $ | 23.96 | $ | 21.75 | $ | 21.42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.31 | 0.61 | 0.59 | 0.54 | 0.50 | 0.49 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.32 | (1.20 | ) | 3.29 | 1.24 | 2.25 | 0.33 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 2.63 | (0.59 | ) | 3.88 | 1.78 | 2.75 | 0.82 | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.66 | ) | (0.58 | ) | (0.52 | ) | (0.54 | ) | (0.49 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 29.60 | $ | 27.27 | $ | 28.52 | $ | 25.22 | $ | 23.96 | $ | 21.75 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 29.55 | $ | 27.31 | $ | 28.52 | $ | 25.24 | $ | 23.99 | $ | 21.75 | ||||||||||||||||||
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|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 9.68 | % | (2.04 | )% | 15.63 | % | 7.42 | % | 12.80 | % | 3.98 | % | ||||||||||||||||||
Market Price Total Return(c) | 9.34 | % | (1.89 | )% | 15.53 | % | 7.37 | % | 12.94 | % | 4.08 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 406,967 | $ | 306,780 | $ | 299,475 | $ | 285,010 | $ | 313,895 | $ | 287,052 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.54 | %(d) | 0.53 | % | 0.54 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||
Net investment income | 2.08 | %(d) | 2.13 | % | 2.22 | % | 2.15 | % | 2.17 | % | 2.35 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 4 | % | 20 | % | 13 | % | 5 | % | 6 | % | 7 | % |
(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.
| 27 |
|
Financial Highlights–(continued)
Invesco Dow Jones Industrial Average Dividend ETF (DJD)
Six Months Ended 2020 | Years Ended April 30, | Eight Months Ended April 30, | Year Ended August 31, | For the Period August 31, | ||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period. | $ | 33.17 | $ | 36.98 | $ | 33.32 | $ | 31.07 | $ | 27.55 | $ | 25.35 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(b) | 0.67 | 1.10 | 0.91 | 0.49 | 0.83 | 0.53 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.05 | ) | (3.80 | ) | 3.74 | 2.37 | 3.55 | 2.05 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 0.62 | (2.70 | ) | 4.65 | 2.86 | 4.38 | 2.58 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to | ||||||||||||||||||||||||||||||
Net investment income | (0.73 | ) | (1.11 | ) | (0.99 | ) | (0.53 | ) | (0.86 | ) | (0.38 | ) | ||||||||||||||||||
Net realized gains | - | - | - | (0.08 | ) | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.73 | ) | (1.11 | ) | (0.99 | ) | (0.61 | ) | (0.86 | ) | (0.38 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 33.06 | $ | 33.17 | $ | 36.98 | $ | 33.32 | $ | 31.07 | $ | 27.55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period | $ | 33.06 | (c) | $ | 33.21 | (c) | $ | 37.02 | (c) | $ | 33.35 | (c) | $ | 31.10 | $ | 27.52 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total | 1.82 | % | (7.33 | )% | 14.24 | % | 9.23 | % | 16.13 | % | 10.27 | % | ||||||||||||||||||
Market Price Total Return(d) | 1.71 | % | (7.32 | )% | 14.25 | % | 9.22 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 76,035 | $ | 116,108 | $ | 73,967 | $ | 14,994 | $ | 10,875 | $ | 2,755 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.07 | %(e) | 0.08 | %(f) | 0.09 | % | 0.30 | %(e) | 0.30 | % | 0.30 | %(e) | ||||||||||||||||||
Expenses, prior to Waivers | 0.07 | %(e) | 0.08 | %(f) | 0.10 | % | 0.30 | %(e) | 0.30 | % | 0.30 | %(e) | ||||||||||||||||||
Net investment income | 3.88 | %(e) | 3.04 | %(f) | 2.62 | % | 2.25 | %(e) | 2.80 | % | 2.86 | %(e) | ||||||||||||||||||
Portfolio turnover rate(g) | 39 | % | 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) | Annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 28 |
|
Financial Highlights–(continued)
Invesco Financial Preferred ETF (PGF)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.05 | $ | 18.33 | $ | 18.32 | $ | 18.87 | $ | 18.80 | $ | 18.45 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.49 | 0.94 | 0.97 | 0.99 | 1.03 | 1.06 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.54 | (0.27 | ) | 0.05 | (0.53 | ) | 0.07 | 0.36 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 1.03 | 0.67 | 1.02 | 0.46 | 1.10 | 1.42 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.46 | ) | (0.95 | ) | (1.01 | ) | (1.01 | ) | (1.03 | ) | (1.07 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 18.62 | $ | 18.05 | $ | 18.33 | $ | 18.32 | $ | 18.87 | $ | 18.80 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 18.58 | $ | 18.07 | $ | 18.35 | $ | 18.31 | $ | 18.87 | $ | 18.83 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 5.78 | % | 3.78 | % | 5.79 | % | 2.43 | % | 6.06 | % | 8.01 | % | ||||||||||||||||||
Market Price Total Return(c) | 5.44 | % | 3.77 | % | 5.97 | % | 2.37 | % | 5.89 | % | 8.12 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,655,870 | $ | 1,462,590 | $ | 1,385,773 | $ | 1,565,028 | $ | 1,672,911 | $ | 1,636,378 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.62 | %(d) | 0.61 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Net investment income | 5.24 | %(d) | 5.10 | % | 5.35 | % | 5.26 | % | 5.48 | % | 5.76 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 5 | % | 31 | % | 21 | % | 5 | % | 8 | % | 13 | % |
(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.
| 29 |
|
Financial Highlights–(continued)
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.21 | $ | 18.25 | $ | 17.12 | $ | 17.01 | $ | 14.90 | $ | 13.45 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.33 | 0.75 | 0.63 | 0.62 | 0.52 | 0.48 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.60 | (4.03 | ) | 1.17 | 0.14 | 2.12 | 1.46 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations. | 0.93 | (3.28 | ) | 1.80 | 0.76 | 2.64 | 1.94 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.76 | ) | (0.67 | ) | (0.65 | ) | (0.53 | ) | (0.49 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 14.78 | $ | 14.21 | $ | 18.25 | $ | 17.12 | $ | 17.01 | $ | 14.90 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 14.77 | $ | 14.24 | $ | 18.26 | $ | 17.12 | $ | 17.02 | $ | 14.91 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 6.65 | % | (18.57 | )% | 10.79 | % | 4.48 | % | 17.95 | % | 14.92 | % | ||||||||||||||||||
Market Price Total Return(c) | 6.35 | % | (18.44 | )% | 10.86 | % | 4.42 | % | 17.94 | % | 14.99 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 617,746 | $ | 630,938 | $ | 834,224 | $ | 763,400 | $ | 984,725 | $ | 737,783 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.54 | %(d) | 0.52 | % | 0.53 | % | 0.54 | % | 0.54 | % | 0.54 | % | ||||||||||||||||||
Net investment income | 4.55 | %(d) | 4.30 | % | 3.58 | % | 3.63 | % | 3.23 | % | 3.62 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 38 | % | 51 | % | 50 | % | 38 | % | 49 | % | 59 | % |
(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.
| 30 |
|
Financial Highlights–(continued)
Invesco International Dividend AchieversTM ETF (PID)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.12 | $ | 16.44 | $ | 15.92 | $ | 15.09 | $ | 14.66 | $ | 18.42 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.24 | 0.61 | 0.58 | 0.56 | 0.44 | 0.56 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.63 | (4.20 | ) | 0.48 | 0.87 | 0.56 | (3.78 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations. | 0.87 | (3.59 | ) | 1.06 | 1.43 | 1.00 | (3.22 | ) | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.73 | ) | (0.54 | ) | (0.60 | ) | (0.57 | ) | (0.54 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 12.70 | $ | 12.12 | $ | 16.44 | $ | 15.92 | $ | 15.09 | $ | 14.66 | ||||||||||||||||||
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|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 12.64 | $ | 12.07 | $ | 16.45 | $ | 15.91 | $ | 15.09 | $ | 14.65 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 7.24 | % | (22.71 | )% | 6.99 | % | 9.57 | % | 7.12 | % | (17.53 | )% | ||||||||||||||||||
Market Price Total Return(c) | 7.18 | % | (23.07 | )% | 7.13 | % | 9.50 | % | 7.19 | % | (17.63 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 456,544 | $ | 510,252 | $ | 766,283 | $ | 862,878 | $ | 811,780 | $ | 701,684 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.56 | %(d) | 0.53 | % | 0.54 | % | 0.55 | % | 0.56 | % | 0.58 | % | ||||||||||||||||||
Net investment income | 3.67 | %(d) | 3.92 | % | 3.70 | % | 3.52 | % | 3.01 | % | 3.62 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 35 | % | 45 | % | 47 | % | 55 | % | 61 | % | 61 | % |
(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.
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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco BuyBack AchieversTM ETF (PKW) | “BuyBack AchieversTM ETF” | |
Invesco Dividend AchieversTM ETF (PFM) | “Dividend AchieversTM ETF” | |
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 AchieversTM ETF (PEY) | “High Yield Equity Dividend AchieversTM ETF” | |
Invesco International Dividend AchieversTM ETF (PID) | “International Dividend AchieversTM 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 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 AchieversTM ETF | NASDAQ US BuyBack AchieversTM Index | |
Dividend AchieversTM ETF | NASDAQ US Broad Dividend AchieversTM Index | |
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 AchieversTM ETF | NASDAQ US Dividend AchieversTM 50 Index | |
International Dividend AchieversTM ETF | NASDAQ International Dividend AchieversTM 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 the over-the-counter 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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. 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 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, because their values depend on the performance of the non-dollar denominated underlying foreign securities. 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.
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Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
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 one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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. Investments in the securities of non-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, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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.
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. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located 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
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Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
LIBOR Risk. Certain Funds may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF are non-diversified, and to the extent certain Funds become non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.
Sampling Risk. Certain Funds’ use of a representative sampling approach may 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 held by the Fund 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 the Fund are smaller, these risks will be greater.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
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 an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net |
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of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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 for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. |
Each Fund (except for Dow Jones Industrial Average Dividend ETF) is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”), or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 the period-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 and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to
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the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of 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, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. 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 at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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 the due date. This agreement is not subject to recapture by the Adviser.
For the six-month period ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
BuyBack AchieversTM ETF | $ | 858 | ||
Dividend AchieversTM ETF | 297 | |||
Dow Jones Industrial Average Dividend ETF | 134 | |||
Financial Preferred ETF | 5,615 | |||
High Yield Equity Dividend AchieversTM ETF | 843 | |||
International Dividend AchieversTM ETF | 313 |
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 six-month period ended October 31, 2020, 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.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
BuyBack AchieversTM ETF | Nasdaq, Inc. | |
Dividend AchieversTM ETF | Nasdaq, Inc. | |
Dow Jones Industrial Average Dividend ETF | S&P Dow Jones Indices LLC | |
Financial Preferred ETF | Wells Fargo & Company | |
High Yield Equity Dividend AchieversTM ETF | Nasdaq, Inc. | |
International Dividend AchieversTM 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’s sub-licensing agreement with the Adviser. The Funds (except for Dow Jones Industrial Average Dividend ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby 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.
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For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
BuyBack AchieversTM ETF | $ | 3,821 | ||
Dividend AchieversTM ETF | 2,444 | |||
Dow Jones Industrial Average Dividend ETF | 5,904 | |||
High Yield Equity Dividend AchieversTM ETF | 14,646 | |||
International Dividend AchieversTM ETF | 9,469 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
BuyBack AchieversTM ETF | $ | 421,109 | $ | 69,559 | $ | (17,281 | ) |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for Dow Jones Industrial Average Dividend ETF and High Yield Equity Dividend Achievers™ ETF). As of October 31, 2020, all of the securities in Dow Jones Industrial Average Dividend ETF and High Yield Equity Dividend Achievers™ ETF 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 | |||||||||||||||||
BuyBack AchieversTM ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 626,344,148 | $ | - | $ | - | $ | 626,344,148 | ||||||||||||
Money Market Funds | 1,152,529 | 3,305,823 | - | 4,458,352 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 627,496,677 | $ | 3,305,823 | $ | - | $ | 630,802,500 | ||||||||||||
|
|
|
|
|
|
|
|
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Dividend AchieversTM ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 406,744,523 | $ | - | $ | - | $ | 406,744,523 | ||||||||||||
Money Market Funds | 58,013 | 246,900 | - | 304,913 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 406,802,536 | $ | 246,900 | $ | - | $ | 407,049,436 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Financial Preferred ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Preferred Stocks | $ | 1,655,865,315 | $ | - | $ | - | $ | 1,655,865,315 | ||||||||||||
Money Market Funds | - | 11,374,067 | - | 11,374,067 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 1,655,865,315 | $ | 11,374,067 | $ | - | $ | 1,667,239,382 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
International Dividend AchieversTM ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 454,788,746 | $ | - | $ | - | $ | 454,788,746 | ||||||||||||
Money Market Funds | 34,547 | 41,689,758 | - | 41,724,305 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 454,823,293 | $ | 41,689,758 | $ | - | $ | 496,513,051 | ||||||||||||
|
|
|
|
|
|
|
|
NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2020, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
BuyBack AchieversTM ETF | $ | 266,993,695 | $ | 107,337,684 | $ | 374,331,379 | ||||||
Dividend AchieversTM ETF | 185,003 | 4,218,650 | 4,403,653 | |||||||||
Dow Jones Industrial Average Dividend ETF | 380,315 | 418,221 | 798,536 | |||||||||
Financial Preferred ETF | 4,014,953 | 22,513,808 | 26,528,761 | |||||||||
High Yield Equity Dividend AchieversTM ETF | 7,929,772 | 72,927,512 | 80,857,284 | |||||||||
International Dividend AchieversTM ETF | 170,915,232 | 233,405,792 | 404,321,024 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
BuyBack AchieversTM ETF | $ | 28,980,954 | $ | 30,340,516 | ||||
Dividend AchieversTM ETF | 15,822,522 | 15,068,050 | ||||||
Dow Jones Industrial Average Dividend ETF | 37,377,759 | 36,809,183 | ||||||
Financial Preferred ETF | 89,000,245 | 73,544,170 | ||||||
High Yield Equity Dividend AchieversTM ETF | 240,834,706 | 241,412,700 | ||||||
International Dividend AchieversTM ETF | 171,901,673 | 175,114,219 |
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For the six-month period ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
BuyBack AchieversTM ETF | $ | 8,723,658 | $ | 157,880,569 | ||||
Dividend AchieversTM ETF | 76,092,643 | 3,559,290 | ||||||
Dow Jones Industrial Average Dividend ETF | 34,502,662 | 76,553,656 | ||||||
Financial Preferred ETF | 173,801,715 | 27,930,424 | ||||||
High Yield Equity Dividend AchieversTM ETF | 2,228,243 | 40,505,459 | ||||||
International Dividend AchieversTM ETF | - | 76,136,573 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses)for federal income tax purposes. At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
BuyBack AchieversTM ETF | $ | 52,019,305 | $ | (140,148,276 | ) | $ | (88,128,971 | ) | $ | 718,931,471 | ||||||
Dividend AchieversTM ETF | 92,901,596 | (21,913,758 | ) | 70,987,838 | 336,061,598 | |||||||||||
Dow Jones Industrial Average Dividend ETF | 1,694,037 | (10,032,671 | ) | (8,338,634 | ) | 84,393,301 | ||||||||||
Financial Preferred ETF | 41,610,719 | (11,304,014 | ) | 30,306,705 | 1,636,932,677 | |||||||||||
High Yield Equity Dividend AchieversTM ETF | 33,314,040 | (101,241,642 | ) | (67,927,602 | ) | 684,517,233 | ||||||||||
International Dividend AchieversTM ETF | 29,508,403 | (95,405,188 | ) | (65,896,785 | ) | 562,409,836 |
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 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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, litigation expenses, acquired fund fees and expenses, if any, 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, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||
Invesco BuyBack AchieversTM ETF (PKW) | ||||||||
Actual | $1,000.00 | $1,095.40 | 0.65% | $3.43 | ||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||
Invesco Dividend AchieversTM ETF (PFM) | ||||||||
Actual | 1,000.00 | 1,096.80 | 0.54 | 2.85 | ||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.48 | 0.54 | 2.75 | ||||
Invesco Dow Jones Industrial Average Dividend ETF (DJD) | ||||||||
Actual | 1,000.00 | 1,018.20 | 0.07 | 0.36 | ||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.85 | 0.07 | 0.36 | ||||
Invesco Financial Preferred ETF (PGF) | ||||||||
Actual | 1,000.00 | 1,057.80 | 0.62 | 3.22 | ||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 | ||||
Invesco High Yield Equity Dividend AchieversTM ETF (PEY) | ||||||||
Actual | 1,000.00 | 1,066.50 | 0.54 | 2.81 | ||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.48 | 0.54 | 2.75 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||
Invesco International Dividend AchieversTM ETF (PID) | ||||||||
Actual | $1,000.00 | $1,072.40 | 0.56% | $2.93 | ||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 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, 2020
PWC Invesco Dynamic Market ETF
PRF Invesco FTSE RAFI US 1000 ETF
PRFZ Invesco FTSE RAFI US 1500 Small-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.
3 | ||||
6 | ||||
17 | ||||
32 | ||||
33 | ||||
34 | ||||
36 | ||||
39 | ||||
48 |
2 | ||||
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Invesco Dynamic Market ETF (PWC)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-10.32% | ||||||||
Electronic Arts, Inc.(b) | 35,183 | $ | 4,215,979 | |||||
Shenandoah Telecommunications Co. | 26,068 | 1,137,086 | ||||||
Telephone & Data Systems, Inc. | 60,106 | 1,021,802 | ||||||
United States Cellular Corp.(b) | 38,590 | 1,123,741 | ||||||
Verizon Communications, Inc. | 83,929 | 4,783,114 | ||||||
|
| |||||||
12,281,722 | ||||||||
|
| |||||||
Consumer Discretionary-13.72% | ||||||||
Aaron’s Holdings Co., Inc. | 8,965 | 468,511 | ||||||
Asbury Automotive Group, Inc.(b) | 4,919 | 506,558 | ||||||
AutoNation, Inc.(b) | 8,938 | 507,053 | ||||||
Big Lots, Inc. | 9,161 | 436,063 | ||||||
Core-Mark Holding Co., Inc. | 15,075 | 412,301 | ||||||
Dollar General Corp. | 14,784 | 3,085,569 | ||||||
eBay, Inc. | 52,863 | 2,517,865 | ||||||
Green Brick Partners, Inc.(b) | 34,110 | 610,228 | ||||||
MarineMax, Inc.(b) | 17,130 | 513,557 | ||||||
Pool Corp. | 8,842 | 3,093,197 | ||||||
PulteGroup, Inc. | 65,064 | 2,652,009 | ||||||
Rent-A-Center, Inc. | 15,932 | 492,299 | ||||||
TopBuild Corp.(b) | 3,291 | 504,214 | ||||||
Vista Outdoor, Inc.(b) | 26,331 | 520,564 | ||||||
|
| |||||||
16,319,988 | ||||||||
|
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Consumer Staples-6.93% | ||||||||
Central Garden & Pet Co.(b) | 10,636 | 414,379 | ||||||
Conagra Brands, Inc. | 11,456 | 401,991 | ||||||
Kimberly-Clark Corp. | 19,905 | 2,639,204 | ||||||
Kroger Co. (The) | 12,283 | 395,635 | ||||||
Nu Skin Enterprises, Inc., Class A | 9,428 | 465,272 | ||||||
Sprouts Farmers Market, Inc.(b) | 18,096 | 344,729 | ||||||
USANA Health Sciences, Inc.(b) | 5,630 | 425,909 | ||||||
Walmart, Inc. | 22,756 | 3,157,395 | ||||||
|
| |||||||
8,244,514 | ||||||||
|
| |||||||
Energy-2.57% | ||||||||
Cactus, Inc., Class A | 10,465 | 177,905 | ||||||
Cheniere Energy Partners, L.P. | 31,232 | 1,125,913 | ||||||
Cheniere Energy, Inc.(b) | 21,495 | 1,028,966 | ||||||
Cosan Ltd., Class A (Brazil) | 13,049 | 179,163 | ||||||
Nordic American Tankers Ltd.(c) | 57,948 | 168,629 | ||||||
Renewable Energy Group, Inc.(b) | 6,657 | 375,455 | ||||||
|
| |||||||
3,056,031 | ||||||||
|
| |||||||
Financials-9.01% | ||||||||
Allstate Corp. (The) | 16,099 | 1,428,786 | ||||||
Artisan Partners Asset Management, Inc., Class A | 8,435 | 337,906 | ||||||
Bank of New York Mellon Corp. (The) | 40,356 | 1,386,632 | ||||||
Eaton Vance Corp. | 7,767 | 464,389 | ||||||
Enterprise Financial Services Corp. | 10,598 | 308,508 | ||||||
First Foundation, Inc. | 20,923 | 311,125 | ||||||
Globe Life, Inc. | 3,816 | 309,439 | ||||||
Hilltop Holdings, Inc. | 15,833 | 361,151 | ||||||
LPL Financial Holdings, Inc. | 3,952 | 315,883 | ||||||
Mercury General Corp. | 7,172 | 291,972 | ||||||
Nasdaq, Inc. | 11,493 | 1,390,538 | ||||||
Primerica, Inc. | 2,543 | 280,340 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
S&P Global, Inc. | 4,163 | $ | 1,343,525 | |||||
ServisFirst Bancshares, Inc. | 8,632 | 318,521 | ||||||
State Street Corp. | 21,883 | 1,288,909 | ||||||
Virtu Financial, Inc., Class A | 12,494 | 267,122 | ||||||
Waddell & Reed Financial, Inc., Class A | 20,696 | 317,684 | ||||||
|
| |||||||
10,722,430 | ||||||||
|
| |||||||
Health Care-14.55% | ||||||||
Chemed Corp. | 952 | 455,361 | ||||||
Cigna Corp. | 17,627 | 2,943,180 | ||||||
Eli Lilly and Co. | 20,953 | 2,733,528 | ||||||
Ensign Group, Inc. (The) | 8,379 | 493,020 | ||||||
Humana, Inc. | 7,661 | 3,058,884 | ||||||
ICON PLC (Ireland)(b) | 2,633 | 474,730 | ||||||
Innoviva, Inc.(b) | 41,720 | 450,993 | ||||||
Prestige Consumer Healthcare, Inc.(b) | 13,067 | 431,603 | ||||||
Providence Service Corp. (The)(b) | 5,210 | 612,436 | ||||||
R1 RCM, Inc.(b) | 33,297 | 596,682 | ||||||
Select Medical Holdings Corp.(b) | 24,299 | 509,793 | ||||||
Supernus Pharmaceuticals, Inc.(b) | 21,582 | 396,246 | ||||||
United Therapeutics Corp.(b) | 4,604 | 617,995 | ||||||
UnitedHealth Group, Inc. | 10,015 | 3,055,977 | ||||||
Universal Health Services, Inc., Class B | 4,346 | 476,104 | ||||||
|
| |||||||
17,306,532 | ||||||||
|
| |||||||
Industrials-8.86% | ||||||||
CoreLogic, Inc. | 6,406 | 492,814 | ||||||
Expeditors International of Washington, Inc. | 30,177 | 2,666,742 | ||||||
J.B. Hunt Transport Services, Inc. | 18,491 | 2,251,094 | ||||||
Lockheed Martin Corp. | 6,685 | 2,340,619 | ||||||
Marten Transport Ltd. | 23,433 | 359,579 | ||||||
MYR Group, Inc.(b) | 11,224 | 479,826 | ||||||
Pentair PLC | 9,306 | 463,067 | ||||||
Schneider National, Inc., Class B | 15,602 | 344,180 | ||||||
Triton International Ltd. (Bermuda) | 12,293 | 453,366 | ||||||
UFP Industries, Inc. | 7,012 | 349,969 | ||||||
Werner Enterprises, Inc. | 9,023 | 343,054 | ||||||
|
| |||||||
10,544,310 | ||||||||
|
| |||||||
Information Technology-28.10% | ||||||||
Accenture PLC, Class A | 21,026 | 4,560,750 | ||||||
Amdocs Ltd. | 16,324 | 920,347 | ||||||
Autodesk, Inc.(b) | 20,832 | 4,906,769 | ||||||
Black Knight, Inc.(b) | 11,814 | 1,039,041 | ||||||
Booz Allen Hamilton Holding Corp. | 11,138 | 874,333 | ||||||
Cadence Design Systems, Inc.(b) | 46,311 | 5,065,034 | ||||||
Ciena Corp.(b) | 17,621 | 694,091 | ||||||
Cisco Systems, Inc. | 119,757 | 4,299,276 | ||||||
International Money Express, Inc.(b) | 57,360 | �� | 797,878 | |||||
Microsoft Corp. | 22,352 | 4,525,609 | ||||||
MKS Instruments, Inc. | 8,319 | 901,696 | ||||||
NETGEAR, Inc.(b) | 29,574 | 911,471 | ||||||
SS&C Technologies Holdings, Inc. | 15,478 | 916,607 | ||||||
Sykes Enterprises, Inc.(b) | 28,873 | 988,612 | ||||||
SYNNEX Corp. | 7,818 | 1,029,162 | ||||||
Vishay Intertechnology, Inc. | 61,432 | 996,427 | ||||||
|
| |||||||
33,427,103 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | ||||
|
| |||
Invesco Dynamic Market ETF (PWC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Materials-2.90% | ||||||||
Louisiana-Pacific Corp. | 10,358 | $ | 296,032 | |||||
Reliance Steel & Aluminum Co. | 3,238 | 352,909 | ||||||
Sherwin-Williams Co. (The) | 3,561 | 2,449,897 | ||||||
Stepan Co. | 2,976 | 346,525 | ||||||
|
| |||||||
3,445,363 | ||||||||
|
| |||||||
Utilities-2.99% | ||||||||
MDU Resources Group, Inc. | 21,987 | 522,411 | ||||||
NextEra Energy, Inc. | 34,584 | 2,531,895 | ||||||
OGE Energy Corp. | 16,382 | 504,074 | ||||||
|
| |||||||
3,558,380 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 118,906,373 | ||||||
|
| |||||||
Money Market Funds-0.10% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 119,006 | 119,006 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 119,025,379 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.01% | ||||||||
Invesco Private Government Fund, | 2,549 | $ | 2,549 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 3,822 | 3,823 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,372 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.06% |
| 119,031,751 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.06)% |
| (71,091 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 118,960,660 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 403,022 | $ | (284,016 | ) | $ | - | $ | - | $ | 119,006 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 135,343 | 1,507,151 | (1,642,494 | ) | - | - | - | 32 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 608,433 | 14,136,568 | (14,742,452 | ) | - | - | 2,549 | 191 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,147,158 | (4,143,374 | ) | - | 39 | 3,823 | 148 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 743,776 | $ | 20,193,899 | $ | (20,812,336 | ) | $ | - | $ | 39 | $ | 125,378 | $ | 373 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
4 | ||||
|
| |||
Invesco Dynamic Market ETF (PWC)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
| ||||||||
Information Technology | 28.10 | |||||||
Health Care | 14.55 | |||||||
Consumer Discretionary | 13.72 | |||||||
Communication Services | 10.32 | |||||||
Financials | 9.01 | |||||||
Industrials | 8.86 | |||||||
Consumer Staples | 6.93 | |||||||
Sector Types Each Less Than 3% | 8.46 | |||||||
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 FTSE RAFI US 1000 ETF (PRF)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Communication Services-8.98% | ||||||||
Activision Blizzard, Inc. | 54,176 | $ | 4,102,748 | |||||
Alphabet, Inc., Class A(b) | 17,267 | 27,905,371 | ||||||
Alphabet, Inc., Class C(b) | 17,287 | 28,022,400 | ||||||
Altice USA, Inc., Class A(b) | 80,825 | 2,178,234 | ||||||
AMC Entertainment Holdings, Inc., Class A(c) | 74,646 | 176,165 | ||||||
AMC Networks, Inc., Class A(b)(c) | 18,803 | 399,564 | ||||||
AT&T, Inc. | 2,275,030 | 61,471,311 | ||||||
CenturyLink, Inc. | 815,988 | 7,033,816 | ||||||
Charter Communications, Inc., Class A(b) | 17,368 | 10,487,146 | ||||||
Cinemark Holdings, Inc.(c) | 33,093 | 271,032 | ||||||
Comcast Corp., Class A | 784,713 | 33,146,277 | ||||||
Discovery, Inc., Class A(b)(c) | 28,636 | 579,593 | ||||||
Discovery, Inc., Class C(b) | 61,394 | 1,124,738 | ||||||
DISH Network Corp., Class A(b) | 61,275 | 1,561,900 | ||||||
Electronic Arts, Inc.(b) | 19,946 | 2,390,129 | ||||||
Facebook, Inc., Class A(b) | 110,050 | 28,955,255 | ||||||
Fox Corp., Class A | 66,940 | 1,775,249 | ||||||
Fox Corp., Class B | 30,829 | 805,870 | ||||||
GCI Liberty, Inc., Class A(b) | 10,286 | 835,532 | ||||||
IAC/InterActiveCorp.(b) | 3,616 | 436,523 | ||||||
Interpublic Group of Cos., | 87,940 | 1,590,835 | ||||||
John Wiley & Sons, Inc., Class A | 13,281 | 411,180 | ||||||
Liberty Broadband Corp., Class A(b) | 1,587 | 223,053 | ||||||
Liberty Broadband Corp., Class C(b) | 6,795 | 962,919 | ||||||
Liberty Global PLC, Class A | 89,359 | 1,696,034 | ||||||
Liberty Global PLC, Class C | 212,666 | 3,968,347 | ||||||
Liberty Latin America Ltd., Class A (Chile)(b) | 16,387 | 160,593 | ||||||
Liberty Latin America Ltd., Class C (Chile)(b) | 42,662 | 414,675 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(b) | 2,956 | 98,435 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(b) | 23,131 | 835,723 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(b) | 18,698 | 646,390 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 34,970 | 1,209,962 | ||||||
Lions Gate Entertainment Corp., Class A(b) | 18,859 | 126,355 | ||||||
Lions Gate Entertainment Corp., Class B(b) | 42,573 | 266,933 | ||||||
Live Nation Entertainment, Inc.(b) | 13,079 | 638,255 | ||||||
Meredith Corp. | 18,160 | 199,760 | ||||||
Netflix, Inc.(b) | 6,192 | 2,945,782 | ||||||
News Corp., Class A | 104,392 | 1,370,667 | ||||||
News Corp., Class B | 32,747 | 426,366 | ||||||
Nexstar Media Group, Inc., Class A | 5,874 | 484,018 | ||||||
Omnicom Group, Inc. | 52,311 | 2,469,079 | ||||||
Sinclair Broadcast Group, Inc., Class A(c) | 23,358 | 433,992 | ||||||
Spotify Technology S.A.(b) | 3,614 | 866,962 | ||||||
Take-Two Interactive Software, | 5,684 | 880,565 | ||||||
TEGNA, Inc. | 47,605 | 572,688 | ||||||
Telephone & Data Systems, Inc. | 63,008 | 1,071,136 | ||||||
T-Mobile US, Inc.(b) | 71,197 | 7,801,055 | ||||||
Twitter, Inc.(b) | 37,594 | 1,554,888 |
Shares | Value | |||||||
Communication Services-(continued) |
| |||||||
Verizon Communications, Inc. | 1,074,920 | $ | 61,259,691 | |||||
ViacomCBS, Inc., Class B | 118,620 | 3,388,973 | ||||||
Walt Disney Co. (The) | 176,017 | 21,342,061 | ||||||
Yandex N.V., Class A (Russia)(b) | 17,171 | 988,534 | ||||||
|
| |||||||
334,964,759 | ||||||||
|
| |||||||
Consumer Discretionary-10.93% | ||||||||
Aaron’s Holdings Co., Inc. | 14,763 | 771,514 | ||||||
Abercrombie & Fitch Co., Class A | 45,862 | 652,158 | ||||||
Adient PLC(b) | 78,540 | 1,666,619 | ||||||
Advance Auto Parts, Inc. | 11,850 | 1,745,268 | ||||||
Amazon.com, Inc.(b) | 13,505 | 41,003,206 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) | 161,006 | 1,081,960 | ||||||
American Eagle Outfitters, Inc. | 60,520 | 829,729 | ||||||
Aptiv PLC | 36,510 | 3,522,850 | ||||||
Aramark | 57,900 | 1,606,146 | ||||||
Asbury Automotive Group, Inc.(b) | 10,136 | 1,043,805 | ||||||
Autoliv, Inc. (Sweden) | 23,037 | 1,746,205 | ||||||
AutoNation, Inc.(b) | 42,867 | 2,431,845 | ||||||
AutoZone, Inc.(b) | 2,511 | 2,834,869 | ||||||
Bed Bath & Beyond, Inc.(c) | 166,632 | 3,299,314 | ||||||
Best Buy Co., Inc. | 60,601 | 6,760,042 | ||||||
Big Lots, Inc. | 31,437 | 1,496,401 | ||||||
Bloomin’ Brands, Inc. | 26,346 | 368,317 | ||||||
Booking Holdings, Inc.(b) | 2,958 | 4,799,355 | ||||||
BorgWarner, Inc. | 93,682 | 3,276,996 | ||||||
Brinker International, Inc. | 16,143 | 702,866 | ||||||
Brunswick Corp. | 15,044 | 958,453 | ||||||
Burlington Stores, Inc.(b) | 4,423 | 856,204 | ||||||
Capri Holdings Ltd.(b) | 57,868 | 1,227,959 | ||||||
CarMax, Inc.(b) | 31,921 | 2,759,251 | ||||||
Carnival Corp. | 140,754 | 1,929,737 | ||||||
Carter’s, Inc. | 7,697 | 626,921 | ||||||
Chipotle Mexican Grill, Inc.(b) | 1,113 | 1,337,247 | ||||||
Cooper Tire & Rubber Co. | 23,536 | 809,403 | ||||||
Cooper-Standard Holdings, Inc.(b) | 29,008 | 455,136 | ||||||
Core-Mark Holding Co., Inc. | 28,541 | 780,596 | ||||||
Cracker Barrel Old Country Store, Inc. | 5,462 | 621,685 | ||||||
D.R. Horton, Inc. | 45,709 | 3,053,818 | ||||||
Dana, Inc. | 71,092 | 994,577 | ||||||
Darden Restaurants, Inc. | 17,950 | 1,649,964 | ||||||
Deckers Outdoor Corp.(b) | 2,772 | 702,342 | ||||||
Designer Brands, Inc., Class A | 37,003 | 160,223 | ||||||
Dick’s Sporting Goods, Inc. | 24,428 | 1,383,846 | ||||||
Dollar General Corp. | 26,200 | 5,468,202 | ||||||
Dollar Tree, Inc.(b) | 41,437 | 3,742,590 | ||||||
Domino’s Pizza, Inc. | 1,803 | 682,111 | ||||||
Dunkin’ Brands Group, Inc. | 7,613 | 759,092 | ||||||
eBay, Inc. | 91,876 | 4,376,054 | ||||||
Expedia Group, Inc. | 19,097 | 1,797,983 | ||||||
Extended Stay America, Inc. | 74,880 | 849,888 | ||||||
Foot Locker, Inc. | 46,941 | 1,731,184 | ||||||
Ford Motor Co. | 3,939,789 | 30,454,569 | ||||||
GameStop Corp., Class A(b)(c) | 398,277 | 4,169,960 | ||||||
Gap, Inc. (The) | 131,326 | 2,554,291 | ||||||
Garmin Ltd. | 16,680 | 1,735,054 | ||||||
General Motors Co. | 798,763 | 27,581,286 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | ||||
|
| |||
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Gentex Corp. | 30,658 | $ | 848,307 | |||||
Genuine Parts Co. | 33,757 | 3,052,645 | ||||||
G-III Apparel Group Ltd.(b) | 21,547 | 290,454 | ||||||
Goodyear Tire & Rubber Co. (The) | 298,741 | 2,473,575 | ||||||
Graham Holdings Co., Class B | 1,216 | 462,493 | ||||||
Group 1 Automotive, Inc. | 11,550 | 1,225,224 | ||||||
H&R Block, Inc. | 55,855 | 964,057 | ||||||
Hanesbrands, Inc. | 104,897 | 1,685,695 | ||||||
Harley-Davidson, Inc. | 57,607 | 1,894,118 | ||||||
Hasbro, Inc. | 17,622 | 1,457,692 | ||||||
Hilton Worldwide Holdings, Inc. | 14,483 | 1,271,752 | ||||||
Home Depot, Inc. (The) | 103,650 | 27,644,491 | ||||||
International Game Technology PLC | 56,775 | 466,123 | ||||||
KB Home | 15,036 | 484,911 | ||||||
Kohl’s Corp. | 100,858 | 2,147,267 | ||||||
Kontoor Brands, Inc. | 16,173 | 532,092 | ||||||
L Brands, Inc. | 157,994 | 5,057,388 | ||||||
Las Vegas Sands Corp. | 66,581 | 3,199,883 | ||||||
Laureate Education, Inc., | 29,103 | 378,339 | ||||||
Lear Corp. | 28,478 | 3,440,427 | ||||||
Leggett & Platt, Inc. | 28,195 | 1,176,577 | ||||||
Lennar Corp., Class A | 44,156 | 3,101,076 | ||||||
Lithia Motors, Inc., Class A | 8,593 | 1,972,695 | ||||||
LKQ Corp.(b) | 71,755 | 2,295,442 | ||||||
Lowe’s Cos., Inc. | 99,187 | 15,681,465 | ||||||
lululemon athletica, inc.(b) | 3,140 | 1,002,571 | ||||||
Macy’s, Inc.(c) | 361,241 | 2,243,307 | ||||||
Marriott International, Inc., Class A | 22,349 | 2,075,775 | ||||||
Marriott Vacations Worldwide Corp. | 6,238 | 602,591 | ||||||
Mattel, Inc.(b) | 137,754 | 1,896,873 | ||||||
McDonald’s Corp. | 70,922 | 15,106,386 | ||||||
Meritage Homes Corp.(b) | 9,739 | 848,170 | ||||||
MGM Resorts International | 95,903 | 1,972,725 | ||||||
Michaels Cos., Inc. (The)(b) | 126,576 | 1,026,531 | ||||||
Mohawk Industries, Inc.(b) | 19,599 | 2,022,421 | ||||||
Murphy USA, Inc.(b) | 15,702 | 1,920,198 | ||||||
Newell Brands, Inc. | 103,655 | 1,830,547 | ||||||
NIKE,Inc.,Class B | 75,137 | 9,022,451 | ||||||
Nordstrom, Inc.(c) | 58,419 | 706,870 | ||||||
Norwegian Cruise Line Holdings Ltd.(b)(c) | 53,779 | 894,345 | ||||||
NVR, Inc.(b) | 316 | 1,249,176 | ||||||
ODP Corp. (The) | 56,793 | 1,107,463 | ||||||
O’Reilly Automotive, Inc.(b) | 5,631 | 2,458,495 | ||||||
Penn National Gaming, Inc.(b) | 24,663 | 1,331,309 | ||||||
Penske Automotive Group, Inc. | 20,884 | 1,068,425 | ||||||
Polaris, Inc. | 13,351 | 1,213,072 | ||||||
PulteGroup, Inc. | 40,288 | 1,642,139 | ||||||
PVH Corp. | 23,219 | 1,353,436 | ||||||
Qurate Retail, Inc., Class A | 331,069 | 2,241,337 | ||||||
Ralph Lauren Corp. | 10,715 | 716,298 | ||||||
Ross Stores, Inc. | 24,849 | 2,116,389 | ||||||
Royal Caribbean Cruises Ltd. | 34,537 | 1,948,578 | ||||||
Sally Beauty Holdings, Inc.(b) | 65,540 | 548,570 | ||||||
Service Corp. International | 20,546 | 951,485 | ||||||
Signet Jewelers Ltd. | 39,728 | 885,140 | ||||||
Six Flags Entertainment Corp. | 27,623 | 597,209 | ||||||
Skechers U.S.A., Inc., Class A(b) | 23,976 | 760,279 | ||||||
Sonic Automotive, Inc., Class A | 20,002 | 721,272 | ||||||
Starbucks Corp. | 89,815 | 7,810,312 | ||||||
Tapestry, Inc. | 87,009 | 1,934,210 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Target Corp. | 121,377 | $ | 18,476,007 | |||||
Taylor Morrison Home Corp., Class A(b) | 34,573 | 746,777 | ||||||
Tenneco, Inc., Class A(b) | 85,862 | 740,130 | ||||||
Terminix Global Holdings, Inc.(b) | 19,535 | 919,903 | ||||||
Tesla, Inc.(b) | 9,396 | 3,646,024 | ||||||
Thor Industries, Inc. | 13,114 | 1,109,182 | ||||||
Tiffany & Co. | 13,150 | 1,720,546 | ||||||
TJX Cos., Inc. (The) | 120,345 | 6,113,526 | ||||||
Toll Brothers, Inc. | 25,561 | 1,080,719 | ||||||
Tractor Supply Co. | 14,975 | 1,994,820 | ||||||
TRI Pointe Group, Inc.(b) | 43,190 | 709,612 | ||||||
Tupperware Brands Corp. | 127,887 | 4,056,576 | ||||||
Ulta Beauty, Inc.(b) | 4,650 | 961,480 | ||||||
Under Armour, Inc., Class A(b) | 29,491 | 408,155 | ||||||
Under Armour, Inc., Class C(b) | 29,686 | 363,060 | ||||||
Urban Outfitters, Inc.(b) | 23,850 | 532,809 | ||||||
Vail Resorts, Inc. | 3,437 | 797,521 | ||||||
VF Corp. | 36,018 | 2,420,410 | ||||||
Visteon Corp.(b) | 19,076 | 1,710,163 | ||||||
Whirlpool Corp. | 24,626 | 4,554,825 | ||||||
Williams-Sonoma, Inc. | 17,725 | 1,616,697 | ||||||
Wyndham Destinations, Inc. | 16,393 | 534,904 | ||||||
Wynn Resorts Ltd. | 16,263 | 1,177,929 | ||||||
Yum China Holdings, Inc. (China) | 33,131 | 1,763,563 | ||||||
Yum! Brands, Inc. | 29,013 | 2,707,783 | ||||||
|
| |||||||
407,742,755 | ||||||||
|
| |||||||
Consumer Staples-9.07% | ||||||||
Altria Group, Inc. | 450,806 | 16,265,080 | ||||||
Archer-Daniels-Midland Co. | 252,691 | 11,684,432 | ||||||
B&G Foods, Inc.(c) | 45,316 | 1,203,593 | ||||||
BJ’s Wholesale Club Holdings, | 66,222 | 2,535,640 | ||||||
Brown-Forman Corp., Class B | 21,519 | 1,500,089 | ||||||
Bunge Ltd. | 80,351 | 4,558,312 | ||||||
Campbell Soup Co. | 29,423 | 1,373,171 | ||||||
Casey’s General Stores, Inc. | 6,495 | 1,094,862 | ||||||
Church & Dwight Co., Inc. | 19,395 | 1,714,324 | ||||||
Clorox Co. (The) | 13,286 | 2,753,523 | ||||||
Coca-Cola Co. (The) | 398,663 | 19,159,744 | ||||||
Coca-Cola European Partners PLC (United Kingdom) | 42,950 | 1,533,745 | ||||||
Colgate-Palmolive Co. | 90,614 | 7,148,538 | ||||||
Conagra Brands, Inc. | 99,610 | 3,495,315 | ||||||
Constellation Brands, Inc., Class A | 16,244 | 2,683,996 | ||||||
Costco Wholesale Corp. | 60,230 | 21,539,453 | ||||||
Coty, Inc., Class A | 78,972 | 229,019 | ||||||
Darling Ingredients, Inc.(b) | 36,436 | 1,566,748 | ||||||
Edgewell Personal Care Co.(b) | 16,680 | 437,350 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 11,248 | 2,470,736 | ||||||
Flowers Foods, Inc. | 41,115 | 969,492 | ||||||
General Mills, Inc. | 121,653 | 7,192,125 | ||||||
Hain Celestial Group, Inc. (The)(b) | 19,883 | 611,402 | ||||||
Hershey Co. (The) | 14,862 | 2,042,931 | ||||||
Hormel Foods Corp. | 33,040 | 1,608,718 | ||||||
Ingredion, Inc. | 16,868 | 1,195,773 | ||||||
JM Smucker Co. (The) | 26,692 | 2,994,842 | ||||||
Kellogg Co. | 47,023 | 2,957,276 | ||||||
Keurig Dr Pepper, Inc. | 31,644 | 851,224 | ||||||
Kimberly-Clark Corp. | 47,370 | 6,280,788 | ||||||
Kraft Heinz Co. (The) | 289,012 | 8,840,877 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Consumer Staples-(continued) |
| |||||||
Kroger Co. (The) | 467,309 | $ | 15,052,023 | |||||
Lamb Weston Holdings, Inc. | 7,624 | 483,743 | ||||||
McCormick & Co., Inc. | 9,926 | 1,791,742 | ||||||
Molson Coors Beverage Co., Class B | 58,525 | 2,063,591 | ||||||
Mondelez International, Inc., Class A | 184,026 | 9,775,461 | ||||||
Monster Beverage Corp.(b) | 16,655 | 1,275,273 | ||||||
Nomad Foods Ltd. (United Kingdom)(b) | 36,374 | 882,070 | ||||||
Nu Skin Enterprises, Inc., Class A | 23,029 | 1,136,481 | ||||||
PepsiCo, Inc. | 169,795 | 22,631,976 | ||||||
Performance Food Group Co.(b) | 36,089 | 1,212,951 | ||||||
Philip Morris International, Inc. | 293,194 | 20,822,638 | ||||||
Post Holdings, Inc.(b) | 11,429 | 981,751 | ||||||
Procter & Gamble Co. (The) | 305,332 | 41,861,017 | ||||||
Rite Aid Corp.(b)(c) | 205,094 | 1,874,559 | ||||||
Sanderson Farms, Inc. | 4,574 | 585,335 | ||||||
Spectrum Brands Holdings, Inc. | 15,563 | 885,068 | ||||||
Sprouts Farmers Market, Inc.(b) | 42,558 | 810,730 | ||||||
Sysco Corp. | 94,064 | 5,202,680 | ||||||
TreeHouse Foods, Inc.(b) | 23,004 | 893,475 | ||||||
Tyson Foods, Inc., Class A | 74,698 | 4,274,967 | ||||||
United Natural Foods, Inc.(b) | 115,455 | 1,682,179 | ||||||
Universal Corp. | 11,204 | 446,479 | ||||||
US Foods Holding Corp.(b) | 92,964 | 1,942,948 | ||||||
Vector Group Ltd. | 40,493 | 372,131 | ||||||
Walgreens Boots Alliance, Inc. | 331,097 | 11,270,542 | ||||||
Walmart, Inc. | 345,729 | 47,969,899 | ||||||
|
| |||||||
338,674,827 | ||||||||
|
| |||||||
Energy-5.43% | ||||||||
Antero Resources Corp.(b)(c) | 1,194,509 | 4,061,331 | ||||||
Apache Corp. | 88,473 | 734,326 | ||||||
Baker Hughes Co., Class A | 354,605 | 5,237,516 | ||||||
Cabot Oil & Gas Corp. | 53,387 | 949,755 | ||||||
Cheniere Energy, Inc.(b) | 14,800 | 708,476 | ||||||
Chevron Corp. | 615,171 | 42,754,384 | ||||||
Cimarex Energy Co. | 19,435 | 493,066 | ||||||
CNX Resources Corp.(b) | 127,978 | 1,241,387 | ||||||
Concho Resources, Inc. | 53,323 | 2,213,438 | ||||||
ConocoPhillips | 288,742 | 8,263,796 | ||||||
Continental Resources, Inc.(c) | 24,109 | 290,031 | ||||||
Cosan Ltd., Class A (Brazil) | 37,426 | 513,859 | ||||||
Delek US Holdings, Inc. | 41,603 | 418,526 | ||||||
Devon Energy Corp. | 141,667 | 1,265,086 | ||||||
Diamondback Energy, Inc. | 26,187 | 679,815 | ||||||
EOG Resources, Inc. | 88,915 | 3,044,450 | ||||||
EQT Corp. | 281,113 | 4,256,051 | ||||||
Exxon Mobil Corp. | 1,664,047 | 54,281,213 | ||||||
Gulfport Energy Corp.(b) | 575,990 | 147,453 | ||||||
Halliburton Co. | 282,730 | 3,409,724 | ||||||
Helmerich & Payne, Inc. | 44,156 | 656,600 | ||||||
Hess Corp. | 43,239 | 1,609,356 | ||||||
HollyFrontier Corp. | 77,605 | 1,436,469 | ||||||
Kinder Morgan, Inc. | 496,288 | 5,905,827 | ||||||
Marathon Oil Corp. | 396,283 | 1,569,281 | ||||||
Marathon Petroleum Corp. | 270,105 | 7,968,097 | ||||||
Murphy Oil Corp. | 83,980 | 648,326 | ||||||
Nabors Industries Ltd.(c) | 11,166 | 317,338 | ||||||
National Oilwell Varco, Inc. | 178,283 | 1,497,577 | ||||||
Occidental Petroleum Corp. | 285,714 | 2,608,569 | ||||||
Oceaneering International, Inc.(b) | 64,012 | 261,169 |
Shares | Value | |||||||
Energy-(continued) |
| |||||||
ONEOK, Inc. | 58,004 | $ | 1,682,116 | |||||
Parsley Energy, Inc., Class A | 54,778 | 548,328 | ||||||
Patterson-UTI Energy, Inc. | 141,400 | 361,984 | ||||||
PBF Energy, Inc., Class A | 102,396 | 478,189 | ||||||
PDC Energy, Inc.(b) | 32,127 | 382,954 | ||||||
Peabody Energy Corp. | 118,130 | 152,388 | ||||||
Phillips 66 | 192,013 | 8,959,327 | ||||||
Pioneer Natural Resources Co. | 19,813 | 1,576,322 | ||||||
QEP Resources, Inc. | 239,227 | 215,304 | ||||||
Range Resources Corp. | 250,783 | 1,650,152 | ||||||
Schlumberger Ltd. | 538,763 | 8,049,119 | ||||||
SM Energy Co. | 111,558 | 179,608 | ||||||
Southwestern Energy Co.(b) | 463,517 | 1,237,590 | ||||||
Targa Resources Corp. | 77,896 | 1,250,231 | ||||||
Transocean Ltd.(b)(c) | 669,708 | 449,039 | ||||||
Valero Energy Corp. | 208,569 | 8,052,849 | ||||||
Whiting Petroleum Corp.(b) | 5,149 | 75,175 | ||||||
Williams Cos., Inc. (The) | 346,307 | 6,645,631 | ||||||
World Fuel Services Corp. | 39,248 | 826,170 | ||||||
WPX Energy, Inc.(b) | 116,127 | 535,345 | ||||||
|
| |||||||
202,750,113 | ||||||||
|
| |||||||
Financials-15.91% | ||||||||
Affiliated Managers Group, Inc. | 12,653 | 953,657 | ||||||
Aflac, Inc. | 169,352 | 5,749,500 | ||||||
AGNC Investment Corp. | 105,921 | 1,479,716 | ||||||
Alleghany Corp. | 2,230 | 1,219,654 | ||||||
Allstate Corp. (The) | 72,042 | 6,393,727 | ||||||
Ally Financial, Inc. | 177,638 | 4,739,382 | ||||||
American Equity Investment Life Holding Co. | 30,042 | 745,642 | ||||||
American Express Co. | 92,556 | 8,444,809 | ||||||
American Financial Group, Inc. | 17,184 | 1,287,769 | ||||||
American International Group, Inc. | 395,373 | 12,450,296 | ||||||
Ameriprise Financial, Inc. | 24,921 | 4,008,044 | ||||||
Annaly Capital Management, Inc. | 304,952 | 2,162,110 | ||||||
Aon PLC, Class A | 14,592 | 2,685,074 | ||||||
Arch Capital Group Ltd.(b) | 51,462 | 1,554,667 | ||||||
Arthur J. Gallagher & Co. | 19,398 | 2,011,767 | ||||||
Associated Banc-Corp. | 45,098 | 617,392 | ||||||
Assurant, Inc. | 13,665 | 1,699,516 | ||||||
Assured Guaranty Ltd. | 31,916 | 814,815 | ||||||
Athene Holding Ltd., Class A(b) | 44,591 | 1,430,479 | ||||||
AXIS Capital Holdings Ltd. | 21,869 | 933,588 | ||||||
Bank of America Corp. | 1,601,642 | 37,958,915 | ||||||
Bank of Hawaii Corp. | 6,298 | 381,911 | ||||||
Bank of New York Mellon | 218,967 | 7,523,706 | ||||||
Bank OZK | 30,007 | 743,573 | ||||||
BankUnited, Inc. | 26,873 | 678,543 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 363,480 | 73,386,612 | ||||||
BlackRock, Inc. | 16,269 | 9,748,547 | ||||||
Blackstone Group, Inc. (The), Class A | 59,697 | 3,009,923 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 21,188 | 459,780 | ||||||
BOK Financial Corp. | 6,798 | 399,315 | ||||||
Brighthouse Financial, Inc.(b) | 68,299 | 2,260,697 | ||||||
Brown & Brown, Inc. | 16,661 | 724,920 | ||||||
Capital One Financial Corp. | 167,247 | 12,222,411 | ||||||
Cathay General Bancorp | 15,030 | 353,656 | ||||||
Cboe Global Markets, Inc. | 6,978 | 567,242 | ||||||
Charles Schwab Corp. (The) | 146,109 | 6,006,541 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Chimera Investment Corp. | 61,387 | $ | 512,581 | |||||
Chubb Ltd. | 80,279 | 10,429,045 | ||||||
Cincinnati Financial Corp. | 22,523 | 1,593,277 | ||||||
CIT Group, Inc. | 37,515 | 1,104,817 | ||||||
Citigroup, Inc. | 659,614 | 27,321,212 | ||||||
Citizens Financial Group, Inc. | 138,107 | 3,763,416 | ||||||
CME Group, Inc., Class A | 32,371 | 4,878,957 | ||||||
CNO Financial Group, Inc. | 64,547 | 1,145,709 | ||||||
Columbia Banking System, Inc. | 14,440 | 410,240 | ||||||
Comerica, Inc. | 36,479 | 1,660,159 | ||||||
Commerce Bancshares, Inc. | 11,910 | 741,398 | ||||||
Credicorp Ltd. (Peru) | 10,076 | 1,155,516 | ||||||
Cullen/Frost Bankers, Inc. | 10,342 | 726,732 | ||||||
Discover Financial Services | 82,513 | 5,364,170 | ||||||
East West Bancorp, Inc. | 29,004 | 1,058,066 | ||||||
Eaton Vance Corp. | 16,327 | 976,191 | ||||||
Equitable Holdings, Inc. | 127,560 | 2,741,264 | ||||||
Essent Group Ltd. | 11,466 | 456,920 | ||||||
Everest Re Group Ltd. | 7,913 | 1,559,494 | ||||||
F.N.B. Corp. | 94,570 | 714,949 | ||||||
FactSet Research Systems, Inc. | 1,796 | 550,474 | ||||||
Federated Hermes, Inc., Class B | 17,867 | 427,021 | ||||||
Fidelity National Financial, Inc. | 45,105 | 1,411,335 | ||||||
Fifth Third Bancorp | 174,767 | 4,058,090 | ||||||
First American Financial Corp. | 22,962 | 1,023,876 | ||||||
First Citizens BancShares, Inc., Class A | 1,044 | 483,059 | ||||||
First Hawaiian, Inc.(c) | 24,922 | 430,154 | ||||||
First Horizon National Corp. | 117,191 | 1,219,958 | ||||||
First Republic Bank | 15,599 | 1,967,658 | ||||||
Franklin Resources, Inc. | 117,644 | 2,205,825 | ||||||
Fulton Financial Corp. | 39,068 | 429,357 | ||||||
Genworth Financial, Inc., | 303,827 | 1,194,040 | ||||||
Globe Life, Inc. | 16,456 | 1,334,417 | ||||||
Goldman Sachs Group, Inc. (The) | 86,100 | 16,276,344 | ||||||
Hancock Whitney Corp. | 21,240 | 485,759 | ||||||
Hanover Insurance Group, | 8,243 | 788,525 | ||||||
Hartford Financial Services Group, Inc. (The) | 97,699 | 3,763,365 | ||||||
Home BancShares, Inc. | 27,812 | 461,679 | ||||||
Huntington Bancshares, Inc. | 230,964 | 2,411,264 | ||||||
Intercontinental Exchange, Inc. | 45,657 | 4,310,021 | ||||||
Invesco Ltd., (Acquired 03/15/2013 -07/10/2019; | 163,846 | 2,148,021 | ||||||
Invesco Mortgage Capital, Inc.(c)(d) | 32,206 | 86,956 | ||||||
Investors Bancorp, Inc. | 56,446 | 477,533 | ||||||
Janus Henderson Group PLC (United Kingdom) | 46,942 | 1,140,691 | ||||||
Jefferies Financial Group, Inc. | 93,355 | 1,821,356 | ||||||
JPMorgan Chase & Co. | 573,753 | 56,250,744 | ||||||
Kemper Corp. | 10,231 | 630,843 | ||||||
KeyCorp | 210,636 | 2,734,055 | ||||||
Lincoln National Corp. | 77,656 | 2,725,726 | ||||||
Loews Corp. | 76,980 | 2,669,666 | ||||||
LPL Financial Holdings, Inc. | 11,364 | 908,325 | ||||||
M&T Bank Corp. | 26,278 | 2,721,875 | ||||||
Markel Corp.(b) | 1,841 | 1,717,285 | ||||||
Marsh & McLennan Cos., Inc. | 45,961 | 4,755,125 | ||||||
MetLife, Inc. | 309,158 | 11,701,630 | ||||||
MFA Financial, Inc. | 110,734 | 312,270 | ||||||
MGIC Investment Corp. | 75,579 | 760,325 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Moody’s Corp. | 6,092 | $ | 1,601,587 | |||||
Morgan Stanley | 314,908 | 15,162,820 | ||||||
MSCI, Inc. | 2,068 | 723,469 | ||||||
Nasdaq, Inc. | 11,022 | 1,333,552 | ||||||
Navient Corp. | 145,824 | 1,168,050 | ||||||
New Residential Investment Corp. | 128,008 | 960,060 | ||||||
New York Community Bancorp, Inc. | 176,028 | 1,462,793 | ||||||
Northern Trust Corp. | 32,395 | 2,535,557 | ||||||
Old National Bancorp | 35,320 | 493,774 | ||||||
Old Republic International Corp. | 83,581 | 1,360,699 | ||||||
OneMain Holdings, Inc. | 20,076 | 700,452 | ||||||
PacWest Bancorp | 40,685 | 782,779 | ||||||
People’s United Financial, Inc. | 102,599 | 1,094,731 | ||||||
Pinnacle Financial Partners, Inc. | 11,137 | 509,963 | ||||||
PNC Financial Services Group, Inc. (The) | 86,847 | 9,716,442 | ||||||
Popular, Inc. | 23,240 | 980,728 | ||||||
Primerica, Inc. | 5,222 | 575,673 | ||||||
Principal Financial Group, Inc. | 90,008 | 3,530,114 | ||||||
ProAssurance Corp. | 26,146 | 403,433 | ||||||
Progressive Corp. (The) | 72,475 | 6,660,452 | ||||||
Prosperity Bancshares, Inc. | 12,387 | 682,648 | ||||||
Prudential Financial, Inc. | 193,129 | 12,364,119 | ||||||
Radian Group, Inc. | 33,796 | 606,638 | ||||||
Raymond James Financial, Inc. | 19,330 | 1,477,585 | ||||||
Regions Financial Corp. | 264,894 | 3,523,090 | ||||||
Reinsurance Group of America, Inc. | 18,709 | 1,889,983 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 4,962 | 802,455 | ||||||
S&P Global, Inc. | 9,394 | 3,031,726 | ||||||
Santander Consumer USA Holdings, Inc. | 35,523 | 722,538 | ||||||
SEI Investments Co. | 9,582 | 470,955 | ||||||
Selective Insurance Group, Inc. | 9,575 | 498,475 | ||||||
Signature Bank | 6,563 | 529,897 | ||||||
SLM Corp. | 80,049 | 735,650 | ||||||
Starwood Property Trust, Inc. | 64,619 | 902,727 | ||||||
State Street Corp. | 83,168 | 4,898,595 | ||||||
Sterling Bancorp | 39,822 | 532,818 | ||||||
Stifel Financial Corp. | 11,399 | 666,386 | ||||||
SVB Financial Group(b) | 6,515 | 1,893,910 | ||||||
Synchrony Financial | 227,655 | 5,695,928 | ||||||
Synovus Financial Corp. | 24,158 | 628,108 | ||||||
T. Rowe Price Group, Inc. | 28,386 | 3,595,371 | ||||||
TCF Financial Corp. | 14,803 | 402,790 | ||||||
Texas Capital Bancshares, Inc.(b) | 12,311 | 553,995 | ||||||
Travelers Cos., Inc. (The) | 85,396 | 10,308,151 | ||||||
Truist Financial Corp. | 157,839 | 6,648,179 | ||||||
Two Harbors Investment Corp. | 63,926 | 323,466 | ||||||
U.S. Bancorp | 286,004 | 11,139,856 | ||||||
UMB Financial Corp. | 8,180 | 497,917 | ||||||
Umpqua Holdings Corp. | 65,895 | 827,641 | ||||||
United Bankshares, Inc. | 24,408 | 640,222 | ||||||
Unum Group | 108,501 | 1,916,128 | ||||||
Valley National Bancorp | 76,698 | 585,973 | ||||||
Voya Financial, Inc. | 39,831 | 1,909,100 | ||||||
W.R. Berkley Corp. | 22,479 | 1,351,437 | ||||||
Waddell & Reed Financial, Inc., Class A | 45,651 | 700,743 | ||||||
Washington Federal, Inc. | 16,049 | 341,683 | ||||||
Webster Financial Corp. | 18,694 | 602,134 | ||||||
Wells Fargo & Co. | 1,280,308 | 27,462,607 | ||||||
Western Alliance Bancorporation | 12,399 | 510,839 | ||||||
Willis Towers Watson PLC | 13,874 | 2,531,728 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Wintrust Financial Corp. | 11,625 | $ | 572,299 | |||||
Zions Bancorporation N.A. | 37,266 | 1,202,574 | ||||||
|
| |||||||
593,852,848 | ||||||||
|
| |||||||
Health Care-12.57% | ||||||||
Abbott Laboratories | 141,088 | 14,829,760 | ||||||
AbbVie, Inc. | 226,145 | 19,244,940 | ||||||
Acadia Healthcare Co., Inc.(b) | 23,654 | 843,265 | ||||||
Agilent Technologies, Inc. | 20,902 | 2,133,885 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 22,308 | 2,568,543 | ||||||
Align Technology, Inc.(b) | 2,208 | 940,785 | ||||||
AmerisourceBergen Corp. | 104,812 | 10,069,289 | ||||||
Amgen, Inc. | 73,557 | 15,957,456 | ||||||
Anthem, Inc. | 54,002 | 14,731,746 | ||||||
Baxter International, Inc. | 38,396 | 2,978,378 | ||||||
Becton, Dickinson and Co. | 22,979 | 5,311,136 | ||||||
Biogen, Inc.(b) | 20,936 | 5,277,338 | ||||||
BioMarin Pharmaceutical, Inc.(b) | 6,008 | 447,175 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) | 1,787 | 1,047,933 | ||||||
Boston Scientific Corp.(b) | 75,801 | 2,597,700 | ||||||
Bristol-Myers Squibb Co. | 183,898 | 10,748,838 | ||||||
Brookdale Senior Living, Inc.(b) | 101,958 | 299,757 | ||||||
Cardinal Health, Inc. | 210,928 | 9,658,393 | ||||||
Catalent, Inc.(b) | 11,538 | 1,012,690 | ||||||
Centene Corp.(b) | 110,963 | 6,557,913 | ||||||
Cerner Corp. | 28,905 | 2,025,951 | ||||||
Charles River Laboratories International, Inc.(b) | 3,708 | 844,312 | ||||||
Cigna Corp. | 49,298 | 8,231,287 | ||||||
Community Health Systems, Inc.(b) | 170,537 | 1,064,151 | ||||||
Cooper Cos., Inc. (The) | 2,309 | 736,686 | ||||||
Covetrus, Inc.(b) | 54,738 | 1,351,481 | ||||||
CVS Health Corp. | 452,041 | 25,354,980 | ||||||
Danaher Corp. | 39,700 | 9,112,738 | ||||||
DaVita, Inc.(b) | 30,787 | 2,655,379 | ||||||
DENTSPLY SIRONA, Inc. | 18,423 | 869,381 | ||||||
Edwards Lifesciences Corp.(b) | 18,816 | 1,348,919 | ||||||
Elanco Animal Health, Inc.(b) | 40,424 | 1,253,548 | ||||||
Eli Lilly and Co. | 69,103 | 9,015,177 | ||||||
Encompass Health Corp. | 12,802 | 784,891 | ||||||
Gilead Sciences, Inc. | 228,965 | 13,314,315 | ||||||
HCA Healthcare, Inc. | 43,736 | 5,420,640 | ||||||
Henry Schein, Inc.(b) | 28,385 | 1,804,718 | ||||||
Hill-Rom Holdings, Inc. | 6,495 | 591,500 | ||||||
Hologic, Inc.(b) | 25,550 | 1,758,351 | ||||||
Humana, Inc. | 22,270 | 8,891,966 | ||||||
ICON PLC (Ireland)(b) | 3,939 | 710,202 | ||||||
Illumina, Inc.(b) | 4,824 | 1,411,985 | ||||||
Intuitive Surgical, Inc.(b) | 3,359 | 2,240,722 | ||||||
IQVIA Holdings, Inc.(b) | 15,116 | 2,327,713 | ||||||
Jazz Pharmaceuticals PLC(b) | 7,454 | 1,074,121 | ||||||
Johnson & Johnson | 326,087 | 44,709,789 | ||||||
Laboratory Corp. of America Holdings(b) | 16,611 | 3,318,379 | ||||||
Magellan Health, Inc.(b) | 11,724 | 847,293 | ||||||
McKesson Corp. | 119,426 | 17,614,141 | ||||||
MEDNAX, Inc.(b) | 61,887 | 789,059 | ||||||
Medtronic PLC | 157,737 | 15,863,610 | ||||||
Merck & Co., Inc. | 316,682 | 23,817,653 | ||||||
Mettler-Toledo International, Inc.(b) | 1,073 | 1,070,757 | ||||||
Molina Healthcare, Inc.(b) | 16,700 | 3,114,049 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Mylan N.V.(b) | 229,011 | $ | 3,329,820 | |||||
Owens & Minor, Inc. | 141,299 | 3,549,431 | ||||||
Patterson Cos., Inc. | 37,269 | 927,066 | ||||||
PerkinElmer, Inc. | 8,417 | 1,090,422 | ||||||
Perrigo Co. PLC | 22,285 | 977,643 | ||||||
Pfizer, Inc. | 1,149,420 | 40,781,422 | ||||||
PRA Health Sciences, Inc.(b) | 5,471 | 533,094 | ||||||
Quest Diagnostics, Inc. | 22,551 | 2,754,379 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 5,310 | 2,886,304 | ||||||
ResMed, Inc. | 6,384 | 1,225,345 | ||||||
Select Medical Holdings Corp.(b) | 20,494 | 429,964 | ||||||
STERIS PLC | 5,939 | 1,052,331 | ||||||
Stryker Corp. | 21,348 | 4,312,509 | ||||||
Teleflex, Inc. | 2,309 | 734,793 | ||||||
Tenet Healthcare Corp.(b) | 97,720 | 2,398,049 | ||||||
Thermo Fisher Scientific, Inc. | 24,077 | 11,391,310 | ||||||
United Therapeutics Corp.(b) | 9,398 | 1,261,494 | ||||||
UnitedHealth Group, Inc. | 123,462 | 37,673,195 | ||||||
Universal Health Services, Inc., Class B | 14,611 | 1,600,635 | ||||||
Varian Medical Systems, Inc.(b) | 6,138 | 1,060,646 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 3,592 | 748,429 | ||||||
Waters Corp.(b) | 4,509 | 1,004,695 | ||||||
Zimmer Biomet Holdings, Inc. | 19,558 | 2,583,612 | ||||||
Zoetis, Inc. | 14,196 | 2,250,776 | ||||||
|
| |||||||
469,154,128 | ||||||||
|
| |||||||
Industrials-10.37% | ||||||||
3M Co. | 95,409 | 15,261,624 | ||||||
A.O. Smith Corp. | 17,400 | 899,406 | ||||||
ABM Industries, Inc. | 21,076 | 731,759 | ||||||
Acuity Brands, Inc. | 6,597 | 588,057 | ||||||
AECOM(b) | 56,870 | 2,550,051 | ||||||
AerCap Holdings N.V. (Ireland)(b) | 50,195 | 1,246,342 | ||||||
AGCO Corp. | 18,345 | 1,413,115 | ||||||
Air Lease Corp. | 23,849 | 649,647 | ||||||
Allegion PLC | 5,056 | 498,016 | ||||||
Allison Transmission Holdings, Inc. | 18,324 | 662,413 | ||||||
AMERCO | 1,842 | 639,469 | ||||||
American Airlines Group, Inc.(c) | 71,098 | 801,985 | ||||||
AMETEK, Inc. | 16,736 | 1,643,475 | ||||||
Applied Industrial Technologies, Inc. | 7,963 | 486,141 | ||||||
ASGN, Inc.(b) | 10,325 | 688,471 | ||||||
Avis Budget Group, Inc.(b) | 52,683 | 1,773,837 | ||||||
Beacon Roofing Supply, Inc.(b) | 27,300 | 838,110 | ||||||
Boeing Co. (The) | 62,910 | 9,083,575 | ||||||
Builders FirstSource, Inc.(b) | 31,490 | 954,147 | ||||||
C.H. Robinson Worldwide, Inc. | 33,466 | 2,959,398 | ||||||
Carlisle Cos., Inc. | 6,821 | 844,917 | ||||||
Carrier Global Corp. | 127,851 | 4,268,945 | ||||||
Caterpillar, Inc. | 101,693 | 15,970,886 | ||||||
Cintas Corp. | 5,032 | 1,582,816 | ||||||
Clean Harbors, Inc.(b) | 8,708 | 461,263 | ||||||
Colfax Corp.(b) | 24,328 | 661,478 | ||||||
Copart, Inc.(b) | 6,533 | 720,982 | ||||||
CoreLogic, Inc. | 11,712 | 901,004 | ||||||
CoStar Group, Inc.(b) | 951 | 783,253 | ||||||
Covanta Holding Corp. | 40,453 | 367,313 | ||||||
Crane Co. | 8,460 | 429,345 | ||||||
CSX Corp. | 82,041 | 6,476,317 | ||||||
Cummins, Inc. | 33,336 | 7,330,253 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Curtiss-Wright Corp. | 4,472 | $ | 377,258 | |||||
Deere & Co. | 51,510 | 11,636,624 | ||||||
Delta Air Lines, Inc. | 47,162 | 1,445,044 | ||||||
Deluxe Corp. | 16,195 | 347,221 | ||||||
Donaldson Co., Inc. | 14,638 | 695,305 | ||||||
Dover Corp. | 16,528 | 1,829,815 | ||||||
Dycom Industries, Inc.(b) | 13,004 | 844,480 | ||||||
Eaton Corp. PLC | 77,273 | 8,020,165 | ||||||
EMCOR Group, Inc. | 12,340 | 841,465 | ||||||
Emerson Electric Co. | 105,969 | 6,865,731 | ||||||
EnerSys | 8,161 | 584,328 | ||||||
Equifax, Inc. | 9,441 | 1,289,641 | ||||||
Expeditors International of Washington, Inc. | 20,912 | 1,847,993 | ||||||
Fastenal Co. | 53,012 | 2,291,709 | ||||||
FedEx Corp. | 67,577 | 17,534,204 | ||||||
Flowserve Corp. | 24,006 | 699,055 | ||||||
Fluor Corp. | 196,786 | 2,233,521 | ||||||
Fortive Corp. | 24,781 | 1,526,510 | ||||||
Fortune Brands Home & Security, Inc. | 17,971 | 1,453,315 | ||||||
FTI Consulting, Inc.(b) | 4,491 | 442,184 | ||||||
GATX Corp. | 10,499 | 716,872 | ||||||
General Dynamics Corp. | 41,694 | 5,475,673 | ||||||
General Electric Co. | 2,792,921 | 20,723,474 | ||||||
Graco, Inc. | 10,313 | 638,375 | ||||||
Greenbrier Cos., Inc. (The) | 21,667 | 584,576 | ||||||
HD Supply Holdings, Inc.(b) | 30,565 | 1,218,321 | ||||||
Hertz Global Holdings, Inc.(b)(c) | 123,913 | 86,739 | ||||||
Hexcel Corp. | 8,348 | 279,491 | ||||||
Honeywell International, Inc. | 76,950 | 12,692,902 | ||||||
Howmet Aerospace, Inc. | 77,977 | 1,345,103 | ||||||
Hub Group, Inc., Class A(b) | 11,157 | 559,300 | ||||||
Hubbell, Inc. | 8,352 | 1,215,299 | ||||||
Huntington Ingalls Industries, Inc. | 6,383 | 941,365 | ||||||
IDEX Corp. | 5,601 | 954,354 | ||||||
IHS Markit Ltd. | 23,344 | 1,887,829 | ||||||
Illinois Tool Works, Inc. | 30,513 | 5,976,886 | ||||||
ITT, Inc. | 11,127 | 673,295 | ||||||
J.B. Hunt Transport Services, Inc. | 12,002 | 1,461,123 | ||||||
Jacobs Engineering Group, Inc. | 18,345 | 1,742,775 | ||||||
JetBlue Airways Corp.(b) | 29,278 | 350,458 | ||||||
Johnson Controls International PLC | 180,398 | 7,614,600 | ||||||
Kansas City Southern | 10,069 | 1,773,554 | ||||||
Kennametal, Inc. | 18,698 | 579,638 | ||||||
Kirby Corp.(b) | 14,472 | 557,027 | ||||||
Knight-Swift Transportation Holdings, Inc. | 23,536 | 894,133 | ||||||
L3Harris Technologies, Inc. | 9,386 | 1,512,178 | ||||||
Landstar System, Inc. | 5,638 | 703,059 | ||||||
Lennox International, Inc. | 2,682 | 728,592 | ||||||
Lincoln Electric Holdings, Inc. | 8,371 | 852,335 | ||||||
Lockheed Martin Corp. | 26,822 | 9,391,187 | ||||||
Macquarie Infrastructure Corp. | 30,634 | 790,357 | ||||||
ManpowerGroup, Inc. | 30,955 | 2,100,916 | ||||||
Masco Corp. | 33,345 | 1,787,292 | ||||||
MasTec, Inc.(b) | 14,759 | 732,637 | ||||||
Meritor, Inc.(b) | 25,125 | 611,542 | ||||||
Middleby Corp. (The)(b) | 7,113 | 708,028 | ||||||
MRC Global, Inc.(b) | 66,284 | 282,370 | ||||||
MSC Industrial Direct Co., Inc., Class A | 11,145 | 776,361 | ||||||
Mueller Industries, Inc. | 17,320 | 501,068 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Navistar International Corp.(b) | 18,728 | $ | 807,364 | |||||
Nielsen Holdings PLC | 124,916 | 1,687,615 | ||||||
Nordson Corp. | 4,328 | 837,165 | ||||||
Norfolk Southern Corp. | 33,085 | 6,918,735 | ||||||
Northrop Grumman Corp. | 17,278 | 5,007,510 | ||||||
nVent Electric PLC | 26,734 | 482,549 | ||||||
Old Dominion Freight Line, Inc. | 5,513 | 1,049,510 | ||||||
Oshkosh Corp. | 15,884 | 1,069,946 | ||||||
Otis Worldwide Corp. | 63,930 | 3,917,630 | ||||||
Owens Corning | 26,949 | 1,764,351 | ||||||
PACCAR, Inc. | 82,163 | 7,015,077 | ||||||
Parker-Hannifin Corp. | 17,093 | 3,561,497 | ||||||
Pentair PLC | 23,569 | 1,172,793 | ||||||
Pitney Bowes, Inc. | 270,266 | 1,435,112 | ||||||
Quanta Services, Inc. | 35,872 | 2,239,489 | ||||||
Raytheon Technologies Corp. | 211,227 | 11,473,851 | ||||||
Regal Beloit Corp. | 9,839 | 970,617 | ||||||
Republic Services, Inc. | 27,299 | 2,406,953 | ||||||
Resideo Technologies, Inc.(b) | 95,035 | 957,953 | ||||||
Rexnord Corp. | 16,040 | 514,563 | ||||||
Robert Half International, Inc. | 19,801 | 1,003,713 | ||||||
Rockwell Automation, Inc. | 11,463 | 2,718,107 | ||||||
Roper Technologies, Inc. | 5,886 | 2,185,707 | ||||||
Rush Enterprises, Inc., Class A | 18,120 | 649,421 | ||||||
Ryder System, Inc. | 49,590 | 2,442,803 | ||||||
Sensata Technologies Holding | 26,674 | 1,165,921 | ||||||
Snap-on, Inc. | 9,329 | 1,469,597 | ||||||
Southwest Airlines Co. | 26,155 | 1,033,907 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 19,075 | 346,974 | ||||||
Stanley Black & Decker, Inc. | 23,837 | 3,961,709 | ||||||
Stericycle, Inc.(b) | 15,675 | 976,552 | ||||||
Teledyne Technologies, Inc.(b) | 2,340 | 723,411 | ||||||
Terex Corp. | 28,277 | 698,159 | ||||||
Textron, Inc. | 55,817 | 1,998,249 | ||||||
Timken Co. (The) | 14,508 | 866,128 | ||||||
Toro Co. (The) | 7,958 | 653,352 | ||||||
Trane Technologies PLC | 27,225 | 3,614,119 | ||||||
TransDigm Group, Inc. | 4,632 | 2,211,363 | ||||||
TransUnion | 6,903 | 549,893 | ||||||
Trinity Industries, Inc.(c) | 40,644 | 765,733 | ||||||
Triton International Ltd. (Bermuda) | 16,793 | 619,326 | ||||||
Tutor Perini Corp.(b) | 50,932 | 688,091 | ||||||
Uber Technologies, Inc.(b) | 22,761 | 760,445 | ||||||
UFP Industries, Inc. | 9,664 | 482,330 | ||||||
Union Pacific Corp. | 80,655 | 14,291,259 | ||||||
United Airlines Holdings, Inc.(b) | 31,844 | 1,078,238 | ||||||
United Parcel Service, Inc., Class B | 142,098 | 22,325,017 | ||||||
United Rentals, Inc.(b) | 22,206 | 3,959,108 | ||||||
Univar Solutions, Inc.(b) | 66,865 | 1,109,290 | ||||||
Valmont Industries, Inc. | 4,673 | 663,332 | ||||||
Verisk Analytics, Inc. | 6,818 | 1,213,399 | ||||||
W.W. Grainger, Inc. | 6,924 | 2,423,538 | ||||||
Wabtec Corp. | 12,411 | 735,972 | ||||||
Waste Management, Inc. | 45,447 | 4,904,186 | ||||||
Watsco, Inc. | 5,118 | 1,147,148 | ||||||
WESCO International, Inc.(b) | 34,168 | 1,409,088 | ||||||
XPO Logistics, Inc.(b) | 25,393 | 2,285,370 | ||||||
Xylem, Inc. | 15,062 | 1,312,503 | ||||||
|
| |||||||
387,127,200 | ||||||||
|
|
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, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-15.25% | ||||||||
Accenture PLC, Class A | 51,385 | $ | 11,145,920 | |||||
Adobe, Inc.(b) | 9,332 | 4,172,337 | ||||||
Advanced Micro Devices, Inc.(b) | 15,168 | 1,141,999 | ||||||
Akamai Technologies, Inc.(b) | 12,460 | 1,185,195 | ||||||
Alliance Data Systems Corp. | 15,323 | 789,747 | ||||||
Amdocs Ltd. | 18,621 | 1,049,852 | ||||||
Amphenol Corp., Class A | 22,343 | 2,521,184 | ||||||
Analog Devices, Inc. | 32,152 | 3,810,977 | ||||||
ANSYS, Inc.(b) | 2,935 | 893,326 | ||||||
Apple, Inc. | 1,327,642 | 144,527,108 | ||||||
Applied Materials, Inc. | 76,444 | 4,527,778 | ||||||
Arrow Electronics, Inc.(b) | 54,738 | 4,263,543 | ||||||
Automatic Data Processing, Inc. | 29,628 | 4,680,039 | ||||||
Avaya Holdings Corp.(b) | 58,192 | 1,000,902 | ||||||
Avnet, Inc. | 84,919 | 2,094,952 | ||||||
Benchmark Electronics, Inc. | 19,977 | 416,121 | ||||||
Black Knight, Inc.(b) | 9,007 | 792,166 | ||||||
Booz Allen Hamilton Holding Corp. | 15,599 | 1,224,522 | ||||||
Broadcom, Inc. | 31,590 | 11,044,812 | ||||||
Broadridge Financial Solutions, Inc. | 9,220 | 1,268,672 | ||||||
CACI International, Inc., Class A(b) | 3,613 | 753,419 | ||||||
Cadence Design Systems, Inc.(b) | 9,248 | 1,011,454 | ||||||
CDK Global, Inc. | 11,390 | 490,909 | ||||||
CDW Corp. | 15,463 | 1,895,764 | ||||||
Check Point Software Technologies Ltd. (Israel)(b) | 8,881 | 1,008,526 | ||||||
Ciena Corp.(b) | 17,710 | 697,597 | ||||||
Cisco Systems, Inc. | 640,004 | 22,976,144 | ||||||
Citrix Systems, Inc. | 5,523 | 625,590 | ||||||
Cognizant Technology Solutions Corp., Class A | 60,724 | 4,336,908 | ||||||
CommScope Holding Co., Inc.(b) | 105,667 | 940,436 | ||||||
Conduent, Inc.(b) | 172,686 | 601,811 | ||||||
Corning, Inc. | 177,040 | 5,659,969 | ||||||
Cree, Inc.(b) | 12,447 | 791,629 | ||||||
Dell Technologies, Inc., Class C(b) | 46,451 | 2,799,137 | ||||||
DXC Technology Co. | 158,278 | 2,915,481 | ||||||
EchoStar Corp., Class A(b) | 14,602 | 338,182 | ||||||
Euronet Worldwide, Inc.(b) | 4,195 | 372,684 | ||||||
F5 Networks, Inc.(b) | 6,258 | 831,939 | ||||||
Fidelity National Information Services, Inc. | 25,787 | 3,212,802 | ||||||
First Solar, Inc.(b) | 20,617 | 1,794,607 | ||||||
Fiserv, Inc.(b) | 15,760 | 1,504,607 | ||||||
FleetCor Technologies, Inc.(b) | 4,409 | 973,992 | ||||||
Flex Ltd.(b) | 313,674 | 4,438,487 | ||||||
FLIR Systems, Inc. | 12,374 | 429,254 | ||||||
Gartner, Inc.(b) | 4,362 | 523,876 | ||||||
Genpact Ltd. | 14,484 | 497,815 | ||||||
Global Payments, Inc. | 5,535 | 873,091 | ||||||
Hewlett Packard Enterprise Co. | 590,137 | 5,098,784 | ||||||
HP, Inc. | 332,860 | 5,978,166 | ||||||
Insight Enterprises, Inc.(b) | 16,006 | 853,920 | ||||||
Intel Corp. | 629,966 | 27,894,894 | ||||||
International Business Machines Corp. | 212,996 | 23,783,133 | ||||||
Intuit, Inc. | 7,630 | 2,401,008 | ||||||
Jabil, Inc. | 67,434 | 2,234,763 | ||||||
Jack Henry & Associates, Inc. | 4,439 | 658,082 | ||||||
Juniper Networks, Inc. | 73,603 | 1,451,451 | ||||||
KBR, Inc. | 25,851 | 576,219 | ||||||
Keysight Technologies, Inc.(b) | 10,711 | 1,123,263 |
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
KLA Corp. | 20,900 | $ | 4,121,062 | |||||
Lam Research Corp. | 9,141 | 3,126,953 | ||||||
Leidos Holdings, Inc. | 19,968 | 1,657,344 | ||||||
Marvell Technology Group Ltd. | 63,376 | 2,377,234 | ||||||
Mastercard, Inc., Class A | 17,964 | 5,185,129 | ||||||
Maxim Integrated Products, Inc. | 28,361 | 1,975,344 | ||||||
Microchip Technology, Inc. | 21,589 | 2,268,572 | ||||||
Micron Technology, Inc.(b) | 230,994 | 11,628,238 | ||||||
Microsoft Corp. | 366,508 | 74,206,875 | ||||||
MKS Instruments, Inc. | 5,500 | 596,145 | ||||||
Motorola Solutions, Inc. | 9,920 | 1,567,955 | ||||||
National Instruments Corp. | 14,434 | 451,496 | ||||||
NCR Corp.(b) | 42,276 | 859,048 | ||||||
NetApp, Inc. | 35,656 | 1,564,942 | ||||||
NortonLifeLock, Inc. | 159,847 | 3,288,053 | ||||||
Nuance Communications, Inc.(b) | 23,254 | 742,035 | ||||||
NVIDIA Corp. | 12,393 | 6,213,354 | ||||||
NXP Semiconductors N.V. (Netherlands) | 27,544 | 3,721,745 | ||||||
ON Semiconductor Corp.(b) | 77,320 | 1,939,959 | ||||||
Oracle Corp. | 244,327 | 13,709,188 | ||||||
Paychex, Inc. | 30,540 | 2,511,915 | ||||||
PayPal Holdings, Inc.(b) | 44,169 | 8,221,176 | ||||||
Perspecta, Inc. | 27,491 | 492,914 | ||||||
Plexus Corp.(b) | 7,468 | 519,325 | ||||||
Qorvo, Inc.(b) | 14,564 | 1,854,871 | ||||||
QUALCOMM, Inc. | 156,795 | 19,342,231 | ||||||
Sabre Corp. | 54,034 | 352,302 | ||||||
salesforce.com, inc.(b) | 20,050 | 4,657,013 | ||||||
Sanmina Corp.(b) | 38,122 | 931,702 | ||||||
Science Applications International Corp. | 8,772 | 669,918 | ||||||
Seagate Technology PLC | 77,228 | 3,693,043 | ||||||
Skyworks Solutions, Inc. | 16,090 | 2,273,356 | ||||||
SS&C Technologies Holdings, Inc. | 14,574 | 863,072 | ||||||
SYNNEX Corp. | 12,055 | 1,586,920 | ||||||
Synopsys, Inc.(b) | 7,722 | 1,651,427 | ||||||
TE Connectivity Ltd. | 54,274 | 5,258,065 | ||||||
Teradata Corp.(b) | 23,627 | 434,028 | ||||||
Teradyne, Inc. | 10,106 | 887,812 | ||||||
Texas Instruments, Inc. | 82,052 | 11,863,899 | ||||||
Trimble, Inc.(b) | 21,717 | 1,045,239 | ||||||
TTM Technologies, Inc.(b) | 44,844 | 532,298 | ||||||
ViaSat, Inc.(b) | 10,706 | 362,933 | ||||||
Visa, Inc., Class A | 52,535 | 9,546,135 | ||||||
Vishay Intertechnology, Inc. | 32,110 | 520,824 | ||||||
Vontier Corp.(b) | 9,956 | 286,135 | ||||||
Western Digital Corp. | 87,712 | 3,309,374 | ||||||
Western Union Co. (The) | 72,917 | 1,417,506 | ||||||
WEX, Inc.(b) | 2,949 | 373,196 | ||||||
Xerox Holdings Corp. | 58,174 | 1,011,064 | ||||||
Xilinx, Inc. | 21,016 | 2,494,389 | ||||||
Zebra Technologies Corp., Class A(b) | 3,809 | 1,080,385 | ||||||
|
| |||||||
569,146,083 | ||||||||
|
| |||||||
Materials-4.14% | ||||||||
Air Products and Chemicals, Inc. | 20,027 | 5,532,258 | ||||||
Albemarle Corp. | 14,758 | 1,375,593 | ||||||
Alcoa Corp.(b) | 161,414 | 2,085,469 | ||||||
Allegheny Technologies, Inc.(b) | 33,215 | 305,910 | ||||||
AptarGroup, Inc. | 7,266 | 828,978 | ||||||
Arconic Corp.(b) | 19,469 | 423,256 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Materials-(continued) | ||||||||
Ashland Global Holdings, Inc. | 11,129 | $ | 776,470 | |||||
Avery Dennison Corp. | 10,901 | 1,508,589 | ||||||
Avient Corp. | 18,580 | 577,281 | ||||||
Axalta Coating Systems Ltd.(b) | 36,073 | 905,793 | ||||||
Ball Corp. | 26,491 | 2,357,699 | ||||||
Berry Global Group, Inc.(b) | 36,016 | 1,679,426 | ||||||
Boise Cascade Co. | 13,273 | 509,418 | ||||||
Cabot Corp. | 16,816 | 639,176 | ||||||
Carpenter Technology Corp. | 12,928 | 225,981 | ||||||
Celanese Corp. | 18,875 | 2,142,501 | ||||||
CF Industries Holdings, Inc. | 56,706 | 1,565,653 | ||||||
Chemours Co. (The) | 64,588 | 1,300,802 | ||||||
Commercial Metals Co. | 43,134 | 890,717 | ||||||
Compass Minerals International, Inc. | 8,982 | 542,333 | ||||||
Constellium SE(b) | 55,912 | 492,585 | ||||||
Corteva, Inc. | 164,623 | 5,429,267 | ||||||
Crown Holdings, Inc.(b) | 24,617 | 2,112,139 | ||||||
Domtar Corp. | 38,450 | 918,186 | ||||||
Dow, Inc. | 165,751 | 7,540,013 | ||||||
DuPont de Nemours, Inc. | 292,871 | 16,658,502 | ||||||
Eastman Chemical Co. | 43,940 | 3,552,110 | ||||||
Ecolab, Inc. | 19,431 | 3,567,337 | ||||||
Element Solutions, Inc.(b) | 54,409 | 637,673 | ||||||
FMC Corp. | 8,712 | 895,071 | ||||||
Freeport-McMoRan, Inc. | 366,192 | 6,349,769 | ||||||
Graphic Packaging Holding Co. | 75,243 | 999,979 | ||||||
Greif, Inc., Class A | 10,667 | 432,974 | ||||||
H.B. Fuller Co. | 11,368 | 514,402 | ||||||
Huntsman Corp. | 93,127 | 2,262,055 | ||||||
International Flavors & Fragrances, Inc. | 13,931 | 1,430,156 | ||||||
International Paper Co. | 146,856 | 6,424,950 | ||||||
Linde PLC (United Kingdom) | 62,430 | 13,755,826 | ||||||
Louisiana-Pacific Corp. | 22,239 | 635,591 | ||||||
LyondellBasell Industries N.V., Class A | 111,276 | 7,616,842 | ||||||
Martin Marietta Materials, Inc. | 6,223 | 1,657,496 | ||||||
Mosaic Co. (The) | 159,087 | 2,943,110 | ||||||
Newmont Corp. | 59,857 | 3,761,414 | ||||||
Nucor Corp. | 109,234 | 5,217,016 | ||||||
O-I Glass, Inc. | 91,755 | 865,250 | ||||||
Olin Corp. | 70,315 | 1,163,713 | ||||||
Packaging Corp. of America | 19,918 | 2,280,412 | ||||||
PPG Industries, Inc. | 34,699 | 4,501,154 | ||||||
Reliance Steel & Aluminum Co. | 18,690 | 2,037,023 | ||||||
RPM International, Inc. | 17,267 | 1,461,997 | ||||||
Scotts Miracle-Gro Co. (The) | 4,984 | 747,849 | ||||||
Sealed Air Corp. | 34,830 | 1,378,920 | ||||||
Sherwin-Williams Co. (The) | 5,145 | 3,539,657 | ||||||
Silgan Holdings, Inc. | 17,244 | 594,056 | ||||||
Sonoco Products Co. | 23,747 | 1,160,991 | ||||||
Steel Dynamics, Inc. | 67,689 | 2,130,850 | ||||||
Summit Materials, Inc., Class A(b) | 26,017 | 460,241 | ||||||
Trinseo S.A. | 27,278 | 867,986 | ||||||
United States Steel Corp.(c) | 217,039 | 2,096,597 | ||||||
Vulcan Materials Co. | 12,126 | 1,756,330 | ||||||
Warrior Met Coal, Inc. | 53,855 | 807,825 | ||||||
Westlake Chemical Corp. | 9,728 | 657,807 | ||||||
Westrock Co. | 105,145 | 3,948,195 | ||||||
|
| |||||||
154,434,619 | ||||||||
|
|
Shares | Value | |||||||
Real Estate-2.86% | ||||||||
Alexander & Baldwin, Inc. | 26,649 | $ | 342,440 | |||||
Alexandria Real Estate Equities, Inc. | 9,653 | 1,462,623 | ||||||
American Campus Communities, Inc. | 24,142 | 904,359 | ||||||
American Homes 4 Rent, Class A | 26,052 | 736,490 | ||||||
American Tower Corp. | 20,151 | 4,627,677 | ||||||
Apartment Investment & Management Co., Class A | 18,464 | 589,002 | ||||||
Apple Hospitality REIT, Inc. | 81,642 | 808,256 | ||||||
AvalonBay Communities, Inc. | 15,010 | 2,088,341 | ||||||
Boston Properties, Inc. | 21,345 | 1,545,591 | ||||||
Brandywine Realty Trust | 42,086 | 368,673 | ||||||
Brixmor Property Group, Inc. | 71,715 | 785,996 | ||||||
Camden Property Trust | 10,975 | 1,012,334 | ||||||
CBRE Group, Inc., Class A(b) | 53,062 | 2,674,325 | ||||||
Colony Capital, Inc. | 238,342 | 848,498 | ||||||
Columbia Property Trust, Inc. | 35,295 | 373,421 | ||||||
CoreCivic, Inc. | 64,617 | 414,195 | ||||||
Corporate Office Properties Trust | 21,082 | 472,869 | ||||||
Cousins Properties, Inc. | 14,647 | 373,206 | ||||||
Crown Castle International Corp. | 34,559 | 5,398,116 | ||||||
CubeSmart | 22,698 | 770,143 | ||||||
CyrusOne, Inc. | 10,331 | 734,018 | ||||||
DiamondRock Hospitality Co. | 62,935 | 310,899 | ||||||
Digital Realty Trust, Inc. | 23,116 | 3,335,639 | ||||||
Diversified Healthcare Trust | 144,746 | 419,040 | ||||||
Douglas Emmett, Inc. | 18,817 | 444,081 | ||||||
Duke Realty Corp. | 39,747 | 1,509,989 | ||||||
EPR Properties | 12,577 | 299,836 | ||||||
Equinix, Inc. | 5,477 | 4,005,002 | ||||||
Equity LifeStyle Properties, Inc. | 9,785 | 579,174 | ||||||
Equity Residential | 45,575 | 2,141,114 | ||||||
Essex Property Trust, Inc. | 6,319 | 1,292,804 | ||||||
Extra Space Storage, Inc. | 11,687 | 1,355,108 | ||||||
Federal Realty Investment Trust | 8,790 | 604,576 | ||||||
Gaming and Leisure Properties, Inc. | 22,306 | 810,823 | ||||||
GEO Group, Inc. (The) | 56,954 | 504,612 | ||||||
Healthcare Realty Trust, Inc. | 17,015 | 473,017 | ||||||
Healthcare Trust of America, Inc., Class A | 27,150 | 659,745 | ||||||
Healthpeak Properties, Inc. | 71,954 | 1,940,599 | ||||||
Highwoods Properties, Inc. | 18,126 | 539,611 | ||||||
Host Hotels & Resorts, Inc. | 213,158 | 2,233,896 | ||||||
Howard Hughes Corp. (The)(b) | 5,305 | 329,918 | ||||||
Hudson Pacific Properties, Inc. | 22,078 | 425,222 | ||||||
Invitation Homes, Inc. | 51,734 | 1,410,269 | ||||||
Iron Mountain, Inc. | 80,128 | 2,088,136 | ||||||
JBG SMITH Properties | 15,111 | 352,842 | ||||||
Jones Lang LaSalle, Inc. | 10,640 | 1,200,830 | ||||||
Kilroy Realty Corp. | 12,799 | 602,577 | ||||||
Kimco Realty Corp. | 87,207 | 894,744 | ||||||
Lamar Advertising Co., Class A | 12,279 | 760,807 | ||||||
Lexington Realty Trust | 49,191 | 488,467 | ||||||
Life Storage, Inc. | 6,080 | 694,032 | ||||||
Macerich Co. (The)(c) | 66,267 | 461,218 | ||||||
Medical Properties Trust, Inc. | 46,300 | 825,066 | ||||||
Mid-America Apartment Communities, Inc. | 12,891 | 1,503,477 | ||||||
National Retail Properties, Inc. | 16,568 | 530,342 | ||||||
Office Properties Income Trust | 15,405 | 283,606 | ||||||
Omega Healthcare Investors, Inc. | 27,724 | 798,728 | ||||||
Outfront Media, Inc. | 39,508 | 517,950 | ||||||
Paramount Group, Inc. | 52,309 | 302,346 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Park Hotels & Resorts, Inc. | 74,706 | $ | 741,831 | |||||
Pebblebrook Hotel Trust | 31,791 | 380,856 | ||||||
Physicians Realty Trust | 25,351 | 427,418 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 28,313 | 323,334 | ||||||
Prologis, Inc. | 52,825 | 5,240,240 | ||||||
Public Storage | 12,511 | 2,865,895 | ||||||
Rayonier, Inc. | 27,112 | 688,103 | ||||||
Realogy Holdings Corp.(b) | 88,615 | 988,943 | ||||||
Realty Income Corp. | 25,969 | 1,502,566 | ||||||
Regency Centers Corp. | 24,298 | 864,766 | ||||||
Retail Properties of America, Inc., Class A | 63,978 | 335,245 | ||||||
RLJ Lodging Trust. | 69,283 | 566,735 | ||||||
Ryman Hospitality Properties, Inc. | 6,726 | 268,031 | ||||||
Sabra Health Care REIT, Inc. | 32,709 | 430,450 | ||||||
SBA Communications Corp., Class A | 2,506 | 727,667 | ||||||
Service Properties Trust | 76,064 | 548,421 | ||||||
Simon Property Group, Inc. | 44,445 | 2,791,590 | ||||||
SITE Centers Corp. | 57,318 | 390,336 | ||||||
SL Green Realty Corp.(c) | 20,078 | 859,539 | ||||||
Spirit Realty Capital, Inc. | 15,981 | 480,229 | ||||||
STORE Capital Corp. | 19,949 | 512,689 | ||||||
Sun Communities, Inc. | 5,996 | 825,230 | ||||||
Sunstone Hotel Investors, Inc. | 76,034 | 564,172 | ||||||
Taubman Centers, Inc. | 10,497 | 350,810 | ||||||
UDR, Inc. | 26,629 | 831,890 | ||||||
Uniti Group, Inc. | 89,228 | 786,991 | ||||||
Ventas, Inc. | 75,718 | 2,988,590 | ||||||
VEREIT, Inc. | 221,311 | 1,372,128 | ||||||
VICI Properties, Inc. | 49,256 | 1,130,425 | ||||||
Vornado Realty Trust | 30,647 | 941,782 | ||||||
Washington Prime Group, Inc.(c) | 294,900 | 172,664 | ||||||
Weingarten Realty Investors | 23,481 | 372,409 | ||||||
Welltower, Inc. | 68,051 | 3,659,102 | ||||||
Weyerhaeuser Co. | 146,277 | 3,991,899 | ||||||
WP Carey, Inc. | 19,705 | 1,233,730 | ||||||
Xenia Hotels & Resorts, Inc. | 35,072 | 288,993 | ||||||
|
| |||||||
106,706,414 | ||||||||
|
| |||||||
Utilities-4.45% | ||||||||
AES Corp. (The) | 189,052 | 3,686,514 | ||||||
ALLETE, Inc. | 10,182 | 525,188 | ||||||
Alliant Energy Corp. | 33,952 | 1,876,866 | ||||||
Ameren Corp. | 41,765 | 3,387,977 | ||||||
American Electric Power Co., Inc. | 88,343 | 7,944,686 | ||||||
American Water Works Co., Inc. | 17,571 | 2,644,611 | ||||||
Atmos Energy Corp. | 14,961 | 1,371,475 | ||||||
Avangrid, Inc. | 11,775 | 580,978 | ||||||
Avista Corp. | 14,908 | 495,244 | ||||||
Black Hills Corp. | 9,852 | 558,214 | ||||||
CenterPoint Energy, Inc. | 142,977 | 3,021,104 | ||||||
CMS Energy Corp. | 43,761 | 2,771,384 | ||||||
Consolidated Edison, Inc. | 77,512 | 6,083,917 | ||||||
Dominion Energy, Inc. | 116,660 | 9,372,464 | ||||||
DTE Energy Co. | 35,285 | 4,354,875 | ||||||
Duke Energy Corp. | 170,487 | 15,703,558 | ||||||
Edison International | 71,630 | 4,014,145 | ||||||
Investment Abbreviations: | ||||||||
REIT -Real Estate Investment Trust |
|
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Entergy Corp. | 37,231 | $ | 3,768,522 | |||||
Essential Utilities, Inc. | 16,113 | 663,856 | ||||||
Evergy, Inc. | 44,782 | 2,471,966 | ||||||
Eversource Energy | 49,186 | 4,292,462 | ||||||
Exelon Corp. | 275,867 | 11,004,335 | ||||||
FirstEnergy Corp. | 105,063 | 3,122,472 | ||||||
Hawaiian Electric Industries, Inc. | 21,791 | 719,975 | ||||||
IDACORP, Inc. | 7,699 | 675,433 | ||||||
MDU Resources Group, Inc. | 41,335 | 982,120 | ||||||
National Fuel Gas Co. | 20,564 | 821,737 | ||||||
New Jersey Resources Corp. | 16,066 | 468,806 | ||||||
NextEra Energy, Inc. | 194,922 | 14,270,240 | ||||||
NiSource, Inc. | 68,707 | 1,578,200 | ||||||
NorthWestern Corp. | 9,613 | 501,126 | ||||||
NRG Energy, Inc. | 42,621 | 1,347,676 | ||||||
OGE Energy Corp. | 36,789 | 1,131,997 | ||||||
ONE Gas, Inc. | 7,913 | 546,313 | ||||||
PG&E Corp.(b) | 345,144 | 3,299,577 | ||||||
Pinnacle West Capital Corp. | 22,901 | 1,868,035 | ||||||
PNM Resources, Inc. | 12,546 | 627,300 | ||||||
Portland General Electric Co. | 17,102 | 672,109 | ||||||
PPL Corp. | 185,059 | 5,089,122 | ||||||
Public Service Enterprise Group, Inc. | 108,916 | 6,333,465 | ||||||
Sempra Energy | 39,885 | 4,999,984 | ||||||
South Jersey Industries, Inc. | 16,747 | 322,715 | ||||||
Southern Co. (The) | 196,278 | 11,276,171 | ||||||
Southwest Gas Holdings, Inc. | 12,677 | 833,132 | ||||||
Spire, Inc. | 9,367 | 524,927 | ||||||
UGI Corp. | 51,220 | 1,656,455 | ||||||
Vistra Corp. | 111,817 | 1,942,261 | ||||||
WEC Energy Group, Inc. | 40,862 | 4,108,674 | ||||||
Xcel Energy, Inc. | 83,103 | 5,819,703 | ||||||
|
| |||||||
166,134,066 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% | 3,730,687,812 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.74% | ||||||||
Invesco Private Government Fund, 0.04%(d)(f)(g) | 11,130,275 | 11,130,275 | ||||||
Invesco Private Prime Fund, | 16,690,405 | 16,695,412 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 27,825,687 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.70% |
| 3,758,513,499 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.70)% |
| (26,188,574 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 3,732,324,925 | |||||
|
|
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, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 1,635,550 | $ | 39,280 | $ | (309,885 | ) | $ | 1,024,842 | $ | (241,766 | ) | $ | 2,148,021 | $ | 55,315 | |||||||||||||||||||
Invesco Mortgage Capital, Inc. | 113,471 | 18,341 | (30,736 | ) | 71,172 | (85,292 | ) | 86,956 | 20,653 | ||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 23,820,087 | (23,820,087 | ) | - | - | - | 88 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 2,516,296 | 66,479,831 | (68,996,127 | ) | - | - | - | 1,276 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 32,953,152 | 72,773,856 | (94,596,733 | ) | - | - | 11,130,275 | 4,413 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 37,009,561 | (20,315,675 | ) | 157 | 1,369 | 16,695,412 | 4,122 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 37,218,469 | $ | 200,140,956 | $ | (208,069,243 | ) | $ | 1,096,171 | $ | (325,689 | ) | $ | 30,060,664 | $ | 85,867 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
15 | ||||
|
| |||
Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
| ||||||||
Financials | 15.91 | |||||||
Information Technology | 15.25 | |||||||
Health Care | 12.57 | |||||||
Consumer Discretionary | 10.93 | |||||||
Industrials | 10.37 | |||||||
Consumer Staples | 9.07 | |||||||
Communication Services | 8.98 | |||||||
Energy | 5.43 | |||||||
Utilities | 4.45 | |||||||
Materials | 4.14 | |||||||
Real Estate | 2.86 | |||||||
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.
16 | ||||
|
| |||
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Communication Services-3.67% | ||||||||
ANGI Homeservices, Inc., Class A(b) | 31,189 | $ | 330,603 | |||||
ATN International, Inc. | 14,937 | 667,684 | ||||||
Bandwidth, Inc., Class A(b)(c) | 2,454 | 393,511 | ||||||
Boingo Wireless, Inc.(b) | 25,590 | 239,011 | ||||||
Boston Omaha Corp., Class A(b) | 6,459 | 103,215 | ||||||
Cable One, Inc. | 1,212 | 2,099,014 | ||||||
Cargurus, Inc., (Acquired 03/20/2020 -04/13/2020; Cost $187,944)(b)(d) | 11,283 | 224,870 | ||||||
Cars.com, Inc.(b)(c) | 223,161 | 1,649,160 | ||||||
Cincinnati Bell, Inc.(b) | 159,234 | 2,396,472 | ||||||
Clear Channel Outdoor Holdings, Inc.(b) | 324,969 | 290,522 | ||||||
Cogent Communications Holdings, Inc. | 21,151 | 1,180,226 | ||||||
comScore, Inc.(b) | 141,242 | 281,778 | ||||||
Consolidated Communications Holdings, Inc.(b | 310,401 | 1,449,573 | ||||||
Cumulus Media, Inc., Class A(b)(c) | 44,512 | 225,231 | ||||||
DHI Group, Inc.(b) | 81,379 | 137,530 | ||||||
E.W. Scripps Co. (The), Class A | 91,267 | 828,704 | ||||||
Emerald Holding, Inc. | 39,793 | 104,258 | ||||||
Entercom Communications Corp., Class A | 310,923 | 466,384 | ||||||
Entravision Communications Corp., Class A | 142,824 | 261,368 | ||||||
Eros International PLC (India)(b)(c) | 214,253 | 411,366 | ||||||
Eventbrite, Inc., Class A(b)(c) | 10,811 | 99,785 | ||||||
Fluent, Inc.(b) | 54,263 | 138,371 | ||||||
Gannett Co., Inc. | 392,261 | 451,100 | ||||||
Glu Mobile, Inc.(b) | 33,983 | 243,318 | ||||||
Gogo, Inc.(b)(c) | 94,043 | 756,106 | ||||||
Gray Television, Inc.(b) | 126,745 | 1,607,127 | ||||||
IDT Corp., Class B(b) | 53,957 | 514,210 | ||||||
iHeartMedia, Inc., Class A(b)(c) | 170,221 | 1,399,217 | ||||||
IMAX Corp.(b) | 55,125 | 635,591 | ||||||
Iridium Communications, Inc.(b) | 66,042 | 1,744,169 | ||||||
Liberty Media Corp.-Liberty Braves, Class A(b) | 3,943 | 81,620 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(b) | 15,987 | 327,254 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A(b) | 230,291 | 409,918 | ||||||
Madison Square Garden Entertainment Corp.(b) | 9,454 | 614,510 | ||||||
Madison Square Garden Sports Corp., Class A(b) | 9,142 | 1,294,873 | ||||||
Marcus Corp. (The) | 28,442 | 208,480 | ||||||
Match Group, Inc.(b) | 6,564 | 766,544 | ||||||
MDC Partners, Inc., Class A(b) | 107,586 | 251,751 | ||||||
MSG Networks, Inc., Class A(b) | 64,722 | 578,615 | ||||||
National CineMedia, Inc. | 149,972 | 297,694 | ||||||
New York Times Co. (The), Class A | 57,010 | 2,261,016 | ||||||
ORBCOMM, Inc.(b) | 106,151 | 456,449 | ||||||
QuinStreet, Inc.(b) | 21,832 | 349,421 | ||||||
Roku, Inc.(b) | 3,259 | 659,622 | ||||||
Scholastic Corp. | 57,240 | 1,131,062 | ||||||
Shenandoah Telecommunications Co. | 24,736 | 1,078,984 | ||||||
Sirius XM Holdings, Inc.(c) | 377,427 | 2,162,657 | ||||||
Snap, Inc., Class A(b) | 71,433 | 2,813,746 | ||||||
Spok Holdings, Inc. | 32,159 | 292,004 | ||||||
TechTarget, Inc.(b) | 7,767 | 340,195 |
Shares | Value | |||||||
Communication Services-(continued) |
| |||||||
Tribune Publishing Co. | 42,335 | $ | 485,159 | |||||
TripAdvisor, Inc. | 98,435 | 1,881,093 | ||||||
TrueCar, Inc.(b) | 144,729 | 631,018 | ||||||
United States Cellular Corp.(b) | 48,445 | 1,410,718 | ||||||
Vonage Holdings Corp.(b) | 147,512 | 1,560,677 | ||||||
WideOpenWest, Inc.(b) | 90,315 | 450,672 | ||||||
World Wrestling Entertainment, Inc., Class A | 15,359 | 558,453 | ||||||
Yelp, Inc.(b) | 49,119 | 966,171 | ||||||
Zillow Group, Inc., Class A(b) | 16,014 | 1,430,531 | ||||||
Zillow Group, Inc., Class C(b) | 35,327 | 3,130,679 | ||||||
Zynga, Inc., Class A(b) | 244,507 | 2,198,118 | ||||||
|
| |||||||
52,409,178 | ||||||||
|
| |||||||
Consumer Discretionary-15.72% | ||||||||
1-800-Flowers.com, Inc., Class A(b) | 25,873 | 513,062 | ||||||
Acushnet Holdings Corp. | 37,542 | 1,281,308 | ||||||
Adtalem Global Education, Inc.(b) | 78,033 | 1,829,094 | ||||||
American Outdoor Brands, Inc.(b) | 33,619 | 508,655 | ||||||
American Public Education, Inc.(b) | 28,507 | 805,893 | ||||||
America’s Car-Mart, Inc.(b) | 4,467 | 386,485 | ||||||
At Home Group, Inc.(b) | 181,610 | 2,958,427 | ||||||
Barnes & Noble Education, Inc.(b) | 213,785 | 491,706 | ||||||
Bassett Furniture Industries, Inc. | 31,648 | 467,124 | ||||||
Beazer Homes USA, Inc.(b) | 124,549 | 1,517,007 | ||||||
Big 5 Sporting Goods Corp.(c) | 114,049 | 837,120 | ||||||
Biglari Holdings, Inc., Class A(b) | 291 | 127,167 | ||||||
Biglari Holdings, Inc., Class B(b) | 2,746 | 230,032 | ||||||
BJ’s Restaurants, Inc. | 27,463 | 774,731 | ||||||
Blue Apron Holdings, Inc., | 62,976 | 270,797 | ||||||
Bluegreen Vacations Holding Corp. | 15,885 | 129,463 | ||||||
Boot Barn Holdings, Inc.(b) | 27,293 | 873,922 | ||||||
Boyd Gaming Corp. | 83,028 | 2,633,648 | ||||||
Bright Horizons Family Solutions, Inc.(b) | 16,610 | 2,625,210 | ||||||
Buckle, Inc. (The) | 76,886 | 1,842,189 | ||||||
Build-A-Bear Workshop, Inc.(b) | 84,495 | 348,964 | ||||||
Caesars Entertainment, Inc.(b) | 32,405 | 1,452,392 | ||||||
Caleres, Inc. | 182,820 | 1,404,058 | ||||||
Callaway Golf Co. | 68,005 | 1,053,397 | ||||||
Camping World Holdings, Inc., Class A | 64,649 | 1,709,320 | ||||||
Carriage Services, Inc. | 22,725 | 586,532 | ||||||
Carrols Restaurant Group, Inc.(b) | 137,327 | 803,363 | ||||||
Carvana Co.(b) | 1,495 | 277,098 | ||||||
Cato Corp. (The), Class A | 71,887 | 439,948 | ||||||
Cavco Industries, Inc.(b) | 5,080 | 874,471 | ||||||
Century Casinos, Inc.(b) | 40,597 | 191,212 | ||||||
Century Communities, Inc.(b) | 41,460 | 1,610,306 | ||||||
Cheesecake Factory, Inc. (The)(c) | 63,207 | 1,878,512 | ||||||
Chegg, Inc.(b) | 13,742 | 1,009,212 | ||||||
Chewy, Inc., Class A(b)(c) | 6,106 | 376,130 | ||||||
Chico’s FAS, Inc. | 653,440 | 699,181 | ||||||
Children’s Place, Inc. (The)(c) | 29,277 | 739,830 | ||||||
Choice Hotels International, Inc. | 11,352 | 991,597 | ||||||
Churchill Downs, Inc. | 9,918 | 1,479,270 | ||||||
Chuy’s Holdings, Inc.(b) | 20,637 | 433,171 | ||||||
Citi Trends, Inc. | 26,123 | 682,072 | ||||||
Clarus Corp. | 15,036 | 233,208 | ||||||
Collectors Universe, Inc. | 9,775 | 536,941 |
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)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Columbia Sportswear Co. | 19,894 | $ | 1,483,893 | |||||
Conn’s, Inc.(b) | 146,158 | 1,369,500 | ||||||
Container Store Group, Inc. | 83,493 | 794,853 | ||||||
Crocs, Inc.(b) | 27,802 | 1,454,879 | ||||||
Culp, Inc. | 27,036 | 335,517 | ||||||
Dave & Buster’s Entertainment, Inc. | 31,767 | 545,122 | ||||||
Del Taco Restaurants, Inc.(b) | 92,709 | 687,437 | ||||||
Denny’s Corp.(b) | 32,623 | 292,302 | ||||||
Despegar.com Corp. (Argentina)(b) | 30,545 | 207,706 | ||||||
Dillard’s, Inc., Class A(c) | 44,141 | 1,974,427 | ||||||
Dine Brands Global, Inc. | 16,032 | 824,846 | ||||||
Dorman Products, Inc.(b) | 23,517 | 2,099,363 | ||||||
Drive Shack, Inc.(b)(c) | 219,953 | 323,331 | ||||||
Duluth Holdings, Inc., Class B(b)(c) | 23,785 | 364,862 | ||||||
El Pollo Loco Holdings, Inc.(b) | 24,372 | 344,133 | ||||||
Ethan Allen Interiors, Inc. | 72,268 | 1,159,901 | ||||||
Etsy, Inc.(b) | 14,793 | 1,798,681 | ||||||
Everi Holdings, Inc.(b) | 55,763 | 480,119 | ||||||
Express, Inc.(b) | 626,281 | 382,658 | ||||||
Farfetch Ltd., Class A (United Kingdom)(b) | 46,870 | 1,318,453 | ||||||
Fiesta Restaurant Group, Inc.(b) | 70,995 | 613,397 | ||||||
Five Below, Inc.(b) | 16,486 | 2,198,243 | ||||||
Flexsteel Industries, Inc. | 18,831 | 526,326 | ||||||
Floor & Decor Holdings, Inc., Class A(b) | 19,712 | 1,438,976 | ||||||
Fossil Group, Inc.(b) | 560,746 | 3,201,860 | ||||||
Fox Factory Holding Corp.(b) | 11,541 | 970,367 | ||||||
Francesca’s Holdings Corp.(b)(c) | 74,448 | 219,622 | ||||||
frontdoor, Inc.(b) | 34,225 | 1,355,994 | ||||||
Funko, Inc., Class A(b)(c) | 36,392 | 230,725 | ||||||
Genesco, Inc.(b) | 85,494 | 1,514,954 | ||||||
Gentherm, Inc.(b) | 34,195 | 1,582,887 | ||||||
Golden Entertainment, Inc.(b) | 22,802 | 293,234 | ||||||
GoPro, Inc., Class A(b) | 224,562 | 1,333,898 | ||||||
Grand Canyon Education, Inc.(b) | 32,885 | 2,577,197 | ||||||
Green Brick Partners, Inc.(b) | 33,196 | 593,876 | ||||||
Groupon, Inc.(b)(c) | 68,630 | 1,330,736 | ||||||
Grubhub, Inc.(b) | 38,133 | 2,820,317 | ||||||
Guess?, Inc. | 121,572 | 1,432,118 | ||||||
Hamilton Beach Brands Holding Co., Class A | 23,157 | 510,612 | ||||||
Haverty Furniture Cos., Inc., (Acquired 07/03/2013 - 03/20/2020; | 62,118 | 1,554,192 | ||||||
Helen of Troy Ltd.(b) | 14,216 | 2,695,354 | ||||||
Hibbett Sports, Inc.(b) | 58,100 | 2,196,761 | ||||||
Hilton Grand Vacations, Inc.(b) | 100,424 | 2,068,734 | ||||||
Hooker Furniture Corp. | 27,454 | 754,985 | ||||||
Houghton Mifflin Harcourt Co.(b) | 294,469 | 768,564 | ||||||
Hovnanian Enterprises, Inc., Class A(b)(c) | 49,941 | 1,586,126 | ||||||
Hudson Ltd., Class A(b) | 76,949 | 587,890 | ||||||
Hyatt Hotels Corp., Class A | 27,909 | 1,538,902 | ||||||
Installed Building Products, Inc.(b) | 10,874 | 984,532 | ||||||
iRobot Corp.(b)(c) | 26,755 | 2,129,163 | ||||||
J. Jill, Inc.(b)(c) | 305,268 | 202,484 | ||||||
Jack in the Box, Inc. | 23,196 | 1,857,072 | ||||||
Johnson Outdoors, Inc., Class A | 4,421 | 386,086 | ||||||
K12, Inc.(b) | 87,603 | 2,091,084 | ||||||
Kirkland’s, Inc.(b)(c) | 252,286 | 2,341,214 | ||||||
Lands’ End, Inc.(b) | 41,512 | 666,268 | ||||||
La-Z-Boy, Inc. | 60,589 | 2,073,961 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
LCI Industries | 24,572 | $ | 2,694,566 | |||||
LGI Homes, Inc.(b) | 15,555 | 1,662,518 | ||||||
Lindblad Expeditions Holdings, Inc.(b) | 13,236 | 110,124 | ||||||
Liquidity Services, Inc.(b) | 40,749 | 347,589 | ||||||
Lumber Liquidators Holdings, Inc.(b) | 92,207 | 2,039,619 | ||||||
M.D.C. Holdings, Inc. | 61,180 | 2,662,554 | ||||||
M/I Homes, Inc.(b) | 54,904 | 2,246,672 | ||||||
Magnite, Inc.(b)(c) | 36,946 | 333,622 | ||||||
MakeMyTrip Ltd. (India)(b) | 25,214 | 473,267 | ||||||
Malibu Boats, Inc., Class A(b) | 9,750 | 495,593 | ||||||
MarineMax, Inc.(b) | 53,967 | 1,617,931 | ||||||
MasterCraft Boat Holdings, Inc.(b) | 25,849 | 533,006 | ||||||
MercadoLibre, Inc. (Argentina)(b) | 1,792 | 2,175,578 | ||||||
Modine Manufacturing Co.(b) | 139,899 | 895,354 | ||||||
Monarch Casino & Resort, Inc.(b) | 6,868 | 298,003 | ||||||
Monro, Inc. | 28,911 | 1,215,997 | ||||||
Motorcar Parts of America, Inc.(b) | 35,969 | 529,823 | ||||||
Movado Group, Inc. | 45,105 | 492,096 | ||||||
National Vision Holdings, Inc.(b) | 55,933 | 2,255,778 | ||||||
Nautilus, Inc.(b) | 175,071 | 3,797,290 | ||||||
New Home Co., Inc. (The)(b) | 40,069 | 203,551 | ||||||
Noodles & Co.(b) | 27,138 | 175,311 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(b) | 28,321 | 2,466,476 | ||||||
Overstock.com, Inc.(b) | 92,081 | 5,165,744 | ||||||
Oxford Industries, Inc. | 21,629 | 890,466 | ||||||
Papa John’s International, Inc. | 17,285 | 1,324,031 | ||||||
Party City Holdco, Inc.(b)(c) | 803,242 | 1,598,452 | ||||||
Patrick Industries, Inc. | 27,838 | 1,551,968 | ||||||
Perdoceo Education Corp.(b) | 45,037 | 508,468 | ||||||
PetMed Express, Inc.(c) | 19,389 | 573,527 | ||||||
Planet Fitness, Inc., Class A(b) | 8,995 | 533,134 | ||||||
Playa Hotels & Resorts N.V.(b) | 96,415 | 373,126 | ||||||
PlayAGS, Inc.(b) | 33,163 | 89,540 | ||||||
Pool Corp. | 13,011 | 4,551,638 | ||||||
Potbelly Corp.(b)(c) | 66,800 | 237,808 | ||||||
Quotient Technology, Inc.(b) | 45,271 | 402,912 | ||||||
RCI Hospitality Holdings, Inc. | 9,278 | 198,549 | ||||||
Red Lion Hotels Corp.(b) | 69,206 | 119,726 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) | 45,223 | 544,485 | ||||||
Red Rock Resorts, Inc., Class A | 64,535 | 1,233,909 | ||||||
Regis Corp.(b) | 67,816 | 375,701 | ||||||
Rent-A-Center, Inc. | 72,058 | 2,226,592 | ||||||
RH(b) | 9,424 | 3,159,208 | ||||||
Rocky Brands, Inc. | 12,276 | 330,224 | ||||||
Ruth’s Hospitality Group, Inc. | 25,660 | 286,879 | ||||||
Scientific Games Corp.(b) | 111,313 | 3,548,658 | ||||||
SeaWorld Entertainment, Inc.(b) | 38,214 | 841,472 | ||||||
Select Interior Concepts, Inc., Class A(b) | 47,291 | 327,254 | ||||||
Shake Shack, Inc., Class A(b)(c) | 5,381 | 363,325 | ||||||
Shoe Carnival, Inc.(c) | 17,593 | 545,031 | ||||||
Shutterstock, Inc. | 10,576 | 692,199 | ||||||
Skyline Champion Corp.(b) | 19,757 | 506,767 | ||||||
Sleep Number Corp.(b) | 26,472 | 1,677,266 | ||||||
Smith & Wesson Brands, Inc.(c) | 130,648 | 2,167,450 | ||||||
Sonos, Inc.(b) | 49,495 | 722,627 | ||||||
Sportsman’s Warehouse Holdings, | 132,724 | 1,728,066 | ||||||
Stamps.com, Inc.(b) | 7,590 | 1,694,392 | ||||||
Standard Motor Products, Inc. | 27,616 | 1,264,813 | ||||||
Steven Madden Ltd. | 54,632 | 1,311,714 | ||||||
Stitch Fix, Inc., Class A(b)(c) | 12,543 | 431,855 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Stoneridge, Inc.(b) | 32,038 | $ | 731,428 | |||||
Strategic Education, Inc. | 8,723 | 724,532 | ||||||
Sturm Ruger & Co., Inc. | 21,671 | 1,448,923 | ||||||
Superior Industries International, | 141,216 | 173,696 | ||||||
Tempur Sealy International, Inc.(b) | 35,292 | 3,140,988 | ||||||
Texas Roadhouse, Inc. | 43,598 | 3,053,168 | ||||||
Tilly’s, Inc., Class A | 70,712 | 434,172 | ||||||
TopBuild Corp.(b) | 21,712 | 3,326,496 | ||||||
Turtle Beach Corp.(b)(c) | 20,565 | 370,581 | ||||||
Twin River Worldwide Holdings, Inc. | 18,764 | 455,402 | ||||||
Unifi, Inc.(b) | 33,101 | 496,184 | ||||||
Universal Electronics, Inc.(b) | 16,396 | 607,636 | ||||||
Veoneer, Inc. (Sweden)(b)(c) | 224,301 | 3,447,506 | ||||||
Vera Bradley, Inc.(b) | 51,040 | 323,594 | ||||||
Vista Outdoor, Inc.(b) | 217,765 | 4,305,214 | ||||||
Wayfair, Inc., Class A(b)(c) | 21,578 | 5,351,991 | ||||||
Wendy’s Co. (The) | 121,236 | 2,649,007 | ||||||
Weyco Group, Inc. | 8,193 | 129,777 | ||||||
Wingstop, Inc. | 6,243 | 726,248 | ||||||
Winnebago Industries, Inc. | 22,391 | 1,051,257 | ||||||
Wolverine World Wide, Inc. | 95,341 | 2,542,744 | ||||||
WW International, Inc.(b) | 39,099 | 827,335 | ||||||
Wyndham Hotels & Resorts, Inc. | 51,532 | 2,396,753 | ||||||
YETI Holdings, Inc.(b) | 11,480 | 568,030 | ||||||
ZAGG, Inc.(b)(c) | 66,322 | 189,018 | ||||||
Zumiez, Inc.(b) | 30,711 | 859,908 | ||||||
|
| |||||||
224,536,801 | ||||||||
|
| |||||||
Consumer Staples-3.29% | ||||||||
Adecoagro S.A. (Brazil)(b) | 143,471 | 694,400 | ||||||
Andersons, Inc. (The) | 146,666 | 3,181,186 | ||||||
Boston Beer Co., Inc. (The), | 2,936 | 3,051,032 | ||||||
Calavo Growers, Inc. | 12,016 | 806,634 | ||||||
Cal-Maine Foods, Inc.(b) | 45,044 | 1,727,437 | ||||||
Central Garden & Pet Co., Class A(b) | 70,561 | 2,497,154 | ||||||
Chefs’ Warehouse, Inc. (The)(b) | 29,006 | 392,161 | ||||||
Coca-Cola Consolidated, Inc. | 4,823 | 1,104,226 | ||||||
elf Beauty, Inc.(b) | 15,204 | 308,185 | ||||||
Energizer Holdings, Inc. | 42,551 | 1,674,382 | ||||||
Farmer Brothers Co.(b) | 30,941 | 107,365 | ||||||
Fresh Del Monte Produce, Inc. | 92,464 | 1,990,750 | ||||||
Freshpet, Inc.(b) | 2,780 | 318,310 | ||||||
Grocery Outlet Holding Corp.(b) | 22,755 | 1,001,675 | ||||||
Herbalife Nutrition Ltd.(b) | 80,924 | 3,652,909 | ||||||
Hostess Brands, Inc.(b) | 138,196 | 1,746,797 | ||||||
Ingles Markets, Inc., Class A | 52,802 | 1,893,480 | ||||||
Inter Parfums, Inc. | 9,518 | 390,809 | ||||||
J&J Snack Foods Corp. | 8,484 | 1,150,176 | ||||||
John B. Sanfilippo & Son, Inc. | 11,591 | 843,361 | ||||||
Lancaster Colony Corp. | 12,547 | 2,084,559 | ||||||
Landec Corp.(b) | 48,397 | 465,095 | ||||||
Lifevantage Corp.(b) | 13,908 | 153,683 | ||||||
Limoneira Co. | 12,308 | 170,220 | ||||||
Medifast, Inc. | 4,899 | 688,261 | ||||||
MGP Ingredients, Inc. | 12,002 | 504,324 | ||||||
National Beverage Corp.(b)(c) | 13,264 | 1,038,439 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 38,483 | 409,459 | ||||||
NewAge, Inc.(b) | 58,648 | 137,236 | ||||||
Pilgrim’s Pride Corp.(b) | 108,289 | 1,812,758 | ||||||
PriceSmart, Inc. | 34,082 | 2,351,658 |
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Revlon, Inc., Class A(b)(c) | 16,715 | $ | 68,531 | |||||
Seneca Foods Corp., Class A(b) | 9,503 | 350,186 | ||||||
Simply Good Foods Co. (The)(b) | 28,469 | 535,217 | ||||||
SpartanNash Co. | 152,099 | 2,800,143 | ||||||
Tootsie Roll Industries, Inc.(c) | 10,195 | 304,627 | ||||||
Turning Point Brands, Inc. | 7,354 | 275,554 | ||||||
USANA Health Sciences, Inc.(b) | 13,539 | 1,024,225 | ||||||
Village Super Market, Inc., Class A | 32,300 | 731,595 | ||||||
WD-40 Co. | 4,965 | 1,208,382 | ||||||
Weis Markets, Inc. | 30,207 | 1,371,700 | ||||||
|
| |||||||
47,018,281 | ||||||||
|
| |||||||
Energy-3.65% | ||||||||
Abraxas Petroleum Corp.(b)(c) | 50,734 | 82,696 | ||||||
Amplify Energy Corp.(c) | 44,095 | 28,675 | ||||||
Antero Midstream Corp. | 35,068 | 200,940 | ||||||
Arch Resources, Inc. | 34,699 | 1,060,054 | ||||||
Archrock, Inc. | 241,572 | 1,432,522 | ||||||
Ardmore Shipping Corp. (Ireland) | 99,337 | 278,144 | ||||||
Berry Corp. | 108,864 | 285,224 | ||||||
Bonanza Creek Energy, Inc.(b) | 49,331 | 873,652 | ||||||
Bristow Group, Inc.(b) | 16,433 | 341,478 | ||||||
Cactus, Inc., Class A | 18,412 | 313,004 | ||||||
Callon Petroleum Co.(b)(c) | 107,740 | 563,480 | ||||||
Centennial Resource Development, Inc., Class A(b) | 1,012,395 | 627,381 | ||||||
ChampionX Corp.(b) | 98,255 | 857,766 | ||||||
Clean Energy Fuels Corp.(b) | 167,135 | 414,495 | ||||||
CONSOL Energy, Inc.(b) | 348,840 | 1,322,104 | ||||||
Core Laboratories N.V. | 82,393 | 1,190,579 | ||||||
CVR Energy, Inc. | 79,654 | 876,991 | ||||||
DHT Holdings, Inc. | 190,699 | 917,262 | ||||||
Diamond S Shipping, Inc.(b) | 91,446 | 517,584 | ||||||
DMC Global, Inc. | 6,782 | 241,236 | ||||||
Dorian LPG Ltd.(b) | 53,864 | 441,685 | ||||||
Dril-Quip, Inc.(b) | 48,896 | 1,266,406 | ||||||
Equitrans Midstream Corp. | 285,407 | 2,072,055 | ||||||
Evolution Petroleum Corp. | 35,013 | 77,379 | ||||||
Exterran Corp.(b) | 97,648 | 413,051 | ||||||
Forum Energy Technologies, Inc.(b) | 549,856 | 261,402 | ||||||
Frank’s International N.V.(b) | 295,461 | 517,057 | ||||||
FTS International, Inc.(b)(c) | 9,263 | 30,475 | ||||||
GasLog Ltd. (Greece) | 191,871 | 456,653 | ||||||
Geopark Ltd. (Colombia) | 35,019 | 240,931 | ||||||
Geospace Technologies Corp.(b) | 15,181 | 77,878 | ||||||
Golar LNG Ltd. (Bermuda)(b) | 181,097 | 1,367,282 | ||||||
Green Plains, Inc.(b) | 227,275 | 3,431,852 | ||||||
Gulf Island Fabrication, Inc.(b) | 36,208 | 118,038 | ||||||
Helix Energy Solutions Group, Inc.(b) | 282,846 | 701,458 | ||||||
HighPoint Resources Corp.(b) | 13,057 | 72,075 | ||||||
International Seaways, Inc. | 77,365 | 1,047,522 | ||||||
ION Geophysical Corp.(b)(c) | 39,779 | 58,873 | ||||||
KLX Energy Services Holdings, | 30,314 | 118,831 | ||||||
Kosmos Energy Ltd. (Ghana) | 475,490 | 472,780 | ||||||
Laredo Petroleum, Inc.(b)(c) | 44,095 | 354,524 | ||||||
Liberty Oilfield Services, Inc., Class A | 114,831 | 767,071 | ||||||
Magnolia Oil & Gas Corp., Class A(b) | 147,781 | 641,370 | ||||||
Mammoth Energy Services, Inc.(b) | 222,736 | 336,331 | ||||||
Matador Resources Co.(b) | 172,642 | 1,220,579 | ||||||
Matrix Service Co.(b) | 85,206 | 647,566 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Energy-(continued) | ||||||||
Montage Resources Corp.(b) | 138,920 | $ | 687,654 | |||||
NACCO Industries, Inc., Class A | 4,899 | 95,481 | ||||||
National Energy Services Reunited Corp.(b) | 37,642 | 278,551 | ||||||
Natural Gas Services Group, Inc.(b) | 35,467 | 308,563 | ||||||
Navigator Holdings Ltd.(b) | 64,613 | 442,599 | ||||||
Navios Maritime Acquisition Corp. (Greece) | 101,868 | 373,856 | ||||||
Newpark Resources, Inc.(b) | 339,308 | 242,639 | ||||||
NexTier Oilfield Solutions, Inc.(b) | 211,949 | 400,584 | ||||||
Nine Energy Service, Inc.(b)(c) | 100,977 | 108,045 | ||||||
Nordic American Tankers Ltd.(c) | 615,976 | 1,792,490 | ||||||
Northern Oil and Gas, Inc.(b)(c) | 29,101 | 107,674 | ||||||
Oil States International, Inc.(b) | 285,007 | 709,667 | ||||||
Overseas Shipholding Group, Inc., | 199,981 | 381,964 | ||||||
Pacific Ethanol, Inc.(b) | 295,443 | 1,799,248 | ||||||
Par Pacific Holdings, Inc.(b) | 88,071 | 567,177 | ||||||
Penn Virginia Corp.(b) | 35,350 | 271,488 | ||||||
ProPetro Holding Corp.(b) | 142,888 | 564,408 | ||||||
Renewable Energy Group, Inc.(b) | 69,773 | 3,935,197 | ||||||
REX American Resources Corp.(b) | 11,042 | 802,643 | ||||||
Ring Energy, Inc.(b)(c) | 233,741 | 119,418 | ||||||
RPC, Inc.(b) | 210,858 | 501,842 | ||||||
SandRidge Energy, Inc.(b) | 168,901 | 290,510 | ||||||
Scorpio Tankers, Inc. (Monaco) | 116,207 | 1,024,946 | ||||||
SEACOR Holdings, Inc.(b) | 31,524 | 965,580 | ||||||
Select Energy Services, Inc., | 110,413 | 333,447 | ||||||
SFL Corp. Ltd. (Norway) | 193,985 | 1,262,842 | ||||||
SilverBow Resources, Inc.(b)(c) | 45,290 | 211,504 | ||||||
Smart Sand, Inc.(b)(c) | 100,977 | 129,251 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 17,342 | 102,838 | ||||||
Talos Energy, Inc.(b) | 27,890 | 183,516 | ||||||
Teekay Corp. (Bermuda)(b) | 413,111 | 727,075 | ||||||
Teekay Tankers Ltd., Class A (Bermuda)(b) | 93,336 | 880,158 | ||||||
TETRA Technologies, Inc.(b) | 438,684 | 243,689 | ||||||
Tidewater, Inc.(b) | 89,027 | 521,698 | ||||||
US Silica Holdings, Inc. | 349,106 | 949,568 | ||||||
VAALCO Energy, Inc.(b) | 72,361 | 61,181 | ||||||
W&T Offshore, Inc.(b)(c) | 119,619 | 167,467 | ||||||
|
| |||||||
52,182,849 | ||||||||
|
| |||||||
Financials-16.43% | ||||||||
1st Source Corp. | 15,385 | 515,244 | ||||||
AG Mortgage Investment Trust, Inc. | 65,605 | 171,229 | ||||||
Allegiance Bancshares, Inc. | 20,912 | 591,810 | ||||||
Altabancorp | 13,055 | 284,207 | ||||||
Amalgamated Bank, Class A | 16,862 | 187,168 | ||||||
Ambac Financial Group, Inc.(b) | 125,303 | 1,538,721 | ||||||
Amerant Bancorp, Inc.(b) | 22,107 | 222,617 | ||||||
American National Group, Inc. | 17,750 | 1,221,200 | ||||||
Ameris Bancorp | 35,672 | 1,045,190 | ||||||
AMERISAFE, Inc. | 23,833 | 1,405,670 | ||||||
Anworth Mortgage Asset Corp., (Acquired 03/21/2014 - 07/27/2020; | 272,971 | 447,672 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 169,523 | 1,474,850 | ||||||
Arbor Realty Trust, Inc.(c) | 68,734 | 812,436 | ||||||
Ares Commercial Real Estate Corp. | 41,057 | 382,241 | ||||||
Ares Management Corp., Class A | 21,830 | 923,409 | ||||||
Argo Group International Holdings Ltd. | 44,721 | 1,595,645 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Arlington Asset Investment Corp., Class A | 63,693 | $ | 156,685 | |||||
ARMOUR Residential REIT, Inc. | 50,128 | 478,221 | ||||||
Artisan Partners Asset Management, Inc., Class A | 63,928 | 2,560,956 | ||||||
Atlantic Capital Bancshares, Inc.(b) | 22,233 | 308,594 | ||||||
Atlantic Union Bankshares Corp. | 72,041 | 1,821,917 | ||||||
Axos Financial, Inc.(b) | 63,293 | 1,725,367 | ||||||
B. Riley Financial, Inc. | 14,749 | 387,014 | ||||||
Banc of California, Inc. | 63,339 | 760,068 | ||||||
BancFirst Corp. | 15,115 | 671,862 | ||||||
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama) | 47,914 | 612,820 | ||||||
Bancorp, Inc. (The)(b) | 41,431 | 397,738 | ||||||
BancorpSouth Bank | 106,999 | 2,504,847 | ||||||
Bank of Marin Bancorp | 10,276 | 309,719 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 62,920 | 1,664,863 | ||||||
BankFinancial Corp. | 12,603 | 92,632 | ||||||
Banner Corp. | 41,156 | 1,517,422 | ||||||
Berkshire Hills Bancorp, Inc. | 62,737 | 817,463 | ||||||
BGC Partners, Inc., Class A | 387,254 | 1,142,399 | ||||||
Blucora, Inc.(b) | 47,441 | 472,038 | ||||||
Boston Private Financial Holdings, Inc. | 134,296 | 829,949 | ||||||
Bridge Bancorp, Inc. | 19,334 | 377,786 | ||||||
Bridgewater Bancshares, Inc.(b) | 20,739 | 230,410 | ||||||
Brightsphere Investment Group, Inc. | 93,764 | 1,293,943 | ||||||
Brookline Bancorp, Inc. | 92,419 | 885,374 | ||||||
Bryn Mawr Bank Corp. | 22,340 | 600,052 | ||||||
Byline Bancorp, Inc. | 26,186 | 344,084 | ||||||
Cadence BanCorp | 134,224 | 1,505,993 | ||||||
Camden National Corp. | 15,425 | 493,137 | ||||||
Cannae Holdings, Inc.(b) | 39,924 | 1,476,390 | ||||||
Capitol Federal Financial, Inc. | 183,436 | 2,105,845 | ||||||
Capstar Financial Holdings, Inc. | 16,790 | 174,448 | ||||||
Capstead Mortgage Corp | 250,798 | 1,281,578 | ||||||
CBTX, Inc. | 15,177 | 286,845 | ||||||
Central Pacific Financial Corp. | 33,918 | 467,051 | ||||||
Century Bancorp, Inc., Class A | 2,363 | 169,120 | ||||||
Cherry Hill Mortgage Investment Corp. | 30,702 | 281,230 | ||||||
City Holding Co. | 14,698 | 888,200 | ||||||
Civista Bancshares, Inc. | 13,928 | 198,613 | ||||||
CNA Financial Corp. | 61,875 | 1,843,256 | ||||||
Cohen & Steers, Inc. | 13,391 | 754,047 | ||||||
Colony Credit Real Estate, Inc. | 145,797 | 763,976 | ||||||
Columbia Financial, Inc.(b) | 31,086 | 378,938 | ||||||
Community Bank System, Inc. | 41,114 | 2,384,201 | ||||||
Community Trust Bancorp, Inc. | 19,768 | 629,018 | ||||||
ConnectOne Bancorp, Inc. | 29,593 | 456,620 | ||||||
Cowen, Inc., Class A | 72,616 | 1,558,339 | ||||||
Credit Acceptance Corp.(b)(c) | 5,595 | 1,667,981 | ||||||
Curo Group Holdings Corp. | 35,739 | 267,685 | ||||||
Customers Bancorp, Inc.(b) | 54,475 | 752,845 | ||||||
CVB Financial Corp. | 123,610 | 2,163,175 | ||||||
Diamond Hill Investment Group, Inc. | 4,660 | 638,140 | ||||||
Dime Community Bancshares, Inc. | 49,952 | 631,893 | ||||||
Donnelley Financial Solutions, Inc.(b) | 125,231 | 1,581,668 | ||||||
Dynex Capital, Inc. | 45,278 | 741,654 | ||||||
Eagle Bancorp, Inc. | 37,939 | 1,135,135 | ||||||
eHealth, Inc.(b) | 3,226 | 216,497 | ||||||
Elevate Credit, Inc.(b) | 84,261 | 212,338 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
Ellington Residential Mortgage REIT | 18,228 | $ | 193,764 | |||||
Employers Holdings, Inc. | 39,313 | 1,258,409 | ||||||
Encore Capital Group, Inc.(b) | 61,901 | 1,976,499 | ||||||
Enova International, Inc.(b) | 86,746 | 1,331,551 | ||||||
Enstar Group Ltd.(b) | 12,340 | 2,120,876 | ||||||
Enterprise Financial Services Corp. | 17,497 | 509,338 | ||||||
Equity Bancshares, Inc., Class A(b) | 19,713 | 362,325 | ||||||
Erie Indemnity Co., Class A | 13,264 | 3,088,788 | ||||||
Evercore, Inc., Class A | 39,315 | 3,127,115 | ||||||
Exantas Capital Corp.(c) | 79,945 | 150,297 | ||||||
EZCORP, Inc., Class A(b) | 258,239 | 1,151,746 | ||||||
FB Financial Corp. | 30,314 | 894,263 | ||||||
FBL Financial Group, Inc., Class A | 10,709 | 532,130 | ||||||
Federal Agricultural Mortgage Corp., Class C | 13,095 | 845,806 | ||||||
FedNat Holding Co. | 22,585 | 115,861 | ||||||
Financial Institutions, Inc. | 16,805 | 297,953 | ||||||
First Bancorp | 272,080 | 1,765,799 | ||||||
First Bancorp/Southern Pines NC | 24,736 | 595,890 | ||||||
First Bancshares, Inc. (The) | 8,858 | 211,175 | ||||||
First Busey Corp. | 53,738 | 966,747 | ||||||
First Business Financial Services, Inc. | 7,589 | 130,151 | ||||||
First Commonwealth Financial Corp. | 113,608 | 979,301 | ||||||
First Financial Bancorp | 113,418 | 1,621,877 | ||||||
First Financial Bankshares, Inc. | 55,317 | 1,649,000 | ||||||
First Financial Corp. | 16,849 | 584,997 | ||||||
First Foundation, Inc. | 40,111 | 596,451 | ||||||
First Internet Bancorp | 10,877 | 234,073 | ||||||
First Interstate BancSystem, Inc., Class A | 38,178 | 1,347,683 | ||||||
First Merchants Corp. | 43,856 | 1,145,080 | ||||||
First Midwest Bancorp, Inc. | 129,584 | 1,626,279 | ||||||
First of Long Island Corp. (The) | 21,868 | 337,423 | ||||||
FirstCash, Inc. | 27,438 | 1,427,874 | ||||||
Flagstar Bancorp, Inc. | 50,700 | 1,488,045 | ||||||
Flushing Financial Corp. | 45,225 | 578,428 | ||||||
Focus Financial Partners, Inc., Class A(b) | 16,132 | 588,979 | ||||||
FS Bancorp, Inc. | 4,035 | 186,861 | ||||||
German American Bancorp, Inc. | 18,761 | 566,019 | ||||||
Glacier Bancorp, Inc. | 69,967 | 2,504,819 | ||||||
Granite Point Mortgage Trust, Inc. | 58,726 | 395,813 | ||||||
Great Ajax Corp. | 34,003 | 261,143 | ||||||
Great Southern Bancorp, Inc. | 12,682 | 519,328 | ||||||
Great Western Bancorp, Inc. | 85,912 | 1,115,997 | ||||||
Green Dot Corp., Class A(b) | 47,262 | 2,520,010 | ||||||
Greenhill & Co., Inc. | 49,628 | 641,690 | ||||||
Greenlight Capital Re Ltd., | 56,006 | 378,041 | ||||||
Guaranty Bancshares, Inc. | 8,720 | 252,008 | ||||||
Hallmark Financial Services, Inc.(b) | 22,838 | 61,891 | ||||||
Hamilton Lane, Inc., Class A | 2,748 | 191,536 | ||||||
Hanmi Financial Corp. | 59,169 | 531,929 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 24,975 | 1,045,204 | ||||||
HarborOne Bancorp, Inc. | 18,759 | 176,335 | ||||||
HCI Group, Inc. | 10,496 | 493,102 | ||||||
Heartland Financial USA, Inc. | 32,100 | 1,057,374 | ||||||
Heritage Commerce Corp. | 47,489 | 344,295 | ||||||
Heritage Financial Corp. | 40,408 | 846,952 | ||||||
Heritage Insurance Holdings, Inc. | 54,133 | 511,016 | ||||||
Hilltop Holdings, Inc. | 97,593 | 2,226,096 | ||||||
Hingham Institution for Savings (The) | 1,124 | 227,014 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Home Bancorp, Inc. | 7,538 | $ | 190,259 | |||||
HomeStreet, Inc. | 28,591 | 888,322 | ||||||
HomeTrust Bancshares, Inc. | 16,653 | 265,948 | ||||||
Hope Bancorp, Inc. | 198,549 | 1,602,290 | ||||||
Horace Mann Educators Corp. | 54,769 | 1,857,217 | ||||||
Horizon Bancorp, Inc. | 32,158 | 398,759 | ||||||
Houlihan Lokey, Inc. | 24,095 | 1,510,757 | ||||||
Independent Bank Corp. | 23,436 | 1,342,648 | ||||||
Independent Bank Corp. | 22,545 | 337,499 | ||||||
Independent Bank Group, Inc. | 25,632 | 1,322,099 | ||||||
Interactive Brokers Group, Inc., Class A | 14,488 | 689,194 | ||||||
International Bancshares Corp. | 65,973 | 1,826,133 | ||||||
Investors Title Co. | 1,531 | 204,419 | ||||||
James River Group Holdings Ltd. | 47,032 | 2,197,805 | ||||||
Kearny Financial Corp. | 84,068 | 706,171 | ||||||
Kingstone Cos., Inc. | 19,637 | 114,287 | ||||||
Kinsale Capital Group, Inc. | 2,758 | 517,042 | ||||||
KKR Real Estate Finance Trust, Inc. | 27,103 | 452,891 | ||||||
Ladder Capital Corp. | 141,260 | 1,059,450 | ||||||
Lakeland Bancorp, Inc. | 55,828 | 621,366 | ||||||
Lakeland Financial Corp. | 20,509 | 1,048,625 | ||||||
LendingClub Corp.(b) | 89,308 | 417,068 | ||||||
LendingTree, Inc.(b)(c) | 1,314 | 425,197 | ||||||
Live Oak Bancshares, Inc. | 29,774 | 1,109,975 | ||||||
MarketAxess Holdings, Inc. | 4,899 | 2,639,826 | ||||||
MBIA, Inc.(b) | 214,388 | 1,224,155 | ||||||
Mercantile Bank Corp. | 22,099 | 483,084 | ||||||
Merchants Bancorp | 8,211 | 177,193 | ||||||
Mercury General Corp. | 51,892 | 2,112,523 | ||||||
Meridian Bancorp, Inc. | 39,744 | 494,813 | ||||||
Meta Financial Group, Inc. | 21,042 | 617,372 | ||||||
Metropolitan Bank Holding Corp.(b) | 6,727 | 201,474 | ||||||
Midland States Bancorp, Inc. | 27,624 | 411,598 | ||||||
MidWestOne Financial Group, Inc. | 12,451 | 250,888 | ||||||
Moelis & Co., Class A | 48,497 | 1,804,088 | ||||||
Morningstar, Inc. | 6,847 | 1,303,532 | ||||||
Mr. Cooper Group, Inc.(b) | 127,006 | 2,677,286 | ||||||
National Bank Holdings Corp., Class A | 23,722 | 715,218 | ||||||
National General Holdings Corp. | 107,026 | 3,635,673 | ||||||
National Western Life Group, Inc., Class A | 3,200 | 542,816 | ||||||
NBT Bancorp, Inc. | 49,768 | 1,362,648 | ||||||
Nelnet, Inc., Class A | 31,547 | 1,925,629 | ||||||
New York Mortgage Trust, Inc. | 339,738 | 862,935 | ||||||
Nicolet Bankshares, Inc.(b) | 6,667 | 411,354 | ||||||
NMI Holdings, Inc., Class A(b) | 29,323 | 630,151 | ||||||
Northeast Bank | 8,006 | 153,635 | ||||||
Northfield Bancorp, Inc. | 47,873 | 486,390 | ||||||
Northrim BanCorp, Inc. | 7,514 | 214,600 | ||||||
Northwest Bancshares, Inc. | 169,091 | 1,804,201 | ||||||
OceanFirst Financial Corp. | 45,541 | 681,749 | ||||||
Ocwen Financial Corp.(b) | 12,268 | 283,391 | ||||||
OFG Bancorp | 78,989 | 1,136,652 | ||||||
Oportun Financial Corp.(b) | 11,351 | 150,968 | ||||||
Oppenheimer Holdings, Inc., Class A | 24,646 | 617,629 | ||||||
Orchid Island Capital, Inc. | 63,587 | 330,017 | ||||||
Origin Bancorp, Inc. | 16,243 | 363,356 | ||||||
Pacific Premier Bancorp, Inc. | 99,590 | 2,539,545 | ||||||
Park National Corp. | 16,893 | 1,548,243 | ||||||
Peapack-Gladstone Financial Corp. | 18,268 | 308,364 | ||||||
PennyMac Financial Services, Inc. | 30,141 | 1,531,766 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
PennyMac Mortgage Investment Trust | 133,570 | $ | 1,999,543 | |||||
Peoples Bancorp, Inc. | 21,973 | 496,590 | ||||||
Piper Sandler Cos | 12,491 | 1,042,374 | ||||||
PJT Partners, Inc., Class A | 3,903 | 264,077 | ||||||
PRA Group, Inc.(b) | 65,450 | 2,233,808 | ||||||
Preferred Bank | 10,396 | 351,697 | ||||||
Premier Financial Corp. | 21,032 | 378,366 | ||||||
ProSight Global, Inc.(b) | 14,163 | 167,548 | ||||||
Protective Insurance Corp. | 9,174 | 120,638 | ||||||
Provident Financial Services, Inc. | 91,839 | 1,246,255 | ||||||
QCR Holdings, Inc. | 12,199 | 378,535 | ||||||
RBB Bancorp | 18,435 | 235,415 | ||||||
Ready Capital Corp. | 47,166 | 530,146 | ||||||
Redwood Trust, Inc. | 163,702 | 1,391,467 | ||||||
Regional Management Corp.(b) | 22,824 | 463,784 | ||||||
Renasant Corp. | 75,993 | 2,166,560 | ||||||
Republic Bancorp, Inc., Class A | 9,561 | 318,668 | ||||||
Republic First Bancorp, Inc.(b) | 68,531 | 152,824 | ||||||
RLI Corp. | 31,460 | 2,727,582 | ||||||
S&T Bancorp, Inc. | 38,678 | 765,438 | ||||||
Safety Insurance Group, Inc. | 17,799 | 1,245,930 | ||||||
Sandy Spring Bancorp, Inc. | 42,144 | 1,068,350 | ||||||
Seacoast Banking Corp. of | 41,195 | 884,869 | ||||||
ServisFirst Bancshares, Inc. | 24,797 | 915,009 | ||||||
Simmons First National Corp., Class A | 95,569 | 1,623,717 | ||||||
SmartFinancial, Inc. | 14,293 | 213,537 | ||||||
South State Corp. | 60,673 | 3,725,322 | ||||||
Southern First Bancshares, Inc.(b) | 5,840 | 156,746 | ||||||
Southern National Bancorp of Virginia, Inc. | 23,220 | 224,305 | ||||||
Southside Bancshares, Inc. | 32,940 | 888,062 | ||||||
Spirit of Texas Bancshares, Inc. | 9,704 | 123,338 | ||||||
State Auto Financial Corp. | 21,116 | 260,571 | ||||||
Sterling Bancorp, Inc. | 26,222 | 92,564 | ||||||
Stewart Information Services Corp. | 48,745 | 2,066,301 | ||||||
Stock Yards Bancorp, Inc. | 17,403 | 665,143 | ||||||
StoneX Group, Inc.(b) | 19,780 | 1,047,944 | ||||||
TFS Financial Corp. | 27,372 | 430,014 | ||||||
Third Point Reinsurance Ltd. (Bermuda)(b) . | 106,804 | 830,935 | ||||||
Towne Bank | 70,723 | 1,285,744 | ||||||
TPG RE Finance Trust, Inc., (Acquired 03/16/2018 - 07/27/2020; | 68,093 | 532,487 | ||||||
Tradeweb Markets, Inc., Class A | 14,406 | 784,839 | ||||||
TriCo Bancshares | 25,462 | 736,616 | ||||||
TriState Capital Holdings, Inc.(b) | 24,876 | 313,189 | ||||||
Triumph Bancorp, Inc.(b) | 19,960 | 840,915 | ||||||
Trupanion, Inc.(b) | 6,018 | 430,528 | ||||||
TrustCo Bank Corp. | 134,147 | 737,138 | ||||||
Trustmark Corp. | 92,147 | 2,155,318 | ||||||
United Community Banks, Inc. | 73,222 | 1,533,269 | ||||||
United Fire Group, Inc. | 33,268 | 683,325 | ||||||
United Insurance Holdings Corp. | 37,301 | 163,751 | ||||||
Universal Insurance Holdings, Inc. | 55,408 | 690,938 | ||||||
Univest Financial Corp. | 36,782 | 583,363 | ||||||
Veritex Holdings, Inc. | 21,601 | 426,188 | ||||||
Virtu Financial, Inc., Class A | 42,843 | 915,983 | ||||||
Virtus Investment Partners, Inc. | 8,028 | 1,280,867 | ||||||
Walker & Dunlop, Inc. | 23,031 | 1,448,189 | ||||||
Washington Trust Bancorp, Inc. | 18,044 | 609,346 | ||||||
Waterstone Financial, Inc. | 30,752 | 519,094 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Watford Holdings Ltd., Class A (Bermuda)(b) | 40,676 | $ | 1,464,336 | |||||
WesBanco, Inc. | 71,206 | 1,729,594 | ||||||
Westamerica Bancorporation | 20,537 | 1,075,523 | ||||||
Western Asset Mortgage Capital Corp.(c) | 107,890 | 209,307 | ||||||
Westwood Holdings Group, Inc. | 18,453 | 178,256 | ||||||
White Mountains Insurance Group Ltd. | 2,030 | 1,843,910 | ||||||
WisdomTree Investments, Inc. | 203,269 | 739,899 | ||||||
World Acceptance Corp.(b)(c) | 15,485 | 1,300,585 | ||||||
WSFS Financial Corp. | 28,964 | 917,869 | ||||||
|
| |||||||
234,540,355 | ||||||||
|
| |||||||
Health Care-11.54% | ||||||||
ABIOMED, Inc.(b) | 9,513 | 2,396,134 | ||||||
ACADIA Pharmaceuticals, Inc.(b) | 7,853 | 364,772 | ||||||
Acceleron Pharma, Inc.(b) | 2,477 | 259,045 | ||||||
Accuray, Inc.(b) | 96,258 | 280,111 | ||||||
Aclaris Therapeutics, Inc.(b) | 96,307 | 369,819 | ||||||
Acorda Therapeutics, Inc.(b)(c) | 565,957 | 494,760 | ||||||
Addus HomeCare Corp.(b) | 5,250 | 512,242 | ||||||
Adverum Biotechnologies, Inc.(b) | 10,468 | 114,206 | ||||||
Aerie Pharmaceuticals, Inc.(b)(c) | 8,931 | 94,758 | ||||||
Agios Pharmaceuticals, Inc.(b) | 11,138 | 446,300 | ||||||
Alkermes PLC(b) | 78,302 | 1,272,407 | ||||||
Allogene Therapeutics, Inc.(b) | 9,348 | 317,084 | ||||||
Allscripts Healthcare Solutions, | 354,652 | 3,574,892 | ||||||
Alnylam Pharmaceuticals, Inc.(b) | 9,271 | 1,140,055 | ||||||
AMAG Pharmaceuticals, Inc.(b)(c) | 133,426 | 1,830,605 | ||||||
Amedisys, Inc.(b) | 8,514 | 2,205,126 | ||||||
American Renal Associates Holdings, Inc.(b) | 58,145 | 668,086 | ||||||
Amicus Therapeutics, Inc.(b) | 29,835 | 531,958 | ||||||
AMN Healthcare Services, Inc.(b) | 32,384 | 2,114,027 | ||||||
Amneal Pharmaceuticals, Inc.(b) | 188,760 | 785,242 | ||||||
Amphastar Pharmaceuticals, Inc.(b) | 21,094 | 413,231 | ||||||
AnaptysBio, Inc.(b) | 24,351 | 717,380 | ||||||
AngioDynamics, Inc.(b) | 63,771 | 659,392 | ||||||
ANI Pharmaceuticals, Inc.(b) | 5,557 | 141,648 | ||||||
Anika Therapeutics, Inc.(b) | 10,662 | 347,794 | ||||||
Arcus Biosciences, Inc.(b) | 8,717 | 190,031 | ||||||
Arena Pharmaceuticals, Inc.(b) | 11,159 | 956,549 | ||||||
Assembly Biosciences, Inc.(b) | 6,333 | 93,348 | ||||||
Assertio Holdings, Inc.(b) | 627,230 | 388,883 | ||||||
Atara Biotherapeutics, Inc.(b) | 23,302 | 300,829 | ||||||
AtriCure, Inc.(b) | 7,767 | 268,427 | ||||||
Atrion Corp. | 519 | 311,997 | ||||||
Avanos Medical, Inc.(b) | 58,252 | 2,059,208 | ||||||
Avantor, Inc.(b) | 88,699 | 2,064,026 | ||||||
AxoGen, Inc.(b) | 9,183 | 115,798 | ||||||
Bio-Techne Corp. | 10,849 | 2,738,396 | ||||||
BioTelemetry, Inc.(b) | 10,833 | 461,269 | ||||||
Bluebird Bio, Inc.(b) | 21,373 | 1,105,198 | ||||||
Blueprint Medicines Corp.(b) | 5,963 | 609,896 | ||||||
Bruker Corp. | 32,998 | 1,403,735 | ||||||
Cantel Medical Corp. | 15,104 | 722,575 | ||||||
Capital Senior Living Corp.(b) | 72,972 | 36,201 | ||||||
Cardiovascular Systems, Inc.(b) | 5,971 | 212,866 | ||||||
Castlight Health, Inc., Class B(b) | 122,044 | 107,753 | ||||||
Change Healthcare, Inc.(b) | 22,824 | 322,960 | ||||||
Chemed Corp. | 4,217 | 2,017,075 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Computer Programs & Systems, Inc. | 17,896 | $ | 499,119 | |||||
Concert Pharmaceuticals, Inc.(b) | 11,586 | 119,568 | ||||||
CONMED Corp. | 13,675 | 1,066,240 | ||||||
Corcept Therapeutics, Inc.(b) | 25,465 | 427,303 | ||||||
CorVel Corp.(b) | 4,899 | 446,887 | ||||||
Cross Country Healthcare, Inc.(b) | 72,826 | 571,684 | ||||||
CryoLife, Inc.(b) | 12,302 | 206,181 | ||||||
Cyclerion Therapeutics, Inc.(b) | 30,950 | 72,423 | ||||||
Cymabay Therapeutics, Inc.(b) | 87,446 | 727,551 | ||||||
CytomX Therapeutics, Inc.(b) | 18,044 | 119,451 | ||||||
Denali Therapeutics, Inc.(b) | 9,771 | 418,003 | ||||||
DexCom, Inc.(b) | 3,226 | �� | 1,030,965 | |||||
Dicerna Pharmaceuticals, Inc.(b) | 6,344 | 133,161 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 4,588 | 213,434 | ||||||
Editas Medicine, Inc.(b) | 8,758 | 270,972 | ||||||
Emergent BioSolutions, Inc.(b) | 25,749 | 2,316,638 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 10,874 | 474,433 | ||||||
Endo International PLC(b) | 348,447 | 1,592,403 | ||||||
Ensign Group, Inc. (The) | 30,539 | 1,796,915 | ||||||
Enzo Biochem, Inc.(b) | 59,630 | 108,527 | ||||||
Epizyme, Inc.(b) | 8,245 | 101,908 | ||||||
Evolent Health, Inc., Class A(b) | 91,246 | 906,985 | ||||||
Exact Sciences Corp.(b) | 7,330 | 907,674 | ||||||
Exelixis, Inc.(b) | 74,509 | 1,525,944 | ||||||
FibroGen, Inc.(b) | 11,159 | 428,282 | ||||||
Five Prime Therapeutics, Inc.(b) | 52,133 | 237,726 | ||||||
Fluidigm Corp.(b) | 35,491 | 203,718 | ||||||
FONAR Corp.(b) | 9,440 | 185,402 | ||||||
G1 Therapeutics, Inc.(b) | 16,088 | 176,807 | ||||||
Geron Corp.(b)(c) | 121,341 | 211,133 | ||||||
Glaukos Corp.(b)(c) | 3,197 | 178,776 | ||||||
Global Blood Therapeutics, Inc.(b) | 7,042 | 372,381 | ||||||
Globus Medical, Inc., Class A(b) | 31,223 | 1,627,343 | ||||||
GlycoMimetics, Inc.(b) | 35,357 | 99,000 | ||||||
Guardant Health, Inc.(b) | 2,082 | 222,066 | ||||||
Haemonetics Corp.(b) | 14,396 | 1,455,292 | ||||||
Halozyme Therapeutics, Inc.(b) | 15,697 | 439,516 | ||||||
Hanger, Inc.(b) | 26,887 | 469,716 | ||||||
Harvard Bioscience, Inc.(b) | 48,636 | 164,390 | ||||||
HealthEquity, Inc.(b) | 8,731 | 449,559 | ||||||
HealthStream, Inc.(b) | 16,367 | 299,516 | ||||||
Heron Therapeutics, Inc.(b) | 14,686 | 239,529 | ||||||
Heska Corp.(b) | 2,223 | 260,825 | ||||||
HMS Holdings Corp.(b) | 56,562 | 1,505,680 | ||||||
Horizon Therapeutics PLC(b) | 53,265 | 3,991,146 | ||||||
ICU Medical, Inc.(b) | 8,367 | 1,487,569 | ||||||
IDEXX Laboratories, Inc.(b) | 10,635 | 4,517,961 | ||||||
Incyte Corp.(b) | 28,054 | 2,430,599 | ||||||
Innoviva, Inc.(b) | 34,211 | 369,821 | ||||||
Inogen, Inc.(b) | 10,375 | 303,054 | ||||||
Inovalon Holdings, Inc., Class A(b) | 29,154 | 553,634 | ||||||
Insmed, Inc.(b) | 5,963 | 196,421 | ||||||
Insulet Corp.(b) | 2,056 | 456,946 | ||||||
Integer Holdings Corp.(b) | 23,234 | 1,358,027 | ||||||
Integra LifeSciences Holdings | 35,684 | 1,573,664 | ||||||
Intellia Therapeutics, Inc.(b)(c) | 16,620 | 397,883 | ||||||
Intersect ENT, Inc.(b) | 6,112 | 94,736 | ||||||
Intra-Cellular Therapies, Inc.(b) | 8,006 | 197,508 | ||||||
IntriCon Corp.(b) | 8,768 | 109,600 | ||||||
Invacare Corp. | 85,371 | 692,359 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Invitae Corp.(b)(c) | 6,889 | $ | 270,118 | |||||
Ionis Pharmaceuticals, Inc.(b) | 18,340 | 861,063 | ||||||
Iovance Biotherapeutics, Inc.(b) | 14,002 | 499,591 | ||||||
Karyopharm Therapeutics, Inc.(b) | 10,259 | 152,038 | ||||||
Lannett Co., Inc.(b) | 125,980 | 810,051 | ||||||
Lantheus Holdings, Inc.(b) | 32,242 | 350,148 | ||||||
LeMaitre Vascular, Inc. | 6,522 | 211,835 | ||||||
LENSAR, Inc.(b) | 41,242 | 402,522 | ||||||
LHC Group, Inc.(b) | 13,714 | 2,969,767 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) | 7,841 | 646,490 | ||||||
LivaNova PLC(b) | 29,600 | 1,490,064 | ||||||
Luminex Corp. | 24,150 | 532,266 | ||||||
MacroGenics, Inc.(b) | 23,401 | 454,213 | ||||||
Madrigal Pharmaceuticals, Inc.(b)(c) | 2,301 | 292,802 | ||||||
Masimo Corp.(b) | 11,101 | 2,484,626 | ||||||
Medpace Holdings, Inc.(b) | 9,304 | 1,032,186 | ||||||
Meridian Bioscience, Inc.(b) | 102,298 | 1,754,411 | ||||||
Merit Medical Systems, Inc.(b) | 39,899 | 1,996,945 | ||||||
Mesa Laboratories, Inc. | 768 | 200,763 | ||||||
Moderna, Inc.(b) | 47,647 | 3,214,743 | ||||||
MyoKardia, Inc.(b) | 5,104 | 1,140,897 | ||||||
Myriad Genetics, Inc.(b) | 104,818 | 1,302,888 | ||||||
Natera, Inc.(b) | 3,465 | 233,056 | ||||||
National HealthCare Corp. | 16,132 | 1,021,156 | ||||||
National Research Corp. | 4,809 | 249,106 | ||||||
Natus Medical, Inc.(b) | 27,005 | 491,761 | ||||||
Nektar Therapeutics(b) | 95,895 | 1,518,977 | ||||||
Neogen Corp.(b) | 14,856 | 1,036,057 | ||||||
NeoGenomics, Inc.(b) | 11,291 | 442,946 | ||||||
Neurocrine Biosciences, Inc.(b) | 5,061 | 499,369 | ||||||
Nevro Corp.(b) | 2,462 | 367,355 | ||||||
NextGen Healthcare, Inc.(b) | 60,686 | 825,330 | ||||||
Novocure Ltd.(b) | 1,781 | 217,460 | ||||||
NuVasive, Inc.(b) | 28,510 | 1,266,699 | ||||||
Omnicell, Inc.(b) | 14,394 | 1,245,801 | ||||||
OPKO Health, Inc.(b)(c) | 779,259 | 2,742,992 | ||||||
OraSure Technologies, Inc.(b) | 68,884 | 1,029,127 | ||||||
Orthofix Medical, Inc.(b) | 15,296 | 478,153 | ||||||
Oxford Immunotec Global PLC(b) | 15,350 | 172,534 | ||||||
Pacific Biosciences of California, Inc.(b) | 36,208 | 474,687 | ||||||
Pacira BioSciences, Inc.(b) | 9,734 | 509,088 | ||||||
PDL BioPharma, Inc.(b) | 543,536 | 1,168,602 | ||||||
Penumbra, Inc.(b) | 2,729 | 712,351 | ||||||
PetIQ, Inc.(b) | 9,510 | 271,606 | ||||||
Phibro Animal Health Corp., Class A | 20,891 | 343,448 | ||||||
Precigen, Inc.(b)(c) | 43,856 | 188,142 | ||||||
Premier, Inc., Class A | 59,310 | 1,941,216 | ||||||
Prestige Consumer Healthcare, Inc.(b) | 59,020 | 1,949,431 | ||||||
Prothena Corp. PLC (Ireland)(b) | 23,581 | 257,269 | ||||||
Providence Service Corp. (The)(b) | 18,381 | 2,160,687 | ||||||
PTC Therapeutics, Inc.(b) | 6,711 | 350,247 | ||||||
Quidel Corp.(b) | 8,021 | 2,151,954 | ||||||
R1 RCM, Inc.(b) | 22,779 | 408,200 | ||||||
RadNet, Inc.(b) | 40,119 | 582,127 | ||||||
REGENXBIO, Inc.(b) | 8,435 | 242,591 | ||||||
Repligen Corp.(b) | 7,518 | 1,252,273 | ||||||
Retrophin, Inc.(b) | 20,092 | 406,662 | ||||||
Rhythm Pharmaceuticals, Inc.(b) | 7,773 | 164,554 | ||||||
Rubius Therapeutics, Inc.(b)(c) | 17,209 | 72,794 | ||||||
Sage Therapeutics, Inc.(b) | 11,016 | 808,354 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Sangamo Therapeutics, Inc.(b) | 47,965 | $ | 495,958 | |||||
Sarepta Therapeutics, Inc.(b) | 7,528 | 1,023,130 | ||||||
Seagen, Inc.(b) | 8,006 | 1,335,401 | ||||||
SeaSpine Holdings Corp.(b) | 8,708 | 111,114 | ||||||
SIGA Technologies, Inc.(b) | 30,466 | 194,678 | ||||||
Sorrento Therapeutics, Inc.(b)(c) | 62,697 | 435,117 | ||||||
Spectrum Pharmaceuticals, Inc.(b) | 119,117 | 408,571 | ||||||
STAAR Surgical Co.(b) | 5,377 | 389,832 | ||||||
Supernus Pharmaceuticals, Inc.(b) | 32,203 | 591,247 | ||||||
Surgalign Holdings, Inc.(b) | 72,928 | 126,895 | ||||||
Surgery Partners, Inc.(b) | 46,144 | 1,006,862 | ||||||
SurModics, Inc.(b) | 5,150 | 189,262 | ||||||
Syneos Health, Inc.(b) | 43,139 | 2,289,818 | ||||||
Tabula Rasa HealthCare, Inc.(b)(c) | 2,509 | 86,661 | ||||||
Tactile Systems Technology, Inc.(b) | 2,646 | 96,791 | ||||||
Tandem Diabetes Care, Inc.(b) | 1,937 | 211,133 | ||||||
Taro Pharmaceutical Industries Ltd.(b) | 14,220 | 833,719 | ||||||
Teladoc Health, Inc.(b)(c) | 8,636 | 1,696,629 | ||||||
Tivity Health, Inc.(b) | 87,115 | 1,197,831 | ||||||
TransEnterix, Inc.(b)(c) | 109,342 | 39,363 | ||||||
Triple-S Management Corp., | 158,601 | 2,937,290 | ||||||
Ultragenyx Pharmaceutical, Inc.(b) | 8,730 | 877,365 | ||||||
uniQure N.V. (Netherlands)(b) | 2,169 | 87,693 | ||||||
US Physical Therapy, Inc. | 4,666 | 370,154 | ||||||
Utah Medical Products, Inc. | 1,932 | 160,356 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 26,721 | 285,647 | ||||||
Varex Imaging Corp.(b) | 52,314 | 701,008 | ||||||
Veeva Systems, Inc., Class A(b) | 11,484 | 3,101,254 | ||||||
Vericel Corp.(b) | 6,572 | 121,779 | ||||||
Viking Therapeutics, Inc.(b)(c) | 33,378 | 187,918 | ||||||
Vocera Communications, Inc.(b) | 8,540 | 279,941 | ||||||
West Pharmaceutical Services, Inc. | 18,324 | 4,985,411 | ||||||
Wright Medical Group N.V.(b) | 38,598 | 1,180,713 | ||||||
Xencor, Inc.(b) | 11,830 | 454,035 | ||||||
Zogenix, Inc.(b) | 15,355 | 327,369 | ||||||
Zymeworks, Inc. (Canada)(b) | 3,440 | 134,573 | ||||||
|
| |||||||
164,827,155 | ||||||||
|
| |||||||
Industrials-17.60% | ||||||||
AAON, Inc. | 11,429 | 667,568 | ||||||
AAR Corp. | 40,683 | 791,691 | ||||||
ACCO Brands Corp. | 244,927 | 1,290,765 | ||||||
ADT, Inc. | 213,731 | 1,408,487 | ||||||
Advanced Drainage Systems, Inc. | 18,697 | 1,185,951 | ||||||
Aegion Corp.(b) | 47,769 | 674,021 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 40,877 | 1,325,232 | ||||||
AeroVironment, Inc.(b) | 9,266 | 707,552 | ||||||
Air Transport Services Group, Inc.(b) | 87,760 | 2,460,790 | ||||||
Alamo Group, Inc. | 7,355 | 885,027 | ||||||
Alaska Air Group, Inc. | 47,347 | 1,793,978 | ||||||
Albany International Corp., Class A | 20,515 | 1,045,034 | ||||||
Allegiant Travel Co. | 4,668 | 629,060 | ||||||
Allied Motion Technologies, Inc. | 4,356 | 164,570 | ||||||
Altra Industrial Motion Corp. | 66,604 | 2,847,987 | ||||||
Ameresco, Inc., Class A(b) | 19,528 | 749,680 | ||||||
American Woodmark Corp.(b) | 15,837 | 1,308,295 | ||||||
Apogee Enterprises, Inc. | 42,816 | 1,022,874 | ||||||
ArcBest Corp. | 93,873 | 2,865,004 | ||||||
Arcosa, Inc. | 60,323 | 2,785,113 | ||||||
Argan, Inc. | 19,654 | 809,548 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Armstrong Flooring, Inc.(b) | 106,474 | $ | 315,163 | |||||
Armstrong World Industries, Inc. | 15,112 | 905,209 | ||||||
Astec Industries, Inc. | 28,684 | 1,457,147 | ||||||
Astronics Corp.(b) | 35,022 | 224,141 | ||||||
Atkore International Group, Inc.(b) | 43,479 | 899,580 | ||||||
Atlas Air Worldwide Holdings, Inc.(b) | 40,734 | 2,409,823 | ||||||
Atlas Corp. (Canada) | 220,967 | 1,906,945 | ||||||
Axon Enterprise, Inc.(b) | 8,962 | 886,342 | ||||||
AZZ, Inc. | 33,326 | 1,119,420 | ||||||
Babcock & Wilcox Enterprises, Inc.(b)(c) | 69,360 | 164,383 | ||||||
Barnes Group, Inc. | 41,315 | 1,516,260 | ||||||
Barrett Business Services, Inc. | 7,533 | 446,330 | ||||||
BG Staffing, Inc. | 17,088 | 136,191 | ||||||
Blue Bird Corp.(b) | 19,270 | 222,376 | ||||||
BlueLinx Holdings, Inc.(b)(c) | 55,175 | 1,212,746 | ||||||
BMC Stock Holdings, Inc.(b) | 98,871 | 3,914,303 | ||||||
Brady Corp., Class A | 38,177 | 1,440,036 | ||||||
BrightView Holdings, Inc.(b) | 59,820 | 731,599 | ||||||
Brink’s Co. (The) | 35,730 | 1,530,316 | ||||||
BWX Technologies, Inc. | 33,591 | 1,847,841 | ||||||
Caesarstone Ltd. | 52,817 | 509,684 | ||||||
CAI International, Inc. | 46,007 | 1,212,284 | ||||||
Casella Waste Systems, Inc., | 13,503 | 729,027 | ||||||
CBIZ, Inc.(b) | 45,777 | 1,037,765 | ||||||
CECO Environmental Corp.(b) | 33,744 | 238,908 | ||||||
Chart Industries, Inc.(b) | 25,659 | 2,166,903 | ||||||
Cimpress PLC (Ireland)(b) | 11,877 | 871,772 | ||||||
CIRCOR International, Inc.(b) | 22,201 | 619,408 | ||||||
Clarivate PLC (United Kingdom)(b) | 18,584 | 515,706 | ||||||
Columbus McKinnon Corp. | 23,585 | 799,296 | ||||||
Comfort Systems USA, Inc. | 34,872 | 1,597,138 | ||||||
Commercial Vehicle Group, Inc.(b) | 120,400 | 704,340 | ||||||
Copa Holdings S.A., Class A (Panama) | 10,635 | 524,093 | ||||||
Cornerstone Building Brands, Inc.(b) | 80,586 | 618,095 | ||||||
Corporacion America Airports S.A. (Argentina)(b) | 118,743 | 204,238 | ||||||
Costamare, Inc. (Monaco) | 159,251 | 906,138 | ||||||
Covenant Logistics Group, Inc., Class A(b) | 54,710 | 753,357 | ||||||
CRA International, Inc. | 9,440 | 386,568 | ||||||
CSW Industrials, Inc. | 8,696 | 743,769 | ||||||
Cubic Corp. | 24,480 | 1,447,013 | ||||||
Daseke, Inc.(b) | 80,879 | 531,375 | ||||||
Douglas Dynamics, Inc. | 19,132 | 652,593 | ||||||
Ducommun, Inc.(b) | 13,457 | 442,735 | ||||||
DXP Enterprises, Inc.(b) | 34,681 | 542,411 | ||||||
Eagle Bulk Shipping, Inc.(b) | 22,289 | 306,697 | ||||||
Echo Global Logistics, Inc.(b) | 80,130 | 2,161,106 | ||||||
Encore Wire Corp. | 23,676 | 1,094,068 | ||||||
Enerpac Tool Group Corp. | 43,474 | 775,141 | ||||||
Ennis, Inc. | 42,848 | 653,004 | ||||||
EnPro Industries, Inc. | 29,709 | 1,753,425 | ||||||
ESCO Technologies, Inc. | 12,442 | 1,041,271 | ||||||
Evoqua Water Technologies Corp.(b) | 41,720 | 956,640 | ||||||
Exponent, Inc. | 11,057 | 769,457 | ||||||
Federal Signal Corp. | 40,241 | 1,154,112 | ||||||
Forrester Research, Inc.(b) | 7,946 | 293,525 | ||||||
Forward Air Corp. | 23,684 | 1,491,381 | ||||||
Foundation Building Materials, Inc.(b) | 48,537 | 706,699 | ||||||
Franklin Covey Co.(b) | 5,425 | 91,791 | ||||||
Franklin Electric Co., Inc. | 29,739 | 1,776,310 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
FuelCell Energy, Inc.(b) | 57,890 | $ | 115,780 | |||||
Gates Industrial Corp. PLC(b) | 75,160 | 834,276 | ||||||
Genco Shipping & Trading Ltd. | 50,070 | 323,452 | ||||||
Generac Holdings, Inc.(b) | 25,084 | 5,271,403 | ||||||
Gibraltar Industries, Inc.(b) | 27,519 | 1,580,967 | ||||||
GMS, Inc.(b) | 93,844 | 2,120,874 | ||||||
Golden Ocean Group Ltd. (Norway)(c) | 218,524 | 708,018 | ||||||
Gorman-Rupp Co. (The) | 16,840 | 522,882 | ||||||
GP Strategies Corp.(b) | 18,649 | 179,963 | ||||||
GrafTech International Ltd. | 33,197 | 224,080 | ||||||
Granite Construction, Inc. | 118,219 | 2,282,809 | ||||||
Great Lakes Dredge & Dock Corp.(b) | 87,654 | 905,466 | ||||||
Griffon Corp. | 73,922 | 1,584,888 | ||||||
H&E Equipment Services, Inc. | 76,267 | 1,604,658 | ||||||
Harsco Corp.(b) | 151,417 | 1,953,279 | ||||||
Hawaiian Holdings, Inc. | 33,910 | 469,653 | ||||||
HC2 Holdings, Inc.(b)(c) | 98,348 | 211,448 | ||||||
HC2 Holdings, Inc., Rts. expiring 11/20/2020(b)(c)(e) | 99,582 | 0 | ||||||
Healthcare Services Group, Inc. | 70,359 | 1,609,814 | ||||||
Heartland Express, Inc. | 41,053 | 751,680 | ||||||
HEICO Corp. | 7,896 | 829,475 | ||||||
HEICO Corp., Class A | 15,611 | 1,459,628 | ||||||
Heidrick & Struggles International, Inc. | 27,795 | 635,116 | ||||||
Helios Technologies, Inc. | 21,868 | 914,957 | ||||||
Herc Holdings, Inc.(b) | 58,196 | 2,581,575 | ||||||
Heritage-Crystal Clean, Inc.(b) | 12,808 | 211,076 | ||||||
Herman Miller, Inc. | 75,895 | 2,312,521 | ||||||
Hillenbrand, Inc. | 102,889 | 3,009,503 | ||||||
HNI Corp. | 73,018 | 2,376,736 | ||||||
Hurco Cos., Inc. | 11,716 | 349,605 | ||||||
Huron Consulting Group, Inc.(b) | 19,297 | 730,584 | ||||||
Hyster-Yale Materials Handling, Inc. | 27,126 | 1,150,142 | ||||||
IAA, Inc.(b) | 53,537 | 3,029,659 | ||||||
ICF International, Inc. | 15,107 | 987,847 | ||||||
Ingersoll Rand, Inc.(b) | 72,331 | 2,527,245 | ||||||
Insperity, Inc. | 33,203 | 2,542,686 | ||||||
Insteel Industries, Inc. | 32,618 | 709,768 | ||||||
Interface, Inc. | 79,709 | 488,616 | ||||||
JELD-WEN Holding, Inc.(b) | 132,119 | 2,778,463 | ||||||
John Bean Technologies Corp. | 14,568 | 1,223,275 | ||||||
Kadant, Inc. | 8,021 | 923,378 | ||||||
Kaman Corp. | 32,680 | 1,296,089 | ||||||
KAR Auction Services, Inc. | 125,496 | 1,827,222 | ||||||
Kelly Services, Inc., Class A | 77,569 | 1,348,149 | ||||||
Kforce, Inc. | 31,189 | 1,082,258 | ||||||
Kimball International, Inc., Class B | 37,881 | 390,174 | ||||||
Knoll, Inc. | 74,209 | 850,435 | ||||||
Korn Ferry | 57,806 | 1,745,163 | ||||||
Kornit Digital Ltd. (Israel)(b) | 4,182 | 281,532 | ||||||
Kratos Defense & Security Solutions, Inc.(b) . | 42,300 | 799,047 | ||||||
Lawson Products, Inc.(b) | 3,259 | 134,303 | ||||||
LB Foster Co., Class A(b) | 15,654 | 212,268 | ||||||
Limbach Holdings, Inc.(b) | 32,744 | 292,404 | ||||||
Lindsay Corp. | 7,810 | 822,393 | ||||||
Luxfer Holdings PLC (United Kingdom) | 39,797 | 494,279 | ||||||
Lydall, Inc.(b) | 46,430 | 918,850 | ||||||
Lyft, Inc., Class A(b) | 11,941 | 272,613 | ||||||
Manitowoc Co., Inc. (The)(b) | 76,360 | 574,991 | ||||||
Marten Transport Ltd. | 54,456 | 835,627 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Masonite International Corp.(b) | 28,924 | $ | 2,545,312 | |||||
Matson, Inc. | 15,893 | 825,641 | ||||||
Matthews International Corp., Class A | 62,755 | 1,369,942 | ||||||
Maxar Technologies, Inc. | 126,113 | 3,249,932 | ||||||
McGrath RentCorp. | 18,752 | 1,070,364 | ||||||
Mercury Systems, Inc.(b) | 12,324 | 848,877 | ||||||
Mesa Air Group, Inc.(b) | 104,988 | 331,762 | ||||||
Miller Industries, Inc. | 19,465 | 582,782 | ||||||
Mistras Group, Inc.(b) | 62,120 | 231,086 | ||||||
Moog, Inc., Class A | 33,711 | 2,103,229 | ||||||
MSA Safety, Inc. | 15,824 | 2,087,502 | ||||||
Mueller Water Products, Inc., Class A | 132,198 | 1,369,571 | ||||||
MYR Group, Inc.(b) | 37,761 | 1,614,283 | ||||||
National Presto Industries, Inc. | 8,969 | 745,234 | ||||||
NN, Inc. | 92,074 | 493,517 | ||||||
Northwest Pipe Co.(b) | 9,518 | 255,082 | ||||||
NOW, Inc.(b) | 333,079 | 1,355,632 | ||||||
NV5 Global, Inc.(b) | 6,374 | 357,454 | ||||||
Orion Group Holdings, Inc.(b) | 61,109 | 199,215 | ||||||
PAM Transportation Services, Inc.(b) | 4,421 | 175,072 | ||||||
Park Aerospace Corp. | 43,043 | 455,825 | ||||||
Park-Ohio Holdings Corp. | 28,023 | 553,174 | ||||||
Parsons Corp.(b) | 14,459 | 455,748 | ||||||
PGT Innovations, Inc.(b) | 52,246 | 866,239 | ||||||
PICO Holdings, Inc.(b) | 19,239 | 159,107 | ||||||
Powell Industries, Inc. | 14,815 | 350,078 | ||||||
Preformed Line Products Co. | 5,586 | 307,398 | ||||||
Primoris Services Corp. | 70,517 | 1,330,656 | ||||||
Proto Labs, Inc.(b) | 10,383 | 1,226,025 | ||||||
Quad/Graphics, Inc. | 175,306 | 397,945 | ||||||
Quanex Building Products Corp. | 48,666 | 885,721 | ||||||
Radiant Logistics, Inc.(b) | 95,602 | 491,394 | ||||||
Raven Industries, Inc. | 26,583 | 582,699 | ||||||
RBC Bearings, Inc.(b) | 8,006 | 953,114 | ||||||
Resources Connection, Inc. | 59,372 | 637,655 | ||||||
REV Group, Inc. | 73,607 | 577,815 | ||||||
Rollins, Inc. | 42,495 | 2,458,336 | ||||||
RR Donnelley & Sons Co. | 398,054 | 465,723 | ||||||
Safe Bulkers, Inc. (Greece)(b) | 145,346 | 128,864 | ||||||
Saia, Inc.(b) | 21,844 | 3,225,485 | ||||||
Schneider National, Inc., Class B | 80,617 | 1,778,411 | ||||||
Scorpio Bulkers, Inc. | 14,230 | 156,245 | ||||||
Shyft Group, Inc. (The) | 28,835 | 556,804 | ||||||
Simpson Manufacturing Co., Inc. | 24,133 | 2,141,080 | ||||||
SiteOne Landscape Supply, Inc.(b) | 16,132 | 1,927,613 | ||||||
SkyWest, Inc. | 20,737 | 601,995 | ||||||
SP Plus Corp.(b) | 42,661 | 786,242 | ||||||
Spirit Airlines, Inc.(b)(c) | 35,178 | 618,077 | ||||||
SPX Corp.(b) | 23,453 | 994,173 | ||||||
SPX FLOW, Inc.(b) | 70,190 | 2,972,546 | ||||||
Standex International Corp. | 14,220 | 882,920 | ||||||
Star Bulk Carriers Corp. (Greece) | 92,950 | 580,008 | ||||||
Steelcase, Inc., Class A | 150,572 | 1,571,972 | ||||||
Sterling Construction Co., Inc.(b) | 47,919 | 704,409 | ||||||
Sunrun, Inc.(b) | 54,321 | 2,825,778 | ||||||
Systemax, Inc. | 27,164 | 772,273 | ||||||
Team, Inc.(b) | 78,173 | 419,007 | ||||||
Tennant Co. | 13,385 | 798,014 | ||||||
Tetra Tech, Inc. | 25,598 | 2,583,094 | ||||||
Textainer Group Holdings Ltd. (China)(b) | 153,761 | 2,223,384 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Thermon Group Holdings, Inc.(b) | 36,194 | $ | 365,197 | |||||
Titan International, Inc. | 247,983 | 681,953 | ||||||
Titan Machinery, Inc.(b) | 87,916 | 1,317,861 | ||||||
TPI Composites, Inc.(b) | 27,991 | 927,062 | ||||||
Transcat, Inc.(b) | 6,013 | 185,862 | ||||||
Trex Co., Inc.(b) | 22,428 | 1,559,643 | ||||||
TriMas Corp.(b) | 48,169 | 1,171,952 | ||||||
TriNet Group, Inc.(b) | 33,116 | 2,282,355 | ||||||
Triumph Group, Inc. | 79,851 | 527,017 | ||||||
TrueBlue, Inc.(b) | 143,616 | 2,228,920 | ||||||
Twin Disc, Inc.(b) | 21,151 | 107,024 | ||||||
UniFirst Corp. | 9,998 | 1,637,772 | ||||||
Universal Logistics Holdings, Inc. | 19,000 | 374,870 | ||||||
Upwork, Inc.(b) | 20,291 | 374,369 | ||||||
US Ecology, Inc. | 16,895 | 515,635 | ||||||
US Xpress Enterprises, Inc., Class A(b) | 114,525 | 825,725 | ||||||
USA Truck, Inc.(b) | 27,993 | 239,900 | ||||||
Vectrus, Inc.(b) | 19,935 | 787,831 | ||||||
Veritiv Corp.(b) | 66,561 | 958,478 | ||||||
Viad Corp. | 23,029 | 460,580 | ||||||
Vicor Corp.(b) | 3,211 | 250,458 | ||||||
VSE Corp. | 9,619 | 278,566 | ||||||
Wabash National Corp. | 161,656 | 2,305,215 | ||||||
Watts Water Technologies, Inc., Class A | 16,962 | 1,878,881 | ||||||
Welbilt, Inc.(b) | 143,460 | 872,237 | ||||||
Werner Enterprises, Inc. | 56,592 | 2,151,628 | ||||||
Willdan Group, Inc.(b) | 7,289 | 190,753 | ||||||
Willis Lease Finance Corp.(b) | 4,053 | 85,964 | ||||||
WillScot Mobile Mini Holdings Corp.(b) | 132,647 | 2,464,581 | ||||||
Woodward, Inc. | 26,111 | 2,077,130 | ||||||
YRC Worldwide, Inc.(b)(c) | 840,118 | 3,293,263 | ||||||
|
| |||||||
251,281,880 | ||||||||
|
| |||||||
Information Technology-15.66% |
| |||||||
2U, Inc.(b) | 26,249 | 967,276 | ||||||
3D Systems Corp.(b)(c) | 78,176 | 444,821 | ||||||
8x8, Inc.(b) | 17,379 | 300,309 | ||||||
A10 Networks, Inc.(b) | 22,285 | 150,201 | ||||||
Acacia Communications, Inc.(b) | 11,110 | 752,591 | ||||||
ACI Worldwide, Inc.(b) | 76,838 | 2,241,364 | ||||||
ADTRAN, Inc. | 103,536 | 1,106,800 | ||||||
Advanced Energy Industries, Inc.(b) | 23,148 | 1,561,796 | ||||||
Agilysys, Inc.(b) | 4,389 | 118,854 | ||||||
Alarm.com Holdings, Inc.(b) | 7,050 | 411,226 | ||||||
Alpha & Omega Semiconductor Ltd.(b) | 45,195 | 716,793 | ||||||
Altair Engineering, Inc., Class A(b) | 8,156 | 350,953 | ||||||
Alteryx, Inc., Class A(b) | 1,740 | 218,109 | ||||||
Ambarella, Inc.(b) | 10,237 | 559,657 | ||||||
American Software, Inc., Class A | 17,129 | 251,454 | ||||||
Amkor Technology, Inc.(b) | 263,236 | 3,119,347 | ||||||
Amtech Systems, Inc.(b) | 24,395 | 129,781 | ||||||
Anaplan, Inc.(b) | 4,017 | 222,341 | ||||||
Applied Optoelectronics, Inc.(b)(c) | 53,182 | 466,938 | ||||||
Arista Networks, Inc.(b) | 13,702 | 2,862,348 | ||||||
Arlo Technologies, Inc.(b) | 133,957 | 597,448 | ||||||
Aspen Technology, Inc.(b) | 12,309 | 1,351,651 | ||||||
Atlassian Corp. PLC, Class A(b) | 2,986 | 572,177 | ||||||
Autodesk, Inc.(b) | 7,926 | 1,866,890 | ||||||
Avalara, Inc.(b) | 1,680 | 250,404 | ||||||
Avid Technology, Inc.(b) | 36,833 | 343,284 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Axcelis Technologies, Inc.(b) | 29,229 | $ | 645,084 | |||||
AXT, Inc.(b) | 67,130 | 399,423 | ||||||
Badger Meter, Inc. | 11,352 | 832,556 | ||||||
Bel Fuse, Inc., Class B | 34,535 | 404,405 | ||||||
Belden, Inc. | 61,575 | 1,901,436 | ||||||
Blackbaud, Inc. | 17,028 | 840,161 | ||||||
Blackline, Inc.(b) | 4,539 | 443,369 | ||||||
Bottomline Technologies (DE), Inc.(b) | 13,264 | 526,846 | ||||||
Box, Inc., Class A(b) | 17,686 | 274,133 | ||||||
Brightcove, Inc.(b) | 22,107 | 279,654 | ||||||
Brooks Automation, Inc. | 33,938 | 1,584,905 | ||||||
CalAmp Corp.(b) | 47,268 | 334,657 | ||||||
Calix, Inc.(b) | 34,600 | 809,986 | ||||||
Cardtronics PLC, Class A(b) | 42,661 | 759,792 | ||||||
Casa Systems, Inc.(b) | 63,714 | 265,687 | ||||||
Cass Information Systems, Inc. | 9,295 | 364,550 | ||||||
Ceragon Networks Ltd. (Israel)(b)(c) | 183,198 | 404,868 | ||||||
Cerence, Inc.(b) | 48,918 | 2,669,944 | ||||||
Ceridian HCM Holding, Inc.(b) | 18,557 | 1,599,985 | ||||||
CEVA, Inc.(b) | 10,258 | 413,603 | ||||||
ChannelAdvisor Corp.(b) | 14,459 | 234,236 | ||||||
Cirrus Logic, Inc.(b) | 38,240 | 2,633,589 | ||||||
Cloudera, Inc.(b) | 129,809 | 1,261,743 | ||||||
CMC Materials, Inc. | 7,996 | 1,136,951 | ||||||
Cognex Corp. | 37,833 | 2,493,195 | ||||||
Coherent, Inc.(b) | 21,629 | 2,706,653 | ||||||
Cohu, Inc. | 30,371 | 659,962 | ||||||
CommVault Systems, Inc.(b) | 15,415 | 610,280 | ||||||
Comtech Telecommunications Corp. | 28,699 | 413,266 | ||||||
Cornerstone OnDemand, Inc.(b) | 5,288 | 200,891 | ||||||
Coupa Software, Inc.(b) | 2,261 | 605,270 | ||||||
CSG Systems International, Inc. | 28,068 | 1,063,216 | ||||||
CTS Corp. | 24,518 | 677,677 | ||||||
CyberArk Software Ltd.(b) | 5,847 | 579,730 | ||||||
Daktronics, Inc. | 79,228 | 308,989 | ||||||
Diebold Nixdorf, Inc.(b) | 352,631 | 2,196,891 | ||||||
Digi International, Inc.(b) | 31,692 | 466,823 | ||||||
Diodes, Inc.(b) | 38,139 | 2,205,578 | ||||||
DocuSign, Inc.(b) | 3,621 | 732,347 | ||||||
Dolby Laboratories, Inc., Class A | 31,557 | 2,369,300 | ||||||
Dropbox, Inc., Class A(b) | 28,431 | 519,150 | ||||||
DSP Group, Inc.(b) | 13,534 | 178,243 | ||||||
Eastman Kodak Co.(b)(c) | 154,677 | 1,070,365 | ||||||
Ebix, Inc.(c) | 21,924 | 395,947 | ||||||
Elastic N.V.(b) | 2,748 | 278,675 | ||||||
Endurance International Group Holdings, Inc.(b) | 178,541 | 1,037,323 | ||||||
Enphase Energy, Inc.(b) | 2,943 | 288,679 | ||||||
Entegris, Inc. | 39,458 | 2,950,275 | ||||||
Envestnet, Inc.(b) | 13,489 | 1,035,146 | ||||||
EPAM Systems, Inc.(b) | 10,879 | 3,361,067 | ||||||
ePlus, Inc.(b) | 18,417 | 1,243,332 | ||||||
EVERTEC, Inc. | 30,727 | 1,022,595 | ||||||
Evo Payments, Inc., Class A(b) | 10,067 | 212,112 | ||||||
Exela Technologies, Inc.(b) | 426,767 | 160,038 | ||||||
ExlService Holdings, Inc.(b) | 17,675 | 1,338,704 | ||||||
Extreme Networks, Inc.(b) | 85,912 | 348,803 | ||||||
Fabrinet (Thailand)(b) | 29,038 | 1,742,861 | ||||||
Fair Isaac Corp.(b) | 2,977 | 1,165,347 | ||||||
FARO Technologies, Inc.(b) | 10,874 | 655,050 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
FireEye, Inc.(b) | 62,456 | $ | 864,391 | |||||
Fitbit, Inc., Class A(b) | 241,578 | 1,700,709 | ||||||
Five9, Inc.(b) | 3,155 | 478,677 | ||||||
FormFactor, Inc.(b) | 39,329 | 1,114,977 | ||||||
Fortinet, Inc.(b) | 17,153 | 1,893,177 | ||||||
Globant S.A. (Argentina)(b) | 5,283 | 954,163 | ||||||
GoDaddy, Inc., Class A(b) | 37,514 | 2,653,740 | ||||||
GreenSky, Inc., Class A(b) | 26,887 | 127,175 | ||||||
GTT Communications, Inc.(b)(c) | 50,548 | 186,522 | ||||||
Guidewire Software, Inc.(b) | 14,491 | 1,392,730 | ||||||
Hackett Group, Inc. (The) | 20,195 | 260,919 | ||||||
Harmonic, Inc.(b) | 67,640 | 401,782 | ||||||
HubSpot, Inc.(b) | 2,069 | 600,155 | ||||||
I3 Verticals, Inc., Class A(b) | 4,120 | 84,996 | ||||||
Ichor Holdings Ltd.(b) | 20,312 | 472,457 | ||||||
II-VI, Inc.(b) | 63,215 | 2,874,386 | ||||||
Immersion Corp.(b) | 16,763 | 103,260 | ||||||
Infinera Corp.(b) | 137,261 | 859,254 | ||||||
Inphi Corp.(b) | 7,039 | 983,771 | ||||||
InterDigital, Inc. | 34,944 | 1,956,165 | ||||||
IPG Photonics Corp.(b) | 22,738 | 4,228,358 | ||||||
Itron, Inc.(b) | 27,725 | 1,883,914 | ||||||
Ituran Location and Control Ltd. (Israel) | 17,438 | 246,748 | ||||||
j2 Global, Inc.(b) | 31,757 | 2,155,665 | ||||||
Kimball Electronics, Inc.(b) | 30,733 | 372,484 | ||||||
Knowles Corp.(b) | 112,351 | 1,601,002 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 53,250 | 1,391,955 | ||||||
Lattice Semiconductor Corp.(b) | 28,268 | 986,553 | ||||||
Limelight Networks, Inc.(b)(c) | 46,761 | 165,066 | ||||||
Littelfuse, Inc. | 14,381 | 2,846,575 | ||||||
LivePerson, Inc.(b) | 9,354 | 500,065 | ||||||
LiveRamp Holdings, Inc.(b) | 40,920 | 2,704,403 | ||||||
Lumentum Holdings, Inc.(b) | 22,665 | 1,874,169 | ||||||
MACOM Technology Solutions Holdings, Inc.(b) | 27,055 | 987,507 | ||||||
MagnaChip Semiconductor Corp. (South Korea)(b) | 33,340 | 456,425 | ||||||
Manhattan Associates, Inc.(b) | 15,755 | 1,347,052 | ||||||
ManTech International Corp., Class A | 19,928 | 1,292,929 | ||||||
Maxeon Solar Technologies Ltd.(b) | 6,610 | 107,082 | ||||||
MAXIMUS, Inc. | 42,590 | 2,878,232 | ||||||
MaxLinear, Inc.(b) | 38,120 | 1,007,893 | ||||||
Methode Electronics, Inc. | 45,476 | 1,399,296 | ||||||
MicroStrategy, Inc., Class A(b) | 6,196 | 1,035,166 | ||||||
Mimecast Ltd.(b) | 3,330 | 127,239 | ||||||
MobileIron, Inc.(b) | 30,094 | 211,862 | ||||||
MoneyGram International, Inc.(b)(c) | 313,607 | 1,615,076 | ||||||
MongoDB, Inc.(b) | 1,553 | 354,814 | ||||||
Monolithic Power Systems, Inc. | 7,991 | 2,553,924 | ||||||
MTS Systems Corp. | 23,922 | 580,826 | ||||||
NeoPhotonics Corp.(b) | 44,851 | 305,435 | ||||||
Net 1 UEPS Technologies, Inc. (South Africa)(b)(c) | 111,732 | 336,313 | ||||||
NETGEAR, Inc.(b) | 49,168 | 1,515,358 | ||||||
NetScout Systems, Inc.(b) | 95,543 | 1,960,542 | ||||||
New Relic, Inc.(b) | 6,932 | 420,495 | ||||||
NIC, Inc. | 42,451 | 951,751 | ||||||
nLight, Inc.(b) | 17,165 | 364,585 | ||||||
Novanta, Inc.(b) | 9,156 | 995,440 | ||||||
Nutanix, Inc., Class A(b) | 15,887 | 386,690 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
NVE Corp. | 3,382 | $ | 156,012 | |||||
Okta, Inc.(b) | 2,458 | 515,762 | ||||||
OneSpan, Inc.(b) | 22,361 | 490,377 | ||||||
Onto Innovation, Inc.(b) | 15,176 | 486,694 | ||||||
OSI Systems, Inc.(b) | 15,857 | 1,223,526 | ||||||
Pagseguro Digital Ltd., Class A (Brazil)(b) | 37,836 | 1,385,176 | ||||||
Palo Alto Networks, Inc.(b) | 7,989 | 1,767,087 | ||||||
PAR Technology Corp.(b)(c) | 4,713 | 174,240 | ||||||
Paycom Software, Inc.(b) | 2,625 | 955,736 | ||||||
Paylocity Holding Corp.(b) | 1,975 | 366,402 | ||||||
PC Connection, Inc. | 20,192 | 919,746 | ||||||
PDF Solutions, Inc.(b) | 16,673 | 312,452 | ||||||
Pegasystems, Inc. | 5,616 | 650,782 | ||||||
Perficient, Inc.(b) | 16,198 | 634,314 | ||||||
Photronics, Inc.(b) | 109,581 | 1,068,415 | ||||||
Plantronics, Inc. | 100,901 | 1,969,587 | ||||||
Power Integrations, Inc. | 20,172 | 1,214,556 | ||||||
Progress Software Corp. | 18,761 | 682,338 | ||||||
Proofpoint, Inc.(b) | 5,740 | 549,548 | ||||||
PTC, Inc.(b) | 22,777 | 1,910,535 | ||||||
Pure Storage, Inc., Class A(b) | 57,961 | 933,172 | ||||||
Q2 Holdings, Inc.(b) | 2,534 | 231,202 | ||||||
QAD, Inc., Class A | 4,079 | 170,665 | ||||||
Qualys, Inc.(b) | 6,094 | 535,358 | ||||||
Radware Ltd. (Israel)(b) | 19,915 | 448,087 | ||||||
Rambus, Inc.(b) | 89,707 | 1,237,059 | ||||||
Rapid7, Inc.(b) | 3,439 | 212,977 | ||||||
RealPage, Inc.(b) | 22,789 | 1,269,119 | ||||||
Ribbon Communications, Inc.(b) | 111,805 | 481,880 | ||||||
RingCentral, Inc., Class A(b) | 2,011 | 519,522 | ||||||
Rogers Corp.(b) | 15,350 | 1,860,727 | ||||||
SailPoint Technologies Holding, Inc.(b) | 20,195 | 838,294 | ||||||
ScanSource, Inc.(b) | 76,366 | 1,534,957 | ||||||
Semtech Corp.(b) | 32,560 | 1,787,218 | ||||||
ServiceNow, Inc.(b) | 5,851 | 2,911,282 | ||||||
Silicom Ltd. (Israel)(b) | 7,163 | 266,535 | ||||||
Silicon Laboratories, Inc.(b) | 18,426 | 1,887,928 | ||||||
SMART Global Holdings, Inc.(b) | 19,470 | 513,813 | ||||||
SolarEdge Technologies, Inc.(b) | 6,791 | 1,749,973 | ||||||
SolarWinds Corp.(b)(c) | 28,504 | 582,337 | ||||||
Splunk, Inc.(b) | 12,446 | 2,464,806 | ||||||
SPS Commerce, Inc.(b) | 8,680 | 742,921 | ||||||
Square, Inc., Class A(b) | 21,846 | 3,383,508 | ||||||
StarTek, Inc.(b) | 20,363 | 106,906 | ||||||
StoneCo Ltd., Class A (Brazil)(b) | 10,473 | 550,251 | ||||||
Stratasys Ltd.(b)(c) | 70,298 | 898,408 | ||||||
SunPower Corp.(b)(c) | 51,800 | 828,282 | ||||||
SVMK, Inc.(b) | 10,830 | 226,672 | ||||||
Switch, Inc., Class A | 9,132 | 128,396 | ||||||
Sykes Enterprises, Inc.(b) | 58,183 | 1,992,186 | ||||||
Synaptics, Inc.(b) | 31,560 | 2,419,705 | ||||||
Synchronoss Technologies, Inc.(b) | 74,689 | 206,888 | ||||||
Telenav, Inc.(b) | 22,696 | 92,373 | ||||||
TESSCO Technologies, Inc. | 37,754 | 230,299 | ||||||
Trade Desk, Inc. (The), Class A(b) | 2,213 | 1,253,554 | ||||||
TTEC Holdings, Inc. | 12,721 | 696,856 | ||||||
Tucows, Inc., Class A(b)(c) | 5,616 | 414,405 | ||||||
Twilio,Inc.,Class A(b) | 4,408 | 1,229,700 | ||||||
Tyler Technologies, Inc.(b) | 6,848 | 2,632,234 | ||||||
Ubiquiti, Inc. | 1,314 | 243,892 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Ultra Clean Holdings, Inc.(b) | 46,754 | $ | 995,393 | |||||
Unisys Corp.(b) | 147,533 | 1,938,584 | ||||||
Universal Display Corp. | 4,933 | 978,263 | ||||||
Upland Software, Inc.(b) | 2,987 | 124,618 | ||||||
Varonis Systems, Inc.(b) | 2,509 | 289,965 | ||||||
Veeco Instruments, Inc.(b) | 46,836 | 596,222 | ||||||
Verint Systems, Inc.(b) | 43,617 | 2,116,297 | ||||||
VeriSign, Inc.(b) | 12,905 | 2,460,983 | ||||||
Verra Mobility Corp.(b) | 34,296 | 329,585 | ||||||
Viavi Solutions, Inc.(b) | 92,549 | 1,142,980 | ||||||
Virtusa Corp.(b) | 22,919 | 1,152,826 | ||||||
Vishay Precision Group, Inc.(b) | 11,646 | 278,223 | ||||||
VMware, Inc., Class A(b)(c) | 15,853 | 2,040,757 | ||||||
Wix.com Ltd. (Israel)(b) | 1,685 | 416,734 | ||||||
Workday, Inc., Class A(b) | 11,215 | 2,356,496 | ||||||
Xperi Holding Corp. | 198,188 | 2,457,531 | ||||||
Yext, Inc.(b) | 8,275 | 137,199 | ||||||
Zendesk, Inc.(b) | 6,702 | 743,520 | ||||||
Zix Corp.(b) | 14,286 | 87,573 | ||||||
Zscaler, Inc.(b) | 2,658 | 360,823 | ||||||
Zuora, Inc., Class A(b) | 11,838 | 113,882 | ||||||
|
| |||||||
223,628,537 | ||||||||
|
| |||||||
Materials-5.97% | ||||||||
Advanced Emissions Solutions, Inc.(c) | 13,547 | 60,284 | ||||||
AdvanSix, Inc.(b) | 116,029 | 1,765,961 | ||||||
American Vanguard Corp. | 30,890 | 399,099 | ||||||
Balchem Corp. | 13,206 | 1,319,940 | ||||||
Century Aluminum Co.(b) | 176,835 | 1,163,574 | ||||||
Clearwater Paper Corp.(b) | 72,338 | 2,687,357 | ||||||
Cleveland-Cliffs, Inc.(c) | 451,172 | 3,735,704 | ||||||
Coeur Mining, Inc.(b) | 224,143 | 1,584,691 | ||||||
Contura Energy, Inc.(b)(c) | 123,113 | 794,079 | ||||||
Eagle Materials, Inc. | 28,760 | 2,451,790 | ||||||
Ferro Corp.(b) | 118,872 | 1,528,694 | ||||||
Ferroglobe PLC(b) | 230,620 | 142,385 | ||||||
Flotek Industries, Inc.(b) | 221,267 | 548,742 | ||||||
Forterra, Inc.(b) | 23,657 | 308,724 | ||||||
FutureFuel Corp. | 53,251 | 633,154 | ||||||
GCP Applied Technologies, Inc.(b) | 91,540 | 1,996,487 | ||||||
Glatfelter Corp. | 95,667 | 1,365,168 | ||||||
Gold Resource Corp. | 43,466 | 119,097 | ||||||
Hawkins, Inc. | 13,352 | 623,672 | ||||||
Haynes International, Inc. | 24,139 | 391,293 | ||||||
Hecla Mining Co. | 588,846 | 2,696,915 | ||||||
Ingevity Corp.(b) | 33,707 | 1,849,840 | ||||||
Innospec, Inc. | 20,253 | 1,339,533 | ||||||
Intrepid Potash, Inc.(b) | 18,299 | 182,624 | ||||||
Kaiser Aluminum Corp. | 17,960 | 1,130,223 | ||||||
Koppers Holdings, Inc.(b) | 39,629 | 888,879 | ||||||
Kraton Corp.(b) | 132,824 | 3,758,919 | ||||||
Kronos Worldwide, Inc. | 51,819 | 690,229 | ||||||
Livent Corp.(b) | 122,114 | 1,312,726 | ||||||
LSB Industries, Inc.(b) | 115,628 | 257,850 | ||||||
Materion Corp. | 26,401 | 1,351,467 | ||||||
McEwen Mining, Inc. (Canada)(b) | 242,303 | 235,373 | ||||||
Mercer International, Inc. (Germany) | 95,701 | 601,959 | ||||||
Minerals Technologies, Inc. | 52,460 | 2,869,037 | ||||||
Myers Industries, Inc. | 51,927 | 744,633 | ||||||
Neenah, Inc. | 21,898 | 824,022 |
Shares | Value | |||||||
Materials-(continued) | ||||||||
NewMarket Corp. | 5,315 | $ | 1,901,122 | |||||
Nexa Resources S.A. (Peru)(c) | 42,661 | 258,099 | ||||||
Olympic Steel, Inc. | 40,995 | 467,753 | ||||||
Orion Engineered Carbons S.A. (Germany) | 120,618 | 1,769,466 | ||||||
PQ Group Holdings, Inc.(b) | 50,787 | 587,098 | ||||||
Quaker Chemical Corp. | 4,958 | 945,937 | ||||||
Rayonier Advanced Materials, Inc.(b) | 373,082 | 1,279,671 | ||||||
Resolute Forest Products, Inc.(b) | 305,515 | 1,402,314 | ||||||
Royal Gold, Inc. | 26,936 | 3,200,266 | ||||||
Ryerson Holding Corp.(b) | 95,504 | 751,617 | ||||||
Schnitzer Steel Industries, Inc., Class A | 111,623 | 2,344,083 | ||||||
Schweitzer-Mauduit International, Inc., Class A | 57,569 | 1,911,291 | ||||||
Sensient Technologies Corp. | 47,876 | 3,132,527 | ||||||
Southern Copper Corp. (Peru) | 65,684 | 3,437,901 | ||||||
Stepan Co. | 20,871 | 2,430,219 | ||||||
SunCoke Energy, Inc. | 238,835 | 833,534 | ||||||
Tecnoglass, Inc. | 20,233 | 91,251 | ||||||
TimkenSteel Corp.(b) | 173,155 | 670,110 | ||||||
Tredegar Corp. | 42,269 | 616,282 | ||||||
Tronox Holdings PLC, Class A | 221,970 | 2,168,647 | ||||||
UFP Technologies, Inc.(b) | 5,329 | 197,493 | ||||||
Universal Stainless & Alloy Products, Inc.(b) | 13,940 | 75,694 | ||||||
US Concrete, Inc.(b) | 40,372 | 1,371,033 | ||||||
Valhi, Inc.(b) | 7,742 | 105,291 | ||||||
Valvoline, Inc. | 113,731 | 2,237,089 | ||||||
Venator Materials PLC(b)(c) | 148,628 | 288,338 | ||||||
Verso Corp., Class A | 158,046 | 1,229,598 | ||||||
W.R. Grace & Co. | 40,044 | 1,741,514 | ||||||
Worthington Industries, Inc. | 70,002 | 3,444,798 | ||||||
|
| |||||||
85,244,160 | ||||||||
|
| |||||||
Real Estate-5.15% | ||||||||
Acadia Realty Trust | 90,939 | 848,461 | ||||||
Agree Realty Corp. | 17,568 | 1,090,446 | ||||||
Alexander’s, Inc. | 2,144 | 521,399 | ||||||
Altisource Portfolio Solutions S.A.(b) | 28,808 | 320,633 | ||||||
American Assets Trust, Inc. | 31,388 | 656,951 | ||||||
American Finance Trust, Inc. | 160,336 | 924,337 | ||||||
Americold Realty Trust(c) | 67,874 | 2,459,075 | ||||||
Armada Hoffler Properties, Inc. | 39,076 | 352,075 | ||||||
Ashford Hospitality Trust, Inc.(c) | 35,834 | 46,226 | ||||||
Bluerock Residential Growth REIT, Inc. | 42,479 | 367,868 | ||||||
Braemar Hotels & Resorts, Inc. | 107,071 | 259,112 | ||||||
Brookfield Property REIT, Inc., Class A (c) | 132,846 | 1,959,478 | ||||||
BRT Apartments Corp. | 16,371 | 203,819 | ||||||
CareTrust REIT, Inc. | 50,038 | 855,650 | ||||||
CatchMark Timber Trust, Inc., Class A | 57,116 | 496,338 | ||||||
CBL & Associates Properties, Inc.(b) | 1,800,948 | 271,943 | ||||||
Cedar Realty Trust, Inc. | 134,437 | 127,715 | ||||||
Chatham Lodging Trust | 96,269 | 707,577 | ||||||
City Office REIT, Inc. | 43,856 | 277,170 | ||||||
Community Healthcare Trust, Inc. | 6,347 | 293,866 | ||||||
CorEnergy Infrastructure Trust, Inc. | 14,988 | 70,144 | ||||||
CorePoint Lodging, Inc. | 140,651 | 672,312 | ||||||
CoreSite Realty Corp. | 14,505 | 1,731,317 | ||||||
CTO Realty Growth, Inc. | 4,328 | 190,995 | ||||||
Cushman & Wakefield PLC(b) | 153,839 | 1,802,993 | ||||||
Easterly Government Properties, Inc. | 47,687 | 996,658 | ||||||
EastGroup Properties, Inc. | 15,968 | 2,125,021 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Empire State Realty Trust, Inc., Class A | 180,258 | $ | 969,788 | |||||
Equity Commonwealth | 82,334 | 2,175,264 | ||||||
Essential Properties Realty Trust, Inc. | 25,612 | 423,110 | ||||||
Farmland Partners, Inc. | 50,126 | 322,811 | ||||||
First Industrial Realty Trust, Inc. | 66,976 | 2,666,315 | ||||||
Forestar Group, Inc.(b) | 11,600 | 193,024 | ||||||
Four Corners Property Trust, Inc. | 31,841 | 806,851 | ||||||
Franklin Street Properties Corp. | 200,420 | 841,764 | ||||||
Front Yard Residential Corp., (Acquired 04/07/2016 - 09/22/2020; Cost $849,532)(d) | 88,935 | 1,190,840 | ||||||
Getty Realty Corp. | 28,219 | 741,595 | ||||||
Gladstone Commercial Corp. | 32,296 | 524,810 | ||||||
Gladstone Land Corp. | 14,442 | 200,311 | ||||||
Global Medical REIT, Inc. | 11,771 | 146,314 | ||||||
Global Net Lease, Inc. | 98,375 | 1,399,876 | ||||||
Hersha Hospitality Trust | 115,963 | 568,219 | ||||||
Independence Realty Trust, Inc. | 79,901 | 970,797 | ||||||
Industrial Logistics Properties Trust | 54,717 | 1,049,472 | ||||||
Innovative Industrial Properties, Inc.(c) | 1,400 | 163,282 | ||||||
Investors Real Estate Trust | 19,517 | 1,315,641 | ||||||
iStar, Inc. | 46,109 | 544,086 | ||||||
Jernigan Capital, Inc. | 15,770 | 272,663 | ||||||
Kennedy-Wilson Holdings, Inc. | 118,531 | 1,562,239 | ||||||
Kite Realty Group Trust | 170,105 | 1,762,288 | ||||||
LTC Properties, Inc. | 29,516 | 974,323 | ||||||
Mack-Cali Realty Corp. | 131,826 | 1,448,768 | ||||||
Marcus & Millichap, Inc.(b) | 20,089 | 627,379 | ||||||
Monmouth Real Estate Investment Corp. | 60,896 | 843,410 | ||||||
National Health Investors, Inc. | 26,946 | 1,510,323 | ||||||
National Storage Affiliates Trust | 23,063 | 781,605 | ||||||
New Senior Investment Group, Inc. | 199,790 | 781,179 | ||||||
Newmark Group, Inc., Class A | 125,116 | 592,424 | ||||||
NexPoint Residential Trust, Inc. | 9,440 | 418,381 | ||||||
One Liberty Properties, Inc. | 17,717 | 273,373 | ||||||
Pennsylvania REIT | 345,202 | 172,256 | ||||||
PotlatchDeltic Corp. | 62,953 | 2,615,697 | ||||||
Preferred Apartment Communities, Inc., Class A, (Acquired 07/14/2016 -07/22/2020; | 155,621 | 840,353 | ||||||
PS Business Parks, Inc. | 11,973 | 1,365,281 | ||||||
QTS Realty Trust, Inc., Class A | 27,737 | 1,706,103 | ||||||
RE/MAX Holdings, Inc., Class A | 15,574 | 503,663 | ||||||
Redfin Corp.(b) | 15,893 | 663,851 | ||||||
Retail Opportunity Investments Corp. | 133,465 | 1,298,614 | ||||||
Retail Value, Inc. | 17,841 | 223,012 | ||||||
Rexford Industrial Realty, Inc. | 36,613 | 1,701,040 | ||||||
RMR Group, Inc. (The), Class A | 9,605 | 256,069 | ||||||
RPT Realty | 129,505 | 633,279 | ||||||
Saul Centers, Inc. | 13,189 | 326,428 | ||||||
Seritage Growth Properties, Class A, | 36,824 | 468,770 | ||||||
St. Joe Co. (The)(b) | 27,365 | 739,950 | ||||||
STAG Industrial, Inc. | 69,806 | 2,172,363 | ||||||
Summit Hotel Properties, Inc. | 186,237 | 983,331 | ||||||
Tanger Factory Outlet Centers, Inc.(c) | 233,493 | 1,445,322 | ||||||
Tejon Ranch Co.(b) | 19,579 | 268,428 | ||||||
Terreno Realty Corp. | 25,255 | 1,421,351 |
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
UMH Properties, Inc. | 31,144 | $ | 424,493 | |||||
Universal Health Realty Income Trust | 4,223 | 225,804 | ||||||
Urban Edge Properties | 120,491 | 1,132,615 | ||||||
Urstadt Biddle Properties, Inc., Class A | 35,252 | 335,247 | ||||||
Washington REIT | 85,416 | 1,493,072 | ||||||
Whitestone REIT | 62,455 | 372,232 | ||||||
|
| |||||||
73,480,728 | ||||||||
|
| |||||||
Utilities-1.31% | ||||||||
American States Water Co. | 17,692 | 1,321,416 | ||||||
Atlantic Power Corp.(b) | 207,072 | 412,073 | ||||||
Atlantica Sustainable Infrastructure PLC (Spain) | 80,264 | 2,366,985 | ||||||
California Water Service Group | 34,139 | 1,521,575 | ||||||
Chesapeake Utilities Corp. | 12,912 | 1,255,176 | ||||||
Clearway Energy, Inc., Class A | 35,534 | 931,346 | ||||||
Clearway Energy, Inc., Class C | 76,676 | 2,159,196 | ||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 12,418 | 124,925 | ||||||
Genie Energy Ltd., Class B | 16,389 | 135,865 | ||||||
MGE Energy, Inc. | 25,014 | 1,626,410 | ||||||
Middlesex Water Co. | 8,304 | 532,619 | ||||||
Northwest Natural Holding Co. | 28,395 | 1,261,874 | ||||||
Ormat Technologies, Inc. | 22,117 | 1,567,432 | ||||||
Otter Tail Corp. | 40,075 | 1,536,876 | ||||||
SJW Group | 18,181 | 1,103,405 | ||||||
Spark Energy, Inc., Class A | 24,300 | 221,616 | ||||||
Unitil Corp. | 16,320 | 563,856 | ||||||
|
| |||||||
18,642,645 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,427,792,569 | ||||||
|
| |||||||
Money Market Funds-0.18% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 2,562,783 | 2,562,783 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,430,355,352 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.80% | ||||||||
Invesco Private Government Fund, 0.04%(f)(g)(h) | 27,391,241 | 27,391,241 | ||||||
Invesco Private Prime Fund, | 41,074,539 | 41,086,860 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 68,478,101 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.97% |
| 1,498,833,453 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.97)% |
| (70,913,087 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,427,920,366 | ||||||
|
|
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, 2020
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
Rts. -Rights
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2020. |
(d) | Restricted security. The aggregate value of these securities at October 31, 2020 was $5,259,184, which represented less than 1% of the Fund’s Net Assets. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 9,807,079 | $ | (7,244,296 | ) | $ | - | $ | - | $ | 2,562,783 | $ | 22 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 533,547 | 16,937,709 | (17,471,256 | ) | - | - | - | 376 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 82,213,293 | 138,185,048 | (193,007,100 | ) | - | - | 27,391,241 | 12,385 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 82,119,106 | (41,036,518 | ) | 926 | 3,346 | 41,086,860 | 10,862 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 82,746,840 | $ | 247,048,942 | $ | (258,759,170 | ) | $ | 926 | $ | 3,346 | $ | 71,040,884 | $ | 23,645 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 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, 2020
(Unaudited)
Portfolio Composition | ||||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
| ||||||
Industrials | 17.60 | |||||
Financials | 16.43 | |||||
Consumer Discretionary | 15.72 | |||||
Information Technology | 15.66 | |||||
Health Care | 11.54 | |||||
Materials | 5.97 | |||||
Real Estate | 5.15 | |||||
Communication Services | 3.67 | |||||
Energy | 3.65 | |||||
Consumer Staples | 3.29 | |||||
Utilities | 1.31 | |||||
Money Market Funds Plus Other Assets | 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, 2020
(Unaudited)
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) | $ | 118,906,373 | $ | 3,728,452,835 | $ | 1,427,792,569 | |||||||||
Affiliated investments in securities, at value | 125,378 | 30,060,664 | 71,040,884 | ||||||||||||
Cash | - | - | 337,893 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends | 97,101 | 5,555,458 | 374,670 | ||||||||||||
Securities lending | 579 | 137,943 | 208,136 | ||||||||||||
Investments sold | - | 2,112 | 842,164 | ||||||||||||
Other assets | 17,040 | 1,662 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 119,146,471 | 3,764,210,674 | 1,500,596,316 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | - | 151,509 | - | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | - | - | 112,686 | ||||||||||||
Investments purchased - affiliated broker | - | - | 2,553,502 | ||||||||||||
Collateral upon return of securities loaned | 6,372 | 27,825,530 | 68,477,175 | ||||||||||||
Accrued advisory fees | 48,570 | 914,206 | 343,887 | ||||||||||||
Accrued trustees’ and officer’s fees | 70,180 | 347,415 | 134,794 | ||||||||||||
Accrued expenses | 60,689 | 2,647,089 | 1,053,906 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 185,811 | 31,885,749 | 72,675,950 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 118,960,660 | $ | 3,732,324,925 | $ | 1,427,920,366 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 266,024,019 | $ | 3,689,517,007 | $ | 1,755,168,838 | |||||||||
Distributable earnings (loss) | (147,063,359 | ) | 42,807,918 | (327,248,472 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 118,960,660 | $ | 3,732,324,925 | $ | 1,427,920,366 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,300,000 | 33,150,000 | 11,950,000 | ||||||||||||
Net asset value | $ | 91.51 | $ | 112.59 | $ | 119.49 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 91.38 | $ | 112.39 | $ | 119.31 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 124,903,136 | $ | 3,605,420,584 | $ | 1,493,642,059 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 125,378 | $ | 33,018,445 | $ | 71,039,958 | |||||||||
|
|
|
|
|
| ||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 5,194 | $ | 25,853,481 | $ | 63,779,984 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
For the six months ended October 31, 2020
(Unaudited)
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 | $ | 922,577 | $ | 50,713,282 | $ | 10,966,933 | |||||||||
Affiliated dividend income | 34 | 77,332 | 398 | ||||||||||||
Securities lending income | 4,523 | 885,076 | 1,392,948 | ||||||||||||
Foreign withholding tax | (2,379 | ) | (10,648 | ) | (4,639 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 924,755 | 51,665,042 | 12,355,640 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Advisory fees | 309,929 | 5,752,143 | 2,147,288 | ||||||||||||
Sub-licensing fees | 18,552 | 1,780,027 | 665,088 | ||||||||||||
Accounting & administration fees | 15,265 | 197,772 | 88,250 | ||||||||||||
Custodian & transfer agent fees | 2,722 | 14,644 | 10,629 | ||||||||||||
Trustees’ and officer’s fees | 18,604 | 98,428 | 39,458 | ||||||||||||
Other expenses | 23,430 | 130,756 | 71,215 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses | 388,502 | 7,973,770 | 3,021,928 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (16,885 | ) | (245,574 | ) | (134,185 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 371,617 | 7,728,196 | 2,887,743 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 553,138 | 43,936,846 | 9,467,897 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | (6,957,050 | ) | (18,424,445 | ) | (32,551,455 | ) | |||||||||
Affiliated investment securities | 39 | (43,853 | ) | 3,346 | |||||||||||
Unaffiliated in-kind redemptions | 11,338,815 | 199,866,466 | 85,411,234 | ||||||||||||
Affiliated in-kind redemptions | - | (281,836 | ) | - | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain | 4,381,804 | 181,116,332 | 52,863,125 | ||||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 8,430,211 | 127,712,805 | 167,618,139 | ||||||||||||
Affiliated investment securities | - | 1,096,171 | 926 | ||||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation | 8,430,211 | 128,808,976 | 167,619,065 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain | 12,812,015 | 309,925,308 | 220,482,190 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 13,365,153 | $ | 353,862,154 | $ | 229,950,087 | |||||||||
|
|
|
|
|
|
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, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco Dynamic Market ETF (PWC) | Invesco FTSE RAFI US 1000 ETF (PRF) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 553,138 | $ | 1,730,127 | $ | 43,936,846 | $ | 116,541,507 | ||||||||||||
Net realized gain (loss) | 4,381,804 | (5,304,625 | ) | 181,116,332 | 226,927,154 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | 8,430,211 | (18,292,376 | ) | 128,808,976 | (836,905,216 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 13,365,153 | (21,866,874 | ) | 353,862,154 | (493,436,555 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (801,186 | ) | (1,693,871 | ) | (45,481,031 | ) | (126,601,415 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 82,652,775 | 149,408,430 | 80,108,379 | 275,325,551 | ||||||||||||||||
Value of shares repurchased | (92,087,250 | ) | (167,991,269 | ) | (666,744,207 | ) | (1,234,732,502 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (9,434,475 | ) | (18,582,839 | ) | (586,635,828 | ) | (959,406,951 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 3,129,492 | (42,143,584 | ) | (278,254,705 | ) | (1,579,444,921 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 115,831,168 | 157,974,752 | 4,010,579,630 | 5,590,024,551 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 118,960,660 | $ | 115,831,168 | $ | 3,732,324,925 | $ | 4,010,579,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 850,000 | 1,550,000 | 700,000 | 2,500,000 | ||||||||||||||||
Shares repurchased | (950,000 | ) | (1,750,000 | ) | (6,050,000 | ) | (11,450,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 1,400,000 | 1,600,000 | 38,500,000 | 47,450,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 1,300,000 | 1,400,000 | 33,150,000 | 38,500,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | ||||
|
| |||
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) | ||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||
$ | 9,467,897 | $ | 22,254,290 | |||||
52,863,125 | (59,906,861 | ) | ||||||
167,619,065 | (365,917,073 | ) | ||||||
|
|
|
| |||||
229,950,087 | (403,569,644 | ) | ||||||
|
|
|
| |||||
(8,590,045 | ) | (30,044,591 | ) | |||||
|
|
|
| |||||
84,659,726 | 225,949,782 | |||||||
(316,073,529 | ) | (449,192,539 | ) | |||||
|
|
|
| |||||
(231,413,803 | ) | (223,242,757 | ) | |||||
|
|
|
| |||||
(10,053,761 | ) | (656,856,992 | ) | |||||
|
|
|
| |||||
1,437,974,127 | 2,094,831,119 | |||||||
|
|
|
| |||||
$ | 1,427,920,366 | $ | 1,437,974,127 | |||||
|
|
|
| |||||
800,000 | 2,200,000 | |||||||
(2,800,000 | ) | (4,100,000 | ) | |||||
13,950,000 | 15,850,000 | |||||||
|
|
|
| |||||
11,950,000 | 13,950,000 | |||||||
|
|
|
|
35 | ||||
|
| |||
Invesco Dynamic Market ETF (PWC)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 82.74 | $ | 98.73 | $ | 96.96 | $ | 84.15 | $ | 71.56 | $ | 73.46 | ||||||||||||||||||
Net investment income(a) | 0.41 | 1.15 | 0.90 | 2.11 | (b) | 0.43 | 0.82 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.96 | (15.99 | ) | 1.99 | 12.64 | 12.98 | (1.91 | ) | ||||||||||||||||||||||
Total from investment operations | 9.37 | (14.84 | ) | 2.89 | 14.75 | 13.41 | (1.09 | ) | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.60 | ) | (1.15 | ) | (1.12 | ) | (1.94 | ) | (0.82 | ) | (0.81 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 91.51 | $ | 82.74 | $ | 98.73 | $ | 96.96 | $ | 84.15 | $ | 71.56 | ||||||||||||||||||
Market price at end of period(c) | $ | 91.38 | $ | 81.40 | $ | 98.63 | $ | 96.98 | $ | 84.16 | $ | 71.55 | ||||||||||||||||||
Net Asset Value Total Return(d) | 11.39 | % | (15.04 | )% | 3.00 | % | 17.67 | % | 18.88 | % | (1.50 | )% | ||||||||||||||||||
Market Price Total Return(d) | 13.02 | % | (16.32 | )% | 2.89 | % | 17.68 | % | 18.91 | % | (1.43 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 118,961 | $ | 115,831 | $ | 157,975 | $ | 155,134 | $ | 143,052 | $ | 143,122 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.58 | % | 0.59 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.63 | %(e) | 0.58 | % | 0.59 | % | 0.61 | % | 0.61 | % | 0.60 | % | ||||||||||||||||||
Net investment income | 0.89 | %(e) | 1.22 | % | 0.91 | % | 2.30 | %(b) | 0.56 | % | 1.13 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 165 | % | 313 | % | 240 | % | 215 | % | 231 | % | 231 | % |
(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.
36 | ||||
|
| |||
Financial Highlights–(continued)
Invesco FTSE RAFI US 1000 ETF (PRF)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 104.17 | $ | 117.81 | $ | 111.04 | $ | 102.66 | $ | 90.15 | $ | 92.45 | ||||||||||||||||||
Net investment income(a) | 1.25 | 2.60 | 2.40 | 2.18 | 1.86 | 1.93 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.45 | (13.40 | ) | 6.72 | 8.29 | 12.56 | (2.23 | ) | ||||||||||||||||||||||
Total from investment operations | 9.70 | (10.80 | ) | 9.12 | 10.47 | 14.42 | (0.30 | ) | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (1.28 | ) | (2.84 | ) | (2.35 | ) | (2.09 | ) | (1.91 | ) | (2.00 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 112.59 | $ | 104.17 | $ | 117.81 | $ | 111.04 | $ | 102.66 | $ | 90.15 | ||||||||||||||||||
Market price at end of period(b) | $ | 112.39 | $ | 104.31 | $ | 117.82 | $ | 111.12 | $ | 102.67 | $ | 90.13 | ||||||||||||||||||
Net Asset Value Total Return(c) | 9.35 | % | (9.18 | )% | 8.40 | % | 10.26 | % | 16.16 | % | (0.23 | )% | ||||||||||||||||||
Market Price Total Return(c) | 9.01 | % | (9.06 | )% | 8.32 | % | 10.33 | % | 16.19 | % | (0.24 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 3,732,325 | $ | 4,010,580 | $ | 5,590,025 | $ | 5,124,420 | $ | 4,897,087 | $ | 4,142,401 | ||||||||||||||||||
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) | 0.39 | % | 0.40 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||||||||||
Net investment income | 2.22 | %(d) | 2.24 | % | 2.13 | % | 2.00 | % | 1.93 | % | 2.19 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 1 | % | 8 | % | 10 | % | 9 | % | 11 | % | 12 | % |
(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.
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Financial Highlights–(continued)
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 (Unaudited) | Years Ended April 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 103.08 | $ | 132.17 | $ | 130.30 | $ | 117.87 | $ | 97.56 | $ | 103.44 | ||||||||||||||||||
Net investment income(a) | 0.74 | 1.48 | 1.76 | 1.44 | 1.30 | 1.25 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 16.34 | (28.58 | ) | 1.75 | 12.31 | 20.46 | (5.93 | ) | ||||||||||||||||||||||
Total from investment operations | 17.08 | (27.10 | ) | 3.51 | 13.75 | 21.76 | (4.68 | ) | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.67 | ) | (1.99 | ) | (1.64 | ) | (1.32 | ) | (1.45 | ) | (1.20 | ) | ||||||||||||||||||
Net asset value at end of period | $ | 119.49 | $ | 103.08 | $ | 132.17 | $ | 130.30 | $ | 117.87 | $ | 97.56 | ||||||||||||||||||
Market price at end of period(b) | $ | 119.31 | $ | 103.16 | $ | 132.22 | $ | 130.51 | $ | 117.82 | $ | 97.55 | ||||||||||||||||||
Net Asset Value Total Return(c) | 16.60 | % | (20.65 | )% | 2.75 | % | 11.73 | % | 22.44 | % | (4.49 | )% | ||||||||||||||||||
Market Price Total Return(c) | 16.34 | % | (20.62 | )% | 2.60 | % | 11.96 | % | 22.40 | % | (4.52 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,427,920 | $ | 1,437,974 | $ | 2,094,831 | $ | 1,889,333 | $ | 1,632,527 | $ | 1,107,295 | ||||||||||||||||||
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 | 0.41 | %(d) | 0.40 | % | 0.40 | % | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||||||||||
Net investment income | 1.28 | %(d) | 1.20 | % | 1.33 | % | 1.15 | % | 1.20 | % | 1.30 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 2 | % | 21 | % | 24 | % | 26 | % | 29 | % | 28 | % |
(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.
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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Dynamic Market ETF (PWC) | “Dynamic Market ETF” | |
Invesco FTSE RAFI US 1000 ETF (PRF) | “FTSE RAFI US 1000 ETF” | |
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) | “FTSE RAFI US 1500 Small-Mid ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Shares of Dynamic Market ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
Dynamic Market ETF | Dynamic Market IntellidexSM Index | |
FTSE RAFI US 1000 ETF | FTSE RAFITM US 1000 Index | |
FTSE RAFI US 1500 Small-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 the over-the-counter 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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value
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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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a
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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. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Issuer-Specific Changes Risk. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of their respective securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
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 an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
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Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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 for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
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 the period-end date and before the date the financial statements are released to print. |
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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 and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, Dynamic Market ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets, and each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.
The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2022. For Dynamic Market ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. 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 at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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.
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For the six-month period ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Market ETF | $ | 16,885 | ||
FTSE RAFI US 1000 ETF | 245,574 | |||
FTSE RAFI US 1500 Small-Mid ETF | 134,185 |
For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.
For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2020 are as follows:
Total | ||||||||||||||||||||
Potential | ||||||||||||||||||||
Recapture | Potential Recapture Amounts Expiring | |||||||||||||||||||
Amounts | 4/30/21 | 4/30/22 | 4/30/23 | 10/31/23 | ||||||||||||||||
FTSE RAFI US 1000 ETF | $ | 1,195,361 | $ | 514,360 | $ | 272,188 | $ | 166,752 | $ | 242,061 | ||||||||||
FTSE RAFI US 1500 Small-Mid ETF | 671,593 | 218,464 | 182,750 | 137,289 | 133,090 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Dynamic Market ETF | ICE Data Indices, LLC | |
FTSE RAFI US 1000 ETF | FTSE International Limited and Research Affiliates LLC | |
FTSE RAFI US 1500 Small-Mid ETF | FTSE International Limited and Research Affiliates LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby 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.
For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
Dynamic Market ETF | $ | 39,315 | ||
FTSE RAFI US 1500 Small-Mid ETF | 5,058 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended October 31, 2020, the following Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | ||||||||||
Dynamic Market ETF | $20,885,902 | $6,891,799 | $(448,303) |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
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NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 | – | Prices are determined using quoted prices in an active market for identical assets. | ||
Level 2 | – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
Level 3 | – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Dynamic Market ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 118,906,373 | $ | - | $- | $ | 118,906,373 | |||||||||
Money Market Funds | 119,006 | 6,372 | - | 125,378 | ||||||||||||
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| |||||||||
Total Investments | $ | 119,025,379 | $ | 6,372 | $- | $ | 119,031,751 | |||||||||
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FTSE RAFI US 1000 ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 3,730,687,812 | $ | - | $- | $ | 3,730,687,812 | |||||||||
Money Market Funds | - | 27,825,687 | - | 27,825,687 | ||||||||||||
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| |||||||||
Total Investments | $ | 3,730,687,812 | $ | 27,825,687 | $- | $ | 3,758,513,499 | |||||||||
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FTSE RAFI US 1500 Small-Mid ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,427,792,569 | $ | - | $0 | $ | 1,427,792,569 | |||||||||
Money Market Funds | 2,562,783 | 68,478,101 | - | 71,040,884 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Investments | $ | 1,430,355,352 | $ | 68,478,101 | $0 | $ | 1,498,833,453 | |||||||||
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NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
45 | ||||
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The Funds had capital loss carryforwards as of April 30, 2020, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Dynamic Market ETF | $ | 142,859,805 | $ | 2,442,435 | $ | 145,302,240 | ||||||
FTSE RAFI US 1000 ETF | 19,847,839 | 170,282,611 | 190,130,450 | |||||||||
FTSE RAFI US 1500 Small-Mid ETF | 60,137,702 | 205,518,088 | 265,655,790 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Market ETF | $ | 220,113,955 | $ | 222,369,107 | ||||
FTSE RAFI US 1000 ETF | 54,170,057 | 53,889,800 | ||||||
FTSE RAFI US 1500 Small-Mid ETF | 26,670,691 | 26,333,487 |
For the six-month period ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Market ETF | $ | 82,548,122 | $ | 89,905,239 | ||||
FTSE RAFI US 1000 ETF | 80,022,220 | 665,977,798 | ||||||
FTSE RAFI US 1500 Small-Mid ETF | 84,129,719 | 314,444,328 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Dynamic Market ETF | $ | 2,451,367 | $ | (8,600,482 | ) | $ | (6,149,115 | ) | $ | 125,180,866 | ||||||
FTSE RAFI US 1000 ETF | 805,596,625 | (758,397,420 | ) | 47,199,205 | 3,711,314,294 | |||||||||||
FTSE RAFI US 1500 Small-Mid ETF | 280,560,940 | (395,814,068 | ) | (115,253,128 | ) | 1,614,086,581 |
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 Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
46 | ||||
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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–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Dynamic Market ETF (PWC) | ||||||||||||||||||||
Actual | $1,000.00 | $1,113.90 | 0.60% | $3.20 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco FTSE RAFI US 1000 ETF (PRF) | ||||||||||||||||||||
Actual | 1,000.00 | 1,093.50 | 0.39 | 2.06 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,166.00 | 0.39 | 2.13 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 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, 2020
| ||||||
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 | ||||
18 | ||||
20 | ||||
22 | ||||
Statements of Assets and Liabilities | 26 | |||
Statements of Operations | 28 | |||
Statements of Changes in Net Assets | 30 | |||
Financial Highlights | 34 | |||
Notes to Financial Statements | 44 | |||
Fund Expenses | 55 |
| 2 |
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Invesco DWA Basic Materials Momentum ETF (PYZ)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.02% |
| |||||||
Aluminum-5.66% | ||||||||
Alcoa Corp.(b) | 95,818 | $ | 1,237,969 | |||||
Arconic Corp.(b) | 50,776 | 1,103,870 | ||||||
Century Aluminum Co.(b) | 87,317 | 574,546 | ||||||
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2,916,385 | ||||||||
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Commodity Chemicals-9.59% | ||||||||
Dow, Inc. | 25,094 | 1,141,526 | ||||||
LyondellBasell Industries N.V., Class A | 15,629 | 1,069,805 | ||||||
Olin Corp. | 63,717 | 1,054,517 | ||||||
Valvoline, Inc. | 40,805 | 802,634 | ||||||
Westlake Chemical Corp. | 12,982 | 877,843 | ||||||
|
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4,946,325 | ||||||||
|
| |||||||
Copper-3.66% | ||||||||
Freeport-McMoRan, Inc. | 108,884 | 1,888,048 | ||||||
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Diversified Chemicals-6.38% | ||||||||
Chemours Co. (The) | 61,977 | 1,248,217 | ||||||
Eastman Chemical Co. | 14,619 | 1,181,800 | ||||||
Huntsman Corp. | 35,278 | 856,902 | ||||||
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3,286,919 | ||||||||
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Diversified Metals & Mining-1.30% | ||||||||
Compass Minerals International, Inc. | 11,111 | 670,882 | ||||||
|
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Fertilizers & Agricultural Chemicals-6.63% | ||||||||
FMC Corp. | 17,155 | 1,762,505 | ||||||
Mosaic Co. (The) | 89,546 | 1,656,601 | ||||||
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3,419,106 | ||||||||
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Forest Products-1.53% | ||||||||
Louisiana-Pacific Corp. | 27,543 | 787,179 | ||||||
|
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Gold-6.85% | ||||||||
Coeur Mining, Inc.(b) | 132,512 | 936,860 | ||||||
Newmont Corp. | 27,967 | 1,757,446 | ||||||
Royal Gold, Inc. | 7,035 | 835,828 | ||||||
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3,530,134 | ||||||||
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Industrial Gases-3.50% | ||||||||
Air Products and Chemicals, Inc. | 6,540 | 1,806,610 | ||||||
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Life Sciences Tools & Services-3.48% | ||||||||
Avantor, Inc.(b) | 77,181 | 1,796,002 | ||||||
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Oil & Gas Refining & Marketing-1.56% | ||||||||
Green Plains, Inc.(b) | 53,149 | 802,550 | ||||||
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Paper Packaging-3.99% | ||||||||
Avery Dennison Corp. | 14,882 | 2,059,520 | ||||||
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Paper Products-1.37% | ||||||||
Domtar Corp. | 29,640 | 707,803 | ||||||
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Silver-2.69% | ||||||||
Hecla Mining Co. | 302,638 | 1,386,082 | ||||||
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Specialized REITs-3.66% | ||||||||
PotlatchDeltic Corp. | 19,619 | 815,169 | ||||||
Weyerhaeuser Co. | 39,312 | 1,072,825 | ||||||
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1,887,994 | ||||||||
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Investment Abbreviations:
REIT-Real Estate Investment Trust
Shares | Value | |||||||
Specialty Chemicals-26.90% | ||||||||
Albemarle Corp. | 15,797 | $ | 1,472,438 | |||||
Avient Corp. | 26,913 | 836,187 | ||||||
Celanese Corp. | 12,404 | 1,407,978 | ||||||
DuPont de Nemours, Inc. | 18,947 | 1,077,705 | ||||||
Ecolab, Inc. | 8,623 | 1,583,097 | ||||||
H.B. Fuller Co. | 16,752 | 758,028 | ||||||
Ingevity Corp.(b) | 13,463 | 738,850 | ||||||
Livent Corp.(b)(c) | 96,767 | 1,040,245 | ||||||
PPG Industries, Inc. | 14,920 | 1,935,422 | ||||||
Quaker Chemical Corp. | 4,515 | 861,417 | ||||||
RPM International, Inc. | 16,062 | 1,359,970 | ||||||
Stepan Co. | 6,835 | 795,867 | ||||||
|
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13,867,204 | ||||||||
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Steel-9.64% | ||||||||
Cleveland-Cliffs, Inc.(c) | 185,079 | 1,532,454 | ||||||
Commercial Metals Co. | 39,722 | 820,259 | ||||||
Reliance Steel & Aluminum Co. | 8,553 | 932,192 | ||||||
Steel Dynamics, Inc. | 26,754 | 842,216 | ||||||
Worthington Industries, Inc. | 17,120 | 842,475 | ||||||
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4,969,596 | ||||||||
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Trading Companies & Distributors-1.63% | ||||||||
Univar Solutions, Inc.(b) | 50,639 | 840,101 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 51,568,440 | ||||||
|
| |||||||
Money Market Funds-0.24% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 124,901 | 124,901 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 51,693,341 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.14% |
| |||||||
Invesco Private Government Fund, | 646,940 | 646,940 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 970,119 | 970,410 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,617,350 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.40% |
| 53,310,691 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.40)% |
| (1,752,875 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 51,557,816 | |||||
|
|
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, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 279,312 | $ | (154,411 | ) | $ | - | $ | - | $ | 124,901 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 169,818 | 708,399 | (878,217 | ) | - | - | - | 48 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 2,269,357 | 14,358,778 | (15,981,195 | ) | - | - | 646,940 | 320 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,882,141 | (3,911,842 | ) | - | 111 | 970,410 | 275 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,439,175 | $ | 20,228,630 | $ | (20,925,665 | ) | $ | - | $ | 111 | $ | 1,742,251 | $ | 645 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Specialty Chemicals |
| 26.90 |
|
|
|
| ||
Steel |
| 9.64 |
| |||||
Commodity Chemicals |
| 9.59 |
| |||||
Gold |
| 6.85 |
| |||||
Fertilizers & Agricultural Chemicals |
| 6.63 |
| |||||
Diversified Chemicals |
| 6.38 |
| |||||
Aluminum |
| 5.66 |
| |||||
Paper Packaging |
| 3.99 |
| |||||
Copper |
| 3.66 |
| |||||
Specialized REITs |
| 3.66 |
| |||||
Industrial Gases |
| 3.50 |
| |||||
Life Sciences Tools & Services |
| 3.48 |
| |||||
Sub-Industry Types Each Less Than 3% | 10.08 | |||||||
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.
| 4 |
|
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Apparel Retail-2.24% | ||||||||
L Brands, Inc. | 31,191 | $ | 998,424 | |||||
|
| |||||||
Apparel, Accessories & Luxury Goods-0.60% | ||||||||
Fossil Group, Inc.(b) | 46,738 | 266,874 | ||||||
|
| |||||||
Auto Parts & Equipment-3.72% | ||||||||
Workhorse Group, Inc.(b)(c) | 107,629 | 1,655,334 | ||||||
|
| |||||||
Automobile Manufacturers-5.67% | ||||||||
Tesla, Inc.(b) | 6,501 | 2,522,648 | ||||||
|
| |||||||
Automotive Retail-16.61% | ||||||||
Camping World Holdings, Inc., Class A | 61,335 | 1,621,697 | ||||||
Carvana Co.(b) | 8,194 | 1,518,758 | ||||||
Lithia Motors, Inc., Class A | 4,392 | 1,008,272 | ||||||
O’Reilly Automotive, Inc.(b) | 6,679 | 2,916,051 | ||||||
Sonic Automotive, Inc., Class A | 8,941 | 322,413 | ||||||
|
| |||||||
7,387,191 | ||||||||
|
| |||||||
Cable & Satellite-3.22% | ||||||||
Charter Communications, Inc., Class A(b) | 2,370 | 1,431,053 | ||||||
|
| |||||||
Casinos & Gaming-14.29% | ||||||||
Boyd Gaming Corp. | 18,954 | 601,221 | ||||||
Caesars Entertainment, Inc.(b) | 32,693 | 1,465,300 | ||||||
DraftKings, Inc., Class A(b)(c) | 34,846 | 1,233,548 | ||||||
Everi Holdings, Inc.(b) | 80,804 | 695,723 | ||||||
Penn National Gaming, Inc.(b) | 13,622 | 735,316 | ||||||
Red Rock Resorts, Inc., Class A | 36,318 | 694,400 | ||||||
Scientific Games Corp.(b) | 29,126 | 928,537 | ||||||
|
| |||||||
6,354,045 | ||||||||
|
| |||||||
Computer & Electronics Retail-4.62% | ||||||||
Best Buy Co., Inc. | 13,063 | 1,457,178 | ||||||
GameStop Corp., Class A(b)(c) | 57,066 | 597,481 | ||||||
|
| |||||||
2,054,659 | ||||||||
|
| |||||||
Consumer Electronics-0.81% | ||||||||
Vuzix Corp.(b)(c) | 91,100 | 358,934 | ||||||
|
| |||||||
Footwear-3.71% | ||||||||
NIKE,Inc.,Class B | 13,731 | 1,648,818 | ||||||
|
| |||||||
Home Furnishings-1.96% | ||||||||
Purple Innovation, Inc.(b) | 30,798 | 873,739 | ||||||
|
| |||||||
Home Improvement Retail-7.71% | ||||||||
GrowGeneration Corp.(b)(c) | 86,325 | 1,441,627 | ||||||
Home Depot, Inc. (The) | 4,063 | 1,083,643 | ||||||
Lowe’s Cos., Inc. | 5,725 | 905,123 | ||||||
|
| |||||||
3,430,393 | ||||||||
|
| |||||||
Homebuilding-3.57% | ||||||||
Century Communities, Inc.(b) | 8,534 | 331,461 | ||||||
M/I Homes, Inc.(b) | 8,519 | 348,597 | ||||||
Meritage Homes Corp.(b) | 5,304 | 461,925 | ||||||
Taylor Morrison Home Corp., Class A(b) | 20,585 | 444,636 | ||||||
|
| |||||||
1,586,619 | ||||||||
|
| |||||||
Homefurnishing Retail-5.96% | ||||||||
Bed Bath & Beyond, Inc.(c) | 74,363 | 1,472,388 | ||||||
RH(b) | 3,510 | 1,176,657 | ||||||
|
| |||||||
2,649,045 | ||||||||
|
|
Shares | Value | |||||||
Internet & Direct Marketing Retail-6.46% | ||||||||
Amazon.com, Inc.(b) | 583 | $ | 1,770,075 | |||||
CarParts.com, Inc.(b)(c) | 87,137 | 1,105,769 | ||||||
|
| |||||||
2,875,844 | ||||||||
|
| |||||||
Leisure Products-7.69% | ||||||||
Nautilus, Inc.(b) | 61,869 | 1,341,939 | ||||||
Peloton Interactive, Inc., Class A(b) | 14,006 | 1,543,601 | ||||||
Vista Outdoor, Inc.(b) | 26,976 | 533,315 | ||||||
|
| |||||||
3,418,855 | ||||||||
|
| |||||||
Real Estate Services-1.96% | ||||||||
eXp World Holdings, Inc.(b) | 20,568 | 871,878 | ||||||
|
| |||||||
Restaurants-6.12% | ||||||||
Brinker International, Inc. | 31,538 | 1,373,164 | ||||||
Chipotle Mexican Grill, Inc.(b) | 1,122 | 1,348,061 | ||||||
|
| |||||||
2,721,225 | ||||||||
|
| |||||||
Specialty Stores-3.03% | ||||||||
Hibbett Sports, Inc.(b) | 16,784 | 634,603 | ||||||
Michaels Cos., Inc. (The)(b)(c) | 87,710 | 711,328 | ||||||
|
| |||||||
1,345,931 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 44,451,509 | ||||||
|
| |||||||
Money Market Funds-0.31% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 137,209 | 137,209 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 44,588,718 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-19.35% |
| |||||||
Invesco Private Government Fund, | 3,390,704 | 3,390,704 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 5,216,453 | 5,218,018 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 8,608,722 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-119.61% |
| 53,197,440 | ||||||
OTHER ASSETS LESS LIABILITIES-(19.61)% |
| (8,723,170 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 44,474,270 | |||||
|
|
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, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 276,981 | $ | (139,772 | ) | $ | - | $ | - | $ | 137,209 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 153,870 | 550,493 | (704,363 | ) | - | - | - | 49 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 851,641 | 30,348,726 | (27,809,663 | ) | - | - | 3,390,704 | 932 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 13,707,309 | (8,489,460 | ) | - | 169 | 5,218,018 | 1,037 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,005,511 | $ | 44,883,509 | $ | (37,143,258 | ) | $ | - | $ | 169 | $ | 8,745,931 | $ | 2,020 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Automotive Retail |
| 16.61 |
|
|
|
| ||
Casinos & Gaming |
| 14.29 |
| |||||
Home Improvement Retail |
| 7.71 |
| |||||
Leisure Products |
| 7.69 |
| |||||
Internet & Direct Marketing Retail |
| 6.46 |
| |||||
Restaurants |
| 6.12 |
| |||||
Homefurnishing Retail |
| 5.96 |
| |||||
Automobile Manufacturers |
| 5.67 |
| |||||
Computer & Electronics Retail |
| 4.62 |
| |||||
Auto Parts & Equipment |
| 3.72 |
| |||||
Footwear |
| 3.71 |
| |||||
Homebuilding |
| 3.57 |
| |||||
Cable & Satellite | 3.22 | |||||||
Specialty Stores | 3.03 | |||||||
Sub-Industry Types Each Less Than 3% |
| 7.57 |
| |||||
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.
| 6 |
|
Invesco DWA Consumer Staples Momentum ETF (PSL)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Agricultural Products-2.84% | ||||||||
Darling Ingredients, Inc.(b) | 71,671 | $ | 3,081,853 | |||||
|
| |||||||
Brewers-3.80% | ||||||||
Boston Beer Co., Inc. (The), Class A(b) | 3,963 | 4,118,270 | ||||||
|
| |||||||
Computer & Electronics Retail-2.23% | ||||||||
Rent-A-Center, Inc. | 78,152 | 2,414,897 | ||||||
|
| |||||||
Distillers & Vintners-2.51% | ||||||||
Brown-Forman Corp., Class B | 39,080 | 2,724,267 | ||||||
|
| |||||||
Education Services-3.38% | ||||||||
Bright Horizons Family Solutions, Inc.(b) | 23,181 | 3,663,757 | ||||||
|
| |||||||
Environmental & Facilities Services-3.98% |
| |||||||
Rollins, Inc. | 74,716 | 4,322,321 | ||||||
|
| |||||||
Fertilizers & Agricultural Chemicals-2.29% |
| |||||||
Scotts Miracle-Gro Co. (The) | 16,546 | 2,482,727 | ||||||
|
| |||||||
Food Distributors-4.65% | ||||||||
Performance Food Group Co.(b) | 75,089 | 2,523,741 | ||||||
Sysco Corp. | 45,654 | 2,525,123 | ||||||
|
| |||||||
5,048,864 | ||||||||
|
| |||||||
Food Retail-2.40% | ||||||||
Casey’s General Stores, Inc. | 15,415 | 2,598,506 | ||||||
|
| |||||||
Health Care Services-2.97% | ||||||||
Chemed Corp. | 6,726 | 3,217,180 | ||||||
|
| |||||||
Home Furnishings-2.63% | ||||||||
Tempur Sealy International, Inc.(b) | 32,004 | 2,848,356 | ||||||
|
| |||||||
Household Appliances-2.09% | ||||||||
Helen of Troy Ltd.(b) | 11,945 | 2,264,772 | ||||||
|
| |||||||
Household Products-13.12% | ||||||||
Church & Dwight Co., Inc. | 47,071 | 4,160,606 | ||||||
Clorox Co. (The) | 17,749 | 3,678,480 | ||||||
Procter & Gamble Co. (The) | 22,368 | 3,066,653 | ||||||
WD-40 Co. | 13,639 | 3,319,460 | ||||||
|
| |||||||
14,225,199 | ||||||||
|
| |||||||
Housewares & Specialties-4.88% | ||||||||
Tupperware Brands Corp. | 166,718 | 5,288,295 | ||||||
|
| |||||||
Packaged Foods & Meats-23.85% | ||||||||
B&G Foods, Inc.(c) | 89,434 | 2,375,367 | ||||||
Beyond Meat, Inc.(b)(c) | 21,606 | 3,077,343 | ||||||
Conagra Brands, Inc. | 75,363 | 2,644,488 | ||||||
Freshpet, Inc.(b) | 35,944 | 4,115,588 | ||||||
Hain Celestial Group, Inc. (The)(b) | 68,574 | 2,108,650 | ||||||
Hormel Foods Corp. | 67,728 | 3,297,676 | ||||||
Lancaster Colony Corp. | 14,595 | 2,424,813 |
Shares | Value | |||||||
Packaged Foods & Meats-(continued) | ||||||||
McCormick & Co., Inc. | 18,996 | $ | 3,428,968 | |||||
Mondelez International, Inc., Class A | 45,171 | 2,399,484 | ||||||
|
| |||||||
25,872,377 | ||||||||
|
| |||||||
Personal Products-8.00% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 19,502 | 4,283,809 | ||||||
Herbalife Nutrition Ltd.(b) | 48,588 | 2,193,262 | ||||||
Medifast, Inc. | 15,679 | 2,202,743 | ||||||
|
| |||||||
8,679,814 | ||||||||
|
| |||||||
Soft Drinks-11.81% | ||||||||
Keurig Dr Pepper, Inc. | 134,211 | 3,610,276 | ||||||
Monster Beverage Corp.(b) | 51,622 | 3,952,697 | ||||||
National Beverage Corp.(b)(c) | 32,183 | 2,519,607 | ||||||
PepsiCo, Inc. | 20,466 | 2,727,913 | ||||||
|
| |||||||
12,810,493 | ||||||||
|
| |||||||
Specialized Consumer Services-2.56% | ||||||||
Terminix Global Holdings, Inc.(b) | 58,984 | 2,777,557 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 108,439,505 | ||||||
|
| |||||||
Money Market Funds-0.17% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 187,730 | 187,730 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% |
| 108,627,235 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.87% |
| |||||||
Invesco Private Government Fund, | 2,436,613 | 2,436,613 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 3,931,311 | 3,932,490 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,369,103 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.03% |
| 114,996,338 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.03)% |
| (6,543,968 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 108,452,370 | ||||||
|
|
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, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 579,536 | $ | (391,806 | ) | $ | - | $ | - | $ | 187,730 | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 305,656 | 848,123 | (1,153,779 | ) | - | - | - | 78 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 3,678,757 | 38,236,379 | (39,478,523 | ) | - | - | 2,436,613 | 846 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 13,089,840 | (9,157,606 | ) | 9 | 247 | 3,932,490 | 895 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,984,413 | $ | 52,753,878 | $ | (50,181,714 | ) | $ | 9 | $ | 247 | $ | 6,556,833 | $ | 1,822 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Packaged Foods & Meats |
| 23.85 |
|
|
|
| ||
Household Products |
| 13.12 |
| |||||
Soft Drinks |
| 11.81 |
| |||||
Personal Products |
| 8.00 |
| |||||
Housewares & Specialties |
| 4.88 |
| |||||
Food Distributors |
| 4.65 |
| |||||
Environmental & Facilities Services |
| 3.98 |
| |||||
Brewers |
| 3.80 |
| |||||
Education Services |
| 3.38 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 22.52 |
| |||||
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.
| 8 |
|
Invesco DWA Energy Momentum ETF (PXI)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.81% |
| |||||||
Coal & Consumable Fuels-1.12% | ||||||||
Arch Resources, Inc. | 4,983 | $ | 152,231 | |||||
|
| |||||||
Integrated Oil & Gas-6.88% | ||||||||
Chevron Corp. | 7,206 | 500,817 | ||||||
Exxon Mobil Corp. | 7,191 | 234,570 | ||||||
Occidental Petroleum Corp. | 22,123 | 201,983 | ||||||
|
| |||||||
937,370 | ||||||||
|
| |||||||
Oil & Gas Drilling-2.10% | ||||||||
Nabors Industries Ltd.(b) | 10,050 | 285,621 | ||||||
|
| |||||||
Oil & Gas Equipment & Services-12.33% | ||||||||
Baker Hughes Co., Class A | 18,084 | 267,101 | ||||||
ChampionX Corp.(c) | 38,689 | 337,755 | ||||||
Core Laboratories N.V | 13,497 | 195,031 | ||||||
Halliburton Co. | 41,764 | 503,674 | ||||||
National Oilwell Varco, Inc. | 18,032 | 151,469 | ||||||
Schlumberger Ltd. | 14,998 | 224,070 | ||||||
|
| |||||||
1,679,100 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production-43.03% | ||||||||
Apache Corp. | 42,570 | 353,331 | ||||||
Cabot Oil & Gas Corp. | 28,635 | 509,417 | ||||||
Cimarex Energy Co. | 12,156 | 308,398 | ||||||
CNX Resources Corp.(c) | 33,363 | 323,621 | ||||||
Comstock Resources, Inc.(c) | 42,581 | 226,105 | ||||||
Concho Resources, Inc. | 5,600 | 232,456 | ||||||
ConocoPhillips | 17,026 | 487,284 | ||||||
Devon Energy Corp. | 29,049 | 259,408 | ||||||
Diamondback Energy, Inc. | 8,877 | 230,447 | ||||||
Hess Corp. | 12,266 | 456,540 | ||||||
Marathon Oil Corp. | 57,299 | 226,904 | ||||||
Matador Resources Co.(c) | 44,340 | 313,484 | ||||||
Murphy Oil Corp. | 21,856 | 168,728 | ||||||
Parsley Energy, Inc., Class A | 50,130 | 501,801 | ||||||
PDC Energy, Inc.(c) | 19,363 | 230,807 | ||||||
Penn Virginia Corp.(b)(c) | 17,735 | 136,205 | ||||||
Pioneer Natural Resources Co. | 4,367 | 347,438 | ||||||
Range Resources Corp. | 51,293 | 337,508 | ||||||
WPX Energy, Inc.(c) | 45,925 | 211,714 | ||||||
|
| |||||||
5,861,596 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing-13.98% | ||||||||
Marathon Petroleum Corp. | 13,963 | 411,909 |
Shares | Value | |||||||
Oil & Gas Refining & Marketing-(continued) | ||||||||
Phillips 66 | 8,612 | $ | 401,836 | |||||
Renewable Energy Group, Inc.(c) | 8,520 | 480,528 | ||||||
Valero Energy Corp. | 15,789 | 609,613 | ||||||
|
| |||||||
1,903,886 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation-19.25% | ||||||||
Antero Midstream Corp. | 49,459 | 283,400 | ||||||
Cheniere Energy, Inc.(c) | 15,511 | 742,512 | ||||||
Equitrans Midstream Corp. | 37,317 | 270,921 | ||||||
Kinder Morgan, Inc. | 25,641 | 305,128 | ||||||
Targa Resources Corp. | 24,299 | 389,999 | ||||||
Williams Cos., Inc. (The) | 32,805 | 629,528 | ||||||
|
| |||||||
2,621,488 | ||||||||
|
| |||||||
Steel-1.12% | ||||||||
Warrior Met Coal, Inc. | 10,197 | 152,955 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 13,594,247 | ||||||
|
| |||||||
Money Market Funds-0.99% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 135,735 | 135,735 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.80% | 13,729,982 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.65% |
| |||||||
Invesco Private Government Fund, | 144,257 | 144,257 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 216,321 | 216,386 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 360,643 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.45% |
| 14,090,625 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.45)% |
| (470,316 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 13,620,309 | |||||
|
|
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, 2020
(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, 2020. |
(c) | Non-income producing security. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 423,844 | $ | (288,109 | ) | $ | - | $ | - | $ | 135,735 | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 149,226 | 875,662 | (1,024,888 | ) | - | - | - | 34 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,420,063 | 18,750,613 | (20,026,419 | ) | - | - | 144,257 | 485 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,962,872 | (4,746,601 | ) | - | 115 | 216,386 | 400 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,569,289 | $ | 25,012,991 | $ | (26,086,017 | ) | $ | - | $ | 115 | $ | 496,378 | $ | 922 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Oil & Gas Exploration & Production |
| 43.03 |
|
|
|
| ||
Oil & Gas Storage & Transportation |
| 19.25 |
| |||||
Oil & Gas Refining & Marketing |
| 13.98 |
| |||||
Oil & Gas Equipment & Services |
| 12.33 |
| |||||
Integrated Oil & Gas |
| 6.88 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 4.34 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities
| 0.19 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco DWA Financial Momentum ETF (PFI)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Application Software-1.57% |
| |||||||
Envestnet, Inc.(b) | 5,503 | $ | 422,300 | |||||
|
| |||||||
Asset Management & Custody Banks-9.62% |
| |||||||
Ares Management Corp., Class A | 12,859 | 543,936 | ||||||
Artisan Partners Asset Management, Inc., Class A | 10,033 | 401,922 | ||||||
BlackRock, Inc. | 1,100 | 659,131 | ||||||
Brightsphere Investment Group, Inc. | 22,855 | 315,399 | ||||||
KKR & Co., Inc., Class A | 19,354 | 660,939 | ||||||
|
| |||||||
2,581,327 | ||||||||
|
| |||||||
Consumer Finance-6.44% | ||||||||
Discover Financial Services. | 9,808 | 637,618 | ||||||
Encore Capital Group, Inc.(b) | 6,318 | 201,734 | ||||||
Green Dot Corp., Class A(b) | 9,206 | 490,864 | ||||||
OneMain Holdings, Inc. | 11,383 | 397,153 | ||||||
|
| |||||||
1,727,369 | ||||||||
|
| |||||||
Data Processing & Outsourced Services-7.70% |
| |||||||
Mastercard, Inc., Class A | 3,719 | 1,073,452 | ||||||
Visa, Inc., Class A | 5,463 | 992,682 | ||||||
|
| |||||||
2,066,134 | ||||||||
|
| |||||||
Diversified REITs-0.83% | ||||||||
Essential Properties Realty Trust, Inc. | 13,433 | 221,913 | ||||||
|
| |||||||
Financial Exchanges & Data-17.60% | ||||||||
FactSet Research Systems, Inc. | 2,000 | 613,000 | ||||||
Moody’s Corp. | 4,076 | 1,071,580 | ||||||
MSCI, Inc. | 3,095 | 1,082,755 | ||||||
Nasdaq, Inc. | 7,082 | 856,851 | ||||||
S&P Global, Inc. | 3,401 | 1,097,605 | ||||||
|
| |||||||
4,721,791 | ||||||||
|
| |||||||
Hotel & Resort REITs-1.52% | ||||||||
Ryman Hospitality Properties, Inc. | 10,227 | 407,546 | ||||||
|
| |||||||
Industrial REITs-11.39% | ||||||||
Duke Realty Corp. | 27,589 | 1,048,106 | ||||||
First Industrial Realty Trust, Inc. | 8,472 | 337,270 | ||||||
Innovative Industrial Properties, Inc. | 5,330 | 621,638 | ||||||
Prologis, Inc. | 6,999 | 694,301 | ||||||
STAG Industrial, Inc. | 11,349 | 353,181 | ||||||
|
| |||||||
3,054,496 | ||||||||
|
| |||||||
Insurance Brokers-3.68% | ||||||||
BRP Group, Inc., Class A(b) | 11,122 | 283,611 | ||||||
Marsh & McLennan Cos., Inc. | 6,790 | 702,493 | ||||||
|
| |||||||
986,104 | ||||||||
|
| |||||||
Investment Banking & Brokerage-1.08% | ||||||||
|
| |||||||
PJT Partners, Inc., Class A | 4,286 | 289,991 | ||||||
|
| |||||||
Life & Health Insurance-3.89% | ||||||||
Primerica, Inc. | 4,298 | 473,811 | ||||||
Trupanion, Inc.(b) | 7,964 | 569,745 | ||||||
|
| |||||||
1,043,556 | ||||||||
|
|
Shares | Value | |||||||
Mortgage REITs-6.07% | ||||||||
Arbor Realty Trust, Inc. | 35,927 | $ | 424,657 | |||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 11,997 | 502,074 | ||||||
PennyMac Mortgage Investment Trust | 25,707 | 384,834 | ||||||
Redwood Trust, Inc. | 37,376 | 317,696 | ||||||
|
| |||||||
1,629,261 | ||||||||
|
| |||||||
Office REITs-2.41% | ||||||||
Alexandria Real Estate Equities, Inc. | 4,257 | 645,021 | ||||||
|
| |||||||
Property & Casualty Insurance-7.77% | ||||||||
Kinsale Capital Group, Inc. | 3,547 | 664,956 | ||||||
Palomar Holdings, Inc.(b) | 5,980 | 533,237 | ||||||
Progressive Corp. (The) | 9,634 | 885,364 | ||||||
|
| |||||||
2,083,557 | ||||||||
|
| |||||||
Real Estate Services-5.38% | ||||||||
Realogy Holdings Corp.(b) | 53,280 | 594,605 | ||||||
Redfin Corp.(b) | 20,332 | 849,267 | ||||||
|
| |||||||
1,443,872 | ||||||||
|
| |||||||
Regional Banks-2.57% | ||||||||
First Republic Bank | 5,462 | 688,977 | ||||||
|
| |||||||
Specialized REITs-6.51% | ||||||||
Crown Castle International Corp. | 5,499 | 858,944 | ||||||
Equinix, Inc. | 886 | 647,879 | ||||||
Uniti Group, Inc. | 27,243 | 240,283 | ||||||
|
| |||||||
1,747,106 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance-3.93% | ||||||||
Mr. Cooper Group, Inc.(b) | 25,447 | 536,423 | ||||||
PennyMac Financial Services, Inc. | 10,204 | 518,567 | ||||||
|
| |||||||
1,054,990 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 26,815,311 | ||||||
|
| |||||||
Money Market Funds-0.46% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 125,142 | 125,142 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.42% |
| 26,940,453 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.42)% |
| (113,637 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 26,826,816 | |||||
|
|
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, 2020
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 385,364 | $ | (260,222 | ) | $ | - | $ | - | $ | 125,142 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 161,230 | 557,832 | (719,062 | ) | - | - | - | 45 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 703,151 | 10,238,617 | (10,941,768 | ) | - | - | - | 154 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 2,974,393 | (2,974,432 | ) | - | 39 | - | 135 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 864,381 | $ | 14,156,206 | $ | (14,895,484 | ) | $ | - | $ | 39 | $ | 125,142 | $ | 336 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Financial Exchanges & Data |
| 17.60 |
|
|
|
| ||
Industrial REITs |
| 11.39 |
| |||||
Asset Management & Custody Banks |
| 9.62 |
| |||||
Property & Casualty Insurance |
| 7.77 |
| |||||
Data Processing & Outsourced Services |
| 7.70 |
| |||||
Specialized REITs |
| 6.51 |
| |||||
Consumer Finance |
| 6.44 |
| |||||
Mortgage REITs |
| 6.07 |
| |||||
Real Estate Services |
| 5.38 |
| |||||
Thrifts & Mortgage Finance |
| 3.93 |
| |||||
Life & Health Insurance |
| 3.89 |
| |||||
Insurance Brokers |
| 3.68 |
| |||||
Sub-Industry Types Each Less Than 3% | 9.98 | |||||||
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 DWA Healthcare Momentum ETF (PTH)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.03% |
| |||||||
Biotechnology-24.00% | ||||||||
Aldeyra Therapeutics, Inc.(b) | 524,315 | $ | 3,502,424 | |||||
BrainStorm Cell Therapeutics, | 297,548 | 2,984,406 | ||||||
Celldex Therapeutics, Inc.(b)(c) | 407,624 | 6,456,764 | ||||||
Fate Therapeutics, Inc.(b) | 148,348 | 6,586,651 | ||||||
Immunic, Inc.(b) | 209,292 | 3,315,185 | ||||||
Immunovant, Inc.(b) | 225,767 | 9,847,957 | ||||||
Invitae Corp.(b)(c) | 446,476 | 17,506,324 | ||||||
Iovance Biotherapeutics, Inc.(b) | 230,551 | 8,226,060 | ||||||
IVERIC bio, Inc.(b) | 819,801 | 4,853,222 | ||||||
Kura Oncology, Inc.(b) | 292,364 | 9,136,375 | ||||||
Mersana Therapeutics, Inc.(b) | 582,605 | 10,498,542 | ||||||
Natera, Inc.(b) | 93,357 | 6,279,192 | ||||||
Protagonist Therapeutics, Inc.(b) | 197,362 | 3,740,010 | ||||||
Seagen, Inc.(b) | 93,255 | 15,554,934 | ||||||
TG Therapeutics, Inc.(b) | 452,475 | 11,434,043 | ||||||
Twist Bioscience Corp.(b) | 101,670 | 7,791,989 | ||||||
|
| |||||||
127,714,078 | ||||||||
|
| |||||||
Health Care Distributors-1.41% | ||||||||
Covetrus, Inc.(b) | 304,894 | 7,527,833 | ||||||
|
| |||||||
Health Care Equipment-15.61% | ||||||||
Danaher Corp. | 126,425 | 29,019,594 | ||||||
IDEXX Laboratories, Inc.(b) | 46,610 | 19,800,860 | ||||||
Intuitive Surgical, Inc.(b) | 18,623 | 12,423,031 | ||||||
iRhythm Technologies, Inc.(b) | 68,613 | 14,508,219 | ||||||
Nevro Corp.(b) | 49,033 | 7,316,214 | ||||||
|
| |||||||
83,067,918 | ||||||||
|
| |||||||
Health Care Facilities-0.78% | ||||||||
Surgery Partners, Inc.(b) | 191,219 | 4,172,399 | ||||||
|
| |||||||
Health Care Services-9.90% | ||||||||
Amedisys, Inc.(b) | 117,722 | 30,489,998 | ||||||
Castle Biosciences, Inc.(b) | 67,855 | 3,150,508 | ||||||
Fulgent Genetics, Inc.(b)(c) | 239,929 | 7,804,890 | ||||||
LHC Group, Inc.(b) | 51,951 | 11,249,989 | ||||||
|
| |||||||
52,695,385 | ||||||||
|
| |||||||
Health Care Supplies-6.97% | ||||||||
BioLife Solutions, Inc.(b) | 124,883 | 3,585,391 | ||||||
Silk Road Medical, Inc.(b) | 76,247 | 4,620,568 | ||||||
SmileDirectClub, Inc.(b)(c) | 1,053,528 | 9,376,399 | ||||||
West Pharmaceutical Services, Inc. | 71,747 | 19,520,207 | ||||||
|
| |||||||
37,102,565 | ||||||||
|
| |||||||
Life Sciences Tools & Services-19.14% |
| |||||||
Bio-Rad Laboratories, Inc., | 23,964 | 14,052,969 | ||||||
Fluidigm Corp.(b) | 1,318,734 | 7,569,533 | ||||||
Medpace Holdings, Inc.(b) | 73,460 | 8,149,652 | ||||||
NeoGenomics, Inc.(b) | 255,091 | 10,007,220 |
Shares | Value | |||||||
Life Sciences Tools & Services-(continued) | ||||||||
Pacific Biosciences of California, | 709,312 | $ | 9,299,080 | |||||
Personalis, Inc.(b) | 168,852 | 4,175,710 | ||||||
Repligen Corp.(b) | 127,115 | 21,173,546 | ||||||
Thermo Fisher Scientific, Inc. | 57,957 | 27,420,616 | ||||||
|
| |||||||
101,848,326 | ||||||||
|
| |||||||
Managed Health Care-6.52% | ||||||||
Humana, Inc. | 43,806 | 17,490,860 | ||||||
UnitedHealth Group, Inc. | 56,435 | 17,220,576 | ||||||
|
| |||||||
34,711,436 | ||||||||
|
| |||||||
Pharmaceuticals-15.70% | ||||||||
Aquestive Therapeutics, Inc.(b)(c) | 531,933 | 2,574,556 | ||||||
Catalent, Inc.(b) | 132,480 | 11,627,770 | ||||||
Cymabay Therapeutics, Inc.(b) | 1,545,333 | 12,857,170 | ||||||
Horizon Therapeutics PLC(b) | 302,506 | 22,666,775 | ||||||
Intra-Cellular Therapies, Inc.(b) | 260,311 | 6,421,872 | ||||||
MyoKardia, Inc.(b) | 43,231 | 9,663,425 | ||||||
Provention Bio, Inc.(b) | 377,196 | 4,473,544 | ||||||
Zoetis, Inc. | 83,725 | 13,274,599 | ||||||
|
| |||||||
83,559,711 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 532,399,651 | ||||||
|
| |||||||
Money Market Funds-0.08% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 436,057 | 436,057 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 532,835,708 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.63% |
| |||||||
Invesco Private Government Fund, | 14,106,165 | 14,106,165 | ||||||
Invesco Private Prime Fund, | 21,152,902 | 21,159,247 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 35,265,412 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.74% |
| 568,101,120 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.74)% |
| (35,892,958 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 532,208,162 | |||||
|
|
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, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,114,280 | $ | (678,223 | ) | $ | - | $ | - | $ | 436,057 | $ | 7 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 272,671 | 6,158,741 | (6,431,412 | ) | - | - | - | 120 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 4,282,803 | 353,081,860 | (343,258,498 | ) | - | - | 14,106,165 | 11,139 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 117,712,629 | (96,555,746 | ) | (1 | ) | 2,365 | 21,159,247 | 10,271 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 4,555,474 | $ | 478,067,510 | $ | (446,923,879 | ) | $ | (1 | ) | $ | 2,365 | $ | 35,701,469 | $ | 21,537 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Biotechnology |
| 24.00 |
|
|
|
| ||
Life Sciences Tools & Services |
| 19.14 |
| |||||
Pharmaceuticals |
| 15.70 |
| |||||
Health Care Equipment |
| 15.61 |
| |||||
Health Care Services |
| 9.90 |
| |||||
Health Care Supplies |
| 6.97 |
| |||||
Managed Health Care |
| 6.52 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 2.19 |
| |||||
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.
| 14 |
|
Invesco DWA Industrials Momentum ETF (PRN)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.01% |
| |||||||
Aerospace & Defense-5.71% | ||||||||
Kratos Defense & Security Solutions, Inc.(b) | 103,574 | $ | 1,956,513 | |||||
TransDigm Group, Inc. | 6,532 | 3,118,442 | ||||||
|
| |||||||
5,074,955 | ||||||||
|
| |||||||
Air Freight & Logistics-2.05% | ||||||||
Atlas Air Worldwide Holdings, Inc.(b) | 30,715 | 1,817,099 | ||||||
|
| |||||||
Alternative Carriers-3.13% | ||||||||
Bandwidth, Inc., Class A(b) | 17,366 | 2,784,725 | ||||||
|
| |||||||
Application Software-3.00% | ||||||||
Fair Isaac Corp.(b) | 6,801 | 2,662,251 | ||||||
|
| |||||||
Building Products-8.85% | ||||||||
Advanced Drainage Systems, Inc. | 31,577 | 2,002,929 | ||||||
Builders FirstSource, Inc.(b) | 69,135 | 2,094,791 | ||||||
Gibraltar Industries, Inc.(b) | 26,563 | 1,526,044 | ||||||
Masco Corp. | 41,736 | 2,237,050 | ||||||
|
| |||||||
7,860,814 | ||||||||
|
| |||||||
Construction & Engineering-2.60% | ||||||||
Ameresco, Inc., Class A(b) | 60,056 | 2,305,550 | ||||||
|
| |||||||
Data Processing & Outsourced Services-2.07% | ||||||||
Fidelity National Information Services, Inc. | 14,792 | 1,842,935 | ||||||
|
| |||||||
Distributors-3.57% | ||||||||
Pool Corp. | 9,078 | 3,175,757 | ||||||
|
| |||||||
Diversified Support Services-6.47% | ||||||||
Cintas Corp. | 9,040 | 2,843,532 | ||||||
Copart, Inc.(b) | 26,308 | 2,903,351 | ||||||
|
| |||||||
5,746,883 | ||||||||
|
| |||||||
Electrical Components & Equipment-18.16% | ||||||||
AMETEK, Inc. | 31,094 | 3,053,431 | ||||||
Generac Holdings, Inc.(b) | 14,592 | 3,066,509 | ||||||
Plug Power, Inc.(b)(c) | 232,176 | 3,250,464 | ||||||
Rockwell Automation, Inc. | 10,559 | 2,503,750 | ||||||
Sunrun, Inc.(b) | 46,559 | 2,421,999 | ||||||
Vicor Corp.(b) | 23,569 | 1,838,382 | ||||||
|
| |||||||
16,134,535 | ||||||||
|
| |||||||
Electronic Components-2.23% | ||||||||
Littelfuse, Inc. | 10,010 | 1,981,379 | ||||||
|
| |||||||
Heavy Electrical Equipment-2.14% | ||||||||
Bloom Energy Corp., Class A(b) | 150,188 | 1,898,376 | ||||||
|
| |||||||
Industrial Conglomerates-3.52% | ||||||||
Roper Technologies, Inc. | 8,430 | 3,130,396 | ||||||
|
| |||||||
Industrial Machinery-7.67% | ||||||||
Graco, Inc. | 38,817 | 2,402,772 | ||||||
IDEX Corp. | 12,336 | 2,101,931 | ||||||
Illinois Tool Works, Inc. | 11,804 | 2,312,168 | ||||||
|
| |||||||
6,816,871 | ||||||||
|
|
Shares | Value | |||||||
IT Consulting & Other Services-3.12% | ||||||||
Accenture PLC, Class A | 12,783 | $ | 2,772,761 | |||||
|
| |||||||
Railroads-3.01% | ||||||||
Union Pacific Corp. | 15,117 | 2,678,581 | ||||||
|
| |||||||
Renewable Electricity-1.92% | ||||||||
Sunnova Energy International, Inc.(b) | 70,773 | 1,702,798 | ||||||
|
| |||||||
Research & Consulting Services-4.97% | ||||||||
CoStar Group, Inc.(b) | 2,875 | 2,367,879 | ||||||
TransUnion | 25,742 | 2,050,608 | ||||||
|
| |||||||
4,418,487 | ||||||||
|
| |||||||
Specialty Chemicals-3.54% | ||||||||
Sherwin-Williams Co. (The) | 4,574 | 3,146,821 | ||||||
|
| |||||||
Trading Companies & Distributors-3.35% | ||||||||
W.W. Grainger, Inc. | 8,505 | 2,976,920 | ||||||
|
| |||||||
Trucking-8.93% | ||||||||
Avis Budget Group, Inc.(b) | 75,248 | 2,533,600 | ||||||
Old Dominion Freight Line, Inc. | 15,744 | 2,997,185 | ||||||
Saia, Inc.(b) | 16,301 | 2,407,006 | ||||||
|
| |||||||
7,937,791 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 88,866,685 | ||||||
|
| |||||||
Money Market Funds-0.16% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 138,696 | 138,696 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.17% | 89,005,381 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.22% |
| |||||||
Invesco Private Government Fund, | 78,458 | 78,458 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 117,652 | 117,687 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 196,145 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.39% |
| 89,201,526 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.39)% |
| (348,996 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 88,852,530 | |||||
|
|
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, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 332,321 | $ | (193,625 | ) | $ | - | $ | - | $ | 138,696 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 172,342 | 1,569,670 | (1,742,012 | ) | - | - | - | 69 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,233,832 | 17,893,500 | (19,048,874 | ) | - | - | 78,458 | 404 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,623,854 | (8,506,246 | ) | - | 79 | 117,687 | 416 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,406,174 | $ | 28,419,345 | $ | (29,490,757 | ) | $ | - | $ | 79 | $ | 334,841 | $ | 891 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 DWA Industrials Momentum ETF (PRN)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Electrical Components & Equipment |
| 18.16 |
|
|
|
| ||
Trucking |
| 8.93 |
| |||||
Building Products |
| 8.85 |
| |||||
Industrial Machinery |
| 7.67 |
| |||||
Diversified Support Services |
| 6.47 |
| |||||
Aerospace & Defense |
| 5.71 |
| |||||
Research & Consulting Services |
| 4.97 |
| |||||
Distributors |
| 3.57 |
| |||||
Specialty Chemicals |
| 3.54 |
| |||||
Industrial Conglomerates |
| 3.52 |
| |||||
Trading Companies & Distributors |
| 3.35 |
| |||||
Alternative Carriers | 3.13 | |||||||
IT Consulting & Other Services |
| 3.12 |
| |||||
Railroads |
| 3.01 |
| |||||
Application Software |
| 3.00 |
| |||||
Sub-Industry Types Each Less Than 3% | 13.01 | |||||||
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 DWA Technology Momentum ETF (PTF)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.04% |
| |||||||
Advertising-1.51% | ||||||||
TechTarget, Inc.(b) | 87,298 | $ | 3,823,652 | |||||
|
| |||||||
Application Software-41.07% | ||||||||
Adobe, Inc.(b) | 15,512 | 6,935,415 | ||||||
Bill.Com Holdings, Inc.(b) | 61,361 | 6,136,100 | ||||||
Cadence Design Systems, Inc.(b) | 80,506 | 8,804,941 | ||||||
Cerence, Inc.(b) | 90,672 | 4,948,878 | ||||||
Digital Turbine, Inc.(b) | 255,990 | 7,336,673 | ||||||
Domo, Inc., Class B(b) | 124,456 | 3,953,967 | ||||||
Five9, Inc.(b) | 100,640 | 15,269,101 | ||||||
HubSpot, Inc.(b) | 24,223 | 7,026,366 | ||||||
Pegasystems, Inc. | 38,899 | 4,507,616 | ||||||
Q2 Holdings, Inc.(b) | 49,022 | 4,472,767 | ||||||
salesforce.com, inc.(b) | 21,894 | 5,085,319 | ||||||
Splunk, Inc.(b) | 28,793 | 5,702,166 | ||||||
Sprout Social, Inc., Class A(b) | 115,923 | 5,065,835 | ||||||
Trade Desk, Inc. (The), Class A(b) | 11,981 | 6,786,638 | ||||||
Workiva, Inc.(b) | 72,953 | 4,035,030 | ||||||
Zoom Video Communications, Inc., Class A(b) | 16,960 | 7,817,034 | ||||||
|
| |||||||
103,883,846 | ||||||||
|
| |||||||
Data Processing & Outsourced Services-2.39% |
| |||||||
Square, Inc., Class A(b) | 38,998 | 6,040,010 | ||||||
|
| |||||||
Electronic Equipment & Instruments-1.25% |
| |||||||
PAR Technology Corp.(b)(c) | 85,584 | 3,164,040 | ||||||
|
| |||||||
Health Care Technology-3.30% | ||||||||
Veeva Systems, Inc., Class A(b) | 30,942 | 8,355,887 | ||||||
|
| |||||||
Interactive Media & Services-5.65% | ||||||||
Pinterest, Inc., Class A(b) | 147,921 | 8,719,943 | ||||||
Zillow Group, Inc., Class C(b) | 62,926 | 5,576,502 | ||||||
|
| |||||||
14,296,445 | ||||||||
|
| |||||||
IT Consulting & Other Services-3.59% | ||||||||
EPAM Systems, Inc.(b) | 29,345 | 9,066,138 | ||||||
|
| |||||||
Semiconductor Equipment-6.51% | ||||||||
Enphase Energy, Inc.(b) | 92,487 | 9,072,050 | ||||||
Entegris, Inc. | 98,979 | 7,400,660 | ||||||
|
| |||||||
16,472,710 | ||||||||
|
| |||||||
Semiconductors-15.81% | ||||||||
Advanced Micro Devices, Inc.(b) | 108,980 | 8,205,104 | ||||||
Monolithic Power Systems, Inc. | 35,737 | 11,421,545 | ||||||
NVIDIA Corp. | 24,195 | 12,130,405 | ||||||
SiTime Corp.(b) | 51,121 | 4,268,093 | ||||||
Synaptics, Inc.(b) | 51,637 | 3,959,009 | ||||||
|
| |||||||
39,984,156 | ||||||||
|
|
Shares | Value | |||||||
Systems Software-11.72% | ||||||||
Crowdstrike Holdings, Inc., Class A(b) | 44,911 | $ | 5,561,778 | |||||
Microsoft Corp. | 27,088 | 5,484,507 | ||||||
SailPoint Technologies Holding, Inc.(b) | 107,593 | 4,466,185 | ||||||
ServiceNow, Inc.(b) | 14,589 | 7,259,049 | ||||||
Zscaler, Inc.(b) | 50,705 | 6,883,204 | ||||||
|
| |||||||
29,654,723 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-5.11% |
| |||||||
Apple, Inc. | 118,810 | 12,933,657 | ||||||
|
| |||||||
Wireless Telecommunication Services-2.13% | ||||||||
Gogo, Inc.(b)(c) | 670,664 | 5,392,139 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 253,067,403 | ||||||
|
| |||||||
Money Market Funds-0.10% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 253,465 | 253,465 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% |
| 253,320,868 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.37% |
| |||||||
Invesco Private Government Fund, | 3,407,562 | 3,407,562 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 5,109,810 | 5,111,342 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 8,518,904 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.51% |
| 261,839,772 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.51)% |
| (8,867,884 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 252,971,888 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco DWA Technology Momentum ETF (PTF)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,252,276 | $ | (998,811 | ) | $ | - | $ | - | $ | 253,465 | $ | 5 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 289,745 | 3,189,740 | (3,479,485 | ) | - | - | - | 71 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | �� | ||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,553,493 | 78,134,286 | (76,280,217 | ) | - | - | 3,407,562 | 870 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 26,273,431 | (21,162,334 | ) | - | 245 | 5,111,342 | 964 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,843,238 | $ | 108,849,733 | $ | (101,920,847 | ) | $ | - | $ | 245 | $ | 8,772,369 | $ | 1,910 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Application Software |
| 41.07 |
|
|
|
| ||
Semiconductors |
| 15.81 |
| |||||
Systems Software |
| 11.72 |
| |||||
Semiconductor Equipment |
| 6.51 |
| |||||
Interactive Media & Services |
| 5.65 |
| |||||
Technology Hardware, Storage & Peripherals
| 5.11 | |||||||
IT Consulting & Other Services |
| 3.59 |
| |||||
Health Care Technology |
| 3.30 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 7.28 |
| |||||
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.
| 19 |
|
Invesco DWA Utilities Momentum ETF (PUI)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.81% |
| |||||||
Electric Utilities-40.17% | ||||||||
Alliant Energy Corp. | 34,614 | $ | 1,913,462 | |||||
American Electric Power Co., Inc. | 20,328 | 1,828,097 | ||||||
Duke Energy Corp. | 20,496 | 1,887,887 | ||||||
Entergy Corp. | 18,702 | 1,893,016 | ||||||
Evergy, Inc. | 27,053 | 1,493,326 | ||||||
Eversource Energy. | 21,426 | 1,869,847 | ||||||
IDACORP, Inc. | 13,835 | 1,213,744 | ||||||
NextEra Energy, Inc. | 27,696 | 2,027,624 | ||||||
NRG Energy, Inc. | 64,907 | 2,052,359 | ||||||
Pinnacle West Capital Corp. | 18,147 | 1,480,251 | ||||||
PNM Resources, Inc. | 29,501 | 1,475,050 | ||||||
Southern Co. (The) | 33,584 | 1,929,401 | ||||||
Xcel Energy, Inc. | 27,258 | 1,908,878 | ||||||
|
| |||||||
22,972,942 | ||||||||
|
| |||||||
Gas Utilities-8.33% | ||||||||
Atmos Energy Corp. | 18,076 | 1,657,027 | ||||||
National Fuel Gas Co. | 25,892 | 1,034,644 | ||||||
ONE Gas, Inc. | 14,627 | 1,009,848 | ||||||
UGI Corp. | 32,818 | 1,061,334 | ||||||
|
| |||||||
4,762,853 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders-4.99% |
| |||||||
AES Corp. (The) | 92,930 | 1,812,135 | ||||||
Vistra Corp. | 60,025 | 1,042,634 | ||||||
|
| |||||||
2,854,769 | ||||||||
|
| |||||||
Integrated Telecommunication Services-2.03% |
| |||||||
Verizon Communications, Inc. | 20,404 | 1,162,824 | ||||||
|
| |||||||
Multi-Utilities-29.51% | ||||||||
Ameren Corp. | 16,647 | 1,350,405 | ||||||
CenterPoint Energy, Inc. | 65,263 | 1,379,007 | ||||||
CMS Energy Corp. | 28,294 | 1,791,859 | ||||||
Dominion Energy, Inc. | 19,168 | 1,539,957 |
Shares | Value | |||||||
Multi-Utilities-(continued) | ||||||||
DTE Energy Co. | 16,473 | $ | 2,033,098 | |||||
MDU Resources Group, Inc. | 47,236 | 1,122,327 | ||||||
NiSource, Inc. | 70,799 | 1,626,253 | ||||||
NorthWestern Corp. | 20,507 | 1,069,030 | ||||||
Public Service Enterprise Group, Inc. | 22,886 | 1,330,821 | ||||||
Sempra Energy | 14,744 | 1,848,308 | ||||||
WEC Energy Group, Inc. | 17,735 | 1,783,254 | ||||||
|
| |||||||
16,874,319 | ||||||||
|
| |||||||
Oil & Gas Exploration & Production-2.65% | ||||||||
EQT Corp. | 100,066 | 1,514,999 | ||||||
|
| |||||||
Oil & Gas Storage & Transportation-2.51% | ||||||||
ONEOK, Inc. | 49,576 | 1,437,704 | ||||||
|
| |||||||
Water Utilities-7.87% | ||||||||
American States Water Co. | 14,158 | 1,057,461 | ||||||
American Water Works Co., Inc. | 13,361 | 2,010,964 | ||||||
Essential Utilities, Inc. | 34,708 | 1,429,970 | ||||||
|
| |||||||
4,498,395 | ||||||||
|
| |||||||
Wireless Telecommunication Services-1.75% | ||||||||
Shenandoah Telecommunications Co. | 22,900 | 998,898 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 57,077,703 | ||||||
|
| |||||||
Money Market Funds-0.28% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(b)(c) | 158,902 | 158,902 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.09% |
| 57,236,605 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.09)% |
| (51,771 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 57,184,834 | |||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 610,926 | $ | (452,024 | ) | $ | - | $ | - | $ | 158,902 | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 288,419 | 2,172,485 | (2,460,904 | ) | - | - | - | 75 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco DWA Utilities Momentum ETF (PUI)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 2,663,288 | $ | 183,675 | $ | (2,846,963 | ) | $ | - | $ | - | $ | - | $ | 5 | * | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,951,707 | $ | 2,967,086 | $ | (5,759,891 | ) | $ | - | $ | - | $ | 158,902 | $ | 83 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(c) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Electric Utilities |
| 40.17 |
|
|
|
| ||
Multi-Utilities |
| 29.51 |
| |||||
Gas Utilities |
| 8.33 |
| |||||
Water Utilities |
| 7.87 |
| |||||
Independent Power Producers & Energy Traders | 4.99 | |||||||
Sub-Industry Types Each Less Than 3% |
| 8.94 |
| |||||
Money Market Funds Plus Other Assets Less Liabilities |
| 0.19 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco NASDAQ Internet ETF (PNQI)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.01% |
| |||||||
Advertising-0.05% | ||||||||
Criteo S.A., ADR (France)(b) | 24,920 | $ | 427,627 | |||||
|
| |||||||
Application Software-20.56% | ||||||||
2U, Inc.(b) | 29,233 | 1,077,236 | ||||||
Adobe, Inc.(b) | 74,060 | 33,112,226 | ||||||
Alarm.com Holdings, Inc.(b) | 20,106 | 1,172,783 | ||||||
Anaplan, Inc.(b) | 56,237 | 3,112,718 | ||||||
Benefitfocus, Inc.(b) | 13,247 | 136,047 | ||||||
Box,Inc.,Class A(b) | 63,007 | 976,608 | ||||||
Cornerstone OnDemand, Inc.(b) | 26,419 | 1,003,658 | ||||||
Coupa Software, Inc.(b) | 27,360 | 7,324,272 | ||||||
DocuSign, Inc.(b) | 75,970 | 15,364,932 | ||||||
Dropbox, Inc., Class A(b) | 129,547 | 2,365,528 | ||||||
eGain Corp.(b) | 12,603 | 199,758 | ||||||
Envestnet, Inc.(b) | 22,078 | 1,694,266 | ||||||
Five9, Inc.(b) | 26,824 | 4,069,737 | ||||||
j2 Global, Inc.(b) | 19,549 | 1,326,986 | ||||||
LivePerson, Inc.(b) | 27,169 | 1,452,455 | ||||||
New Relic, Inc.(b) | 24,736 | 1,500,486 | ||||||
Open Text Corp. (Canada) | 111,629 | 4,100,133 | ||||||
Paylocity Holding Corp.(b) | 22,094 | 4,098,879 | ||||||
Pluralsight, Inc., Class A(b) | 45,954 | 721,478 | ||||||
PROS Holdings, Inc.(b) | 17,797 | 501,341 | ||||||
salesforce.com, inc.(b) | 278,904 | 64,781,032 | ||||||
SPS Commerce, Inc.(b) | 14,423 | 1,234,465 | ||||||
SVMK, Inc.(b) | 57,596 | 1,205,484 | ||||||
Zoom Video Communications, Inc., Class A(b) | 74,771 | 34,462,702 | ||||||
|
| |||||||
186,995,210 | ||||||||
|
| |||||||
Automotive Retail-0.58% | ||||||||
Carvana Co.(b) | 28,508 | 5,283,958 | ||||||
|
| |||||||
Commercial Printing-0.09% | ||||||||
Cimpress PLC (Ireland)(b) | 10,624 | 779,802 | ||||||
|
| |||||||
Data Processing & Outsourced Services-0.07% |
| |||||||
NIC, Inc. | 27,518 | 616,953 | ||||||
|
| |||||||
Education Services-0.41% | ||||||||
Chegg, Inc.(b) | 51,045 | 3,748,745 | ||||||
|
| |||||||
Health Care Technology-0.72% | ||||||||
Teladoc Health, Inc.(b)(c) | 33,353 | 6,552,530 | ||||||
|
| |||||||
Interactive Home Entertainment-3.25% |
| |||||||
NetEase, Inc., ADR (China) | 147,255 | 12,780,262 | ||||||
Sea Ltd., ADR (Taiwan)(b) | 106,732 | 16,831,636 | ||||||
|
| |||||||
29,611,898 | ||||||||
|
| |||||||
Interactive Media & Services-23.73% | ||||||||
Alphabet, Inc., Class C(b) | 46,534 | 75,432,079 | ||||||
Autohome, Inc., ADR (China) | 25,224 | 2,410,153 | ||||||
Baidu, Inc., ADR (China)(b) | 115,454 | 15,361,155 | ||||||
Cars.com, Inc.(b) | 27,592 | 203,905 | ||||||
Eventbrite, Inc., Class A(b)(c) | 27,700 | 255,671 | ||||||
Facebook, Inc., Class A(b) | 259,354 | 68,238,631 | ||||||
JOYY, Inc., ADR (China) | 22,977 | 2,099,638 | ||||||
Momo, Inc., ADR (China) | 65,143 | 977,145 | ||||||
SINA Corp. (China)(b) | 26,848 | 1,150,437 | ||||||
Snap, Inc., Class A(b) | 497,261 | 19,587,111 | ||||||
Sogou, Inc., ADR (China)(b) | 38,965 | 346,788 | ||||||
Sohu.com Ltd., ADR (China)(b) | 16,439 | 309,711 |
Shares | Value | |||||||
Interactive Media & Services-(continued) |
| |||||||
TripAdvisor, Inc. | 49,944 | $ | 954,430 | |||||
Twitter, Inc.(b) | 324,759 | 13,432,032 | ||||||
Weibo Corp., ADR (China)(b)(c) | 30,625 | 1,272,469 | ||||||
Yandex N.V., Class A (Russia)(b) | 129,075 | 7,430,848 | ||||||
Yelp, Inc.(b) | 30,026 | 590,611 | ||||||
Zillow Group, Inc., Class C(b) | 66,011 | 5,849,895 | ||||||
|
| |||||||
215,902,709 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-31.22% |
| |||||||
1-800-Flowers.com, Inc., Class A(b) | 14,675 | 291,005 | ||||||
Alibaba Group Holding Ltd., ADR (China)(b) | 264,931 | 80,721,826 | ||||||
Amazon.com, Inc.(b) | 22,037 | 66,907,638 | ||||||
Baozun, Inc., ADR (China)(b)(c) | 19,524 | 714,383 | ||||||
Booking Holdings, Inc.(b) | 16,814 | 27,280,715 | ||||||
Chewy, Inc., Class A(b)(c) | 34,584 | 2,130,374 | ||||||
eBay, Inc. | 287,367 | 13,687,290 | ||||||
Etsy, Inc.(b) | 48,998 | 5,957,667 | ||||||
Expedia Group, Inc. | 55,719 | 5,245,944 | ||||||
Grubhub, Inc.(b) | 37,890 | 2,802,345 | ||||||
JD.com, Inc., ADR (China)(b) | 376,867 | 30,722,198 | ||||||
Lands’ End, Inc.(b) | 13,384 | 214,813 | ||||||
MakeMyTrip Ltd. (India)(b) | 26,107 | 490,028 | ||||||
MercadoLibre, Inc. (Argentina)(b) | 20,409 | 24,777,547 | ||||||
Overstock.com, Inc.(b) | 17,569 | 985,621 | ||||||
PetMed Express, Inc.(c) | 8,326 | 246,283 | ||||||
Shutterstock, Inc. | 14,658 | 959,366 | ||||||
Stamps.com, Inc.(b) | 7,216 | 1,610,900 | ||||||
Stitch Fix, Inc., Class A(b)(c) | 23,408 | 805,938 | ||||||
Trip.com Group Ltd., ADR (China)(b) | 214,732 | 6,175,692 | ||||||
Vipshop Holdings Ltd., ADR (China)(b) | 199,550 | 4,270,370 | ||||||
Wayfair, Inc., Class A(b)(c) | 28,100 | 6,969,643 | ||||||
|
| |||||||
283,967,586 | ||||||||
|
| |||||||
Internet Services & Infrastructure-7.66% | ||||||||
Akamai Technologies, Inc.(b) | 66,807 | 6,354,682 | ||||||
Brightcove, Inc.(b) | 16,184 | 204,728 | ||||||
Endurance International Group Holdings, Inc.(b) | 57,785 | 335,731 | ||||||
GoDaddy, Inc., Class A(b) | 68,498 | 4,845,548 | ||||||
Okta, Inc.(b) | 49,253 | 10,334,757 | ||||||
Shopify, Inc., Class A (Canada)(b) | 35,655 | 32,996,207 | ||||||
VeriSign, Inc.(b) | 47,159 | 8,993,221 | ||||||
Wix.com Ltd. (Israel)(b) | 22,629 | 5,596,604 | ||||||
|
| |||||||
69,661,478 | ||||||||
|
| |||||||
Movies & Entertainment-7.07% | ||||||||
iQIYI, Inc., ADR (China)(b) | 129,167 | 3,190,425 | ||||||
Netflix, Inc.(b) | 71,800 | 34,158,132 | ||||||
Roku, Inc.(b) | 43,481 | 8,800,554 | ||||||
Spotify Technology S.A.(b) | 75,681 | 18,155,115 | ||||||
|
| |||||||
64,304,226 | ||||||||
|
| |||||||
Real Estate Services-0.19% | ||||||||
Redfin Corp.(b) | 40,845 | 1,706,096 | ||||||
|
| |||||||
Research & Consulting Services-1.46% |
| |||||||
CoStar Group, Inc.(b) | 16,166 | 13,314,479 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco NASDAQ Internet ETF (PNQI)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Trucking-2.95% | ||||||||
Lyft,Inc.,Class A(b) | 124,523 | $ | 2,842,860 | |||||
Uber Technologies, Inc.(b) | 719,618 | 24,042,437 | ||||||
|
| |||||||
26,885,297 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 909,758,594 | ||||||
|
| |||||||
Money Market Funds-0.04% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) 335,470 |
| 335,470 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 910,094,064 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.24% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 8,133,611 | $ | 8,133,611 | |||||
Invesco Private Prime Fund, | 12,196,757 | 12,200,416 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 20,334,027 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.29% |
| 930,428,091 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.29)% |
| (20,800,703 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 909,627,388 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 762,537 | $ | (427,067 | ) | $ | - | $ | - | $ | 335,470 | $ | 10 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 592,971 | 2,010,813 | (2,603,784 | ) | - | - | - | 26 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 9,544,481 | 84,524,246 | (85,935,116 | ) | - | - | 8,133,611 | 2,691 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 33,327,914 | (21,128,332 | ) | - | 834 | 12,200,416 | 2,494 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 10,137,452 | $ | 120,625,510 | $ | (110,094,299 | ) | $ | - | $ | 834 | $ | 20,669,497 | $ | 5,221 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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:
��
China | 17.86 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco NASDAQ Internet ETF (PNQI)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Internet & Direct Marketing Retail |
| 31.22 |
|
|
|
| ||
Interactive Media & Services |
| 23.73 |
| |||||
Application Software |
| 20.56 |
| |||||
Internet Services & Infrastructure |
| 7.66 |
| |||||
Movies & Entertainment | 7.07 | |||||||
Interactive Home Entertainment |
| 3.25 |
| |||||
Sub-Industry Types Each Less Than 3% |
| 6.52 |
| |||||
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.
| 24 |
|
(This Page Intentionally Left Blank)
| 25 |
|
Statements of Assets and Liabilities
October 31, 2020
(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) | $ | 51,568,440 | $ | 44,451,509 | $ | 108,439,505 | $ | 13,594,247 | ||||||||||||
Affiliated investments in securities, at value | 1,742,251 | 8,745,931 | 6,556,833 | 496,378 | ||||||||||||||||
Cash | - | - | - | - | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 23,560 | 3,208 | 79,610 | 36,299 | ||||||||||||||||
Securities lending | 358 | 25,171 | 3,094 | 402 | ||||||||||||||||
Fund shares sold | - | - | - | - | ||||||||||||||||
Expenses absorbed | - | - | - | 2,336 | ||||||||||||||||
Foreign tax reclaims | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 53,334,609 | 53,225,819 | 115,079,042 | 14,129,662 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | - | - | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | - | - | - | ||||||||||||||||
Collateral upon return of securities loaned | 1,617,350 | 8,608,722 | 6,369,094 | 360,643 | ||||||||||||||||
Accrued unitary management fees | - | - | - | - | ||||||||||||||||
Accrued advisory fees | 9,437 | 9,796 | 32,511 | - | ||||||||||||||||
Accrued trustees’ and officer’s fees | 45,623 | 41,546 | 47,607 | 50,080 | ||||||||||||||||
Accrued expenses | 104,383 | 91,485 | 177,460 | 98,630 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 1,776,793 | 8,751,549 | 6,626,672 | 509,353 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 51,557,816 | $ | 44,474,270 | $ | 108,452,370 | $ | 13,620,309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 97,915,724 | $ | 99,538,173 | $ | 161,432,548 | $ | 206,817,258 | ||||||||||||
Distributable earnings (loss) | (46,357,908 | ) | (55,063,903 | ) | (52,980,178 | ) | (193,196,949 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 51,557,816 | $ | 44,474,270 | $ | 108,452,370 | $ | 13,620,309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 900,000 | 750,000 | 1,400,000 | 1,100,000 | ||||||||||||||||
Net asset value | $ | 57.29 | $ | 59.30 | $ | 77.47 | $ | 12.38 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 57.21 | $ | 59.17 | $ | 77.36 | $ | 12.36 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 44,715,543 | $ | 41,070,329 | $ | 89,672,092 | $ | 17,763,776 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 1,742,251 | $ | 8,745,931 | $ | 6,556,824 | $ | 496,378 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 1,574,339 | $ | 7,873,193 | $ | 6,040,141 | $ | 364,958 | ||||||||||||
|
|
|
|
|
|
|
|
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) | |||||||||||||||||||||||
$ | 26,815,311 | $ | 532,399,651 | $ | 88,866,685 | $ | 253,067,403 | $ | 57,077,703 | $ | 909,758,594 | |||||||||||||||||
125,142 | 35,701,469 | 334,841 | 8,772,369 | 158,902 | 20,669,497 | |||||||||||||||||||||||
- | 6,825 | - | - | - | - | |||||||||||||||||||||||
7,100 | 16,321 | 19,905 | 7,923 | 145,140 | 8 | |||||||||||||||||||||||
106 | 89,911 | 524 | 38,110 | - | 3,124 | |||||||||||||||||||||||
- | 6,823,085 | 11,106,404 | - | - | - | |||||||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||
- | - | - | 10,778 | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
26,947,659 | 575,037,262 | 100,328,359 | 261,896,583 | 57,381,745 | 930,431,223 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | - | - | - | 321 | - | |||||||||||||||||||||||
- | 6,826,213 | 11,109,007 | - | - | - | |||||||||||||||||||||||
- | 35,265,413 | 196,145 | 8,518,904 | - | 20,334,027 | |||||||||||||||||||||||
- | - | - | - | - | 469,808 | |||||||||||||||||||||||
5,078 | 196,786 | 28,950 | 93,299 | 13,048 | - | |||||||||||||||||||||||
41,573 | 51,361 | 47,101 | 47,834 | 45,276 | - | |||||||||||||||||||||||
74,192 | 489,327 | 94,626 | 264,658 | 138,266 | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
120,843 | 42,829,100 | 11,475,829 | 8,924,695 | 196,911 | 20,803,835 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 26,826,816 | $ | 532,208,162 | $ | 88,852,530 | $ | 252,971,888 | $ | 57,184,834 | $ | 909,627,388 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 47,289,234 | $ | 532,804,311 | $ | 134,128,407 | $ | 259,241,570 | $ | 83,430,464 | $ | 700,518,215 | |||||||||||||||||
(20,462,418 | ) | (596,149 | ) | (45,275,877 | ) | (6,269,682 | ) | (26,245,630 | ) | 209,109,173 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 26,826,816 | $ | 532,208,162 | $ | 88,852,530 | $ | 252,971,888 | $ | 57,184,834 | $ | 909,627,388 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
750,000 |
| 3,900,000 | 1,200,000 | 2,300,000 | 1,850,000 | 4,450,000 | |||||||||||||||||||||
$ | 35.77 | $ | 136.46 | $ | 74.04 | $ | 109.99 | $ | 30.91 | $ | 204.41 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 35.72 | $ | 136.19 | $ | 73.91 | $ | 109.71 | $ | 30.89 | $ | 204.05 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 24,413,538 | $ | 488,888,719 | $ | 82,132,138 | $ | 203,832,436 | $ | 57,848,072 | $ | 641,360,774 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 125,142 | $ | 35,701,470 | $ | 334,841 | $ | 8,772,369 | $ | 158,902 | $ | 20,669,497 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | - | $ | 32,072,577 | $ | 179,998 | $ | 7,563,319 | $ | - | $ | 18,652,646 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
For the six months ended October 31, 2020
(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 | $ | 374,140 | $ | 79,667 | $ | 834,231 | $ | 434,980 | ||||||||||||
Affiliated dividend income | 50 | 51 | 81 | 37 | ||||||||||||||||
Non-cash dividend income. | - | - | - | 25,926 | ||||||||||||||||
Securities lending income | 8,611 | 103,487 | 13,046 | 8,980 | ||||||||||||||||
Foreign withholding tax | - | - | - | (103 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 382,801 | 183,205 | 847,358 | 469,820 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | - | - | - | - | ||||||||||||||||
Advisory fees | 99,570 | 83,635 | 280,972 | 74,716 | ||||||||||||||||
Sub-licensing fees | 29,801 | 25,041 | 84,249 | 22,367 | ||||||||||||||||
Accounting & administration fees | 11,993 | 10,933 | 15,676 | 11,433 | ||||||||||||||||
Professional fees | 12,536 | 12,442 | 12,985 | 12,546 | ||||||||||||||||
Custodian & transfer agent fees | 1,457 | 1,280 | 1,818 | 1,130 | ||||||||||||||||
Trustees’ and officer’s fees | 12,960 | 10,923 | 13,881 | 13,787 | ||||||||||||||||
Other expenses | 9,203 | 8,541 | 13,845 | 9,763 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 177,520 | 152,795 | 423,426 | 145,742 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (58,129 | ) | (52,547 | ) | (86,342 | ) | (56,161 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 119,391 | 100,248 | 337,084 | 89,581 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | 263,410 | 82,957 | 510,274 | 380,239 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities. | (858,606 | ) | 2,027,233 | (1,631,485 | ) | (5,667,029 | ) | |||||||||||||
Affiliated investment securities. | 111 | 169 | 247 | 115 | ||||||||||||||||
In-kind redemptions | 463,626 | 3,909,901 | 17,070,213 | 282,554 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (394,869 | ) | 5,937,303 | 15,438,975 | (5,384,360 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities. | 7,033,282 | 2,055,943 | 12,117,114 | 436,739 | ||||||||||||||||
Affiliated investment securities. | - | - | 9 | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation | 7,033,282 | 2,055,943 | 12,117,123 | 436,739 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | 6,638,413 | 7,993,246 | 27,556,098 | (4,947,621 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 6,901,823 | $ | 8,076,203 | $ | 28,066,372 | $ | (4,567,382 | ) | |||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
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) | |||||||||||||||||||||||
$ | 302,236 | $ | 273,231 | $ | 227,258 | $ | 204,073 | $ | 962,896 | $ | 213,274 | |||||||||||||||||
47 | 127 | 71 | 76 | 78 | 36 | |||||||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||
9,385 | 657,596 | 2,992 | 50,686 | 67 | 72,669 | |||||||||||||||||||||||
- | - | - | - | - | (5,361 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
311,668 | 930,954 | 230,321 | 254,835 | 963,041 | 280,618 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| ||||||||||||||||||||||||||
- | - | - | - | - | 2,315,085 | |||||||||||||||||||||||
71,212 | 1,173,547 | 167,256 | 580,661 | 180,417 | - | |||||||||||||||||||||||
7,176 | 351,361 | 16,731 | 173,854 | 54,019 | - | |||||||||||||||||||||||
10,580 | 16,340 | 13,019 | 14,169 | 17,895 | - | |||||||||||||||||||||||
12,364 | 13,295 | 12,686 | 12,964 | 12,808 | - | |||||||||||||||||||||||
1,224 | 6,790 | 733 | 1,538 | 1,213 | - | |||||||||||||||||||||||
12,099 | 16,016 | 13,408 | 14,360 | 13,122 | - | |||||||||||||||||||||||
7,638 | 17,269 | 9,424 | 11,024 | 10,416 | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
122,293 | 1,594,618 | 233,257 | 808,570 | 289,890 | 2,315,085 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(36,929 | ) | (186,409 | ) | (32,664 | ) | (111,806 | ) | (73,495 | ) | (180 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
85,364 | 1,408,209 | 200,593 | 696,764 | 216,395 | 2,314,905 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
226,304 | (477,255 | ) | 29,728 | (441,929 | ) | 746,646 | (2,034,287 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| ||||||||||||||||||||||||||
616,456 | (2,903,013 | ) | 1,355,857 | 3,236,725 | (2,810,107 | ) | (2,631,703 | ) | ||||||||||||||||||||
39 | 2,365 | 79 | 245 | - | 834 | |||||||||||||||||||||||
2,490,103 | 121,800,108 | 7,436,140 | 46,729,089 | 1,556,355 | 21,779,709 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,106,598 | 118,899,460 | 8,792,076 | 49,966,059 | (1,253,752 | ) | 19,148,840 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
392,786 | 7,626,524 | 2,587,820 | 25,918,521 | 3,251,821 | 203,987,339 | |||||||||||||||||||||||
- | (1 | ) | - | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
392,786 | 7,626,523 | 2,587,820 | 25,918,521 | 3,251,821 | 203,987,339 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,499,384 | 126,525,983 | 11,379,896 | 75,884,580 | 1,998,069 | 223,136,179 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 3,725,688 | $ | 126,048,728 | $ | 11,409,624 | $ | 75,442,651 | $ | 2,744,715 | $ | 221,101,892 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco DWA Basic Materials Momentum ETF (PYZ) | Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 263,410 | $ | 720,900 | $ | 82,957 | $ | 45,986 | ||||||||||||
Net realized gain (loss) | (394,869 | ) | (8,286,950 | ) | 5,937,303 | (2,572,562 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | 7,033,282 | (2,497,221 | ) | 2,055,943 | (2,986,109 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 6,901,823 | (10,063,271 | ) | 8,076,203 | (5,512,685 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (276,948 | ) | (922,655 | ) | (71,526 | ) | (44,757 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 11,832,140 | 6,273,425 | 38,878,427 | 48,677,958 | ||||||||||||||||
Value of shares repurchased | (2,532,906 | ) | (23,171,365 | ) | (19,065,532 | ) | (57,734,457 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 9,299,234 | (16,897,940 | ) | 19,812,895 | (9,056,499 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 15,924,109 | (27,883,866 | ) | 27,817,572 | (14,613,941 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 35,633,707 | 63,517,573 | 16,656,698 | 31,270,639 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 51,557,816 | $ | 35,633,707 | $ | 44,474,270 | $ | 16,656,698 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 200,000 | 100,000 | 650,000 | 900,000 | ||||||||||||||||
Shares repurchased | (50,000 | ) | (400,000 | ) | (300,000 | ) | (1,050,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 750,000 | 1,050,000 | 400,000 | 550,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period. | 900,000 | 750,000 | 750,000 | 400,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco DWA Consumer Staples Momentum ETF (PSL) | Invesco DWA Energy Momentum ETF (PXI) | Invesco DWA Financial Momentum ETF (PFI) | Invesco DWA Healthcare Momentum ETF (PTH) | |||||||||||||||||||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||||||||||
$ | 510,274 | $ | 1,029,819 | $ | 380,239 | $ | 980,708 | $ | 226,304 | $ | 733,924 | $ | (477,255 | ) | $ | (516,670 | ) | |||||||||||||||||||||
15,438,975 | (13,787,639 | ) | (5,384,360 | ) | (21,077,760 | ) | 3,106,598 | (415,680 | ) | 118,899,460 | 17,765,102 | |||||||||||||||||||||||||||
12,117,123 | (11,659,638 | ) | 436,739 | (476,005 | ) | 392,786 | (1,606,880 | ) | 7,626,523 | 24,509,239 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
28,066,372 | (24,417,458 | ) | (4,567,382 | ) | (20,573,057 | ) | 3,725,688 | (1,288,636 | ) | 126,048,728 | 41,757,671 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(562,202 | ) | (1,105,634 | ) | (402,520 | ) | (1,050,173 | ) | (230,527 | ) | (892,090 | ) | - | - | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
44,468,287 | 108,258,688 | 16,092,062 | 3,286,289 | 14,971,906 | 108,423,505 | 550,577,388 | 234,444,240 | |||||||||||||||||||||||||||||||
(73,032,724 | ) | (147,623,607 | ) | (14,980,729 | ) | (15,310,870 | ) | (20,334,849 | ) | (102,409,410 | ) | (409,881,210 | ) | (174,089,839 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(28,564,437 | ) | (39,364,919 | ) | 1,111,333 | (12,024,581 | ) | (5,362,943 | ) | 6,014,095 | 140,696,178 | 60,354,401 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(1,060,267 | ) | (64,888,011 | ) | (3,858,569 | ) | (33,647,811 | ) | (1,867,782 | ) | 3,833,369 | 266,744,906 | 102,112,072 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
|
|
| ||||||||||||||||||||||||||||||||||||
109,512,637 | 174,400,648 | 17,478,878 | 51,126,689 | 28,694,598 | 24,861,229 | 265,463,256 | 163,351,184 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 108,452,370 | $ | 109,512,637 | $ | 13,620,309 | $ | 17,478,878 | $ | 26,826,816 | $ | 28,694,598 | $ | 532,208,162 | $ | 265,463,256 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
650,000 | 1,500,000 | 1,100,000 | 150,000 | 450,000 | 2,950,000 | 4,400,000 | 2,600,000 | |||||||||||||||||||||||||||||||
(1,050,000 | ) | (2,100,000 | ) | (1,150,000 | ) | (600,000 | ) | (600,000 | ) | (2,750,000 | ) | (3,200,000 | ) | (2,000,000 | ) | |||||||||||||||||||||||
1,800,000 | 2,400,000 | 1,150,000 | 1,600,000 | 900,000 | 700,000 | 2,700,000 | 2,100,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,400,000 | 1,800,000 | 1,100,000 | 1,150,000 | 750,000 | 900,000 | 3,900,000 | 2,700,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco DWA Industrials Momentum ETF (PRN) | Invesco DWA Technology Momentum ETF (PTF) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 29,728 | $ | 452,814 | $ | (441,929 | ) | $ | (347,298 | ) | ||||||||||
Net realized gain (loss) | 8,792,076 | 11,656,336 | 49,966,059 | 12,415,887 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | 2,587,820 | (13,483,106 | ) | 25,918,521 | (12,245,288 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 11,409,624 | (1,373,956 | ) | 75,442,651 | (176,699 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (75,863 | ) | (450,794 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 57,378,441 | 73,067,101 | 184,433,033 | 287,657,581 | ||||||||||||||||
Value of shares repurchased | (38,290,455 | ) | (114,650,691 | ) | (164,000,117 | ) | (306,350,144 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 19,087,986 | (41,583,590 | ) | 20,432,916 | (18,692,563 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 30,421,747 | (43,408,340 | ) | 95,875,567 | (18,869,262 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 58,430,783 | 101,839,123 | 157,096,321 | 175,965,583 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 88,852,530 | $ | 58,430,783 | $ | 252,971,888 | $ | 157,096,321 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 800,000 | 1,100,000 | 1,850,000 | 3,850,000 | ||||||||||||||||
Shares repurchased | (550,000 | ) | (1,750,000 | ) | (1,600,000 | ) | (4,250,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 950,000 | 1,600,000 | 2,050,000 | 2,450,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 1,200,000 | 950,000 | 2,300,000 | 2,050,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco DWA Utilities Momentum ETF (PUI) | Invesco NASDAQ Internet ETF (PNQI) | |||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||
$ | 746,646 | $ | 3,771,351 | $ | (2,034,287 | ) | $ | (1,736,088 | ) | |||||||||
(1,253,752 | ) | 9,312,303 | 19,148,840 | 53,652,780 | ||||||||||||||
3,251,821 | (15,685,336 | ) | 203,987,339 | (30,843,383 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
2,744,715 | (2,601,682 | ) | 221,101,892 | 21,073,309 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(1,045,924 | ) | (4,368,979 | ) | - | - | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
5,919,081 | 152,889,051 | 195,226,303 | 182,722,725 | |||||||||||||||
(31,959,026 | ) | (288,029,196 | ) | (64,597,949 | ) | (244,130,466 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
(26,039,945 |
) | (135,140,145 | ) | 130,628,354 | (61,407,741 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
(24,341,154 | ) | (142,110,806 | ) | 351,730,246 | (40,334,432 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
|
| ||||||||||||||||
81,525,988 | 223,636,794 | 557,897,142 | 598,231,574 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 57,184,834 | $ | 81,525,988 | $ | 909,627,388 | $ | 557,897,142 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
200,000 | 4,550,000 | 1,000,000 | 1,300,000 | |||||||||||||||
(1,050,000 | ) | (8,800,000 | ) | (350,000 | ) | (1,700,000 | ) | |||||||||||
2,700,000 | 6,950,000 | 3,800,000 | 4,200,000 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,850,000 | 2,700,000 | 4,450,000 | 3,800,000 | |||||||||||||||
|
|
|
|
|
|
|
|
| 33 |
|
Invesco DWA Basic Materials Momentum ETF (PYZ)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 47.51 | $ | 60.49 | $ | 66.74 | $ | 61.38 | $ | 54.35 | $ | 53.85 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.36 | 0.79 | 0.72 | 0.49 | 0.46 | 0.58 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 9.82 | (12.77 | ) | (6.30 | ) | 5.27 | 7.14 | 0.59 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 10.18 | (11.98 | ) | (5.58 | ) | 5.76 | 7.60 | 1.17 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.40 | ) | (1.00 | ) | (0.67 | ) | (0.40 | ) | (0.57 | ) | (0.67 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 57.29 | $ | 47.51 | $ | 60.49 | $ | 66.74 | $ | 61.38 | $ | 54.35 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 57.21 | $ | 47.63 | $ | 60.48 | $ | 66.79 | $ | 61.38 | $ | 54.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 21.49 | % | (19.95 | )% | (8.36 | )% | 9.40 | % | 14.04 | % | 2.32 | % | ||||||||||||||||||
Market Price Total Return(c) | 21.02 | % | (19.74 | )% | (8.46 | )% | 9.48 | % | 13.98 | % | 2.47 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 51,558 | $ | 35,634 | $ | 63,518 | $ | 100,114 | $ | 101,269 | $ | 168,497 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.89 | %(d) | 0.79 | %(e) | 0.76 | % | 0.76 | % | 0.69 | % | 0.69 | % | ||||||||||||||||||
Net investment income | 1.32 | %(d) | 1.40 | %(e) | 1.12 | % | 0.75 | % | 0.79 | % | 1.17 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 51 | % | 90 | % | 89 | % | 75 | % | 132 | % | 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) | Annualized. |
(e) | Ratios include non-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.
| 34 |
|
Financial Highlights–(continued)
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 41.64 | $ | 56.86 | $ | 50.42 | $ | 44.36 | $ | 42.26 | $ | 45.93 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.14 | 0.06 | 0.08 | 0.25 | 0.15 | 0.17 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 17.63 | (15.17 | ) | 6.53 | 6.03 | 2.30 | (3.71 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 17.77 | (15.11 | ) | 6.61 | 6.28 | 2.45 | (3.54 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.11 | ) | (0.17 | ) | (0.22 | ) | (0.35 | ) | (0.13 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 59.30 | $ | 41.64 | $ | 56.86 | $ | 50.42 | $ | 44.36 | $ | 42.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 59.17 | $ | 41.67 | $ | 56.87 | $ | 50.48 | $ | 44.37 | $ | 42.25 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 42.69 | % | (26.51 | )% | 13.15 | % | 14.20 | % | 5.85 | % | (7.73 | )% | ||||||||||||||||||
Market Price Total Return(c) | 42.28 | % | (26.47 | )% | 13.03 | % | 14.31 | % | 5.90 | % | (7.76 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 44,474 | $ | 16,657 | $ | 31,271 | $ | 55,464 | $ | 28,837 | $ | 92,964 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.91 | %(d) | 0.82 | %(e) | 0.80 | % | 0.90 | % | 0.86 | % | 0.71 | % | ||||||||||||||||||
Net investment income | 0.50 | %(d) | 0.12 | %(e) | 0.15 | % | 0.52 | % | 0.35 | % | 0.39 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 105 | % | 176 | % | 136 | % | 185 | % | 117 | % | 139 | % |
(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) | Ratios include non-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.
| 35 |
|
Financial Highlights–(continued)
Invesco DWA Consumer Staples Momentum ETF (PSL)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 60.84 | $ | 72.67 | $ | 67.39 | $ | 59.38 | $ | 56.05 | $ | 51.43 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.33 | 0.46 | 0.45 | 0.41 | 0.76 | 0.43 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 16.66 | (11.78 | ) | 5.25 | 7.90 | 3.69 | 4.54 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 16.99 | (11.32 | ) | 5.70 | 8.31 | 4.45 | 4.97 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.51 | ) | (0.42 | ) | (0.30 | ) | (1.12 | ) | (0.35 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 77.47 | $ | 60.84 | $ | 72.67 | $ | 67.39 | $ | 59.38 | $ | 56.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 77.36 | $ | 60.81 | $ | 72.65 | $ | 67.61 | $ | 59.38 | $ | 56.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 28.00 | % | (15.61 | )% | 8.50 | % | 14.03 | % | 8.12 | % | 9.67 | % | ||||||||||||||||||
Market Price Total Return(c) | 27.88 | % | (15.63 | )% | 8.12 | % | 14.40 | % | 8.12 | % | 9.67 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 108,452 | $ | 109,513 | $ | 174,401 | $ | 90,977 | $ | 77,191 | $ | 297,070 | ||||||||||||||||||
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 | 0.75 | %(d) | 0.71 | % | 0.71 | % | 0.79 | % | 0.71 | % | 0.69 | % | ||||||||||||||||||
Net investment income | 0.91 | %(d) | 0.65 | % | 0.64 | % | 0.65 | % | 1.33 | % | 0.76 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 48 | % | 119 | % | 118 | % | 80 | % | 106 | % | 113 | % |
(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 DWA Energy Momentum ETF (PXI)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.20 | $ | 31.95 | $ | 42.26 | $ | 36.36 | $ | 37.97 | $ | 49.51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.19 | 0.74 | (b) | 0.28 | 0.41 | 0.14 | 0.51 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.82 | ) | (16.70 | ) | (10.24 | ) | 5.80 | (1.50 | ) | (11.39 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (2.63 | ) | (15.96 | ) | (9.96 | ) | 6.21 | (1.36 | ) | (10.88 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.79 | ) | (0.35 | ) | (0.31 | ) | (0.19 | ) | (0.66 | ) | ||||||||||||||||||
Return of capital | — | — | — | — | (0.06 | ) | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.19 | ) | (0.79 | ) | (0.35 | ) | (0.31 | ) | (0.25 | ) | (0.66 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 12.38 | $ | 15.20 | $ | 31.95 | $ | 42.26 | $ | 36.36 | $ | 37.97 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(c) | $ | 12.36 | $ | 15.24 | $ | 31.95 | $ | 42.32 | $ | 36.35 | $ | 37.95 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | (17.51 | )% | (50.75 | )% | (23.63 | )% | 17.28 | % | (3.62 | )% | (22.01 | )% | ||||||||||||||||||
Market Price Total Return(d) | (17.86 | )% | (50.62 | )% | (23.74 | )% | 17.47 | % | (3.60 | )% | (22.05 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 13,620 | $ | 17,479 | $ | 51,127 | $ | 88,738 | $ | 112,731 | $ | 125,286 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.62 | %(f) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.97 | %(e) | 0.86 | %(f) | 0.75 | % | 0.78 | % | 0.72 | % | 0.76 | % | ||||||||||||||||||
Net investment income | 2.54 | %(e) | 2.98 | %(b)(f) | 0.72 | % | 1.15 | % | 0.34 | % | 1.32 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 72 | % | 92 | % | 113 | % | 95 | % | 116 | % | 119 | % |
(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 $0.58 and 2.35%, 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) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%. |
(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.
| 37 |
|
Financial Highlights–(continued)
Invesco DWA Financial Momentum ETF (PFI)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
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|
|
|
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.88 | $ | 35.52 | $ | 35.16 | $ | 30.66 | $ | 29.42 | $ | 30.76 | ||||||||||||||||||
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|
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| |||||||||||||||||||
Net investment income(a) | 0.29 | 0.52 | 0.41 | 0.35 | 0.47 | 0.42 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.90 | (3.54 | ) | 0.39 | 4.44 | 1.43 | (1.37 | ) | ||||||||||||||||||||||
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|
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|
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|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 4.19 | (3.02 | ) | 0.80 | 4.79 | 1.90 | (0.95 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.62 | ) | (0.44 | ) | (0.29 | ) | (0.66 | ) | (0.39 | ) | ||||||||||||||||||
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|
|
|
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| |||||||||||||||||||
Net asset value at end of period | $ | 35.77 | $ | 31.88 | $ | 35.52 | $ | 35.16 | $ | 30.66 | $ | 29.42 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 35.72 | $ | 31.86 | $ | 35.49 | $ | 35.22 | $ | 30.64 | $ | 29.43 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 13.15 | % | (8.33 | )% | 2.44 | % | 15.64 | % | 6.51 | % | (3.11 | )% | ||||||||||||||||||
Market Price Total Return(c) | 13.06 | % | (8.31 | )% | 2.18 | % | 15.91 | % | 6.41 | % | (3.08 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 26,827 | $ | 28,695 | $ | 24,861 | $ | 70,330 | $ | 85,857 | $ | 29,418 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.86 | %(d) | 0.71 | %(e) | 0.79 | % | 0.75 | % | 0.77 | % | 0.84 | % | ||||||||||||||||||
Net investment income | 1.59 | %(d) | 1.40 | %(e) | 1.22 | % | 1.04 | % | 1.53 | % | 1.38 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 82 | % | 158 | % | 132 | % | 105 | % | 204 | % | 119 | % |
(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) | Ratios are annualized except for non-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.
| 38 |
|
Financial Highlights–(continued)
Invesco DWA Healthcare Momentum ETF (PTH)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
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Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 98.32 | $ | 77.79 | $ | 77.65 | $ | 55.03 | $ | 44.31 | $ | 57.68 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income (loss)(a) | (0.13 | ) | (0.30 | ) | (0.33 | ) | (0.21 | ) | (0.19 | ) | (0.27 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 38.27 | 20.83 | 0.47 | 22.83 | 10.91 | (13.10 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | 38.14 | 20.53 | 0.14 | 22.62 | 10.72 | (13.37 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 136.46 | $ | 98.32 | $ | 77.79 | $ | 77.65 | $ | 55.03 | $ | 44.31 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 136.19 | $ | 98.49 | $ | 77.69 | $ | 77.80 | $ | 55.02 | $ | 44.28 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 38.79 | % | 26.39 | % | 0.18 | % | 41.11 | % | 24.19 | % | (23.18 | )% | ||||||||||||||||||
Market Price Total Return(c) | 38.27 | % | 26.78 | % | (0.15 | )% | 41.40 | % | 24.26 | % | (23.18 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 532,208 | $ | 265,463 | $ | 163,351 | $ | 155,292 | $ | 63,279 | $ | 75,332 | ||||||||||||||||||
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 | 0.68 | %(d) | 0.73 | % | 0.69 | % | 0.73 | % | 0.78 | % | 0.70 | % | ||||||||||||||||||
Net investment income (loss) | (0.20 | )%(d) | (0.34 | )% | (0.39 | )% | (0.31 | )% | (0.39 | )% | (0.48 | )% | ||||||||||||||||||
Portfolio turnover rate(e) | 99 | % | 175 | % | 166 | % | 130 | % | 175 | % | 200 | % |
(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.
| 39 |
|
Financial Highlights–(continued)
Invesco DWA Industrials Momentum ETF (PRN)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 61.51 | $ | 63.65 | $ | 57.87 | $ | 52.27 | $ | 45.13 | $ | 46.84 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.03 | 0.30 | 0.17 | 0.23 | 0.29 | 0.22 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 12.59 | (2.16 | ) | 5.76 | 5.73 | 7.14 | (1.73 | ) | ||||||||||||||||||||||
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|
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|
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| |||||||||||||||||||
Total from investment operations | 12.62 | (1.86 | ) | 5.93 | 5.96 | 7.43 | (1.51 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.28 | ) | (0.15 | ) | (0.23 | ) | (0.29 | ) | (0.20 | ) | ||||||||||||||||||
Return of capital | — | — | — | (0.13 | ) | — | — | |||||||||||||||||||||||
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| |||||||||||||||||||
Total distributions | (0.09 | ) | (0.28 | ) | (0.15 | ) | (0.36 | ) | (0.29 | ) | (0.20 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 74.04 | $ | 61.51 | $ | 63.65 | $ | 57.87 | $ | 52.27 | $ | 45.13 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 73.91 | $ | 61.72 | $ | 63.64 | $ | 57.91 | $ | 52.26 | $ | 45.13 | ||||||||||||||||||
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|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 20.53 | % | (2.95 | )% | 10.28 | % | 11.43 | % | 16.50 | % | (3.24 | )% | ||||||||||||||||||
Market Price Total Return(c) | 19.90 | % | (2.61 | )% | 10.19 | % | 11.53 | % | 16.48 | % | (3.26 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 88,853 | $ | 58,431 | $ | 101,839 | $ | 107,053 | $ | 130,669 | $ | 42,876 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(d) | 0.61 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.70 | %(d) | 0.62 | %(e) | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||
Net investment income | 0.09 | %(d) | 0.46 | %(e) | 0.29 | % | 0.39 | % | 0.59 | % | 0.48 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 81 | % | 111 | % | 104 | % | 106 | % | 122 | % | 122 | % |
(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) | Ratios include non-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.
| 40 |
|
Financial Highlights–(continued)
Invesco DWA Technology Momentum ETF (PTF)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
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|
|
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|
| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 76.63 | $ | 71.82 | $ | 56.19 | $ | 45.25 | $ | 36.16 | $ | 40.37 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income (loss)(a) | (0.19 | ) | (0.12 | ) | (0.09 | ) | 0.04 | 0.07 | (0.01 | ) | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 33.55 | 4.93 | 15.76 | 10.92 | 9.12 | (4.20 | ) | |||||||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 33.36 | 4.81 | 15.67 | 10.96 | 9.19 | (4.21 | ) | |||||||||||||||||||||||
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|
|
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|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | - | (0.04 | ) | (0.02 | ) | (0.05 | ) | - | |||||||||||||||||||||
Return of capital | - | - | - | - | (0.05 | ) | - | |||||||||||||||||||||||
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| |||||||||||||||||||
Total distributions | - | - | (0.04 | ) | (0.02 | ) | (0.10 | ) | - | |||||||||||||||||||||
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|
| |||||||||||||||||||
Net asset value at end of period | $ | 109.99 | $ | 76.63 | $ | 71.82 | $ | 56.19 | $ | 45.25 | $ | 36.16 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 109.71 | $ | 76.69 | $ | 71.91 | $ | 56.21 | $ | 45.22 | $ | 36.16 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 43.54 | % | 6.70 | % | 27.90 | % | 24.22 | % | 25.46 | % | (10.43 | )% | ||||||||||||||||||
Market Price Total Return(c) | 43.06 | % | 6.65 | % | 28.01 | % | 24.35 | % | 25.38 | % | (10.41 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 252,972 | $ | 157,096 | $ | 175,966 | $ | 117,996 | $ | 131,217 | $ | 182,623 | ||||||||||||||||||
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) | 0.69 | % | 0.72 | % | 0.74 | % | 0.72 | % | 0.70 | % | ||||||||||||||||||
Net investment income (loss) | (0.38 | )%(d) | (0.17 | )% | (0.15 | )% | 0.08 | % | 0.17 | % | (0.03 | )% | ||||||||||||||||||
Portfolio turnover rate(e) | 77 | % | 159 | % | 133 | % | 107 | % | 147 | % | 159 | % |
(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.
| 41 |
|
Financial Highlights–(continued)
Invesco DWA Utilities Momentum ETF (PUI)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.19 | $ | 32.18 | $ | 27.11 | $ | 27.50 | $ | 25.12 | $ | 22.51 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.32 | 0.65 | 0.63 | 0.65 | 0.65 | 0.64 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.85 | (1.87 | ) | 4.98 | (0.31 | ) | 2.71 | 2.60 | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 1.17 | (1.22 | ) | 5.61 | 0.34 | 3.36 | 3.24 | |||||||||||||||||||||||
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|
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|
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|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.45 | ) | (0.77 | ) | (0.54 | ) | (0.73 | ) | (0.98 | ) | (0.63 | ) | ||||||||||||||||||
|
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|
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|
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|
| |||||||||||||||||||
Net asset value at end of period | $ | 30.91 | $ | 30.19 | $ | 32.18 | $ | 27.11 | $ | 27.50 | $ | 25.12 | ||||||||||||||||||
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|
| |||||||||||||||||||
Market price at end of period(b) | $ | 30.89 | $ | 30.29 | $ | 32.18 | $ | 27.13 | $ | 27.51 | $ | 25.10 | ||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 3.96 | % | (3.84 | )% | 20.98 | % | 1.16 | % | 13.65 | % | 14.86 | % | ||||||||||||||||||
Market Price Total Return(c) | 3.55 | % | (3.53 | )% | 20.89 | % | 1.19 | % | 13.78 | % | 14.81 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 57,185 | $ | 81,526 | $ | 223,637 | $ | 44,730 | $ | 137,476 | $ | 200,953 | ||||||||||||||||||
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 | 0.80 | %(d) | 0.69 | % | 0.73 | % | 0.83 | % | 0.71 | % | 0.74 | % | ||||||||||||||||||
Net investment income | 2.07 | %(d) | 1.93 | % | 2.08 | % | 2.35 | % | 2.46 | % | 2.74 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 33 | % | 69 | % | 49 | % | 41 | % | 54 | % | 91 | % |
(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.
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Financial Highlights–(continued)
Invesco NASDAQ Internet ETF (PNQI)
Six Months Ended October 31, 2020 (Unaudited) |
Years Ended April 30, | |||||||||||||||||||||||||||||
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Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 146.82 | $ | 142.44 | $ | 129.15 | $ | 99.14 | $ | 76.48 | $ | 72.28 | ||||||||||||||||||
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Net investment income (loss)(a) | (0.50 | ) | (0.44 | ) | (0.44 | ) | (0.36 | ) | (0.22 | ) | (0.16 | ) | ||||||||||||||||||
Net realized and unrealized gain on investments | 58.09 | 4.82 | 13.73 | 30.40 | 22.88 | 4.36 | ||||||||||||||||||||||||
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Total from investment operations. | 57.59 | 4.38 | 13.29 | 30.04 | 22.66 | 4.20 | ||||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | - | - | (0.03 | ) | - | - | |||||||||||||||||||||||
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Net asset value at end of period | $ | 204.41 | $ | 146.82 | $ | 142.44 | $ | 129.15 | $ | 99.14 | $ | 76.48 | ||||||||||||||||||
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Market price at end of period(b) | $ | 204.05 | $ | 146.75 | $ | 142.41 | $ | 129.29 | $ | 99.17 | $ | 76.44 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 39.22 | % | 3.07 | % | 10.29 | % | 30.30 | % | 29.63 | % | 5.81 | % | ||||||||||||||||||
Market Price Total Return(c) | 39.04 | % | 3.05 | % | 10.15 | % | 30.40 | % | 29.73 | % | 5.79 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 909,627 | $ | 557,897 | $ | 598,232 | $ | 600,535 | $ | 351,939 | $ | 279,152 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.60 | %(d) | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||||||||
Net investment income (loss) | (0.53 | )%(d) | (0.32 | )% | (0.34 | )% | (0.31 | )% | (0.26 | )% | (0.21 | )% | ||||||||||||||||||
Portfolio turnover rate(f) | 7 | % | 41 | % | 20 | % | 20 | % | 14 | % | 27 | % |
(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) | 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.
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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |||
Invesco 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)
| “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 CTA 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 the over-the-counter 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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are
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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 Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
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 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. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because NASDAQ Internet ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of their respective 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
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result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
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 an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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 for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
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G. | Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. |
Each Fund (except for NASDAQ Internet ETF) is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 the period-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 and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
| 48 |
|
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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)). of each Fund (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, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.
Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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 the six-month period ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
DWA Basic Materials Momentum ETF |
$
|
58,129
|
| |||
DWA Consumer Cyclicals Momentum ETF |
|
52,547
|
| |||
DWA Consumer Staples Momentum ETF |
|
86,342
|
| |||
DWA Energy Momentum ETF |
|
56,161
|
| |||
DWA Financial Momentum ETF |
|
36,929
|
| |||
DWA Healthcare Momentum ETF |
|
186,409
|
| |||
DWA Industrials Momentum ETF |
|
32,664
|
| |||
DWA Technology Momentum ETF |
|
111,806
|
| |||
DWA Utilities Momentum ETF |
|
73,495
|
| |||
NASDAQ Internet ETF |
|
180
|
|
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, 2020 are as follows:
Total Potential Recapture Amounts |
Potential Recapture Amounts Expiring | |||||||||||||||||||
4/30/21 | 4/30/22 | 4/30/23 | 10/31/23 | |||||||||||||||||
DWA Basic Materials Momentum ETF | $ | 353,237 | $ | 72,367 | $ | 132,491 | $ | 90,386 | $ | 57,993 | ||||||||||
DWA Consumer Cyclicals Momentum ETF | 294,818 | 54,542 | 107,540 | 80,323 | 52,413 | |||||||||||||||
DWA Consumer Staples Momentum ETF | 467,836 | 55,552 | 160,906 | 165,253 | 86,125 | |||||||||||||||
DWA Energy Momentum ETF | 340,314 | 71,739 | 132,479 | 80,046 | 56,050 | |||||||||||||||
DWA Financial Momentum ETF | 218,032 | 51,933 | 75,482 | 53,810 | 36,807 | |||||||||||||||
DWA Healthcare Momentum ETF | 680,974 | 86,957 | 224,272 | 183,779 | 185,966 |
| 49 |
|
Total Potential Recapture Amounts |
Potential Recapture Amounts Expiring | |||||||||||||||||||
4/30/21 | 4/30/22 | 4/30/23 | 10/31/23 | |||||||||||||||||
DWA Industrials Momentum ETF | $ | 110,288 | $ | 24,057 | $ | 39,388 | $ | 14,358 | $ | 32,485 | ||||||||||
DWA Technology Momentum ETF | 531,321 | 80,337 | 161,341 | 178,080 | 111,563 | |||||||||||||||
DWA Utilities Momentum ETF | 444,654 | 60,652 | 135,751 | 174,962 | 73,289 |
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’s sub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby 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.
For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
DWA Basic Materials Momentum ETF | $ | 5,624 | ||
DWA Consumer Cyclicals Momentum ETF | 6,510 | |||
DWA Consumer Staples Momentum ETF | 4,426 | |||
DWA Energy Momentum ETF | 10,274 | |||
DWA Financial Momentum ETF | 6,917 | |||
DWA Healthcare Momentum ETF | 2,891 | |||
DWA Industrials Momentum ETF | 7,086 | |||
DWA Technology Momentum ETF | 7,591 | |||
DWA Utilities Momentum ETF | 4,384 | |||
NASDAQ Internet ETF | 3,755 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
| 50 |
|
For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
DWA Basic Materials Momentum ETF |
$ |
883,291 |
|
$ |
157,523 |
|
$ |
(41,026 |
) | ||||||
DWA Consumer Cyclicals Momentum ETF |
|
1,199,718 |
|
|
1,385,056 |
|
|
(27,630 |
) | ||||||
DWA Consumer Staples Momentum ETF |
|
- |
|
|
11,560 |
|
|
(114 |
) | ||||||
DWA Energy Momentum ETF |
|
- |
|
|
518,676 |
|
|
(44,791 |
) | ||||||
DWA Financial Momentum ETF |
|
302,724 |
|
|
- |
|
|
- |
| ||||||
DWA Healthcare Momentum ETF |
|
3,765,954 |
|
|
7,177,933 |
|
|
62,139 |
| ||||||
DWA Industrials Momentum ETF |
|
2,623,627 |
|
|
- |
|
|
- |
| ||||||
DWA Technology Momentum ETF |
|
4,240,109 |
|
|
4,870,161 |
|
|
68,186 |
| ||||||
DWA Utilities Momentum ETF |
|
442,695 |
|
|
16,703 |
|
|
(2,804 |
) |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 | – | Prices are determined using quoted prices in an active market for identical assets. | ||
Level 2 | – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
Level 3 | – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for DWA Financial Momentum ETF and DWA Utilities Momentum ETF). As of October 31, 2020, all of the securities in DWA Financial Momentum ETF and DWA Utilities Momentum ETF 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 | |||||||||||||||||
DWA Basic Materials Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 51,568,440 | $ | - | $ | - | $ | 51,568,440 | ||||||||||||
Money Market Funds | 124,901 | 1,617,350 | - | 1,742,251 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 51,693,341 | $ | 1,617,350 | $ | - | $ | 53,310,691 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DWA Consumer Cyclicals Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 44,451,509 | $ | - | $ | - | $ | 44,451,509 | ||||||||||||
Money Market Funds | 137,209 | 8,608,722 | - | 8,745,931 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 44,588,718 | $ | 8,608,722 | $ | - | $ | 53,197,440 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DWA Consumer Staples Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 108,439,505 | $ | - | $ | - | $ | 108,439,505 | ||||||||||||
Money Market Funds | 187,730 | 6,369,103 | - | 6,556,833 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 108,627,235 | $ | 6,369,103 | $ | - | $ | 114,996,338 | ||||||||||||
|
|
|
|
|
|
|
|
| 51 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
DWA Energy Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 13,594,247 | $ | - | $ | - | $ | 13,594,247 | ||||||||||||
Money Market Funds | 135,735 | 360,643 | - | 496,378 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 13,729,982 | $ | 360,643 | $ | - | $ | 14,090,625 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DWA Healthcare Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 532,399,651 | $ | - | $ | - | $ | 532,399,651 | ||||||||||||
Money Market Funds | 436,057 | 35,265,412 | - | 35,701,469 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 532,835,708 | $ | 35,265,412 | $ | - | $ | 568,101,120 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DWA Industrials Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 88,866,685 | $ | - | $ | - | $ | 88,866,685 | ||||||||||||
Money Market Funds | 138,696 | 196,145 | - | 334,841 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 89,005,381 | $ | 196,145 | $ | - | $ | 89,201,526 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DWA Technology Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 253,067,403 | $ | - | $ | - | $ | 253,067,403 | ||||||||||||
Money Market Funds | 253,465 | 8,518,904 | - | 8,772,369 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 253,320,868 | $ | 8,518,904 | $ | - | $ | 261,839,772 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NASDAQ Internet ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 909,758,594 | $ | - | $ | - | $ | 909,758,594 | ||||||||||||
Money Market Funds | 335,470 | 20,334,027 | - | 20,669,497 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 910,094,064 | $ | 20,334,027 | $ | - | $ | 930,428,091 | ||||||||||||
|
|
|
|
|
|
|
|
NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2020, as follows:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
DWA Basic Materials Momentum ETF | $ | 40,712,372 | $ | 11,897,013 | $ | 52,609,385 | |||||||||
DWA Consumer Cyclicals Momentum ETF |
| 64,126,198 |
| 219,957 |
| 64,346,155 | |||||||||
DWA Consumer Staples Momentum ETF |
| 81,848,846 |
| 5,300,162 |
| 87,149,008 | |||||||||
DWA Energy Momentum ETF |
| 158,172,894 |
| 25,264,974 |
| 183,437,868 | |||||||||
DWA Financial Momentum ETF |
| 25,558,167 |
| 379,570 |
| 25,937,737 | |||||||||
DWA Healthcare Momentum ETF |
| 162,292,177 |
| - |
| 162,292,177 | |||||||||
DWA Industrials Momentum ETF |
| 60,709,078 |
| - |
| 60,709,078 | |||||||||
DWA Technology Momentum ETF |
| 104,858,727 |
| - |
| 104,858,727 | |||||||||
DWA Utilities Momentum ETF |
| 21,507,669 |
| 2,437,710 |
| 23,945,379 | |||||||||
NASDAQ Internet ETF |
| 10,263,402 |
| 43,418,966 |
| 53,682,368 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
| 52 |
|
NOTE 7–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA Basic Materials Momentum ETF | $ | 20,329,357 |
| $ | 20,329,588 |
| ||
DWA Consumer Cyclicals Momentum ETF |
| 41,360,455 |
|
| 36,119,894 |
| ||
DWA Consumer Staples Momentum ETF |
| 57,603,202 |
|
| 56,499,512 |
| ||
DWA Energy Momentum ETF |
| 19,343,914 |
|
| 19,342,549 |
| ||
DWA Financial Momentum ETF |
| 24,287,383 |
|
| 24,316,440 |
| ||
DWA Healthcare Momentum ETF |
| 531,502,494 |
|
| 494,801,812 |
| ||
DWA Industrials Momentum ETF |
| 58,267,212 |
|
| 58,303,389 |
| ||
DWA Technology Momentum ETF |
| 195,631,508 |
|
| 192,482,455 |
| ||
DWA Utilities Momentum ETF |
| 23,126,936 |
|
| 23,215,930 |
| ||
NASDAQ Internet ETF |
| 55,528,117 |
|
| 54,673,576 |
|
For the six-month period ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA Basic Materials Momentum ETF | $ | 11,835,053 |
| $ | 2,529,424 |
| ||
DWA Consumer Cyclicals Momentum ETF |
| 34,409,231 |
|
| 19,844,642 |
| ||
DWA Consumer Staples Momentum ETF |
| 44,475,305 |
|
| 74,108,585 |
| ||
DWA Energy Momentum ETF |
| 16,085,802 |
|
| 14,964,905 |
| ||
DWA Financial Momentum ETF |
| 14,974,225 |
|
| 20,297,751 |
| ||
DWA Healthcare Momentum ETF |
| 498,394,056 |
|
| 394,727,327 |
| ||
DWA Industrials Momentum ETF |
| 57,379,090 |
|
| 38,273,598 |
| ||
DWA Technology Momentum ETF |
| 184,498,319 |
|
| 167,612,726 |
| ||
DWA Utilities Momentum ETF |
| 5,916,374 |
|
| 31,942,878 |
| ||
NASDAQ Internet ETF |
| 195,281,408 |
|
| 67,435,347 |
|
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||||||
DWA Basic Materials Momentum ETF | $ | 7,514,930 | $ | (842,448 | ) | $ | 6,672,482 | $ | 46,638,209 | |||||||||||
DWA Consumer Cyclicals Momentum ETF |
| 5,577,992 |
| (2,217,155 | ) |
| 3,360,837 |
| 49,836,603 | |||||||||||
DWA Consumer Staples Momentum ETF |
| 19,484,607 |
| (805,039 | ) |
| 18,679,568 |
| 96,316,770 | |||||||||||
DWA Energy Momentum ETF |
| 621,434 |
| (4,941,239 | ) |
| (4,319,805 | ) |
| 18,410,430 | ||||||||||
DWA Financial Momentum ETF |
| 2,832,522 |
| (433,594 | ) |
| 2,398,928 |
| 24,541,525 | |||||||||||
DWA Healthcare Momentum ETF |
| 60,999,352 |
| (17,692,446 | ) |
| 43,306,906 |
| 524,794,214 | |||||||||||
DWA Industrials Momentum ETF |
| 9,881,110 |
| (3,194,548 | ) |
| 6,686,562 |
| 82,514,964 | |||||||||||
DWA Technology Momentum ETF |
| 54,428,939 |
| (5,334,541 | ) |
| 49,094,398 |
| 212,745,374 | |||||||||||
DWA Utilities Momentum ETF |
| 3,585,073 |
| (4,513,058 | ) |
| (927,985 | ) |
| 58,164,590 | ||||||||||
NASDAQ Internet ETF |
| 273,836,776 |
| (28,159,788 | ) |
| 245,676,988 |
| 684,751,103 |
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 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
| 53 |
|
Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.
Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
| 54 |
|
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, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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, 2020 | Ending Account Value | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Basic Materials Momentum ETF (PYZ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,214.90 |
| 0.60 | % | $ | 3.35 | |||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 1,426.90 |
| 0.60 |
| 3.67 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco DWA Consumer Staples Momentum ETF (PSL) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 1,280.00 |
| 0.60 |
| 3.45 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco DWA Energy Momentum ETF (PXI) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 824.90 |
| 0.60 |
| 2.76 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco DWA Financial Momentum ETF (PFI) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 1,131.50 |
| 0.60 |
| 3.22 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 |
| 55 |
|
Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Healthcare Momentum ETF (PTH) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,387.90 |
| 0.60 | % | $ | 3.61 | |||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco DWA Industrials Momentum ETF (PRN) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 1,205.30 |
| 0.60 |
| 3.34 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco DWA Technology Momentum ETF (PTF) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 1,435.40 |
| 0.60 |
| 3.68 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco DWA Utilities Momentum ETF (PUI) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 1,039.60 |
| 0.60 |
| 3.08 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 | ||||||||||||
Invesco NASDAQ Internet ETF (PNQI) | ||||||||||||||||||||
Actual |
| 1,000.00 |
| 1,392.20 |
| 0.60 |
| 3.62 | ||||||||||||
Hypothetical (5% return before expenses) |
| 1,000.00 |
| 1,022.18 |
| 0.60 |
| 3.06 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 56 |
|
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 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, 2020
| ||||
PPA | Invesco Aerospace & Defense ETF | |||
PZD |
Invesco CleantechTM ETF | |||
PDP |
Invesco DWA Momentum ETF | |||
PSP | Invesco Global Listed Private Equity ETF | |||
PGJ | Invesco Golden Dragon China ETF | |||
RYJ | Invesco Raymond James SB-1 Equity ETF | |||
PBP | Invesco S&P 500 BuyWrite ETF | |||
SPHQ | Invesco S&P 500® Quality ETF | |||
CSD | Invesco S&P Spin-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 | ||||
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20 | ||||
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30 | ||||
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70 |
| 2 |
|
Invesco Aerospace & Defense ETF (PPA)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.02% |
| |||||||
Aerospace & Defense-66.38% | ||||||||
AAR Corp. | 56,731 | $ | 1,103,985 | |||||
Aerojet Rocketdyne Holdings, Inc.(b) | 123,661 | 4,009,090 | ||||||
AeroVironment, Inc.(b) | 38,900 | 2,970,404 | ||||||
Axon Enterprise, Inc.(b) | 96,178 | 9,512,004 | ||||||
Boeing Co. (The) | 305,508 | 44,112,300 | ||||||
BWX Technologies, Inc. | 154,071 | 8,475,446 | ||||||
CAE, Inc. (Canada) | 429,369 | 7,329,329 | ||||||
Cubic Corp. | 50,399 | 2,979,085 | ||||||
Curtiss-Wright Corp. | 68,990 | 5,819,996 | ||||||
Ducommun, Inc.(b) | 18,709 | 615,526 | ||||||
Elbit Systems Ltd. (Israel)(c) | 71,445 | 8,013,271 | ||||||
General Dynamics Corp. | 220,684 | 28,982,430 | ||||||
HEICO Corp. | 217,412 | 22,839,131 | ||||||
Hexcel Corp. | 135,136 | 4,524,353 | ||||||
Howmet Aerospace, Inc. | 699,699 | 12,069,808 | ||||||
Huntington Ingalls Industries, Inc. | 65,953 | 9,726,748 | ||||||
Kaman Corp. | 45,000 | 1,784,700 | ||||||
Kratos Defense & Security Solutions, Inc.(b) | 172,377 | 3,256,201 | ||||||
L3Harris Technologies, Inc. | 166,289 | 26,790,821 | ||||||
Lockheed Martin Corp. | 117,804 | 41,246,714 | ||||||
Maxar Technologies, Inc. | 96,828 | 2,495,258 | ||||||
Mercury Systems, Inc.(b) | 88,427 | 6,090,852 | ||||||
Moog, Inc., Class A | 56,082 | 3,498,956 | ||||||
Northrop Grumman Corp. | 127,901 | 37,068,268 | ||||||
PAE, Inc.(b) | 80,824 | 640,126 | ||||||
Parsons Corp.(b) | 162,730 | 5,129,250 | ||||||
RADA Electronic Industries Ltd. (Israel)(b) | 62,164 | 395,985 | ||||||
Raytheon Technologies Corp. | 658,647 | 35,777,705 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 169,538 | 3,083,896 | ||||||
Teledyne Technologies, Inc.(b) | 59,080 | 18,264,582 | ||||||
Textron, Inc. | 368,558 | 13,194,376 | ||||||
TransDigm Group, Inc. | 50,527 | 24,122,095 | ||||||
Triumph Group, Inc. | 83,825 | 553,245 | ||||||
Vectrus, Inc.(b) | 18,627 | 736,139 | ||||||
|
| |||||||
397,212,075 | ||||||||
|
| |||||||
Communications Equipment-0.66% | ||||||||
Comtech Telecommunications Corp. | 39,185 | 564,264 | ||||||
ViaSat, Inc.(b) | 100,457 | 3,405,492 | ||||||
|
| |||||||
3,969,756 | ||||||||
|
| |||||||
Construction & Engineering-3.41% | ||||||||
Jacobs Engineering Group, Inc. | 214,794 | 20,405,430 | ||||||
|
| |||||||
Containers & Packaging-4.50% | ||||||||
Ball Corp. | 302,531 | 26,925,259 | ||||||
|
| |||||||
Diversified Telecommunication Services-0.94% |
| |||||||
Iridium Communications, Inc.(b) | 212,783 | 5,619,599 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components-1.63% |
| |||||||
FLIR Systems, Inc. | 217,242 | 7,536,125 | ||||||
OSI Systems, Inc.(b) | 29,117 | 2,246,668 | ||||||
|
| |||||||
9,782,793 | ||||||||
|
|
Shares | Value | |||||||
Industrial Conglomerates-7.75% | ||||||||
Honeywell International, Inc. | 281,049 | $ | 46,359,033 | |||||
|
| |||||||
IT Services-11.05% | ||||||||
Booz Allen Hamilton Holding Corp. | 224,238 | 17,602,683 | ||||||
CACI International, Inc., Class A(b) | 40,561 | 8,458,185 | ||||||
KBR, Inc. | 229,245 | 5,109,871 | ||||||
Leidos Holdings, Inc. | 227,921 | 18,917,443 | ||||||
ManTech International Corp., Class A | 64,946 | 4,213,697 | ||||||
Perspecta, Inc. | 259,580 | 4,654,269 | ||||||
Science Applications International Corp. | 93,758 | 7,160,299 | ||||||
|
| |||||||
66,116,447 | ||||||||
|
| |||||||
Machinery-2.57% | ||||||||
Oshkosh Corp. | 109,900 | 7,402,864 | ||||||
Woodward, Inc. | 100,091 | 7,962,239 | ||||||
|
| |||||||
15,365,103 | ||||||||
|
| |||||||
Metals & Mining-0.31% | ||||||||
Allegheny Technologies, Inc.(b) | 203,815 | 1,877,136 | ||||||
|
| |||||||
Software-0.82% | ||||||||
FireEye, Inc.(b) | 354,689 | 4,908,896 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 598,541,527 | ||||||
|
| |||||||
Money Market Funds-0.08% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 489,308 | 489,308 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 599,030,835 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.57% | ||||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,357,295 | 1,357,295 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,035,332 | 2,035,943 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral |
| 3,393,238 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.67% |
| 602,424,073 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.67)% |
| (4,009,589 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 598,414,484 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Aerospace & Defense ETF (PPA)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 2,106,362 | $ | (1,617,054 | ) | $ | - | $ | - | $ | 489,308 | $ | 15 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 851,218 | 5,350,228 | (6,201,446 | ) | - | - | - | 213 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 8,526,942 | 19,309,545 | (26,479,192 | ) | - | - | 1,357,295 | 112 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 5,411,395 | (3,375,476 | ) | - | 24 | 2,035,943 | 123 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 9,378,160 | $ | 32,177,530 | $ | (37,673,168 | ) | $ | - | $ | 24 | $ | 3,882,546 | $ | 463 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Aerospace & Defense | 66.38 | |||||||
IT Services | 11.05 | |||||||
Industrial Conglomerates | 7.75 | |||||||
Containers & Packaging | 4.50 | |||||||
Construction & Engineering | 3.41 | |||||||
Industry Types Each Less Than 3% | 6.93 | |||||||
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.
| 4 |
|
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.03% |
| |||||||
Aerospace & Defense-1.46% |
| |||||||
Hexcel Corp. | 140,298 | $ | 4,697,177 | |||||
|
| |||||||
Auto Components-2.35% | ||||||||
BorgWarner, Inc. | 215,807 | 7,548,929 | ||||||
|
| |||||||
Building Products-5.88% | ||||||||
Johnson Controls International PLC | 221,613 | 9,354,285 | ||||||
Kingspan Group PLC (Ireland)(b) | 109,728 | 9,567,073 | ||||||
|
| |||||||
18,921,358 | ||||||||
|
| |||||||
Chemicals-6.29% | ||||||||
Gurit Holding AG, BR (Switzerland) | 1,224 | 2,561,379 | ||||||
Novozymes A/S, Class B (Denmark)(c) | 145,452 | 8,741,071 | ||||||
PQ Group Holdings, Inc.(b) | 176,659 | 2,042,178 | ||||||
Umicore S.A. (Belgium) | 179,458 | 6,906,733 | ||||||
|
| |||||||
20,251,361 | ||||||||
|
| |||||||
Commercial Services & Supplies-1.94% |
| |||||||
TOMRA Systems ASA (Norway)(c) | 154,947 | 6,235,908 | ||||||
|
| |||||||
Communications Equipment-0.65% |
| |||||||
Digi International, Inc.(b) | 141,814 | 2,088,920 | ||||||
|
| |||||||
Construction & Engineering-1.53% |
| |||||||
Ameresco, Inc., Class A(b) | 128,142 | 4,919,371 | ||||||
|
| |||||||
Electrical Equipment-20.54% | ||||||||
ABB Ltd. (Switzerland) | 365,727 | 8,878,322 | ||||||
EnerSys | 79,284 | 5,676,734 | ||||||
Schneider Electric SE (France) | 75,410 | 9,153,064 | ||||||
Sensata Technologies Holding PLC(b) | 178,689 | 7,810,496 | ||||||
Siemens Gamesa Renewable Energy S.A. (Spain) | 356,847 | 10,113,325 | ||||||
Sunrun, Inc.(b) | 132,883 | 6,912,574 | ||||||
TPI Composites, Inc.(b) | 123,826 | 4,101,117 | ||||||
Vestas Wind Systems A/S (Denmark) | 61,601 | 10,515,093 | ||||||
XP Power Ltd. (Singapore) | 56,892 | 2,942,455 | ||||||
|
| |||||||
66,103,180 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-9.33% |
| |||||||
Badger Meter, Inc. | 61,808 | 4,532,999 | ||||||
Hollysys Automation Technologies Ltd. (China) | 199,682 | 2,234,442 | ||||||
Horiba Ltd. (Japan) | 90,208 | 4,409,440 | ||||||
Itron, Inc.(b) | 83,054 | 5,643,519 | ||||||
Trimble, Inc.(b) | 191,253 | 9,205,007 | ||||||
Vaisala OYJ, Class A (Finland) | 95,960 | 3,996,098 | ||||||
|
| |||||||
30,021,505 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-3.81% |
| |||||||
Ormat Technologies, Inc.(c) | 99,861 | 7,077,149 | ||||||
Scatec Solar ASA (Norway)(d) | 236,468 | 5,195,006 | ||||||
|
| |||||||
12,272,155 | ||||||||
|
| |||||||
Industrial Conglomerates-0.78% | ||||||||
Raven Industries, Inc. | 114,657 | 2,513,281 | ||||||
|
| |||||||
IT Services-0.82% | ||||||||
S&T AG (Austria)(b)(c) | 146,119 | 2,650,117 | ||||||
|
| |||||||
Life Sciences Tools & Services-3.02% |
| |||||||
Eurofins Scientific SE (Luxembourg)(b) | 12,199 | 9,716,797 | ||||||
|
|
Shares | Value | |||||||
Machinery-10.90% | ||||||||
Donaldson Co., Inc. | 146,008 | $ | 6,935,380 | |||||
Kadant, Inc. | 29,367 | 3,380,729 | ||||||
Kornit Digital Ltd. (Israel)(b) | 85,893 | 5,782,317 | ||||||
Lindsay Corp. | 32,339 | 3,405,297 | ||||||
Woodward, Inc. | 74,172 | 5,900,382 | ||||||
Xylem, Inc. | 110,921 | 9,665,656 | ||||||
|
| |||||||
35,069,761 | ||||||||
|
| |||||||
Mortgage REITs-1.83% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 140,552 | 5,882,101 | ||||||
|
| |||||||
Professional Services-6.32% | ||||||||
Intertek Group PLC (United Kingdom) | 115,923 | 8,351,786 | ||||||
Ricardo PLC (United Kingdom) | 318,664 | 1,483,317 | ||||||
SGS S.A. (Switzerland) | 3,539 | 8,846,052 | ||||||
Willdan Group, Inc.(b) | 63,227 | 1,654,651 | ||||||
|
| |||||||
20,335,806 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-16.09% |
| |||||||
Advanced Energy Industries, Inc.(b) | 81,688 | 5,511,489 | ||||||
Cree, Inc.(b) | 111,869 | 7,114,869 | ||||||
Enphase Energy, Inc.(b) | 127,736 | 12,529,624 | ||||||
Power Integrations, Inc. | 117,623 | 7,082,081 | ||||||
Semtech Corp.(b) | 116,950 | 6,419,386 | ||||||
SolarEdge Technologies, Inc.(b) | 50,915 | 13,120,286 | ||||||
|
| |||||||
51,777,735 | ||||||||
|
| |||||||
Software-6.49% | ||||||||
ANSYS, Inc.(b) | 30,826 | 9,382,510 | ||||||
Autodesk, Inc.(b) | 41,950 | 9,880,903 | ||||||
Traffic Systems SE (Germany) | 53,247 | 1,612,643 | ||||||
|
| |||||||
20,876,056 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% |
| 321,881,518 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.04% | ||||||||
Invesco Private Government Fund, 0.04%(e)(f)(g) | 2,629,123 | 2,629,123 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 3,942,502 | 3,943,685 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral |
| 6,572,808 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.07% |
| 328,454,326 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.07)% |
| (6,660,286 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 321,794,040 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco CleantechTM ETF (PZD)–(continued)
October 31, 2020
(Unaudited)
Investment Abbreviations:
BR -Bearer Shares
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, 2020. |
(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, 2020 represented 1.61% of the Fund’s Net Assets. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 1,088,624 | $ | (1,088,624 | ) | $ | - | $ | - | $ | - | $ | 10 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 15,784,549 | 23,409,722 | (36,565,148 | ) | - | - | 2,629,123 | 551 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 11,392,298 | (7,448,766 | ) | - | 153 | 3,943,685 | 465 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 15,784,549 | $ | 35,890,644 | $ | (45,102,538 | ) | $ | - | $ | 153 | $ | 6,572,808 | $ | 1,026 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 6 |
|
Invesco CleantechTM ETF (PZD)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Electrical Equipment | 20.54 | |||||||
Semiconductors & Semiconductor Equipment | 16.09 | |||||||
Machinery | 10.90 | |||||||
Electronic Equipment, Instruments & Components | 9.33 | |||||||
Software | 6.49 | |||||||
Professional Services | 6.32 | |||||||
Chemicals | 6.29 | |||||||
Building Products | 5.88 | |||||||
Independent Power and Renewable Electricity Producers | 3.81 | |||||||
Life Sciences Tools & Services | 3.02 | |||||||
Industry Types Each Less Than 3% | 11.36 | |||||||
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.
| 7 |
|
Invesco DWA Momentum ETF (PDP)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.04% |
| |||||||
Communication Services-1.78% | ||||||||
Charter Communications, Inc., Class A(b) | 22,223 | $ | 13,418,692 | |||||
T-Mobile US, Inc.(b) | 81,647 | 8,946,062 | ||||||
Zillow Group, Inc., Class C(b) | 87,427 | 7,747,781 | ||||||
|
| |||||||
30,112,535 | ||||||||
Consumer Discretionary-15.33% |
| |||||||
Amazon.com, Inc.(b) | 11,554 | 35,079,677 | ||||||
Best Buy Co., Inc. | 87,338 | 9,742,554 | ||||||
Carvana Co.(b) | 52,796 | 9,785,739 | ||||||
Chipotle Mexican Grill, Inc.(b) | 7,468 | 8,972,653 | ||||||
DraftKings, Inc., Class A(b)(c) | 215,578 | 7,631,461 | ||||||
Helen of Troy Ltd.(b) | 63,529 | 12,045,098 | ||||||
Home Depot, Inc. (The) | 39,427 | 10,515,575 | ||||||
NIKE,Inc.,Class B | 229,422 | 27,548,994 | ||||||
NVR, Inc.(b) | 2,471 | 9,768,085 | ||||||
O’Reilly Automotive, Inc.(b) | 101,325 | 44,238,495 | ||||||
Peloton Interactive, Inc., Class A(b) | 98,567 | 10,863,069 | ||||||
Penn National Gaming, Inc.(b) | 336,424 | 18,160,168 | ||||||
Pool Corp. | 51,056 | 17,860,920 | ||||||
RH(b) | 24,051 | 8,062,617 | ||||||
Tesla, Inc.(b) | 51,712 | 20,066,325 | ||||||
TopBuild Corp.(b) | 63,864 | 9,784,603 | ||||||
|
| |||||||
260,126,033 | ||||||||
|
| |||||||
Consumer Staples-3.93% | ||||||||
Boston Beer Co., Inc. (The), Class A(b) | 12,561 | 13,053,140 | ||||||
Brown-Forman Corp., Class B | 197,081 | 13,738,516 | ||||||
Church & Dwight Co., Inc. | 326,163 | 28,829,548 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 50,258 | 11,039,672 | ||||||
|
| |||||||
66,660,876 | ||||||||
|
| |||||||
Financials-3.04% | ||||||||
Kinsale Capital Group, Inc. | 81,640 | 15,305,051 | ||||||
Moody’s Corp. | 36,359 | 9,558,781 | ||||||
MSCI, Inc. | 48,220 | 16,869,286 | ||||||
S&P Global, Inc. | 30,436 | 9,822,610 | ||||||
|
| |||||||
51,555,728 | ||||||||
|
| |||||||
Health Care-20.35% | ||||||||
Amedisys, Inc.(b) | 103,514 | 26,810,126 | ||||||
Chemed Corp. | 19,198 | 9,182,787 | ||||||
Danaher Corp. | 124,994 | 28,691,123 | ||||||
Edwards Lifesciences Corp.(b) | 140,207 | 10,051,440 | ||||||
Horizon Therapeutics PLC(b) | 160,808 | 12,049,343 | ||||||
Humana, Inc. | 24,889 | 9,937,680 | ||||||
IDEXX Laboratories, Inc.(b) | 41,688 | 17,709,896 | ||||||
Intuitive Surgical, Inc.(b) | 13,061 | 8,712,732 | ||||||
LHC Group, Inc.(b) | 46,686 | 10,109,853 | ||||||
Medpace Holdings, Inc.(b) | 79,461 | 8,815,403 | ||||||
Mettler-Toledo International, Inc.(b) | 22,967 | 22,918,999 | ||||||
Mirati Therapeutics, Inc.(b) | 293,850 | 63,806,589 | ||||||
NeoGenomics, Inc.(b) | 254,473 | 9,982,976 | ||||||
Repligen Corp.(b) | 61,954 | 10,319,678 | ||||||
Seagen, Inc.(b) | 49,835 | 8,312,478 | ||||||
Thermo Fisher Scientific, Inc. | 20,669 | 9,778,917 | ||||||
UnitedHealth Group, Inc. | 31,776 | 9,696,129 | ||||||
Veeva Systems, Inc., Class A(b) | 67,124 | 18,126,836 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
West Pharmaceutical Services, Inc. | 153,279 | $ | 41,702,618 | |||||
Zoetis, Inc. | 54,060 | 8,571,213 | ||||||
|
| |||||||
345,286,816 | ||||||||
|
| |||||||
Industrials-14.32% | ||||||||
A.O. Smith Corp. | 188,031 | 9,719,322 | ||||||
Cintas Corp. | 32,217 | 10,133,857 | ||||||
Copart, Inc.(b) | 264,428 | 29,182,274 | ||||||
CoStar Group, Inc.(b) | 24,619 | 20,276,455 | ||||||
Equifax, Inc. | 56,403 | 7,704,650 | ||||||
Generac Holdings, Inc.(b) | 52,976 | 11,132,906 | ||||||
Illinois Tool Works, Inc. | 45,136 | 8,841,240 | ||||||
Masco Corp. | 153,511 | 8,228,190 | ||||||
Old Dominion Freight Line, Inc. | 96,198 | 18,313,213 | ||||||
Rollins, Inc. | 739,973 | 42,807,438 | ||||||
Roper Technologies, Inc. | 78,943 | 29,314,694 | ||||||
Sunrun, Inc.(b) | 187,859 | 9,772,425 | ||||||
TransDigm Group, Inc. | 38,701 | 18,476,244 | ||||||
Union Pacific Corp. | 107,752 | 19,092,577 | ||||||
|
| |||||||
242,995,485 | ||||||||
|
| |||||||
Information Technology-34.74% |
| |||||||
Accenture PLC, Class A | 38,418 | 8,333,248 | ||||||
Adobe, Inc.(b) | 33,085 | 14,792,304 | ||||||
Advanced Micro Devices, Inc.(b) | 184,874 | 13,919,164 | ||||||
Amphenol Corp., Class A | 191,249 | 21,580,537 | ||||||
ANSYS, Inc.(b) | 129,220 | 39,330,691 | ||||||
Apple, Inc. | 449,157 | 48,895,231 | ||||||
Aspen Technology, Inc.(b) | 98,025 | 10,764,125 | ||||||
Autodesk, Inc.(b) | 41,174 | 9,698,124 | ||||||
Cadence Design Systems, Inc.(b) | 227,549 | 24,887,034 | ||||||
Enphase Energy, Inc.(b) | 398,732 | 39,111,622 | ||||||
Entegris, Inc. | 201,514 | 15,067,202 | ||||||
EPAM Systems, Inc.(b) | 41,215 | 12,733,374 | ||||||
Five9, Inc.(b) | 296,990 | 45,059,323 | ||||||
Intuit, Inc. | 41,031 | 12,911,635 | ||||||
Lattice Semiconductor Corp.(b) | 353,621 | 12,341,373 | ||||||
Littelfuse, Inc. | 56,234 | 11,130,958 | ||||||
Mastercard, Inc., Class A | 131,991 | 38,097,882 | ||||||
Microsoft Corp. | 42,647 | 8,634,738 | ||||||
Monolithic Power Systems, Inc. | 72,752 | 23,251,539 | ||||||
NVIDIA Corp. | 66,159 | 33,169,476 | ||||||
PayPal Holdings, Inc.(b) | 46,682 | 8,688,921 | ||||||
Pegasystems, Inc. | 93,703 | 10,858,304 | ||||||
Q2 Holdings, Inc.(b) | 119,550 | 10,907,742 | ||||||
salesforce.com, inc.(b) | 36,462 | 8,469,029 | ||||||
ServiceNow, Inc.(b) | 37,949 | 18,882,284 | ||||||
Splunk, Inc.(b) | 47,306 | 9,368,480 | ||||||
Synopsys, Inc.(b) | 50,006 | 10,694,283 | ||||||
Universal Display Corp. | 56,604 | 11,225,139 | ||||||
Visa, Inc., Class A | 61,633 | 11,199,333 | ||||||
Zebra Technologies Corp., Class A(b) | 35,156 | 9,971,648 | ||||||
Zendesk, Inc.(b) | 89,665 | 9,947,435 | ||||||
Zoom Video Communications, Inc., Class A(b) | 33,517 | 15,448,321 | ||||||
Zscaler, Inc.(b) | 72,923 | 9,899,297 | ||||||
|
| |||||||
589,269,796 | ||||||||
|
| |||||||
Materials-4.72% | ||||||||
Air Products and Chemicals, Inc. | 37,146 | 10,261,211 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco DWA Momentum ETF (PDP)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Materials-(continued) | ||||||||
Ball Corp. | 426,099 | $ | 37,922,811 | |||||
Sherwin-Williams Co. (The) | 46,233 | 31,807,379 | ||||||
|
| |||||||
79,991,401 | ||||||||
|
| |||||||
Real Estate-0.97% | ||||||||
First Industrial Realty Trust, Inc. | 219,085 | 8,721,774 | ||||||
Redfin Corp.(b) | 186,899 | 7,806,771 | ||||||
|
| |||||||
16,528,545 | ||||||||
|
| |||||||
Utilities-0.86% | ||||||||
NextEra Energy, Inc. | 198,297 | 14,517,322 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,697,044,537 | ||||||
|
| |||||||
Money Market Funds-0.02% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 285,773 | 285,773 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,697,330,310 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.03% | ||||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 232,988 | $ | 232,988 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 349,377 | 349,482 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 582,470 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.09% |
| 1,697,912,780 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.09)% |
| (1,557,039 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,696,355,741 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 943,086 | $ | (657,313 | ) | $ | - | $ | - | $ | 285,773 | $ | 6 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 1,285,524 | 5,643,275 | (6,928,799 | ) | - | - | - | 361 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 165,969,981 | (165,736,993 | ) | - | - | 232,988 | 4,733 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 60,729,169 | (60,380,559 | ) | - | 872 | 349,482 | 4,485 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,285,524 | $ | 233,285,511 | $ | (233,703,664 | ) | $ | - | $ | 872 | $ | 868,243 | $ | 9,585 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 9 |
|
Invesco DWA Momentum ETF (PDP)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Information Technology | 34.74 | |||||||
Health Care | 20.35 | |||||||
Consumer Discretionary | 15.33 | |||||||
Industrials | 14.32 | |||||||
Materials | 4.72 | |||||||
Consumer Staples | 3.93 | |||||||
Financials | 3.04 | |||||||
Sector Types Each Less Than 3% | 3.61 | |||||||
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.
| 10 |
|
Invesco Global Listed Private Equity ETF (PSP)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-93.88% |
| |||||||
Aerospace & Defense-5.34% | ||||||||
TransDigm Group, Inc. | 16,819 | $ | 8,029,559 | |||||
|
| |||||||
Capital Markets-51.69% | ||||||||
3i Group PLC (United Kingdom) | 569,002 | 7,070,267 | ||||||
Alaris Equity Partners Income (Canada) | 42,062 | 387,071 | ||||||
Apollo Investment Corp. | 86,762 | 656,788 | ||||||
Ares Capital Corp. | 218,474 | 3,021,495 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)(b)(c) | 58,697 | 826,632 | ||||||
Bain Capital Specialty Finance, Inc. | 73,363 | 672,005 | ||||||
BlackRock Capital Investment Corp. | 150,712 | 352,666 | ||||||
BlackRock TCP Capital Corp. | 77,656 | 718,318 | ||||||
Blackstone Group, Inc. (The), Class A | 92,969 | 4,687,497 | ||||||
Bure Equity AB (Sweden) | 51,393 | 1,493,091 | ||||||
Carlyle Group, Inc. (The) | 119,222 | 2,971,012 | ||||||
Deutsche Beteiligungs AG (Germany) | 31,564 | 1,029,485 | ||||||
EQT AB (Sweden) | 297,438 | 5,665,629 | ||||||
FS KKR Capital Corp.(c) | 95,481 | 1,394,023 | ||||||
Gimv N.V. (Belgium) | 27,788 | 1,450,124 | ||||||
Gladstone Investment Corp.(c) | 41,689 | 347,269 | ||||||
Goldman Sachs BDC, Inc.(c) | 49,682 | 760,135 | ||||||
Golub Capital BDC, Inc.(c) | 119,314 | 1,516,481 | ||||||
Hamilton Lane, Inc., Class A | 34,320 | 2,392,104 | ||||||
HBM Healthcare Investments AG, Class A (Switzerland) | 6,451 | 1,854,605 | ||||||
Hercules Capital, Inc.(c) | 105,711 | 1,183,963 | ||||||
Intermediate Capital Group PLC (United Kingdom) | 187,199 | 2,834,387 | ||||||
IP Group PLC (United Kingdom)(b) | 1,623,003 | 1,668,342 | ||||||
JAFCO Group Co. Ltd. (Japan) | 38,546 | 1,732,985 | ||||||
KKR & Co., Inc., Class A | 124,789 | 4,261,544 | ||||||
Main Street Capital Corp.(c) | 51,649 | 1,414,666 | ||||||
Merian Chrysalis Investment Co. Ltd. (Guernsey)(b) | 624,277 | 1,146,210 | ||||||
New Mountain Finance Corp.(c) | 115,552 | 1,047,479 | ||||||
Oaktree Specialty Lending Corp. | 156,418 | 713,266 | ||||||
Owl Rock Capital Corp.(c) | 191,120 | 2,174,946 | ||||||
Partners Group Holding AG (Switzerland) | 8,927 | 8,050,906 | ||||||
Princess Private Equity Holding Ltd. (Guernsey)(c) | 130,529 | 1,499,180 | ||||||
Prospect Capital Corp.(c) | 305,994 | 1,514,670 | ||||||
Ratos AB, Class B (Sweden) | 414,869 | 1,513,843 | ||||||
Sixth Street Specialty Lending, Inc. | 68,265 | 1,123,642 | ||||||
Solar Capital Ltd. | 47,098 | 745,090 | ||||||
Syncona Ltd. (United Kingdom)(b) | 503,376 | 1,614,146 | ||||||
Tamburi Investment Partners S.p.A. (Italy) | 172,572 | 1,077,469 | ||||||
TCG BDC, Inc. | 85,130 | 699,769 | ||||||
VinaCapital Vietnam Opportunity Fund Ltd. (Guernsey) | 273,121 | 1,168,912 | ||||||
VNV Global AB (Sweden)(b)(c) | 138,677 | 1,202,751 | ||||||
|
| |||||||
77,654,863 | ||||||||
|
| |||||||
Diversified Consumer Services-0.92% | ||||||||
Graham Holdings Co., Class B | 3,648 | 1,387,480 | ||||||
|
| |||||||
Diversified Financial Services-12.15% | ||||||||
Cannae Holdings, Inc.(b) | 64,815 | 2,396,859 | ||||||
Compass Diversified Holdings | 91,290 | 1,578,404 | ||||||
Eurazeo SE (France)(b) | 49,504 | 2,251,230 |
Shares | Value | |||||||
Diversified Financial Services-(continued) |
| |||||||
HgCapital Trust PLC (United Kingdom) | 423,751 | $ | 1,627,293 | |||||
Kinnevik AB, Class B (Sweden) | 106,028 | 4,349,564 | ||||||
NB Private Equity Partners Ltd. (Guernsey) | 98,422 | 1,291,686 | ||||||
Onex Corp. (Canada) | 55,624 | 2,402,927 | ||||||
Wendel SE (France) | 27,099 | 2,348,530 | ||||||
|
| |||||||
18,246,493 | ||||||||
|
| |||||||
Diversified Telecommunication Services-0.61% |
| |||||||
ATN International, Inc. | 20,391 | 911,478 | ||||||
|
| |||||||
Electrical Equipment-3.38% | ||||||||
Melrose Industries PLC (United Kingdom) | 3,277,610 | 5,070,708 | ||||||
|
| |||||||
Food Products-1.18% | ||||||||
Schouw & Co. A/S (Denmark) | 20,328 | 1,768,357 | ||||||
|
| |||||||
Industrial Conglomerates-2.67% | ||||||||
Fosun International Ltd. (China) | 2,441,652 | 2,940,744 | ||||||
Italmobiliare S.p.A. (Italy) | 33,113 | 1,070,364 | ||||||
|
| |||||||
4,011,108 | ||||||||
|
| |||||||
Interactive Media & Services-2.69% |
| |||||||
IAC/InterActiveCorp.(b) | 33,539 | 4,048,828 | ||||||
|
| |||||||
Internet & Direct Marketing Retail-5.95% |
| |||||||
Prosus N.V. (Netherlands)(b) | 89,470 | 8,939,913 | ||||||
|
| |||||||
IT Services-1.22% | ||||||||
Digital Garage, Inc. (Japan) | 51,739 | 1,833,681 | ||||||
|
| |||||||
Life Sciences Tools & Services-0.71% |
| |||||||
PureTech Health PLC, (Acquired 09/18/2020 -10/30/2020; Cost $1,181,890)(b)(d) | 316,662 | 1,062,507 | ||||||
|
| |||||||
Multiline Retail-5.37% | ||||||||
Wesfarmers Ltd. (Australia) | 249,969 | 8,067,854 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 141,032,829 | ||||||
|
| |||||||
Money Market Funds-5.53% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(e)(f) | 8,303,173 | 8,303,173 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 149,336,002 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.66% |
| |||||||
Invesco Private Government Fund, 0.04%(e)(f)(g) | 3,999,266 | 3,999,266 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Global Listed Private Equity ETF (PSP)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||||
Money Market Funds-(continued) |
| |||||||||
Invesco Private Prime Fund, | 6,004,110 | $ | 6,005,911 | |||||||
|
| |||||||||
Total Investments Purchased with Cash Collateral |
| 10,005,177 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-106.07% (Cost $159,345,999) |
| 159,341,179 | ||||||||
OTHER ASSETS LESS LIABILITIES-(6.07)% |
| (9,116,808 | ) | |||||||
|
| |||||||||
NET ASSETS-100.00% |
| $ | 150,224,371 | |||||||
|
|
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, 2020. |
(d) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 12,382,383 | $ | (4,079,210 | ) | $ | - | $ | - | $ | 8,303,173 | $ | 128 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 8,316,298 | 9,503,759 | (17,820,057 | ) | - | - | - | 2,582 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 17,116,620 | 35,346,350 | (48,463,704 | ) | - | - | 3,999,266 | 2,006 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 16,349,126 | (10,343,929 | ) | 162 | 552 | 6,005,911 | 1,797 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 25,432,918 | $ | 73,581,618 | $ | (80,706,900 | ) | $ | 162 | $ | 552 | $ | 18,308,350 | $ | 6,513 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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. |
This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom | 13.24 | % |
Open Over-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 | | The Blackstone Group LP | | | 1-Month LIBOR plus 65 basis | | Monthly | October-2021 | $2,378,118 | $- | $(109,218) | $(109,218) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Global Listed Private Equity ETF (PSP)–(continued)
October 31, 2020
(Unaudited)
Open Over-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) | |||||||||||||||||||
Citibank, N.A. | Receive | Brookfield Business Partners LP | 1-Month CDOR plus 65 basis points | Monthly | October-2021 | CAD 2,831,948 | $ | - | $ | (170,239 | ) | $ | (170,239 | ) | ||||||||||||||
Citibank, N.A. | Receive | KKR & Co. LP | 1-Month LIBOR plus 65 basis points | Monthly | October-2021 | $ | 2,920,390 | - | (188,390 | ) | (188,390 | ) | ||||||||||||||||
Morgan Stanley Capital Services LLC | Receive | Riverstone Energy Ltd. | 1-Month LIBOR plus 85 basis points | Monthly | August-2021 | GBP 199,346 | - | (189 | ) | (189 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total Over-The-Counter Total Return Swap Agreements | $ | - | $ | (468,036 | ) | $ | (468,036 | ) | ||||||||||||||||||||
|
|
|
|
|
|
Abbreviations:
CAD | -Canadian Dollar |
CDOR | -Canadian Dealer Offered Rate |
GBP | -British Pound Sterling |
LIBOR | -London Interbank Offered Rate |
(a) | Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $370,000. |
(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, 2020
Capital Markets | 51.69 | |||||||
Diversified Financial Services | 12.15 | |||||||
Internet & Direct Marketing Retail | 5.95 | |||||||
Multiline Retail | 5.37 | |||||||
Aerospace & Defense | 5.34 | |||||||
Electrical Equipment | 3.38 | |||||||
Industry Types Each Less Than 3% | 10.00 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 6.12 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Golden Dragon China ETF (PGJ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.07%(b) |
| |||||||
Communication Services-34.34% |
| |||||||
Autohome,Inc.,ADR | 54,343 | $ | 5,192,474 | |||||
Baidu, Inc., ADR(c) | 123,548 | 16,438,061 | ||||||
Bilibili, Inc., ADR(c)(d) | 151,409 | 6,763,440 | ||||||
China Mobile Ltd., ADR | 96,629 | 2,969,409 | ||||||
China Telecom Corp. Ltd., ADR | 4,310 | 135,334 | ||||||
China Unicom Hong Kong Ltd., ADR(d) | 30,148 | 186,616 | ||||||
DouYu International Holdings Ltd., ADR(c) | 80,067 | 1,225,025 | ||||||
Fangdd Network Group Ltd., ADR(c) | 12,551 | 80,326 | ||||||
iQIYI, Inc., ADR(c) | 278,261 | 6,873,047 | ||||||
JOYY, Inc., ADR | 49,500 | 4,523,310 | ||||||
Luokung Technology Corp.(c) | 185,822 | 81,762 | ||||||
Momo, Inc., ADR | 140,334 | 2,105,010 | ||||||
NetEase, Inc., ADR | 157,960 | 13,709,348 | ||||||
Qutoutiao, Inc., ADR(c)(d) | 100,850 | 216,828 | ||||||
SINA Corp.(c) | 57,834 | 2,478,187 | ||||||
Sohu.com Ltd., ADR(c) | 35,410 | 667,124 | ||||||
So-Young International, Inc., ADR(c)(d) | 42,015 | 490,315 | ||||||
Weibo Corp., ADR(c)(d) | 65,974 | 2,741,220 | ||||||
|
| |||||||
66,876,836 | ||||||||
|
| |||||||
Consumer Discretionary-45.07% |
| |||||||
Alibaba Group Holding Ltd., ADR(c) | 53,624 | 16,338,696 | ||||||
Baozun, Inc., ADR(c)(d) | 42,064 | 1,539,122 | ||||||
Bright Scholar Education Holdings Ltd., ADR | 22,600 | 139,442 | ||||||
China Distance Education Holdings Ltd., ADR(c) | 19,850 | 171,107 | ||||||
China Online Education Group, ADR(c) | 10,402 | 255,161 | ||||||
Huazhu Group Ltd., ADR | 132,512 | 5,251,451 | ||||||
JD.com, Inc., ADR(c) | 195,757 | 15,958,111 | ||||||
Kandi Technologies Group, Inc.(c)(d) | 48,296 | 302,333 | ||||||
Leju Holdings Ltd., ADR(c) | 22,999 | 56,118 | ||||||
Meten EdtechX Education Group Ltd.(c) | 47,139 | 134,110 | ||||||
New Oriental Education & Technology Group, Inc., ADR(c) | 52,447 | 8,411,450 | ||||||
Niu Technologies, ADR(c) | 28,046 | 736,768 | ||||||
Pinduoduo, Inc., ADR(c) | 86,663 | 7,797,937 | ||||||
TAL Education Group, ADR(c) | 208,525 | 13,858,571 | ||||||
Trip.com Group Ltd., ADR(c) | 254,303 | 7,313,754 | ||||||
Uxin Ltd., ADR(c) | 167,333 | 160,640 | ||||||
Viomi Technology Co. Ltd., ADR(c)(d) | 30,624 | 174,863 | ||||||
Vipshop Holdings Ltd., ADR(c) | 428,957 | 9,179,680 | ||||||
|
| |||||||
87,779,314 | ||||||||
|
| |||||||
Consumer Staples-0.08% |
| |||||||
111, Inc., ADR(c) | 22,566 | 156,608 | ||||||
|
| |||||||
Energy-0.74% | ||||||||
China Petroleum & Chemical Corp., ADR | 11,183 | 439,827 | ||||||
CNOOC Ltd., ADR | 8,988 | 827,975 | ||||||
PetroChina Co. Ltd., ADR | 5,967 | 169,821 | ||||||
Sino Clean Energy, Inc., Rts., expiring 07/31/2049(c)(e) | 26,179 | 0 | ||||||
|
| |||||||
1,437,623 | ||||||||
|
| |||||||
Financials-1.98% |
| |||||||
360 DigiTech, Inc., ADR(c) | 91,153 | 1,050,082 | ||||||
Bit Digital, Inc.(c)(d) | 38,653 | 144,949 | ||||||
China Life Insurance Co. Ltd., ADR(c) | 22,038 | 241,096 | ||||||
Fanhua, Inc., ADR(c)(d) | 29,332 | 439,687 |
Shares | Value | |||||||
Financials-(continued) |
| |||||||
LexinFintech Holdings Ltd., ADR(c)(d) | 95,234 | $ | 784,728 | |||||
Noah Holdings Ltd., ADR(c) | 28,625 | 753,696 | ||||||
Qudian, Inc., ADR(c)(d) | 169,281 | 226,836 | ||||||
Up Fintech Holding Ltd., ADR(c)(d) | 49,154 | 223,651 | ||||||
|
| |||||||
3,864,725 | ||||||||
|
| |||||||
Health Care-4.24% |
| |||||||
China Biologic Products Holdings, | 34,128 | 3,966,015 | ||||||
I-Mab, ADR(c) | 7,232 | 297,742 | ||||||
Zai Lab Ltd., ADR(c) | 48,727 | 3,998,050 | ||||||
|
| |||||||
8,261,807 | ||||||||
|
| |||||||
Industrials-4.90% |
| |||||||
51job, Inc., ADR(c) | 34,888 | 2,445,649 | ||||||
China Index Holdings Ltd., ADR(c)(d) | 56,921 | 76,274 | ||||||
Hebron Technology Co. Ltd., A Shares(c)(d) | 15,584 | 204,930 | ||||||
TD Holdings, Inc.(c)(d) | 60,665 | 157,729 | ||||||
ZTO Express Cayman, Inc., ADR | 229,877 | 6,661,835 | ||||||
|
| |||||||
9,546,417 | ||||||||
|
| |||||||
Information Technology-8.63% |
| |||||||
21Vianet Group, Inc., ADR(c) | 71,803 | 1,648,597 | ||||||
Canaan, Inc., ADR(c)(d) | 44,655 | 97,348 | ||||||
Canadian Solar, Inc. (Canada)(c)(d) | 52,224 | 1,898,342 | ||||||
Cheetah Mobile, Inc., ADR(c) | 36,248 | 69,234 | ||||||
Daqo New Energy Corp., ADR(c) | 10,275 | 1,876,318 | ||||||
GDS Holdings Ltd., ADR(c)(d) | 92,384 | 7,763,951 | ||||||
Hollysys Automation Technologies Ltd.(d) | 53,547 | 599,191 | ||||||
Huami Corp., ADR(c) | 28,605 | 334,106 | ||||||
JinkoSolar Holding Co. Ltd., ADR(c)(d) | 31,137 | 1,815,287 | ||||||
OneConnect Financial Technology Co. Ltd., ADR(c) | 30,711 | 618,520 | ||||||
Xunlei Ltd., ADR(c)(d) | 35,400 | 93,102 | ||||||
|
| |||||||
16,813,996 | ||||||||
|
| |||||||
Real Estate-0.09% |
| |||||||
Nam Tai Property, Inc.(c)(d) | 34,289 | 170,074 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 194,907,400 | |||||||
|
| |||||||
Money Market Funds-0.11% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 210,796 | 210,796 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 195,118,196 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-10.36% |
| |||||||
Invesco Private Government Fund, 0.04%(f)(g)(h) | 8,074,023 | 8,074,023 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Golden Dragon China ETF (PGJ)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund,
| 12,107,403 | $ | 12,111,035 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral |
| 20,185,058 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-110.54% |
| 215,303,254 | ||||||
OTHER ASSETS LESS LIABILITIES-(10.54)% |
| (20,525,404 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 194,777,850 | |||||
|
|
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, 2020. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 426,774 | $ | (215,978 | ) | $ | - | $ | - | $ | 210,796 | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 388,819 | 1,867,712 | (2,256,531 | ) | - | - | - | 97 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 12,462,351 | 57,979,012 | (62,367,340 | ) | - | - | 8,074,023 | 2,356 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 26,549,994 | (14,439,656 | ) | 23 | 674 | 12,111,035 | 2,199 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 12,851,170 | $ | 86,823,492 | $ | (79,279,505 | ) | $ | 23 | $ | 674 | $ | 20,395,854 | $ | 4,656 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Golden Dragon China ETF (PGJ)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Consumer Discretionary | 45.07 | |||||
Communication Services | 34.34 | |||||
Information Technology | 8.63 | |||||
Industrials | 4.90 | |||||
Health Care | 4.24 | |||||
Sector Types Each Less Than 3% | 2.89 | |||||
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.
| 16 |
|
Invesco Raymond James SB-1 Equity ETF (RYJ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.98% |
| |||||||
Communication Services-4.00% | ||||||||
Altice USA, Inc., Class A(b) | 24,310 | $ | 655,155 | |||||
DISH Network Corp., Class A(b) | 25,239 | 643,342 | ||||||
Facebook, Inc., Class A(b) | 2,447 | 643,830 | ||||||
ORBCOMM, Inc.(b) | 170,900 | 734,870 | ||||||
Telephone & Data Systems, Inc. | 39,340 | 668,780 | ||||||
United States Cellular Corp.(b) | 23,191 | 675,322 | ||||||
|
| |||||||
4,021,299 | ||||||||
|
| |||||||
Consumer Discretionary-13.80% | ||||||||
Aaron’s Holdings Co., Inc. | 11,586 | 605,484 | ||||||
Alibaba Group Holding Ltd., ADR | 2,220 | 676,412 | ||||||
AutoZone, Inc.(b) | 578 | 652,550 | ||||||
Bed Bath & Beyond, Inc.(c) | 27,024 | 535,075 | ||||||
Best Buy Co., Inc. | 5,791 | 645,986 | ||||||
Bloomin’ Brands, Inc. | 38,363 | 536,315 | ||||||
Dave & Buster’s Entertainment, Inc. | 33,212 | 569,918 | ||||||
Dollar General Corp. | 3,174 | 662,446 | ||||||
Everi Holdings, Inc.(b) | 70,705 | 608,770 | ||||||
Hanesbrands, Inc. | 38,603 | 620,350 | ||||||
KB Home | 18,605 | 600,011 | ||||||
Leggett & Platt, Inc. | 15,395 | 642,433 | ||||||
lululemon athletica, inc.(b) | 2,089 | 666,997 | ||||||
M.D.C. Holdings, Inc. | 14,809 | 644,488 | ||||||
Polaris, Inc. | 7,409 | 673,182 | ||||||
Rent-A-Center, Inc. | 21,058 | 650,692 | ||||||
Revolve Group, Inc.(b)(c) | 32,251 | 583,098 | ||||||
Target Corp. | 4,263 | 648,914 | ||||||
Tempur Sealy International, Inc.(b) | 7,658 | 681,562 | ||||||
Texas Roadhouse, Inc. | 9,009 | 630,900 | ||||||
Tractor Supply Co. | 4,965 | 661,388 | ||||||
Under Armour, Inc., Class A(b) | 47,968 | 663,877 | ||||||
|
| |||||||
13,860,848 | ||||||||
|
| |||||||
Energy-7.65% | ||||||||
Black Stone Minerals L.P | 106,278 | 642,982 | ||||||
Brigham Minerals, Inc., Class A | 73,693 | 649,972 | ||||||
Energy Transfer L.P | 108,829 | 560,469 | ||||||
Enterprise Products Partners L.P | 38,647 | 640,381 | ||||||
Enviva Partners L.P | 16,473 | 705,868 | ||||||
Green Plains Partners L.P | 26,558 | 207,153 | ||||||
Kimbell Royalty Partners L.P | 79,137 | 470,865 | ||||||
Marathon Oil Corp. | 155,649 | 616,370 | ||||||
Occidental Petroleum Corp. | 66,882 | 610,633 | ||||||
Parsley Energy, Inc., Class A | 65,090 | 651,551 | ||||||
Pioneer Natural Resources Co. | 8,195 | 651,994 | ||||||
Targa Resources Corp. | 39,591 | 635,436 | ||||||
Williams Cos., Inc. (The) | 33,490 | 642,673 | ||||||
|
| |||||||
7,686,347 | ||||||||
|
| |||||||
Financials-21.28% | ||||||||
Allstate Corp. (The) | 7,418 | 658,348 | ||||||
Ameris Bancorp | 23,366 | 684,624 | ||||||
Ares Commercial Real Estate Corp. | 73,853 | 687,571 | ||||||
Argo Group International Holdings Ltd. | 18,289 | 652,552 | ||||||
Arthur J. Gallagher & Co. | 6,312 | 654,618 | ||||||
Axos Financial, Inc.(b) | 24,707 | 673,513 | ||||||
Bancorp, Inc. (The)(b) | 72,206 | 693,178 | ||||||
Barings BDC, Inc.(c) | 70,757 | 531,385 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Cadence BanCorp | 56,447 | $ | 633,335 | |||||
ConnectOne Bancorp, Inc. | 40,852 | 630,346 | ||||||
First Horizon National Corp. | 59,405 | 618,406 | ||||||
Flagstar Bancorp, Inc. | 21,289 | 624,832 | ||||||
Kemper Corp. | 10,367 | 639,229 | ||||||
Ladder Capital Corp. | 97,031 | 727,732 | ||||||
Merchants Bancorp | 25,260 | 545,111 | ||||||
Meridian Bancorp, Inc. | 55,120 | 686,244 | ||||||
Meta Financial Group, Inc. | 27,131 | 796,024 | ||||||
Nexpoint Real Estate Finance, Inc. | 16,254 | 222,842 | ||||||
OceanFirst Financial Corp. | 40,705 | 609,354 | ||||||
Old Republic International Corp. | 39,638 | 645,307 | ||||||
Old Second Bancorp, Inc. | 38,710 | 330,971 | ||||||
Origin Bancorp, Inc. | 25,989 | 581,374 | ||||||
Pacific Premier Bancorp, Inc. | 25,868 | 659,634 | ||||||
PacWest Bancorp | 33,035 | 635,593 | ||||||
Progressive Corp. (The) | 7,206 | 662,231 | ||||||
Redwood Trust, Inc. | 81,459 | 692,402 | ||||||
Regions Financial Corp. | 49,288 | 655,530 | ||||||
Signature Bank | 7,910 | 638,653 | ||||||
TCF Financial Corp. | 23,511 | 639,734 | ||||||
TriState Capital Holdings, Inc.(b) | 49,976 | 629,198 | ||||||
Veritex Holdings, Inc. | 31,636 | 624,178 | ||||||
Webster Financial Corp. | 20,744 | 668,164 | ||||||
Wintrust Financial Corp. | 13,512 | 665,196 | ||||||
Zions Bancorporation N.A | 21,092 | 680,639 | ||||||
|
| |||||||
21,378,048 | ||||||||
|
| |||||||
Health Care-18.04% | ||||||||
89bio, Inc.(b) | 27,809 | 644,056 | ||||||
Acadia Healthcare Co., Inc.(b) | 21,864 | 779,452 | ||||||
Acceleron Pharma, Inc.(b) | 6,219 | 650,383 | ||||||
Antares Pharma, Inc.(b) | 233,740 | 638,110 | ||||||
Apellis Pharmaceuticals, Inc.(b) | 19,790 | 631,301 | ||||||
Blueprint Medicines Corp.(b) | 6,615 | 676,582 | ||||||
Boston Scientific Corp.(b) | 18,453 | 632,384 | ||||||
CareDx, Inc.(b) | 13,403 | 657,417 | ||||||
Change Healthcare, Inc.(b) | 45,106 | 638,250 | ||||||
ChemoCentryx, Inc.(b) | 12,371 | 593,808 | ||||||
Cigna Corp. | 3,792 | 633,150 | ||||||
CVS Health Corp. | 11,435 | 641,389 | ||||||
Cymabay Therapeutics, Inc.(b) | 77,558 | 645,283 | ||||||
Flexion Therapeutics, Inc.(b)(c) | 55,983 | 671,236 | ||||||
G1 Therapeutics, Inc.(b) | 53,140 | 584,009 | ||||||
Health Catalyst, Inc.(b)(c) | 20,082 | 692,427 | ||||||
HealthEquity, Inc.(b) | 12,336 | 635,181 | ||||||
Jounce Therapeutics, Inc.(b) | 71,223 | 592,575 | ||||||
Mirum Pharmaceuticals, Inc.(b)(c) | 36,967 | 582,230 | ||||||
NGM Biopharmaceuticals, Inc.(b) | 40,011 | 693,791 | ||||||
Ocular Therapeutix, Inc.(b)(c) | 65,877 | 625,832 | ||||||
Sol-Gel Technologies Ltd. (Israel)(b)(c) | 14,824 | 119,630 | ||||||
Teleflex, Inc. | 1,848 | 588,089 | ||||||
uniQure N.V. (Netherlands)(b) | 16,485 | 666,489 | ||||||
UnitedHealth Group, Inc. | 2,088 | 637,132 | ||||||
VBI Vaccines, Inc.(b) | 260,608 | 612,429 | ||||||
Viking Therapeutics, Inc.(b)(c) | 119,331 | 671,834 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Voyager Therapeutics, Inc.(b) | 61,723 | $ | 656,115 | |||||
Zimmer Biomet Holdings, Inc. | 4,755 | 628,135 | ||||||
|
| |||||||
18,118,699 | ||||||||
|
| |||||||
Industrials-11.50% | ||||||||
Alaska Air Group, Inc. | 16,757 | 634,923 | ||||||
Allegiant Travel Co. | 4,823 | 649,947 | ||||||
Allison Transmission Holdings, Inc. | 17,544 | 634,216 | ||||||
Casella Waste Systems, Inc., Class A(b) | 11,929 | 644,047 | ||||||
Cubic Corp. | 11,152 | 659,195 | ||||||
Evoqua Water Technologies Corp.(b) | 28,882 | 662,264 | ||||||
Foundation Building Materials, Inc.(b) | 42,169 | 613,981 | ||||||
GMS, Inc.(b) | 27,672 | 625,387 | ||||||
Kansas City Southern | 3,731 | 657,178 | ||||||
PACCAR, Inc. | 7,418 | 633,349 | ||||||
SkyWest, Inc. | 20,681 | 600,369 | ||||||
Southwest Airlines Co. | 16,222 | 641,256 | ||||||
TPI Composites, Inc.(b) | 20,878 | 691,479 | ||||||
Union Pacific Corp. | 3,635 | 644,086 | ||||||
United Parcel Service, Inc., Class B | 3,932 | 617,757 | ||||||
Wabash National Corp. | 46,365 | 661,165 | ||||||
Waste Connections, Inc. | 6,664 | 661,868 | ||||||
WESCO International, Inc.(b) | 15,122 | 623,631 | ||||||
|
| |||||||
11,556,098 | ||||||||
|
| |||||||
Information Technology-16.74% | ||||||||
Alarm.com Holdings, Inc.(b) | 11,198 | 653,179 | ||||||
Avnet, Inc. | 24,520 | 604,908 | ||||||
EchoStar Corp., Class A(b) | 26,191 | 606,584 | ||||||
Envestnet, Inc.(b) | 8,086 | 620,520 | ||||||
Fidelity National Information Services, Inc. | 4,767 | 593,920 | ||||||
FLIR Systems, Inc. | 18,463 | 640,481 | ||||||
GDS Holdings Ltd., ADR (China)(b)(c) | 8,041 | 675,766 | ||||||
GoDaddy, Inc., Class A(b) | 9,049 | 640,126 | ||||||
I3 Verticals, Inc., Class A(b) | 27,283 | 562,848 | ||||||
Itron, Inc.(b) | 9,387 | 637,847 | ||||||
Jabil, Inc. | 19,346 | 641,126 | ||||||
MAXIMUS, Inc. | 10,154 | 686,207 | ||||||
Microchip Technology, Inc. | 6,046 | 635,314 | ||||||
Micron Technology, Inc.(b) | 12,508 | 629,653 | ||||||
Microsoft Corp. | 3,166 | 641,020 | ||||||
MiX Telematics Ltd., ADR (South Africa) | 37,739 | 321,914 | ||||||
New Relic, Inc.(b) | 10,939 | 663,560 | ||||||
NIC, Inc. | 32,145 | 720,691 | ||||||
nLight, Inc.(b) | 29,978 | 636,733 | ||||||
Ping Identity Holding Corp.(b) | 21,137 | 585,283 | ||||||
QUALCOMM, Inc. | 5,298 | 653,561 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
RingCentral, Inc., Class A(b) | 2,399 | $ | 619,758 | |||||
salesforce.com, inc.(b) | 2,725 | 632,936 | ||||||
ServiceNow, Inc.(b) | 1,345 | 669,232 | ||||||
SS&C Technologies Holdings, Inc. | 10,467 | 619,856 | ||||||
Switch, Inc., Class A | 43,268 | 608,348 | ||||||
SYNNEX Corp. | 4,675 | 615,417 | ||||||
|
| |||||||
16,816,788 | ||||||||
|
| |||||||
Materials-0.87% | ||||||||
Livent Corp.(b) | 64,168 | 689,806 | ||||||
Tecnoglass, Inc. | 39,873 | 179,827 | ||||||
|
| |||||||
869,633 | ||||||||
|
| |||||||
Real Estate-6.10% | ||||||||
Agree Realty Corp. | 10,402 | 645,652 | ||||||
American Homes 4 Rent, Class A | 22,516 | 636,527 | ||||||
CareTrust REIT, Inc. | 37,913 | 648,312 | ||||||
Four Corners Property Trust, Inc. | 24,970 | 632,740 | ||||||
Healthcare Realty Trust, Inc. | 22,441 | 623,860 | ||||||
Invitation Homes, Inc. | 23,625 | 644,018 | ||||||
Landmark Infrastructure Partners L.P | 41,767 | 425,188 | ||||||
NexPoint Residential Trust, Inc. | 15,115 | 669,897 | ||||||
PotlatchDeltic Corp. | 14,419 | 599,109 | ||||||
Uniti Group, Inc. | 68,155 | 601,127 | ||||||
|
| |||||||
6,126,430 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 100,434,190 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.53% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,819,926 | 1,819,926 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,729,087 | 2,729,906 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,549,832 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.51% |
| 104,984,022 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.51)% |
| (4,527,043 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. |
| $ | 100,456,979 | |||||
|
|
Investment Abbreviations:
ADR -American Depositary Receipt
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 35,607 | $ | (35,607 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 14,023 | 588,650 | (602,673 | ) | - | - | - | 10 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | �� | ||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 3,363,800 | 20,418,040 | (21,961,914 | ) | - | - | 1,819,926 | 763 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,062,919 | (5,333,284 | ) | - | 271 | 2,729,906 | 733 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,377,823 | $ | 29,105,216 | $ | (27,933,478 | ) | $ | - | $ | 271 | $ | 4,549,832 | $ | 1,506 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020
Financials | 21.28 | |||||||||||
Health Care | 18.04 | |||||||||||
Information Technology | 16.74 | |||||||||||
Consumer Discretionary | 13.80 | |||||||||||
Industrials | 11.50 | |||||||||||
Energy | 7.65 | |||||||||||
Real Estate | 6.10 | |||||||||||
Communication Services | 4.00 | |||||||||||
Materials | 0.87 | |||||||||||
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 S&P 500 BuyWrite ETF (PBP)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.41%(b) |
| |||||||
Communication Services-11.20% | ||||||||
Activision Blizzard, Inc. | 4,586 | $ | 347,298 | |||||
Alphabet, Inc., Class A(c) | 1,785 | 2,884,756 | ||||||
Alphabet, Inc., Class C(c) | 1,744 | 2,827,041 | ||||||
AT&T, Inc. | 42,327 | 1,143,676 | ||||||
CenturyLink, Inc. | 5,868 | 50,582 | ||||||
Charter Communications, Inc., Class A(c) | 888 | 536,192 | ||||||
Comcast Corp., Class A | 27,082 | 1,143,944 | ||||||
Discovery, Inc., Class A(c) | 952 | 19,269 | ||||||
Discovery, Inc., Class C(c) | 1,839 | 33,691 | ||||||
DISH Network Corp., Class A(c) | 1,466 | 37,368 | ||||||
Electronic Arts, Inc.(c) | 1,715 | 205,509 | ||||||
Facebook, Inc., Class A(c) | 14,283 | 3,758,000 | ||||||
Fox Corp., Class A | 2,041 | 54,127 | ||||||
Fox Corp., Class B | 930 | 24,310 | ||||||
Interpublic Group of Cos., Inc. (The) | 2,316 | 41,896 | ||||||
Live Nation Entertainment, Inc.(c) | 844 | 41,187 | ||||||
Netflix, Inc.(c) | 2,620 | 1,246,439 | ||||||
News Corp., Class A | 2,311 | 30,343 | ||||||
News Corp., Class B | 724 | 9,427 | ||||||
Omnicom Group, Inc. | 1,277 | 60,274 | ||||||
Take-Two Interactive Software, | 679 | 105,191 | ||||||
T-Mobile US, Inc.(c) | 3,456 | 378,674 | ||||||
Twitter, Inc.(c) | 4,698 | 194,309 | ||||||
Verizon Communications, Inc. | 24,582 | 1,400,928 | ||||||
ViacomCBS, Inc., Class B | 3,349 | 95,681 | ||||||
Walt Disney Co. (The) | 10,735 | 1,301,619 | ||||||
|
| |||||||
17,971,731 | ||||||||
|
| |||||||
Consumer Discretionary-11.62% | ||||||||
Advance Auto Parts, Inc. | 411 | 60,532 | ||||||
Amazon.com, Inc.(c) | 2,529 | 7,678,423 | ||||||
Aptiv PLC(c) | 1,604 | 154,770 | ||||||
AutoZone, Inc.(c) | 139 | 156,928 | ||||||
Best Buy Co., Inc. | 1,369 | 152,712 | ||||||
Booking Holdings, Inc.(c) | 244 | 395,890 | ||||||
BorgWarner, Inc. | 1,452 | 50,791 | ||||||
CarMax, Inc.(c) | 969 | 83,760 | ||||||
Carnival Corp. | 3,077 | 42,186 | ||||||
Chipotle Mexican Grill, Inc.(c) | 167 | 200,647 | ||||||
D.R. Horton, Inc. | 1,966 | 131,349 | ||||||
Darden Restaurants, Inc. | 773 | 71,054 | ||||||
Dollar General Corp. | 1,479 | 308,682 | ||||||
Dollar Tree, Inc.(c) | 1,410 | 127,351 | ||||||
Domino’s Pizza, Inc. | 234 | 88,527 | ||||||
eBay, Inc. | 3,950 | 188,139 | ||||||
Etsy, Inc.(c) | 708 | 86,086 | ||||||
Expedia Group, Inc. | 807 | 75,979 | ||||||
Ford Motor Co. | 23,214 | 179,444 | ||||||
Gap, Inc. (The) | 1,221 | 23,748 | ||||||
Garmin Ltd. | 886 | 92,162 | ||||||
General Motors Co.(c) | 7,481 | 258,319 | ||||||
Genuine Parts Co. | 857 | 77,499 | ||||||
Hanesbrands, Inc. | 2,068 | 33,233 | ||||||
Hasbro, Inc. | 757 | 62,619 | ||||||
Hilton Worldwide Holdings, Inc. | 1,648 | 144,711 | ||||||
Home Depot, Inc. (The) | 6,395 | 1,705,611 | ||||||
L Brands, Inc. | 1,387 | 44,398 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Las Vegas Sands Corp. | 1,952 | $ | 93,813 | |||||
Leggett & Platt, Inc. | 786 | 32,800 | ||||||
Lennar Corp., Class A | 1,632 | 114,615 | ||||||
LKQ Corp.(c) | 1,663 | 53,199 | ||||||
Lowe’s Cos., Inc. | 4,490 | 709,869 | ||||||
Marriott International, Inc., Class A | 1,579 | 146,658 | ||||||
McDonald’s Corp. | 4,420 | 941,460 | ||||||
MGM Resorts International | 2,432 | 50,026 | ||||||
Mohawk Industries, Inc.(c) | 356 | 36,736 | ||||||
Newell Brands, Inc. | 2,243 | 39,611 | ||||||
NIKE, Inc., Class B | 7,395 | 887,992 | ||||||
Norwegian Cruise Line Holdings | 1,638 | 27,240 | ||||||
NVR, Inc.(c) | 20 | 79,062 | ||||||
O’Reilly Automotive, Inc.(c) | 440 | 192,104 | ||||||
Pool Corp. | 238 | 83,260 | ||||||
PulteGroup, Inc. | 1,593 | 64,931 | ||||||
PVH Corp. | 421 | 24,540 | ||||||
Ralph Lauren Corp. | 286 | 19,119 | ||||||
Ross Stores, Inc. | 2,114 | 180,049 | ||||||
Royal Caribbean Cruises Ltd. | 1,058 | 59,692 | ||||||
Starbucks Corp. | 6,944 | 603,850 | ||||||
Tapestry, Inc. | 1,641 | 36,479 | ||||||
Target Corp. | 2,974 | 452,702 | ||||||
Tiffany & Co. | 642 | 83,999 | ||||||
TJX Cos., Inc. (The) | 7,123 | 361,848 | ||||||
Tractor Supply Co. | 690 | 91,915 | ||||||
Ulta Beauty, Inc.(c) | 334 | 69,061 | ||||||
Under Armour, Inc., Class A(c) | 1,120 | 15,501 | ||||||
Under Armour, Inc., Class C(c) | 1,155 | 14,126 | ||||||
VF Corp. | 1,898 | 127,546 | ||||||
Whirlpool Corp. | 370 | 68,435 | ||||||
Wynn Resorts Ltd. | 577 | 41,792 | ||||||
Yum! Brands, Inc. | 1,791 | 167,154 | ||||||
|
| |||||||
18,646,734 | ||||||||
|
| |||||||
Consumer Staples-7.03% | ||||||||
Altria Group, Inc. | 11,040 | 398,323 | ||||||
Archer-Daniels-Midland Co. | 3,301 | 152,638 | ||||||
Brown-Forman Corp., Class B | 1,085 | 75,635 | ||||||
Campbell Soup Co. | 1,202 | 56,097 | ||||||
Church & Dwight Co., Inc. | 1,469 | 129,845 | ||||||
Clorox Co. (The) | 749 | 155,230 | ||||||
Coca-Cola Co. (The) | 22,966 | 1,103,746 | ||||||
Colgate-Palmolive Co. | 5,094 | 401,866 | ||||||
Conagra Brands, Inc. | 2,902 | 101,831 | ||||||
Constellation Brands, Inc., Class A | 998 | 164,900 | ||||||
Costco Wholesale Corp. | 2,623 | 938,037 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 1,340 | 294,344 | ||||||
General Mills, Inc. | 3,629 | 214,547 | ||||||
Hershey Co. (The) | 876 | 120,415 | ||||||
Hormel Foods Corp. | 1,667 | 81,166 | ||||||
JM Smucker Co. (The) | 678 | 76,072 | ||||||
Kellogg Co. | 1,508 | 94,838 | ||||||
Kimberly-Clark Corp. | 2,026 | 268,627 | ||||||
Kraft Heinz Co. (The) | 3,850 | 117,772 | ||||||
Kroger Co. (The) | 4,622 | 148,875 | ||||||
Lamb Weston Holdings, Inc. | 863 | 54,757 | ||||||
McCormick & Co., Inc. | 736 | 132,855 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Molson Coors Beverage Co., Class B | 1,117 | $ | 39,386 | |||||
Mondelez International, Inc., Class A | 8,485 | 450,723 | ||||||
Monster Beverage Corp.(c) | 2,193 | 167,918 | ||||||
PepsiCo, Inc. | 8,225 | 1,096,310 | ||||||
Philip Morris International, Inc. | 9,251 | 657,006 | ||||||
Procter & Gamble Co. (The) | 14,790 | 2,027,709 | ||||||
Sysco Corp. | 3,021 | 167,092 | ||||||
Tyson Foods, Inc., Class A | 1,748 | 100,038 | ||||||
Walgreens Boots Alliance, Inc. | 4,273 | 145,453 | ||||||
Walmart, Inc. | 8,249 | 1,144,549 | ||||||
|
| |||||||
11,278,600 | ||||||||
|
| |||||||
Energy-2.02% | ||||||||
Apache Corp. | 2,243 | 18,617 | ||||||
Baker Hughes Co., Class A | 3,899 | 57,588 | ||||||
Cabot Oil & Gas Corp. | 2,368 | 42,127 | ||||||
Chevron Corp. | 11,436 | 794,802 | ||||||
Concho Resources, Inc. | 1,168 | 48,484 | ||||||
ConocoPhillips | 6,372 | 182,367 | ||||||
Devon Energy Corp. | 2,275 | 20,316 | ||||||
Diamondback Energy, Inc. | 937 | 24,325 | ||||||
EOG Resources, Inc. | 3,459 | 118,436 | ||||||
Exxon Mobil Corp. | 25,118 | 819,349 | ||||||
Halliburton Co. | 5,219 | 62,941 | ||||||
Hess Corp. | 1,624 | 60,445 | ||||||
HollyFrontier Corp. | 885 | 16,381 | ||||||
Kinder Morgan, Inc. | 11,564 | 137,612 | ||||||
Marathon Oil Corp. | 4,690 | 18,572 | ||||||
Marathon Petroleum Corp. | 3,865 | 114,017 | ||||||
National Oilwell Varco, Inc. | 2,307 | 19,379 | ||||||
Occidental Petroleum Corp. | 4,973 | 45,403 | ||||||
ONEOK, Inc. | 2,638 | 76,502 | ||||||
Phillips 66 | 2,595 | 121,083 | ||||||
Pioneer Natural Resources Co. | 976 | 77,651 | ||||||
Schlumberger Ltd. | 8,247 | 123,210 | ||||||
TechnipFMC PLC (United Kingdom) | 2,510 | 13,880 | ||||||
Valero Energy Corp. | 2,423 | 93,552 | ||||||
Williams Cos., Inc. (The) | 7,209 | 138,341 | ||||||
|
| |||||||
3,245,380 | ||||||||
|
| |||||||
Financials-9.92% | ||||||||
Aflac, Inc. | 3,939 | 133,729 | ||||||
Allstate Corp. (The) | 1,855 | 164,631 | ||||||
American Express Co. | 3,874 | 353,464 | ||||||
American International Group, Inc. | 5,117 | 161,134 | ||||||
Ameriprise Financial, Inc. | 715 | 114,993 | ||||||
Aon PLC, Class A | 1,376 | 253,198 | ||||||
Arthur J. Gallagher & Co. | 1,138 | 118,022 | ||||||
Assurant, Inc. | 355 | 44,151 | ||||||
Bank of America Corp. | 45,293 | 1,073,444 | ||||||
Bank of New York Mellon Corp. (The) | 4,841 | 166,337 | ||||||
Berkshire Hathaway, Inc., Class B(c) | 11,775 | 2,377,372 | ||||||
BlackRock, Inc. | 842 | 504,535 | ||||||
Capital One Financial Corp. | 2,713 | 198,266 | ||||||
Cboe Global Markets, Inc. | 646 | 52,513 | ||||||
Charles Schwab Corp. (The) | 8,799 | 361,727 | ||||||
Chubb Ltd. | 2,681 | 348,289 | ||||||
Cincinnati Financial Corp. | 888 | 62,817 | ||||||
Citigroup, Inc. | 12,367 | 512,241 | ||||||
Citizens Financial Group, Inc. | 2,535 | 69,079 | ||||||
CME Group, Inc., Class A | 2,130 | 321,034 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Comerica, Inc. | 826 | $ | 37,591 | |||||
Discover Financial Services | 1,821 | 118,383 | ||||||
Everest Re Group Ltd. | 237 | 46,708 | ||||||
Fifth Third Bancorp | 4,231 | 98,244 | ||||||
First Republic Bank | 1,022 | 128,915 | ||||||
Franklin Resources, Inc. | 1,589 | 29,794 | ||||||
Globe Life, Inc. | 582 | 47,194 | ||||||
Goldman Sachs Group, Inc. (The) | 2,045 | 386,587 | ||||||
Hartford Financial Services Group, Inc. (The) | 2,128 | 81,971 | ||||||
Huntington Bancshares, Inc. | 6,044 | 63,099 | ||||||
Intercontinental Exchange, Inc. | 3,335 | 314,824 | ||||||
Invesco Ltd., (Acquired 11/04/2013 -06/06/2018; Cost $76,935)(d)(e) | 2,323 | 30,455 | ||||||
JPMorgan Chase & Co. | 18,104 | 1,774,916 | ||||||
KeyCorp | 5,798 | 75,258 | ||||||
Lincoln National Corp. | 1,080 | 37,908 | ||||||
Loews Corp. | 1,416 | 49,107 | ||||||
M&T Bank Corp. | 762 | 78,928 | ||||||
MarketAxess Holdings, Inc. | 226 | 121,780 | ||||||
Marsh & McLennan Cos., Inc. | 3,010 | 311,415 | ||||||
MetLife, Inc. | 4,583 | 173,467 | ||||||
Moody’s Corp. | 959 | 252,121 | ||||||
Morgan Stanley | 8,483 | 408,456 | ||||||
MSCI, Inc. | 497 | 173,870 | ||||||
Nasdaq, Inc. | 683 | 82,636 | ||||||
Northern Trust Corp. | 1,236 | 96,742 | ||||||
People’s United Financial, Inc. | 2,523 | 26,920 | ||||||
PNC Financial Services Group, Inc. (The) | 2,522 | 282,161 | ||||||
Principal Financial Group, Inc. | 1,517 | 59,497 | ||||||
Progressive Corp. (The) | 3,478 | 319,628 | ||||||
Prudential Financial, Inc. | 2,346 | 150,191 | ||||||
Raymond James Financial, Inc. | 725 | 55,419 | ||||||
Regions Financial Corp. | 5,704 | 75,863 | ||||||
S&P Global, Inc. | 1,432 | 462,149 | ||||||
State Street Corp. | 2,094 | 123,337 | ||||||
SVB Financial Group(c) | 308 | 89,536 | ||||||
Synchrony Financial | 3,225 | 80,689 | ||||||
T. Rowe Price Group, Inc. | 1,348 | 170,738 | ||||||
Travelers Cos., Inc. (The) | 1,504 | 181,548 | ||||||
Truist Financial Corp. | 8,005 | 337,171 | ||||||
U.S. Bancorp | 8,143 | 317,170 | ||||||
Unum Group. | 1,209 | 21,351 | ||||||
W.R. Berkley Corp. | 835 | 50,200 | ||||||
Wells Fargo & Co. | 24,476 | 525,010 | ||||||
Willis Towers Watson PLC | 766 | 139,780 | ||||||
Zions Bancorporation N.A | 974 | 31,431 | ||||||
|
| |||||||
15,911,134 | ||||||||
|
| |||||||
Health Care-14.12% | ||||||||
Abbott Laboratories | 10,518 | 1,105,547 | ||||||
AbbVie, Inc. | 10,484 | 892,188 | ||||||
ABIOMED, Inc.(c) | 268 | 67,504 | ||||||
Agilent Technologies, Inc. | 1,832 | 187,029 | ||||||
Alexion Pharmaceuticals, Inc.(c) | 1,302 | 149,912 | ||||||
Align Technology, Inc.(c) | 426 | 181,510 | ||||||
AmerisourceBergen Corp. | 873 | 83,869 | ||||||
Amgen, Inc. | 3,480 | 754,951 | ||||||
Anthem, Inc. | 1,495 | 407,836 | ||||||
Baxter International, Inc. | 3,007 | 233,253 | ||||||
Becton, Dickinson and Co. | 1,723 | 398,237 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Biogen, Inc.(c) | 940 | $ | 236,946 | |||||
Bio-Rad Laboratories, Inc., Class A(c) | 127 | 74,475 | ||||||
Boston Scientific Corp.(c) | 8,499 | 291,261 | ||||||
Bristol-Myers Squibb Co. | 13,390 | 782,646 | ||||||
Cardinal Health, Inc. | 1,737 | 79,537 | ||||||
Catalent, Inc.(c) | 975 | 85,576 | ||||||
Centene Corp.(c) | 3,442 | 203,422 | ||||||
Cerner Corp. | 1,815 | 127,213 | ||||||
Cigna Corp. | 2,182 | 364,329 | ||||||
Cooper Cos., Inc. (The) | 293 | 93,482 | ||||||
CVS Health Corp. | 7,774 | 436,044 | ||||||
Danaher Corp. | 3,751 | 861,005 | ||||||
DaVita, Inc.(c) | 447 | 38,554 | ||||||
DENTSPLY SIRONA, Inc. | 1,298 | 61,253 | ||||||
DexCom, Inc.(c) | 568 | 181,521 | ||||||
Edwards Lifesciences Corp.(c) | 3,693 | 264,751 | ||||||
Eli Lilly and Co. | 4,716 | 615,249 | ||||||
Gilead Sciences, Inc. | 7,448 | 433,101 | ||||||
HCA Healthcare, Inc. | 1,566 | 194,090 | ||||||
Henry Schein, Inc.(c) | 848 | 53,916 | ||||||
Hologic, Inc.(c) | 1,539 | 105,914 | ||||||
Humana, Inc. | 786 | 313,834 | ||||||
IDEXX Laboratories, Inc.(c) | 505 | 214,534 | ||||||
Illumina, Inc.(c) | 867 | 253,771 | ||||||
Incyte Corp.(c) | 1,104 | 95,651 | ||||||
Intuitive Surgical, Inc.(c) | 695 | 463,621 | ||||||
IQVIA Holdings, Inc.(c) | 1,137 | 175,087 | ||||||
Johnson & Johnson | 15,641 | 2,144,538 | ||||||
Laboratory Corp. of America Holdings(c) | 579 | 115,667 | ||||||
McKesson Corp. | 964 | 142,180 | ||||||
Medtronic PLC | 7,986 | 803,152 | ||||||
Merck & Co., Inc. | 15,025 | 1,130,030 | ||||||
Mettler-Toledo International, Inc.(c) | 142 | 141,703 | ||||||
Mylan N.V.(c) | 3,071 | 44,652 | ||||||
PerkinElmer, Inc. | 664 | 86,021 | ||||||
Perrigo Co. PLC | 811 | 35,579 | ||||||
Pfizer, Inc. | 33,011 | 1,171,230 | ||||||
Quest Diagnostics, Inc. | 797 | 97,346 | ||||||
Regeneron Pharmaceuticals, Inc.(c) | 622 | 338,094 | ||||||
ResMed, Inc. | 861 | 165,260 | ||||||
STERIS PLC | 505 | 89,481 | ||||||
Stryker Corp. | 1,941 | 392,101 | ||||||
Teleflex, Inc. | 276 | 87,831 | ||||||
Thermo Fisher Scientific, Inc. | 2,350 | 1,111,832 | ||||||
UnitedHealth Group, Inc. | 5,646 | 1,722,820 | ||||||
Universal Health Services, Inc., Class B | 462 | 50,612 | ||||||
Varian Medical Systems, Inc.(c) | 542 | 93,658 | ||||||
Vertex Pharmaceuticals, Inc.(c) | 1,548 | 322,541 | ||||||
Waters Corp.(c) | 368 | 81,998 | ||||||
West Pharmaceutical Services, Inc. | 439 | 119,439 | ||||||
Zimmer Biomet Holdings, Inc. | 1,230 | 162,483 | ||||||
Zoetis, Inc. | 2,822 | 447,428 | ||||||
|
| |||||||
22,660,295 | ||||||||
|
| |||||||
Industrials-8.41% | ||||||||
3M Co. | 3,422 | 547,383 | ||||||
A.O. Smith Corp. | 805 | 41,610 | ||||||
Alaska Air Group, Inc. | 735 | 27,849 | ||||||
Allegion PLC | 548 | 53,978 | ||||||
American Airlines Group, Inc. | 3,021 | 34,077 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
AMETEK, Inc. | 1,364 | $ | 133,945 | |||||
Boeing Co. (The) | 3,152 | 455,117 | ||||||
C.H. Robinson Worldwide, Inc. | 800 | 70,744 | ||||||
Carrier Global Corp. | 4,836 | 161,474 | ||||||
Caterpillar, Inc. | 3,217 | 505,230 | ||||||
Cintas Corp. | 516 | 162,308 | ||||||
Copart, Inc.(c) | 1,228 | 135,522 | ||||||
CSX Corp. | 4,545 | 358,782 | ||||||
Cummins, Inc. | 877 | 192,844 | ||||||
Deere & Co. | 1,862 | 420,644 | ||||||
Delta Air Lines, Inc. | 3,790 | 116,126 | ||||||
Dover Corp. | 856 | 94,768 | ||||||
Eaton Corp. PLC | 2,377 | 246,709 | ||||||
Emerson Electric Co. | 3,550 | 230,004 | ||||||
Equifax, Inc. | 722 | 98,625 | ||||||
Expeditors International of Washington, Inc. | 996 | 88,017 | ||||||
Fastenal Co. | 3,407 | 147,285 | ||||||
FedEx Corp. | 1,432 | 371,561 | ||||||
Flowserve Corp. | 773 | 22,510 | ||||||
Fortive Corp. | 2,003 | 123,385 | ||||||
Fortune Brands Home & Security, Inc. | 821 | 66,394 | ||||||
General Dynamics Corp. | 1,381 | 181,367 | ||||||
General Electric Co. | 52,000 | 385,840 | ||||||
Honeywell International, Inc. | 4,169 | 687,677 | ||||||
Howmet Aerospace, Inc. | 2,332 | 40,227 | ||||||
Huntington Ingalls Industries, Inc. | 240 | 35,395 | ||||||
IDEX Corp. | 449 | 76,505 | ||||||
IHS Markit Ltd. | 2,216 | 179,208 | ||||||
Illinois Tool Works, Inc. | 1,709 | �� | 334,759 | |||||
Ingersoll Rand, Inc.(c) | 2,206 | 77,067 | ||||||
J.B. Hunt Transport Services, Inc. | 495 | 60,261 | ||||||
Jacobs Engineering Group, Inc. | 774 | 73,530 | ||||||
Johnson Controls International PLC | 4,420 | 186,568 | ||||||
Kansas City Southern | 560 | 98,638 | ||||||
L3Harris Technologies, Inc. | 1,284 | 206,865 | ||||||
Lockheed Martin Corp. | 1,462 | 511,890 | ||||||
Masco Corp. | 1,554 | 83,294 | ||||||
Nielsen Holdings PLC | 2,119 | 28,628 | ||||||
Norfolk Southern Corp. | 1,516 | 317,026 | ||||||
Northrop Grumman Corp. | 921 | 266,924 | ||||||
Old Dominion Freight Line, Inc. | 571 | 108,701 | ||||||
Otis Worldwide Corp. | 2,419 | 148,236 | ||||||
PACCAR, Inc. | 2,057 | 175,627 | ||||||
Parker-Hannifin Corp. | 764 | 159,187 | ||||||
Pentair PLC | 985 | 49,014 | ||||||
Quanta Services, Inc. | 820 | 51,193 | ||||||
Raytheon Technologies Corp. | 9,076 | 493,008 | ||||||
Republic Services, Inc. | 1,249 | 110,124 | ||||||
Robert Half International, Inc. | 681 | 34,520 | ||||||
Rockwell Automation, Inc. | 689 | 163,376 | ||||||
Rollins, Inc. | 876 | 50,677 | ||||||
Roper Technologies, Inc. | 623 | 231,345 | ||||||
Snap-on, Inc. | 324 | 51,040 | ||||||
Southwest Airlines Co. | 3,504 | 138,513 | ||||||
Stanley Black & Decker, Inc. | 949 | 157,724 | ||||||
Teledyne Technologies, Inc.(c) | 219 | 67,704 | ||||||
Textron, Inc. | 1,354 | 48,473 | ||||||
Trane Technologies PLC | 1,422 | 188,770 | ||||||
TransDigm Group, Inc. | 322 | 153,726 | ||||||
Union Pacific Corp. | 4,033 | 714,607 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco S&P 500 BuyWrite ETF (PBP)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
United Airlines Holdings, Inc.(c) | 1,729 | $ | 58,544 | |||||
United Parcel Service, Inc., Class B | 4,200 | 659,862 | ||||||
United Rentals, Inc.(c) | 428 | 76,308 | ||||||
Verisk Analytics, Inc. | 965 | 171,741 | ||||||
W.W. Grainger, Inc. | 268 | 93,805 | ||||||
Wabtec Corp. | 1,063 | 63,036 | ||||||
Waste Management, Inc. | 2,309 | 249,164 | ||||||
Xylem, Inc. | 1,069 | 93,153 | ||||||
|
| |||||||
13,499,738 | ||||||||
|
| |||||||
Information Technology-27.56% | ||||||||
Accenture PLC, Class A | 3,779 | 819,703 | ||||||
Adobe, Inc.(c) | 2,849 | 1,273,788 | ||||||
Advanced Micro Devices, Inc.(c) | 6,975 | 525,148 | ||||||
Akamai Technologies, Inc.(c) | 967 | 91,981 | ||||||
Amphenol Corp., Class A | 1,773 | 200,065 | ||||||
Analog Devices, Inc. | 2,196 | 260,292 | ||||||
ANSYS, Inc.(c) | 510 | 155,229 | ||||||
Apple, Inc. | 95,503 | 10,396,457 | ||||||
Applied Materials, Inc. | 5,425 | 321,323 | ||||||
Arista Networks, Inc.(c) | 325 | 67,892 | ||||||
Autodesk, Inc.(c) | 1,302 | 306,673 | ||||||
Automatic Data Processing, Inc. | 2,555 | 403,588 | ||||||
Broadcom, Inc. | 2,389 | 835,266 | ||||||
Broadridge Financial Solutions, Inc. | 684 | 94,118 | ||||||
Cadence Design Systems, Inc.(c) | 1,656 | 181,117 | ||||||
CDW Corp. | 847 | 103,842 | ||||||
Cisco Systems, Inc. | 25,150 | 902,885 | ||||||
Citrix Systems, Inc. | 734 | 83,140 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,221 | 230,044 | ||||||
Corning, Inc. | 4,520 | 144,504 | ||||||
DXC Technology Co. | 1,510 | 27,814 | ||||||
F5 Networks, Inc.(c) | 363 | 48,257 | ||||||
Fidelity National Information Services, Inc. | 3,681 | 458,616 | ||||||
Fiserv, Inc.(c) | 3,302 | 315,242 | ||||||
FleetCor Technologies, Inc.(c) | 499 | 110,234 | ||||||
FLIR Systems, Inc. | 779 | 27,023 | ||||||
Fortinet, Inc.(c) | 798 | 88,075 | ||||||
Gartner, Inc.(c) | 531 | 63,773 | ||||||
Global Payments, Inc. | 1,778 | 280,462 | ||||||
Hewlett Packard Enterprise Co. | 7,642 | 66,027 | ||||||
HP, Inc. | 8,160 | 146,554 | ||||||
Intel Corp. | 25,265 | 1,118,734 | ||||||
International Business Machines Corp. | 5,290 | 590,681 | ||||||
Intuit, Inc. | 1,555 | 489,327 | ||||||
IPG Photonics Corp.(c) | 212 | 39,424 | ||||||
Jack Henry & Associates, Inc. | 455 | 67,454 | ||||||
Juniper Networks, Inc. | 1,971 | 38,868 | ||||||
Keysight Technologies, Inc.(c) | 1,112 | 116,615 | ||||||
KLA Corp. | 923 | 181,997 | ||||||
Lam Research Corp. | 865 | 295,899 | ||||||
Leidos Holdings, Inc. | 794 | 65,902 | ||||||
Mastercard, Inc., Class A | 5,247 | 1,514,494 | ||||||
Maxim Integrated Products, Inc. | 1,586 | 110,465 | ||||||
Microchip Technology, Inc. | 1,500 | 157,620 | ||||||
Micron Technology, Inc.(c) | 6,600 | 332,244 | ||||||
Microsoft Corp. | 44,957 | 9,102,444 | ||||||
Motorola Solutions, Inc. | 1,009 | 159,483 | ||||||
NetApp, Inc. | 1,319 | 57,891 | ||||||
NortonLifeLock, Inc. | 3,510 | 72,201 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
NVIDIA Corp. | 3,666 | $ | 1,837,986 | |||||
Oracle Corp. | 11,485 | 644,423 | ||||||
Paychex, Inc. | 1,903 | 156,522 | ||||||
Paycom Software, Inc.(c) | 291 | 105,950 | ||||||
PayPal Holdings, Inc.(c) | 6,970 | 1,297,326 | ||||||
Qorvo, Inc.(c) | 679 | 86,477 | ||||||
QUALCOMM, Inc. | 6,703 | 826,882 | ||||||
salesforce.com, inc.(c) | 5,406 | 1,255,652 | ||||||
Seagate Technology PLC | 1,326 | 63,409 | ||||||
ServiceNow, Inc.(c) | 1,140 | 567,230 | ||||||
Skyworks Solutions, Inc. | 993 | 140,301 | ||||||
Synopsys, Inc.(c) | 902 | 192,902 | ||||||
TE Connectivity Ltd. | 1,961 | 189,982 | ||||||
Teradyne, Inc. | 986 | 86,620 | ||||||
Texas Instruments, Inc. | 5,442 | 786,859 | ||||||
Tyler Technologies, Inc.(c) | 239 | 91,867 | ||||||
VeriSign, Inc.(c) | 600 | 114,420 | ||||||
Visa, Inc., Class A | 10,016 | 1,820,007 | ||||||
Vontier Corp.(c) | 802 | 23,061 | ||||||
Western Digital Corp. | 1,797 | 67,801 | ||||||
Western Union Co. (The) | 2,441 | 47,453 | ||||||
Xerox Holdings Corp. | 1,063 | 18,475 | ||||||
Xilinx, Inc. | 1,452 | 172,338 | ||||||
Zebra Technologies Corp., Class A(c) | 317 | 89,914 | ||||||
|
| |||||||
44,224,732 | ||||||||
|
| |||||||
Materials-2.68% | ||||||||
Air Products and Chemicals, Inc. | 1,313 | 362,703 | ||||||
Albemarle Corp. | 632 | 58,909 | ||||||
Amcor PLC | 9,318 | 97,187 | ||||||
Avery Dennison Corp. | 496 | 68,641 | ||||||
Ball Corp. | 1,940 | 172,660 | ||||||
Celanese Corp. | 702 | 79,684 | ||||||
CF Industries Holdings, Inc. | 1,271 | 35,092 | ||||||
Corteva, Inc. | 4,447 | 146,662 | ||||||
Dow, Inc. | 4,403 | 200,293 | ||||||
DuPont de Nemours, Inc. | 4,359 | 247,940 | ||||||
Eastman Chemical Co. | 805 | 65,076 | ||||||
Ecolab, Inc. | 1,475 | 270,795 | ||||||
FMC Corp. | 770 | 79,110 | ||||||
Freeport-McMoRan, Inc. | 8,627 | 149,592 | ||||||
International Flavors & Fragrances, Inc. | 635 | 65,189 | ||||||
International Paper Co. | 2,335 | 102,156 | ||||||
Linde PLC (United Kingdom) | 3,121 | 687,681 | ||||||
LyondellBasell Industries N.V., Class A | 1,527 | 104,523 | ||||||
Martin Marietta Materials, Inc. | 370 | 98,550 | ||||||
Mosaic Co. (The) | 2,050 | 37,925 | ||||||
Newmont Corp. | 4,771 | 299,810 | ||||||
Nucor Corp. | 1,793 | 85,634 | ||||||
Packaging Corp. of America | 563 | 64,458 | ||||||
PPG Industries, Inc. | 1,402 | 181,867 | ||||||
Sealed Air Corp. | 925 | 36,621 | ||||||
Sherwin-Williams Co. (The) | 487 | 335,046 | ||||||
Vulcan Materials Co. | 787 | 113,989 | ||||||
Westrock Co. | 1,543 | 57,940 | ||||||
|
| |||||||
4,305,733 | ||||||||
|
| |||||||
Real Estate-2.63% | ||||||||
Alexandria Real Estate Equities, Inc. | 697 | 105,609 | ||||||
American Tower Corp. | 2,635 | 605,128 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Apartment Investment & Management Co., | ||||||||
Class A | 884 | $ | 28,200 | |||||
AvalonBay Communities, Inc. | 836 | 116,313 | ||||||
Boston Properties, Inc. | 841 | 60,897 | ||||||
CBRE Group, Inc., Class A(c) | 1,991 | 100,346 | ||||||
Crown Castle International Corp. | 2,493 | 389,407 | ||||||
Digital Realty Trust, Inc. | 1,598 | 230,591 | ||||||
Duke Realty Corp. | 2,201 | 83,616 | ||||||
Equinix, Inc. | 526 | 384,632 | ||||||
Equity Residential | 2,034 | 95,557 | ||||||
Essex Property Trust, Inc. | 387 | 79,176 | ||||||
Extra Space Storage, Inc. | 767 | 88,934 | ||||||
Federal Realty Investment Trust | 409 | 28,131 | ||||||
Healthpeak Properties, Inc. | 3,198 | 86,250 | ||||||
Host Hotels & Resorts, Inc. | 4,189 | 43,901 | ||||||
Iron Mountain, Inc. | 1,712 | 44,615 | ||||||
Kimco Realty Corp. | 2,569 | 26,358 | ||||||
Mid-America Apartment Communities, Inc. | 680 | 79,308 | ||||||
Prologis, Inc. | 4,389 | 435,389 | ||||||
Public Storage | 904 | 207,079 | ||||||
Realty Income Corp. | 2,050 | 118,613 | ||||||
Regency Centers Corp. | 937 | 33,348 | ||||||
SBA Communications Corp., Class A | 665 | 193,096 | ||||||
Simon Property Group, Inc. | 1,818 | 114,188 | ||||||
SL Green Realty Corp. | 436 | 18,665 | ||||||
UDR, Inc. | 1,753 | 54,764 | ||||||
Ventas, Inc. | 2,216 | 87,465 | ||||||
Vornado Realty Trust | 931 | 28,610 | ||||||
Welltower, Inc. | 2,479 | 133,296 | ||||||
Weyerhaeuser Co. | 4,434 | 121,004 | ||||||
|
| |||||||
4,222,486 | ||||||||
|
| |||||||
Utilities-3.22% | ||||||||
AES Corp. (The) | 3,951 | 77,044 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Alliant Energy Corp. | 1,483 | $ | 81,980 | |||||
Ameren Corp. | 1,468 | 119,084 | ||||||
American Electric Power Co., Inc. | 2,947 | 265,024 | ||||||
American Water Works Co., Inc. | 1,076 | 161,949 | ||||||
Atmos Energy Corp. | 733 | 67,194 | ||||||
CenterPoint Energy, Inc. | 3,236 | 68,377 | ||||||
CMS Energy Corp. | 1,701 | 107,724 | ||||||
Consolidated Edison, Inc. | 1,987 | 155,960 | ||||||
Dominion Energy, Inc. | 4,991 | 400,977 | ||||||
DTE Energy Co. | 1,145 | 141,316 | ||||||
Duke Energy Corp. | 4,369 | 402,429 | ||||||
Edison International | 2,247 | 125,922 | ||||||
Entergy Corp. | 1,189 | 120,351 | ||||||
Evergy, Inc. | 1,347 | 74,354 | ||||||
Eversource Energy | 2,035 | 177,594 | ||||||
Exelon Corp. | 5,789 | 230,923 | ||||||
FirstEnergy Corp. | 3,220 | 95,698 | ||||||
NextEra Energy, Inc. | 11,632 | 851,579 | ||||||
NiSource, Inc. | 2,276 | 52,280 | ||||||
NRG Energy, Inc. | 1,451 | 45,881 | ||||||
Pinnacle West Capital Corp. | 669 | 54,570 | ||||||
PPL Corp. | 4,567 | 125,592 | ||||||
Public Service Enterprise Group, Inc. | 3,004 | 174,683 | ||||||
Sempra Energy | 1,718 | 215,368 | ||||||
Southern Co. (The) | 6,274 | 360,441 | ||||||
WEC Energy Group, Inc. | 1,874 | 188,431 | ||||||
Xcel Energy, Inc. | 3,121 | 218,564 | ||||||
|
| |||||||
5,161,289 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.41% |
| 161,127,852 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.41)% |
| (652,115 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 160,475,737 | ||||||
|
|
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. |
(c) | Non-income producing security. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 26,601 | $ | 493 | $ | (8,161 | ) | $ | 22,400 | $ | (10,878 | ) | $ | 30,455 | $ | 865 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 395,913 | (395,913 | ) | - | - | - | 1 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 1,262,983 | (1,262,983 | ) | - | - | - | 14 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 26,601 | $ | 1,659,389 | $ | (1,667,057 | ) | $ | 22,400 | $ | (10,878 | ) | $ | 30,455 | $ | 880 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
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, 2020
(Unaudited)
Open Exchange-Traded Index Options Written | ||||||||||||||||||||||||||||||||||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Premiums Received | Notional Value* | Value | Unrealized Appreciation | ||||||||||||||||||||||||||||||||
Equity Risk | ||||||||||||||||||||||||||||||||||||||||
S&P 500 Index | Call | 11/20/2020 | 489 | $3,510 | $(4,393,944) | $171,639,000 | $(552,570) | $3,841,374 |
* | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Information Technology | 27.56 | |||||
Health Care | 14.12 | |||||
Consumer Discretionary | 11.62 | |||||
Communication Services | 11.20 | |||||
Financials | 9.92 | |||||
Industrials | 8.41 | |||||
Consumer Staples | 7.03 | |||||
Utilities | 3.22 | |||||
Sector Types Each Less Than 3% | 7.33 | |||||
Other Assets Less Liabilities | (0.41 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco S&P 500® Quality ETF (SPHQ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.98% |
| |||||||
Communication Services-0.91% | ||||||||
Activision Blizzard, Inc. | 261,820 | $ | 19,827,629 | |||||
|
| |||||||
Consumer Discretionary-5.49% | ||||||||
Booking Holdings, Inc.(b) | 19,272 | 31,268,820 | ||||||
BorgWarner, Inc. | 61,377 | 2,146,968 | ||||||
eBay, Inc. | 292,771 | 13,944,683 | ||||||
Mohawk Industries, Inc.(b) | 17,189 | 1,773,733 | ||||||
NIKE,Inc.,Class B | 523,252 | 62,832,100 | ||||||
NVR, Inc.(b) | 1,149 | 4,542,100 | ||||||
PulteGroup, Inc. | 76,883 | 3,133,751 | ||||||
|
| |||||||
119,642,155 | ||||||||
|
| |||||||
Consumer Staples-9.81% | ||||||||
Brown-Forman Corp., Class B | 59,836 | 4,171,168 | ||||||
Campbell Soup Co. | 61,915 | 2,889,573 | ||||||
Costco Wholesale Corp. | 144,811 | 51,787,310 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 77,929 | 17,117,884 | ||||||
Hormel Foods Corp. | 107,828 | 5,250,145 | ||||||
Kraft Heinz Co. (The) | 189,286 | 5,790,259 | ||||||
Monster Beverage Corp.(b) | 135,151 | 10,348,512 | ||||||
Procter & Gamble Co. (The) | 849,630 | 116,484,273 | ||||||
|
| |||||||
213,839,124 | ||||||||
|
| |||||||
Energy-2.40% | ||||||||
Cabot Oil & Gas Corp. | 143,614 | 2,554,893 | ||||||
Chevron Corp. | 632,574 | 43,963,893 | ||||||
EOG Resources, Inc. | 172,822 | 5,917,425 | ||||||
|
| |||||||
52,436,211 | ||||||||
|
| |||||||
Financials-3.68% | ||||||||
Ameriprise Financial, Inc. | 45,825 | 7,370,035 | ||||||
Cboe Global Markets, Inc. | 42,043 | 3,417,675 | ||||||
CME Group, Inc., Class A | 121,573 | 18,323,483 | ||||||
Intercontinental Exchange, Inc. | 182,432 | 17,221,581 | ||||||
M&T Bank Corp. | 48,161 | 4,988,516 | ||||||
Raymond James Financial, Inc. | 39,619 | 3,028,476 | ||||||
Regions Financial Corp. | 286,000 | 3,803,800 | ||||||
SVB Financial Group(b) | 23,125 | 6,722,438 | ||||||
Synchrony Financial | 179,486 | 4,490,740 | ||||||
T. Rowe Price Group, Inc. | 72,679 | 9,205,522 | ||||||
Zions Bancorporation N.A | 53,101 | 1,713,569 | ||||||
|
| |||||||
80,285,835 | ||||||||
|
| |||||||
Health Care-23.00% | ||||||||
Abbott Laboratories | 599,132 | 62,974,764 | ||||||
ABIOMED, Inc.(b) | 13,971 | 3,519,015 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 80,870 | 9,311,372 | ||||||
Align Technology, Inc.(b) | 23,171 | 9,872,700 | ||||||
AmerisourceBergen Corp. | 62,851 | 6,038,096 | ||||||
Amgen, Inc. | 207,957 | 45,114,192 | ||||||
Biogen, Inc.(b) | 76,813 | 19,362,253 | ||||||
Cerner Corp. | 108,250 | 7,587,242 | ||||||
Cooper Cos., Inc. (The) | 17,236 | 5,499,146 | ||||||
Danaher Corp. | 213,783 | 49,071,750 | ||||||
DENTSPLY SIRONA, Inc. | 74,956 | 3,537,174 | ||||||
Edwards Lifesciences Corp.(b) | 205,827 | 14,755,738 | ||||||
Henry Schein, Inc.(b) | 62,558 | 3,977,438 | ||||||
Humana, Inc. | 46,837 | 18,701,077 | ||||||
Illumina, Inc.(b) | 56,283 | 16,474,034 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Johnson & Johnson | 721,150 | $ | 98,876,876 | |||||
McKesson Corp. | 56,511 | 8,334,807 | ||||||
Medtronic PLC | 461,082 | 46,371,017 | ||||||
Merck & Co., Inc. | 890,854 | 67,001,129 | ||||||
STERIS PLC | 29,766 | 5,274,237 | ||||||
|
| |||||||
501,654,057 | ||||||||
|
| |||||||
Industrials-9.39% | ||||||||
A.O. Smith Corp. | 50,613 | 2,616,186 | ||||||
Copart, Inc.(b) | 67,974 | 7,501,611 | ||||||
Cummins, Inc. | 49,896 | 10,971,631 | ||||||
Eaton Corp. PLC | 121,286 | 12,588,274 | ||||||
Emerson Electric Co. | 189,704 | 12,290,922 | ||||||
Fastenal Co. | 184,652 | 7,982,506 | ||||||
Honeywell International, Inc. | 228,934 | 37,762,663 | ||||||
IDEX Corp. | 24,529 | 4,179,496 | ||||||
IHS Markit Ltd. | 125,396 | 10,140,775 | ||||||
Illinois Tool Works, Inc. | 101,401 | 19,862,428 | ||||||
Ingersoll Rand, Inc.(b) | 99,209 | 3,466,363 | ||||||
Jacobs Engineering Group, Inc. | 49,789 | 4,729,955 | ||||||
Johnson Controls International PLC | 320,538 | 13,529,909 | ||||||
Lockheed Martin Corp. | 84,610 | 29,624,499 | ||||||
Old Dominion Freight Line, Inc. | 34,209 | 6,512,367 | ||||||
Rockwell Automation, Inc. | 52,249 | 12,389,283 | ||||||
Snap-on, Inc. | 16,247 | 2,559,390 | ||||||
Southwest Airlines Co. | 155,410 | 6,143,357 | ||||||
|
| |||||||
204,851,615 | ||||||||
|
| |||||||
Information Technology-40.13% | ||||||||
Adobe, Inc.(b) | 152,443 | 68,157,265 | ||||||
Analog Devices, Inc. | 101,063 | 11,978,997 | ||||||
Apple, Inc. | 1,207,914 | 131,493,518 | ||||||
Automatic Data Processing, Inc. | 119,323 | 18,848,261 | ||||||
Cisco Systems, Inc. | 1,737,007 | 62,358,551 | ||||||
Cognizant Technology Solutions Corp., Class A | 173,651 | 12,402,154 | ||||||
Intel Corp. | 1,346,669 | 59,630,503 | ||||||
Intuit, Inc. | 77,151 | 24,277,877 | ||||||
IPG Photonics Corp.(b) | 10,132 | 1,884,147 | ||||||
Jack Henry & Associates, Inc. | 24,867 | 3,686,533 | ||||||
Keysight Technologies, Inc.(b) | 63,017 | 6,608,593 | ||||||
Maxim Integrated Products, Inc. | 122,011 | 8,498,066 | ||||||
Microsoft Corp. | 541,354 | 109,607,944 | ||||||
NetApp, Inc. | 72,740 | 3,192,559 | ||||||
NortonLifeLock, Inc. | 185,261 | 3,810,819 | ||||||
NVIDIA Corp. | 250,247 | 125,463,836 | ||||||
Oracle Corp. | 745,842 | 41,849,195 | ||||||
Seagate Technology PLC | 83,613 | 3,998,374 | ||||||
Skyworks Solutions, Inc. | 52,660 | 7,440,331 | ||||||
Synopsys, Inc.(b) | 42,108 | 9,005,217 | ||||||
TE Connectivity Ltd. | 96,962 | 9,393,679 | ||||||
Texas Instruments, Inc. | 288,403 | 41,700,190 | ||||||
Visa, Inc., Class A | 531,594 | 96,595,946 | ||||||
Xerox Holdings Corp. | 59,796 | 1,039,254 | ||||||
Xilinx, Inc. | 103,610 | 12,297,471 | ||||||
|
| |||||||
875,219,280 | ||||||||
|
| |||||||
Materials-4.55% | ||||||||
Air Products and Chemicals, Inc. | 75,013 | 20,721,591 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco S&P 500® Quality ETF (SPHQ)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Materials-(continued) | ||||||||
Corteva, Inc. | 320,714 | $ | 10,577,148 | |||||
Dow, Inc. | 235,537 | 10,714,578 | ||||||
DuPont de Nemours, Inc. | 308,827 | 17,566,080 | ||||||
Linde PLC (United Kingdom) | 179,719 | 39,599,284 | ||||||
|
| |||||||
99,178,681 | ||||||||
|
| |||||||
Real Estate-0.62% | ||||||||
Public Storage | 51,948 | 11,899,728 | ||||||
Vornado Realty Trust | 49,175 | 1,511,148 | ||||||
|
| |||||||
13,410,876 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.98% |
| 2,180,345,463 | ||||||
OTHER ASSETS LESS LIABILITIES-0.02% |
| 482,747 | ||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 2,180,828,210 | |||||
|
|
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. |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 9,734,642 | $ | (9,734,642 | ) | $ | - | $ | - | $ | - | $ | 34 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 1,594,867 | 24,558,145 | (26,153,012 | ) | - | - | - | 376 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,594,867 | $ | 34,292,787 | $ | (35,887,654 | ) | $ | - | $ | - | $ | - | $ | 410 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Information Technology | 40.13 | |||||
Health Care | 23.00 | |||||
Consumer Staples | 9.81 | |||||
Industrials | 9.39 | |||||
Consumer Discretionary | 5.49 | |||||
Materials | 4.55 | |||||
Financials | 3.68 | |||||
Sector Types Each Less Than 3% | 3.93 | |||||
Other Assets Less Liabilities | 0.02 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco S&P Spin-Off ETF (CSD)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-98.06% |
| |||||||
Communication Services-1.76% | ||||||||
Cars.com, Inc.(b) | 42,382 | $ | 313,203 | |||||
Madison Square Garden Entertainment Corp.(b) | 11,064 | 719,160 | ||||||
|
| |||||||
1,032,363 | ||||||||
|
| |||||||
Consumer Discretionary-19.87% | ||||||||
Adient PLC(b) | 59,211 | 1,256,457 | ||||||
frontdoor, Inc.(b) | 53,950 | 2,137,499 | ||||||
Hilton Grand Vacations, Inc.(b) | 53,657 | 1,105,334 | ||||||
Kontoor Brands, Inc. | 29,533 | 971,636 | ||||||
Penn National Gaming, Inc.(b) | 48,376 | 2,611,337 | ||||||
Veoneer, Inc. (Sweden)(b)(c) | 59,120 | 908,674 | ||||||
Wyndham Hotels & Resorts, Inc. | 56,682 | 2,636,280 | ||||||
|
| |||||||
11,627,217 | ||||||||
|
| |||||||
Consumer Staples-6.93% | ||||||||
Lamb Weston Holdings, Inc. | 63,869 | 4,052,488 | ||||||
|
| |||||||
Energy-4.93% | ||||||||
ChampionX Corp.(b) | 117,194 | 1,023,104 | ||||||
Equitrans Midstream Corp. | 256,384 | 1,861,348 | ||||||
|
| |||||||
2,884,452 | ||||||||
|
| |||||||
Financials-3.32% | ||||||||
Brighthouse Financial, Inc.(b) | 58,667 | 1,941,878 | ||||||
|
| |||||||
Health Care-3.18% | ||||||||
Covetrus, Inc.(b) | 61,906 | 1,528,459 | ||||||
Varex Imaging Corp.(b) | 24,632 | 330,069 | ||||||
|
| |||||||
1,858,528 | ||||||||
|
| |||||||
Industrials-30.71% | ||||||||
Arcosa, Inc. | 30,487 | 1,407,585 | ||||||
Carrier Global Corp. | 143,573 | 4,793,902 | ||||||
IAA, Inc.(b) | 83,068 | 4,700,818 | ||||||
nVent Electric PLC | 107,171 | 1,934,436 | ||||||
Otis Worldwide Corp. | 70,902 | 4,344,875 | ||||||
Resideo Technologies, Inc.(b) | 77,846 | 784,688 | ||||||
|
| |||||||
17,966,304 | ||||||||
|
| |||||||
Information Technology-3.28% | ||||||||
Conduent, Inc.(b) | 106,884 | 372,491 | ||||||
Perspecta, Inc. | 86,178 | 1,545,171 | ||||||
|
| |||||||
1,917,662 | ||||||||
|
|
Shares | Value | |||||||
Materials-18.53% | ||||||||
Alcoa Corp.(b) | 117,258 | $ | 1,514,973 | |||||
Corteva, Inc. | 151,047 | 4,981,530 | ||||||
Dow, Inc. | 95,483 | 4,343,522 | ||||||
|
| |||||||
10,840,025 | ||||||||
|
| |||||||
Real Estate-5.55% | ||||||||
CorePoint Lodging, Inc. | 24,576 | 117,473 | ||||||
JBG SMITH Properties | 70,878 | 1,655,001 | ||||||
Park Hotels & Resorts, Inc. | 148,591 | 1,475,509 | ||||||
|
| |||||||
3,247,983 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 57,368,900 | ||||||
|
| |||||||
Money Market Funds-0.29% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 167,348 | 167,348 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 57,536,248 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.40% | ||||||||
Invesco Private Government Fund, | 328,652 | 328,652 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 492,830 | 492,978 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 821,630 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.75% |
| 58,357,878 | ||||||
OTHER ASSETS LESS LIABILITIES-0.25% | 146,624 | |||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 58,504,502 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco S&P Spin-Off ETF (CSD)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 476,400 | $ | (309,052 | ) | $ | - | $ | - | $ | 167,348 | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 283,239 | 816,933 | (1,100,172 | ) | - | - | - | 65 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 3,370,710 | 18,053,564 | (21,095,622 | ) | - | - | 328,652 | 405 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,407,281 | (3,914,348 | ) | - | 45 | 492,978 | 284 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,653,949 | $ | 23,754,178 | $ | (26,419,194 | ) | $ | - | $ | 45 | $ | 988,978 | $ | 757 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020
Industrials | 30.71 | |||||
Consumer Discretionary | 19.87 | |||||
Materials | 18.53 | |||||
Consumer Staples | 6.93 | |||||
Real Estate | 5.55 | |||||
Energy | 4.93 | |||||
Financials | 3.32 | |||||
Information Technology | 3.28 | |||||
Health Care | 3.18 | |||||
Communication Services | 1.76 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.94 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco Water Resources ETF (PHO)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.97% |
| |||||||
Building Products-7.79% | ||||||||
A.O. Smith Corp. | 896,879 | $ | 46,359,676 | |||||
Advanced Drainage Systems, Inc. | 660,261 | 41,880,355 | ||||||
|
| |||||||
88,240,031 | ||||||||
|
| |||||||
Chemicals-7.22% |
| |||||||
Ecolab, Inc. | 445,710 | 81,827,899 | ||||||
|
| |||||||
Commercial Services & Supplies-3.50% |
| |||||||
Tetra Tech, Inc. | 392,724 | 39,629,779 | ||||||
|
| |||||||
Construction & Engineering-3.23% |
| |||||||
Aegion Corp.(b) | 185,764 | 2,621,130 | ||||||
Northwest Pipe Co.(b) | 91,818 | 2,460,723 | ||||||
Valmont Industries, Inc. | 221,753 | 31,477,838 | ||||||
|
| |||||||
36,559,691 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-4.63% |
| |||||||
Badger Meter, Inc. | 244,832 | 17,955,979 | ||||||
Itron, Inc.(b) | 508,736 | 34,568,611 | ||||||
|
| |||||||
52,524,590 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-8.62% |
| |||||||
Danaher Corp. | 425,450 | 97,657,793 | ||||||
|
| |||||||
Industrial Conglomerates-6.74% | ||||||||
Roper Technologies, Inc. | 205,624 | 76,356,416 | ||||||
|
| |||||||
Life Sciences Tools & Services-7.98% |
| |||||||
Waters Corp.(b) | 406,180 | 90,505,028 | ||||||
|
| |||||||
Machinery-29.73% | ||||||||
Energy Recovery, Inc.(b) | 397,953 | 3,856,165 | ||||||
Evoqua Water Technologies Corp.(b) | 1,124,087 | 25,775,315 | ||||||
Franklin Electric Co., Inc. | 266,608 | 15,924,496 | ||||||
Gorman-Rupp Co. (The) | 110,711 | 3,437,576 | ||||||
IDEX Corp. | 243,694 | 41,523,021 | ||||||
Lindsay Corp. | 96,328 | 10,143,338 | ||||||
Mueller Industries, Inc. | 371,574 | 10,749,636 | ||||||
Mueller Water Products, Inc., Class A | 1,214,975 | 12,587,141 |
Shares | Value | |||||||
Machinery-(continued) | ||||||||
Pentair PLC | 972,978 | $ | 48,415,385 | |||||
Rexnord Corp. | 1,303,706 | 41,822,888 | ||||||
Toro Co. (The) | 583,423 | 47,899,028 | ||||||
Watts Water Technologies, Inc., Class A | 245,119 | 27,151,832 | ||||||
Xylem, Inc | 547,769 | 47,732,591 | ||||||
|
| |||||||
337,018,412 | ||||||||
|
| |||||||
Water Utilities-20.53% | ||||||||
American States Water Co. | 379,159 | 28,319,386 | ||||||
American Water Works Co., Inc. | 621,484 | 93,539,557 | ||||||
Artesian Resources Corp., Class A | 65,212 | 2,297,419 | ||||||
California Water Service Group | 458,028 | 20,414,308 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil) | 3,021,776 | 22,300,707 | ||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 163,493 | 1,644,739 | ||||||
Essential Utilities, Inc. | 1,033,417 | 42,576,780 | ||||||
Global Water Resources, Inc. | 50,671 | 537,112 | ||||||
Middlesex Water Co. | 92,248 | 5,916,787 | ||||||
SJW Group | 191,762 | 11,638,036 | ||||||
York Water Co. (The) | 83,757 | 3,538,733 | ||||||
|
| |||||||
232,723,564 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 1,133,043,203 | |||||||
|
| |||||||
Money Market Funds-0.12% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 1,357,287 | 1,357,287 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.09% | 1,134,400,490 | |||||||
OTHER ASSETS LESS LIABILITIES-(0.09)% |
| (972,821 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,133,427,669 | ||||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 3,114,765 | $ | (1,757,478 | ) | $- | $- | $ | 1,357,287 | $ 22 | ||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 1,084,687 | 7,496,434 | (8,581,121 | ) | - | - | - | 319 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco Water Resources ETF (PHO)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 117,953 | $ | 104,966,454 | $ | (105,084,407 | ) | $ | - | $ | - | $ | - | $ | 458 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 373,585 | (373,591 | ) | - | 6 | - | 25 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,202,640 | $ | 115,951,238 | $ | (115,796,597 | ) | $ | - | $ | 6 | $ | 1,357,287 | $ | 824 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Machinery | 29.73 | |||||||||
Water Utilities | 20.53 | |||||||||
Health Care Equipment & Supplies | 8.62 | |||||||||
Life Sciences Tools & Services | 7.98 | |||||||||
Building Products | 7.79 | |||||||||
Chemicals | 7.22 | |||||||||
Industrial Conglomerates | 6.74 | |||||||||
Electronic Equipment, Instruments & Components | 4.63 | |||||||||
Commercial Services & Supplies | 3.50 | |||||||||
Construction & Engineering | 3.23 | |||||||||
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.
| 31 |
|
Invesco WilderHill Clean Energy ETF (PBW)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Aerospace & Defense-2.00% | ||||||||
Hexcel Corp | 520,861 | $ | 17,438,426 | |||||
|
| |||||||
Auto Components-6.16% | ||||||||
Gentherm, Inc.(b) | 428,201 | 19,821,424 | ||||||
Kandi Technologies Group, Inc. (China)(b)(c)(d) | 3,346,661 | 20,950,098 | ||||||
Workhorse Group, Inc.(b)(d) | 833,262 | 12,815,570 | ||||||
|
| |||||||
53,587,092 | ||||||||
|
| |||||||
Automobiles-6.64% | ||||||||
Arcimoto, Inc.(d) | 652,744 | 3,518,290 | ||||||
ElectraMeccanica Vehicles Corp. | 1,490,103 | 4,142,486 | ||||||
NIO, Inc., ADR (China)(b) | 1,033,051 | 31,590,700 | ||||||
Tesla, Inc.(b) | 47,542 | 18,448,198 | ||||||
|
| |||||||
57,699,674 | ||||||||
|
| |||||||
Chemicals-9.61% | ||||||||
Air Products and Chemicals, Inc | 50,858 | 14,049,014 | ||||||
Albemarle Corp | 221,348 | 20,631,847 | ||||||
Livent Corp.(b) | 2,394,828 | 25,744,401 | ||||||
Sociedad Quimica y Minera de Chile S.A., ADR (Chile) | 625,735 | 23,158,452 | ||||||
|
| |||||||
83,583,714 | ||||||||
|
| |||||||
Construction & Engineering-7.46% | ||||||||
Ameresco, Inc., Class A(b) | 520,130 | 19,967,791 | ||||||
Infrastructure and Energy Alternatives, Inc.(d) | 960,435 | 6,511,749 | ||||||
MYR Group, Inc.(b) | 448,103 | 19,156,403 | ||||||
Quanta Services, Inc | 308,411 | 19,254,099 | ||||||
|
| |||||||
64,890,042 | ||||||||
|
| |||||||
Electrical Equipment-14.18% | ||||||||
American Superconductor Corp.(b) | 1,320,443 | 18,367,362 | ||||||
Ballard Power Systems, Inc. | 1,193,019 | 17,620,891 | ||||||
Bloom Energy Corp., Class A(b) | 1,161,179 | 14,677,303 | ||||||
FuelCell Energy, Inc.(b)(d) | 7,440,741 | 14,881,482 | ||||||
Plug Power, Inc.(b)(d) | 1,509,328 | 21,130,592 | ||||||
Sunrun, Inc.(b) | 283,878 | 14,767,333 | ||||||
TPI Composites, Inc.(b) | 660,631 | 21,880,099 | ||||||
|
| |||||||
123,325,062 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-2.24% |
| |||||||
Itron, Inc.(b) | 286,106 | 19,440,903 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-8.28% |
| |||||||
Atlantica Sustainable Infrastructure PLC (Spain) | 642,906 | 18,959,298 | ||||||
Azure Power Global Ltd. (India)(b) | 596,295 | 15,903,188 | ||||||
Ormat Technologies, Inc. | 294,681 | 20,884,042 | ||||||
Sunnova Energy International, Inc.(b) | 675,996 | 16,264,464 | ||||||
|
| |||||||
72,010,992 | ||||||||
|
| |||||||
Machinery-3.97% | ||||||||
ESCO Technologies, Inc. | 212,963 | 17,822,873 | ||||||
Woodward, Inc. | 210,081 | 16,711,944 | ||||||
|
| |||||||
34,534,817 | ||||||||
|
|
Shares | Value | |||||||
Metals & Mining-2.84% | ||||||||
Lithium Americas Corp. | 2,568,020 | $ | 24,678,672 | |||||
|
| |||||||
Oil, Gas & Consumable Fuels-2.06% |
| |||||||
Renewable Energy Group, Inc.(b) | 317,667 | 17,916,419 | ||||||
|
| |||||||
Professional Services-1.79% | ||||||||
Willdan Group, Inc.(b) | 594,386 | 15,555,082 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-30.83% |
| |||||||
Advanced Energy Industries, Inc.(b) | 285,032 | 19,231,109 | ||||||
Canadian Solar, Inc. (Canada)(b)(d) | 567,388 | 20,624,554 | ||||||
Cree, Inc.(b) | 287,206 | 18,266,302 | ||||||
Daqo New Energy Corp., ADR (China)(b) | 139,745 | 25,518,834 | ||||||
Enphase Energy, Inc.(b) | 244,420 | 23,975,158 | ||||||
First Solar, Inc.(b) | 276,756 | 24,090,226 | ||||||
JinkoSolar Holding Co. Ltd., ADR | 516,737 | 30,125,767 | ||||||
Maxeon Solar Technologies Ltd.(b) | 1,264,982 | 20,492,708 | ||||||
SolarEdge Technologies, Inc.(b) | 88,470 | 22,797,834 | ||||||
SunPower Corp.(b)(d) | 1,673,066 | 26,752,325 | ||||||
Universal Display Corp. | 93,448 | 18,531,673 | ||||||
Veeco Instruments, Inc.(b) | 1,387,445 | 17,662,175 | ||||||
|
| |||||||
268,068,665 | ||||||||
|
| |||||||
Specialty Retail-1.84% | ||||||||
Blink Charging Co.(c)(d) | 2,059,553 | 15,982,131 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 868,711,691 | ||||||
|
| |||||||
Money Market Funds-0.05% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 418,928 | 418,928 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 869,130,619 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-18.97% |
| |||||||
Invesco Private Government Fund, | 65,303,796 | 65,303,796 | ||||||
Invesco Private Prime Fund, | 99,616,864 | 99,646,747 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 164,950,543 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-118.92% |
| 1,034,081,162 | ||||||
OTHER ASSETS LESS LIABILITIES-(18.92)% |
| (164,551,632 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 869,529,530 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco WilderHill Clean Energy ETF (PBW)–(continued)
October 31, 2020
(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) | Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,488,180 | $ | (1,069,252 | ) | $ | - | $ | - | $ | 418,928 | $ | 6 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 341,342 | 2,978,871 | (3,320,213) | - | - | - | 105 | ||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 48,947,742 | 326,868,796 | (310,512,742) | - | - | 65,303,796 | 16,461 | * | |||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 201,827,335 | (102,185,869 | ) | (2 | ) | 5,283 | 99,646,747 | 18,035 | * | |||||||||||||||||||||||||
Investments in Other Affiliates: | |||||||||||||||||||||||||||||||||||
Blink Charging Co. | - | 21,974,617 | (1,156,551 | ) | (4,710,597 | ) | (125,338 | ) | 15,982,131 | - | |||||||||||||||||||||||||
Kandi Technologies Group, Inc. | - | 23,721,474 | (1,655,202) | (1,696,499 | ) | 580,325 | 20,950,098 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 49,289,084 | $ | 578,859,273 | $ | (419,899,829 | ) | $ | (6,407,098 | ) | $ | 460,270 | $ | 202,301,700 | $ | 34,607 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | All or a portion of this security was out on loan at October 31, 2020. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 33 |
|
Invesco WilderHill Clean Energy ETF (PBW)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Semiconductors & Semiconductor Equipment | 30.83 | |||||||||
Electrical Equipment | 14.18 | |||||||||
Chemicals | 9.61 | |||||||||
Independent Power and Renewable Electricity Producers | 8.28 | |||||||||
Construction & Engineering | 7.46 | |||||||||
Automobiles | 6.64 | |||||||||
Auto Components | 6.16 | |||||||||
Machinery | 3.97 | |||||||||
Industry Types Each Less Than 3% | 12.77 | |||||||||
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.
| 34 |
|
(This Page Intentionally Left Blank)
| 35 |
|
Statements of Assets and Liabilities
October 31, 2020
(Unaudited)
Invesco Aerospace & Defense ETF (PPA) | Invesco CleantechTM ETF (PZD) | Invesco DWA Momentum ETF (PDP) | Invesco Global Listed Private Equity ETF (PSP) | Invesco Golden Dragon China ETF (PGJ) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 598,541,527 | $ | 321,881,518 | $ | 1,697,044,537 | $ | 141,032,829 | $ | 194,907,400 | ||||||||||
Affiliated investments in securities, at value | 3,882,546 | 6,572,808 | 868,243 | 18,308,350 | 20,395,854 | |||||||||||||||
Cash | - | - | 21,333 | 390 | 31,991 | |||||||||||||||
Foreign currencies, at value | - | 4,870 | - | 1,213 | - | |||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cash collateral-OTC derivatives | - | - | - | 370,000 | - | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 248,228 | 76,873 | 241,470 | 120,583 | 27,796 | |||||||||||||||
Securities lending | 343 | 1,947 | 1,577 | 13,933 | 10,048 | |||||||||||||||
Investments sold | 2,696,483 | - | 3,791,346 | 2,466,609 | - | |||||||||||||||
Investments sold - affiliated broker | - | - | - | - | ||||||||||||||||
Fund shares sold | - | 11,701,427 | - | - | - | |||||||||||||||
Foreign tax reclaims | - | 444,962 | - | 607,432 | - | |||||||||||||||
Other assets | 1,047 | 1,047 | - | 213 | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 605,370,174 | 340,685,452 | 1,701,968,506 | 162,921,552 | 215,373,089 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||
Unrealized depreciation on swap agreements – OTC | - | - | - | 468,036 | - | |||||||||||||||
Open written options, at value | - | - | - | - | - | |||||||||||||||
Due to custodian | - | 215,352 | - | - | - | |||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | 11,701,926 | - | 1,903,965 | - | |||||||||||||||
Investments purchased - affiliated broker | - | - | - | - | ||||||||||||||||
Collateral upon return of securities loaned | 3,393,238 | 6,572,808 | 582,470 | 10,005,015 | 20,185,035 | |||||||||||||||
Fund shares repurchased | 2,695,516 | - | 3,786,443 | - | - | |||||||||||||||
Open swap agreements - OTC | - | - | - | 870 | - | |||||||||||||||
Accrued unitary management fees | - | - | - | - | - | |||||||||||||||
Accrued advisory fees | 272,618 | 134,142 | 753,557 | 62,001 | 80,185 | |||||||||||||||
Accrued trustees’ and officer’s fees | 76,027 | 52,527 | 152,056 | 73,702 | 76,312 | |||||||||||||||
Accrued expenses | 518,291 | 214,657 | 338,239 | 183,592 | 253,707 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 6,955,690 | 18,891,412 | 5,612,765 | 12,697,181 | 20,595,239 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 598,414,484 | $ | 321,794,040 | $ | 1,696,355,741 | $ | 150,224,371 | $ | 194,777,850 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 659,703,931 | $ | 246,415,179 | $ | 1,663,258,390 | $ | 243,620,519 | $ | 360,907,982 | ||||||||||
Distributable earnings (loss) | (61,289,447 | ) | 75,378,861 | 33,097,351 | (93,396,148 | ) | (166,130,132 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 598,414,484 | $ | 321,794,040 | $ | 1,696,355,741 | $ | 150,224,371 | $ | 194,777,850 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 11,100,000 | 5,500,000 | 22,400,000 | 13,950,000 | 3,600,000 | |||||||||||||||
Net asset value | $ | 53.91 | $ | 58.51 | $ | 75.73 | $ | 10.77 | $ | 54.10 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 53.81 | $ | 58.53 | $ | 75.59 | $ | 10.77 | $ | 54.05 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 637,867,708 | $ | 252,538,171 | $ | 1,323,220,354 | $ | 141,037,811 | $ | 156,061,722 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 3,882,546 | $ | 6,572,808 | $ | 868,243 | $ | 18,308,188 | $ | 20,395,831 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Foreign currencies, at cost | $ | - | $ | 4,956 | $ | - | $ | 1,246 | $ | - | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Premium received on written options | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 3,331,152 | $ | 6,282,142 | $ | 539,779 | $ | 7,892,884 | $ | 19,331,950 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
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) | |||||||||||||||||
$ | 100,434,190 | $ | 161,097,397 | $ | 2,180,345,463 | $ | 57,368,900 | $ | 1,133,043,203 | $ | 831,779,462 | |||||||||||
4,549,832 | 30,455 | - | 988,978 | 1,357,287 | 202,301,700 | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
19,419 | 165,604 | 1,542,608 | 30,243 | 418,069 | 61,067 | |||||||||||||||||
1,984 | - | - | 312 | - | 1,241,127 | |||||||||||||||||
2,974,233 | - | - | 1,126,959 | - | 12,894,157 | |||||||||||||||||
4,030,382 | - | - | - | - | - | |||||||||||||||||
- | - | 1,876,427 | - | - | - | |||||||||||||||||
2,753 | - | - | - | - | - | |||||||||||||||||
- | - | 3,474 | - | - | 2,713 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
112,012,793 | 161,293,456 | 2,183,767,972 | 59,515,392 | 1,134,818,559 | 1,048,280,226 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | 552,570 | - | - | - | - | |||||||||||||||||
13,432 | 195,052 | 262,979 | - | - | 1,063 | |||||||||||||||||
1,468,109 | - | 1,876,083 | - | - | - | |||||||||||||||||
3,424,564 | - | - | - | - | - | |||||||||||||||||
4,549,832 | - | - | 821,630 | - | 164,950,545 | |||||||||||||||||
2,031,179 | - | - | - | - | 12,906,713 | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
68,698 | 70,097 | - | - | - | - | |||||||||||||||||
- | - | 215,961 | 22,397 | 490,618 | 387,752 | |||||||||||||||||
- | - | 97,763 | 14,102 | 184,877 | 93,995 | |||||||||||||||||
- | - | 486,976 | 152,761 | 715,395 | 410,628 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
11,555,814 | 817,719 | 2,939,762 | 1,010,890 | 1,390,890 | 178,750,696 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 100,456,979 | $ | 160,475,737 | $ | 2,180,828,210 | $ | 58,504,502 | $ | 1,133,427,669 | $ | 869,529,530 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 166,177,220 | $ | 192,910,393 | $ | 2,111,276,540 | $ | 219,960,311 | $ | 1,091,446,603 | $ | 1,010,277,330 | |||||||||||
(65,720,241 | ) | (32,434,656 | ) | 69,551,670 | (161,455,809 | ) | 41,981,066 | (140,747,800 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 100,456,979 | $ | 160,475,737 | $ | 2,180,828,210 | $ | 58,504,502 | $ | 1,133,427,669 | $ | 869,529,530 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,472,822 | 8,600,000 | 58,800,000 | 1,350,000 | 27,800,000 | 13,718,273 | |||||||||||||||||
$ | 40.62 | $ | 18.66 | $ | 37.09 | $ | 43.34 | $ | 40.77 | $ | 63.38 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 40.57 | $ | 18.51 | $ | 37.01 | $ | 43.31 | $ | 40.73 | $ | 63.27 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 90,258,024 | $ | 122,464,744 | $ | 1,972,797,193 | $ | 68,188,458 | $ | 853,733,088 | $ | 688,088,810 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 4,549,832 | $ | 76,935 | $ | - | $ | 988,978 | $ | 1,357,287 | $ | 208,708,798 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | - | $ | 4,393,944 | $ | - | $ | - | $ | - | $ | - | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 4,382,462 | $ | - | $ | - | $ | 794,906 | $ | - | $ | 151,508,226 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 37 |
|
For the six months ended October 31, 2020
(Unaudited)
Invesco Aerospace & Defense ETF (PPA) | Invesco CleantechTM ETF (PZD) | Invesco DWA Momentum ETF (PDP) | Invesco Global Listed Private Equity ETF (PSP) | Invesco Golden Dragon China ETF (PGJ) | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 4,631,758 | $ | 1,067,827 | $ | 4,098,343 | $ | 2,805,638 | $ | 465,042 | ||||||||||
Affiliated dividend income | 228 | 10 | 367 | 2,710 | 101 | |||||||||||||||
Securities lending income | 1,342 | 6,636 | 37,786 | 277,025 | 74,485 | |||||||||||||||
Foreign withholding tax | (12,531 | ) | (68,462 | ) | - | (99,274 | ) | (33,214 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 4,620,797 | 1,006,011 | 4,136,496 | 2,986,099 | 506,414 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | - | - | - | - | - | |||||||||||||||
Advisory fees | 1,716,893 | 655,236 | 3,902,988 | 384,309 | 467,733 | |||||||||||||||
Sub-licensing fees | 206,023 | 98,286 | 780,592 | 76,861 | 93,546 | |||||||||||||||
Accounting & administration fees | 39,310 | 15,244 | 58,336 | 17,723 | 16,019 | |||||||||||||||
Professional fees | 16,350 | 13,004 | 19,103 | 14,085 | 15,098 | |||||||||||||||
Custodian & transfer agent fees | 13,203 | 6,379 | 5,365 | 5,285 | 40,358 | |||||||||||||||
Trustees’ and officer’s fees | 23,441 | 15,672 | 43,518 | 19,378 | 20,249 | |||||||||||||||
Recapture (Note 3) | - | - | - | - | - | |||||||||||||||
Tax expenses | 59,455 | - | - | - | - | |||||||||||||||
Other expenses | 52,151 | 20,065 | 59,394 | 18,348 | 14,688 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 2,126,826 | 823,886 | 4,869,296 | 535,989 | 667,691 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (650 | ) | (4,595 | ) | (742 | ) | (11,588 | ) | (12,984 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net expenses | 2,126,176 | 819,291 | 4,868,554 | 524,401 | 654,707 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income (loss) | 2,494,621 | 186,720 | (732,058 | ) | 2,461,698 | (148,293 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (11,553,716 | ) | 220,321 | (3,564,595 | ) | (3,452,002 | ) | (4,515,408 | ) | |||||||||||
Affiliated investment securities | 24 | 153 | 872 | 552 | 674 | |||||||||||||||
Unaffiliated in-kind redemptions | 23,311,447 | 33,599,768 | 178,066,756 | 7,678,186 | 20,861,215 | |||||||||||||||
Affiliated in-kind redemptions | - | - | - | - | - | |||||||||||||||
Short Sales | - | - | - | - | - | |||||||||||||||
Foreign currencies | - | (492 | ) | - | (2,338 | ) | - | |||||||||||||
Swap agreements | - | - | - | 1,288,782 | - | |||||||||||||||
Written options | - | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 11,757,755 | 33,819,750 | 174,503,033 | 5,513,180 | 16,346,481 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (9,203,828 | ) | 41,081,607 | 158,373,262 | 18,290,728 | 36,478,633 | ||||||||||||||
Affiliated investment securities | - | - | - | 162 | 23 | |||||||||||||||
Foreign currencies | - | 22,277 | - | 28,097 | - | |||||||||||||||
Swap agreements | - | - | - | (610,328 | ) | - | ||||||||||||||
Written options | - | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) | (9,203,828 | ) | 41,103,884 | 158,373,262 | 17,708,659 | 36,478,656 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain | 2,553,927 | 74,923,634 | 332,876,295 | 23,221,839 | 52,825,137 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase in net assets resulting from operations | $ | 5,048,548 | $ | 75,110,354 | $ | 332,144,237 | $ | 25,683,537 | $ | 52,676,844 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
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) | |||||||||||||||||
$ | 765,841 | $ | 1,658,471 | $ | 19,396,603 | $ | 447,534 | $ | 6,003,670 | $ | 889,199 | |||||||||||
10 | 880 | 410 | 68 | 341 | 111 | |||||||||||||||||
13,604 | - | 2 | 10,218 | 132,511 | 2,239,973 | |||||||||||||||||
(1,147 | ) | - | - | - | - | (100,495 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
778,308 | 1,659,351 | 19,397,015 | 457,820 | 6,136,522 | 3,028,788 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
407,264 | 443,241 | - | - | - | - | |||||||||||||||||
- | - | 1,573,138 | 150,213 | 2,704,887 | 1,321,301 | |||||||||||||||||
- | - | 249,842 | 14,992 | 405,735 | 264,259 | |||||||||||||||||
- | - | 55,810 | 14,808 | 40,602 | 13,597 | |||||||||||||||||
- | - | 18,202 | 13,053 | 16,082 | 12,741 | |||||||||||||||||
- | - | 2,990 | 1,350 | 7,269 | 2,732 | |||||||||||||||||
- | - | 34,218 | 6,638 | 48,126 | 24,993 | |||||||||||||||||
- | - | - | - | - | 8,676 | |||||||||||||||||
- | - | - | - | 540 | - | |||||||||||||||||
- | - | 47,090 | 10,163 | 59,640 | 18,746 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
407,264 | 443,241 | 1,981,290 | 211,217 | 3,282,881 | 1,667,045 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(26 | ) | (53 | ) | (408,832 | ) | (16,934 | ) | (1,058 | ) | (355 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
407,238 | 443,188 | 1,572,458 | 194,283 | 3,281,823 | 1,666,690 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
371,070 | 1,216,163 | 17,824,557 | 263,537 | 2,854,699 | 1,362,098 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(3,092,647 | ) | 175,860 | (58,587,653 | ) | (7,641,629 | ) | (5,245,827 | ) | 32,636,134 | |||||||||||||
271 | (2,336 | ) | - | 45 | 6 | 460,270 | ||||||||||||||||
8,932,553 | 18,931,751 | 114,496,463 | 2,157,210 | 55,016,672 | 149,145,026 | |||||||||||||||||
- | (8,542 | ) | - | - | - | - | ||||||||||||||||
- | 301,135 | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | (15,203,523 | ) | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
5,840,177 | 4,194,345 | 55,908,810 | (5,484,374 | ) | 49,770,851 | 182,241,430 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12,207,049 | 4,350,054 | 124,780,160 | 19,190,423 | 126,509,753 | 136,222,701 | |||||||||||||||||
- | 22,400 | - | - | - | (6,407,098 | ) | ||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||
- | 4,239,639 | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12,207,049 | 8,612,093 | 124,780,160 | 19,190,423 | 126,509,753 | 129,815,603 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
18,047,226 | 12,806,438 | 180,688,970 | 13,706,049 | 176,280,604 | 312,057,033 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 18,418,296 | $ | 14,022,601 | $ | 198,513,527 | $ | 13,969,586 | $ | 179,135,303 | $ | 313,419,131 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 39 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco Aerospace & Defense ETF (PPA) | Invesco CleantechTM ETF (PZD) | |||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 2,494,621 | $ | 12,424,357 | $ | 186,720 | $ | 1,036,700 | ||||||||
Net realized gain (loss) | 11,757,755 | 72,392,521 | 33,819,750 | 8,105,621 | ||||||||||||
Change in net unrealized appreciation (depreciation) | (9,203,828 | ) | (228,085,289 | ) | 41,103,884 | (23,545,371 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,048,548 | (143,268,411 | ) | 75,110,354 | (14,403,050 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (2,638,786 | ) | (13,331,485 | ) | (347,304 | ) | (1,440,705 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 8,355,011 | 292,816,193 | 89,650,726 | 62,240,855 | ||||||||||||
Value of shares repurchased | (120,871,380 | ) | (365,941,060 | ) | (66,678,281 | ) | (2,459,244 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (112,516,369 | ) | (73,124,867 | ) | 22,972,445 | 59,781,611 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | (110,106,607 | ) | (229,724,763 | ) | 97,735,495 | 43,937,856 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of period | 708,521,091 | 938,245,854 | 224,058,545 | 180,120,689 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 598,414,484 | $ | 708,521,091 | $ | 321,794,040 | $ | 224,058,545 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 150,000 | 4,350,000 | 1,550,000 | 1,300,000 | ||||||||||||
Shares repurchased | (2,200,000 | ) | (6,350,000 | ) | (1,300,000 | ) | (50,000 | ) | ||||||||
Shares outstanding, beginning of period | 13,150,000 | 15,150,000 | 5,250,000 | 4,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 11,100,000 | 13,150,000 | 5,500,000 | 5,250,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco DWA Momentum ETF (PDP) | Invesco Global Listed Private Equity ETF (PSP) | Invesco Golden Dragon China ETF (PGJ) | ||||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
$ | (732,058 | ) | $ | 4,998,670 | $ | 2,461,698 | $ | 9,030,439 | $ | (148,293 | ) | $ | 745,074 | |||||||||
174,503,033 | 102,889,535 | 5,513,180 | (3,030,231 | ) | 16,346,481 | 2,728,288 | ||||||||||||||||
158,373,262 | (110,567,407 | ) | 17,708,659 | (38,168,352 | ) | 36,478,656 | (13,412,002 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
332,144,237 | (2,679,202 | ) | 25,683,537 | (32,168,144 | ) | 52,676,844 | (9,938,640 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(513,422 | ) | (5,893,292 | ) | (3,550,479 | ) | (16,078,401 | ) | (105,875 | ) | (714,749 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
875,588,611 | 959,059,358 | 22,210,972 | 23,117,409 | 24,866,301 | 17,360,132 | |||||||||||||||||
(801,631,857 | ) | (1,205,665,921 | ) | (35,653,170 | ) | (77,780,142 | ) | (44,109,205 | ) | (61,986,742 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
73,956,754 | (246,606,563 | ) | (13,442,198 | ) | (54,662,733 | ) | (19,242,904 | ) | (44,626,610 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
405,587,569 | (255,179,057 | ) | 8,690,860 | (102,909,278 | ) | 33,328,065 | (55,279,999 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,290,768,172 | 1,545,947,229 | 141,533,511 | 244,442,789 | 161,449,785 | 216,729,784 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,696,355,741 | $ | 1,290,768,172 | $ | 150,224,371 | $ | 141,533,511 | $ | 194,777,850 | $ | 161,449,785 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
12,350,000 | 15,400,000 | 2,100,000 | 2,000,000 | 500,000 | 450,000 | |||||||||||||||||
(11,250,000 | ) | (20,400,000 | ) | (3,350,000 | ) | (7,000,000 | ) | (900,000 | ) | (1,600,000 | ) | |||||||||||
21,300,000 | 26,300,000 | 15,200,000 | 20,200,000 | 4,000,000 | 5,150,000 | |||||||||||||||||
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|
|
|
|
|
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|
|
|
| |||||||||||
22,400,000 | 21,300,000 | 13,950,000 | 15,200,000 | 3,600,000 | 4,000,000 | |||||||||||||||||
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| 41 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco Raymond James SB-1 Equity ETF (RYJ) | Invesco S&P 500 BuyWrite ETF (PBP) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 371,070 | $ | 1,157,559 | $ | 1,216,163 | $ | 4,401,286 | ||||||||||||
Net realized gain (loss) | 5,840,177 | (19,215,109 | ) | 4,194,345 | (2,324,713 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 12,207,049 | (19,794,893 | ) | 8,612,093 | (33,635,869 | ) | ||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 18,418,296 | (37,852,443 | ) | 14,022,601 | (31,559,296 | ) | ||||||||||||||
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|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | - | (323,015 | ) | (1,121,232 | ) | (16,120,225 | ) | |||||||||||||
|
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|
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|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 11,921,307 | 24,336,099 | 2,908,526 | 34,567,631 | ||||||||||||||||
Value of shares repurchased | (31,486,308 | ) | (57,713,018 | ) | (48,147,053 | ) | (114,852,886 | ) | ||||||||||||
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|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (19,565,001 | ) | (33,376,919 | ) | (45,238,527 | ) | (80,285,255 | ) | ||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (1,146,705 | ) | (71,552,377 | ) | (32,337,158 | ) | (127,964,776 | ) | ||||||||||||
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| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 101,603,684 | 173,156,061 | 192,812,895 | 320,777,671 | ||||||||||||||||
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| |||||||||||||
End of period | $ | 100,456,979 | $ | 101,603,684 | $ | 160,475,737 | $ | 192,812,895 | ||||||||||||
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| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 300,000 | 550,000 | 150,000 | 1,650,000 | ||||||||||||||||
Shares repurchased | (800,000 | ) | (1,400,000 | ) | (2,600,000 | ) | (5,600,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 2,972,822 | 3,822,822 | 11,050,000 | 15,000,000 | ||||||||||||||||
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| |||||||||||||
Shares outstanding, end of period | 2,472,822 | 2,972,822 | 8,600,000 | 11,050,000 | ||||||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
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) | |||||||||||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||
$ | 17,824,557 | $ | 28,266,423 | $ | 263,537 | $ | 1,355,319 | $ | 2,854,699 | $ | 4,276,799 | $ | 1,362,098 | $ | 3,223,839 | |||||||||||||||
55,908,810 | 183,954,019 | (5,484,374 | ) | 1,801,675 | 49,770,851 | 99,235,907 | 182,241,430 | 22,752,526 | ||||||||||||||||||||||
124,780,160 | (133,533,362 | ) | 19,190,423 | (40,945,084 | ) | 126,509,753 | (116,797,908 | ) | 129,815,603 | (14,178,311 | ) | |||||||||||||||||||
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| |||||||||||||||
198,513,527 | 78,687,080 | 13,969,586 | (37,788,090 | ) | 179,135,303 | (13,285,202 | ) | 313,419,131 | 11,798,054 | |||||||||||||||||||||
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| |||||||||||||||
(17,190,787 | ) | (29,893,841 | ) | - | (1,120,510 | ) | (2,758,225 | ) | (5,715,127 | ) | (539,871 | ) | (3,920,663 | ) | ||||||||||||||||
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| |||||||||||||||
812,505,972 | 1,475,919,631 | 8,304,363 | 40,322,241 | 79,517,868 | 287,158,938 | 554,790,572 | 194,434,625 | |||||||||||||||||||||||
(569,210,678 | ) | (1,238,287,812 | ) | (22,216,527 | ) | (89,780,974 | ) | (114,312,888 | ) | (217,581,815 | ) | (246,016,498 | ) | (99,293,024 | ) | |||||||||||||||
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| |||||||||||||||
243,295,294 | 237,631,819 | (13,912,164 | ) | (49,458,733 | ) | (34,795,020 | ) | 69,577,123 | 308,774,074 | 95,141,601 | ||||||||||||||||||||
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| |||||||||||||||
424,618,034 | 286,425,058 | 57,422 | (88,367,333 | ) | 141,582,058 | 50,576,794 | 621,653,334 | 103,018,992 | ||||||||||||||||||||||
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1,756,210,176 | 1,469,785,118 | 58,447,080 | 146,814,413 | 991,845,611 | 941,268,817 | 247,876,196 | 144,857,204 | |||||||||||||||||||||||
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$ | 2,180,828,210 | $ | 1,756,210,176 | $ | 58,504,502 | $ | 58,447,080 | $ | 1,133,427,669 | $ | 991,845,611 | $ | 869,529,530 | $ | 247,876,196 | |||||||||||||||
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| |||||||||||||||
22,600,000 | 44,000,000 | 200,000 | 850,000 | 2,050,000 | 7,750,000 | 10,250,000 | 5,850,000 | |||||||||||||||||||||||
(16,050,000 | ) | (35,900,000 | ) | (550,000 | ) | (1,950,000 | ) | (3,050,000 | ) | (6,100,000 | ) | (4,300,000 | ) | (3,200,000 | ) | |||||||||||||||
52,250,000 | 44,150,000 | 1,700,000 | 2,800,000 | 28,800,000 | 27,150,000 | 7,768,273 | 5,118,273 | |||||||||||||||||||||||
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58,800,000 | 52,250,000 | 1,350,000 | 1,700,000 | 27,800,000 | 28,800,000 | 13,718,273 | 7,768,273 | |||||||||||||||||||||||
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| 43 |
|
Invesco Aerospace & Defense ETF (PPA)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 53.88 | $ | 61.93 | $ | 55.62 | $ | 44.81 | $ | 36.43 | $ | 35.73 | ||||||||||||
Net investment income(a) | 0.21 | 0.80 | 0.49 | 0.42 | 0.60 | 0.53 | (b) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.04 | (7.98 | ) | 6.30 | 10.79 | 8.43 | 0.67 | |||||||||||||||||
Total from investment operations | 0.25 | (7.18 | ) | 6.79 | 11.21 | 9.03 | 1.20 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.87 | ) | (0.48 | ) | (0.40 | ) | (0.65 | ) | (0.50 | ) | ||||||||||||
Net asset value at end of period | $ | 53.91 | $ | 53.88 | $ | 61.93 | $ | 55.62 | $ | 44.81 | $ | 36.43 | ||||||||||||
Market price at end of period(c) | $ | 53.81 | $ | 53.98 | $ | 61.94 | $ | 55.66 | $ | 44.84 | $ | 36.42 | ||||||||||||
Net Asset Value Total Return(d) | 0.44 | % | (11.64 | )% | 12.33 | % | 25.13 | % | 25.06 | % | 3.43 | % | ||||||||||||
Market Price Total Return(d) | 0.07 | % | (11.48 | )% | 12.27 | % | 25.14 | % | 25.18 | % | 3.46 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 598,414 | $ | 708,521 | $ | 938,246 | $ | 1,006,709 | $ | 569,149 | $ | 298,735 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(e) | 0.59 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers | 0.62 | %(e) | 0.59 | % | 0.59 | % | 0.60 | % | 0.61 | % | 0.64 | % | ||||||||||||
Net investment income | 0.73 | %(e) | 1.22 | % | 0.86 | % | 0.80 | % | 1.47 | % | 1.50 | %(b) | ||||||||||||
Portfolio turnover rate(f) | 7 | % | 18 | % | 15 | % | 7 | % | 10 | % | 16 | % |
(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) | 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.
| 44 |
|
Financial Highlights–(continued)
Invesco CleantechTM ETF (PZD)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 42.68 | $ | 45.03 | $ | 42.12 | $ | 37.06 | $ | 30.41 | $ | 30.60 | ||||||||||||
Net investment income(a) | 0.04 | 0.23 | 0.19 | 0.25 | 0.59 | (b) | 0.22 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 15.87 | (2.25 | ) | 2.95 | 5.18 | 6.41 | (0.18 | ) | ||||||||||||||||
Total from investment operations | 15.91 | (2.02 | ) | 3.14 | 5.43 | 7.00 | 0.04 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.33 | ) | (0.23 | ) | (0.37 | ) | (0.35 | ) | (0.23 | ) | ||||||||||||
Net asset value at end of period | $ | 58.51 | $ | 42.68 | $ | 45.03 | $ | 42.12 | $ | 37.06 | $ | 30.41 | ||||||||||||
Market price at end of period(c) | $ | 58.53 | $ | 42.74 | $ | 45.21 | $ | 42.26 | $ | 37.19 | $ | 30.29 | ||||||||||||
Net Asset Value Total Return(d) | 37.31 | % | (4.49 | )% | 7.48 | % | 14.74 | % | 23.21 | % | 0.15 | % | ||||||||||||
Market Price Total Return(d) | 37.17 | % | (4.73 | )% | 7.55 | % | 14.72 | % | 24.13 | % | (0.05 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 321,794 | $ | 224,059 | $ | 180,121 | $ | 160,057 | $ | 92,639 | $ | 71,466 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(e) | 0.65 | % | 0.68 | % | 0.67 | % | 0.68 | % | 0.67 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(e) | 0.65 | % | 0.68 | % | 0.68 | % | 0.73 | % | 0.73 | % | ||||||||||||
Net investment income | 0.14 | %(e) | 0.51 | % | 0.47 | % | 0.61 | % | 1.81 | %(b) | 0.76 | % | ||||||||||||
Portfolio turnover rate(f) | 11 | % | 75 | % | 21 | % | 17 | % | 24 | % | 25 | % |
(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) | 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.
| 45 |
|
Financial Highlights–(continued)
Invesco DWA Momentum ETF (PDP)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 60.60 | $ | 58.78 | $ | 52.66 | $ | 45.86 | $ | 40.51 | $ | 42.44 | ||||||||||||
Net investment income (loss)(a) | (0.03 | ) | 0.19 | 0.11 | 0.13 | 0.28 | 0.12 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 15.18 | 1.86 | 6.10 | 6.81 | 5.41 | (1.94 | ) | |||||||||||||||||
Total from investment operations | 15.15 | 2.05 | 6.21 | 6.94 | 5.69 | (1.82 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.23 | ) | (0.09 | ) | (0.13 | ) | (0.34 | ) | (0.11 | ) | ||||||||||||
Return of capital | - | - | - | (0.01 | ) | - | - | |||||||||||||||||
Total distributions | (0.02 | ) | (0.23 | ) | (0.09 | ) | (0.14 | ) | (0.34 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period | $ | 75.73 | $ | 60.60 | $ | 58.78 | $ | 52.66 | $ | 45.86 | $ | 40.51 | ||||||||||||
Market price at end of period(b) | $ | 75.59 | $ | 60.68 | $ | 58.79 | $ | 52.72 | $ | 45.87 | $ | 40.50 | ||||||||||||
Net Asset Value Total Return(c) | 25.02 | % | 3.53 | % | 11.81 | % | 15.17 | % | 14.12 | % | (4.29 | )% | ||||||||||||
Market Price Total Return(c) | 24.62 | % | 3.65 | % | 11.70 | % | 15.28 | % | 14.17 | % | (4.29 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,696,356 | $ | 1,290,768 | $ | 1,545,947 | $ | 1,521,909 | $ | 1,417,070 | $ | 1,438,022 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(d) | 0.62 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers | 0.62 | %(d) | 0.62 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.64 | % | ||||||||||||
Net investment income (loss) | (0.09 | )%(d) | 0.32 | % | 0.20 | % | 0.26 | % | 0.65 | % | 0.29 | % | ||||||||||||
Portfolio turnover rate(e) | 49 | % | 82 | % | 82 | % | 68 | % | 68 | % | 100 | % |
(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.
| 46 |
|
Financial Highlights–(continued)
Invesco Global Listed Private Equity ETF (PSP)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.31 | $ | 12.10 | $ | 12.19 | $ | 12.25 | $ | 10.45 | $ | 11.95 | ||||||||||||
Net investment income(a) | 0.17 | 0.52 | (b) | 0.32 | 0.40 | (c) | 0.41 | 0.60 | (d) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.53 | (2.36 | ) | (0.03 | ) | 0.99 | 1.85 | (1.53 | ) | |||||||||||||||
Total from investment operations | 1.70 | (1.84 | ) | 0.29 | 1.39 | 2.26 | (0.93 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.95 | ) | (0.38 | ) | (1.40 | ) | (0.46 | ) | (0.57 | ) | ||||||||||||
Return of capital | - | - | - | (0.05 | ) | - | - | |||||||||||||||||
Total distributions | (0.24 | ) | (0.95 | ) | (0.38 | ) | (1.45 | ) | (0.46 | ) | (0.57 | ) | ||||||||||||
Net asset value at end of period | $ | 10.77 | $ | 9.31 | $ | 12.10 | $ | 12.19 | $ | 12.25 | $ | 10.45 | ||||||||||||
Market price at end of period(e) | $ | 10.77 | $ | 9.32 | $ | 12.13 | $ | 12.21 | $ | 12.29 | $ | 10.39 | ||||||||||||
Net Asset Value Total Return(f) | 18.40 | % | (15.82 | )% | 2.28 | % | 11.76 | % | 22.21 | % | (8.09 | )% | ||||||||||||
Market Price Total Return(f) | 18.28 | % | (15.92 | )% | 2.36 | % | 11.57 | % | 23.32 | % | (8.47 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 150,224 | $ | 141,534 | $ | 244,443 | $ | 245,052 | $ | 286,143 | $ | 325,925 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(g) | 0.68 | %(h) | 0.63 | % | 0.64 | % | 0.64 | % | 0.66 | % | 0.64 | % | ||||||||||||
Expenses, prior to Waivers(g) | 0.70 | %(h) | 0.65 | % | 0.66 | % | 0.65 | % | 0.67 | % | 0.66 | % | ||||||||||||
Net investment income | 3.20 | %(h) | 4.47 | %(b) | 2.79 | % | 3.16 | %(c) | 3.77 | % | 5.51 | %(d) | ||||||||||||
Portfolio turnover rate(i) | 35 | % | 50 | % | 64 | % | 44 | % | 39 | % | 35 | % |
(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 2.82%, 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 $0.30 and 2.37%, respectively. |
(d) | 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. |
(e) | The mean between the last bid and ask prices. |
(f) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(g) | 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. |
(h) | Annualized. |
(i) | 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 |
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Financial Highlights–(continued)
Invesco Golden Dragon China ETF (PGJ)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.36 | $ | 42.08 | $ | 45.58 | $ | 35.69 | $ | 30.51 | $ | 33.67 | ||||||||||||
Net investment income (loss)(a) | (0.04 | ) | 0.16 | 0.11 | 0.31 | 0.19 | 0.06 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 13.81 | (1.72 | ) | (3.51 | ) | 10.50 | 5.54 | (3.10 | ) | |||||||||||||||
Total from investment operations | 13.77 | (1.56 | ) | (3.40 | ) | 10.81 | 5.73 | (3.04 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.03 | ) | (0.16 | ) | (0.10 | ) | (0.92 | ) | (0.55 | ) | (0.09 | ) | ||||||||||||
Return of capital | - | - | - | - | - | (0.03 | ) | |||||||||||||||||
Total distributions | (0.03 | ) | (0.16 | ) | (0.10 | ) | (0.92 | ) | (0.55 | ) | (0.12 | ) | ||||||||||||
Net asset value at end of period | $ | 54.10 | $ | 40.36 | $ | 42.08 | $ | 45.58 | $ | 35.69 | $ | 30.51 | ||||||||||||
Market price at end of period(b) | $ | 54.05 | $ | 40.32 | $ | 42.11 | $ | 45.58 | $ | 35.69 | $ | 30.49 | ||||||||||||
Net Asset Value Total Return(c) | 34.12 | % | (3.67 | )% | (7.46 | )% | 30.46 | % | 19.23 | % | (9.04 | )% | ||||||||||||
Market Price Total Return(c) | 34.13 | % | (3.83 | )% | (7.39 | )% | 30.46 | % | 19.31 | % | (8.97 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 194,778 | $ | 161,450 | $ | 216,730 | $ | 271,208 | $ | 153,460 | $ | 163,248 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.71 | %(e) | 0.70 | % | 0.70 | % | 0.73 | % | 0.70 | % | ||||||||||||
Net investment income (loss) | (0.16 | )%(d) | 0.40 | %(e) | 0.27 | % | 0.70 | % | 0.61 | % | 0.18 | % | ||||||||||||
Portfolio turnover rate(f) | 10 | % | 30 | % | 36 | % | 25 | % | 30 | % | 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) | Annualized. |
(e) | Ratios include non-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.
| 48 |
|
Financial Highlights–(continued)
Invesco Raymond James SB-1 Equity ETF (RYJ)
Six Months Ended 2020 | Year Ended April 30, | Eight Months Ended April 30, | Years Ended August 31, | |||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.18 | $ | 45.30 | $ | 49.24 | $ | 39.34 | $ | 35.99 | $ | 34.24 | $ | 35.26 | ||||||||||||||
Net investment income(a) | 0.13 | 0.33 | 0.13 | 0.27 | 0.12 | 0.29 | 0.21 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.31 | (11.35 | ) | (3.55 | ) | 9.63 | 3.82 | 1.76 | (1.14 | ) | ||||||||||||||||||
Total from investment operations | 6.44 | (11.02 | ) | (3.42 | ) | 9.90 | 3.94 | 2.05 | (0.93 | ) | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | - | (0.10 | ) | (0.52 | ) | - | (0.52 | ) | (0.30 | ) | (0.09 | ) | ||||||||||||||||
Return of capital | - | - | - | - | (0.07 | ) | - | - | ||||||||||||||||||||
Total distributions | - | (0.10 | ) | (0.52 | ) | - | (0.59 | ) | (0.30 | ) | (0.09 | ) | ||||||||||||||||
Net asset value at end of period | $ | 40.62 | $ | 34.18 | $ | 45.30 | $ | 49.24 | $ | 39.34 | $ | 35.99 | $ | 34.24 | ||||||||||||||
Market price at end of period | $ | 40.57 | (b) | $ | 34.22 | (b) | $ | 45.30 | (b) | $ | 49.19 | (b) | $ | 39.32 | $ | 36.01 | $ | 34.19 | ||||||||||
Net Asset Value Total | 18.84 | % | (24.40 | )% | (6.60 | )% | 25.16 | % | 11.00 | % | 6.08 | % | (2.64 | )% | ||||||||||||||
Market Price Total Return(c) | 18.56 | % | (24.31 | )% | (6.51 | )% | 25.10 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 100,457 | $ | 101,604 | $ | 173,156 | $ | 200,560 | $ | 185,801 | $ | 180,784 | $ | 240,495 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.75 | %(d)(e) | 0.75 | % | 0.75 | %(d)(e) | 0.71 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||
Expenses, prior to Waivers | 0.75 | %(d)(e) | 0.75 | % | 0.75 | %(d)(e) | 0.71 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||
Net investment income | 0.68 | %(d) | 0.78 | % | 0.44 | %(d) | 0.60 | % | 0.30 | % | 0.87 | % | 0.59 | % | ||||||||||||||
Portfolio turnover rate(f) | 61 | % | 114 | % | 65 | % | 82 | % | 90 | % | 118 | % | 95 | % |
(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) | 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.
| 49 |
|
Financial Highlights–(continued)
Invesco S&P 500 BuyWrite ETF (PBP)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.45 | $ | 21.39 | $ | 21.29 | $ | 22.21 | $ | 20.33 | $ | 21.22 | ||||||||||||
Net investment income(a) | 0.13 | 0.33 | 0.32 | 0.28 | 0.29 | 0.30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.20 | (3.05 | ) | 0.32 | 1.16 | 2.10 | (0.11 | ) | ||||||||||||||||
Total from investment operations | 1.33 | (2.72 | ) | 0.64 | 1.44 | 2.39 | 0.19 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.36 | ) | (0.31 | ) | (1.09 | ) | (0.33 | ) | (0.34 | ) | ||||||||||||
Net realized gains | - | (0.86 | ) | (0.23 | ) | (1.27 | ) | (0.18 | ) | (0.74 | ) | |||||||||||||
Total distributions | (0.12 | ) | (1.22 | ) | (0.54 | ) | (2.36 | ) | (0.51 | ) | (1.08 | ) | ||||||||||||
Net asset value at end of period | $ | 18.66 | $ | 17.45 | $ | 21.39 | $ | 21.29 | $ | 22.21 | $ | 20.33 | ||||||||||||
Market price at end of period(b) | $ | 18.51 | $ | 17.40 | $ | 21.39 | $ | 21.33 | $ | 22.23 | $ | 20.29 | ||||||||||||
Net Asset Value Total Return(c) | 7.62 | % | (13.62 | )% | 3.16 | % | 6.59 | % | 11.86 | % | 0.90 | % | ||||||||||||
Market Price Total Return(c) | 7.06 | % | (13.85 | )% | 2.97 | % | 6.68 | % | 12.18 | % | 0.67 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 160,476 | $ | 192,813 | $ | 320,778 | $ | 302,296 | $ | 327,596 | $ | 297,895 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.49 | %(d) | 0.49 | % | 0.53 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Net investment income | 1.34 | %(d) | 1.56 | % | 1.47 | % | 1.25 | % | 1.37 | % | 1.47 | % | ||||||||||||
Portfolio turnover rate(e) | 12 | % | 19 | % | 15 | % | 16 | % | 24 | % | 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) | 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.
| 50 |
|
Financial Highlights–(continued)
Invesco S&P 500® Quality ETF (SPHQ)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.61 | $ | 33.29 | $ | 29.53 | $ | 27.62 | $ | 24.70 | $ | 23.25 | ||||||||||||
Net investment income(a) | 0.32 | 0.61 | 0.51 | 0.57 | 0.54 | 0.45 | ||||||||||||||||||
Net realized and unrealized gain on investments | 3.46 | 0.35 | 3.75 | 1.89 | 2.84 | 1.46 | ||||||||||||||||||
Total from investment operations | 3.78 | 0.96 | 4.26 | 2.46 | 3.38 | 1.91 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.64 | ) | (0.50 | ) | (0.55 | ) | (0.46 | ) | (0.46 | ) | ||||||||||||
Net asset value at end of period | $ | 37.09 | $ | 33.61 | $ | 33.29 | $ | 29.53 | $ | 27.62 | $ | 24.70 | ||||||||||||
Market price at end of period(b) | $ | 37.01 | $ | 33.62 | $ | 33.30 | $ | 29.55 | $ | 27.63 | $ | 24.70 | ||||||||||||
Net Asset Value Total Return(c) | 11.28 | % | 3.03 | % | 14.63 | % | 8.94 | % | 13.84 | % | 8.39 | % | ||||||||||||
Market Price Total Return(c) | 11.01 | % | 3.03 | % | 14.59 | % | 8.98 | % | 13.88 | % | 8.43 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,180,828 | $ | 1,756,210 | $ | 1,469,785 | $ | 1,327,157 | $ | 1,222,223 | $ | 899,078 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.15 | %(d) | 0.15 | % | 0.19 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||
Expenses, prior to Waivers | 0.19 | %(d) | 0.21 | % | 0.26 | % | 0.37 | % | 0.38 | % | 0.38 | % | ||||||||||||
Net investment income | 1.70 | %(d) | 1.79 | % | 1.67 | % | 1.95 | % | 2.10 | % | 1.92 | % | ||||||||||||
Portfolio turnover rate(e) | 38 | % | 56 | % | 73 | % | 60 | % | 49 | % | 102 | % |
(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.
| 51 |
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Financial Highlights–(continued)
Invesco S&P Spin-Off ETF (CSD)
Six Months Ended 2020 | Years Ended April 30, | Eight Months Ended April 30, | Years Ended August 31, | |||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.38 | $ | 52.43 | $ | 52.61 | $ | 49.42 | $ | 42.42 | $ | 40.90 | $ | 46.47 | ||||||||||||||
Net investment income(a) | 0.18 | 0.58 | 0.43 | 0.04 | 0.39 | 0.61 | 0.72 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.78 | (18.08 | ) | (0.19 | ) | 3.46 | 7.31 | 1.91 | (5.55 | ) | ||||||||||||||||||
Total from investment operations | 8.96 | (17.50 | ) | 0.24 | 3.50 | 7.70 | 2.52 | (4.83 | ) | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | - | (0.55 | ) | (0.42 | ) | (0.20 | ) | (0.70 | ) | (1.00 | ) | (0.74 | ) | |||||||||||||||
Return of capital | - | - | - | (0.11 | ) | - | - | - | ||||||||||||||||||||
Total distributions | - | (0.55 | ) | (0.42 | ) | (0.31 | ) | (0.70 | ) | (1.00 | ) | (0.74 | ) | |||||||||||||||
Net asset value at end of period | $ | 43.34 | $ | 34.38 | $ | 52.43 | $ | 52.61 | $ | 49.42 | $ | 42.42 | $ | 40.90 | ||||||||||||||
Market price at end of period | $ | 43.31 | (b) | $ | 34.41 | (b) | $ | 52.41 | (b) | $ | 52.55 | (b) | $ | 49.34 | $ | 42.42 | $ | 40.85 | ||||||||||
Net Asset Value Total Return(c) | 26.06 | % | (33.72 | )% | 0.71 | % | 7.10 | % | 18.39 | % | 6.42 | % | (10.54 | )% | ||||||||||||||
Market Price Total Return(c) | 25.86 | % | (33.64 | )% | 0.78 | % | 7.15 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 58,505 | $ | 58,447 | $ | 146,814 | $ | 202,534 | $ | 195,208 | $ | 216,319 | $ | 413,092 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.65 | %(d) | 0.62 | % | 0.62 | % | 0.64 | %(d) | 0.64 | % | 0.65 | % | 0.65 | % | ||||||||||||||
Expenses, prior to Waivers | 0.70 | %(d) | 0.62 | % | 0.62 | % | 0.65 | %(d) | 0.64 | % | 0.71 | % | 0.71 | % | ||||||||||||||
Net investment income | 0.88 | %(d) | 1.27 | % | 0.84 | % | 0.12 | %(d) | 0.86 | % | 1.54 | % | 1.57 | % | ||||||||||||||
Portfolio turnover rate(e) | 22 | % | 55 | % | 49 | % | 24 | % | 44 | % | 116 | % | 56 | % |
(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.
| 52 |
|
Financial Highlights–(continued)
Invesco Water Resources ETF (PHO)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.44 | $ | 34.67 | $ | 30.09 | $ | 26.71 | $ | 22.99 | $ | 25.19 | ||||||||||||
Net investment income(a) | 0.10 | 0.15 | 0.16 | 0.09 | 0.16 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.33 | (0.18 | ) | 4.55 | 3.39 | 3.68 | (2.17 | ) | ||||||||||||||||
Total from investment operations | 6.43 | (0.03 | ) | 4.71 | 3.48 | 3.84 | (2.04 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.20 | ) | (0.13 | ) | (0.10 | ) | (0.12 | ) | (0.16 | ) | ||||||||||||
Net asset value at end of period | $ | 40.77 | $ | 34.44 | $ | 34.67 | $ | 30.09 | $ | 26.71 | $ | 22.99 | ||||||||||||
Market price at end of period(b) | $ | 40.73 | $ | 34.49 | $ | 34.70 | $ | 30.09 | $ | 26.70 | $ | 22.98 | ||||||||||||
Net Asset Value Total Return(c) | 18.69 | % | (0.07 | )% | 15.74 | % | 13.07 | % | 16.73 | % | (8.09 | )% | ||||||||||||
Market Price Total Return(c) | 18.40 | % | (0.01 | )% | 15.84 | % | 13.11 | % | 16.74 | % | (8.06 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,133,428 | $ | 991,846 | $ | 941,269 | $ | 821,548 | $ | 797,147 | $ | 680,463 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(d) | 0.60 | % | 0.60 | % | 0.62 | % | 0.62 | % | 0.61 | % | ||||||||||||
Expenses, prior to Waivers | 0.61 | %(d) | 0.60 | % | 0.60 | % | 0.62 | % | 0.62 | % | 0.61 | % | ||||||||||||
Net investment income | 0.53 | %(d) | 0.42 | % | 0.51 | % | 0.31 | % | 0.64 | % | 0.58 | % | ||||||||||||
Portfolio turnover rate(e) | 9 | % | 26 | % | 31 | % | 23 | % | 44 | % | 89 | % |
(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.
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Financial Highlights–(continued)
Invesco WilderHill Clean Energy ETF (PBW)
Six Months Ended 2020 | Years Ended April 30, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017(a) | 2016(a) | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.91 | $ | 28.30 | $ | 24.64 | $ | 20.85 | $ | 20.55 | $ | 28.80 | ||||||||||||
Net investment income(b) | 0.13 | 0.49 | 0.39 | 0.31 | 0.30 | 0.55 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 31.40 | 3.73 | 3.66 | 3.78 | 0.40 | (8.30 | ) | |||||||||||||||||
Total from investment operations | 31.53 | 4.22 | 4.05 | 4.09 | 0.70 | (7.75 | ) | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.61 | ) | (0.39 | ) | (0.30 | ) | (0.40 | ) | (0.50 | ) | ||||||||||||
Net asset value at end of period | $ | 63.38 | $ | 31.91 | $ | 28.30 | $ | 24.64 | $ | 20.85 | $ | 20.55 | ||||||||||||
Market price at end of period(c) | $ | 63.27 | $ | 31.93 | $ | 28.31 | $ | 24.66 | $ | 20.85 | $ | 20.55 | ||||||||||||
Net Asset Value Total Return(d) | 98.90 | % | 15.13 | % | 16.76 | % | 19.78 | % | 3.60 | % | (27.19 | )% | ||||||||||||
Market Price Total Return(d) | 98.43 | % | 15.16 | % | 16.70 | % | 19.87 | % | 3.60 | % | (27.19 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 869,530 | $ | 247,876 | $ | 144,857 | $ | 116,263 | $ | 103,177 | $ | 101,255 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waivers | 0.63 | %(e) | 0.70 | % | 0.71 | % | 0.77 | % | 0.76 | % | 0.76 | % | ||||||||||||
Net investment income | 0.52 | %(e) | 1.57 | % | 1.56 | % | 1.30 | % | 1.59 | % | 2.37 | % | ||||||||||||
Portfolio turnover rate(f) | 33 | % | 40 | % | 40 | % | 43 | % | 59 | % | 60 | % |
(a) | Per share amounts have been adjusted to reflect a one-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) | 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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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Aerospace & Defense ETF (PPA) | “Aerospace & Defense ETF” | |
Invesco CleantechTM ETF (PZD) | “CleantechTM ETF” | |
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 Raymond James SB-1 Equity ETF (RYJ) | “Raymond James SB-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&P Spin-Off ETF (CSD) | “S&P Spin-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 | |
CleantechTM ETF | 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 | |
Raymond James SB-1 Equity ETF | Raymond James SB-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&P Spin-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.
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 the over-the-counter 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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent
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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 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, because their values depend on the performance of the non-dollar denominated underlying foreign securities. 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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-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 one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. Investments in the securities of non-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
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publicly available information and less reliable financial 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. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Listed Private Equity Companies Risk. There are certain risks inherent in investing in listed private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to or provide services to privately held companies. 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. A Fund is also subject to the underlying risks which affect the listed private equity companies in which the financial institutions or vehicles held by the Fund invest. Listed private equity companies are subject to various risks depending on their underlying investments, which include additional liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Listed private equity companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings, which may be adversely impacted by the poor performance of a small number of investments. By investing in companies in the capital markets whose business is to lend money, there is a risk that the issuer may default on its payments or declare bankruptcy.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
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 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. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because each of Aerospace & Defense ETF, Golden Dragon China ETF, Raymond James SB-1 Equity ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified, and to the extent certain Funds become non-diversified and can invest a greater portion of their assets in securities of individual issuers than 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 their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of their respective 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
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result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, 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. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
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 an accrual basis from the settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to 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 Raymond James SB-1 Equity ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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 for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. |
Each Fund (except for S&P 500 BuyWrite ETF and Raymond James SB-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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
S&P 500 BuyWrite ETF and Raymond James SB-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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 the period-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 and may loan portfolio securities having a market value up to one-third of the 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 |
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borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
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 the 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. Each 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 a 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 fiscal period-end, resulting from changes in exchange rates. |
Each Fund 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 a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s |
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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 are two- 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 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 futures commission merchant (“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. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to over-the-counter (“OTC”) derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.
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 James SB-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 James SB-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 James SB-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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 James SB-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, including proxy expenses (except for such proxies related to: (i) changes to the
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Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund (except for Raymond James SB-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, 2022. The Expense Cap (including sub-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, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. 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 Aerospace & Defense ETF, CleantechTM ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Water Resources ETF and WilderHill Clean Energy ETF.
Through May 18, 2020, the Adviser agreed to waive a portion of the unitary management fee for Raymond James SB-1 Equity ETF to prevent Fund’s 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%.
Additionally, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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 the six-month period ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Aerospace & Defense ETF | $ | 650 | ||
CleantechTM ETF | 4,595 | |||
DWA Momentum ETF | 742 | |||
Global Listed Private Equity ETF | 11,588 | |||
Golden Dragon China ETF | 12,984 | |||
Raymond James SB-1 Equity ETF | 26 | |||
S&P 500 BuyWrite ETF | 53 | |||
S&P 500® Quality ETF | 408,832 | |||
S&P Spin-Off ETF | 16,934 | |||
Water Resources ETF | 1,058 | |||
WilderHill Clean Energy ETF | 355 |
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, 2020 are as follows:
Total Potential Recapture Amounts | ||||||||||||||||||||
Potential Recapture Amounts Expiring | ||||||||||||||||||||
4/30/21 | 4/30/22 | 4/30/23 | 10/31/23 | |||||||||||||||||
CleantechTM ETF | $ | 5 | $ | - | $ | - | $ | 5 | $ | - | ||||||||||
Global Listed Private Equity ETF | 3,622 | - | - | - | 3,622 | |||||||||||||||
Golden Dragon China ETF | 16,382 | - | - | 3,715 | 12,667 | |||||||||||||||
S&P 500® Quality ETF | 2,747,627 | 552,946 | 843,964 | 943,093 | 407,624 | |||||||||||||||
S&P Spin-Off ETF | 16,747 | - | - | - | 16,747 |
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 | |
CleantechTM ETF | 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. | |
Raymond James SB-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&P Spin-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’s sub-licensing agreement with the Adviser. The Funds (except for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby 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.
For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
Aerospace & Defense ETF | $ | 7,361 | ||
CleantechTM ETF | 5 | |||
DWA Momentum ETF | 27,770 | |||
Global Listed Private Equity ETF | 661 | |||
Golden Dragon China ETF | 3,170 | |||
Raymond James SB-1 Equity ETF | 28,615 | |||
S&P 500 BuyWrite ETF | 2 | |||
S&P 500® Quality ETF | 6,234 | |||
S&P Spin-Off ETF | 3,302 | |||
Water Resources ETF | 1,376 | |||
WilderHill Clean Energy ETF | 4,066 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
DWA Momentum ETF | $ | 12,778,777 | $ | 9,402,933 | $ | 127,220 | |||||||||
S&P 500 BuyWrite ETF | 139,883 | 1,530 | (4,946 | ) | |||||||||||
S&P 500® Quality ETF | - | 38,568 | (52,858 | ) |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
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NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for S&P 500 BuyWrite ETF, S&P 500® Quality ETF and Water Resources ETF). As of October 31, 2020, all of the securities in S&P 500 BuyWrite ETF, S&P 500® Quality ETF and Water Resources ETF 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.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Aerospace & Defense ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 598,541,527 | $ | - | $ | - | $ | 598,541,527 | ||||||||||||
Money Market Funds | 489,308 | 3,393,238 | - | 3,882,546 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 599,030,835 | $ | 3,393,238 | $ | - | $ | 602,424,073 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CleantechTM ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 321,881,518 | $ | - | $ | - | $ | 321,881,518 | ||||||||||||
Money Market Funds | - | 6,572,808 | - | 6,572,808 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 321,881,518 | $ | 6,572,808 | $ | - | $ | 328,454,326 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DWA Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,697,044,537 | $ | - | $ | - | $ | 1,697,044,537 | ||||||||||||
Money Market Funds | 285,773 | 582,470 | - | 868,243 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 1,697,330,310 | $ | 582,470 | $ | - | $ | 1,697,912,780 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Global Listed Private Equity ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 141,032,829 | $ | - | $ | - | $ | 141,032,829 | ||||||||||||
Money Market Funds | 8,303,173 | 10,005,177 | - | 18,308,350 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | 149,336,002 | 10,005,177 | - | 159,341,179 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Investments - Liabilities* | ||||||||||||||||||||
Swap Agreements | (468,036 | ) | - | - | (468,036 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 148,867,966 | $ | 10,005,177 | $ | - | $ | 158,873,143 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Golden Dragon China ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 194,907,400 | $ | - | $ | 0 | $ | 194,907,400 | ||||||||||||
Money Market Funds | 210,796 | 20,185,058 | - | 20,395,854 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 195,118,196 | $ | 20,185,058 | $ | 0 | $ | 215,303,254 | ||||||||||||
|
|
|
|
|
|
|
|
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Raymond James SB-1 Equity ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 100,434,190 | $ | - | $ | - | $ | 100,434,190 | ||||||||||||
Money Market Funds | - | 4,549,832 | - | 4,549,832 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 100,434,190 | $ | 4,549,832 | $ | - | $ | 104,984,022 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
S&P Spin-Off ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 57,368,900 | $ | - | $ | - | $ | 57,368,900 | ||||||||||||
Money Market Funds | 167,348 | 821,630 | - | 988,978 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 57,536,248 | $ | 821,630 | $ | - | $ | 58,357,878 | ||||||||||||
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|
|
|
|
|
|
| |||||||||||||
WilderHill Clean Energy ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 868,711,691 | $ | - | $ | - | $ | 868,711,691 | ||||||||||||
Money Market Funds | 418,928 | 164,950,543 | - | 165,369,471 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 869,130,619 | $ | 164,950,543 | $ | - | $ | 1,034,081,162 | ||||||||||||
|
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* | Unrealized appreciation (depreciation). |
NOTE 6–Derivative Investments
The Funds may enter into an 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 and close-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 at Period-End
The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2020:
Global Listed Private Equity ETF | S&P 500 BuyWrite ETF | |||||||||
Derivative Liabilities | Equity Risk | Equity Risk | ||||||||
Unrealized depreciation on swap agreements—OTC | $ | (468,036 | ) | $ | - | |||||
Options written, at value - Exchange-Traded | - | (552,570 | ) | |||||||
|
|
|
| |||||||
Total Derivative Liabilities | (468,036 | ) | (552,570 | ) | ||||||
|
|
|
| |||||||
Derivatives not subject to master netting agreements | - | 552,570 | ||||||||
|
|
|
| |||||||
Total Derivative Liabilities subject to master netting agreements | $ | (468,036 | ) | $ | - | |||||
|
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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, 2020:
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. | $ | - | $ | (467,847 | ) | $ | (467,847 | ) | $ | - | $ | 370,000 | $ | (97,847 | ) | |||||||||
Morgan Stanley Capital Services LLC | - | (189 | ) | (189 | ) | - | - | (189 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | - | $ | (468,036 | ) | $ | (468,036 | ) | $ | - | $ | 370,000 | $ | (98,036 | ) | |||||||||
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Effect of Derivative Investments for the Six-Month Period Ended October 31, 2020
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 | $ | - | $ | (15,203,523 | ) | |||||
Swap agreements | 1,288,782 | - | ||||||||
Change in Net Unrealized Appreciation (Depreciation): | ||||||||||
Options written | - | 4,239,639 | ||||||||
Swap agreements | (610,328 | ) | - | |||||||
|
|
|
| |||||||
Total | $ | 678,454 | $ | (10,963,884 | ) | |||||
|
|
|
|
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 | $ | - | $ | 186,153,286 | |||||||||||
Swap agreements | 9,815,353 | - |
NOTE 7–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryfoward as of April 30, 2020, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Aerospace & Defense ETF | $ | 7,123,148 | $ | 12,202,908 | $ | 19,326,056 | ||||||
CleantechTM ETF | 3,002,621 | 21,308,664 | 24,311,285 | |||||||||
DWA Momentum ETF | 508,401,454 | - | 508,401,454 | |||||||||
Global Listed Private Equity ETF | 25,624,015 | 62,725,882 | 88,349,897 | |||||||||
Golden Dragon China ETF | 31,157,117 | 180,511,075 | 211,668,192 | |||||||||
Raymond James SB-1 Equity ETF | 43,492,521 | 26,424,012 | 69,916,533 | |||||||||
S&P 500 BuyWrite ETF | - | - | - | |||||||||
S&P 500® Quality ETF | 89,347,247 | 92,950,391 | 182,297,638 | |||||||||
S&P Spin-Off ETF | 60,873,494 | 82,003,224 | 142,876,718 | |||||||||
Water Resources ETF | 157,018,603 | 123,737,426 | 280,756,029 | |||||||||
WilderHill Clean Energy ETF | 92,260,621 | 359,029,813 | 451,290,434 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
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NOTE 8–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Aerospace & Defense ETF | $ | 46,835,334 | $ | 46,873,778 | ||||
CleantechTM ETF | 28,301,622 | 29,525,041 | ||||||
DWA Momentum ETF | 792,722,853 | 794,324,129 | ||||||
Global Listed Private Equity ETF | 49,922,354 | 49,072,895 | ||||||
Golden Dragon China ETF | 19,174,351 | 18,226,192 | ||||||
Raymond James SB-1 Equity ETF | 66,748,587 | 64,511,534 | ||||||
S&P 500 BuyWrite ETF | 22,611,007 | 38,572,004 | ||||||
S&P 500® Quality ETF | 795,619,324 | 777,482,851 | ||||||
S&P Spin-Off ETF | 12,816,331 | 14,289,813 | ||||||
Water Resources ETF | 100,193,546 | 99,879,848 | ||||||
WilderHill Clean Energy ETF | 168,715,150 | 174,044,168 |
For the six-month period ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Aerospace & Defense ETF | $ | 8,356,455 | $ | 120,775,934 | ||||
CleantechTM ETF | 89,652,151 | 65,592,198 | ||||||
DWA Momentum ETF | 876,197,178 | 801,103,120 | ||||||
Global Listed Private Equity ETF | 21,468,116 | 34,623,743 | ||||||
Golden Dragon China ETF | 24,638,241 | 44,326,963 | ||||||
Raymond James SB-1 Equity ETF | 11,830,714 | 33,187,422 | ||||||
S&P 500 BuyWrite ETF | 3,054,182 | 49,583,772 | ||||||
S&P 500® Quality ETF | 780,302,132 | 554,275,936 | ||||||
S&P Spin-Off ETF | 8,329,099 | 21,598,609 | ||||||
Water Resources ETF | 79,492,299 | 114,516,465 | ||||||
WilderHill Clean Energy ETF | 552,776,474 | 238,491,758 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Aerospace & Defense ETF | $ | 57,675,806 | $ | (111,209,529 | ) | $ | (53,533,723 | ) | $ | 655,957,796 | ||||||
CleantechTM ETF | 78,859,225 | (12,947,059 | ) | 65,912,166 | 262,542,160 | |||||||||||
DWA Momentum ETF | 402,053,454 | (33,715,414 | ) | 368,338,040 | 1,329,574,740 | |||||||||||
Global Listed Private Equity ETF | 15,015,238 | (24,435,177 | ) | (9,419,939 | ) | 168,293,082 | ||||||||||
Golden Dragon China ETF | 56,184,168 | (26,686,598 | ) | 29,497,570 | 185,805,684 | |||||||||||
Raymond James SB-1 Equity ETF | 16,501,817 | (16,422,610 | ) | 79,207 | 104,904,815 | |||||||||||
S&P 500 BuyWrite ETF | 55,746,619 | (47,134,526 | ) | 8,612,093 | 151,963,189 | |||||||||||
S&P 500® Quality ETF | 278,735,301 | (85,076,365 | ) | 193,658,936 | 1,986,686,527 | |||||||||||
S&P Spin-Off ETF | 7,404,732 | (21,110,432 | ) | (13,705,700 | ) | 72,063,578 | ||||||||||
Water Resources ETF | 287,104,263 | (14,305,199 | ) | 272,799,064 | 861,601,426 | |||||||||||
WilderHill Clean Energy ETF | 168,658,713 | (41,113,986 | ) | 127,544,727 | 906,536,435 |
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NOTE 9–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond James SB-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 10–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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 James SB-1 Equity ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco S&P 500 BuyWrite ETF or Invesco Raymond James SB-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, litigation expenses, acquired fund fees and expenses, if any, 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, 2020 through October 31, 2020.
In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF and Invesco Raymond James SB-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 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 the Portfolios’ 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 the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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, 2020 | Ending Account Value October 31, 2020 | 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 | $1,004.40 | 0.62 | % | $3.13 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 | ||||||||||||||||
Invesco CleantechTM ETF (PZD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,373.10 | 0.62 | 3.71 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | 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 | $1,250.20 | 0.62 | % | $3.52 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | �� | 0.62 | 3.16 | |||||||||||||||
Invesco Global Listed Private Equity ETF (PSP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,184.00 | 0.68 | 3.74 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.78 | 0.68 | 3.47 | ||||||||||||||||
Invesco Golden Dragon China ETF (PGJ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,341.20 | 0.70 | 4.13 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||||||||||||||
Invesco Raymond James SB-1 Equity ETF (RYJ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,188.40 | 0.75 | 4.14 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||||||
Invesco S&P 500 BuyWrite ETF (PBP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,076.20 | 0.49 | 2.56 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.74 | 0.49 | 2.50 | ||||||||||||||||
Invesco S&P 500® Quality ETF (SPHQ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,112.80 | 0.15 | 0.80 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | 0.15 | 0.77 | ||||||||||||||||
Invesco S&P Spin-Off ETF (CSD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,260.60 | 0.65 | 3.70 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||||||||||||||
Invesco Water Resources ETF (PHO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,186.90 | 0.61 | 3.36 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.13 | 0.61 | 3.11 | ||||||||||||||||
Invesco WilderHill Clean Energy ETF (PBW) | ||||||||||||||||||||
Actual | 1,000.00 | 1,989.00 | 0.63 | 4.75 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 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, 2020
| ||||||
PWB | Invesco Dynamic Large Cap Growth ETF | |||||
PWV | Invesco Dynamic Large Cap Value ETF | |||||
EQWL | Invesco S&P 100 Equal Weight ETF | |||||
SPGP | Invesco S&P 500 GARP ETF | |||||
SPVM | Invesco S&P 500 Value with Momentum ETF | |||||
XMMO | Invesco S&P MidCap Momentum ETF | |||||
XMHQ | Invesco S&P MidCap Quality ETF | |||||
XMVM | Invesco S&P MidCap Value with Momentum ETF | |||||
XSMO | Invesco S&P SmallCap Momentum ETF | |||||
XSVM | Invesco S&P SmallCap Value with Momentum 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 | ||||||
3 | ||||||
5 | ||||||
7 | ||||||
10 | ||||||
13 | ||||||
16 | ||||||
19 | ||||||
22 | ||||||
25 | ||||||
28 | ||||||
31 | ||||||
34 | ||||||
Statements of Assets and Liabilities | 38 | |||||
Statements of Operations | 40 | |||||
Statements of Changes in Net Assets | 42 | |||||
Financial Highlights | 47 | |||||
Notes to Financial Statements | 59 | |||||
Fund Expenses | 70 |
| 2 |
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Invesco Dynamic Large Cap Growth ETF (PWB)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.03% |
| |||||||
Communication Services-9.48% | ||||||||
Activision Blizzard, Inc. | 128,244 | $ | 9,711,918 | |||||
Alphabet, Inc., Class A(b) | 15,506 | 25,059,402 | ||||||
Charter Communications, Inc., Class A(b) | 17,516 | 10,576,511 | ||||||
Facebook, Inc., Class A(b) | 86,100 | 22,653,771 | ||||||
|
| |||||||
68,001,602 | ||||||||
|
| |||||||
Consumer Discretionary-7.19% | ||||||||
Dollar General Corp. | 53,441 | 11,153,671 | ||||||
eBay, Inc. | 191,077 | 9,100,998 | ||||||
Lowe’s Cos., Inc. | 64,698 | 10,228,754 | ||||||
O’Reilly Automotive, Inc.(b) | 23,427 | 10,228,228 | ||||||
Target Corp. | 71,584 | 10,896,516 | ||||||
|
| |||||||
51,608,167 | ||||||||
|
| |||||||
Consumer Staples-2.80% | ||||||||
Clorox Co. (The) | 48,755 | 10,104,473 | ||||||
Monster Beverage Corp.(b) | 129,963 | 9,951,267 | ||||||
|
| |||||||
20,055,740 | ||||||||
|
| |||||||
Financials-4.13% | ||||||||
Moody’s Corp. | 37,074 | 9,746,755 | ||||||
MSCI, Inc. | 29,297 | 10,249,262 | ||||||
S&P Global, Inc. | 29,759 | 9,604,122 | ||||||
|
| |||||||
29,600,139 | ||||||||
|
| |||||||
Health Care-29.28% | ||||||||
Abbott Laboratories | 226,898 | 23,849,249 | ||||||
Agilent Technologies, Inc. | 109,442 | 11,172,934 | ||||||
Baxter International, Inc. | 124,719 | 9,674,453 | ||||||
Danaher Corp. | 123,542 | 28,357,831 | ||||||
Eli Lilly and Co. | 169,477 | 22,109,969 | ||||||
Humana, Inc. | 26,583 | 10,614,060 | ||||||
IDEXX Laboratories, Inc.(b) | 28,051 | 11,916,626 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 17,496 | 9,510,126 | ||||||
Thermo Fisher Scientific, Inc. | 60,038 | 28,405,178 | ||||||
UnitedHealth Group, Inc. | 80,999 | 24,716,035 | ||||||
Veeva Systems, Inc., Class A(b) | �� | 40,086 | 10,825,224 | |||||
Vertex Pharmaceuticals, Inc.(b) | 39,221 | 8,172,088 | ||||||
Zoetis, Inc. | 67,862 | 10,759,520 | ||||||
|
| |||||||
210,083,293 | ||||||||
|
| |||||||
Industrials-5.74% | ||||||||
Cintas Corp. | 32,761 | 10,304,973 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Fastenal Co. | 224,130 | $ | 9,689,140 | |||||
IHS Markit Ltd. | 134,992 | 10,916,803 | ||||||
Verisk Analytics, Inc. | 57,658 | 10,261,394 | ||||||
|
| |||||||
41,172,310 | ||||||||
|
| |||||||
Information Technology-35.37% | ||||||||
Adobe, Inc.(b) | 49,476 | 22,120,720 | ||||||
Apple, Inc. | 201,933 | 21,982,426 | ||||||
Applied Materials, Inc. | 173,458 | 10,273,917 | ||||||
Autodesk, Inc.(b) | 44,569 | 10,497,782 | ||||||
Cadence Design Systems, Inc.(b) | 98,450 | 10,767,477 | ||||||
Lam Research Corp. | 31,511 | 10,779,283 | ||||||
Mastercard, Inc., Class A | 70,914 | 20,468,617 | ||||||
Microsoft Corp. | 111,446 | 22,564,472 | ||||||
NVIDIA Corp. | 49,972 | 25,053,962 | ||||||
PayPal Holdings, Inc.(b) | 123,571 | 23,000,270 | ||||||
QUALCOMM, Inc. | 93,398 | 11,521,577 | ||||||
salesforce.com, inc.(b) | 91,356 | 21,219,258 | ||||||
ServiceNow, Inc.(b) | 22,422 | 11,156,515 | ||||||
Synopsys, Inc.(b) | 49,608 | 10,609,167 | ||||||
Visa, Inc., Class A | 119,661 | 21,743,600 | ||||||
|
| |||||||
253,759,043 | ||||||||
|
| |||||||
Materials-6.04% | ||||||||
Linde PLC (United Kingdom) | 43,186 | 9,515,603 | ||||||
Newmont Corp. | 167,322 | 10,514,515 | ||||||
Sherwin-Williams Co. (The) | 16,131 | 11,097,805 | ||||||
Southern Copper Corp. (Peru) | 233,915 | 12,243,111 | ||||||
|
| |||||||
43,371,034 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 717,651,328 | ||||||
|
| |||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 58,738 | 58,738 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.04% |
| 717,710,066 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% |
| (272,041 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 717,438,025 | ||||||
|
|
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, 2020
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 688,431 | $ | (629,693 | ) | $ | - | $ | - | $ | 58,738 | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 174,720 | 6,977,584 | (7,152,304 | ) | - | - | - | 77 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 9,924,486 | (9,924,486 | ) | - | - | - | 71 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 3,250,219 | (3,250,237 | ) | - | 18 | - | 48 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 174,720 | $ | 20,840,720 | $ | (20,956,720 | ) | $ | - | $ | 18 | $ | 58,738 | $ | 200 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Information Technology | 35.37 | |||||||
Health Care | 29.28 | |||||||
Communication Services | 9.48 | |||||||
Consumer Discretionary | 7.19 | |||||||
Materials | 6.04 | |||||||
Industrials | 5.74 | |||||||
Financials | 4.13 | |||||||
Consumer Staples | 2.80 | |||||||
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.
| 4 |
|
Invesco Dynamic Large Cap Value ETF (PWV)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.85% |
| |||||||
Communication Services-9.91% | ||||||||
AT&T, Inc. | 716,596 | $ | 19,362,424 | |||||
Comcast Corp., Class A | 480,933 | 20,314,610 | ||||||
Verizon Communications, Inc. | 360,457 | 20,542,444 | ||||||
|
| |||||||
60,219,478 | ||||||||
|
| |||||||
Consumer Discretionary-1.52% | ||||||||
Best Buy Co., Inc. | 82,622 | 9,216,484 | ||||||
|
| |||||||
Consumer Staples-13.18% | ||||||||
Altria Group, Inc. | 209,247 | 7,549,632 | ||||||
Constellation Brands, Inc., Class A | 50,119 | 8,281,162 | ||||||
General Mills, Inc. | 141,474 | 8,363,943 | ||||||
Kraft Heinz Co. (The) | 263,363 | 8,056,274 | ||||||
Kroger Co. (The) | 253,166 | 8,154,477 | ||||||
PepsiCo, Inc. | 154,766 | 20,628,760 | ||||||
Philip Morris International, Inc. | 267,774 | 19,017,310 | ||||||
|
| |||||||
80,051,558 | ||||||||
|
| |||||||
Financials-24.05% | ||||||||
Aflac, Inc. | 248,230 | 8,427,408 | ||||||
Allstate Corp. (The) | 97,255 | 8,631,381 | ||||||
Bank of America Corp. | 822,509 | 19,493,463 | ||||||
Bank of New York Mellon Corp. (The) | 243,798 | 8,376,899 | ||||||
Charles Schwab Corp. (The) | 253,733 | 10,430,964 | ||||||
Chubb Ltd. | 71,656 | 9,308,831 | ||||||
Citigroup, Inc. | 177,006 | 7,331,589 | ||||||
Goldman Sachs Group, Inc. (The) | 43,559 | 8,234,393 | ||||||
JPMorgan Chase & Co. | 209,305 | 20,520,262 | ||||||
MetLife, Inc. | 234,316 | 8,868,861 | ||||||
Morgan Stanley | 174,008 | 8,378,485 | ||||||
Progressive Corp. (The) | 98,474 | 9,049,761 | ||||||
Travelers Cos., Inc. (The) | 78,122 | 9,430,107 | ||||||
U.S. Bancorp | 247,823 | 9,652,706 | ||||||
|
| |||||||
146,135,110 | ||||||||
|
| |||||||
Health Care-17.06% | ||||||||
AbbVie, Inc. | 227,169 | 19,332,082 | ||||||
Biogen, Inc.(b) | 32,785 | 8,264,115 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Bristol-Myers Squibb Co. | 342,710 | $ | 20,031,399 | |||||
Cigna Corp. | 51,695 | 8,631,514 | ||||||
CVS Health Corp. | 144,415 | 8,100,237 | ||||||
Johnson & Johnson. | 140,044 | 19,201,433 | ||||||
Pfizer, Inc. | 565,845 | 20,076,181 | ||||||
|
| |||||||
103,636,961 | ||||||||
|
| |||||||
Industrials-21.51% | ||||||||
Caterpillar, Inc. | 64,075 | 10,062,979 | ||||||
CSX Corp. | 120,611 | 9,521,032 | ||||||
Cummins, Inc. | 44,245 | 9,729,033 | ||||||
Deere & Co. | 43,780 | 9,890,340 | ||||||
Eaton Corp. PLC | 90,010 | 9,342,138 | ||||||
Emerson Electric Co. | 131,555 | 8,523,448 | ||||||
Illinois Tool Works, Inc. | 46,255 | 9,060,429 | ||||||
Johnson Controls International PLC | 223,827 | 9,447,738 | ||||||
PACCAR, Inc. | 106,041 | 9,053,781 | ||||||
Parker-Hannifin Corp. | 44,056 | 9,179,508 | ||||||
Republic Services, Inc. | 98,777 | 8,709,168 | ||||||
Union Pacific Corp. | 110,161 | 19,519,428 | ||||||
Waste Management, Inc. | 80,116 | 8,645,317 | ||||||
|
| |||||||
130,684,339 | ||||||||
|
| |||||||
Information Technology-10.96% | ||||||||
Cisco Systems, Inc. | 506,615 | 18,187,479 | ||||||
Intel Corp. | 433,551 | 19,197,638 | ||||||
International Business Machines Corp. | 73,442 | 8,200,534 | ||||||
Oracle Corp. | 374,575 | 21,017,403 | ||||||
|
| |||||||
66,603,054 | ||||||||
|
| |||||||
Utilities-1.66% | ||||||||
Southern Co. (The) | 176,001 | 10,111,258 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.85% (Cost $646,357,818) |
| 606,658,242 | ||||||
OTHER ASSETS LESS LIABILITIES-0.15% |
| 935,021 | ||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 607,593,263 | |||||
|
|
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. |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 5,465,679 | $ | (5,465,679) | $ | - | $ | - | $ | - | $ | 16 | |||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 13,417,566 | (13,417,566 | ) | - | - | - | 160 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 18,883,245 | $ | (18,883,245) | $ | - | $ | - | $ | - | $ | 176 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Financials | 24.05 | |||
Industrials | 21.51 | |||
Health Care | 17.06 | |||
Consumer Staples | 13.18 | |||
Information Technology | 10.96 | |||
Communication Services | 9.91 | |||
Sector Types Each Less Than 3% | 3.18 | |||
Other Assets Less Liabilities | 0.15 |
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, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Communication Services-8.01% | ||||||||
Alphabet, Inc., Class A(b) | 210 | $ | 339,383 | |||||
Alphabet, Inc., Class C(b) | 205 | 332,307 | ||||||
AT&T, Inc. | 21,679 | 585,767 | ||||||
Charter Communications, Inc., Class A(b) | 1,051 | 634,615 | ||||||
Comcast Corp., Class A | 14,074 | 594,486 | ||||||
Facebook, Inc., Class A(b) | 2,358 | 620,413 | ||||||
Netflix, Inc.(b) | 1,311 | 623,695 | ||||||
Verizon Communications, Inc. | 10,515 | 599,250 | ||||||
Walt Disney Co. (The) | 4,772 | 578,605 | ||||||
|
| |||||||
4,908,521 | ||||||||
|
| |||||||
Consumer Discretionary-10.40% | ||||||||
Amazon.com, Inc.(b) | 203 | 616,338 | ||||||
Booking Holdings, Inc.(b) | 353 | 572,743 | ||||||
Ford Motor Co. | 89,813 | 694,254 | ||||||
General Motors Co. | 20,640 | 712,699 | ||||||
Home Depot, Inc. (The) | 2,275 | 606,765 | ||||||
Lowe’s Cos., Inc. | 3,905 | 617,381 | ||||||
McDonald’s Corp. | 2,884 | 614,292 | ||||||
NIKE,Inc.,Class B | 5,355 | 643,028 | ||||||
Starbucks Corp. | 7,373 | 641,156 | ||||||
Target Corp. | 4,280 | 651,502 | ||||||
|
| |||||||
6,370,158 | ||||||||
|
| |||||||
Consumer Staples-10.87% | ||||||||
Altria Group, Inc. | 14,423 | 520,382 | ||||||
Coca-Cola Co. (The) | 12,312 | 591,715 | ||||||
Colgate-Palmolive Co. | 8,237 | 649,817 | ||||||
Costco Wholesale Corp. | 1,854 | 663,027 | ||||||
Kraft Heinz Co. (The) | 19,826 | 606,477 | ||||||
Mondelez International, Inc., Class A | 10,924 | 580,283 | ||||||
PepsiCo, Inc. | 4,629 | 616,999 | ||||||
Philip Morris International, Inc. | 7,740 | 549,695 | ||||||
Procter & Gamble Co. (The) | 4,576 | 627,370 | ||||||
Walgreens Boots Alliance, Inc. | 18,118 | 616,737 | ||||||
Walmart, Inc. | 4,599 | 638,111 | ||||||
|
| |||||||
6,660,613 | ||||||||
|
| |||||||
Energy-5.44% | ||||||||
Chevron Corp. | 8,092 | 562,394 | ||||||
ConocoPhillips | 18,988 | 543,437 | ||||||
Exxon Mobil Corp. | 17,037 | 555,747 | ||||||
Kinder Morgan, Inc. | 49,039 | 583,564 | ||||||
Occidental Petroleum Corp. | 61,515 | 561,632 | ||||||
Schlumberger Ltd. | 35,181 | 525,604 | ||||||
|
| |||||||
3,332,378 | ||||||||
|
| |||||||
Financials-14.89% | ||||||||
Allstate Corp. (The) | 6,701 | 594,714 | ||||||
American Express Co. | 6,083 | 555,013 | ||||||
American International Group, Inc. | 22,137 | 697,094 | ||||||
Bank of America Corp. | 24,654 | 584,300 | ||||||
Bank of New York Mellon Corp. (The) | 17,464 | 600,063 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 2,901 | 585,712 | ||||||
BlackRock, Inc. | 1,168 | 699,877 | ||||||
Capital One Financial Corp. | 8,894 | 649,974 | ||||||
Citigroup, Inc. | 12,327 | 510,584 | ||||||
Goldman Sachs Group, Inc. (The) | 3,129 | 591,506 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
JPMorgan Chase & Co. | 6,220 | $ | 609,809 | |||||
MetLife, Inc. | 16,445 | 622,443 | ||||||
Morgan Stanley | 12,487 | 601,249 | ||||||
U.S. Bancorp | 17,140 | 667,603 | ||||||
Wells Fargo & Co. | 25,904 | 555,641 | ||||||
|
| |||||||
9,125,582 | ||||||||
|
| |||||||
Health Care-14.90% | ||||||||
Abbott Laboratories | 6,005 | 631,185 | ||||||
AbbVie, Inc. | 7,009 | 596,466 | ||||||
Amgen, Inc. | 2,585 | 560,790 | ||||||
Biogen, Inc.(b) | 2,343 | 590,600 | ||||||
Bristol-Myers Squibb Co. | 10,658 | 622,960 | ||||||
CVS Health Corp. | 11,013 | 617,719 | ||||||
Danaher Corp. | 3,069 | 704,458 | ||||||
Eli Lilly and Co. | 4,245 | 553,803 | ||||||
Gilead Sciences, Inc. | 9,587 | 557,484 | ||||||
Johnson & Johnson | 4,255 | 583,403 | ||||||
Medtronic PLC | 6,001 | 603,521 | ||||||
Merck & Co., Inc. | 7,441 | 559,638 | ||||||
Pfizer, Inc. | 17,430 | 618,416 | ||||||
Thermo Fisher Scientific, Inc. | 1,458 | 689,809 | ||||||
UnitedHealth Group, Inc. | 2,097 | 639,879 | ||||||
|
| |||||||
9,130,131 | ||||||||
|
| |||||||
Industrials-12.12% | ||||||||
3M Co. | 3,805 | 608,648 | ||||||
Boeing Co. (The) | 3,924 | 566,586 | ||||||
Caterpillar, Inc. | 4,110 | 645,475 | ||||||
Emerson Electric Co. | 9,257 | 599,761 | ||||||
FedEx Corp. | 2,714 | 704,202 | ||||||
General Dynamics Corp. | 4,325 | 568,002 | ||||||
General Electric Co. | 106,233 | 788,249 | ||||||
Honeywell International, Inc. | 3,798 | 626,480 | ||||||
Lockheed Martin Corp. | 1,623 | 568,261 | ||||||
Raytheon Technologies Corp. | 10,366 | 563,081 | ||||||
Union Pacific Corp. | 3,209 | 568,603 | ||||||
United Parcel Service, Inc., Class B | 3,957 | 621,684 | ||||||
|
| |||||||
7,429,032 | ||||||||
|
| |||||||
Information Technology-14.88% | ||||||||
Accenture PLC, Class A | 2,693 | 584,139 | ||||||
Adobe, Inc.(b) | 1,342 | 600,008 | ||||||
Apple, Inc. | 5,613 | 611,031 | ||||||
Cisco Systems, Inc. | 15,765 | 565,964 | ||||||
Intel Corp. | 12,826 | 567,935 | ||||||
International Business Machines Corp. | 5,177 | 578,064 | ||||||
Mastercard, Inc., Class A | 1,905 | 549,859 | ||||||
Microsoft Corp. | 3,082 | 624,013 | ||||||
NVIDIA Corp. | 1,293 | 648,258 | ||||||
Oracle Corp. | 11,089 | 622,204 | ||||||
PayPal Holdings, Inc.(b) | 3,435 | 639,357 | ||||||
QUALCOMM, Inc. | 5,572 | 687,362 | ||||||
salesforce.com, inc.(b) | 2,586 | 600,650 | ||||||
Texas Instruments, Inc. | 4,611 | 666,704 | ||||||
Visa, Inc., Class A | 3,133 | 569,297 | ||||||
|
| |||||||
9,114,845 | ||||||||
|
|
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, 2020
(Unaudited)
Shares | Value | |||||||
Materials-1.93% | ||||||||
Dow, Inc. | 12,612 | $ | 573,720 | |||||
DuPont de Nemours, Inc. | 10,734 | 610,550 | ||||||
|
| |||||||
1,184,270 | ||||||||
|
| |||||||
Real Estate-1.95% | ||||||||
American Tower Corp. | 2,517 | 578,029 | ||||||
Simon Property Group, Inc. | 9,851 | 618,741 | ||||||
|
| |||||||
1,196,770 | ||||||||
|
| |||||||
Utilities-4.51% | ||||||||
Duke Energy Corp. | 7,610 | 700,957 | ||||||
Exelon Corp. | 17,547 | 699,950 | ||||||
NextEra Energy, Inc. | 9,044 | 662,111 | ||||||
Southern Co. (The) | 12,208 | 701,350 | ||||||
|
| |||||||
2,764,368 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 61,216,668 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.11% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 66,264 | $ | 66,264 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.01% |
| 61,282,932 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.01)% |
| (3,374 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 61,279,558 | |||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 506,439 | $ | (440,175 | ) | $ | - | $ | - | $ | 66,264 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 75,061 | 1,444,924 | (1,519,985 | ) | - | - | - | 24 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 12,523 | 1,711,574 | (1,724,097 | ) | - | - | - | 3 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 87,584 | $ | 3,662,937 | $ | (3,684,257 | ) | $ | - | $ | - | $ | 66,264 | $ | 29 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Health Care | 14.90 | |||
Financials | 14.89 | |||
Information Technology | 14.88 | |||
Industrials | 12.12 | |||
Consumer Staples | 10.87 | |||
Consumer Discretionary | 10.40 | |||
Communication Services | 8.01 | |||
Energy | 5.44 | |||
Utilities | 4.51 | |||
Sector Types Each Less Than 3% | 3.88 | |||
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.
| 9 |
|
Invesco S&P 500 GARP ETF (SPGP)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.98% |
| |||||||
Communication Services-7.91% | ||||||||
Alphabet, Inc., Class A(b) | 2,071 | $ | 3,346,964 | |||||
Discovery, Inc., Class C(b) | 100,592 | 1,842,845 | ||||||
Facebook, Inc., Class A(b) | 16,055 | 4,224,231 | ||||||
Take-Two Interactive Software, Inc.(b) | 18,245 | 2,826,515 | ||||||
ViacomCBS, Inc., Class B(c) | 101,566 | 2,901,741 | ||||||
|
| |||||||
15,142,296 | ||||||||
|
| |||||||
Consumer Discretionary-10.25% | ||||||||
Booking Holdings, Inc.(b) | 1,609 | 2,610,603 | ||||||
D.R. Horton, Inc. | 39,020 | 2,606,926 | ||||||
eBay, Inc. | 40,056 | 1,907,867 | ||||||
Lennar Corp., Class A | 33,214 | 2,332,619 | ||||||
MGM Resorts International | 115,184 | 2,369,335 | ||||||
NVR, Inc.(b) | 583 | 2,304,652 | ||||||
PulteGroup, Inc. | 76,604 | 3,122,379 | ||||||
Ulta Beauty, Inc.(b) | 11,478 | 2,373,306 | ||||||
|
| |||||||
19,627,687 | ||||||||
|
| |||||||
Consumer Staples-1.31% | ||||||||
Monster Beverage Corp.(b) | 32,821 | 2,513,104 | ||||||
|
| |||||||
Financials-26.29% | ||||||||
Allstate Corp. (The) | 21,371 | 1,896,676 | ||||||
Ameriprise Financial, Inc. | 12,586 | 2,024,206 | ||||||
Cboe Global Markets, Inc. | 36,654 | 2,979,604 | ||||||
Charles Schwab Corp. (The) | 59,519 | 2,446,826 | ||||||
Citizens Financial Group, Inc. | 82,277 | 2,242,048 | ||||||
Comerica, Inc. | 57,637 | 2,623,060 | ||||||
Discover Financial Services | 38,828 | 2,524,208 | ||||||
Everest Re Group Ltd. | 9,166 | 1,806,435 | ||||||
Fifth Third Bancorp | 100,533 | 2,334,376 | ||||||
Hartford Financial Services Group, Inc. (The) | 49,749 | 1,916,331 | ||||||
Lincoln National Corp. | 48,209 | 1,692,136 | ||||||
M&T Bank Corp. | 16,891 | 1,749,570 | ||||||
MarketAxess Holdings, Inc. | 3,922 | 2,113,370 | ||||||
MetLife, Inc. | 60,709 | 2,297,836 | ||||||
Progressive Corp. (The) | 38,455 | 3,534,015 | ||||||
Raymond James Financial, Inc. | 29,046 | 2,220,276 | ||||||
Regions Financial Corp. | 149,944 | 1,994,255 | ||||||
SVB Financial Group(b) | 18,055 | 5,248,589 | ||||||
Synchrony Financial | 110,856 | 2,773,617 | ||||||
T. Rowe Price Group, Inc. | 15,622 | 1,978,683 | ||||||
Zions Bancorporation N.A | 59,341 | 1,914,934 | ||||||
|
| |||||||
50,311,051 | ||||||||
|
| |||||||
Health Care-14.91% | ||||||||
ABIOMED, Inc.(b) | 13,695 | 3,449,497 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 26,997 | 3,108,435 | ||||||
Align Technology, Inc.(b) | 14,594 | 6,218,211 | ||||||
Biogen, Inc.(b) | 7,692 | 1,938,922 | ||||||
Boston Scientific Corp.(b) | 56,513 | 1,936,700 | ||||||
Edwards Lifesciences Corp.(b) | 32,324 | 2,317,307 | ||||||
Humana, Inc. | 5,996 | 2,394,083 | ||||||
Intuitive Surgical, Inc.(b) | 4,670 | 3,115,264 | ||||||
Merck & Co., Inc. | 22,977 | 1,728,100 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 4,285 | 2,329,155 | ||||||
|
| |||||||
28,535,674 | ||||||||
|
|
Shares | Value | |||||||
Industrials-15.52% | ||||||||
Alaska Air Group, Inc. | 50,414 | $ | 1,910,186 | |||||
Copart, Inc.(b) | 30,042 | 3,315,435 | ||||||
Cummins, Inc. | 12,746 | 2,802,718 | ||||||
Delta Air Lines, Inc. | 59,869 | 1,834,386 | ||||||
Expeditors International of Washington, Inc. | 26,393 | 2,332,349 | ||||||
Fastenal Co. | 45,102 | 1,949,759 | ||||||
General Dynamics Corp. | 11,957 | 1,570,313 | ||||||
Huntington Ingalls Industries, Inc. | 9,974 | 1,470,966 | ||||||
J.B. Hunt Transport Services, Inc. | 17,847 | 2,172,694 | ||||||
Old Dominion Freight Line, Inc. | 13,388 | 2,548,674 | ||||||
PACCAR, Inc. | 36,975 | 3,156,925 | ||||||
Quanta Services, Inc. | 74,332 | 4,640,547 | ||||||
|
| |||||||
29,704,952 | ||||||||
|
| |||||||
Information Technology-20.52% | ||||||||
Adobe, Inc.(b) | 8,827 | 3,946,552 | ||||||
Apple, Inc. | 23,523 | 2,560,714 | ||||||
Applied Materials, Inc. | 43,502 | 2,576,623 | ||||||
Arista Networks, Inc.(b) | 16,149 | 3,373,526 | ||||||
Cadence Design Systems, Inc.(b) | 25,548 | 2,794,185 | ||||||
Fortinet, Inc.(b) | 24,241 | 2,675,479 | ||||||
Intel Corp. | 29,399 | 1,301,788 | ||||||
Intuit, Inc. | 7,396 | 2,327,373 | ||||||
KLA Corp. | 12,427 | 2,450,356 | ||||||
Lam Research Corp. | 10,061 | 3,441,667 | ||||||
Mastercard, Inc., Class A | 9,273 | 2,676,559 | ||||||
Microsoft Corp. | 11,121 | 2,251,669 | ||||||
Paycom Software, Inc.(b) | 11,903 | 4,333,763 | ||||||
Visa, Inc., Class A | 14,072 | 2,557,023 | ||||||
|
| |||||||
39,267,277 | ||||||||
|
| |||||||
Materials-2.19% | ||||||||
LyondellBasell Industries N.V., Class A | 26,127 | 1,788,393 | ||||||
Nucor Corp. | 50,201 | 2,397,600 | ||||||
|
| |||||||
4,185,993 | ||||||||
|
| |||||||
Real Estate-1.08% | ||||||||
CBRE Group, Inc., Class A(b) | 40,837 | 2,058,185 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 191,346,219 | ||||||
|
| |||||||
Money Market Funds-0.03% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 69,530 | 69,530 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 191,415,749 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.51% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,156,325 | 1,156,325 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco S&P 500 GARP ETF (SPGP)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, | 1,733,967 | $ | 1,734,487 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,890,812 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.52% |
| 194,306,561 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.52)% |
| (2,915,868 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 191,390,693 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 668,223 | $ | (598,693 | ) | $ | - | $ | - | $ | 69,530 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 211,406 | 2,140,516 | (2,351,922 | ) | - | - | - | 47 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,415,763 | 7,468,414 | (7,727,852 | ) | - | - | 1,156,325 | 80 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 3,084,838 | (1,350,438 | ) | (1 | ) | 88 | 1,734,487 | 33 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,627,169 | $ | 13,361,991 | $ | (12,028,905 | ) | $ | (1 | ) | $ | 88 | $ | 2,960,342 | $ | 162 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 11 |
|
Invesco S&P 500 GARP ETF (SPGP)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Financials | 26.29 | |||
Information Technology | 20.52 | |||
Industrials | 15.52 | |||
Health Care | 14.91 | |||
Consumer Discretionary | 10.25 | |||
Communication Services | 7.91 | |||
Sector Types Each Less Than 3% | 4.58 | |||
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 S&P 500 Value with Momentum ETF (SPVM)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.87% |
| |||||||
Communication Services-4.35% |
| |||||||
AT&T, Inc. | 9,621 | $ | 259,959 | |||||
CenturyLink, Inc. | 50,808 | 437,965 | ||||||
Comcast Corp., Class A | 5,641 | 238,276 | ||||||
DISH Network Corp., Class A(b) | 8,862 | 225,892 | ||||||
Verizon Communications, Inc. | 3,633 | 207,045 | ||||||
|
| |||||||
1,369,137 | ||||||||
|
| |||||||
Consumer Discretionary-13.05% |
| |||||||
Aptiv PLC | 3,252 | 313,785 | ||||||
Best Buy Co., Inc. | 3,981 | 444,081 | ||||||
CarMax, Inc.(b) | 3,009 | 260,098 | ||||||
D.R. Horton, Inc. | 5,312 | 354,895 | ||||||
Genuine Parts Co. | 3,144 | 284,312 | ||||||
Leggett & Platt, Inc. | 7,472 | 311,807 | ||||||
Lennar Corp., Class A | 6,241 | 438,305 | ||||||
LKQ Corp.(b) | 12,350 | 395,076 | ||||||
PulteGroup, Inc. | 9,738 | 396,921 | ||||||
Target Corp. | 1,927 | 293,328 | ||||||
Whirlpool Corp. | 3,329 | 615,732 | ||||||
|
| |||||||
4,108,340 | ||||||||
|
| |||||||
Consumer Staples-9.61% |
| |||||||
Archer-Daniels-Midland Co. | 12,375 | 572,220 | ||||||
Campbell Soup Co. | 4,292 | 200,308 | ||||||
Conagra Brands, Inc. | 6,579 | 230,857 | ||||||
JM Smucker Co. (The) | 2,260 | 253,572 | ||||||
Kraft Heinz Co. (The) | 11,640 | 356,067 | ||||||
Kroger Co. (The) | 14,891 | 479,639 | ||||||
Sysco Corp. | 5,080 | 280,975 | ||||||
Tyson Foods, Inc., Class A | 6,322 | 361,808 | ||||||
Walmart, Inc. | 2,076 | 288,045 | ||||||
|
| |||||||
3,023,491 | ||||||||
|
| |||||||
Energy-2.84% |
| |||||||
Chevron Corp. | 2,808 | 195,156 | ||||||
Kinder Morgan, Inc. | 15,611 | 185,771 | ||||||
Phillips 66 | 5,011 | 233,813 | ||||||
Valero Energy Corp. | 7,209 | 278,340 | ||||||
|
| |||||||
893,080 | ||||||||
|
| |||||||
Financials-25.09% |
| |||||||
Aflac, Inc. | 9,920 | 336,784 | ||||||
Allstate Corp. (The) | 3,954 | 350,917 | ||||||
Ameriprise Financial, Inc. | 2,062 | 331,631 | ||||||
Assurant, Inc. | 3,348 | 416,391 | ||||||
Bank of America Corp. | 13,737 | 325,567 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 1,305 | 263,480 | ||||||
Capital One Financial Corp. | 6,169 | 450,831 | ||||||
Charles Schwab Corp. (The) | 5,708 | 234,656 | ||||||
Citigroup, Inc. | 9,532 | 394,815 | ||||||
Globe Life, Inc. | 3,727 | 302,222 | ||||||
Goldman Sachs Group, Inc. (The) | 1,720 | 325,149 | ||||||
Hartford Financial Services Group, Inc. (The) | 11,083 | 426,917 | ||||||
JPMorgan Chase & Co. | 2,738 | 268,434 | ||||||
MetLife, Inc. | 17,165 | 649,695 | ||||||
Morgan Stanley | 7,876 | 379,229 | ||||||
Northern Trust Corp. | 2,961 | 231,757 | ||||||
People’s United Financial, Inc. | 34,674 | 369,972 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
PNC Financial Services Group, Inc. (The) | 2,679 | $ | 299,727 | |||||
Progressive Corp. (The) | 3,067 | 281,857 | ||||||
State Street Corp. | 5,257 | 309,637 | ||||||
SVB Financial Group(b) | 1,141 | 331,689 | ||||||
Truist Financial Corp. | 8,965 | 377,606 | ||||||
W.R. Berkley Corp. | 3,935 | 236,572 | ||||||
|
| |||||||
7,895,535 | ||||||||
|
| |||||||
Health Care-12.05% |
| |||||||
AmerisourceBergen Corp. | 4,908 | 471,512 | ||||||
Anthem, Inc. | 1,055 | 287,804 | ||||||
Biogen, Inc.(b) | 714 | 179,978 | ||||||
Centene Corp.(b) | 6,301 | 372,389 | ||||||
Cigna Corp. | 1,890 | 315,573 | ||||||
CVS Health Corp. | 7,699 | 431,837 | ||||||
DaVita, Inc.(b) | 2,891 | 249,349 | ||||||
HCA Healthcare, Inc. | 2,172 | 269,198 | ||||||
Humana, Inc. | 604 | 241,165 | ||||||
McKesson Corp. | 2,799 | 412,824 | ||||||
Perrigo Co. PLC | 4,780 | 209,699 | ||||||
Universal Health Services, Inc., Class B | 3,204 | 350,998 | ||||||
|
| |||||||
3,792,326 | ||||||||
|
| |||||||
Industrials-14.36% |
| |||||||
C.H. Robinson Worldwide, Inc. | 2,847 | 251,760 | ||||||
Caterpillar, Inc. | 1,693 | 265,886 | ||||||
Cummins, Inc. | 1,395 | 306,747 | ||||||
Deere & Co. | 1,304 | 294,587 | ||||||
Eaton Corp. PLC | 2,431 | 252,313 | ||||||
Howmet Aerospace, Inc. | 31,869 | 549,740 | ||||||
Huntington Ingalls Industries, Inc. | 1,252 | 184,645 | ||||||
Ingersoll Rand, Inc.(b) | 6,522 | 227,879 | ||||||
Jacobs Engineering Group, Inc. | 3,577 | 339,815 | ||||||
PACCAR, Inc. | 3,519 | 300,452 | ||||||
Quanta Services, Inc. | 10,629 | 663,568 | ||||||
Snap-on, Inc. | 1,784 | 281,034 | ||||||
Stanley Black & Decker, Inc. | 1,626 | 270,241 | ||||||
United Rentals, Inc.(b) | 1,864 | 332,333 | ||||||
|
| |||||||
4,521,000 | ||||||||
|
| |||||||
Information Technology-3.13% |
| |||||||
International Business Machines Corp. | 1,650 | 184,239 | ||||||
Micron Technology, Inc.(b) | 4,428 | 222,906 | ||||||
Seagate Technology PLC | 4,630 | 221,407 | ||||||
Western Digital Corp. | 4,739 | 178,802 | ||||||
Western Union Co. (The) | 9,178 | 178,420 | ||||||
|
| |||||||
985,774 | ||||||||
|
| |||||||
Materials-5.73% |
| |||||||
Albemarle Corp. | 2,636 | 245,701 | ||||||
Corteva, Inc. | 8,803 | 290,323 | ||||||
Newmont Corp. | 3,649 | 229,303 | ||||||
Packaging Corp. of America | 2,171 | 248,558 | ||||||
Westrock Co. | 21,056 | 790,653 | ||||||
|
| |||||||
1,804,538 | ||||||||
|
| |||||||
Real Estate-1.08% |
| |||||||
CBRE Group, Inc., Class A(b) | 6,741 | 339,746 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Utilities-8.58% | ||||||||
Consolidated Edison, Inc. | 3,358 | $ | 263,569 | |||||
DTE Energy Co. | 2,169 | 267,698 | ||||||
Duke Energy Corp. | 2,807 | 258,553 | ||||||
Edison International. | 4,293 | 240,580 | ||||||
Entergy Corp. | 2,215 | 224,202 | ||||||
Evergy, Inc. | 3,452 | 190,550 | ||||||
NRG Energy, Inc. | 8,674 | 274,272 | ||||||
Pinnacle West Capital Corp. | 3,102 | 253,030 | ||||||
PPL Corp. | 9,475 | 260,563 | ||||||
Public Service Enterprise Group, Inc. | 4,402 | 255,976 | ||||||
Sempra Energy | 1,674 | 209,853 | ||||||
|
| |||||||
2,698,846 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 31,431,813 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.26% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 81,286 | $ | 81,286 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.13% |
| 31,513,099 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.13)% |
| (39,953 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 31,473,146 | |||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 294,322 | $ | (213,036 | ) | $ | - | $ | - | $ | 81,286 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 124,965 | 842,361 | (967,326 | ) | - | - | - | 24 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 1,245,366 | (1,245,366 | ) | - | - | - | 9 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 247,025 | (247,028 | ) | - | 3 | - | 4 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 124,965 | $ | 2,629,074 | $ | (2,672,756 | ) | $ | - | $ | 3 | $ | 81,286 | $ | 39 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Financials | 25.09 | |||
Industrials | 14.36 | |||
Consumer Discretionary | 13.05 | |||
Health Care | 12.05 | |||
Consumer Staples | 9.61 | |||
Utilities | 8.58 | |||
Materials | 5.73 | |||
Communication Services | 4.35 | |||
Information Technology | 3.13 | |||
Sector Types Each Less Than 3% | 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.
| 15 |
|
Invesco S&P MidCap Momentum ETF (XMMO)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-3.08% | ||||||||
Cable One, Inc. | 8,739 | $ | 15,134,725 | |||||
New York Times Co. (The), Class A | 176,970 | 7,018,630 | ||||||
|
| |||||||
22,153,355 | ||||||||
|
| |||||||
Consumer Discretionary-11.22% |
| |||||||
Brunswick Corp. | 86,387 | 5,503,716 | ||||||
Deckers Outdoor Corp.(b) | 30,968 | 7,846,362 | ||||||
Helen of Troy Ltd.(b) | 27,287 | 5,173,615 | ||||||
KB Home | 78,146 | 2,520,208 | ||||||
Lithia Motors, Inc., Class A | 35,398 | 8,126,319 | ||||||
Murphy USA, Inc.(b) | 39,026 | 4,772,490 | ||||||
Papa John’s International, Inc. | 72,846 | 5,580,004 | ||||||
Penn National Gaming, Inc.(b) | 145,448 | 7,851,283 | ||||||
RH(b) | 27,318 | 9,157,813 | ||||||
Thor Industries, Inc. | 94,240 | 7,970,819 | ||||||
TopBuild Corp.(b) | 45,620 | 6,989,440 | ||||||
TRI Pointe Group, Inc.(b) | 110,154 | 1,809,830 | ||||||
Williams-Sonoma, Inc. | 82,031 | 7,482,048 | ||||||
|
| |||||||
80,783,947 | ||||||||
|
| |||||||
Consumer Staples-6.52% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.(b) | 243,669 | 9,330,086 | ||||||
Boston Beer Co., Inc. (The), Class A(b) | 20,476 | 21,278,250 | ||||||
Darling Ingredients, Inc.(b) | 192,381 | 8,272,383 | ||||||
Hain Celestial Group, Inc. (The)(b) | 143,368 | 4,408,566 | ||||||
Sprouts Farmers Market, Inc.(b) | 191,966 | 3,656,952 | ||||||
|
| |||||||
46,946,237 | ||||||||
|
| |||||||
Financials-3.52% |
| |||||||
Brown & Brown, Inc. | 288,271 | 12,542,671 | ||||||
FactSet Research Systems, Inc. | 41,630 | 12,759,595 | ||||||
|
| |||||||
25,302,266 | ||||||||
|
| |||||||
Health Care-24.14% |
| |||||||
Amedisys, Inc.(b) | 58,177 | 15,067,843 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 116,535 | 6,677,456 | ||||||
Bio-Techne Corp. | 52,089 | 13,147,784 | ||||||
Charles River Laboratories International, Inc.(b) | 72,567 | 16,523,506 | ||||||
Chemed Corp. | 16,746 | 8,009,947 | ||||||
Emergent BioSolutions, Inc.(b) | 104,755 | 9,424,807 | ||||||
LHC Group, Inc.(b) | 48,881 | 10,585,181 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) | 15,800 | 1,302,710 | ||||||
Masimo Corp.(b) | 78,424 | 17,552,860 | ||||||
Molina Healthcare, Inc.(b) | 74,222 | 13,840,176 | ||||||
Patterson Cos., Inc. | 108,088 | 2,688,689 | ||||||
Penumbra, Inc.(b) | 39,725 | 10,369,417 | ||||||
Quidel Corp.(b) | 85,860 | 23,035,379 | ||||||
Repligen Corp.(b) | 82,128 | 13,680,061 | ||||||
Syneos Health, Inc.(b) | 56,063 | 2,975,824 | ||||||
United Therapeutics Corp.(b) | 66,219 | 8,888,576 | ||||||
|
| |||||||
173,770,216 | ||||||||
|
| |||||||
Industrials-16.97% |
| |||||||
Axon Enterprise, Inc.(b) | 51,943 | 5,137,163 | ||||||
Builders FirstSource, Inc.(b) | 118,692 | 3,596,368 | ||||||
CoreLogic, Inc. | 106,765 | 8,213,431 | ||||||
FTI Consulting, Inc.(b) | 32,007 | 3,151,409 | ||||||
Generac Holdings, Inc.(b) | 141,225 | 29,678,434 | ||||||
Knight-Swift Transportation Holdings, Inc. | 133,375 | 5,066,916 |
Shares | Value | |||||||
Industrials-(continued) |
| |||||||
MSA Safety, Inc. | 30,125 | $ | 3,974,090 | |||||
Nordson Corp. | 67,559 | 13,067,937 | ||||||
Stericycle, Inc.(b) | 100,293 | 6,248,254 | ||||||
Sunrun, Inc.(b) | 197,081 | 10,252,154 | ||||||
Tetra Tech, Inc. | 44,513 | 4,491,807 | ||||||
Trex Co., Inc.(b) | 184,370 | 12,821,090 | ||||||
Watsco, Inc. | 60,179 | 13,488,521 | ||||||
Werner Enterprises, Inc. | 78,926 | 3,000,766 | ||||||
|
| |||||||
122,188,340 | ||||||||
|
| |||||||
Information Technology-25.05% |
| |||||||
Ceridian HCM Holding, Inc.(b) | 167,231 | 14,418,657 | ||||||
Ciena Corp.(b) | 178,907 | 7,047,147 | ||||||
Cirrus Logic, Inc.(b) | 67,234 | 4,630,405 | ||||||
Cognex Corp. | 241,508 | 15,915,377 | ||||||
Enphase Energy, Inc.(b) | 194,148 | 19,043,977 | ||||||
Fair Isaac Corp.(b) | 28,384 | 11,110,917 | ||||||
II-VI, Inc.(b) | 99,676 | 4,532,268 | ||||||
Lumentum Holdings, Inc.(b) | 118,169 | 9,771,395 | ||||||
MKS Instruments, Inc. | 71,679 | 7,769,287 | ||||||
Monolithic Power Systems, Inc. | 75,447 | 24,112,861 | ||||||
Paylocity Holding Corp.(b) | 38,569 | 7,155,321 | ||||||
PTC, Inc.(b) | 116,407 | 9,764,219 | ||||||
Qualys, Inc.(b) | 53,917 | 4,736,608 | ||||||
SolarEdge Technologies, Inc.(b) | 112,727 | 29,048,621 | ||||||
Synaptics, Inc.(b) | 76,990 | 5,902,823 | ||||||
SYNNEX Corp. | 40,745 | 5,363,672 | ||||||
|
| |||||||
180,323,555 | ||||||||
|
| |||||||
Materials-4.33% |
| |||||||
Royal Gold, Inc. | 62,839 | 7,465,902 | ||||||
RPM International, Inc. | 135,843 | 11,501,827 | ||||||
Scotts Miracle-Gro Co. (The) | 54,639 | 8,198,582 | ||||||
Silgan Holdings, Inc. | 116,470 | 4,012,391 | ||||||
|
| |||||||
31,178,702 | ||||||||
|
| |||||||
Real Estate-5.12% |
| |||||||
CoreSite Realty Corp. | 54,542 | 6,510,133 | ||||||
CyrusOne, Inc. | 177,161 | 12,587,289 | ||||||
EastGroup Properties, Inc. | 31,768 | 4,227,685 | ||||||
First Industrial Realty Trust, Inc. | 120,348 | 4,791,054 | ||||||
Medical Properties Trust, Inc. | 490,925 | 8,748,284 | ||||||
|
| |||||||
36,864,445 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 719,511,063 | ||||||
|
| |||||||
Money Market Funds-0.06% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 408,269 | 408,269 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 719,919,332 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco S&P MidCap Momentum ETF (XMMO)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.18% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 527,753 | $ | 527,753 | |||||
Invesco Private Prime Fund, | 791,392 | 791,630 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,319,383 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.19% (Cost $624,409,144) |
| 721,238,715 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.19)% |
| (1,399,817 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 719,838,898 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 2,144,008 | $ | (1,735,739 | ) | $ | - | $ | - | $ | 408,269 | $ | 7 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 388,090 | 6,566,617 | (6,954,707 | ) | - | - | - | 130 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,859,473 | 29,432,872 | (30,764,592 | ) | - | - | 527,753 | 692 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 5,972,196 | (5,180,597 | ) | 4 | 27 | 791,630 | 521 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,247,563 | $ | 44,115,693 | $ | (44,635,635 | ) | $ | 4 | $ | 27 | $ | 1,727,652 | $ | 1,350 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 17 |
|
Invesco S&P MidCap Momentum ETF (XMMO)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Information Technology | 25.05 | |||
Health Care | 24.14 | |||
Industrials | 16.97 | |||
Consumer Discretionary | 11.22 | |||
Consumer Staples | 6.52 | |||
Real Estate | 5.12 | |||
Materials | 4.33 | |||
Financials | 3.52 | |||
Communication Services | 3.08 | |||
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.
| 18 |
|
Invesco S&P MidCap Quality ETF (XMHQ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.92% |
| |||||||
Communication Services-1.73% |
| |||||||
New York Times Co. (The), Class A | 29,429 | $ | 1,167,154 | |||||
|
| |||||||
Consumer Discretionary-7.99% | ||||||||
Adtalem Global Education, Inc.(b) | 9,702 | 227,415 | ||||||
Cracker Barrel Old Country Store, Inc. | 4,213 | 479,524 | ||||||
Deckers Outdoor Corp.(b) | 6,362 | 1,611,940 | ||||||
Gentex Corp. | 54,944 | 1,520,300 | ||||||
KB Home | 15,470 | 498,907 | ||||||
Murphy USA, Inc.(b) | 5,301 | 648,259 | ||||||
TRI Pointe Group, Inc.(b) | 24,020 | 394,649 | ||||||
|
| |||||||
5,380,994 | ||||||||
|
| |||||||
Consumer Staples-1.02% |
| |||||||
Lancaster Colony Corp. | 3,504 | 582,155 | ||||||
Tootsie Roll Industries, Inc.(c) | 3,426 | 102,369 | ||||||
|
| |||||||
684,524 | ||||||||
|
| |||||||
Financials-17.61% |
| |||||||
Affiliated Managers Group, Inc. | 8,015 | 604,090 | ||||||
Bank of Hawaii Corp. | 6,929 | 420,175 | ||||||
Bank OZK | 22,592 | 559,830 | ||||||
Brighthouse Financial, Inc.(b) | 17,619 | 583,189 | ||||||
Eaton Vance Corp. | 21,403 | 1,279,685 | ||||||
FactSet Research Systems, Inc. | 9,981 | 3,059,176 | ||||||
Federated Hermes, Inc., Class B | 16,920 | 404,388 | ||||||
First Financial Bankshares, Inc. | 24,291 | 724,115 | ||||||
Home BancShares, Inc. | 29,787 | 494,464 | ||||||
International Bancshares Corp. | 9,817 | 271,735 | ||||||
SEI Investments Co. | 25,371 | 1,246,985 | ||||||
Signature Bank. | 9,820 | 792,867 | ||||||
SLM Corp. | 92,923 | 853,962 | ||||||
Sterling Bancorp | 41,847 | 559,913 | ||||||
|
| |||||||
11,854,574 | ||||||||
|
| |||||||
Health Care-6.31% |
| |||||||
Arrowhead Pharmaceuticals, Inc.(b) | 20,612 | 1,181,068 | ||||||
Chemed Corp. | 3,139 | 1,501,446 | ||||||
Haemonetics Corp.(b) | 11,128 | 1,124,930 | ||||||
Patterson Cos., Inc. | 17,733 | 441,108 | ||||||
|
| |||||||
4,248,552 | ||||||||
|
| |||||||
Industrials-33.99% |
| |||||||
Acuity Brands, Inc. | 7,368 | 656,784 | ||||||
AGCO Corp. | 10,501 | 808,892 | ||||||
Donaldson Co., Inc. | 24,074 | 1,143,515 | ||||||
Generac Holdings, Inc.(b) | 11,568 | 2,431,015 | ||||||
Graco, Inc. | 33,158 | 2,052,480 | ||||||
Healthcare Services Group, Inc. | 14,596 | 333,956 | ||||||
Herman Miller, Inc. | 10,479 | 319,295 | ||||||
HNI Corp. | 6,918 | 225,181 | ||||||
Hubbell, Inc. | 10,136 | 1,474,889 | ||||||
ITT, Inc. | 15,126 | 915,274 | ||||||
Landstar System, Inc. | 11,241 | 1,401,753 | ||||||
Lincoln Electric Holdings, Inc. | 12,041 | 1,226,015 | ||||||
ManpowerGroup, Inc. | 10,911 | 740,530 | ||||||
MSA Safety, Inc. | 6,849 | 903,520 | ||||||
MSC Industrial Direct Co., Inc., Class A | 8,947 | 623,248 | ||||||
Nordson Corp. | 10,078 | 1,949,388 | ||||||
nVent Electric PLC | 25,110 | 453,235 |
Shares | Value | |||||||
Industrials-(continued) |
| |||||||
Oshkosh Corp. | 12,778 | $ | 860,726 | |||||
Regal Beloit Corp. | 7,301 | 720,244 | ||||||
Tetra Tech, Inc. | 9,988 | 1,007,889 | ||||||
Trex Co., Inc.(b) | 21,475 | 1,493,371 | ||||||
Werner Enterprises, Inc. | 9,551 | 363,129 | ||||||
Woodward, Inc. | 9,796 | 779,272 | ||||||
|
| |||||||
22,883,601 | ||||||||
|
| |||||||
Information Technology-17.36% |
| |||||||
Ciena Corp.(b) | 29,664 | 1,168,465 | ||||||
Cirrus Logic, Inc.(b) | 10,618 | 731,262 | ||||||
Cognex Corp. | 30,411 | 2,004,085 | ||||||
Coherent, Inc.(b) | 4,230 | 529,342 | ||||||
InterDigital, Inc. | 6,294 | 352,338 | ||||||
Littelfuse, Inc. | 4,239 | 839,068 | ||||||
LiveRamp Holdings, Inc.(b) | 14,777 | 976,612 | ||||||
Manhattan Associates, Inc.(b) | 13,949 | 1,192,640 | ||||||
National Instruments Corp. | 23,926 | 748,405 | ||||||
NetScout Systems, Inc.(b) | 12,000 | 246,240 | ||||||
SYNNEX Corp. | 7,249 | 954,258 | ||||||
Trimble, Inc.(b) | 40,496 | 1,949,072 | ||||||
|
| |||||||
11,691,787 | ||||||||
|
| |||||||
Materials-12.08% |
| |||||||
Avient Corp. | 22,953 | 713,150 | ||||||
Cabot Corp. | 9,136 | 347,259 | ||||||
Minerals Technologies, Inc. | 6,220 | 340,172 | ||||||
NewMarket Corp. | 1,727 | 617,731 | ||||||
Reliance Steel & Aluminum Co. | 12,241 | 1,334,146 | ||||||
Royal Gold, Inc. | 14,201 | 1,687,221 | ||||||
Scotts Miracle-Gro Co. (The) | 7,358 | 1,104,068 | ||||||
Sensient Technologies Corp. | 7,346 | 480,649 | ||||||
Steel Dynamics, Inc. | 38,872 | 1,223,690 | ||||||
Worthington Industries, Inc. | 5,737 | 282,318 | ||||||
|
| |||||||
8,130,404 | ||||||||
|
| |||||||
Real Estate-1.83% |
| |||||||
PS Business Parks, Inc. | 4,226 | 481,891 | ||||||
Sabra Health Care REIT, Inc. | 34,459 | 453,480 | ||||||
Weingarten Realty Investors | 18,815 | 298,406 | ||||||
|
| |||||||
1,233,777 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 67,275,367 | ||||||
|
| |||||||
Money Market Funds-0.18% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 118,708 | 118,708 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 67,394,075 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.15% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 42,219 | 42,219 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco S&P MidCap Quality ETF (XMHQ)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 62,038 | $ | 62,056 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 104,275 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.25% |
| 67,498,350 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.25)% |
| (170,821 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 67,327,529 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 302,204 | $ | (183,496 | ) | $ | - | $ | - | $ | 118,708 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 113,570 | 1,381,450 | (1,495,020 | ) | - | - | - | 32 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 658,378 | 2,472,812 | (3,088,971 | ) | - | - | 42,219 | 44 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 871,403 | (809,369 | ) | - | 22 | 62,056 | 34 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 771,948 | $ | 5,027,869 | $ | (5,576,856 | ) | $ | - | $ | 22 | $ | 222,983 | $ | 112 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 MidCap Quality ETF (XMHQ)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Industrials | 33.99 | |||
Financials | 17.61 | |||
Information Technology | 17.36 | |||
Materials | 12.08 | |||
Consumer Discretionary | 7.99 | |||
Health Care | 6.31 | |||
Sector Types Each Less Than 3% | 4.58 | |||
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.
| 21 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Communication Services-0.66% | ||||||||
John Wiley & Sons, Inc., Class A | 9,120 | $ | 282,355 | |||||
|
| |||||||
Consumer Discretionary-17.67% | ||||||||
Adient PLC(b) | 23,417 | 496,909 | ||||||
AutoNation, Inc.(b) | 21,449 | 1,216,802 | ||||||
Dana, Inc. | 63,195 | 884,098 | ||||||
Dick’s Sporting Goods, Inc. | 15,809 | 895,580 | ||||||
KB Home | 16,524 | 532,899 | ||||||
Murphy USA, Inc.(b) | 4,669 | 570,972 | ||||||
Skechers U.S.A., Inc., Class A(b) | 11,035 | 349,920 | ||||||
Taylor Morrison Home Corp., Class A(b) | 35,516 | 767,146 | ||||||
Thor Industries, Inc. | 3,867 | 327,071 | ||||||
Toll Brothers, Inc. | 18,595 | 786,196 | ||||||
TRI Pointe Group, Inc.(b) | 43,329 | 711,895 | ||||||
|
| |||||||
7,539,488 | ||||||||
|
| |||||||
Consumer Staples-5.51% | ||||||||
BJ’s Wholesale Club Holdings, Inc.(b) | 12,264 | 469,589 | ||||||
Darling Ingredients, Inc.(b) | 18,475 | 794,425 | ||||||
Ingredion, Inc. | 4,460 | 316,169 | ||||||
Pilgrim’s Pride Corp.(b) | 26,959 | 451,294 | ||||||
Sprouts Farmers Market, Inc.(b) | 16,696 | 318,059 | ||||||
|
| |||||||
2,349,536 | ||||||||
|
| |||||||
Energy-2.70% | ||||||||
CNX Resources Corp.(b) | 39,036 | 378,649 | ||||||
World Fuel Services Corp. | 36,695 | 772,430 | ||||||
|
| |||||||
1,151,079 | ||||||||
|
| |||||||
Financials-27.69% | ||||||||
Alleghany Corp. | 855 | 467,625 | ||||||
BancorpSouth Bank | 20,607 | 482,410 | ||||||
Bank OZK | 22,511 | 557,823 | ||||||
Cathay General Bancorp | 17,946 | 422,269 | ||||||
CNO Financial Group, Inc. | 54,460 | 966,665 | ||||||
F.N.B. Corp. | 93,402 | 706,119 | ||||||
Federated Hermes, Inc., Class B | 16,808 | 401,711 | ||||||
First American Financial Corp. | 9,774 | 435,823 | ||||||
Genworth Financial, Inc., Class A(b) | 346,273 | 1,360,853 | ||||||
Hanover Insurance Group, Inc. (The) | 4,099 | 392,110 | ||||||
Home BancShares, Inc. | 29,142 | 483,757 | ||||||
International Bancshares Corp. | 15,168 | 419,850 | ||||||
Kemper Corp. | 7,754 | 478,112 | ||||||
New York Community Bancorp, Inc. | 46,864 | 389,440 | ||||||
Old Republic International Corp. | 27,920 | 454,538 | ||||||
Prosperity Bancshares, Inc. | 6,430 | 354,357 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 1,936 | 313,090 | ||||||
Signature Bank | 3,935 | 317,712 | ||||||
SLM Corp. | 58,174 | 534,619 | ||||||
Stifel Financial Corp. | 10,512 | 614,531 | ||||||
United Bankshares, Inc. | 16,104 | 422,408 | ||||||
Valley National Bancorp | 63,156 | 482,512 | ||||||
Washington Federal, Inc. | 16,783 | 357,310 | ||||||
|
| |||||||
11,815,644 | ||||||||
|
| |||||||
Health Care-5.68% | ||||||||
Acadia Healthcare Co., Inc.(b) | 17,418 | 620,952 | ||||||
Patterson Cos., Inc. | 31,603 | 786,125 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Tenet Healthcare Corp.(b) | 24,903 | $ | 611,119 | |||||
United Therapeutics Corp.(b) | 3,039 | 407,925 | ||||||
|
| |||||||
2,426,121 | ||||||||
|
| |||||||
Industrials-20.18% | ||||||||
AECOM(b) | 10,639 | 477,053 | ||||||
AGCO Corp. | 8,163 | 628,796 | ||||||
Dycom Industries, Inc.(b) | 11,800 | 766,292 | ||||||
EMCOR Group, Inc. | 8,555 | 583,365 | ||||||
EnerSys | 5,704 | 408,406 | ||||||
GATX Corp. | 7,063 | 482,262 | ||||||
KAR Auction Services, Inc. | 31,979 | 465,614 | ||||||
Knight-Swift Transportation Holdings, Inc. | 9,577 | 363,830 | ||||||
ManpowerGroup, Inc. | 11,470 | 778,469 | ||||||
MasTec, Inc.(b) | 14,758 | 732,587 | ||||||
Oshkosh Corp. | 6,291 | 423,762 | ||||||
Regal Beloit Corp. | 4,894 | 482,793 | ||||||
Timken Co. (The) | 10,121 | 604,224 | ||||||
Trinity Industries, Inc. | 24,278 | 457,398 | ||||||
Valmont Industries, Inc. | 3,298 | 468,151 | ||||||
XPO Logistics, Inc.(b) | 5,437 | 489,330 | ||||||
|
| |||||||
8,612,332 | ||||||||
|
| |||||||
Information Technology-7.38% | ||||||||
Jabil, Inc. | 23,470 | 777,796 | ||||||
KBR, Inc. | 15,283 | 340,658 | ||||||
NCR Corp.(b) | 33,769 | 686,186 | ||||||
SYNNEX Corp. | 7,283 | 958,734 | ||||||
Vishay Intertechnology, Inc. | 23,840 | 386,685 | ||||||
|
| |||||||
3,150,059 | ||||||||
|
| |||||||
Materials-8.83% | ||||||||
Avient Corp. | 21,019 | 653,060 | ||||||
Cabot Corp. | 10,149 | 385,763 | ||||||
Commercial Metals Co. | 38,940 | 804,111 | ||||||
Greif, Inc., Class A | 17,989 | 730,174 | ||||||
Reliance Steel & Aluminum Co. | 5,275 | 574,922 | ||||||
Steel Dynamics, Inc. | 19,743 | 621,510 | ||||||
|
| |||||||
3,769,540 | ||||||||
|
| |||||||
Real Estate-2.50% | ||||||||
Cousins Properties, Inc. | 11,959 | 304,715 | ||||||
Sabra Health Care REIT, Inc. | 31,439 | 413,737 | ||||||
Spirit Realty Capital, Inc. | 11,530 | 346,477 | ||||||
|
| |||||||
1,064,929 | ||||||||
|
| |||||||
Utilities-1.10% | ||||||||
MDU Resources Group, Inc. | 19,853 | 471,707 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 42,632,790 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Money Market Funds-0.31% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 131,852 | $ | 131,852 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.21% |
| 42,764,642 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.21)% |
| (88,540 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 42,676,102 | |||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, | |||||||||||||||||||||||||||||||||||
Institutional Class | $ | - | $ | 318,782 | $ | (186,930 | ) | $ | - | $ | - | $ | 131,852 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money | |||||||||||||||||||||||||||||||||||
Portfolio, Institutional Class | 120,521 | 938,913 | (1,059,434 | ) | - | - | - | 36 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 2,133,001 | 4,713,878 | (6,846,879 | ) | - | - | - | 50 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 847,669 | (847,679 | ) | - | 10 | - | 11 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,253,522 | $ | 6,819,242 | $ | (8,940,922 | ) | $ | - | $ | 10 | $ | 131,852 | $ | 99 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Financials | 27.69 | |||
Industrials | 20.18 | |||
Consumer Discretionary | 17.67 | |||
Materials | 8.83 | |||
Information Technology | 7.38 | |||
Health Care | 5.68 | |||
Consumer Staples | 5.51 | |||
Sector Types Each Less Than 3% | 6.96 | |||
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.
| 24 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-3.91% | ||||||||
Cogent Communications Holdings, Inc. | 28,200 | $ | 1,573,560 | |||||
Consolidated Communications Holdings, Inc.(b) | 37,626 | 175,713 | ||||||
Glu Mobile, Inc.(b) | 57,931 | 414,786 | ||||||
Shenandoah Telecommunications Co. | 22,797 | 994,405 | ||||||
TechTarget, Inc.(b) | 16,651 | 729,314 | ||||||
|
| |||||||
3,887,778 | ||||||||
|
| |||||||
Consumer Discretionary-22.84% | ||||||||
Big Lots, Inc. | 19,628 | 934,293 | ||||||
Cavco Industries, Inc.(b) | 2,873 | 494,558 | ||||||
Century Communities, Inc.(b) | 11,406 | 443,009 | ||||||
Crocs, Inc.(b) | 34,699 | 1,815,799 | ||||||
El Pollo Loco Holdings, Inc.(b) | 15,012 | 211,969 | ||||||
Hibbett Sports, Inc.(b) | 6,347 | 239,980 | ||||||
Installed Building Products, Inc.(b) | 11,036 | 999,199 | ||||||
LCI Industries | 13,397 | 1,469,115 | ||||||
LGI Homes, Inc.(b) | 12,502 | 1,336,214 | ||||||
Lumber Liquidators Holdings, Inc.(b) | 24,249 | 536,388 | ||||||
M.D.C. Holdings, Inc. | 20,625 | 897,600 | ||||||
M/I Homes, Inc.(b) | 9,623 | 393,773 | ||||||
MarineMax, Inc.(b) | 14,161 | 424,547 | ||||||
Meritage Homes Corp.(b) | 20,852 | 1,816,001 | ||||||
Patrick Industries, Inc. | 9,673 | 539,270 | ||||||
PetMed Express, Inc.(c) | 14,798 | 437,725 | ||||||
Rent-A-Center, Inc. | 16,322 | 504,350 | ||||||
Shutterstock, Inc. | 13,064 | 855,039 | ||||||
Sonic Automotive, Inc., Class A | 10,777 | 388,618 | ||||||
Stamps.com, Inc.(b) | 16,041 | 3,580,993 | ||||||
Sturm Ruger & Co., Inc. | 12,007 | 802,788 | ||||||
Vista Outdoor, Inc.(b) | 47,359 | 936,287 | ||||||
Winnebago Industries, Inc. | 17,434 | 818,526 | ||||||
YETI Holdings, Inc.(b) | 36,450 | 1,803,546 | ||||||
|
| |||||||
22,679,587 | ||||||||
|
| |||||||
Consumer Staples-5.20% | ||||||||
B&G Foods, Inc.(c) | 45,180 | 1,199,981 | ||||||
Central Garden & Pet Co.(b) | 4,385 | 170,840 | ||||||
Central Garden & Pet Co., Class A(b) | 17,850 | 631,711 | ||||||
John B. Sanfilippo & Son, Inc. | 3,081 | 224,173 | ||||||
Medifast, Inc. | 6,971 | 979,356 | ||||||
National Beverage Corp.(b)(c) | 7,216 | 564,941 | ||||||
Seneca Foods Corp., Class A(b) | 2,709 | 99,827 | ||||||
SpartanNash Co. | 25,118 | 462,422 | ||||||
United Natural Foods, Inc.(b) | 32,445 | 472,724 | ||||||
USANA Health Sciences, Inc.(b) | 4,680 | 354,042 | ||||||
|
| |||||||
5,160,017 | ||||||||
|
| |||||||
Energy-1.55% | ||||||||
Renewable Energy Group, Inc.(b) | 27,353 | 1,542,709 | ||||||
|
| |||||||
Financials-8.81% | ||||||||
Brightsphere Investment Group, Inc. | 24,365 | 336,237 | ||||||
HCI Group, Inc. | 2,530 | 118,859 | ||||||
Kinsale Capital Group, Inc. | 19,365 | 3,630,357 | ||||||
Palomar Holdings, Inc.(b) | 19,757 | 1,761,732 | ||||||
PRA Group, Inc.(b) | 19,248 | 656,934 | ||||||
StoneX Group, Inc.(b) | 7,183 | 380,555 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Trupanion, Inc.(b) | 18,993 | $ | 1,358,759 | |||||
Virtus Investment Partners, Inc. | 3,150 | 502,583 | ||||||
|
| |||||||
8,746,016 | ||||||||
|
| |||||||
Health Care-13.43% | ||||||||
Addus HomeCare Corp.(b) | 5,620 | 548,343 | ||||||
Community Health Systems, Inc.(b) | 82,150 | 512,616 | ||||||
Corcept Therapeutics, Inc.(b) | 52,031 | 873,080 | ||||||
Cytokinetics, Inc.(b) | 45,151 | 693,971 | ||||||
Heska Corp.(b) | 3,422 | 401,503 | ||||||
Luminex Corp. | 34,121 | 752,027 | ||||||
Meridian Bioscience, Inc.(b) | 35,537 | 609,460 | ||||||
NeoGenomics, Inc.(b) | 67,102 | 2,632,412 | ||||||
OraSure Technologies, Inc.(b) | 62,526 | 934,138 | ||||||
Owens & Minor, Inc. | 58,209 | 1,462,210 | ||||||
Pacira BioSciences, Inc.(b) | 17,601 | 920,532 | ||||||
Pennant Group, Inc. (The)(b) | 10,261 | 427,473 | ||||||
Providence Service Corp. (The)(b) | 7,009 | 823,908 | ||||||
Select Medical Holdings Corp.(b) | 35,974 | 754,735 | ||||||
Simulations Plus, Inc. | 12,128 | 786,137 | ||||||
Zynex, Inc.(b)(c) | 15,608 | 199,939 | ||||||
|
| |||||||
13,332,484 | ||||||||
|
| |||||||
Industrials-14.90% | ||||||||
AAON, Inc. | 15,815 | 923,754 | ||||||
AeroVironment, Inc.(b) | 11,890 | 907,920 | ||||||
Arcosa, Inc. | 17,128 | 790,800 | ||||||
Astec Industries, Inc. | 12,707 | 645,516 | ||||||
Comfort Systems USA, Inc. | 14,068 | 644,314 | ||||||
Echo Global Logistics, Inc.(b) | 10,469 | 282,349 | ||||||
Exponent, Inc. | 25,098 | 1,746,570 | ||||||
Gibraltar Industries, Inc.(b) | 14,336 | 823,603 | ||||||
Griffon Corp. | 20,967 | 449,533 | ||||||
Hub Group, Inc., Class A(b) | 13,632 | 683,372 | ||||||
Marten Transport Ltd. | 31,364 | 481,281 | ||||||
Saia, Inc.(b) | 16,724 | 2,469,466 | ||||||
SPX Corp.(b) | 17,801 | 754,584 | ||||||
UFP Industries, Inc. | 33,973 | 1,695,592 | ||||||
Vicor Corp.(b) | 19,143 | 1,493,154 | ||||||
|
| |||||||
14,791,808 | ||||||||
|
| |||||||
Information Technology-22.49% | ||||||||
Advanced Energy Industries, Inc.(b) | 15,780 | 1,064,677 | ||||||
Alarm.com Holdings, Inc.(b) | 25,671 | 1,497,389 | ||||||
Applied Optoelectronics, Inc.(b)(c) | 9,769 | 85,772 | ||||||
Axcelis Technologies, Inc.(b) | 23,950 | 528,576 | ||||||
Badger Meter, Inc. | 11,636 | 853,384 | ||||||
Brooks Automation, Inc. | 38,165 | 1,782,305 | ||||||
CEVA, Inc.(b) | 12,186 | 491,340 | ||||||
Cohu, Inc. | 16,655 | 361,913 | ||||||
Diodes, Inc.(b) | 17,378 | 1,004,970 | ||||||
Fabrinet (Thailand)(b) | 19,726 | 1,183,955 | ||||||
FARO Technologies, Inc.(b) | 6,310 | 380,114 | ||||||
FormFactor, Inc.(b) | 56,391 | 1,598,685 | ||||||
Ichor Holdings Ltd.(b) | 9,303 | 216,388 | ||||||
Itron, Inc.(b) | 13,540 | 920,043 | ||||||
LivePerson, Inc.(b) | 25,049 | 1,339,120 | ||||||
NIC, Inc. | 29,994 | 672,465 | ||||||
OneSpan, Inc.(b) | 30,929 | 678,273 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Onto Innovation, Inc.(b) | 19,240 | $ | 617,027 | |||||
PC Connection, Inc. | 5,293 | 241,096 | ||||||
PDF Solutions, Inc.(b) | 24,040 | 450,510 | ||||||
Perficient, Inc.(b) | 11,369 | 445,210 | ||||||
Photronics, Inc.(b) | 27,082 | 264,049 | ||||||
Plexus Corp.(b) | 12,695 | 882,810 | ||||||
Power Integrations, Inc. | 30,522 | 1,837,730 | ||||||
Rambus, Inc.(b) | 45,311 | 624,839 | ||||||
SPS Commerce, Inc.(b) | 19,189 | 1,642,386 | ||||||
Ultra Clean Holdings, Inc.(b) | 31,234 | 664,972 | ||||||
|
| |||||||
22,329,998 | ||||||||
|
| |||||||
Materials-1.90% | ||||||||
Boise Cascade Co. | 29,251 | 1,122,654 | ||||||
Clearwater Paper Corp.(b) | 10,428 | 387,400 | ||||||
FutureFuel Corp. | 16,619 | 197,600 | ||||||
Hawkins, Inc. | 3,916 | 182,916 | ||||||
|
| |||||||
1,890,570 | ||||||||
|
| |||||||
Real Estate-4.90% | ||||||||
Community Healthcare Trust, Inc. | 7,405 | 342,852 | ||||||
Easterly Government Properties, Inc. | 47,973 | 1,002,636 | ||||||
Investors Real Estate Trust | 5,230 | 352,554 | ||||||
Lexington Realty Trust | 127,786 | 1,268,915 | ||||||
Realogy Holdings Corp.(b) | 61,615 | 687,623 | ||||||
Safehold, Inc.(c) | 7,972 | 548,633 | ||||||
Uniti Group, Inc. | 75,249 | 663,696 | ||||||
|
| |||||||
4,866,909 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 99,227,876 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.12% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 113,446 | $ | 113,446 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 99,341,322 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.99% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,189,228 | 1,189,228 | ||||||
Invesco Private Prime Fund, | 1,783,308 | 1,783,842 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,973,070 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.04% |
| 102,314,392 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.04)% |
| (3,019,290 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. |
| $ | 99,295,102 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Mortgage Capital, Inc. | $ | 201,741 | $ | 161,333 | $ | (349,061 | ) | $ | 684,640 | $ | (698,653 | ) | $ | - | $ | 32,340 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 471,693 | (358,247 | ) | - | - | 113,446 | 2 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 138,802 | 569,190 | (707,992 | ) | - | - | - | 31 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,981,012 | 12,708,282 | (13,500,066 | ) | - | - | 1,189,228 | 297 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,332,017 | (2,548,312 | ) | 9 | 128 | 1,783,842 | 301 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,321,555 | $ | 18,242,515 | $ | (17,463,678 | ) | $ | 684,649 | $ | (698,525 | ) | $ | 3,086,516 | $ | 32,971 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)
October 31, 2020
(Unaudited)
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020 |
Consumer Discretionary | 22.84 | |||
Information Technology | 22.49 | |||
Industrials | 14.90 | |||
Health Care | 13.43 | |||
Financials | 8.81 | |||
Consumer Staples | 5.20 | |||
Real Estate | 4.90 | |||
Communication Services | 3.91 | |||
Sector Types Each Less Than 3% | 3.45 | |||
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.
| 27 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.94% |
| |||||||
Communication Services-0.89% | ||||||||
Consolidated Communications Holdings, Inc.(b) | 77,816 | $ | 363,401 | |||||
Scholastic Corp. | 16,192 | 319,954 | ||||||
|
| |||||||
683,355 | ||||||||
|
| |||||||
Consumer Discretionary-26.44% | ||||||||
Asbury Automotive Group, Inc.(b) | 8,260 | 850,615 | ||||||
Big Lots, Inc. | 16,160 | 769,216 | ||||||
Bloomin’ Brands, Inc. | 38,077 | 532,316 | ||||||
Cato Corp. (The), Class A | 58,146 | 355,854 | ||||||
Century Communities, Inc.(b) | 20,344 | 790,161 | ||||||
Cooper Tire & Rubber Co. | 19,804 | 681,060 | ||||||
Core-Mark Holding Co., Inc. | 31,507 | 861,716 | ||||||
GameStop Corp., Class A(b)(c) | 142,911 | 1,496,278 | ||||||
Genesco, Inc.(b) | 48,033 | 851,145 | ||||||
Group 1 Automotive, Inc. | 15,088 | 1,600,535 | ||||||
Guess?, Inc. | 67,771 | 798,342 | ||||||
Hibbett Sports, Inc.(b) | 30,232 | 1,143,072 | ||||||
M.D.C. Holdings, Inc. | 14,658 | 637,916 | ||||||
M/I Homes, Inc.(b) | 17,664 | 722,811 | ||||||
MarineMax, Inc.(b) | 28,574 | 856,649 | ||||||
Meritage Homes Corp.(b) | 6,636 | 577,929 | ||||||
Motorcar Parts of America, Inc.(b) | 28,677 | 422,412 | ||||||
ODP Corp. (The) | 37,680 | 734,760 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) | 64,034 | 770,969 | ||||||
Rent-A-Center, Inc. | 17,578 | 543,160 | ||||||
Shoe Carnival, Inc.(c) | 18,656 | 577,963 | ||||||
Signet Jewelers Ltd. | 103,689 | 2,310,191 | ||||||
Sonic Automotive, Inc., Class A | 25,958 | 936,046 | ||||||
Zumiez, Inc.(b) | 18,575 | 520,100 | ||||||
|
| |||||||
20,341,216 | ||||||||
|
| |||||||
Consumer Staples-5.22% | ||||||||
Chefs’ Warehouse, Inc. (The)(b) | 32,235 | 435,817 | ||||||
Fresh Del Monte Produce, Inc. | 28,363 | 610,655 | ||||||
Seneca Foods Corp., Class A(b) | 20,570 | 758,005 | ||||||
SpartanNash Co. | 48,229 | 887,896 | ||||||
United Natural Foods, Inc.(b) | 55,540 | 809,218 | ||||||
Universal Corp. | 12,973 | 516,974 | ||||||
|
| |||||||
4,018,565 | ||||||||
|
| |||||||
Energy-9.76% | ||||||||
Archrock, Inc. | 73,535 | 436,062 | ||||||
Bonanza Creek Energy, Inc.(b) | 47,508 | 841,367 | ||||||
Bristow Group, Inc.(b) | 56,861 | 1,181,571 | ||||||
Dorian LPG Ltd.(b) | 89,913 | 737,287 | ||||||
Exterran Corp.(b) | 68,561 | 290,013 | ||||||
Helix Energy Solutions Group, Inc.(b) | 196,195 | 486,564 | ||||||
Laredo Petroleum, Inc.(b)(c) | 41,025 | 329,841 | ||||||
Matrix Service Co.(b) | 54,262 | 412,391 | ||||||
Penn Virginia Corp.(b)(c) | 105,432 | 809,718 | ||||||
Renewable Energy Group, Inc.(b) | 23,269 | 1,312,371 | ||||||
REX American Resources Corp.(b) | 6,869 | 499,308 | ||||||
SM Energy Co. | 108,041 | 173,946 | ||||||
|
| |||||||
7,510,439 | ||||||||
|
| |||||||
Financials-22.79% | ||||||||
American Equity Investment Life Holding Co. | 29,685 | 736,782 | ||||||
Ameris Bancorp | 21,201 | 621,189 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Apollo Commercial Real Estate Finance, Inc. | 53,903 | $ | 468,956 | |||||
Axos Financial, Inc.(b) | 20,586 | 561,174 | ||||||
Banner Corp. | 12,667 | 467,032 | ||||||
Columbia Banking System, Inc. | 18,160 | 515,926 | ||||||
Dime Community Bancshares, Inc. | 31,785 | 402,080 | ||||||
Encore Capital Group, Inc.(b) | 14,735 | 470,488 | ||||||
Enova International, Inc.(b) | 32,916 | 505,261 | ||||||
Flagstar Bancorp, Inc. | 17,788 | 522,078 | ||||||
Granite Point Mortgage Trust, Inc. | 118,231 | 796,877 | ||||||
HomeStreet, Inc. | 19,301 | 599,682 | ||||||
Hope Bancorp, Inc. | 62,207 | 502,010 | ||||||
Horace Mann Educators Corp. | 12,928 | 438,388 | ||||||
Invesco Mortgage Capital, Inc.(c)(d) | 222,963 | 602,000 | ||||||
Meta Financial Group, Inc. | 30,311 | 889,325 | ||||||
Northfield Bancorp, Inc. | 44,026 | 447,304 | ||||||
OFG Bancorp | 40,235 | 578,982 | ||||||
Old National Bancorp | 35,557 | 497,087 | ||||||
Pacific Premier Bancorp, Inc. | 25,498 | 650,199 | ||||||
Piper Sandler Cos | 7,380 | 615,861 | ||||||
Preferred Bank. | 11,095 | 375,344 | ||||||
Simmons First National Corp., Class A | 33,459 | 568,468 | ||||||
Stewart Information Services Corp. | 17,684 | 749,625 | ||||||
StoneX Group, Inc.(b) | 21,206 | 1,123,494 | ||||||
United Community Banks, Inc. | 23,587 | 493,912 | ||||||
Veritex Holdings, Inc. | 27,657 | 545,673 | ||||||
Virtus Investment Partners, Inc. | 4,319 | 689,096 | ||||||
Waddell & Reed Financial, Inc., Class A | 32,394 | 497,248 | ||||||
Walker & Dunlop, Inc. | 9,659 | 607,358 | ||||||
|
| |||||||
17,538,899 | ||||||||
|
| |||||||
Health Care-7.32% | ||||||||
Invacare Corp. | 83,523 | 677,372 | ||||||
Magellan Health, Inc.(b) | 8,046 | 581,485 | ||||||
Owens & Minor, Inc. | 132,934 | 3,339,302 | ||||||
Select Medical Holdings Corp.(b) | 27,479 | 576,509 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 42,557 | 454,934 | ||||||
|
| |||||||
5,629,602 | ||||||||
|
| |||||||
Industrials-13.65% | ||||||||
AAR Corp. | 26,889 | 523,260 | ||||||
ABM Industries, Inc. | 16,644 | 577,880 | ||||||
Aegion Corp.(b) | 30,776 | 434,249 | ||||||
Arcosa, Inc. | 11,507 | 531,278 | ||||||
Atlas Air Worldwide Holdings, Inc.(b) | 13,366 | 790,732 | ||||||
Echo Global Logistics, Inc.(b) | 25,266 | 681,424 | ||||||
Encore Wire Corp. | 9,151 | 422,868 | ||||||
Foundation Building Materials, Inc.(b) | 37,238 | 542,185 | ||||||
GMS, Inc.(b) | 25,977 | 587,080 | ||||||
Griffon Corp. | 29,365 | 629,586 | ||||||
Hub Group, Inc., Class A(b) | 10,137 | 508,168 | ||||||
Kelly Services, Inc., Class A | 62,699 | 1,089,709 | ||||||
Matson, Inc. | 14,652 | 761,171 | ||||||
Meritor, Inc.(b) | 25,135 | 611,786 | ||||||
MYR Group, Inc.(b) | 20,520 | 877,230 | ||||||
Powell Industries, Inc. | 18,116 | 428,081 | ||||||
SkyWest, Inc. | 17,500 | 508,025 | ||||||
|
| |||||||
10,504,712 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-7.02% | ||||||||
Benchmark Electronics, Inc. | 26,991 | $ | 562,223 | |||||
Comtech Telecommunications Corp. | 31,499 | 453,586 | ||||||
Digi International, Inc.(b) | 41,041 | 604,534 | ||||||
Insight Enterprises, Inc.(b) | 11,782 | 628,570 | ||||||
PC Connection, Inc. | 10,677 | 486,337 | ||||||
Photronics, Inc.(b) | 38,097 | 371,446 | ||||||
Sanmina Corp.(b) | 22,576 | 551,757 | ||||||
Sykes Enterprises, Inc.(b) | 16,054 | 549,689 | ||||||
TTM Technologies, Inc.(b) | 45,247 | 537,082 | ||||||
Unisys Corp.(b) | 50,168 | 659,207 | ||||||
|
| |||||||
5,404,431 | ||||||||
|
| |||||||
Materials-2.50% | ||||||||
Boise Cascade Co. | 15,036 | 577,081 | ||||||
Clearwater Paper Corp.(b) | 16,019 | 595,106 | ||||||
Koppers Holdings, Inc.(b) | 33,332 | 747,637 | ||||||
|
| |||||||
1,919,824 | ||||||||
|
| |||||||
Real Estate-4.35% | ||||||||
DiamondRock Hospitality Co. | 90,864 | 448,868 | ||||||
Franklin Street Properties Corp. | 81,351 | 341,674 | ||||||
Global Net Lease, Inc. | 30,246 | 430,401 | ||||||
iStar, Inc. | 50,875 | 600,325 | ||||||
Kite Realty Group Trust | 39,876 | 413,115 | ||||||
Office Properties Income Trust | 16,604 | 305,680 | ||||||
Summit Hotel Properties, Inc. | 85,567 | 451,794 | ||||||
Washington REIT | 20,415 | 356,854 | ||||||
|
| |||||||
3,348,711 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 76,899,754 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.04% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 29,956 | $ | 29,956 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% |
| 76,929,710 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.32% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,637,026 | 1,637,026 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,454,802 | 2,455,538 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,092,564 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-105.30% |
| 81,022,274 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.30)% |
| (4,077,787 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 76,944,487 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value | Purchases | Proceeds | Change in | Realized | Value | Dividend | |||||||||||||||||||||||||||||
Invesco Mortgage Capital, Inc. | $ | 96,067 | $ | 909,496 | $ | (91,988 | ) | $ | (256,105 | ) | $ | (55,470 | ) | $ | 602,000 | $ | 31,333 | ||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 298,243 | (268,287 | ) | - | - | 29,956 | 1 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 113,995 | 1,634,760 | (1,748,755 | ) | - | - | - | 37 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)
October 31, 2020
(Unaudited)
Value | Purchases | Proceeds | Change in | Realized | Value | Dividend | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 2,256,766 | $ | 19,790,574 | $ | (20,410,314 | ) | $ | - | $ | - | $ | 1,637,026 | $ | 605 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 8,059,068 | (5,603,727 | ) | - | 197 | 2,455,538 | 602 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,466,828 | $ | 30,692,141 | $ | (28,123,071 | ) | $ | (256,105 | ) | $ | (55,273 | ) | $ | 4,724,520 | $ | 32,578 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020 |
Consumer Discretionary | 26.44 | |||
Financials | 22.79 | |||
Industrials | 13.65 | |||
Energy | 9.76 | |||
Health Care | 7.32 | |||
Information Technology | 7.02 | |||
Consumer Staples | 5.22 | |||
Real Estate | 4.35 | |||
Sector Types Each Less Than 3% | 3.39 | |||
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.
| 30 |
|
Invesco Zacks Mid-Cap ETF (CZA)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Consumer Discretionary-6.62% | ||||||||
Fiat Chrysler Automobiles N.V. (United Kingdom)(b) | 333,935 | $ | 4,104,061 | |||||
Garmin Ltd. | 32,770 | 3,408,735 | ||||||
Lear Corp. | 11,190 | 1,351,864 | ||||||
Mohawk Industries, Inc.(b) | 12,768 | 1,317,530 | ||||||
NVR, Inc.(b) | 632 | 2,498,353 | ||||||
Service Corp. International | 27,990 | 1,296,217 | ||||||
|
| |||||||
13,976,760 | ||||||||
|
| |||||||
Consumer Staples-3.15% | ||||||||
Church & Dwight Co., Inc. | 40,002 | 3,535,777 | ||||||
Coca-Cola European Partners PLC (United Kingdom) | 87,297 | 3,117,376 | ||||||
|
| |||||||
6,653,153 | ||||||||
|
| |||||||
Energy-5.93% | ||||||||
ONEOK, Inc. | 81,728 | 2,370,112 | ||||||
Pembina Pipeline Corp. (Canada) | 98,037 | 2,051,914 | ||||||
Schlumberger Ltd. | 271,887 | 4,061,992 | ||||||
Williams Cos., Inc. (The) | 209,758 | 4,025,256 | ||||||
|
| |||||||
12,509,274 | ||||||||
|
| |||||||
Financials-13.12% | ||||||||
Arch Capital Group Ltd.(b) | 70,287 | 2,123,370 | ||||||
Arthur J. Gallagher & Co. | 32,247 | 3,344,336 | ||||||
CNA Financial Corp. | 48,137 | 1,434,001 | ||||||
Eaton Vance Corp. | 19,973 | 1,194,186 | ||||||
Everest Re Group Ltd. | 6,771 | 1,334,429 | ||||||
Fifth Third Bancorp | 125,833 | 2,921,842 | ||||||
Hartford Financial Services Group, Inc. (The) | 62,274 | 2,398,795 | ||||||
KeyCorp | 176,166 | 2,286,635 | ||||||
M&T Bank Corp. | 23,894 | 2,474,941 | ||||||
Nasdaq, Inc. | 26,994 | 3,266,004 | ||||||
Principal Financial Group, Inc. | 47,684 | 1,870,166 | ||||||
SEI Investments Co. | 23,993 | 1,179,256 | ||||||
W.R. Berkley Corp. | 30,769 | 1,849,832 | ||||||
|
| |||||||
27,677,793 | ||||||||
|
| |||||||
Health Care-11.35% | ||||||||
Bruker Corp. | 25,231 | 1,073,327 | ||||||
Cardinal Health, Inc. | 49,120 | 2,249,205 | ||||||
Charles River Laboratories International, Inc.(b) | 8,410 | 1,914,957 | ||||||
Chemed Corp. | 2,637 | 1,261,330 | ||||||
Hill-Rom Holdings, Inc. | 11,198 | 1,019,802 | ||||||
ICON PLC (Ireland)(b) | 8,667 | 1,562,660 | ||||||
Laboratory Corp. of America Holdings(b) | 16,423 | 3,280,823 | ||||||
McKesson Corp. | 27,666 | 4,080,458 | ||||||
PRA Health Sciences, Inc.(b) | 11,301 | 1,101,169 | ||||||
ResMed, Inc. | 24,258 | 4,656,081 | ||||||
Universal Health Services, Inc., Class B | 15,884 | 1,740,092 | ||||||
|
| |||||||
23,939,904 | ||||||||
|
| |||||||
Industrials-16.19% | ||||||||
ADT, Inc.(c) | 135,709 | 894,322 | ||||||
AGCO Corp. | 13,143 | 1,012,405 | ||||||
AMETEK, Inc. | 39,498 | 3,878,704 | ||||||
Donaldson Co., Inc. | 22,445 | 1,066,138 | ||||||
Dover Corp. | 24,854 | 2,751,586 | ||||||
Generac Holdings, Inc.(b) | 10,609 | 2,229,481 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Graco, Inc. | 28,127 | $ | 1,741,061 | |||||
Hubbell, Inc. | 9,414 | 1,369,831 | ||||||
IDEX Corp. | 13,111 | 2,233,983 | ||||||
ITT, Inc. | 15,400 | 931,854 | ||||||
Jacobs Engineering Group, Inc. | 22,644 | 2,151,180 | ||||||
Masco Corp. | 45,624 | 2,445,446 | ||||||
Nordson Corp. | 10,136 | 1,960,607 | ||||||
Owens Corning. | 18,221 | 1,192,929 | ||||||
Pentair PLC | 28,700 | 1,428,112 | ||||||
Schneider National, Inc., Class B | 30,328 | 669,036 | ||||||
Sensata Technologies Holding PLC(b) | 27,425 | 1,198,747 | ||||||
Tetra Tech, Inc. | 8,936 | 901,732 | ||||||
Toro Co. (The) | 17,942 | 1,473,038 | ||||||
TransUnion | 32,947 | 2,624,558 | ||||||
|
| |||||||
34,154,750 | ||||||||
|
| |||||||
Information Technology-9.08% | ||||||||
Booz Allen Hamilton Holding Corp. | 22,972 | 1,803,302 | ||||||
CACI International, Inc., Class A(b) | 4,238 | 883,750 | ||||||
CDW Corp. | 23,756 | 2,912,486 | ||||||
Dolby Laboratories, Inc., Class A | 16,810 | 1,262,095 | ||||||
Gartner, Inc.(b) | 15,560 | 1,868,756 | ||||||
Genpact Ltd. | 32,350 | 1,111,870 | ||||||
HP, Inc. | 236,842 | 4,253,682 | ||||||
Leidos Holdings, Inc. | 23,263 | 1,930,829 | ||||||
SolarWinds Corp.(b)(c) | 51,766 | 1,057,579 | ||||||
Trimble, Inc.(b) | 43,119 | 2,075,317 | ||||||
|
| |||||||
19,159,666 | ||||||||
|
| |||||||
Materials-13.88% | ||||||||
AptarGroup, Inc. | 11,056 | 1,261,379 | ||||||
Avery Dennison Corp. | 14,667 | 2,029,766 | ||||||
Celanese Corp. | 21,196 | 2,405,958 | ||||||
Corteva, Inc. | 127,293 | 4,198,123 | ||||||
Crown Holdings, Inc.(b) | 22,645 | 1,942,941 | ||||||
FMC Corp. | 22,705 | 2,332,712 | ||||||
Huntsman Corp. | 39,763 | 965,843 | ||||||
Kirkland Lake Gold Ltd. (Canada) | 48,751 | 2,224,021 | ||||||
Nucor Corp. | 54,823 | 2,618,346 | ||||||
Nutrien Ltd. (Canada) | 99,192 | 4,035,131 | ||||||
Reliance Steel & Aluminum Co. | 11,066 | 1,206,083 | ||||||
Royal Gold, Inc. | 11,459 | 1,361,444 | ||||||
RPM International, Inc. | 21,939 | 1,857,575 | ||||||
Sonoco Products Co. | 17,413 | 851,322 | ||||||
|
| |||||||
29,290,644 | ||||||||
|
| |||||||
Real Estate-7.86% | ||||||||
Camden Property Trust | 16,027 | 1,478,330 | ||||||
Duke Realty Corp. | 62,445 | 2,372,285 | ||||||
EastGroup Properties, Inc. | 6,772 | 901,218 | ||||||
Equity LifeStyle Properties, Inc. | 30,167 | 1,785,585 | ||||||
Essex Property Trust, Inc. | 11,287 | 2,309,207 | ||||||
Gaming and Leisure Properties, Inc. | 35,781 | 1,300,639 | ||||||
Healthpeak Properties, Inc. | 89,081 | 2,402,515 | ||||||
Rexford Industrial Realty, Inc. | 21,058 | 978,355 | ||||||
STAG Industrial, Inc. | 26,230 | 816,278 | ||||||
Sun Communities, Inc. | 16,206 | 2,230,432 | ||||||
|
| |||||||
16,574,844 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco Zacks Mid-Cap ETF (CZA)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Utilities-12.77% | ||||||||
Alliant Energy Corp. | 41,412 | $ | 2,289,255 | |||||
American Water Works Co., Inc. | 28,925 | 4,353,502 | ||||||
Avangrid, Inc. | 51,503 | 2,541,158 | ||||||
Edison International | 62,668 | 3,511,915 | ||||||
Entergy Corp. | 32,785 | 3,318,498 | ||||||
Fortis, Inc. (Canada) | 75,820 | 2,994,890 | ||||||
MDU Resources Group, Inc. | 34,516 | 820,100 | ||||||
OGE Energy Corp. | 32,920 | 1,012,948 | ||||||
Pinnacle West Capital Corp. | 17,955 | 1,464,589 | ||||||
Public Service Enterprise Group, Inc. | 79,860 | 4,643,859 | ||||||
|
| |||||||
26,950,714 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 210,887,502 | ||||||
|
| |||||||
Money Market Funds-0.15% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 311,188 | 311,188 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 211,198,690 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.53% |
| |||||||
Invesco Private Government Fund, | 445,876 | $ | 445,876 | |||||
Invesco Private Prime Fund, | 668,614 | 668,815 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,114,691 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.63% |
| 212,313,381 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.63)% |
| (1,332,514 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 210,980,867 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value | Purchases | Proceeds | Change in | Realized | Value | Dividend | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,217,329 | $ | (906,141 | ) | $ | - | $ | - | $ | 311,188 | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 414,215 | 2,096,800 | (2,511,015 | ) | - | - | - | 120 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 4,505,994 | 28,100,154 | (32,160,272 | ) | - | - | 445,876 | 329 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,374,305 | (7,705,668 | ) | - | 178 | 668,815 | 226 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 4,920,209 | $ | 39,788,588 | $ | (43,283,096 | ) | $ | - | $ | 178 | $ | 1,425,879 | $ | 679 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 32 |
|
Invesco Zacks Mid-Cap ETF (CZA)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Industrials | 16.19 | |||
Materials | 13.88 | |||
Financials | 13.12 | |||
Utilities | 12.77 | |||
Health Care | 11.35 | |||
Information Technology | 9.08 | |||
Real Estate | 7.86 | |||
Consumer Discretionary | 6.62 | |||
Energy | 5.93 | |||
Consumer Staples | 3.15 | |||
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.
| 33 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-79.58% |
| |||||||
Communication Services-4.03% | ||||||||
Mobile TeleSystems PJSC, ADR (Russia) | 114,469 | $ | 895,148 | |||||
Nexstar Media Group, Inc., Class A | 7,938 | 654,091 | ||||||
Sinclair Broadcast Group, Inc., | 34,399 | 639,133 | ||||||
Telefonica Brasil S.A., ADR (Brazil) | 128,094 | 942,772 | ||||||
ViacomCBS, Inc., Class B(b) | 39,713 | 1,134,600 | ||||||
|
| |||||||
4,265,744 | ||||||||
|
| |||||||
Consumer Discretionary-2.13% | ||||||||
Hanesbrands, Inc. | 47,483 | 763,052 | ||||||
M.D.C. Holdings, Inc. | 8,266 | 359,736 | ||||||
Toyota Motor Corp., ADR (Japan) | 2,855 | 374,833 | ||||||
Whirlpool Corp. | 4,109 | 760,001 | ||||||
|
| |||||||
2,257,622 | ||||||||
|
| |||||||
Consumer Staples-2.67% | ||||||||
Coca-Cola FEMSA S.A.B. de C.V., ADR (Mexico)(b) | 13,642 | 516,895 | ||||||
Tyson Foods, Inc., Class A | 17,465 | 999,522 | ||||||
Walgreens Boots Alliance, Inc. | 28,654 | 975,382 | ||||||
Weis Markets, Inc. | 7,411 | 336,534 | ||||||
|
| |||||||
2,828,333 | ||||||||
|
| |||||||
Energy-14.33% | ||||||||
China Petroleum & Chemical Corp., ADR (China) | 24,481 | 962,838 | ||||||
Cimarex Energy Co. | 26,362 | 668,804 | ||||||
Crestwood Equity Partners L.P. | 90,652 | 1,357,967 | ||||||
DCP Midstream L.P. | 62,124 | 793,323 | ||||||
Diamondback Energy, Inc. | 27,969 | 726,075 | ||||||
Ecopetrol S.A., ADR (Colombia) | 80,955 | 748,834 | ||||||
Enable Midstream Partners L.P. | 154,650 | 688,193 | ||||||
Enterprise Products Partners L.P. | 39,247 | 650,323 | ||||||
Enviva Partners L.P. | 13,019 | 557,864 | ||||||
Equitrans Midstream Corp. | 69,880 | 507,329 | ||||||
Genesis Energy L.P. | 136,273 | 572,347 | ||||||
MPLX L.P. | 56,371 | 970,145 | ||||||
Noble Midstream Partners L.P. | 63,494 | 506,047 | ||||||
NuStar Energy L.P. | 58,929 | 582,808 | ||||||
Oasis Midstream Partners L.P. | 184,350 | 1,321,789 | ||||||
Ovintiv, Inc. | 65,400 | 601,680 | ||||||
Scorpio Tankers, Inc. (Monaco) | 30,071 | 265,226 | ||||||
TOTAL S.A., ADR (France)(b) | 21,778 | 660,527 | ||||||
USA Compression Partners L.P. | 114,749 | 1,148,637 | ||||||
Western Midstream Partners L.P. | 107,870 | 879,140 | ||||||
|
| |||||||
15,169,896 | ||||||||
|
| |||||||
Financials-30.35% | ||||||||
Aflac, Inc. | 30,392 | 1,031,808 | ||||||
Ally Financial, Inc. | 49,623 | 1,323,942 | ||||||
American Financial Group, Inc. | 11,168 | 836,930 | ||||||
Ameriprise Financial, Inc. | 7,111 | 1,143,662 | ||||||
Assured Guaranty Ltd. | 17,157 | 438,018 | ||||||
BancorpSouth Bank | 16,710 | 391,181 | ||||||
Bank of America Corp. | 43,355 | 1,027,513 | ||||||
Bank of New York Mellon Corp. (The) | 30,255 | 1,039,562 | ||||||
BankUnited, Inc. | 14,924 | 376,831 | ||||||
China Life Insurance Co. Ltd., ADR (China)(c) | 36,566 | 400,032 | ||||||
Citigroup, Inc. | 21,793 | 902,666 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
CNO Financial Group, Inc. | 22,336 | $ | 396,464 | |||||
East West Bancorp, Inc. | 19,744 | 720,261 | ||||||
Equitable Holdings, Inc. | 34,710 | 745,918 | ||||||
Evercore, Inc., Class A | 5,778 | 459,582 | ||||||
Fidelity National Financial, Inc. | 33,785 | 1,057,133 | ||||||
First American Financial Corp. | 14,092 | 628,362 | ||||||
Goldman Sachs Group, Inc. (The) | 5,345 | 1,010,419 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 11,480 | 480,438 | ||||||
Hanover Insurance Group, Inc. (The) | 3,604 | 344,759 | ||||||
Hartford Financial Services Group, Inc. (The) | 27,388 | 1,054,986 | ||||||
Home BancShares, Inc. | 22,430 | 372,338 | ||||||
Invesco Ltd., (Acquired 09/02/2020 - 10/28/2020; Cost $744,300)(d)(e) | 69,872 | 916,022 | ||||||
KB Financial Group, Inc., ADR (South Korea) | 18,365 | 656,181 | ||||||
Lincoln National Corp. | 20,409 | 716,356 | ||||||
MetLife, Inc. | 28,907 | 1,094,130 | ||||||
MGIC Investment Corp. | 83,814 | 843,169 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR (Japan) | 147,689 | 581,895 | ||||||
Morgan Stanley | 21,431 | 1,031,903 | ||||||
Navient Corp. | 42,011 | 336,508 | ||||||
OneMain Holdings, Inc. | 12,674 | 442,196 | ||||||
Popular, Inc. | 9,800 | 413,560 | ||||||
Prosperity Bancshares, Inc. | 13,381 | 737,427 | ||||||
Radian Group, Inc. | 49,658 | 891,361 | ||||||
Reinsurance Group of America, Inc. | 8,035 | 811,696 | ||||||
Simmons First National Corp., Class A | 21,286 | 361,649 | ||||||
South State Corp. | 6,417 | 394,004 | ||||||
State Street Corp. | 16,302 | 960,188 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR (Japan) | 115,547 | 640,130 | ||||||
Synchrony Financial | 45,290 | 1,133,156 | ||||||
Unum Group. | 39,982 | 706,082 | ||||||
Virtu Financial, Inc., Class A | 28,076 | 600,265 | ||||||
Walker & Dunlop, Inc. | 6,720 | 422,553 | ||||||
Western Alliance Bancorporation | 20,706 | 853,087 | ||||||
Wintrust Financial Corp. | 8,369 | 412,006 | ||||||
|
| |||||||
32,138,329 | ||||||||
|
| |||||||
Health Care-4.25% | ||||||||
Amgen, Inc. | 4,429 | 960,827 | ||||||
Bristol-Myers Squibb Co. | 17,792 | 1,039,942 | ||||||
Cardinal Health, Inc. | 21,749 | 995,887 | ||||||
CVS Health Corp. | 17,676 | 991,447 | ||||||
GlaxoSmithKline PLC, ADR (United Kingdom) | 15,398 | 514,601 | ||||||
|
| |||||||
4,502,704 | ||||||||
|
| |||||||
Industrials-4.82% | ||||||||
Crane Co. | 6,357 | 322,618 | ||||||
Deluxe Corp. | 12,625 | 270,680 | ||||||
General Dynamics Corp. | 7,361 | 966,720 | ||||||
Greenbrier Cos., Inc. (The) | 13,278 | 358,241 | ||||||
Hillenbrand, Inc. | 11,349 | 331,958 | ||||||
Huntington Ingalls Industries, Inc. | 4,774 | 704,070 | ||||||
Raytheon Technologies Corp. | 18,234 | 990,471 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Snap-on, Inc. | 5,023 | $ | 791,273 | |||||
Steelcase, Inc., Class A | 35,269 | 368,208 | ||||||
|
| |||||||
5,104,239 | ||||||||
|
| |||||||
Information Technology-1.26% | ||||||||
Intel Corp. | 22,365 | 990,322 | ||||||
Xperi Holding Corp. | 27,773 | 344,385 | ||||||
|
| |||||||
1,334,707 | ||||||||
|
| |||||||
Materials-3.86% | ||||||||
Celanese Corp. | 7,192 | 816,364 | ||||||
Ternium S.A., ADR (Mexico)(c) | 53,580 | 1,072,672 | ||||||
Tronox Holdings PLC, Class A | 41,581 | 406,246 | ||||||
Vale S.A., ADR (Brazil) | 47,690 | 504,083 | ||||||
W.R. Grace & Co. | 8,752 | 380,625 | ||||||
Westrock Co. | 24,188 | 908,259 | ||||||
|
| |||||||
4,088,249 | ||||||||
|
| |||||||
Real Estate-9.57% | ||||||||
Agree Realty Corp. | 16,072 | 997,589 | ||||||
Community Healthcare Trust, Inc. | 4,875 | 225,713 | ||||||
CoreSite Realty Corp. | 9,058 | 1,081,163 | ||||||
Corporate Office Properties Trust | 16,553 | 371,284 | ||||||
CubeSmart | 26,957 | 914,651 | ||||||
Easterly Government Properties, Inc. | 18,748 | 391,833 | ||||||
Extra Space Storage, Inc. | 10,465 | 1,213,417 | ||||||
Innovative Industrial Properties, Inc.(b) | 7,820 | 912,047 | ||||||
Iron Mountain, Inc.(b) | 36,604 | 953,900 | ||||||
Lexington Realty Trust | 49,071 | 487,275 | ||||||
National Storage Affiliates Trust | 9,869 | 334,460 | ||||||
Physicians Realty Trust | 60,011 | 1,011,785 | ||||||
STAG Industrial, Inc. | 28,191 | 877,304 | ||||||
Uniti Group, Inc. | 40,860 | 360,385 | ||||||
|
| |||||||
10,132,806 | ||||||||
|
| |||||||
Utilities-2.31% | ||||||||
CenterPoint Energy, Inc. | 56,362 | 1,190,929 | ||||||
Cia Paranaense de Energia, Class B, ADR (Brazil) | 52,343 | 565,305 | ||||||
NRG Energy, Inc. | 21,802 | 689,379 | ||||||
|
| |||||||
2,445,613 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 84,268,242 | ||||||
|
| |||||||
Preferred Stocks-10.37% | ||||||||
Communication Services-1.03% | ||||||||
AT&T, Inc., Series C, Pfd., 4.75% | 43,211 | 1,092,806 | ||||||
|
| |||||||
Financials-8.17% | ||||||||
Athene Holding Ltd., Series C, Pfd., 6.38%(f) | 45,253 | 1,217,306 | ||||||
Bank of America Corp., Series GG, Pfd., 6.00% | 8,776 | 235,460 | ||||||
Bank of America Corp., Series KK, Pfd., 5.38% | 19,815 | 524,503 | ||||||
Brighthouse Financial, Inc., Series B, Pfd., 6.75% | 39,529 | 1,079,932 | ||||||
Capital One Financial Corp., Series J, Pfd., 4.80% | 28,601 | 708,447 | ||||||
JPMorgan Chase & Co., Series DD, Pfd., 5.75% | 22,430 | 607,629 | ||||||
Truist Financial Corp., Series O, Pfd., 5.25% | 43,810 | 1,180,679 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | 879 | $ | 1,185,560 | |||||
Wells Fargo & Co., Series Q, Pfd., | 26,928 | 697,166 | ||||||
Wells Fargo & Co., Series Z, Pfd., 4.75% | 48,363 | 1,208,108 | ||||||
|
| |||||||
8,644,790 | ||||||||
|
| |||||||
Utilities-1.17% | ||||||||
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%(c) | 11,938 | 1,239,881 | ||||||
|
| |||||||
Total Preferred Stocks | 10,977,477 | |||||||
|
| |||||||
Closed-End Funds-10.02% | ||||||||
Ares Dynamic Credit Allocation Fund, Inc. | 21,149 | 263,305 | ||||||
BlackRock Corporate High Yield Fund, Inc.(b) | 102,240 | 1,083,744 | ||||||
BlackRock Multi-Sector Income Trust | 30,524 | 477,701 | ||||||
Blackstone/GSO Strategic Credit Fund | 38,181 | 449,009 | ||||||
Brookfield Real Assets Income Fund, Inc. | 44,219 | 702,640 | ||||||
DoubleLine Income Solutions Fund | 76,258 | 1,168,273 | ||||||
First Trust Intermediate Duration Preferred & Income Fund(b) | 32,196 | 694,146 | ||||||
GAMCO Global Gold Natural Resources & Income Trust | 313,594 | 1,041,132 | ||||||
Nuveen Global High Income Fund | 12,309 | 167,526 | ||||||
Nuveen Preferred & Income Opportunities Fund | 64,468 | 535,084 | ||||||
Nuveen Preferred & Income Term Fund | 17,151 | 373,720 | ||||||
Oxford Lane Capital Corp.(b) | 293,375 | 1,273,248 | ||||||
PGIM Global High Yield Fund, Inc. | 24,240 | 308,575 | ||||||
PGIM High Yield Bond Fund, Inc. | 27,266 | 368,909 | ||||||
PIMCO Energy & Tactical Credit Opportunities Fund | 60,865 | 353,017 | ||||||
Templeton Emerging Markets Income Fund | 32,351 | 234,868 | ||||||
Wells Fargo Income Opportunities Fund | 48,339 | 347,557 | ||||||
Western Asset Global High Income Fund, Inc. | 20,937 | 202,251 | ||||||
Western Asset High Income Fund II, Inc. | 55,264 | 355,900 | ||||||
Western Asset High Yield Defined Opportunity Fund, Inc. | 14,981 | 210,932 | ||||||
|
| |||||||
Total Closed-End Funds | 10,611,537 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% | 105,857,256 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.15% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(g)(h) | 1,757,018 | 1,757,018 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.11%(d)(g)(h) | 2,634,736 | $ | 2,635,527 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,392,545 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.12% |
| 110,249,801 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.12)% |
| (4,362,997 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 105,886,804 | |||||
|
|
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, 2020. |
(c) | Non-income producing security. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value | Purchases | Proceeds | Change in | Realized | Value | Dividend | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | - | $ | 787,059 | $ | (48,239 | ) | $ | 171,722 | $ | 5,480 | $ | 916,022 | $ | - | ||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 1,380,591 | (1,380,591 | ) | - | - | - | 7 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 135,923 | 4,156,883 | (4,292,806 | ) | - | - | - | 43 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 6,119,212 | 28,872,925 | (33,235,119 | ) | - | - | 1,757,018 | 864 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 9,692,241 | (7,056,918 | ) | - | 204 | 2,635,527 | 751 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 6,255,135 | $ | 44,889,699 | $ | (46,013,673 | ) | $ | 171,722 | $ | 5,684 | $ | 5,308,567 | $ | 1,665 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(f) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(g) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
Financials | 38.52 | |||
Energy | 14.33 | |||
Closed-End Funds | 10.02 | |||
Real Estate | 9.57 | |||
Communication Services | 5.06 | |||
Industrials | 4.82 | |||
Health Care | 4.25 | |||
Materials | 3.86 | |||
Utilities | 3.48 | |||
Sector Types Each Less Than 3% | 6.06 | |||
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.
| 37 |
|
Statements of Assets and Liabilities
October 31, 2020
(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) | $ | 717,651,328 | $ | 606,658,242 | $ | 61,216,668 | $ | 191,346,219 | ||||||||
Affiliated investments in securities, at value | 58,738 | - | 66,264 | 2,960,342 | ||||||||||||
Cash | - | - | 39 | - | ||||||||||||
Receivable for: | ||||||||||||||||
Dividends | 242,316 | 1,693,644 | 108,907 | 119,746 | ||||||||||||
Securities lending | - | - | - | - | ||||||||||||
Investments sold | 3,002,641 | - | - | - | ||||||||||||
Fund shares sold | - | - | - | - | ||||||||||||
Foreign tax reclaims | - | - | - | - | ||||||||||||
Other assets | 1,046 | 2,224 | 1,438 | 11,353 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 720,956,069 | 608,354,110 | 61,393,316 | 194,437,660 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | - | 136,489 | - | - | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | - | - | - | - | ||||||||||||
Collateral upon return of securities loaned | - | - | - | 2,890,813 | ||||||||||||
Fund shares repurchased | 3,001,786 | - | - | - | ||||||||||||
Accrued advisory fees | 319,687 | 270,423 | 2,416 | 47,306 | ||||||||||||
Accrued trustees’ and officer’s fees | 86,131 | 118,333 | 42,689 | 42,800 | ||||||||||||
Accrued expenses | 110,440 | 235,602 | 68,653 | 66,048 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 3,518,044 | 760,847 | 113,758 | 3,046,967 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 717,438,025 | $ | 607,593,263 | $ | 61,279,558 | $ | 191,390,693 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 655,537,960 | $ | 1,081,802,140 | $ | 61,732,404 | $ | 230,356,503 | ||||||||
Distributable earnings (loss) | 61,900,065 | (474,208,877 | ) | (452,846 | ) | (38,965,810 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 717,438,025 | $ | 607,593,263 | $ | 61,279,558 | $ | 191,390,693 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 11,950,000 | 18,350,000 | 1,050,000 | 3,200,000 | ||||||||||||
Net asset value | $ | 60.04 | $ | 33.11 | $ | 58.36 | $ | 59.81 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 59.91 | $ | 33.04 | $ | 58.29 | $ | 59.69 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 621,850,833 | $ | 646,357,818 | $ | 59,094,980 | $ | 195,666,172 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 58,738 | $ | - | $ | 66,264 | $ | 2,960,343 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | - | $ | - | $ | - | $ | 2,872,714 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
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) | |||||||||||||||||||||||||||||||
$ | 31,431,813 | $ | 719,511,063 | $ | 67,275,367 | $ | 42,632,790 | $ | 99,227,876 | $ | 76,297,754 | $ | 210,887,502 | $ | 104,941,234 | |||||||||||||||||||||||
81,286 | 1,727,652 | 222,983 | 131,852 | 3,086,516 | 4,724,520 | 1,425,879 | 5,308,567 | |||||||||||||||||||||||||||||||
36 | 67,309 | 179 | - | 2,199 | - | 4,272 | - | |||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||
49,909 | 186,941 | 30,223 | 8,463 | 57,297 | 80,260 | 189,461 | 220,649 | |||||||||||||||||||||||||||||||
- | 655 | 36 | 14 | 1,253 | 34,339 | 538 | 6,490 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 2,746,684 | - | 156,549 | |||||||||||||||||||||||||||||||
- | 3,363,703 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 23,510 | |||||||||||||||||||||||||||||||
1,427 | 1,821 | 664 | 1,438 | 4,170 | 4,585 | - | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
31,564,471 | 724,859,144 | 67,529,452 | 42,774,557 | 102,379,311 | 83,888,142 | 212,507,652 | 110,656,999 | |||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
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|
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|
|
|
| |||||||||||||||||||||||
- | - | - | - | - | - | - | 49,207 | |||||||||||||||||||||||||||||||
- | 3,363,149 | - | - | - | - | - | 5,973 | |||||||||||||||||||||||||||||||
- | 1,319,379 | 104,275 | - | 2,973,061 | 4,092,564 | 1,114,691 | 4,392,545 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 2,748,009 | - | - | |||||||||||||||||||||||||||||||
2,406 | 181,489 | 3,893 | 5,415 | 22,716 | 16,406 | 101,703 | 56,871 | |||||||||||||||||||||||||||||||
34,317 | 63,352 | 40,914 | 44,351 | 43,474 | 46,895 | 17,207 | 15,796 | |||||||||||||||||||||||||||||||
54,602 | 92,877 | 52,841 | 48,689 | 44,958 | 39,781 | 293,184 | 249,803 | |||||||||||||||||||||||||||||||
|
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|
|
|
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|
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|
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| |||||||||||||||||||||||
91,325 | 5,020,246 | 201,923 | 98,455 | 3,084,209 | 6,943,655 | 1,526,785 | 4,770,195 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 31,473,146 | $ | 719,838,898 | $ | 67,327,529 | $ | 42,676,102 | $ | 99,295,102 | $ | 76,944,487 | $ | 210,980,867 | $ | 105,886,804 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
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|
|
| |||||||||||||||||||||||
$ | 47,069,322 | $ | 689,787,845 | $ | 67,327,513 | $ | 66,373,196 | $ | 124,618,070 | $ | 113,877,373 | $ | 297,375,958 | $ | 566,236,539 | |||||||||||||||||||||||
(15,596,176 | ) | 30,051,053 | 16 | (23,697,094 | ) | (25,322,968 | ) | (36,932,886 | ) | (86,395,091 | ) | (460,349,735 | ) | |||||||||||||||||||||||||
|
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|
|
|
|
|
|
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|
|
|
|
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|
| |||||||||||||||||||||||
$ | 31,473,146 | $ | 719,838,898 | $ | 67,327,529 | $ | 42,676,102 | $ | 99,295,102 | $ | 76,944,487 | $ | 210,980,867 | $ | 105,886,804 | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
900,000 | 10,700,000 | 1,200,000 | 1,450,000 | 2,500,000 | 2,800,000 | 3,150,000 | 6,400,800 | |||||||||||||||||||||||||||||||
$ | 34.97 | $ | 67.27 | $ | 56.11 | $ | 29.43 | $ | 39.72 | $ | 27.48 | $ | 66.98 | $ | 16.54 | |||||||||||||||||||||||
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|
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|
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| |||||||||||||||||||||||
$ | 34.92 | $ | 67.16 | $ | 56.08 | $ | 29.36 | $ | 39.66 | $ | 27.43 | $ | 66.61 | $ | 16.49 | |||||||||||||||||||||||
|
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|
| |||||||||||||||||||||||
$ | 33,002,509 | $ | 622,681,496 | $ | 62,488,026 | $ | 44,263,625 | $ | 89,605,047 | $ | 75,938,996 | $ | 200,168,596 | $ | 112,389,059 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 81,286 | $ | 1,727,648 | $ | 222,983 | $ | 131,852 | $ | 3,086,507 | $ | 5,395,593 | $ | 1,425,879 | $ | 5,136,845 | |||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | - | $ | 1,283,584 | $ | 101,322 | $ | - | $ | 2,843,348 | $ | 3,737,643 | $ | 1,057,916 | $ | 4,330,352 | |||||||||||||||||||||||
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|
|
39 | ||||
|
| |||
For the six months ended October 31, 2020
(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 | $ | 2,626,509 | $ | 11,575,098 | $ | 785,699 | $ | 1,517,022 | ||||||||
Affiliated dividend income | 81 | 176 | 26 | 49 | ||||||||||||
Securities lending income | 584 | - | 30 | 18,544 | ||||||||||||
Foreign withholding tax | - | - | - | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 2,627,174 | 11,575,274 | 785,755 | 1,535,615 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Advisory fees | 1,773,144 | 1,667,503 | 75,833 | 301,638 | ||||||||||||
Sub-licensing fees | 106,387 | 100,049 | 6,069 | 20,811 | ||||||||||||
Accounting & administration fees | 35,077 | 45,410 | 11,893 | 20,011 | ||||||||||||
Professional fees | 15,248 | 17,302 | 18,986 | 12,731 | ||||||||||||
Custodian & transfer agent fees | 5,445 | 36,091 | 1,804 | 311 | ||||||||||||
Trustees’ and officer’s fees | 25,685 | 32,502 | 12,863 | 14,141 | ||||||||||||
Other expenses | 29,969 | 40,804 | 6,328 | 7,611 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 1,990,955 | 1,939,661 | 133,776 | 377,254 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (300 | ) | (468 | ) | (57,587 | ) | (134 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 1,990,655 | 1,939,193 | 76,189 | 377,120 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 636,519 | 9,636,081 | 709,566 | 1,158,495 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | (1,598,947 | ) | (38,305,284 | ) | (1,380,590 | ) | (15,230,472 | ) | ||||||||
Affiliated investment securities | 18 | - | - | 88 | ||||||||||||
Unaffiliated in-kind redemptions | 94,341,661 | 1,690,470 | 2,452,634 | (2,673,097 | ) | |||||||||||
Affiliated in-kind redemptions | - | - | - | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 92,742,732 | (36,614,814 | ) | 1,072,044 | (17,903,481 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Unaffiliated investment securities | 49,240,055 | 37,594,391 | 3,819,317 | 48,876,226 | ||||||||||||
Affiliated investment securities | - | - | - | (1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation | 49,240,055 | 37,594,391 | 3,819,317 | 48,876,225 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 141,982,787 | 979,577 | 4,891,361 | 30,972,744 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 142,619,306 | $ | 10,615,658 | $ | 5,600,927 | $ | 32,131,239 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
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) | |||||||||||||||||||||||||||||||
$ | 495,454 | $ | 3,677,251 | $ | 364,626 | $ | 448,788 | $ | 564,143 | $ | 584,342 | $ | 2,395,096 | $ | 2,922,905 | |||||||||||||||||||||||
26 | 137 | 34 | 38 | 32,373 | 31,371 | 124 | 50 | |||||||||||||||||||||||||||||||
84 | 3,312 | 428 | 5,640 | 8,486 | 80,135 | 9,106 | 51,965 | |||||||||||||||||||||||||||||||
- | - | - | - | - | (853 | ) | (24,339 | ) | (53,597 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
495,564 | 3,680,700 | 365,088 | 454,466 | 605,002 | 694,995 | 2,379,987 | 2,921,323 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
52,355 | 953,687 | 63,612 | 65,120 | 130,385 | 102,333 | 579,984 | 298,247 | |||||||||||||||||||||||||||||||
3,612 | 65,792 | 5,891 | 4,493 | 9,039 | 7,059 | 161,015 | 76,690 | |||||||||||||||||||||||||||||||
13,066 | 29,805 | 11,486 | 11,237 | 13,432 | 12,302 | 17,943 | 17,182 | |||||||||||||||||||||||||||||||
12,548 | 13,824 | 12,253 | 12,359 | 12,047 | 12,071 | 13,603 | 13,869 | |||||||||||||||||||||||||||||||
975 | 2,670 | 5,178 | 1,890 | (614 | ) | (3,170 | ) | 3,766 | 3,936 | |||||||||||||||||||||||||||||
10,952 | 20,680 | 12,366 | 13,173 | 13,196 | 13,744 | 8,595 | 7,424 | |||||||||||||||||||||||||||||||
9,787 | 21,033 | 7,280 | 9,300 | 6,370 | 4,037 | 12,495 | 13,740 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
103,295 | 1,107,491 | 118,066 | 117,572 | 183,855 | 148,376 | 797,401 | 431,088 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(32,932 | ) | (407 | ) | (54,548 | ) | (30,082 | ) | (8,552 | ) | (10,828 | ) | (334 | ) | (1,817 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
70,363 | 1,107,084 | 63,518 | 87,490 | 175,303 | 137,548 | 797,067 | 429,271 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
425,201 | 2,573,616 | 301,570 | 366,976 | 429,699 | 557,447 | 1,582,920 | 2,492,052 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(4,827,742 | ) | (17,134,300 | ) | (1,563,835 | ) | (5,658,352 | ) | (2,072,064 | ) | (9,346,309 | ) | (8,751,695 | ) | (25,448,194 | ) | |||||||||||||||||||||||
3 | 27 | 22 | 10 | (698,929 | ) | (53,037 | ) | 178 | 457 | |||||||||||||||||||||||||||||
(732,569 | ) | 66,309,330 | 2,849,347 | 1,095,184 | 8,046,595 | 1,737,457 | 29,342,663 | (1,830,264 | ) | |||||||||||||||||||||||||||||
- | - | - | - | 404 | (2,236 | ) | - | 5,227 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(5,560,308 | ) | 49,175,057 | 1,285,534 | (4,563,158 | ) | 5,276,006 | (7,664,125 | ) | 20,591,146 | (27,272,774 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
9,035,359 | 78,966,114 | 6,054,180 | 10,588,409 | 9,102,116 | 18,575,592 | 13,399,095 | 32,610,977 | |||||||||||||||||||||||||||||||
- | 4 | - | - | 684,649 | (256,105 | ) | - | 171,722 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
9,035,359 | 78,966,118 | 6,054,180 | 10,588,409 | 9,786,765 | 18,319,487 | 13,399,095 | 32,782,699 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
3,475,051 | 128,141,175 | 7,339,714 | 6,025,251 | 15,062,771 | 10,655,362 | 33,990,241 | 5,509,925 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 3,900,252 | $ | 130,714,791 | $ | 7,641,284 | $ | 6,392,227 | $ | 15,492,470 | $ | 11,212,809 | $ | 35,573,161 | $ | 8,001,977 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco Dynamic Large Cap Growth ETF (PWB) | Invesco Dynamic Large Cap Value ETF (PWV) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 636,519 | $ | 2,734,548 | $ | 9,636,081 | $ | 23,260,822 | ||||||||||||
Net realized gain (loss) | 92,742,732 | 1,633,625 | (36,614,814 | ) | 20,953,623 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | 49,240,055 | (2,563,915 | ) | 37,594,391 | (111,369,858 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 142,619,306 | 1,804,258 | 10,615,658 | (67,155,413 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (808,080 | ) | (3,959,644 | ) | (9,663,593 | ) | (23,553,592 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 365,286,057 | 178,104,838 | - | 649,013,031 | ||||||||||||||||
Value of shares repurchased | (403,512,490 | ) | (320,152,787 | ) | (72,067,649 | ) | (920,957,180 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (38,226,433 | ) | (142,047,949 | ) | (72,067,649 | ) | (271,944,149 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 103,584,793 | (144,203,335 | ) | (71,115,584 | ) | (362,653,154 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 613,853,232 | 758,056,567 | 678,708,847 | 1,041,362,001 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 717,438,025 | $ | 613,853,232 | $ | 607,593,263 | $ | 678,708,847 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 6,200,000 | 3,700,000 | - | 16,750,000 | ||||||||||||||||
Shares repurchased | (6,800,000 | ) | (6,700,000 | ) | (2,100,000 | ) | (24,650,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 12,550,000 | 15,550,000 | 20,450,000 | 28,350,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 11,950,000 | 12,550,000 | 18,350,000 | 20,450,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
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, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||
$ | 709,566 | $ | 1,358,119 | $ | 1,158,495 | $ | 3,962,820 | $ | 425,201 | $ | 1,207,877 | |||||||||||||||||
1,072,044 | 7,777,361 | (17,903,481 | ) | 21,374,278 | (5,560,308 | ) | 6,650,065 | |||||||||||||||||||||
3,819,317 | (10,435,877 | ) | 48,876,225 | (72,293,220 | ) | 9,035,359 | (16,203,911 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
5,600,927 | (1,300,397 | ) | 32,131,239 | (46,956,122 | ) | 3,900,252 | (8,345,969 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(691,883 | ) | (1,428,681 | ) | (1,531,012 | ) | (3,901,450 | ) | (433,231 | ) | (1,457,710 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
8,812,834 | 31,109,175 | 37,082,113 | 642,533,001 | - | 57,047,832 | |||||||||||||||||||||||
(6,046,105 | ) | (34,525,038 | ) | (120,379,255 | ) | (576,675,930 | ) | (16,184,345 | ) | (99,062,800 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,766,729 | (3,415,863 | ) | (83,297,142 | ) | 65,857,071 | (16,184,345 | ) | (42,014,968 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
7,675,773 | (6,144,941 | ) | (52,696,915 | ) | 14,999,499 | (12,717,324 | ) | (51,818,647 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
53,603,785 | 59,748,726 | 244,087,608 | 229,088,109 | 44,190,470 | 96,009,117 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 61,279,558 | $ | 53,603,785 | $ | 191,390,693 | $ | 244,087,608 | $ | 31,473,146 | $ | 44,190,470 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
150,000 | 550,000 | 600,000 | 10,900,000 | - | 1,450,000 | |||||||||||||||||||||||
(100,000 | ) | (600,000 | ) | (2,150,000 | ) | (10,300,000 | ) | (500,000 | ) | (2,450,000 | ) | |||||||||||||||||
1,000,000 | 1,050,000 | 4,750,000 | 4,150,000 | 1,400,000 | 2,400,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,050,000 | 1,000,000 | 3,200,000 | 4,750,000 | 900,000 | 1,400,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
43 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco S&P MidCap Momentum ETF (XMMO) | Invesco S&P MidCap Quality ETF (XMHQ) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 2,573,616 | $ | 5,194,665 | $ | 301,570 | $ | 339,097 | ||||||||||||
Net realized gain (loss) | 49,175,057 | (21,364,652 | ) | 1,285,534 | 3,685,790 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | 78,966,118 | (50,799,327 | ) | 6,054,180 | (5,270,233 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 130,714,791 | (66,969,314 | ) | 7,641,284 | (1,245,346 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (2,604,392 | ) | (5,444,864 | ) | (257,494 | ) | (380,076 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 489,195,276 | 820,038,691 | 54,688,301 | 25,271,317 | ||||||||||||||||
Value of shares repurchased | (416,514,441 | ) | (854,475,733 | ) | (18,322,496 | ) | (25,440,250 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 72,680,835 | (34,437,042 | ) | 36,365,805 | (168,933 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 200,791,234 | (106,851,220 | ) | 43,749,595 | (1,794,355 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 519,047,664 | 625,898,884 | 23,577,934 | 25,372,289 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 719,838,898 | $ | 519,047,664 | $ | 67,327,529 | $ | 23,577,934 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 7,800,000 | 13,800,000 | 1,050,000 | 500,000 | ||||||||||||||||
Shares repurchased | (6,700,000 | ) | (14,800,000 | ) | (350,000 | ) | (500,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 9,600,000 | 10,600,000 | 500,000 | 500,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 10,700,000 | 9,600,000 | 1,200,000 | 500,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | ||||
|
| |||
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, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||
$ | 366,976 | $ | 962,335 | $ | 429,699 | $ | 755,814 | $ | 557,447 | $ | 1,284,002 | |||||||||||||||||
(4,563,158 | ) | (3,099,567 | ) | 5,276,006 | (13,893,496 | ) | (7,664,125 | ) | (593,484 | ) | ||||||||||||||||||
10,588,409 | (14,263,077 | ) | 9,786,765 | 893,395 | 18,319,487 | (18,506,658 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
6,392,227 | (16,400,309 | ) | 15,492,470 | (12,244,287 | ) | 11,212,809 | (17,816,140 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(359,745 | ) | (1,210,276 | ) | (447,409 | ) | (991,067 | ) | (409,877 | ) | (1,515,253 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | 90,418,608 | 60,696,352 | 66,730,263 | 23,621,159 | 65,680,011 | |||||||||||||||||||||||
(8,416,346 | ) | (79,556,774 | ) | (51,140,003 | ) | (68,295,726 | ) | (10,258,055 | ) | (72,363,809 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(8,416,346 | ) | 10,861,834 | 9,556,349 | (1,565,463 | ) | 13,363,104 | (6,683,798 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(2,383,864 | ) | (6,748,751 | ) | 24,601,410 | (14,800,817 | ) | 24,166,036 | (26,015,191 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
45,059,966 | 51,808,717 | 74,693,692 | 89,494,509 | 52,778,451 | 78,793,642 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 42,676,102 | $ | 45,059,966 | $ | 99,295,102 | $ | 74,693,692 | $ | 76,944,487 | $ | 52,778,451 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | 2,750,000 | 1,550,000 | 1,800,000 | 900,000 | 2,150,000 | |||||||||||||||||||||||
(300,000 | ) | (2,600,000 | ) | (1,350,000 | ) | (1,900,000 | ) | (400,000 | ) | (2,450,000 | ) | |||||||||||||||||
1,750,000 | 1,600,000 | 2,300,000 | 2,400,000 | 2,300,000 | 2,600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,450,000 | 1,750,000 | 2,500,000 | 2,300,000 | 2,800,000 | 2,300,000 | |||||||||||||||||||||||
|
|
|
| �� |
|
|
|
|
|
|
|
|
45 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco Zacks Mid-Cap ETF (CZA) | Invesco Zacks Multi-Asset Income ETF (CVY) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 1,582,920 | $ | 4,124,598 | $ | 2,492,052 | $ | 7,225,885 | ||||||||||||
Net realized gain (loss) | 20,591,146 | (35,754,211 | ) | (27,272,774 | ) | (13,751,031 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | 13,399,095 | (26,558,694 | ) | 32,782,699 | (45,415,395 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 35,573,161 | (58,188,307 | ) | 8,001,977 | (51,940,541 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | - | (4,349,983 | ) | (2,192,634 | ) | (6,961,730 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 155,151,864 | 285,893,791 | - | 72,379,834 | ||||||||||||||||
Value of shares repurchased | (212,578,943 | ) | (255,539,330 | ) | (24,929,300 | ) | (117,691,114 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (57,427,079 | ) | 30,354,461 | (24,929,300 | ) | (45,311,280 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (21,853,918 | ) | (32,183,829 | ) | (19,119,957 | ) | (104,213,551 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 232,834,785 | 265,018,614 | 125,006,761 | 229,220,312 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 210,980,867 | $ | 232,834,785 | $ | 105,886,804 | $ | 125,006,761 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 2,450,000 | 3,850,000 | - | 3,150,000 | ||||||||||||||||
Shares repurchased | (3,350,000 | ) | (3,550,000 | ) | (1,500,000 | ) | (5,550,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 4,050,000 | 3,750,000 | 7,900,800 | 10,300,800 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 3,150,000 | 4,050,000 | 6,400,800 | 7,900,800 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | ||||
|
| |||
Invesco Dynamic Large Cap Growth ETF (PWB)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 48.91 | $ | 48.75 | $ | 43.32 | $ | 35.00 | $ | 30.82 | $ | 30.19 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.05 | 0.19 | 0.48 | 0.27 | 0.24 | 0.19 | ||||||||||||||||||||||||
Net realized and unrealized gain on investments | 11.15 | 0.24 | 5.39 | 8.32 | 4.19 | 0.62 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 11.20 | 0.43 | 5.87 | 8.59 | 4.43 | 0.81 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.27 | ) | (0.44 | ) | (0.27 | ) | (0.25 | ) | (0.18 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 60.04 | $ | 48.91 | $ | 48.75 | $ | 43.32 | $ | 35.00 | $ | 30.82 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 59.91 | $ | 48.93 | $ | 48.77 | $ | 43.38 | $ | 35.02 | $ | 30.81 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 22.90 | % | 0.92 | % | 13.69 | % | 24.63 | % | 14.46 | % | 2.70 | % | ||||||||||||||||||
Market Price Total Return(c) | 22.58 | % | 0.91 | % | 13.57 | % | 24.73 | % | 14.57 | % | 2.73 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 717,438 | $ | 613,853 | $ | 758,057 | $ | 569,715 | $ | 441,053 | $ | 443,752 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(d) | 0.56 | % | 0.55 | % | 0.57 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.56 | % | 0.55 | % | 0.57 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||
Net investment income | 0.18 | %(d) | 0.38 | % | 1.06 | % | 0.68 | % | 0.74 | % | 0.64 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 58 | % | 166 | % | 181 | % | 119 | % | 116 | % | 97 | % |
(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.
47 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Dynamic Large Cap Value ETF (PWV)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.19 | $ | 36.73 | $ | 36.10 | $ | 35.26 | $ | 30.01 | $ | 31.43 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.50 | 0.91 | 0.84 | 0.73 | 0.67 | 0.73 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.08 | ) | (3.52 | ) | 0.68 | 0.83 | 5.28 | (1.43 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 0.42 | (2.61 | ) | 1.52 | 1.56 | 5.95 | (0.70 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.50 | ) | (0.93 | ) | (0.89 | ) | (0.72 | ) | (0.70 | ) | (0.72 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 33.11 | $ | 33.19 | $ | 36.73 | $ | 36.10 | $ | 35.26 | $ | 30.01 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 33.04 | $ | 33.23 | $ | 36.74 | $ | 36.13 | $ | 35.27 | $ | 30.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 1.25 | % | (7.12 | )% | 4.32 | % | 4.39 | % | 20.06 | % | (2.17 | )% | ||||||||||||||||||
Market Price Total Return(c) | 0.91 | % | (7.04 | )% | 4.26 | % | 4.44 | % | 20.14 | % | (2.18 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 607,593 | $ | 678,709 | $ | 1,041,362 | $ | 1,373,520 | $ | 1,256,973 | $ | 975,299 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(d) | 0.56 | % | 0.55 | % | 0.56 | % | 0.56 | % | 0.57 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.58 | %(d) | 0.56 | % | 0.55 | % | 0.56 | % | 0.56 | % | 0.57 | % | ||||||||||||||||||
Net investment income | 2.89 | %(d) | 2.43 | % | 2.33 | % | 1.96 | % | 2.04 | % | 2.44 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 83 | % | 142 | % | 189 | % | 128 | % | 118 | % | 98 | % |
(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.
48 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 100 Equal Weight ETF (EQWL)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 53.60 | $ | 56.90 | $ | 52.38 | $ | 46.71 | $ | 39.77 | $ | 40.24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.69 | 1.30 | 1.14 | 0.88 | 0.74 | 0.78 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.75 | (3.22 | ) | 4.52 | 5.63 | 6.95 | (0.48 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 5.44 | (1.92 | ) | 5.66 | 6.51 | 7.69 | 0.30 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.68 | ) | (1.38 | ) | (1.14 | ) | (0.84 | ) | (0.75 | ) | (0.77 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 58.36 | $ | 53.60 | $ | 56.90 | $ | 52.38 | $ | 46.71 | $ | 39.77 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 58.29 | $ | 53.54 | $ | 56.91 | $ | 52.42 | $ | 46.75 | $ | 39.73 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 10.15 | % | (3.34 | )% | 11.04 | % | 14.02 | % | 19.58 | % | 0.81 | % | ||||||||||||||||||
Market Price Total Return(c) | 10.14 | % | (3.46 | )% | 10.98 | % | 14.01 | % | 19.80 | % | 0.78 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 61,280 | $ | 53,604 | $ | 59,749 | $ | 60,232 | $ | 39,703 | $ | 33,805 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.26 | %(e) | 0.25 | % | 0.25 | % | 0.25 | % | 0.26 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.44 | %(d) | 0.40 | %(e) | 0.41 | % | 0.47 | % | 0.54 | % | 0.54 | % | ||||||||||||||||||
Net investment income | 2.34 | %(d) | 2.28 | %(e) | 2.13 | % | 1.74 | % | 1.74 | % | 1.99 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 10 | % | 51 | % | 24 | % | 32 | % | 27 | % | 101 | % |
(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) | Ratios include non-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. For the years ended April 30, 2020 and 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 500 GARP ETF (SPGP)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 51.39 | $ | 55.20 | $ | 47.90 | $ | 38.49 | $ | 32.92 | $ | 33.84 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.32 | 0.71 | 0.47 | 0.35 | 0.29 | 0.28 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.53 | (3.81 | ) | 7.29 | 9.38 | 5.61 | (0.91 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 8.85 | (3.10 | ) | 7.76 | 9.73 | 5.90 | (0.63 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.43 | ) | (0.71 | ) | (0.46 | ) | (0.32 | ) | (0.33 | ) | (0.29 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 59.81 | $ | 51.39 | $ | 55.20 | $ | 47.90 | $ | 38.49 | $ | 32.92 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 59.69 | $ | 51.43 | $ | 55.18 | $ | 47.94 | $ | 38.50 | $ | 32.92 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 17.26 | % | (5.56 | )% | 16.35 | % | 25.36 | % | �� | 18.06 | % | (1.89 | )% | |||||||||||||||||
Market Price Total Return(c) | 16.94 | % | (5.45 | )% | 16.20 | % | 25.44 | % | 18.09 | % | (1.83 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 191,391 | $ | 244,088 | $ | 229,088 | $ | 208,355 | $ | 146,256 | $ | 151,415 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.36 | %(d) | 0.34 | % | 0.36 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.36 | %(d) | 0.34 | % | 0.36 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Net investment income | 1.11 | %(d) | 1.23 | % | 0.92 | % | 0.80 | % | 0.84 | % | 0.85 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 49 | % | 110 | % | 17 | % | 19 | % | 30 | % | 105 | % |
(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. For the years ended April 30, 2020 and 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 S&P 500 Value with Momentum ETF (SPVM)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.56 | $ | 40.00 | $ | 38.01 | $ | 35.60 | $ | 29.58 | $ | 30.63 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.41 | 0.87 | 1.03 | 0.93 | 0.73 | 0.80 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.43 | (8.26 | ) | 2.06 | 2.28 | 6.13 | (1.09 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 3.84 | (7.39 | ) | 3.09 | 3.21 | 6.86 | (0.29 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.43 | ) | (1.05 | ) | (1.10 | ) | (0.80 | ) | (0.84 | ) | (0.76 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 34.97 | $ | 31.56 | $ | 40.00 | $ | 38.01 | $ | 35.60 | $ | 29.58 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 34.92 | $ | 31.62 | $ | 39.99 | $ | 38.03 | $ | 35.63 | $ | 29.55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 12.23 | % | (18.74 | )% | 8.40 | % | 9.07 | % | 23.47 | % | (0.84 | )% | ||||||||||||||||||
Market Price Total Return(c) | 11.86 | % | (18.57 | )% | 8.31 | % | 9.04 | % | 23.69 | % | (0.92 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 31,473 | $ | 44,190 | $ | 96,009 | $ | 104,539 | $ | 74,770 | $ | 68,029 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.40 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.57 | %(d) | 0.45 | %(e) | 0.41 | % | 0.44 | % | 0.46 | % | 0.55 | % | ||||||||||||||||||
Net investment income | 2.35 | %(d) | 2.24 | %(e) | 2.70 | % | 2.49 | % | 2.23 | % | 2.78 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 42 | % | 127 | % | 32 | % | 25 | % | 28 | % | 77 | % |
(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) | Ratios include non-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. For the years ended April 30, 2020 and 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.
51 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P MidCap Momentum ETF (XMMO)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 54.07 | $ | 59.05 | $ | 45.61 | $ | 34.85 | $ | 29.14 | $ | 31.95 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.25 | 0.49 | 0.06 | 0.02 | 0.09 | 0.07 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 13.20 | (4.92 | ) | 13.47 | 10.79 | 5.70 | (2.72 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 13.45 | (4.43 | ) | 13.53 | 10.81 | 5.79 | (2.65 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.55 | ) | (0.09 | ) | (0.05 | ) | (0.08 | ) | (0.16 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 67.27 | $ | 54.07 | $ | 59.05 | $ | 45.61 | $ | 34.85 | $ | 29.14 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 67.16 | $ | 54.17 | $ | 59.07 | $ | 45.71 | $ | 34.85 | $ | 29.12 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 24.92 | % | (7.45 | )% | 29.72 | % | 31.05 | % | 19.89 | % | (8.34 | )% | ||||||||||||||||||
Market Price Total Return(c) | 24.48 | % | (7.32 | )% | 29.48 | % | 31.34 | % | 19.98 | % | (8.40 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 719,839 | $ | 519,048 | $ | 625,899 | $ | 132,259 | $ | 67,967 | $ | 67,015 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.34 | %(d) | 0.34 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.34 | %(d) | 0.34 | % | 0.39 | % | 0.43 | % | 0.46 | % | 0.44 | % | ||||||||||||||||||
Net investment income | 0.78 | %(d) | 0.84 | % | 0.12 | % | 0.05 | % | 0.30 | % | 0.25 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 56 | % | 194 | % | 30 | % | 29 | % | 49 | % | 147 | % |
(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. For the years ended April 30, 2020 and 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.
52 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P MidCap Quality ETF (XMHQ)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 47.16 | $ | 50.74 | $ | 47.29 | $ | 43.74 | $ | 38.93 | $ | 40.34 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.32 | 0.67 | 0.66 | 0.60 | 0.54 | 0.56 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.90 | (3.49 | ) | 3.46 | 3.53 | 4.86 | (1.41 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 9.22 | (2.82 | ) | 4.12 | 4.13 | 5.40 | (0.85 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.76 | ) | (0.67 | ) | (0.58 | ) | (0.59 | ) | (0.56 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 56.11 | $ | 47.16 | $ | 50.74 | $ | 47.29 | $ | 43.74 | $ | 38.93 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 56.08 | $ | 47.33 | $ | 50.72 | $ | 47.30 | $ | 43.74 | $ | 38.89 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 19.59 | % | (5.52 | )% | 8.85 | % | 9.50 | % | 14.00 | % | (2.02 | )% | ||||||||||||||||||
Market Price Total Return(c) | 19.10 | % | (5.15 | )% | 8.78 | % | 9.52 | % | 14.11 | % | (2.14 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 67,328 | $ | 23,578 | $ | 25,372 | $ | 23,645 | $ | 26,242 | $ | 23,357 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.27 | %(e) | 0.25 | % | 0.25 | % | 0.25 | % | 0.26 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.46 | %(d) | 0.56 | %(e) | 0.61 | % | 0.66 | % | 0.68 | % | 0.69 | % | ||||||||||||||||||
Net investment income | 1.18 | %(d) | 1.35 | %(e) | 1.36 | % | 1.31 | % | 1.32 | % | 1.50 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 32 | % | 130 | % | 30 | % | 28 | % | 36 | % | 135 | % |
(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) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(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 years ended April 30, 2020 and 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.
53 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P MidCap Value with Momentum ETF (XMVM)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.75 | $ | 32.38 | $ | 30.69 | $ | 31.00 | $ | 27.22 | $ | 27.55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.23 | 0.54 | 0.84 | 0.69 | 0.68 | 0.68 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.68 | (6.49 | ) | 1.64 | (0.26 | ) | 3.80 | (0.37 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 3.91 | (5.95 | ) | 2.48 | 0.43 | 4.48 | 0.31 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.68 | ) | (0.79 | ) | (0.74 | ) | (0.70 | ) | (0.64 | ) | ||||||||||||||||||
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|
| |||||||||||||||||||
Net asset value at end of period | $ | 29.43 | $ | 25.75 | $ | 32.38 | $ | 30.69 | $ | 31.00 | $ | 27.22 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 29.36 | $ | 25.81 | $ | 32.36 | $ | 30.69 | $ | 31.00 | $ | 27.21 | ||||||||||||||||||
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|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 15.24 | % | (18.59 | )% | 8.36 | % | 1.39 | % | 16.60 | % | 1.35 | % | ||||||||||||||||||
Market Price Total Return(c) | 14.70 | % | (18.34 | )% | 8.30 | % | 1.39 | % | 16.64 | % | 1.39 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 42,676 | $ | 45,060 | $ | 51,809 | $ | 46,028 | $ | 68,203 | $ | 50,364 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.40 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | %(f) | ||||||||||||||||||
Expenses, prior to Waivers | 0.52 | %(d) | 0.44 | %(e) | 0.48 | % | 0.51 | % | 0.49 | % | 0.54 | %(f) | ||||||||||||||||||
Net investment income | 1.63 | %(d) | 1.72 | %(e) | 2.73 | % | 2.24 | % | 2.28 | % | 2.62 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 47 | % | 128 | % | 49 | % | 52 | % | 39 | % | 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) | Annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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. For the years ended April 30, 2020 and 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.
54 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Momentum ETF (XSMO)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.48 | $ | 37.29 | $ | 33.25 | $ | 28.50 | $ | 23.23 | $ | 25.22 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.18 | 0.34 | 0.13 | 0.14 | 0.07 | 0.06 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.25 | (4.71 | ) | 4.04 | 4.75 | 5.27 | (1.93 | ) | ||||||||||||||||||||||
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|
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| |||||||||||||||||||
Total from investment operations | 7.43 | (4.37 | ) | 4.17 | 4.89 | 5.34 | (1.87 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.44 | ) | (0.13 | ) | (0.14 | ) | (0.07 | ) | (0.12 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 39.72 | $ | 32.48 | $ | 37.29 | $ | 33.25 | $ | 28.50 | $ | 23.23 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 39.66 | $ | 32.56 | $ | 37.31 | $ | 33.31 | $ | 28.49 | $ | 23.26 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 22.92 | % | (11.70 | )% | 12.55 | % | 17.18 | % | 23.02 | % | (7.47 | )% | ||||||||||||||||||
Market Price Total Return(c) | 22.44 | % | (11.53 | )% | 12.41 | % | 17.43 | % | 22.82 | % | (7.31 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 99,295 | $ | 74,694 | $ | 89,495 | $ | 48,215 | $ | 34,195 | $ | 26,719 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | %(e) | ||||||||||||||||||
Expenses, prior to Waivers | 0.41 | %(d) | 0.40 | % | 0.44 | % | 0.59 | % | 0.65 | % | 0.67 | %(e) | ||||||||||||||||||
Net investment income | 0.96 | %(d) | 0.92 | % | 0.37 | % | 0.47 | % | 0.29 | % | 0.27 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 55 | % | 180 | % | 44 | % | 43 | % | 55 | % | 144 | % |
(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) | 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 years ended April 30, 2020 and 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.
55 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
Six Months Ended October 31, 2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.95 | $ | 30.31 | $ | 30.37 | $ | 29.27 | $ | 23.87 | $ | 25.75 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a)(b) | 0.21 | 0.51 | 0.58 | 0.63 | 0.52 | 0.63 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.47 | (7.27 | ) | 0.03 | 1.04 | 5.55 | (1.91 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 4.68 | (6.76 | ) | 0.61 | 1.67 | 6.07 | (1.28 | ) | ||||||||||||||||||||||
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|
|
|
|
|
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.60 | ) | (0.67 | ) | (0.57 | ) | (0.67 | ) | (0.60 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 27.48 | $ | 22.95 | $ | 30.31 | $ | 30.37 | $ | 29.27 | $ | 23.87 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 27.43 | $ | 22.92 | $ | 30.30 | $ | 30.40 | $ | 29.26 | $ | 23.88 | ||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | 20.44 | % | (22.43 | )% | 2.13 | % | 5.73 | % | 25.64 | % | (4.93 | )% | ||||||||||||||||||
Market Price Total Return(d) | 20.37 | % | (22.51 | )% | 2.00 | % | 5.87 | % | 25.54 | % | (4.90 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 76,944 | $ | 52,778 | $ | 78,794 | $ | 72,883 | $ | 83,415 | $ | 59,668 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.39 | %(e) | 0.40 | %(f) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.42 | %(e) | 0.40 | %(f) | 0.44 | % | 0.46 | % | 0.46 | % | 0.50 | % | ||||||||||||||||||
Net investment income(b) | 1.58 | %(e) | 1.73 | %(f) | 1.88 | % | 2.12 | % | 1.90 | % | 2.67 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 50 | % | 136 | % | 52 | % | 56 | % | 50 | % | 137 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. |
(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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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. For the years ended April 30, 2020 and 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.
56 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Zacks Mid-Cap ETF (CZA)
Six Months Ended October 31, 2020 | Year Ended April 30, | Eight Months Ended April 30, | Years Ended August 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 57.49 | $ | 70.67 | $ | 64.70 | $ | 61.60 | $ | 53.00 | $ | 49.05 | $ | 49.97 | |||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 0.44 | 1.03 | 0.90 | 0.53 | 0.81 | 0.87 | 0.50 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 9.05 | (13.14 | ) | 5.82 | 3.29 | 8.81 | 3.73 | (1.05 | ) | ||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 9.49 | (12.11 | ) | 6.72 | 3.82 | 9.62 | 4.60 | (0.55 | ) | ||||||||||||||||||||||||||
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|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | - | (1.07 | ) | (0.75 | ) | (0.72 | ) | (1.02 | ) | (0.65 | ) | (0.37 | ) | ||||||||||||||||||||||
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|
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|
|
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|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 66.98 | $ | 57.49 | $ | 70.67 | $ | 64.70 | $ | 61.60 | $ | 53.00 | $ | 49.05 | |||||||||||||||||||||
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|
| ||||||||||||||||||||||
Market price at end of period | $ | 66.61 | (b) | $ | 57.59 | (b) | $ | 70.75 | (b) | $ | 64.75 | (b) | $ | 61.67 | $ | 52.94 | $ | 49.09 | |||||||||||||||||
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|
| ||||||||||||||||||||||
Net Asset Value Total Return(c) | 16.51 | % | (17.51 | )% | 10.68 | % | 6.19 | % | 18.40 | % | 9.53 | % | (1.11 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 15.66 | % | (17.46 | )% | 10.72 | % | 6.14 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 210,981 | $ | 232,835 | $ | 265,019 | $ | 255,584 | $ | 203,284 | $ | 143,100 | $ | 149,597 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.69 | %(d)(e) | 0.65 | %(e)(f) | 0.65 | %(e) | 0.65 | %(d) | 0.65 | % | 0.65 | % | 0.65 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.69 | %(d)(e) | 0.68 | %(e)(f) | 0.70 | %(e) | 0.74 | %(d) | 0.74 | % | 0.74 | % | 0.73 | % | |||||||||||||||||||||
Net investment income | 1.36 | %(d) | 1.46 | %(f) | 1.36 | % | 1.23 | %(d) | 1.43 | % | 1.78 | % | 1.01 | % | |||||||||||||||||||||
Portfolio turnover rate(g) | 86 | % | 144 | % | 170 | % | 136 | % | 181 | % | 172 | % | 164 | % |
(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) | 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) | Ratios include non-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.
57 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Zacks Multi-Asset Income ETF (CVY)
Six Months Ended October 31, 2020 | Year Ended April 30, | Eight Months Ended April 30, | Years Ended August 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.82 | $ | 22.25 | $ | 21.87 | $ | 21.11 | $ | 19.75 | $ | 19.92 | $ | 26.06 | |||||||||||||||||||||
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|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a)(b) | 0.35 | 0.77 | 0.81 | 0.49 | 0.80 | 0.87 | 1.30 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.68 | (6.45 | ) | 0.38 | 0.94 | 1.46 | (0.06 | ) | (6.10 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 1.03 | (5.68 | ) | 1.19 | 1.43 | 2.26 | 0.81 | (4.80 | ) | ||||||||||||||||||||||||||
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|
|
|
|
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|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.75 | ) | (0.81 | ) | (0.59 | ) | (0.60 | ) | (0.98 | ) | (1.31 | ) | |||||||||||||||||||||
Return of capital | - | - | - | (0.08 | ) | (0.30 | ) | - | (0.03 | ) | |||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total distributions | (0.31 | ) | (0.75 | ) | (0.81 | ) | (0.67 | ) | (0.90 | ) | (0.98 | ) | (1.34 | ) | |||||||||||||||||||||
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|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 16.54 | $ | 15.82 | $ | 22.25 | $ | 21.87 | $ | 21.11 | $ | 19.75 | $ | 19.92 | |||||||||||||||||||||
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|
| ||||||||||||||||||||||
Market price at end of period | $ | 16.49 | (c) | $ | 15.84 | (c) | $ | 22.27 | (c) | $ | 21.87 | (c) | $ | 21.08 | $ | 19.74 | $ | 19.89 | |||||||||||||||||
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|
| ||||||||||||||||||||||
Net Asset Value Total Return(d) | 6.54 | % | (25.93 | )% | 5.67 | % | 6.83 | % | 11.73 | % | 4.49 | % | (18.90 | )% | |||||||||||||||||||||
Market Price Total Return(d) | 6.08 | % | (25.91 | )% | 5.76 | % | 6.98 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 105,887 | $ | 125,007 | $ | 229,220 | $ | 286,460 | $ | 346,144 | $ | 427,658 | $ | 647,321 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.72 | %(e)(f) | 0.65 | %(f)(g) | 0.65 | %(f) | 0.65 | %(e)(f) | 0.65 | % | 0.65 | % | 0.65 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.72 | %(e)(f) | 0.69 | %(f)(g) | 0.71 | %(f) | 0.74 | %(e)(f) | 0.72 | % | 0.73 | % | 0.71 | % | |||||||||||||||||||||
Net investment income | 4.18 | %(e) | 3.64 | %(g) | 3.71 | % | 3.38 | %(e) | 3.93 | % | 4.62 | % | 5.68 | % | |||||||||||||||||||||
Portfolio turnover rate(h) | 99 | % | 203 | % | 196 | % | 142 | % | 203 | % | 228 | % | 213 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. |
(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) | 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 include non-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.
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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Dynamic 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 Zacks Mid-Cap ETF (CZA) | “Zacks Mid-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 IntellidexSM Index | |
Dynamic Large Cap Value ETF | Dynamic Large Cap Value IntellidexSM Index | |
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 | |
Zacks Mid-Cap ETF | Zacks Mid-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 the over-the-counter 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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent
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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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Investing in ETFs and Other Investment Companies Risk. Because certain Funds may invest in ETFs and other investment companies, 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. Certain Funds will pay indirectly a proportional share of the fees and expenses of the investment companies in which such Funds invest (including costs and fees of the investment companies), while continuing to pay their 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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
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
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are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high 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. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF are non-diversified, and to the extent certain Funds become diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of their respective securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, 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. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Value Risk. For certain Funds, “value” securities are subject to the risk that the valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
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 an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to 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 |
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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 Zacks Mid-Cap ETF, which declares and pays dividends from net investment income, if any, to shareholders annually) and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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 for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
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 the period-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 and may loan portfolio securities having a market value up to one-third of the 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 |
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temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
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, Zacks Mid-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 contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of 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, 2022. 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, 2022. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-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, 2022 and sub-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, 2022. 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, 2020 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, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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.
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For the six-month period ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Large Cap Growth ETF | $ | 300 | ||
Dynamic Large Cap Value ETF | 468 | |||
S&P 100 Equal Weight ETF | 57,587 | |||
S&P 500 GARP ETF | 134 | |||
S&P 500 Value with Momentum ETF | 32,932 | |||
S&P MidCap Momentum ETF | 407 | |||
S&P MidCap Quality ETF | 54,548 | |||
S&P MidCap Value with Momentum ETF | 30,082 | |||
S&P SmallCap Momentum ETF | 8,552 | |||
S&P SmallCap Value with Momentum ETF | 10,828 | |||
Zacks Mid-Cap ETF | 334 | |||
Zacks Multi-Asset Income ETF | 1,817 |
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 as of October 31, 2020 are as follows:
Total Potential Recapture | Potential Recapture Amounts Expiring | |||||||||||||||||||
Amounts | 4/30/21 | 4/30/22 | 4/30/23 | 10/31/23 | ||||||||||||||||
S&P 100 Equal Weight ETF | $ | 297,986 | $ | 56,925 | $ | 100,279 | $ | 83,272 | $ | 57,510 | ||||||||||
S&P 500 Value with Momentum ETF | 98,024 | 15,420 | 24,689 | 25,059 | 32,856 | |||||||||||||||
S&P MidCap Quality ETF | 261,062 | 45,318 | 88,198 | 73,105 | 54,441 | |||||||||||||||
S&P MidCap Value with Momentum ETF | 124,039 | 28,820 | 44,814 | 20,443 | 29,962 | |||||||||||||||
S&P SmallCap Momentum ETF | 84,423 | 33,095 | 37,890 | 4,984 | 8,454 | |||||||||||||||
S&P SmallCap Value with Momentum ETF | 71,043 | 21,606 | 35,923 | 2,798 | 10,716 | |||||||||||||||
Zacks Mid-Cap ETF | 221,163 | 36,226 | 115,557 | 69,380 | - | |||||||||||||||
Zacks Multi-Asset Income ETF | 270,452 | 54,833 | 144,419 | 69,566 | 1,634 |
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 | |
Zacks Mid-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’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The
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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.
For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
Dynamic Large Cap Growth ETF | $ | 20,929 | ||
Dynamic Large Cap Value ETF | 55,462 | |||
S&P 100 Equal Weight ETF | 1,433 | |||
S&P 500 GARP ETF | 9,521 | |||
S&P 500 Value with Momentum ETF | 2,773 | |||
S&P MidCap Momentum ETF | 2,396 | |||
S&P MidCap Quality ETF | 3,654 | |||
S&P MidCap Value with Momentum ETF | 5,231 | |||
S&P SmallCap Momentum ETF | 6,102 | |||
S&P SmallCap Value with Momentum ETF | 3,396 | |||
Zacks Mid-Cap ETF | 12,350 | |||
Zacks Multi-Asset Income ETF | 33,630 |
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | ||||||||||
Dynamic Large Cap Growth ETF | $1,753,979 | $15,976,761 | $166,368 | |||||||||
Dynamic Large Cap Value ETF | 7,997,982 | 3,138,563 | (342,483) | |||||||||
S&P 100 Equal Weight ETF | - | 35,160 | 1,128 | |||||||||
S&P MidCap Momentum ETF | - | 15,102,021 | 399,683 |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF,S&P 100 Equal Weight ETF and S&P 500 Value with Momentum ETF). As of October 31, 2020, all of the securities in Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 100 Equal Weight ETF and S&P 500 Value with Momentum ETF 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
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investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P 500 GARP ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 191,346,219 | $ | - | $ | - | $ | 191,346,219 | ||||||||
Money Market Funds | 69,530 | 2,890,812 | - | 2,960,342 | ||||||||||||
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| |||||||||
Total Investments | $ | 191,415,749 | $ | 2,890,812 | $ | - | $ | 194,306,561 | ||||||||
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S&P MidCap Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 719,511,063 | $ | - | $ | - | $ | 719,511,063 | ||||||||
Money Market Funds | 408,269 | 1,319,383 | - | 1,727,652 | ||||||||||||
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|
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| |||||||||
Total Investments | $ | 719,919,332 | $ | 1,319,383 | $ | - | $ | 721,238,715 | ||||||||
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S&P MidCap Quality ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 67,275,367 | $ | - | $ | - | $ | 67,275,367 | ||||||||
Money Market Funds | 118,708 | 104,275 | - | 222,983 | ||||||||||||
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|
|
|
|
| |||||||||
Total Investments | $ | 67,394,075 | $ | 104,275 | $ | - | $ | 67,498,350 | ||||||||
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| |||||||||
S&P SmallCap Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 99,227,876 | $ | - | $ | - | $ | 99,227,876 | ||||||||
Money Market Funds | 113,446 | 2,973,070 | - | 3,086,516 | ||||||||||||
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|
|
|
|
| |||||||||
Total Investments | $ | 99,341,322 | $ | 2,973,070 | $ | - | $ | 102,314,392 | ||||||||
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S&P SmallCap Value with Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 76,899,754 | $ | - | $ | - | $ | 76,899,754 | ||||||||
Money Market Funds | 29,956 | 4,092,564 | - | 4,122,520 | ||||||||||||
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|
|
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|
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| |||||||||
Total Investments | $ | 76,929,710 | $ | 4,092,564 | $ | - | $ | 81,022,274 | ||||||||
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Zacks Mid-Cap ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 206,783,441 | $ | 4,104,061 | $ | - | $ | 210,887,502 | ||||||||
Money Market Funds | 311,188 | 1,114,691 | - | 1,425,879 | ||||||||||||
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|
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| |||||||||
Total Investments | $ | 207,094,629 | $ | 5,218,752 | $ | - | $ | 212,313,381 | ||||||||
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Zacks Multi-Asset Income ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 84,268,242 | $ | - | $ | - | $ | 84,268,242 | ||||||||
Preferred Stocks | 10,977,477 | - | - | 10,977,477 | ||||||||||||
Closed-End Funds | 10,611,537 | - | - | 10,611,537 | ||||||||||||
Money Market Funds | - | 4,392,545 | - | 4,392,545 | ||||||||||||
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Total Investments | $ | 105,857,256 | $ | 4,392,545 | $ | - | $ | 110,249,801 | ||||||||
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NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
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The Funds had capital loss carryforwards as of April 30, 2020, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Dynamic Large Cap Growth ETF | $ | 126,244,308 | $ | - | $ | 126,244,308 | ||||||
Dynamic Large Cap Value ETF | 339,419,567 | 52,209,766 | 391,629,333 | |||||||||
S&P 100 Equal Weight ETF | 1,220,925 | 1,609,657 | 2,830,582 | |||||||||
S&P 500 GARP ETF | 5,311,003 | 10,212,682 | 15,523,685 | |||||||||
S&P 500 Value with Momentum ETF | 4,069,540 | 4,028,722 | 8,098,262 | |||||||||
S&P MidCap Momentum ETF | 103,360,838 | 9,501,027 | 112,861,865 | |||||||||
S&P MidCap Quality ETF | 2,592,179 | 3,290,390 | 5,882,569 | |||||||||
�� S&P MidCap Value with Momentum ETF | 11,783,324 | 5,481,751 | 17,265,075 | |||||||||
S&P SmallCap Momentum ETF | 30,432,426 | 9,303,962 | 39,736,388 | |||||||||
S&P SmallCap Value with Momentum ETF | 15,394,159 | 13,335,624 | 28,729,783 | |||||||||
Zacks Mid-Cap ETF | 111,482,375 | 6,818,947 | 118,301,322 | |||||||||
Zacks Multi-Asset Income ETF | 350,341,874 | 73,889,355 | 424,231,229 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Large Cap Growth ETF | $ | 421,717,464 | $ | 418,214,957 | ||||
Dynamic Large Cap Value ETF | 545,813,316 | 554,570,069 | ||||||
S&P 100 Equal Weight ETF | 6,340,474 | 5,961,083 | ||||||
S&P 500 GARP ETF | 102,634,019 | 102,931,803 | ||||||
S&P 500 Value with Momentum ETF | 15,139,114 | 15,203,206 | ||||||
S&P MidCap Momentum ETF | 362,528,773 | 359,486,584 | ||||||
S&P MidCap Quality ETF | 15,768,156 | 16,840,738 | ||||||
S&P MidCap Value with Momentum ETF | 20,748,251 | 20,790,453 | ||||||
S&P SmallCap Momentum ETF | 49,430,121 | 49,188,583 | ||||||
S&P SmallCap Value with Momentum ETF | 34,349,104 | 34,372,718 | ||||||
Zacks Mid-Cap ETF | 195,120,695 | 193,702,917 | ||||||
Zacks Multi-Asset Income ETF | 116,765,842 | 115,904,106 |
For the six-month period ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Large Cap Growth ETF | $ | 365,259,604 | $ | 406,941,673 | ||||
Dynamic Large Cap Value ETF | 8,561,958 | 71,967,368 | ||||||
S&P 100 Equal Weight ETF | 8,803,848 | 6,430,420 | ||||||
S&P 500 GARP ETF | 37,076,974 | 120,335,269 | ||||||
S&P 500 Value with Momentum ETF | - | 16,108,485 | ||||||
S&P MidCap Momentum ETF | 488,906,559 | 419,450,071 | ||||||
S&P MidCap Quality ETF | 54,668,569 | 17,236,697 | ||||||
S&P MidCap Value with Momentum ETF | - | 8,409,875 | ||||||
S&P SmallCap Momentum ETF | 60,649,059 | 51,401,456 | ||||||
S&P SmallCap Value with Momentum ETF | 23,486,481 | 9,988,250 | ||||||
Zacks Mid-Cap ETF | 154,910,642 | 212,009,327 | ||||||
Zacks Multi-Asset Income ETF | - | 24,608,946 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Dynamic Large Cap Growth ETF | $ | 112,582,729 | $ | (16,956,803 | ) | $ | 95,625,926 | $ | 622,084,140 | |||||||
Dynamic Large Cap Value ETF | 12,036,490 | (59,234,065 | ) | (47,197,575 | ) | 653,855,817 | ||||||||||
S&P 100 Equal Weight ETF | 7,490,831 | (6,240,752 | ) | 1,250,079 | 60,032,853 | |||||||||||
S&P 500 GARP ETF | 12,962,359 | (18,540,916 | ) | (5,578,557 | ) | 199,885,118 | ||||||||||
S&P 500 Value with Momentum ETF | 2,418,354 | (4,368,885 | ) | (1,950,531 | ) | 33,463,630 | ||||||||||
S&P MidCap Momentum ETF | 110,907,721 | (17,101,742 | ) | 93,805,979 | 627,432,736 | |||||||||||
S&P MidCap Quality ETF | 6,560,372 | (1,990,045 | ) | 4,570,327 | 62,928,023 | |||||||||||
S&P MidCap Value with Momentum ETF | 3,789,491 | (5,670,314 | ) | (1,880,823 | ) | 44,645,465 | ||||||||||
S&P SmallCap Momentum ETF | 11,794,876 | (2,612,816 | ) | 9,182,060 | 93,132,332 | |||||||||||
S&P SmallCap Value with Momentum ETF | 10,605,681 | (11,262,588 | ) | (656,907 | ) | 81,679,181 | ||||||||||
Zacks Mid-Cap ETF | 15,212,495 | (5,935,403 | ) | 9,277,092 | 203,036,289 | |||||||||||
Zacks Multi-Asset Income ETF | 3,768,994 | (12,214,626 | ) | (8,445,632 | ) | 118,695,433 |
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 Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, 2020 through October 31, 2020.
In addition to the fees and expenses which the Invesco Zacks Mid-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 the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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, 2020 | Ending Account Value October 31, 2020 | 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 | $ | 1,229.00 | 0.56 | % | $ | 3.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||||||
Invesco Dynamic Large Cap Value ETF (PWV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,012.50 | 0.58 | 2.94 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||||||
Invesco S&P 100 Equal Weight ETF (EQWL) | ||||||||||||||||||||
Actual | 1,000.00 | 1,101.50 | 0.25 | 1.32 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco S&P 500 GARP ETF (SPGP) |
| |||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,172.60 | 0.36 | % | $ | 1.97 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.39 | 0.36 | 1.84 | ||||||||||||||||
Invesco S&P 500 Value with Momentum ETF (SPVM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,122.30 | 0.39 | 2.09 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco S&P MidCap Momentum ETF (XMMO) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,249.20 | 0.34 | 1.93 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.49 | 0.34 | 1.73 | ||||||||||||||||
Invesco S&P MidCap Quality ETF (XMHQ) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,195.90 | 0.25 | 1.38 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||||||
Invesco S&P MidCap Value with Momentum ETF (XMVM) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,152.40 | 0.39 | 2.12 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco S&P SmallCap Momentum ETF (XSMO) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,229.20 | 0.39 | 2.19 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco S&P SmallCap Value with Momentum ETF (XSVM) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,204.40 | 0.39 | 2.17 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||||||
Invesco Zacks Mid-Cap ETF (CZA) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,165.10 | 0.69 | 3.77 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.73 | 0.69 | 3.52 | ||||||||||||||||
Invesco Zacks Multi-Asset Income ETF (CVY) |
| |||||||||||||||||||
Actual | 1,000.00 | 1,065.40 | 0.72 | 3.75 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.58 | 0.72 | 3.67 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
| 71 |
|
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 | ||||
Downers Grove, IL 60515 | P-PS-SAR-5 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders | ||||
October 31, 2020
| ||||
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 | |||
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 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
23 | ||||
26 | ||||
28 | ||||
30 | ||||
34 | ||||
45 | ||||
56 |
| 2 |
|
Invesco Dynamic Biotechnology & Genome ETF (PBE)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.05% |
| |||||||
Biotechnology-80.98% | ||||||||
Acceleron Pharma, Inc.(b) | 64,227 | $ | 6,716,860 | |||||
Akebia Therapeutics, Inc.(b)(c) | 597,542 | 1,326,543 | ||||||
Alkermes PLC(b) | 375,724 | 6,105,515 | ||||||
Amgen, Inc. | 44,113 | 9,569,874 | ||||||
Amicus Therapeutics, Inc.(b) | 423,606 | 7,552,895 | ||||||
Biogen, Inc.(b) | 39,934 | 10,066,163 | ||||||
CareDx, Inc.(b) | 178,229 | 8,742,132 | ||||||
Coherus Biosciences, Inc.(b)(c) | 320,664 | 5,345,469 | ||||||
CRISPR Therapeutics AG | 68,028 | 6,246,331 | ||||||
Dicerna Pharmaceuticals, Inc.(b) | 336,821 | 7,069,873 | ||||||
Emergent BioSolutions, Inc.(b) | 51,390 | 4,623,558 | ||||||
Exelixis, Inc.(b) | 279,420 | 5,722,522 | ||||||
Fate Therapeutics, Inc.(b) | 175,555 | 7,794,642 | ||||||
FibroGen, Inc.(b) | 145,144 | 5,570,627 | ||||||
Gilead Sciences, Inc. | 170,131 | 9,893,118 | ||||||
Halozyme Therapeutics, Inc.(b) | 218,812 | 6,126,736 | ||||||
Insmed, Inc.(b) | 220,558 | 7,265,181 | ||||||
Intellia Therapeutics, Inc.(b)(c) | 297,166 | 7,114,154 | ||||||
Ironwood Pharmaceuticals, Inc.(b) | 595,787 | 5,886,376 | ||||||
Neurocrine Biosciences, Inc.(b) | 97,680 | 9,638,086 | ||||||
OPKO Health, Inc.(b)(c) | 1,837,758 | 6,468,908 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 18,134 | 9,856,917 | ||||||
Sangamo Therapeutics, Inc.(b) | 563,760 | 5,829,278 | ||||||
United Therapeutics Corp.(b) | 57,566 | 7,727,084 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 40,651 | 8,470,042 | ||||||
|
| |||||||
176,728,884 | ||||||||
|
| |||||||
Life Sciences Tools & Services-16.77% |
| |||||||
Fluidigm Corp.(b) | 724,164 | 4,156,701 | ||||||
Illumina, Inc.(b) | 31,762 | 9,296,737 | ||||||
Pacific Biosciences of California, Inc.(b) | 962,497 | 12,618,336 | ||||||
QIAGEN N.V.(b)(c) | 221,713 | 10,518,065 | ||||||
|
| |||||||
36,589,839 | ||||||||
|
|
Shares | Value | |||||||
Pharmaceuticals-2.30% | ||||||||
Nektar Therapeutics(b) | 317,318 | $ | 5,026,317 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 218,345,040 | ||||||
|
| |||||||
Money Market Funds-0.06% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 125,128 | 125,128 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 218,470,168 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-15.20% |
| |||||||
Invesco Private Government Fund, | 13,268,653 | 13,268,653 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 19,897,010 | 19,902,979 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 33,171,632 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-115.31% |
| 251,641,800 | ||||||
OTHER ASSETS LESS LIABILITIES-(15.31)% |
| (33,403,311 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 218,238,489 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | ||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | ||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 289,760 | $ | (164,632 | ) | $ | - | $ | - | $ | 125,128 | $ | 3 | |||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 2,626 | 5,451,095 | (5,453,721 | ) | - | - | - | 60 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Dynamic Biotechnology & Genome ETF (PBE)–(continued)
October 31, 2020
(Unaudited)
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 6,405,928 | $ | 67,537,422 | $ | (60,674,697 | ) | $ | - | $ | - | $ | 13,268,653 | $ | 2,778 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 37,117,917 | (17,215,584 | ) | 136 | 510 | 19,902,979 | 3,049 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 6,408,554 | $ | 110,396,194 | $ | (83,508,634 | ) | $ | 136 | $ | 510 | $ | 33,296,760 | $ | 5,890 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Biotechnology | 80.98 | |||||||
Life Sciences Tools & Services | 16.77 | |||||||
Pharmaceuticals | 2.30 | |||||||
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 Dynamic Building & Construction ETF (PKB)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.00% |
| |||||||
Building Products-18.34% | ||||||||
American Woodmark Corp.(b) | 42,518 | $ | 3,512,412 | |||||
JELD-WEN Holding, Inc.(b) | 175,553 | 3,691,880 | ||||||
Masonite International Corp.(b) | 39,972 | 3,517,536 | ||||||
Owens Corning | 53,670 | 3,513,775 | ||||||
Simpson Manufacturing Co., Inc. | 37,196 | 3,300,029 | ||||||
Trane Technologies PLC | 57,132 | 7,584,273 | ||||||
|
| |||||||
25,119,905 | ||||||||
|
| |||||||
Construction & Engineering-16.80% | ||||||||
Argan, Inc. | 86,727 | 3,572,285 | ||||||
Comfort Systems USA, Inc. | 72,510 | 3,320,958 | ||||||
Dycom Industries, Inc.(b) | 68,897 | 4,474,171 | ||||||
EMCOR Group, Inc. | 49,414 | 3,369,541 | ||||||
Primoris Services Corp. | 198,387 | 3,743,563 | ||||||
Quanta Services, Inc. | 72,666 | 4,536,538 | ||||||
|
| |||||||
23,017,056 | ||||||||
|
| |||||||
Construction Materials-17.47% | ||||||||
Eagle Materials, Inc. | 44,595 | 3,801,723 | ||||||
Forterra, Inc.(b) | 271,295 | 3,540,400 | ||||||
Martin Marietta Materials, Inc. | 32,495 | 8,655,043 | ||||||
Vulcan Materials Co. | 54,764 | 7,932,018 | ||||||
|
| |||||||
23,929,184 | ||||||||
|
| |||||||
Gas Utilities-2.88% | ||||||||
Southwest Gas Holdings, Inc. | 59,949 | 3,939,848 | ||||||
|
| |||||||
Home Improvement Retail-10.12% | ||||||||
GrowGeneration Corp.(b)(c) | 246,077 | 4,109,486 | ||||||
Lowe’s Cos., Inc. | 40,855 | 6,459,175 | ||||||
Lumber Liquidators Holdings, Inc.(b) | 148,771 | 3,290,815 | ||||||
|
| |||||||
13,859,476 | ||||||||
|
| |||||||
Homebuilding-30.02% | ||||||||
Century Communities, Inc.(b) | 98,429 | 3,822,982 | ||||||
D.R. Horton, Inc. | 93,712 | 6,260,899 | ||||||
Green Brick Partners, Inc.(b) | 247,720 | 4,431,711 | ||||||
Installed Building Products, Inc.(b) | 42,068 | 3,808,837 | ||||||
Lennar Corp., Class A | 89,633 | 6,294,926 |
Shares | Value | |||||||
Homebuilding-(continued) | ||||||||
LGI Homes, Inc.(b) | 32,772 | $ | 3,502,671 | |||||
Meritage Homes Corp.(b) | 37,643 | 3,278,329 | ||||||
PulteGroup, Inc. | 148,508 | 6,053,186 | ||||||
TopBuild Corp.(b) | 23,901 | 3,661,872 | ||||||
|
| |||||||
41,115,413 | ||||||||
|
| |||||||
Specialty Stores-4.37% | ||||||||
Tractor Supply Co. | 44,987 | 5,992,718 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 136,973,600 | ||||||
|
| |||||||
Money Market Funds-0.10% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 146,192 | 146,192 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 137,119,792 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.16% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,729,712 | 1,729,712 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,593,790 | 2,594,568 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,324,280 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.26% |
| 141,444,072 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.26)% |
| (4,466,881 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 136,977,191 | |||||
|
|
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) | All or a portion of this security was out on loan at October 31, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 374,211 | $ | (228,019 | ) | $ | - | $ | - | $ | 146,192 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 136,080 | 824,684 | (960,764 | ) | - | - | - | 38 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Dynamic Building & Construction ETF (PKB)–(continued)
October 31, 2020
(Unaudited)
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 14,604,185 | $ | (12,874,473 | ) | $ | - | $ | - | $ | 1,729,712 | $ | 159 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 6,379,251 | (3,784,778 | ) | - | 95 | 2,594,568 | 256 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 136,080 | $ | 22,182,331 | $ | (17,848,034 | ) | $ | - | $ | 95 | $ | 4,470,472 | $ | 455 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Homebuilding | 30.02 | |||||||
Building Products | 18.34 | |||||||
Construction Materials | 17.47 | |||||||
Construction & Engineering | 16.80 | |||||||
Home Improvement Retail | 10.12 | |||||||
Specialty Stores | 4.37 | |||||||
Gas Utilities | 2.88 | |||||||
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.
| 6 |
|
Invesco Dynamic Energy Exploration & Production ETF (PXE)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.92% |
| |||||||
Oil & Gas Exploration & Production-80.12% | ||||||||
Antero Resources Corp.(b)(c) | 123,145 | $ | 418,693 | |||||
Apache Corp. | 29,605 | 245,722 | ||||||
Cabot Oil & Gas Corp. | 22,665 | 403,210 | ||||||
Cimarex Energy Co. | 15,283 | 387,730 | ||||||
CNX Resources Corp.(b) | 38,456 | 373,023 | ||||||
Comstock Resources, Inc.(b) | 70,974 | 376,872 | ||||||
Concho Resources, Inc. | 15,295 | 634,895 | ||||||
ConocoPhillips | 20,772 | 594,495 | ||||||
Continental Resources, Inc.(c) | 24,685 | 296,961 | ||||||
Devon Energy Corp. | 40,170 | 358,718 | ||||||
Diamondback Energy, Inc. | 10,868 | 282,133 | ||||||
EOG Resources, Inc. | 17,628 | 603,583 | ||||||
EQT Corp. | 26,765 | 405,222 | ||||||
Hess Corp. | 17,071 | 635,383 | ||||||
Magnolia Oil & Gas Corp., Class A(b) | 67,539 | 293,119 | ||||||
Marathon Oil Corp. | 80,641 | 319,338 | ||||||
Matador Resources Co.(b) | 43,661 | 308,683 | ||||||
Murphy Oil Corp. | 30,039 | 231,901 | ||||||
Ovintiv, Inc. | 37,784 | 347,613 | ||||||
Parsley Energy, Inc., Class A | 38,942 | 389,809 | ||||||
PDC Energy, Inc.(b) | 27,636 | 329,421 | ||||||
Pioneer Natural Resources Co. | 7,520 | 598,291 | ||||||
Range Resources Corp. | 54,784 | 360,479 | ||||||
Southwestern Energy Co.(b) | 149,564 | 399,336 | ||||||
WPX Energy, Inc.(b) | 74,784 | 344,754 | ||||||
|
| |||||||
9,939,384 | ||||||||
|
| |||||||
Oil & Gas Refining & Marketing-19.80% |
| |||||||
CVR Energy, Inc. | 25,577 | 281,603 | ||||||
HollyFrontier Corp. | 17,318 | 320,556 | ||||||
Marathon Petroleum Corp. | 22,655 | 668,322 |
Shares | Value | |||||||
Oil & Gas Refining & Marketing-(continued) |
| |||||||
Phillips 66 | 13,150 | $ | 613,579 | |||||
Valero Energy Corp. | 14,829 | 572,548 | ||||||
|
| |||||||
2,456,608 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 12,395,992 | ||||||
|
| |||||||
Money Market Funds-0.72% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 88,887 | 88,887 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.64% |
| 12,484,879 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.18% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 306,746 | 306,746 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 459,981 | 460,118 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 766,864 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.82% |
| 13,251,743 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.82)% |
| (846,295 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 12,405,448 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 327,039 | $ | (238,152 | ) | $ | - | $ | - | $ | 88,887 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 106,816 | 556,027 | (662,843 | ) | - | - | - | 27 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco Dynamic Energy Exploration & Production ETF (PXE)–(continued)
October 31, 2020
(Unaudited)
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 3,284,808 | $ | 12,517,077 | $ | (15,495,139 | ) | $ | - | $ | - | $ | 306,746 | $ | 317 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 3,559,825 | (3,099,792 | ) | 2 | 83 | 460,118 | 251 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,391,624 | $ | 16,959,968 | $ | (19,495,926 | ) | $ | 2 | $ | 83 | $ | 855,751 | $ | 597 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Oil & Gas Exploration & Production | 80.12 | |||||||
Oil & Gas Refining & Marketing | 19.80 | |||||||
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 Dynamic Food & Beverage ETF (PBJ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Agricultural Products-9.52% | ||||||||
Archer-Daniels-Midland Co. | 45,360 | $ | 2,097,447 | |||||
Darling Ingredients, Inc.(b) | 62,205 | 2,674,815 | ||||||
Fresh Del Monte Produce, Inc. | 84,946 | 1,828,887 | ||||||
|
| |||||||
6,601,149 | ||||||||
|
| |||||||
Brewers-3.42% | ||||||||
Boston Beer Co., Inc. (The), Class A(b) | 2,281 | 2,370,370 | ||||||
|
| |||||||
Distillers & Vintners-5.13% | ||||||||
Brown-Forman Corp., Class B | 51,014 | 3,556,186 | ||||||
|
| |||||||
Food Distributors-4.85% | ||||||||
SpartanNash Co. | 97,524 | 1,795,417 | ||||||
United Natural Foods, Inc.(b) | 107,613 | 1,567,921 | ||||||
|
| |||||||
3,363,338 | ||||||||
|
| |||||||
Food Retail-16.10% | ||||||||
Albertsons Cos., Inc., Class A(c) | 138,370 | 2,032,655 | ||||||
Grocery Outlet Holding Corp.(b) | 48,552 | 2,137,259 | ||||||
Ingles Markets, Inc., Class A | 48,962 | 1,755,777 | ||||||
Kroger Co. (The) | 56,098 | 1,806,917 | ||||||
Sprouts Farmers Market, Inc.(b) | 82,644 | 1,574,368 | ||||||
Weis Markets, Inc. | 40,897 | 1,857,133 | ||||||
|
| |||||||
11,164,109 | ||||||||
|
| |||||||
Packaged Foods & Meats-38.12% | ||||||||
B&G Foods, Inc.(c) | 64,664 | 1,717,476 | ||||||
Campbell Soup Co. | 38,065 | 1,776,494 | ||||||
Conagra Brands, Inc. | 52,322 | 1,835,979 | ||||||
General Mills, Inc. | 57,471 | 3,397,686 | ||||||
Hain Celestial Group, Inc. (The)(b) | 62,705 | 1,928,179 | ||||||
Hershey Co. (The) | 25,010 | 3,437,875 | ||||||
JM Smucker Co. (The) | 16,776 | 1,882,267 | ||||||
Kellogg Co. | 28,790 | 1,810,603 | ||||||
Kraft Heinz Co. (The) | 106,989 | 3,272,793 | ||||||
Mondelez International, Inc., Class A | 63,976 | 3,398,405 | ||||||
Nomad Foods Ltd. (United Kingdom)(b) | 81,630 | 1,979,527 | ||||||
|
| |||||||
26,437,284 | ||||||||
|
|
Shares | Value | |||||||
Personal Products-2.66% | ||||||||
Herbalife Nutrition Ltd.(b) | 40,831 | $ | 1,843,111 | |||||
|
| |||||||
Soft Drinks-20.19% | ||||||||
Coca-Cola Consolidated, Inc. | 7,371 | 1,687,590 | ||||||
Keurig Dr Pepper, Inc. | 124,254 | 3,342,433 | ||||||
Monster Beverage Corp.(b) | 44,624 | 3,416,860 | ||||||
National Beverage Corp.(b)(c) | 25,190 | 1,972,125 | ||||||
PepsiCo, Inc. | 26,871 | 3,581,635 | ||||||
|
| |||||||
14,000,643 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 69,336,190 | ||||||
|
| |||||||
Money Market Funds-0.07% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 49,270 | 49,270 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% |
| 69,385,460 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-8.57% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) . | 2,376,516 | 2,376,516 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 3,563,705 | 3,564,774 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 5,941,290 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-108.63% |
| 75,326,750 | ||||||
OTHER ASSETS LESS LIABILITIES-(8.63)% |
| (5,987,204 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 69,339,546 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 383,996 | $ | (334,726 | ) | $ | - | $ | - | $ | 49,270 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 99,354 | 1,857,324 | (1,956,678 | ) | - | - | - | 33 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco Dynamic Food & Beverage ETF (PBJ)–(continued)
October 31, 2020
(Unaudited)
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 304,437 | $ | 10,943,077 | $ | (8,870,998 | ) | $ | - | $ | - | $ | 2,376,516 | $ | 252 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 5,833,722 | (2,269,102 | ) | 107 | 47 | 3,564,774 | 385 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 403,791 | $ | 19,018,119 | $ | (13,431,504 | ) | $ | 107 | $ | 47 | $ | 5,990,560 | $ | 672 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Packaged Foods & Meats | 38.12 | |||||||
Soft Drinks | 20.19 | |||||||
Food Retail | 16.10 | �� | ||||||
Agricultural Products | 9.52 | |||||||
Distillers & Vintners | 5.13 | |||||||
Food Distributors | 4.85 | |||||||
Brewers | 3.42 | |||||||
Personal Products | 2.66 | |||||||
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.
| 10 |
|
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Broadcasting-16.10% | ||||||||
AMC Networks, Inc., Class A(b)(c) | 305,260 | $ | 6,486,775 | |||||
Discovery, Inc., Class A(b) | 335,971 | 6,800,053 | ||||||
Fox Corp., Class A | 510,720 | 13,544,295 | ||||||
ViacomCBS, Inc., Class B | 498,086 | 14,230,317 | ||||||
|
| |||||||
41,061,440 | ||||||||
|
| |||||||
Casinos & Gaming-5.37% | ||||||||
Accel Entertainment, Inc.(b) | 644,862 | 6,190,675 | ||||||
Penn National Gaming, Inc.(b) | 139,287 | 7,518,712 | ||||||
|
| |||||||
13,709,387 | ||||||||
|
| |||||||
Food Distributors-5.45% | ||||||||
Performance Food Group Co.(b) | 214,654 | 7,214,521 | ||||||
US Foods Holding Corp.(b) | 320,548 | 6,699,453 | ||||||
|
| |||||||
13,913,974 | ||||||||
|
| |||||||
Hotels, Resorts & Cruise Lines-5.46% | ||||||||
Hilton Worldwide Holdings, Inc. | 158,566 | 13,923,681 | ||||||
|
| |||||||
Interactive Media & Services-5.01% | ||||||||
Eventbrite, Inc., Class A(b)(c) | 732,156 | 6,757,800 | ||||||
TripAdvisor, Inc. | 315,155 | 6,022,612 | ||||||
|
| |||||||
12,780,412 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-6.24% | ||||||||
Grubhub, Inc.(b) | 104,551 | 7,732,592 | ||||||
Qurate Retail, Inc., Class A | 1,208,407 | 8,180,915 | ||||||
|
| |||||||
15,913,507 | ||||||||
|
| |||||||
Movies & Entertainment-26.84% | ||||||||
Cinemark Holdings, Inc.(c) | 540,106 | 4,423,468 | ||||||
Lions Gate Entertainment Corp., | 805,911 | 5,399,604 | ||||||
Live Nation Entertainment, Inc.(b) | 134,130 | 6,545,544 | ||||||
Madison Square Garden Entertainment Corp.(b) | 106,053 | 6,893,445 | ||||||
Madison Square Garden Sports Corp., | 45,958 | 6,509,491 | ||||||
Manchester United PLC, Class A (United Kingdom) | 497,752 | 6,799,292 | ||||||
Walt Disney Co. (The) | 105,289 | 12,766,291 | ||||||
Warner Music Group Corp., Class A | 488,231 | 12,952,769 | ||||||
World Wrestling Entertainment, Inc., | 170,144 | 6,186,436 | ||||||
|
| |||||||
68,476,340 | ||||||||
|
|
Shares | Value | |||||||
Multi-Sector Holdings-2.87% | ||||||||
Cannae Holdings, Inc.(b) | 197,791 | $ | 7,314,311 | |||||
|
| |||||||
Restaurants-26.61% | ||||||||
Bloomin’ Brands, Inc. | 591,705 | 8,272,036 | ||||||
Chipotle Mexican Grill, Inc.(b) | 11,010 | 13,228,295 | ||||||
Domino’s Pizza, Inc. | 33,822 | 12,795,539 | ||||||
Papa John’s International, Inc. | 78,660 | 6,025,356 | ||||||
Texas Roadhouse, Inc. | 122,590 | 8,584,978 | ||||||
Wingstop, Inc. | 46,389 | 5,396,432 | ||||||
Yum China Holdings, Inc. (China) | 255,087 | 13,578,281 | ||||||
|
| |||||||
67,880,917 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 254,973,969 | ||||||
|
| |||||||
Money Market Funds-0.13% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 338,576 | 338,576 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 255,312,545 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.32% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 4,550,639 | 4,550,639 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 11,557,716 | 11,561,183 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 16,111,822 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.40% |
| 271,424,367 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.40)% |
| (16,334,172 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 255,090,195 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Dynamic Leisure and Entertainment ETF (PEJ)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 480,581 | $ | (142,005 | ) | $ | - | $ | - | $ | 338,576 | $ | 5 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 121,538 | 3,040,032 | (3,161,570 | ) | - | - | - | 31 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 5,113,813 | 86,711,767 | (87,274,941 | ) | - | - | 4,550,639 | 2,041 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 29,515,234 | (17,954,745 | ) | 322 | 372 | 11,561,183 | 2,225 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 5,235,351 | $ | 119,747,614 | $ | (108,533,261 | ) | $ | 322 | $ | 372 | $ | 16,450,398 | $ | 4,302 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Movies & Entertainment | 26.84 | |||||||
Restaurants | 26.61 | |||||||
Broadcasting | 16.10 | |||||||
Internet & Direct Marketing Retail | 6.24 | |||||||
Hotels, Resorts & Cruise Lines | 5.46 | |||||||
Food Distributors | 5.45 | |||||||
Casinos & Gaming | 5.37 | |||||||
Interactive Media & Services | 5.01 | |||||||
Multi-Sector Holdings | 2.87 | |||||||
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.
| 12 |
|
Invesco Dynamic Media ETF (PBS)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.97% |
| |||||||
Advertising-8.28% | ||||||||
Interpublic Group of Cos., Inc. (The) | 54,252 | $ | 981,419 | |||||
Omnicom Group, Inc. | 18,163 | 857,293 | ||||||
TechTarget, Inc.(b) | 25,266 | 1,106,651 | ||||||
|
| |||||||
2,945,363 | ||||||||
|
| |||||||
Broadcasting-12.64% | ||||||||
AMC Networks, Inc., Class A(b)(c) | 39,676 | 843,115 | ||||||
Discovery, Inc., Class A(b)(c) | 43,668 | 883,841 | ||||||
Fox Corp., Class A | 36,208 | 960,236 | ||||||
Gray Television, Inc.(b) | 63,100 | 800,108 | ||||||
ViacomCBS, Inc., Class B | 35,311 | 1,008,835 | ||||||
|
| |||||||
4,496,135 | ||||||||
|
| |||||||
Cable & Satellite-4.78% | ||||||||
DISH Network Corp., Class A(b) | 28,760 | 733,092 | ||||||
Sirius XM Holdings, Inc.(c) | 169,194 | 969,482 | ||||||
|
| |||||||
1,702,574 | ||||||||
|
| |||||||
Interactive Media & Services-41.65% | ||||||||
Alphabet, Inc., Class A(b) | 1,124 | 1,816,508 | ||||||
ANGI Homeservices, Inc., Class A(b) | 72,706 | 770,683 | ||||||
EverQuote, Inc., Class A(b) | 27,141 | 908,952 | ||||||
Facebook, Inc., Class A(b) | 6,242 | 1,642,333 | ||||||
Match Group, Inc.(b) | 16,410 | 1,916,360 | ||||||
Pinterest, Inc., Class A(b) | 28,943 | 1,706,190 | ||||||
QuinStreet, Inc.(b) | 75,056 | 1,201,271 | ||||||
SINA Corp. (China)(b) | 24,642 | 1,055,910 | ||||||
Twitter, Inc.(b) | 45,311 | 1,874,063 | ||||||
Yandex N.V., Class A (Russia)(b) | 15,455 | 889,744 | ||||||
Zillow Group, Inc., Class C(b) | 11,711 | 1,037,829 | ||||||
|
| |||||||
14,819,843 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-6.61% | ||||||||
Fiverr International Ltd. (Israel)(b)(c) | 8,770 | 1,284,103 | ||||||
Qurate Retail, Inc., Class A | 157,496 | 1,066,248 | ||||||
|
| |||||||
2,350,351 | ||||||||
|
| |||||||
Movies & Entertainment-15.82% | ||||||||
Lions Gate Entertainment Corp., | 104,748 | 701,812 | ||||||
Netflix, Inc.(b) | 3,477 | 1,654,148 |
Shares | Value | |||||||
Movies & Entertainment-(continued) | ||||||||
Spotify Technology S.A.(b) | 6,729 | $ | 1,614,220 | |||||
Walt Disney Co. (The) | 13,685 | 1,659,306 | ||||||
|
| |||||||
5,629,486 | ||||||||
|
| |||||||
Publishing-5.01% | ||||||||
New York Times Co. (The), Class A | 23,017 | 912,854 | ||||||
News Corp., Class A | 66,285 | 870,322 | ||||||
|
| |||||||
1,783,176 | ||||||||
|
| |||||||
Research & Consulting Services-5.18% | ||||||||
IHS Markit Ltd. | 22,809 | 1,844,564 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 35,571,492 | ||||||
|
| |||||||
Money Market Funds-0.29% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 104,008 | 104,008 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 35,675,500 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-7.48% | ||||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,064,421 | 1,064,421 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 1,596,153 | 1,596,631 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,661,052 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-107.74% |
| 38,336,552 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.74)% |
| (2,754,209 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 35,582,343 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Dynamic Media ETF (PBS)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 151,639 | $ | (47,631 | ) | $ | - | $ | - | $ | 104,008 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 105,640 | 702,371 | (808,011 | ) | - | - | - | 28 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 4,547,956 | 18,636,776 | (22,120,311 | ) | - | - | 1,064,421 | 431 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 6,206,520 | (4,610,038 | ) | - | 149 | 1,596,631 | 365 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 4,653,596 | $ | 25,697,306 | $ | (27,585,991 | ) | $ | - | $ | 149 | $ | 2,765,060 | $ | 826 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Interactive Media & Services | 41.65 | |||||||
Movies & Entertainment | 15.82 | |||||||
Broadcasting | 12.64 | |||||||
Advertising | 8.28 | |||||||
Internet & Direct Marketing Retail | 6.61 | |||||||
Research & Consulting Services | 5.18 | |||||||
Publishing | 5.01 | |||||||
Cable & Satellite | 4.78 | |||||||
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.
| 14 |
|
Invesco Dynamic Networking ETF (PXQ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.01% |
| |||||||
Application Software-10.41% | ||||||||
Citrix Systems, Inc. | 10,168 | $ | 1,151,730 | |||||
Datadog, Inc., Class A(b) | 31,690 | 2,875,867 | ||||||
Dynatrace, Inc.(b) | 33,886 | 1,196,515 | ||||||
|
| |||||||
5,224,112 | ||||||||
|
| |||||||
Communications Equipment-31.35% | ||||||||
AudioCodes Ltd. (Israel) | 45,652 | 1,323,452 | ||||||
Calix, Inc.(b) | 70,696 | 1,654,993 | ||||||
Ciena Corp.(b) | 25,830 | 1,017,444 | ||||||
Cisco Systems, Inc. | 62,587 | 2,246,873 | ||||||
CommScope Holding Co., Inc.(b) | 140,960 | 1,254,544 | ||||||
Lumentum Holdings, Inc.(b) | 17,130 | 1,416,480 | ||||||
Motorola Solutions, Inc. | 17,438 | 2,756,250 | ||||||
NETGEAR, Inc.(b) | 43,353 | 1,336,139 | ||||||
NetScout Systems, Inc.(b) | 62,017 | 1,272,589 | ||||||
Ubiquiti, Inc.(c) | 7,844 | 1,455,925 | ||||||
|
| |||||||
15,734,689 | ||||||||
|
| |||||||
Consumer Electronics-2.92% | ||||||||
Garmin Ltd. | 14,100 | 1,466,682 | ||||||
|
| |||||||
Electronic Components-5.51% | ||||||||
Amphenol Corp., Class A | 24,488 | 2,763,226 | ||||||
|
| |||||||
Internet Services & Infrastructure-7.47% | ||||||||
Akamai Technologies, Inc.(b) | 12,680 | 1,206,121 | ||||||
Okta, Inc.(b) | 12,119 | 2,542,930 | ||||||
|
| |||||||
3,749,051 | ||||||||
|
| |||||||
Semiconductors-9.22% | ||||||||
Inphi Corp.(b) | 12,950 | 1,809,892 | ||||||
QUALCOMM, Inc. | 22,816 | 2,814,582 | ||||||
|
| |||||||
4,624,474 | ||||||||
|
| |||||||
Systems Software-28.54% | ||||||||
Check Point Software Technologies Ltd. (Israel)(b) | 11,332 | 1,286,862 | ||||||
Crowdstrike Holdings, Inc., Class A(b) | 12,321 | 1,525,833 | ||||||
FireEye, Inc.(b) | 98,586 | 1,364,430 | ||||||
Fortinet, Inc.(b) | 10,951 | 1,208,662 |
Shares | Value | |||||||
Systems Software-(continued) | ||||||||
Qualys, Inc.(b) | 13,552 | $ | 1,190,543 | |||||
SecureWorks Corp., Class A(b) | 118,739 | 1,234,886 | ||||||
Tenable Holdings, Inc.(b) | 39,809 | 1,357,885 | ||||||
Varonis Systems, Inc.(b) | 11,755 | 1,358,525 | ||||||
VMware, Inc., Class A(b)(c) | 18,524 | 2,384,594 | ||||||
Zscaler, Inc.(b) | 10,401 | 1,411,936 | ||||||
|
| |||||||
14,324,156 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-4.59% |
| |||||||
Apple, Inc. | 21,174 | 2,305,002 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 50,191,392 | ||||||
|
| |||||||
Money Market Funds-0.21% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 105,044 | 105,044 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 50,296,436 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.67% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,138,646 | 1,138,646 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 1,707,457 | �� | 1,707,969 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,846,615 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-105.89% |
| 53,143,051 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.89)% |
| (2,954,397 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 50,188,654 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 223,489 | $ | (118,445 | ) | $ | - | $ | - | $ | 105,044 | $ | 1 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 340,136 | (340,136 | ) | - | - | - | 7 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Dynamic Networking ETF (PXQ)–(continued)
October 31, 2020
(Unaudited)
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 1,998,897 | $ | 19,012,200 | $ | (19,872,451 | ) | $ | - | $ | - | $ | 1,138,646 | $ | 399 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 6,495,857 | (4,788,038 | ) | - | 150 | 1,707,969 | 379 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,998,897 | $ | 26,071,682 | $ | (25,119,070 | ) | $ | - | $ | 150 | $ | 2,951,659 | $ | 786 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Communications Equipment | 31.35 | |||||||
Systems Software | 28.54 | |||||||
Application Software | 10.41 | |||||||
Semiconductors | 9.22 | |||||||
Internet Services & Infrastructure | 7.47 | |||||||
Electronic Components | 5.51 | |||||||
Technology Hardware, Storage & Peripherals | 4.59 | |||||||
Consumer Electronics | 2.92 | |||||||
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.
| 16 |
|
Invesco Dynamic Oil & Gas Services ETF (PXJ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-94.68% |
| |||||||
Oil & Gas Drilling-14.72% | ||||||||
Helmerich & Payne, Inc. | 28,754 | $ | 427,572 | |||||
Patterson-UTI Energy, Inc. | 82,702 | 211,717 | ||||||
Transocean Ltd.(b)(c) | 254,724 | 170,792 | ||||||
|
| |||||||
810,081 | ||||||||
|
| |||||||
Oil & Gas Equipment & Services-66.56% | ||||||||
Archrock, Inc. | 42,199 | 250,240 | ||||||
Baker Hughes Co., Class A | 32,424 | 478,903 | ||||||
Cactus, Inc., Class A | 13,922 | 236,674 | ||||||
ChampionX Corp.(b) | 46,370 | 404,810 | ||||||
Core Laboratories N.V. | 14,741 | 213,007 | ||||||
Dril-Quip, Inc.(b) | 9,519 | 246,542 | ||||||
Halliburton Co. | 29,813 | 359,545 | ||||||
National Oilwell Varco, Inc. | 29,896 | 251,126 | ||||||
RPC, Inc.(b) | 103,044 | 245,245 | ||||||
Schlumberger Ltd. | 25,540 | 381,568 | ||||||
TechnipFMC PLC (United Kingdom) | 62,843 | 347,522 | ||||||
USA Compression Partners L.P. | 24,646 | 246,706 | ||||||
|
| |||||||
3,661,888 | ||||||||
|
| |||||||
Oil & Gas Storage & Transportation-13.40% | ||||||||
DHT Holdings, Inc. | 51,166 | 246,109 | ||||||
Frontline Ltd. (Norway)(c) | 45,188 | 244,467 | ||||||
Scorpio Tankers, Inc. (Monaco) | 28,004 | 246,995 | ||||||
|
| |||||||
737,571 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 5,209,540 | |||||||
|
|
Shares | Value | |||||||
Money Market Funds-1.41% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 77,333 | $ | 77,333 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 5,286,873 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-11.09% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 244,017 | 244,017 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 365,916 | 366,026 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 610,043 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-107.18% |
| 5,896,916 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.18)% |
| (394,927 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 5,501,989 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 190,191 | $ | (112,858 | ) | $ | - | $ | - | $ | 77,333 | $ | 1 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 116,865 | 378,972 | (495,837 | ) | - | - | - | 29 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 693,740 | 3,698,923 | (4,148,646 | ) | - | - | 244,017 | 136 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 1,285,369 | (919,385 | ) | - | 42 | 366,026 | 114 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 810,605 | $ | 5,553,455 | $ | (5,676,726 | ) | $ | - | $ | 42 | $ | 687,376 | $ | 280 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Dynamic Oil & Gas Services ETF (PXJ)–(continued)
October 31, 2020
(Unaudited)
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 |
| |||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Oil & Gas Equipment & Services | 66.56 | |||||||
Oil & Gas Drilling | 14.72 | |||||||
Oil & Gas Storage & Transportation | 13.40 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 5.32 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Dynamic Pharmaceuticals ETF (PJP)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Biotechnology-36.67% | ||||||||
AbbVie, Inc. | 175,776 | $ | 14,958,538 | |||||
Alexion Pharmaceuticals, Inc.(b) | 86,519 | 9,961,798 | ||||||
Amgen, Inc. | 65,566 | 14,223,888 | ||||||
Biogen, Inc.(b) | 32,874 | 8,286,549 | ||||||
Emergent BioSolutions, Inc.(b) | 77,556 | 6,977,713 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 184,829 | 8,064,089 | ||||||
Gilead Sciences, Inc. | 252,872 | 14,704,507 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) | 88,803 | 7,321,807 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 14,929 | 8,114,807 | ||||||
Retrophin, Inc.(b) | 477,650 | 9,667,636 | ||||||
United Therapeutics Corp.(b) | 86,879 | 11,661,768 | ||||||
|
| |||||||
113,943,100 | ||||||||
|
| |||||||
Health Care Equipment-5.04% | ||||||||
Abbott Laboratories | 148,943 | 15,655,399 | ||||||
|
| |||||||
Pharmaceuticals-58.28% | ||||||||
Amphastar Pharmaceuticals, Inc.(b) | 452,015 | 8,854,974 | ||||||
Bausch Health Cos., Inc.(b)(c) | 540,026 | 8,910,429 | ||||||
Corcept Therapeutics, Inc.(b) | 736,793 | 12,363,386 | ||||||
Eli Lilly and Co. | 111,269 | 14,516,154 | ||||||
Endo International PLC(b) | 3,290,480 | 15,037,493 | ||||||
Horizon Therapeutics PLC(b) | 125,194 | 9,380,786 | ||||||
Innoviva, Inc.(b) | 787,345 | 8,511,199 | ||||||
Jazz Pharmaceuticals PLC(b) | 70,586 | 10,171,443 | ||||||
Johnson & Johnson | 108,353 | 14,856,280 | ||||||
Merck & Co., Inc. | 193,147 | 14,526,586 | ||||||
Mylan N.V.(b) | 567,394 | 8,249,909 | ||||||
Pacira BioSciences, Inc.(b) | 152,222 | 7,961,211 | ||||||
Perrigo Co. PLC | 175,233 | 7,687,472 | ||||||
Pfizer, Inc. | 437,819 | 15,533,818 | ||||||
Prestige Consumer Healthcare, Inc.(b) | 246,587 | 8,144,769 |
Shares | Value | |||||||
Pharmaceuticals-(continued) | ||||||||
Supernus Pharmaceuticals, Inc.(b) | 407,296 | $ | 7,477,954 | |||||
Taro Pharmaceutical Industries Ltd.(b) | 152,222 | 8,924,776 | ||||||
|
| |||||||
181,108,639 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 310,707,138 | ||||||
|
| |||||||
Money Market Funds-0.03% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 98,237 | 98,237 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 310,805,375 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.48% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 3,084,057 | 3,084,057 | ||||||
Invesco Private Prime Fund, | 4,624,699 | 4,626,086 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 7,710,143 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.50% |
| 318,515,518 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.50)% |
| (7,770,624 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 310,744,894 | |||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 921,923 | $ | (823,686 | ) | $ | - | $ | - | $ | 98,237 | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 2,745,516 | (2,745,516 | ) | - | - | - | 47 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Dynamic Pharmaceuticals ETF (PJP)–(continued)
October 31, 2020
(Unaudited)
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 8,293,767 | $ | 19,766,469 | $ | (24,976,179 | ) | $ | - | $ | - | $ | 3,084,057 | $ | 1,536 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 10,105,447 | (5,479,855 | ) | 148 | 346 | 4,626,086 | 1,354 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 8,293,767 | $ | 33,539,355 | $ | (34,025,236 | ) | $ | 148 | $ | 346 | $ | 7,808,380 | $ | 2,941 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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 | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Pharmaceuticals | 58.28 | |||||||
Biotechnology | 36.67 | |||||||
Health Care Equipment | 5.04 | |||||||
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.
| 20 |
|
Invesco Dynamic Semiconductors ETF (PSI)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.01% |
| |||||||
Electronic Equipment & Instruments-2.60% |
| |||||||
nLight, Inc.(b) | 337,768 | $ | 7,174,192 | |||||
Semiconductor Equipment-44.05% | ||||||||
ACM Research, Inc., Class A(b) | 82,359 | 5,795,603 | ||||||
Amkor Technology, Inc.(b) | 596,616 | 7,069,900 | ||||||
Applied Materials, Inc. | 221,122 | 13,097,056 | ||||||
Axcelis Technologies, Inc.(b) | 317,824 | 7,014,376 | ||||||
Brooks Automation, Inc. | 146,239 | 6,829,361 | ||||||
Cohu, Inc. | 443,484 | 9,636,907 | ||||||
Entegris, Inc. | 110,283 | 8,245,860 | ||||||
FormFactor, Inc.(b) | 282,964 | 8,022,029 | ||||||
KLA Corp. | 67,088 | 13,228,412 | ||||||
Lam Research Corp. | 40,171 | 13,741,696 | ||||||
MKS Instruments, Inc. | 63,088 | 6,838,108 | ||||||
Nova Measuring Instruments Ltd. (Israel)(b) | 141,348 | 7,863,189 | ||||||
Teradyne, Inc. | 88,247 | 7,752,499 | ||||||
Ultra Clean Holdings, Inc.(b) | 311,603 | 6,634,028 | ||||||
|
| |||||||
121,769,024 | ||||||||
|
| |||||||
Semiconductors-53.36% | ||||||||
Advanced Micro Devices, Inc.(b) | 163,678 | 12,323,317 | ||||||
CEVA, Inc.(b) | 180,323 | 7,270,623 | ||||||
Inphi Corp.(b) | 66,991 | 9,362,662 | ||||||
Lattice Semiconductor Corp.(b) | 259,237 | 9,047,371 | ||||||
MACOM Technology Solutions Holdings, Inc.(b) | 209,568 | 7,649,232 |
Shares | Value | |||||||
Semiconductors-(continued) | ||||||||
Maxim Integrated Products, Inc. | 106,819 | $ | 7,439,943 | |||||
Microchip Technology, Inc. | 127,700 | 13,418,716 | ||||||
Monolithic Power Systems, Inc. | 28,338 | 9,056,825 | ||||||
NVIDIA Corp. | 27,153 | 13,613,428 | ||||||
ON Semiconductor Corp.(b) | 350,754 | 8,800,418 | ||||||
Power Integrations, Inc. | 134,561 | 8,101,918 | ||||||
Semtech Corp.(b) | 125,593 | 6,893,800 | ||||||
Skyworks Solutions, Inc. | 97,903 | 13,832,715 | ||||||
Synaptics, Inc.(b) | 86,995 | 6,669,907 | ||||||
Texas Instruments, Inc. | 96,941 | 14,016,699 | ||||||
|
| |||||||
147,497,574 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 276,440,790 | ||||||
|
| |||||||
Money Market Funds-0.05% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 138,888 | 138,888 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.06% |
| 276,579,678 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.06)% |
| (155,648 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 276,424,030 | ||||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 493,145 | $ | (354,257 | ) | $ | - | $ | - | $ | 138,888 | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 396,362 | 1,473,582 | (1,869,944 | ) | - | - | - | 45 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 567,334 | 8,236,317 | (8,803,651 | ) | - | - | - | 31 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,354,681 | (4,354,707 | ) | - | 26 | - | 47 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 963,696 | $ | 14,557,725 | $ | (15,382,559 | ) | $ | - | $ | 26 | $ | 138,888 | $ | 127 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Dynamic Semiconductors ETF (PSI)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Semiconductors | 53.36 | |||||||
Semiconductor Equipment | 44.05 | |||||||
Electronic Equipment & Instruments | 2.60 | |||||||
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 |
|
Invesco Dynamic Software ETF (PSJ)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.08% |
| |||||||
Alternative Carriers-2.93% | ||||||||
Bandwidth, Inc., Class A(b) | 92,722 | $ | 14,868,436 | |||||
|
| |||||||
Application Software-39.35% | ||||||||
Adobe, Inc.(b) | 49,630 | 22,189,573 | ||||||
Avalara, Inc.(b) | 107,191 | 15,976,819 | ||||||
Avaya Holdings Corp.(b) | 914,877 | 15,735,884 | ||||||
Blackline, Inc.(b) | 162,851 | 15,907,286 | ||||||
Cerence, Inc.(b) | 267,882 | 14,621,000 | ||||||
Citrix Systems, Inc. | 97,123 | 11,001,122 | ||||||
DocuSign, Inc.(b) | 117,926 | 23,850,533 | ||||||
Dynatrace, Inc.(b) | 323,681 | 11,429,176 | ||||||
Everbridge, Inc.(b) | 95,253 | 9,972,037 | ||||||
Fair Isaac Corp.(b) | 32,505 | 12,724,082 | ||||||
Five9, Inc.(b) | 109,511 | 16,615,009 | ||||||
Nuance Communications, Inc.(b) | 465,767 | 14,862,625 | ||||||
SPS Commerce, Inc.(b) | 171,569 | 14,684,591 | ||||||
|
| |||||||
199,569,737 | ||||||||
|
| |||||||
Cable & Satellite-5.01% | ||||||||
Liberty Broadband Corp., Class C(b) | 179,330 | 25,412,854 | ||||||
|
| |||||||
Data Processing & Outsourced Services-5.30% |
| |||||||
Black Knight, Inc.(b) | 165,426 | 14,549,217 | ||||||
Jack Henry & Associates, Inc. | 83,295 | 12,348,484 | ||||||
|
| |||||||
26,897,701 | ||||||||
|
| |||||||
Electronic Components-2.92% | ||||||||
Dolby Laboratories, Inc., Class A | 197,550 | 14,832,054 | ||||||
|
| |||||||
Health Care Technology-2.11% | ||||||||
Inovalon Holdings, Inc., Class A(b) | 564,094 | 10,712,145 | ||||||
|
|
Shares | Value | |||||||
Interactive Home Entertainment-11.18% | ||||||||
Activision Blizzard, Inc. | 301,870 | $ | 22,860,615 | |||||
Electronic Arts, Inc.(b) | 178,647 | 21,407,270 | ||||||
Glu Mobile, Inc.(b) | 1,735,508 | 12,426,237 | ||||||
|
| |||||||
56,694,122 | ||||||||
|
| |||||||
Interactive Media & Services-9.05% |
| |||||||
Snap, Inc., Class A(b) | 1,164,989 | 45,888,917 | ||||||
|
| |||||||
Internet Services & Infrastructure-4.39% |
| |||||||
Shopify, Inc., Class A (Canada)(b) | 24,041 | 22,248,263 | ||||||
|
| |||||||
Movies & Entertainment-3.43% |
| |||||||
Roku, Inc.(b) | 85,821 | 17,370,170 | ||||||
|
| |||||||
Semiconductors-2.83% | ||||||||
Rambus, Inc.(b) | 1,041,437 | 14,361,416 | ||||||
|
| |||||||
Systems Software-11.58% | ||||||||
Microsoft Corp. | 111,779 | 22,631,894 | ||||||
NortonLifeLock, Inc. | 571,562 | 11,757,030 | ||||||
Qualys, Inc.(b) | 129,447 | 11,371,919 | ||||||
Tenable Holdings, Inc.(b) | 381,095 | 12,999,151 | ||||||
|
| |||||||
58,759,994 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.08% |
| 507,615,809 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.08)% |
| (383,059 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 507,232,750 | ||||||
|
|
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. |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 274,985 | $ | (274,985 | ) | $ | - | $ | - | $ | - | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 144,610 | 2,741,531 | (2,886,141 | ) | - | - | - | 104 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 3,593,790 | 35,210,356 | (38,804,146 | ) | - | - | - | 529 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,816,434 | (8,816,708 | ) | - | 274 | - | 311 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco Dynamic Software ETF (PSJ)–(continued)
October 31, 2020
(Unaudited)
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
April 30, 2020 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Other Affiliates: | |||||||||||||||||||||||||||||||||||
Sciplay Corp., Class A | $ | 12,666,267 | $ | 7,639,840 | $ | (24,067,809 | ) | $ | 2,391,823 | $ | 1,369,879 | $ | - | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 16,404,667 | $ | 54,683,146 | $ | (74,849,789 | ) | $ | 2,391,823 | $ | 1,370,153 | $ | - | $ | 946 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
Portfolio Composition | ||||||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 |
| |||||||
Application Software | 39.35 | |||||||
Systems Software | 11.58 | |||||||
Interactive Home Entertainment | 11.18 | |||||||
Interactive Media & Services | 9.05 | |||||||
Data Processing & Outsourced Services | 5.30 | |||||||
Cable & Satellite | 5.01 | |||||||
Internet Services & Infrastructure | 4.39 | |||||||
Movies & Entertainment | 3.43 | |||||||
Sub-Industry Types Each Less Than 3% | 10.79 | |||||||
Other Assets Less Liabilities | (0.08 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
(This Page Intentionally Left Blank)
| 25 |
|
Statements of Assets and Liabilities
October 31, 2020
(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) | $ | 218,345,040 | $ | 136,973,600 | $ | 12,395,992 | $ | 69,336,190 | ||||||||||||
Affiliated investments in securities, at value | 33,296,760 | 4,470,472 | 855,751 | 5,990,560 | ||||||||||||||||
Cash | - | - | - | 124 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 2 | 36,909 | 9,673 | 77,597 | ||||||||||||||||
Securities lending | 4,054 | 1,834 | 220 | 3,631 | ||||||||||||||||
Investments sold | - | - | - | - | ||||||||||||||||
Investments sold - affiliated broker | - | - | - | - | ||||||||||||||||
Expenses absorbed | - | - | 3,043 | - | ||||||||||||||||
Other assets | 1,047 | 1,438 | 1,646 | 1,047 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 251,646,903 | 141,484,253 | 13,266,325 | 75,409,149 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | - | - | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Collateral upon return of securities loaned | 33,171,496 | 4,324,280 | 766,862 | 5,941,183 | ||||||||||||||||
Fund shares repurchased | - | - | - | - | ||||||||||||||||
Accrued advisory fees | 97,295 | 62,975 | - | 28,442 | ||||||||||||||||
Accrued trustees’ and officer’s fees | 68,588 | 48,411 | 48,810 | 56,453 | ||||||||||||||||
Accrued expenses | 71,035 | 71,396 | 45,205 | 43,525 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 33,408,414 | 4,507,062 | 860,877 | 6,069,603 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 218,238,489 | $ | 136,977,191 | $ | 12,405,448 | $ | 69,339,546 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 417,009,828 | $ | 193,376,876 | $ | 148,359,399 | $ | 148,062,901 | ||||||||||||
Distributable earnings (loss) | (198,771,339 | ) | (56,399,685 | ) | (135,953,951 | ) | (78,723,355 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 218,238,489 | $ | 136,977,191 | $ | 12,405,448 | $ | 69,339,546 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 3,850,000 | 3,850,000 | 1,700,000 | 2,150,000 | ||||||||||||||||
Net asset value | $ | 56.69 | $ | 35.58 | $ | 7.30 | $ | 32.25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 56.60 | $ | 35.54 | $ | 7.28 | $ | 32.21 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 212,157,549 | $ | 125,493,015 | $ | 20,584,465 | $ | 69,801,749 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 33,296,624 | $ | 4,470,472 | $ | 855,749 | $ | 5,990,453 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 30,393,821 | $ | 4,068,388 | $ | 708,493 | $ | 5,665,012 | ||||||||||||
|
|
|
|
|
|
|
|
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 Semiconductors ETF (PSI) | Invesco Dynamic Software ETF (PSJ) | |||||||||||||||||||||||||||
$ | 254,973,969 | $ | 35,571,492 | $ | 50,191,392 | $ | 5,209,540 | $ | 310,707,138 | $ | 276,440,790 | $ | 507,615,809 | ||||||||||||||||||||
16,450,398 | 2,765,060 | 2,951,659 | 687,376 | 7,808,380 | 138,888 | - | |||||||||||||||||||||||||||
10 | 20 | - | - | - | - | - | |||||||||||||||||||||||||||
5 | 3,879 | 1 | 126 | 263,648 | 107,705 | 2 | |||||||||||||||||||||||||||
36,695 | 4,065 | 863 | 304 | 2,207 | 142 | - | |||||||||||||||||||||||||||
- | - | - | 14,586 | 3,121,557 | - | - | |||||||||||||||||||||||||||
- | - | - | 292,860 | - | - | - | |||||||||||||||||||||||||||
- | - | - | 6,513 | - | - | - | |||||||||||||||||||||||||||
1,438 | 1,437 | 1,437 | 1,046 | 1,437 | 1,438 | 1,437 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
271,462,515 | 38,345,953 | 53,145,352 | 6,212,351 | 321,904,367 | 276,688,963 | 507,617,248 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
- | - | - | - | - | - | 22,010 | |||||||||||||||||||||||||||
16,111,500 | 2,661,052 | 2,846,615 | 610,043 | 7,709,995 | - | - | |||||||||||||||||||||||||||
- | - | - | - | 3,122,028 | - | - | |||||||||||||||||||||||||||
115,838 | 9,383 | 18,321 | - | 138,985 | 119,612 | 224,471 | |||||||||||||||||||||||||||
48,462 | 50,306 | 43,387 | 56,727 | 103,823 | 48,209 | 51,939 | |||||||||||||||||||||||||||
96,520 | 42,869 | 48,375 | 43,592 | 84,642 | 97,112 | 86,078 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
16,372,320 | 2,763,610 | 2,956,698 | 710,362 | 11,159,473 | 264,933 | 384,498 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 255,090,195 | $ | 35,582,343 | $ | 50,188,654 | $ | 5,501,989 | $ | 310,744,894 | $ | 276,424,030 | $ | 507,232,750 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 324,787,761 | $ | 115,521,831 | $ | 84,812,731 | $ | 117,255,759 | $ | 707,503,434 | $ | 230,318,504 | $ | 427,597,141 | ||||||||||||||||||||
(69,697,566) | (79,939,488 | ) | (34,624,077 | ) | (111,753,770 | ) | (396,758,540 | ) | 46,105,526 | 79,635,609 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 255,090,195 | $ | 35,582,343 | $ | 50,188,654 | $ | 5,501,989 | $ | 310,744,894 | $ | 276,424,030 | $ | 507,232,750 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
8,500,000 | 1,000,000 | 750,000 | 2,900,000 | 5,000,000 | 3,450,000 | 4,100,000 | |||||||||||||||||||||||||||
$ | 30.01 | $ | 35.58 | $ | 66.92 | $ | 1.90 | $ | 62.15 | $ | 80.12 | $ | 123.72 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 29.96 | $ | 35.53 | $ | 66.58 | $ | 1.90 | $ | 62.02 | $ | 79.87 | $ | 123.44 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 269,844,176 | $ | 30,898,738 | $ | 44,013,330 | $ | 11,580,538 | $ | 291,280,047 | $ | 219,239,294 | $ | 438,052,688 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 16,450,076 | $ | 2,765,060 | $ | 2,951,659 | $ | 687,376 | $ | 7,808,232 | $ | 138,888 | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 14,962,999 | $ | 2,576,866 | $ | 2,765,652 | $ | 497,995 | $ | 7,486,110 | $ | - | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
For the six months ended October 31, 2020
(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 | $ | 412,196 | $ | 549,313 | $ | 210,191 | $ | 699,266 | ||||||||||||
Affiliated dividend income | 63 | 40 | 29 | 35 | ||||||||||||||||
Non-cash dividend income | - | - | 43,418 | - | ||||||||||||||||
Securities lending income | 45,694 | 4,510 | 9,219 | 7,122 | ||||||||||||||||
Foreign withholding tax | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 457,953 | 553,863 | 262,857 | 706,423 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Advisory fees | 587,820 | 267,192 | 42,968 | 181,555 | ||||||||||||||||
Sub-licensing fees | 35,269 | 16,031 | 2,578 | 10,893 | ||||||||||||||||
Accounting & administration fees | 18,916 | 13,546 | 10,859 | 12,127 | ||||||||||||||||
Professional fees | 13,407 | 12,878 | 12,996 | 12,557 | ||||||||||||||||
Printing fees | 11,305 | 4,612 | 5,955 | 4,154 | ||||||||||||||||
Custodian & transfer agent fees | 2,718 | 633 | 4,775 | 1,021 | ||||||||||||||||
Trustees’ and officer’s fees | 19,377 | 14,087 | 13,851 | 15,756 | ||||||||||||||||
Listing fee and expenses | 4,537 | 3,529 | 3,529 | 4,537 | ||||||||||||||||
Recapture (Note 3) | - | - | - | - | ||||||||||||||||
Other expenses | 3,645 | 2,584 | 2,342 | 2,904 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 696,994 | 335,092 | 99,853 | 245,504 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (250 | ) | (2,326 | ) | (45,778 | ) | (16,769 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 696,744 | 332,766 | 54,075 | 228,735 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | (238,791 | ) | 221,097 | 208,782 | 477,688 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (6,226,772 | ) | (1,593,970 | ) | (5,460,121 | ) | (2,516,981 | ) | ||||||||||||
Affiliated investment securities | 510 | 95 | 83 | 47 | ||||||||||||||||
In-kind redemptions | 26,746,525 | 4,300,184 | (87,615 | ) | 5,587,971 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 20,520,263 | 2,706,309 | (5,547,653 | ) | 3,071,037 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (5,180,081 | ) | 25,598,612 | 35,833 | 799,437 | |||||||||||||||
Affiliated investment securities | 136 | - | 2 | 107 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) | (5,179,945 | ) | 25,598,612 | 35,835 | 799,544 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | 15,340,318 | 28,304,921 | (5,511,818 | ) | 3,870,581 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 15,101,527 | $ | 28,526,018 | $ | (5,303,036 | ) | $ | 4,348,269 | |||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
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 Semiconductors ETF (PSI) | Invesco Dynamic Software ETF (PSJ) | |||||||||||||||||||||||||||
$ | 1,836,255 | $ | 279,027 | $ | 175,042 | $ | 181,216 | $ | 2,246,626 | $ | 1,149,331 | $ | 587,755 | ||||||||||||||||||||
36 | 30 | 8 | 30 | 51 | 49 | 106 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
46,841 | 39,604 | 74,887 | 9,434 | 10,177 | 358 | 5,824 | |||||||||||||||||||||||||||
- | - | (1,376 | ) | (60 | ) | - | - | (15,935 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
1,883,132 | 318,661 | 248,561 | 190,620 | 2,256,854 | 1,149,738 | 577,750 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
624,142 | 86,918 | 133,389 | 17,387 | 866,777 | 683,487 | 1,239,154 | |||||||||||||||||||||||||||
37,448 | 5,215 | 8,003 | 1,043 | 52,006 | 41,009 | 74,348 | |||||||||||||||||||||||||||
12,305 | 11,804 | 12,311 | 10,042 | 24,936 | 15,759 | 22,993 | |||||||||||||||||||||||||||
13,161 | 12,986 | 12,556 | 12,790 | 14,368 | 13,177 | 13,690 | |||||||||||||||||||||||||||
11,612 | 4,090 | 3,562 | 2,377 | 17,910 | 5,978 | 13,839 | |||||||||||||||||||||||||||
949 | 1,516 | 2,455 | 2,047 | 1,017 | 1,453 | 1,576 | |||||||||||||||||||||||||||
14,751 | 14,301 | 12,917 | 15,497 | 27,500 | 15,319 | 17,316 | |||||||||||||||||||||||||||
4,033 | 4,537 | 3,529 | 3,528 | 3,529 | 3,528 | 3,530 | |||||||||||||||||||||||||||
31,135 | - | - | - | - | - | - | |||||||||||||||||||||||||||
2,661 | 2,600 | 2,031 | 2,194 | 4,166 | 2,481 | 2,560 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
752,197 | 143,967 | 190,753 | 66,905 | 1,012,209 | 782,191 | 1,389,006 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(121) | (34,499 | ) | (22,684 | ) | (45,080 | ) | (200 | ) | (171 | ) | (362 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
752,076 | 109,468 | 168,069 | 21,825 | 1,012,009 | 782,020 | 1,388,644 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
1,131,056 | 209,193 | 80,492 | 168,795 | 1,244,845 | 367,718 | (810,894 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(6,823,887) | (318,066 | ) | (364,498 | ) | (2,684,682 | ) | (4,665,392 | ) | 7,098,367 | (3,793,629 | ) | ||||||||||||||||||||||
372 | 149 | 150 | 42 | 346 | 26 | 274 | |||||||||||||||||||||||||||
27,307,266 | 659,937 | 4,626,990 | 59,668 | 17,944,372 | 26,355,257 | 58,087,612 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
20,483,751 | 342,020 | 4,262,642 | (2,624,972 | ) | 13,279,326 | 33,453,650 | 54,294,257 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(7,110,935) | 7,217,162 | 3,594,328 | 1,254,918 | (13,940,670 | ) | 26,673,432 | 50,322,272 | ||||||||||||||||||||||||||
322 | - | - | - | 148 | - | 2,391,823 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(7,110,613) | 7,217,162 | 3,594,328 | 1,254,918 | (13,940,522 | ) | 26,673,432 | 52,714,095 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
13,373,138 | 7,559,182 | 7,856,970 | (1,370,054 | ) | (661,196 | ) | 60,127,082 | 107,008,352 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 14,504,194 | $ | 7,768,375 | $ | 7,937,462 | $ | (1,201,259 | ) | $ | 583,649 | $ | 60,494,800 | $ | 106,197,458 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco Dynamic Biotechnology & Genome ETF (PBE) | Invesco Dynamic Building & Construction ETF (PKB) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | (238,791 | ) | $ | 13,023 | $ | 221,097 | $ | 407,651 | |||||||||||
Net realized gain (loss) | 20,520,263 | (4,611,125 | ) | 2,706,309 | 11,983,007 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | (5,179,945 | ) | 6,780,837 | 25,598,612 | (23,718,866 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 15,101,527 | 2,182,735 | 28,526,018 | (11,328,208 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | - | (123,165 | ) | (260,219 | ) | (481,809 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 104,583,555 | 181,960,855 | 86,502,748 | 84,855,125 | ||||||||||||||||
Value of shares repurchased | (122,057,819 | ) | (211,436,290 | ) | (47,544,769 | ) | (121,930,900 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (17,474,264 | ) | (29,475,435 | ) | 38,957,979 | (37,075,775 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (2,372,737 | ) | (27,415,865 | ) | 67,223,778 | (48,885,792 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 220,611,226 | 248,027,091 | 69,753,413 | 118,639,205 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 218,238,489 | $ | 220,611,226 | $ | 136,977,191 | $ | 69,753,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 1,800,000 | 3,400,000 | 2,500,000 | 2,600,000 | ||||||||||||||||
Shares repurchased | (2,100,000 | ) | (4,000,000 | ) | (1,350,000 | ) | (3,850,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 4,150,000 | 4,750,000 | 2,700,000 | 3,950,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 3,850,000 | 4,150,000 | 3,850,000 | 2,700,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
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, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||||||||||
$ | 208,782 | $ | 468,712 | $ | 477,688 | $ | 848,794 | $ | 1,131,056 | $ | 252,678 | $ | 209,193 | $ | 193,810 | |||||||||||||||||||||||
(5,547,653) | (18,085,047 | ) | 3,071,037 | 474,486 | 20,483,751 | (3,220,693 | ) | 342,020 | (2,632,077 | ) | ||||||||||||||||||||||||||||
35,835 | 1,607,346 | 799,544 | (8,005,140 | ) | (7,110,613 | ) | (10,956,892 | ) | 7,217,162 | (8,731,231 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(5,303,036) | (16,008,989 | ) | 4,348,269 | (6,681,860 | ) | 14,504,194 | (13,924,907 | ) | 7,768,375 | (11,169,498 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(375,454) | (505,197 | ) | (481,237 | ) | (932,756 | ) | (150,315 | ) | (332,937 | ) | (43,916 | ) | (217,169 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
12,838,075 | 3,595,646 | 39,011,146 | 38,927,220 | 321,112,526 | 149,321,109 | 3,549,812 | 21,268,264 | |||||||||||||||||||||||||||||||
(11,446,801) | (10,467,051 | ) | (37,284,493 | ) | (39,397,641 | ) | (215,965,752 | ) | (66,674,797 | ) | (6,359,668 | ) | (67,562,077 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
| 1,391,274 |
| (6,871,405 | ) | 1,726,653 | (470,421 | ) | 105,146,774 | 82,646,312 | (2,809,856 | ) | (46,293,813 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(4,287,216) | (23,385,591 | ) | 5,593,685 | (8,085,037 | ) | 119,500,653 | 68,388,468 | 4,914,603 | (57,680,480 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
16,692,664 | 40,078,255 | 63,745,861 | 71,830,898 | 135,589,542 | 67,201,074 | 30,667,740 | 88,348,220 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 12,405,448 | $ | 16,692,664 | $ | 69,339,546 | $ | 63,745,861 | $ | 255,090,195 | $ | 135,589,542 | $ | 35,582,343 | $ | 30,667,740 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,300,000 | 500,000 | 1,150,000 | 1,150,000 | 10,450,000 | 5,200,000 | 100,000 | 650,000 | |||||||||||||||||||||||||||||||
(1,250,000) | (900,000 | ) | (1,100,000 | ) | (1,150,000 | ) | (6,900,000 | ) | (1,750,000 | ) | (200,000 | ) | (2,100,000 | ) | ||||||||||||||||||||||||
1,650,000 | 2,050,000 | 2,100,000 | 2,100,000 | 4,950,000 | 1,500,000 | 1,100,000 | 2,550,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,700,000 | 1,650,000 | 2,150,000 | 2,100,000 | 8,500,000 | 4,950,000 | 1,000,000 | 1,100,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco Dynamic Networking ETF (PXQ) | Invesco Dynamic Oil & Gas Services ETF (PXJ) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 80,492 | $ | 106,161 | $ | 168,795 | $ | 174,382 | ||||||||||||
Net realized gain (loss) | 4,262,642 | 5,433,539 | (2,624,972 | ) | (8,810,221 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 3,594,328 | (13,283,642 | ) | 1,254,918 | (2,081,894 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 7,937,462 | (7,743,942 | ) | (1,201,259 | ) | (10,717,733 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (98,179 | ) | (172,521 | ) | (163,561 | ) | (179,231 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 13,919,876 | 25,528,975 | 1,483,901 | 939,565 | ||||||||||||||||
Value of shares repurchased | (17,640,083 | ) | (72,593,520 | ) | (587,747 | ) | (1,590,954 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (3,720,207 | ) | (47,064,545 | ) | 896,154 | (651,389 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 4,119,076 | (54,981,008 | ) | (468,666 | ) | (11,548,353 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 46,069,578 | 101,050,586 | 5,970,655 | 17,519,008 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 50,188,654 | $ | 46,069,578 | $ | 5,501,989 | $ | 5,970,655 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 200,000 | 450,000 | 650,000 | 350,000 | ||||||||||||||||
Shares repurchased | (250,000 | ) | (1,250,000 | ) | (250,000 | ) | (400,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 800,000 | 1,600,000 | 2,500,000 | 2,550,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 750,000 | 800,000 | 2,900,000 | 2,500,000 | ||||||||||||||||
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|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco Dynamic Pharmaceuticals ETF (PJP) | Invesco Dynamic Semiconductors ETF (PSI) | Invesco Dynamic Software ETF (PSJ) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||
$ | 1,244,845 | $ | 3,373,232 | $ | 367,718 | $ | 995,435 | $ | (810,894 | ) | $ | 157,105 | ||||||||||||||||
13,279,326 | (28,443,828 | ) | 33,453,650 | 10,136,046 | 54,294,257 | 36,158,803 | ||||||||||||||||||||||
(13,940,522) | 21,870,879 | 26,673,432 | 1,244,540 | 52,714,095 | (43,614,074 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| 583,649 |
| (3,199,717 | ) | 60,494,800 | 12,376,021 | 106,197,458 | (7,298,166 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,444,364) | (3,496,032 | ) | (532,908 | ) | (1,250,725 | ) | - | (498,339 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
19,647,590 | 123,300,920 | 67,175,832 | 121,622,255 | 233,658,666 | 552,465,454 | |||||||||||||||||||||||
(64,539,399) | (176,698,349 | ) | (79,660,093 | ) | (104,224,135 | ) | (232,962,720 | ) | (581,572,532 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| (44,891,809) |
| (53,397,429 | ) | (12,484,261 | ) | 17,398,120 | 695,946 | (29,107,078 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(45,752,524) | (60,093,178 | ) | 47,477,631 | 28,523,416 | 106,893,404 | (36,903,583 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
356,497,418 | 416,590,596 | 228,946,399 | 200,422,983 | 400,339,346 | 437,242,929 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 310,744,894 | $ | 356,497,418 | $ | 276,424,030 | $ | 228,946,399 | $ | 507,232,750 | $ | 400,339,346 | |||||||||||||||||
|
|
|
|
|
|
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|
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|
|
| |||||||||||||||||
300,000 | 2,000,000 | 850,000 | 1,950,000 | 2,050,000 | 5,650,000 | |||||||||||||||||||||||
(1,000,000) | (2,950,000 | ) | (1,000,000 | ) | (1,800,000 | ) | (2,000,000 | ) | (6,150,000 | ) | ||||||||||||||||||
5,700,000 | 6,650,000 | 3,600,000 | 3,450,000 | 4,050,000 | 4,550,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
5,000,000 | 5,700,000 | 3,450,000 | 3,600,000 | 4,100,000 | 4,050,000 | |||||||||||||||||||||||
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| 33 |
|
Invesco Dynamic Biotechnology & Genome ETF (PBE)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 53.16 | $ | 52.22 | $ | 48.02 | $ | 43.11 | $ | 39.35 | $ | 52.98 | ||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||
Net investment income (loss)(a) | (0.06 | ) | 0.00 | (b) | (0.16 | ) | 0.00 | (b) | 0.33 | 0.50 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.59 | 0.97 | 4.36 | 5.13 | 3.63 | (13.56 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 3.53 | 0.97 | 4.20 | 5.13 | 3.96 | (13.06 | ) | |||||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | (0.03 | ) | (0.00 | )(c) | (0.22 | ) | (0.20 | ) | (0.57 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 56.69 | $ | 53.16 | $ | 52.22 | $ | 48.02 | $ | 43.11 | $ | 39.35 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(d) | $ | 56.60 | $ | 53.27 | $ | 52.22 | $ | 48.08 | $ | 43.13 | $ | 39.35 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(e) | 6.64 | % | 1.87 | % | 8.75 | % | 11.94 | % | 10.09 | % | (24.92 | )% | ||||||||||||||||||
Market Price Total Return(e) | 6.25 | % | 2.08 | % | 8.62 | % | 12.04 | % | 10.15 | % | (24.88 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 218,238 | $ | 220,611 | $ | 248,027 | $ | 232,910 | $ | 230,631 | $ | 267,584 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.59 | %(f) | 0.58 | % | 0.57 | % | 0.59 | % | 0.58 | % | 0.58 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.59 | %(f) | 0.58 | % | 0.57 | % | 0.59 | % | 0.58 | % | 0.58 | % | ||||||||||||||||||
Net investment income (loss) | (0.20 | )%(f) | 0.01 | % | (0.29 | )% | 0.01 | % | 0.81 | % | 1.00 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 77 | % | 252 | % | 117 | % | 141 | % | 69 | % | 74 | % |
(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) | 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.
| 34 |
|
Financial Highlights–(continued)
Invesco Dynamic Building & Construction ETF (PKB)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.83 | $ | 30.04 | $ | 30.33 | $ | 29.58 | $ | 25.08 | $ | 22.99 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.07 | 0.12 | 0.13 | 0.08 | 0.07 | 0.04 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 9.77 | (4.19 | ) | (0.29 | ) | 0.73 | 4.52 | 2.08 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 9.84 | (4.07 | ) | (0.16 | ) | 0.81 | 4.59 | 2.12 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.14 | ) | (0.13 | ) | (0.06 | ) | (0.09 | ) | (0.03 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 35.58 | $ | 25.83 | $ | 30.04 | $ | 30.33 | $ | 29.58 | $ | 25.08 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 35.54 | $ | 25.89 | $ | 30.05 | $ | 30.34 | $ | 29.60 | $ | 25.08 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 38.11 | % | (13.59 | )% | (0.47 | )% | 2.73 | % | 18.33 | % | 9.21 | % | ||||||||||||||||||
Market Price Total Return(c) | 37.64 | % | (13.42 | )% | (0.47 | )% | 2.70 | % | 18.41 | % | 9.26 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 136,977 | $ | 69,753 | $ | 118,639 | $ | 280,510 | $ | 317,995 | $ | 60,201 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.62 | %(d) | 0.59 | % | 0.60 | % | 0.58 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.59 | % | 0.60 | % | 0.58 | % | 0.63 | % | 0.68 | % | ||||||||||||||||||
Net investment income | 0.41 | %(d) | 0.38 | % | 0.44 | % | 0.24 | % | 0.24 | % | 0.18 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 75 | % | 139 | % | 148 | % | 143 | % | 129 | % | 90 | % |
(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.
| 35 |
|
Financial Highlights–(continued)
Invesco Dynamic Energy Exploration & Production ETF (PXE)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.12 | $ | 19.55 | $ | 24.06 | $ | 20.28 | $ | 22.63 | $ | 31.78 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.11 | 0.26 | 0.20 | 0.28 | 0.24 | 0.51 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.72 | ) | (9.41 | ) | (4.48 | ) | 3.89 | (1.15 | ) | (9.04 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (2.61 | ) | (9.15 | ) | (4.28 | ) | 4.17 | (0.91 | ) | (8.53 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.28 | ) | (0.23 | ) | (0.39 | ) | (1.44 | ) | (0.62 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 7.30 | $ | 10.12 | $ | 19.55 | $ | 24.06 | $ | 20.28 | $ | 22.63 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 7.28 | $ | 10.11 | $ | 19.57 | $ | 24.12 | $ | 20.28 | $ | 22.63 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | (26.14 | )% | (47.06 | )% | (17.84 | )% | 21.00 | % | (3.96 | )% | (26.93 | )% | ||||||||||||||||||
Market Price Total Return(c) | (26.27 | )% | (47.17 | )% | (17.96 | )% | 21.31 | % | (3.96 | )% | (26.91 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 12,405 | $ | 16,693 | $ | 40,078 | $ | 49,324 | $ | 55,760 | $ | 74,682 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.65 | %(e) | 0.63 | % | 0.65 | % | 0.80 | %(f) | 0.65 | % | ||||||||||||||||||
Expenses, prior to Waivers | 1.16 | %(d) | 0.86 | %(e) | 0.64 | % | 0.77 | % | 0.88 | %(f) | 0.67 | % | ||||||||||||||||||
Net investment income | 2.43 | %(d) | 1.80 | %(e) | 0.82 | % | 1.37 | % | 1.13 | % | 2.09 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 60 | % | 126 | % | 110 | % | 87 | % | 91 | % | 134 | % |
(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) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(f) | 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. |
(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.
| 36 |
|
Financial Highlights–(continued)
Invesco Dynamic Food & Beverage ETF (PBJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.36 | $ | 34.21 | $ | 32.81 | $ | 33.75 | $ | 32.31 | $ | 31.45 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.22 | 0.41 | 0.34 | 0.41 | 0.33 | 0.39 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.88 | (3.81 | ) | 1.39 | (0.99 | ) | 1.61 | 0.88 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 2.10 | (3.40 | ) | 1.73 | (0.58 | ) | 1.94 | 1.27 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.45 | ) | (0.33 | ) | (0.36 | ) | (0.50 | ) | (0.41 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 32.25 | $ | 30.36 | $ | 34.21 | $ | 32.81 | $ | 33.75 | $ | 32.31 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 32.21 | $ | 30.38 | $ | 34.19 | $ | 32.76 | $ | 33.74 | $ | 32.30 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 6.93 | % | (10.00 | )% | 5.37 | % | (1.70 | )% | 6.03 | % | 4.06 | % | ||||||||||||||||||
Market Price Total Return(c) | 6.73 | % | (9.90 | )% | 5.47 | % | (1.82 | )% | 6.03 | % | 4.10 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 69,340 | $ | 63,746 | $ | 71,831 | $ | 78,732 | $ | 146,821 | $ | 300,455 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.64 | %(e) | 0.63 | % | 0.63 | % | 0.59 | % | 0.58 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.68 | %(d) | 0.64 | %(e) | 0.65 | % | 0.65 | % | 0.59 | % | 0.58 | % | ||||||||||||||||||
Net investment income | 1.32 | %(d) | 1.23 | %(e) | 1.05 | % | 1.25 | % | 0.99 | % | 1.21 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 71 | % | 136 | % | 122 | % | 147 | % | 145 | % | 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) | Annualized. |
(e) | Ratios include non-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.
| 37 |
|
Financial Highlights–(continued)
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.39 | $ | 44.80 | $ | 44.89 | $ | 42.00 | $ | 35.69 | $ | 36.40 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.14 | (b) | 0.18 | 0.19 | 0.41 | 0.31 | 0.11 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.50 | (17.35 | ) | (0.05 | ) | 2.86 | 6.26 | (0.74 | ) | |||||||||||||||||||||
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|
|
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|
|
|
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|
|
| |||||||||||||||||||
Total from investment operations | 2.64 | (17.17 | ) | 0.14 | 3.27 | 6.57 | (0.63 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.24 | ) | (0.23 | ) | (0.38 | ) | (0.26 | ) | (0.08 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 30.01 | $ | 27.39 | $ | 44.80 | $ | 44.89 | $ | 42.00 | $ | 35.69 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 29.96 | $ | 27.48 | $ | 44.78 | $ | 44.96 | $ | 42.00 | $ | 35.68 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(d) | 9.63 | % | (38.42 | )% | 0.33 | % | 7.84 | % | 18.52 | % | (1.73 | )% | ||||||||||||||||||
Market Price Total Return(d) | 9.09 | % | (38.19 | )% | 0.12 | % | 8.01 | % | 18.55 | % | (1.73 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 255,090 | $ | 135,590 | $ | 67,201 | $ | 116,724 | $ | 144,902 | $ | 142,754 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.60 | %(e) | 0.64 | %(f) | 0.63 | % | 0.63 | % | 0.61 | % | 0.61 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.60 | %(e) | 0.70 | %(f) | 0.63 | % | 0.65 | % | 0.61 | % | 0.61 | % | ||||||||||||||||||
Net investment income | 0.91 | %(b)(e) | 0.47 | %(f) | 0.42 | % | 0.97 | % | 0.83 | % | 0.29 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 79 | % | 163 | % | 207 | % | 177 | % | 183 | % | 136 | % |
(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 $(0.01) and (0.07)%, 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 38 |
|
Financial Highlights–(continued)
Invesco Dynamic Media ETF (PBS)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.88 | $ | 34.65 | $ | 29.14 | $ | 27.97 | $ | 25.13 | $ | 26.73 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.21 | (b) | 0.12 | 0.16 | 0.15 | 0.06 | 0.07 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.53 | (6.75 | ) | 5.58 | 1.14 | 2.82 | (1.45 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | 7.74 | (6.63 | ) | 5.74 | 1.29 | 2.88 | (1.38 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.14 | ) | (0.23 | ) | (0.12 | ) | (0.04 | ) | (0.22 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 35.58 | $ | 27.88 | $ | 34.65 | $ | 29.14 | $ | 27.97 | $ | 25.13 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 35.53 | $ | 27.85 | $ | 34.65 | $ | 29.16 | $ | 27.98 | $ | 25.12 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(d) | 27.79 | % | (19.20 | )% | 19.81 | % | 4.64 | % | 11.49 | % | (5.18 | )% | ||||||||||||||||||
Market Price Total Return(d) | 27.75 | % | (19.28 | )% | 19.73 | % | 4.67 | % | 11.57 | % | (5.18 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 35,582 | $ | 30,668 | $ | 88,348 | $ | 48,080 | $ | 148,230 | $ | 90,461 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.64 | %(f) | 0.63 | % | 0.63 | % | 0.63 | % | 0.61 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.83 | %(e) | 0.67 | %(f) | 0.67 | % | 0.68 | % | 0.63 | % | 0.61 | % | ||||||||||||||||||
Net investment income | 1.20 | %(b)(e) | 0.36 | %(f) | 0.49 | % | 0.53 | % | 0.21 | % | 0.26 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 61 | % | 146 | % | 103 | % | 150 | % | 103 | % | 124 | % |
(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 $0.04 and 0.24%, 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 39 |
|
Financial Highlights–(continued)
Invesco Dynamic Networking ETF (PXQ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 57.59 | $ | 63.16 | $ | 50.08 | $ | 43.58 | $ | 33.65 | $ | 36.65 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.10 | 0.10 | 0.66 | 0.18 | 0.21 | 0.15 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 9.36 | (5.51 | ) | 13.13 | 6.62 | 9.90 | (3.15 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Total from investment operations | 9.46 | (5.41 | ) | 13.79 | 6.80 | 10.11 | (3.00 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.16 | ) | (0.71 | ) | (0.30 | ) | (0.18 | ) | — | |||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 66.92 | $ | 57.59 | $ | 63.16 | $ | 50.08 | $ | 43.58 | $ | 33.65 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 66.58 | $ | 57.51 | $ | 63.14 | $ | 50.10 | $ | 43.59 | $ | 33.65 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | 16.43 | % | (8.56 | )% | 27.90 | % | 15.70 | % | 30.19 | % | (8.19 | )% | ||||||||||||||||||
Market Price Total Return(c) | 16.00 | % | (8.66 | )% | 27.81 | % | 15.73 | % | 30.22 | % | (8.16 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 50,189 | $ | 46,070 | $ | 101,051 | $ | 60,091 | $ | 26,145 | $ | 20,189 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.64 | %(e) | 0.63 | % | 0.63 | % | 0.63 | % | �� | 0.63 | % | |||||||||||||||||
Expenses, prior to Waivers | 0.71 | %(d) | 0.65 | %(e) | 0.64 | % | 0.83 | % | 0.89 | % | 0.88 | % | ||||||||||||||||||
Net investment income | 0.30 | %(d) | 0.17 | %(e) | 1.21 | % | 0.39 | % | 0.55 | % | 0.42 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 54 | % | 99 | % | 98 | % | 79 | % | 97 | % | 87 | % |
(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) | Ratios include non-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.
| 40 |
|
Financial Highlights–(continued)
Invesco Dynamic Oil & Gas Services ETF (PXJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 2.39 | $ | 6.87 | $ | 9.70 | $ | 10.70 | $ | 13.20 | $ | 18.91 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.06 | 0.07 | 0.04 | 0.27 | (b) | 0.06 | 0.20 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.50 | ) | (4.47 | ) | (2.81 | ) | (1.01 | ) | (2.41 | ) | (5.69 | ) | ||||||||||||||||||
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|
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| |||||||||||||||||||
Total from investment operations | (0.44 | ) | (4.40 | ) | (2.77 | ) | (0.74 | ) | (2.35 | ) | (5.49 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.08 | ) | (0.06 | ) | (0.26 | ) | (0.08 | ) | (0.22 | ) | ||||||||||||||||||
Return of capital | - | - | - | - | (0.07 | ) | - | |||||||||||||||||||||||
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| |||||||||||||||||||
Total distributions | (0.05 | ) | (0.08 | ) | (0.06 | ) | (0.26 | ) | (0.15 | ) | (0.22 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 1.90 | $ | 2.39 | $ | 6.87 | $ | 9.70 | $ | 10.70 | $ | 13.20 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 1.90 | $ | 2.40 | $ | 6.87 | $ | 9.70 | $ | 10.70 | $ | 13.19 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(d) | (18.61 | )% | (63.87 | )% | (28.69 | )% | (6.71 | )% | (17.99 | )% | (29.06 | )% | ||||||||||||||||||
Market Price Total Return(d) | (18.95 | )% | (63.72 | )% | (28.69 | )% | (6.72 | )% | (17.92 | )% | (29.15 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 5,502 | $ | 5,971 | $ | 17,519 | $ | 37,827 | $ | 33,174 | $ | 45,534 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e) | 0.67 | %(f) | 0.63 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 1.92 | %(e) | 1.09 | %(f) | 0.83 | % | 0.86 | % | 0.75 | % | 0.72 | % | ||||||||||||||||||
Net investment income | 4.85 | %(e) | 1.51 | %(f) | 0.48 | % | 2.90 | %(b) | 0.47 | % | 1.46 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 46 | % | 82 | % | 81 | % | 91 | % | 90 | % | 89 | % |
(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) | Annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.04%. |
(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.
| 41 |
|
Financial Highlights–(continued)
Invesco Dynamic Pharmaceuticals ETF (PJP)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 62.54 | $ | 62.65 | $ | 61.49 | $ | 60.71 | $ | 62.16 | $ | 74.40 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.23 | 0.55 | 0.69 | 0.43 | 0.48 | 0.41 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.35 | ) | (0.08 | ) | 1.17 | 0.79 | (1.40 | ) | (8.81 | ) | ||||||||||||||||||||
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|
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|
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| |||||||||||||||||||
Total from investment operations | (0.12 | ) | 0.47 | 1.86 | 1.22 | (0.92 | ) | (8.40 | ) | |||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.58 | ) | (0.70 | ) | (0.44 | ) | (0.53 | ) | (0.39 | ) | ||||||||||||||||||
Net realized gains | - | - | - | - | - | (3.45 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||
Total distributions | (0.27 | ) | (0.58 | ) | (0.70 | ) | (0.44 | ) | (0.53 | ) | (3.84 | ) | ||||||||||||||||||
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|
| |||||||||||||||||||
Net asset value at end of period | $ | 62.15 | $ | 62.54 | $ | 62.65 | $ | 61.49 | $ | 60.71 | $ | 62.16 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 62.02 | $ | 62.49 | $ | 62.64 | $ | 61.53 | $ | 60.71 | $ | 62.14 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(c) | (0.20 | )% | 0.83 | % | 3.02 | % | 1.99 | % | (1.47 | )% | (11.86 | )% | ||||||||||||||||||
Market Price Total Return(c) | (0.33 | )% | 0.77 | % | 2.94 | % | 2.05 | % | (1.44 | )% | (11.83 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 310,745 | $ | 356,497 | $ | 416,591 | $ | 525,754 | $ | 764,908 | $ | 1,168,526 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.58 | %(d) | 0.56 | % | 0.56 | % | 0.57 | % | 0.56 | % | 0.57 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.58 | %(d) | 0.56 | % | 0.56 | % | 0.57 | % | 0.56 | % | 0.57 | % | ||||||||||||||||||
Net investment income | 0.72 | %(d) | 0.92 | % | 1.03 | % | 0.68 | % | 0.79 | % | 0.58 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 25 | % | 63 | % | 81 | % | 98 | % | 26 | % | 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) | 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.
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Financial Highlights–(continued)
Invesco Dynamic Semiconductors ETF (PSI)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 63.60 | $ | 58.09 | $ | 48.91 | $ | 42.47 | $ | 24.50 | $ | 26.30 | ||||||||||||||||||
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Net investment income(a) | 0.10 | 0.29 | 0.38 | 0.14 | 0.19 | 0.10 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 16.57 | 5.60 | 9.19 | 6.41 | 18.02 | (1.86 | ) | |||||||||||||||||||||||
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Total from investment operations | 16.67 | 5.89 | 9.57 | 6.55 | 18.21 | (1.76 | ) | |||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.38 | ) | (0.39 | ) | (0.11 | ) | (0.24 | ) | (0.04 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 80.12 | $ | 63.60 | $ | 58.09 | $ | 48.91 | $ | 42.47 | $ | 24.50 | ||||||||||||||||||
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Market price at end of period(b) | $ | 79.87 | $ | 63.71 | $ | 58.04 | $ | 48.94 | $ | 42.51 | $ | 24.48 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 26.23 | % | 10.23 | % | 19.71 | % | 15.42 | % | 74.65 | % | (6.69 | )% | ||||||||||||||||||
Market Price Total Return(c) | 25.62 | % | 10.51 | % | 19.53 | % | 15.38 | % | 74.96 | % | (6.80 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 276,424 | $ | 228,946 | $ | 200,423 | $ | 315,455 | $ | 235,699 | $ | 48,999 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.57 | %(d) | 0.57 | % | 0.58 | % | 0.61 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.57 | %(d) | 0.57 | % | 0.58 | % | 0.61 | % | 0.63 | % | 0.68 | % | ||||||||||||||||||
Net investment income | 0.27 | %(d) | 0.49 | % | 0.73 | % | 0.29 | % | 0.55 | % | 0.38 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 50 | % | 94 | % | 98 | % | 65 | % | 62 | % | 104 | % |
(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.
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Financial Highlights–(continued)
Invesco Dynamic Software ETF (PSJ)
Six Months Ended | ||||||||||||||||||||||||||||||
October 31, | ||||||||||||||||||||||||||||||
2020 | Years Ended April 30, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 98.85 | $ | 96.10 | $ | 70.81 | $ | 53.44 | $ | 42.20 | $ | 42.47 | ||||||||||||||||||
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Net investment income (loss)(a) | (0.19 | ) | 0.03 | (0.22 | ) | (0.27 | ) | (0.05 | ) | (0.08 | ) | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 25.06 | 2.83 | 25.51 | 17.64 | 11.30 | (0.13 | ) | |||||||||||||||||||||||
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Total from investment operations | 24.87 | 2.86 | 25.29 | 17.37 | 11.25 | (0.21 | ) | |||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | (0.11 | ) | - | - | (0.01 | ) | (0.06 | ) | |||||||||||||||||||||
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Net asset value at end of period | $ | 123.72 | $ | 98.85 | $ | 96.10 | $ | 70.81 | $ | 53.44 | $ | 42.20 | ||||||||||||||||||
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Market price at end of period(b) | $ | 123.44 | $ | 98.80 | $ | 96.13 | $ | 70.90 | $ | 53.39 | $ | 42.21 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 25.16 | % | 2.99 | % | 35.71 | % | 32.51 | % | 26.67 | % | (0.50 | )% | ||||||||||||||||||
Market Price Total Return(c) | 24.93 | % | 2.91 | % | 35.58 | % | 32.80 | % | 26.52 | % | (0.50 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 507,233 | $ | 400,339 | $ | 437,243 | $ | 155,784 | $ | 101,545 | $ | 73,847 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(d) | 0.56 | % | 0.58 | % | 0.63 | % | 0.63 | % | 0.63 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.56 | %(d) | 0.56 | % | 0.58 | % | 0.63 | % | 0.64 | % | 0.66 | % | ||||||||||||||||||
Net investment income (loss) | (0.33 | )%(d) | 0.03 | % | (0.27 | )% | (0.42 | )% | (0.11 | )% | (0.19 | )% | ||||||||||||||||||
Portfolio turnover rate(e) | 67 | % | 190 | % | 157 | % | 145 | % | 154 | % | 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.
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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Dynamic 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 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 IntellidexSM Index | |
Dynamic Building & Construction ETF | Dynamic Building & Construction IntellidexSM Index | |
Dynamic Energy Exploration & Production ETF | Dynamic Energy Exploration & Production IntellidexSM Index | |
Dynamic Food & Beverage ETF | Dynamic Food & Beverage IntellidexSM Index | |
Dynamic Leisure and Entertainment ETF | Dynamic Leisure & Entertainment IntellidexSM Index | |
Dynamic Media ETF | Dynamic Media IntellidexSM Index | |
Dynamic Networking ETF | Dynamic Networking IntellidexSM Index | |
Dynamic Oil & Gas Services ETF | Dynamic Oil Services IntellidexSM Index | |
Dynamic Pharmaceuticals ETF | Dynamic Pharmaceutical IntellidexSM Index | |
Dynamic Semiconductors ETF | Dynamic Semiconductor IntellidexSM Index | |
Dynamic Software ETF | Dynamic Software IntellidexSM 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,
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lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter 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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of their respective 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
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result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
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 an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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 for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent |
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Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
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 the period-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 and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2022. Unless
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the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. 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 Leisure and Entertainment ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.
Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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 the six-month period ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Dynamic Biotechnology & Genome ETF | $ | 250 | ||
Dynamic Building & Construction ETF | 2,326 | |||
Dynamic Energy Exploration & Production ETF | 45,778 | |||
Dynamic Food & Beverage ETF | 16,769 | |||
Dynamic Leisure and Entertainment ETF | 121 | |||
Dynamic Media ETF | 34,499 | |||
Dynamic Networking ETF | 22,684 | |||
Dynamic Oil & Gas Services ETF | 45,080 | |||
Dynamic Pharmaceuticals ETF | 200 | |||
Dynamic Semiconductors ETF | 171 | |||
Dynamic Software ETF | 362 |
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 as of October 31, 2020 are as follows:
Total Potential Recapture | Potential Recapture Amounts Expiring | |||||||||||||||||||
Amounts | 4/30/21 | 4/30/22 | 4/30/23 | 10/31/23 | ||||||||||||||||
Dynamic Building & Construction ETF | $ | 2,200 | $ | - | $ | - | $ | - | $ | 2,200 | ||||||||||
Dynamic Energy Exploration & Production ETF | 130,288 | 21,754 | 7,050 | 55,789 | 45,695 | |||||||||||||||
Dynamic Food & Beverage ETF | 46,467 | 13,793 | 16,009 | - | 16,665 | |||||||||||||||
Dynamic Media ETF | 101,758 | 28,473 | 24,608 | 14,261 | 34,416 | |||||||||||||||
Dynamic Networking ETF | 64,936 | 23,274 | 10,092 | 8,945 | 22,625 | |||||||||||||||
Dynamic Oil & Gas Services ETF | 176,664 | 30,307 | 53,533 | 47,836 | 44,988 |
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’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the 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.
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For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
Dynamic Biotechnology & Genome ETF | $ | 2,762 | ||
Dynamic Building & Construction ETF | 4,105 | |||
Dynamic Energy Exploration & Production ETF | 15,851 | |||
Dynamic Food & Beverage ETF | 7,202 | |||
Dynamic Leisure and Entertainment ETF | 15,136 | |||
Dynamic Media ETF | 4,296 | |||
Dynamic Networking ETF | 4,450 | |||
Dynamic Oil & Gas Services ETF | 4,239 | |||
Dynamic Pharmaceuticals ETF | 5,080 | |||
Dynamic Semiconductors ETF | 6,445 | |||
Dynamic Software ETF | 7,313 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
Dynamic Biotechnology & Genome ETF | $ | 312,494 | $ | 435,553 | $ | (65,482) | |||||||||
Dynamic Building & Construction ETF | - | 3,283,191 | 69,886 | ||||||||||||
Dynamic Energy Exploration & Production ETF | 187,893 | - | - | ||||||||||||
Dynamic Food & Beverage ETF | 2,571,161 | 807,379 | (16,582 | ) | |||||||||||
Dynamic Leisure and Entertainment ETF | - | 231,837 | (45,904) | ||||||||||||
Dynamic Media ETF | 389,134 | - | - | ||||||||||||
Dynamic Networking ETF | 297,177 | 1,028,816 | 90,477 | ||||||||||||
Dynamic Oil & Gas Services ETF | 313,813 | 245,590 | (15,768 | ) | |||||||||||
Dynamic Pharmaceuticals ETF | 3,459,110 | 1,787,323 | (39,110) | ||||||||||||
Dynamic Semiconductors ETF | 5,004,949 | 6,235,074 | (580,306 | ) | |||||||||||
Dynamic Software ETF | 1,550,270 | 4,661,978 | (55,032) |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
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The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for Dynamic Semiconductors ETF and Dynamic Software ETF). As of October 31, 2020, all of the securities in Dynamic Semiconductors ETF and Dynamic Software ETF 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 | |||||||||||||||||
Dynamic Biotechnology & Genome ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 218,345,040 | $ | - | $ | - | $ | 218,345,040 | ||||||||||||
Money Market Funds | 125,128 | 33,171,632 | - | 33,296,760 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 218,470,168 | $ | 33,171,632 | $ | - | $ | 251,641,800 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Building & Construction ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 136,973,600 | $ | - | $ | - | $ | 136,973,600 | ||||||||||||
Money Market Funds | 146,192 | 4,324,280 | - | 4,470,472 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 137,119,792 | $ | 4,324,280 | $ | - | $ | 141,444,072 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Energy Exploration & Production ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 12,395,992 | $ | - | $ | - | $ | 12,395,992 | ||||||||||||
Money Market Funds | 88,887 | 766,864 | - | 855,751 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 12,484,879 | $ | 766,864 | $ | - | $ | 13,251,743 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Food & Beverage ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 69,336,190 | $ | - | $ | - | $ | 69,336,190 | ||||||||||||
Money Market Funds | 49,270 | 5,941,290 | - | 5,990,560 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 69,385,460 | $ | 5,941,290 | $ | - | $ | 75,326,750 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Leisure and Entertainment ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 254,973,969 | $ | - | $ | - | $ | 254,973,969 | ||||||||||||
Money Market Funds | 338,576 | 16,111,822 | - | 16,450,398 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 255,312,545 | $ | 16,111,822 | $ | - | $ | 271,424,367 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Media ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 35,571,492 | $ | - | $ | - | $ | 35,571,492 | ||||||||||||
Money Market Funds | 104,008 | 2,661,052 | - | 2,765,060 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 35,675,500 | $ | 2,661,052 | $ | - | $ | 38,336,552 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Networking ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 50,191,392 | $ | - | $ | - | $ | 50,191,392 | ||||||||||||
Money Market Funds | 105,044 | 2,846,615 | - | 2,951,659 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 50,296,436 | $ | 2,846,615 | $ | - | $ | 53,143,051 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Oil & Gas Services ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 5,209,540 | $ | - | $ | - | $ | 5,209,540 | ||||||||||||
Money Market Funds | 77,333 | 610,043 | - | 687,376 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 5,286,873 | $ | 610,043 | $ | - | $ | 5,896,916 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Dynamic Pharmaceuticals ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 310,707,138 | $ | - | $ | - | $ | 310,707,138 | ||||||||||||
Money Market Funds | 98,237 | 7,710,143 | - | 7,808,380 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 310,805,375 | $ | 7,710,143 | $ | - | $ | 318,515,518 | ||||||||||||
|
|
|
|
|
|
|
|
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NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2020, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Dynamic Biotechnology & Genome ETF | $ | 196,158,095 | $ | 28,014,650 | $ | 224,172,745 | ||||||
Dynamic Building & Construction ETF | 61,591,341 | 8,796,744 | 70,388,085 | |||||||||
Dynamic Energy Exploration & Production ETF | 88,627,435 | 32,954,106 | 121,581,541 | |||||||||
Dynamic Food & Beverage ETF | 71,464,519 | 9,797,010 | 81,261,529 | |||||||||
Dynamic Leisure and Entertainment ETF | 74,287,611 | 1,668,220 | 75,955,831 | |||||||||
Dynamic Media ETF | 81,857,354 | 2,854,087 | 84,711,441 | |||||||||
Dynamic Networking ETF | 34,669,195 | 10,113,312 | 44,782,507 | |||||||||
Dynamic Oil & Gas Services ETF | 56,751,317 | 44,859,043 | 101,610,360 | |||||||||
Dynamic Pharmaceuticals ETF | 174,337,472 | 252,004,757 | 426,342,229 | |||||||||
Dynamic Semiconductors ETF | 42,758,957 | - | 42,758,957 | |||||||||
Dynamic Software ETF | 42,451,161 | 772,124 | 43,223,285 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Dynamic Biotechnology & Genome ETF | $ | 183,482,705 | $ | 180,001,764 | ||||
Dynamic Building & Construction ETF | 83,706,512 | 82,896,744 | ||||||
Dynamic Energy Exploration & Production ETF | 9,628,992 | 9,838,944 | ||||||
Dynamic Food & Beverage ETF | 54,049,937 | 53,131,420 | ||||||
Dynamic Leisure and Entertainment ETF | 193,754,516 | 193,904,850 | ||||||
Dynamic Media ETF | 20,997,803 | 20,696,746 | ||||||
Dynamic Networking ETF | 30,098,790 | 28,907,003 | ||||||
Dynamic Oil & Gas Services ETF | 3,037,608 | 3,258,331 | ||||||
Dynamic Pharmaceuticals ETF | 84,638,188 | 84,200,119 | ||||||
Dynamic Semiconductors ETF | 140,215,721 | 138,783,664 | ||||||
Dynamic Software ETF | 332,948,360 | 332,925,078 |
For the six-month period ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Biotechnology & Genome ETF | $ | 102,378,371 | $ | 123,685,917 | ||||
Dynamic Building & Construction ETF | 86,499,447 | 48,394,803 | ||||||
Dynamic Energy Exploration & Production ETF | 12,839,482 | 11,445,698 | ||||||
Dynamic Food & Beverage ETF | 38,986,040 | 38,142,875 | ||||||
Dynamic Leisure and Entertainment ETF | 320,995,084 | 214,850,230 | ||||||
Dynamic Media ETF | 3,550,136 | 6,359,811 | ||||||
Dynamic Networking ETF | 13,915,367 | 18,845,752 |
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Cost of Securities Received | Value of Securities Delivered | |||||||
Dynamic Oil & Gas Services ETF | $ | 1,424,125 | $ | 555,107 | ||||
Dynamic Pharmaceuticals ETF | 19,626,910 | 65,240,760 | ||||||
Dynamic Semiconductors ETF | 67,184,291 | 81,084,683 | ||||||
Dynamic Software ETF | 233,536,980 | 233,289,714 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Dynamic Biotechnology & Genome ETF | $ | 24,770,696 | $ | (19,605,559 | ) | $ | 5,165,137 | $ | 246,476,663 | |||||||
Dynamic Building & Construction ETF | 14,081,771 | (2,752,110 | ) | 11,329,661 | 130,114,411 | |||||||||||
Dynamic Energy Exploration & Production ETF | 204,144 | (9,198,411 | ) | (8,994,267) | 22,246,010 | |||||||||||
Dynamic Food & Beverage ETF | 3,283,573 | (3,852,842 | ) | (569,269 | ) | 75,896,019 | ||||||||||
Dynamic Leisure and Entertainment ETF | 7,631,717 | (22,806,818 | ) | (15,175,101) | 286,599,468 | |||||||||||
Dynamic Media ETF | 6,852,684 | (2,555,371 | ) | 4,297,313 | 34,039,239 | |||||||||||
Dynamic Networking ETF | 8,589,256 | (2,656,463 | ) | 5,932,793 | 47,210,258 | |||||||||||
Dynamic Oil & Gas Services ETF | - | (7,463,981 | ) | (7,463,981 | ) | 13,360,897 | ||||||||||
Dynamic Pharmaceuticals ETF | 40,002,416 | (23,827,092 | ) | 16,175,324 | 302,340,194 | |||||||||||
Dynamic Semiconductors ETF | 61,628,870 | (6,023,561 | ) | 55,605,309 | 220,974,369 | |||||||||||
Dynamic Software ETF | 93,360,736 | (23,955,377 | ) | 69,405,359 | 438,210,450 |
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 Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
| 54 |
|
NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | 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 | $ | 1,066.40 | 0.59 | % | $ | 3.07 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.23 | 0.59 | 3.01 | ||||||||||||||||
Invesco Dynamic Building & Construction ETF (PKB) | ||||||||||||||||||||
Actual | 1,000.00 | 1,381.10 | 0.62 | 3.72 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.08 | 0.62 | 3.16 | ||||||||||||||||
Invesco Dynamic Energy Exploration & Production ETF (PXE) | ||||||||||||||||||||
Actual | 1,000.00 | 738.60 | 0.63 | 2.76 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||||||
Invesco Dynamic Food & Beverage ETF (PBJ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,069.30 | 0.63 | 3.29 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||||||
Invesco Dynamic Leisure and Entertainment ETF (PEJ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,096.30 | 0.60 | 3.17 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||||||
Invesco Dynamic Media ETF (PBS) | ||||||||||||||||||||
Actual | 1,000.00 | 1,277.90 | 0.63 | 3.62 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 |
| 56 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Dynamic Networking ETF (PXQ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,164.30 | 0.63 | % | $ | 3.44 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||||||
Invesco Dynamic Oil & Gas Services ETF (PXJ) | ||||||||||||||||||||
Actual | 1,000.00 | 813.90 | 0.63 | 2.88 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||||||
Invesco Dynamic Pharmaceuticals ETF (PJP) | ||||||||||||||||||||
Actual | 1,000.00 | 998.00 | 0.58 | 2.92 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.28 | 0.58 | 2.96 | ||||||||||||||||
Invesco Dynamic Semiconductors ETF (PSI) | ||||||||||||||||||||
Actual | 1,000.00 | 1,262.30 | 0.57 | 3.25 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.33 | 0.57 | 2.91 | ||||||||||||||||
Invesco Dynamic Software ETF (PSJ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,251.60 | 0.56 | 3.18 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 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
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October 31, 2020
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RSP | Invesco S&P 500® Equal Weight ETF
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EWCO | Invesco S&P 500® Equal Weight Communication Services ETF
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RCD | Invesco S&P 500® Equal Weight Consumer Discretionary ETF
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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.
Table of Contents
2 | ||||
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Invesco S&P 500® Equal Weight ETF (RSP)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.88% |
| |||||||
Communication Services-4.20% |
| |||||||
Activision Blizzard, Inc. | 351,982 | $ | 26,655,597 | |||||
Alphabet, Inc., Class A(b) | 9,211 | 14,885,989 | ||||||
Alphabet, Inc., Class C(b) | 8,994 | 14,579,364 | ||||||
AT&T, Inc. | 946,388 | 25,571,404 | ||||||
CenturyLink, Inc. | 2,576,960 | 22,213,395 | ||||||
Charter Communications, Inc., Class A(b) | 45,622 | 27,547,476 | ||||||
Comcast Corp., Class A | 614,430 | 25,953,523 | ||||||
Discovery, Inc., Class A(b)(c) | 430,602 | 8,715,384 | ||||||
Discovery, Inc., Class C(b) | 851,265 | 15,595,175 | ||||||
DISH Network Corp., Class A(b) | 854,885 | 21,791,019 | ||||||
Electronic Arts, Inc.(b) | 217,775 | 26,095,978 | ||||||
Facebook, Inc., Class A(b) | 102,989 | 27,097,436 | ||||||
Fox Corp., Class A | 665,816 | 17,657,440 | ||||||
Fox Corp., Class B | 309,431 | 8,088,526 | ||||||
Interpublic Group of Cos., Inc. (The) | 1,586,441 | 28,698,718 | ||||||
Live Nation Entertainment, Inc.(b) | 480,344 | 23,440,787 | ||||||
Netflix, Inc.(b) | 56,862 | 27,051,528 | ||||||
News Corp., Class A | 1,387,935 | 18,223,587 | ||||||
News Corp., Class B | 434,703 | 5,659,833 | ||||||
Omnicom Group, Inc. | 524,521 | 24,757,391 | ||||||
Take-Two Interactive Software, Inc.(b) | 178,815 | 27,702,020 | ||||||
T-Mobile US, Inc.(b) | 245,939 | 26,947,536 | ||||||
Twitter, Inc.(b) | 705,049 | 29,160,827 | ||||||
Verizon Communications, Inc. | 458,968 | 26,156,586 | ||||||
ViacomCBS, Inc., Class B | 937,275 | 26,777,947 | ||||||
Walt Disney Co. (The) | 208,265 | 25,252,131 | ||||||
|
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572,276,597 | ||||||||
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Consumer Discretionary-11.97% |
| |||||||
Advance Auto Parts, Inc. | 177,512 | 26,143,967 | ||||||
Amazon.com, Inc.(b) | 8,736 | 26,523,806 | ||||||
Aptiv PLC | 324,562 | 31,316,987 | ||||||
AutoZone, Inc.(b) | 22,265 | 25,136,740 | ||||||
Best Buy Co., Inc. | 256,196 | 28,578,664 | ||||||
Booking Holdings, Inc.(b) | 15,374 | 24,944,315 | ||||||
BorgWarner, Inc. | 647,755 | 22,658,470 | ||||||
CarMax, Inc.(b) | 270,092 | 23,346,752 | ||||||
Carnival Corp. | 1,551,439 | 21,270,229 | ||||||
Chipotle Mexican Grill, Inc.(b) | 21,099 | 25,350,027 | ||||||
D.R. Horton, Inc. | 384,452 | 25,685,238 | ||||||
Darden Restaurants, Inc. | 316,197 | 29,064,828 | ||||||
Dollar General Corp. | 136,870 | 28,566,138 | ||||||
Dollar Tree, Inc.(b) | 304,712 | 27,521,588 | ||||||
Domino’s Pizza, Inc. | 69,466 | 26,280,377 | ||||||
eBay, Inc. | 520,013 | 24,768,219 | ||||||
Etsy, Inc.(b) | 247,781 | 30,127,692 | ||||||
Expedia Group, Inc. | 289,619 | 27,267,629 | ||||||
Ford Motor Co. | 3,920,688 | 30,306,918 | ||||||
Gap, Inc. (The) | 1,649,384 | 32,080,519 | ||||||
Garmin Ltd. | 274,255 | 28,528,005 | ||||||
General Motors Co. | 901,015 | 31,112,048 | ||||||
Genuine Parts Co. | 272,946 | 24,682,507 | ||||||
Hanesbrands, Inc. | 1,783,356 | 28,658,531 | ||||||
Hasbro, Inc. | 348,969 | 28,866,716 | ||||||
Hilton Worldwide Holdings, Inc. | 314,106 | 27,581,648 | ||||||
Home Depot, Inc. (The) | 99,283 | 26,479,769 | ||||||
L Brands, Inc. | 980,135 | 31,374,121 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Las Vegas Sands Corp. | 528,718 | $ | 25,410,187 | |||||
Leggett & Platt, Inc. | 615,857 | 25,699,713 | ||||||
Lennar Corp., Class A | 354,226 | 24,877,292 | ||||||
LKQ Corp.(b) | 853,360 | 27,298,986 | ||||||
Lowe’s Cos., Inc. | 169,531 | 26,802,851 | ||||||
Marriott International, Inc., Class A | 276,459 | 25,677,512 | ||||||
McDonald’s Corp. | 125,933 | 26,823,729 | ||||||
MGM Resorts International | 1,207,422 | 24,836,671 | ||||||
Mohawk Industries, Inc.(b) | 283,133 | 29,216,494 | ||||||
Newell Brands, Inc. | 1,572,713 | 27,774,112 | ||||||
NIKE, Inc., Class B | 232,600 | 27,930,608 | ||||||
Norwegian Cruise Line Holdings | 1,567,343 | 26,064,914 | ||||||
NVR, Inc.(b) | 6,829 | 26,995,652 | ||||||
O’Reilly Automotive, Inc.(b) | 57,844 | 25,254,690 | ||||||
Pool Corp. | 81,304 | 28,442,578 | ||||||
PulteGroup, Inc. | 605,792 | 24,692,082 | ||||||
PVH Corp. | 409,246 | 23,854,949 | ||||||
Ralph Lauren Corp. | 360,302 | 24,086,189 | ||||||
Ross Stores, Inc. | 304,171 | 25,906,244 | ||||||
Royal Caribbean Cruises Ltd. | 395,745 | 22,327,933 | ||||||
Starbucks Corp. | 321,834 | 27,986,685 | ||||||
Tapestry, Inc. | 1,699,311 | 37,775,684 | ||||||
Target Corp. | 185,812 | 28,284,303 | ||||||
Tiffany & Co. | 241,105 | 31,546,178 | ||||||
TJX Cos., Inc. (The) | 506,794 | 25,745,135 | ||||||
Tractor Supply Co. | 199,415 | 26,564,072 | ||||||
Ulta Beauty, Inc.(b) | 119,844 | 24,780,144 | ||||||
Under Armour, Inc., Class A(b) | 1,268,046 | 17,549,757 | ||||||
Under Armour, Inc., Class C(b) | 1,322,218 | 16,170,726 | ||||||
VF Corp. | 391,926 | 26,337,427 | ||||||
Whirlpool Corp. | 158,862 | 29,383,115 | ||||||
Wynn Resorts Ltd. | 334,236 | 24,208,713 | ||||||
Yum! Brands, Inc. | 297,513 | 27,766,888 | ||||||
|
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1,628,294,661 | ||||||||
|
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Consumer Staples-6.19% |
| |||||||
Altria Group, Inc. | 629,650 | 22,717,772 | ||||||
Archer-Daniels-Midland Co. | 585,266 | 27,062,700 | ||||||
Brown-Forman Corp., Class B | 345,923 | 24,114,292 | ||||||
Campbell Soup Co. | 603,137 | 28,148,404 | ||||||
Church & Dwight Co., Inc. | 295,555 | 26,124,106 | ||||||
Clorox Co. (The) | 128,296 | 26,589,346 | ||||||
Coca-Cola Co. (The) | 537,448 | 25,829,751 | ||||||
Colgate-Palmolive Co. | 357,546 | 28,206,804 | ||||||
Conagra Brands, Inc. | 796,259 | 27,940,728 | ||||||
Constellation Brands, Inc., Class A | 145,293 | 24,006,762 | ||||||
Costco Wholesale Corp. | 80,931 | 28,942,544 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 127,908 | 28,096,271 | ||||||
General Mills, Inc. | 468,788 | 27,714,747 | ||||||
Hershey Co. (The) | 188,695 | 25,938,015 | ||||||
Hormel Foods Corp. | 550,829 | 26,819,864 | ||||||
JM Smucker Co. (The) | 242,256 | 27,181,123 | ||||||
Kellogg Co. | 419,435 | 26,378,267 | ||||||
Kimberly-Clark Corp. | 184,811 | 24,504,090 | ||||||
Kraft Heinz Co. (The) | 865,503 | 26,475,737 | ||||||
Kroger Co. (The) | 798,440 | 25,717,752 | ||||||
Lamb Weston Holdings, Inc. | 433,330 | 27,494,789 | ||||||
McCormick & Co., Inc. | 138,225 | 24,950,995 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | ||||
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Invesco S&P 500® Equal Weight ETF (RSP)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Molson Coors Beverage Co., Class B | 782,126 | $ | 27,577,763 | |||||
Mondelez International, Inc., Class A | 476,825 | 25,328,944 | ||||||
Monster Beverage Corp.(b) | 337,363 | 25,831,885 | ||||||
PepsiCo, Inc. | 202,106 | 26,938,709 | ||||||
Philip Morris International, Inc. | 337,793 | 23,990,059 | ||||||
Procter & Gamble Co. (The) | 198,601 | 27,228,197 | ||||||
Sysco Corp. | 440,520 | 24,365,161 | ||||||
Tyson Foods, Inc., Class A | 430,685 | 24,648,103 | ||||||
Walgreens Boots Alliance, Inc. | 790,846 | 26,920,398 | ||||||
Walmart, Inc. | 200,719 | 27,849,761 | ||||||
|
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841,633,839 | ||||||||
|
| |||||||
Energy-4.49% | ||||||||
Apache Corp. | 2,309,149 | 19,165,937 | ||||||
Baker Hughes Co., Class A | 1,967,329 | 29,057,449 | ||||||
Cabot Oil & Gas Corp. | 1,504,581 | 26,766,496 | ||||||
Chevron Corp. | 357,187 | 24,824,496 | ||||||
Concho Resources, Inc. | 605,666 | 25,141,196 | ||||||
ConocoPhillips | 828,826 | 23,721,000 | ||||||
Devon Energy Corp. | 3,059,652 | 27,322,692 | ||||||
Diamondback Energy, Inc. | 926,553 | 24,053,316 | ||||||
EOG Resources, Inc. | 702,861 | 24,065,961 | ||||||
Exxon Mobil Corp. | 743,785 | 24,262,267 | ||||||
Halliburton Co. | 1,923,276 | 23,194,708 | ||||||
Hess Corp. | 634,606 | 23,620,035 | ||||||
HollyFrontier Corp. | 1,310,080 | 24,249,581 | ||||||
Kinder Morgan, Inc. | 2,140,813 | 25,475,675 | ||||||
Marathon Oil Corp. | 6,139,821 | 24,313,691 | ||||||
Marathon Petroleum Corp. | 878,238 | 25,908,021 | ||||||
National Oilwell Varco, Inc. | 2,448,205 | 20,564,922 | ||||||
Occidental Petroleum Corp. | 2,685,409 | 24,517,784 | ||||||
ONEOK, Inc. | 1,041,996 | 30,217,884 | ||||||
Phillips 66 | 480,898 | 22,438,701 | ||||||
Pioneer Natural Resources Co. | 298,121 | 23,718,507 | ||||||
Schlumberger Ltd. | 1,535,838 | 22,945,420 | ||||||
TechnipFMC PLC (United Kingdom) | 4,041,960 | 22,352,039 | ||||||
Valero Energy Corp. | 591,650 | 22,843,606 | ||||||
Williams Cos., Inc. (The) | 1,356,642 | 26,033,960 | ||||||
|
| |||||||
610,775,344 | ||||||||
|
| |||||||
Financials-13.19% | ||||||||
Aflac, Inc. | 754,191 | 25,604,784 | ||||||
Allstate Corp. (The) | 292,590 | 25,967,363 | ||||||
American Express Co. | 265,541 | 24,227,961 | ||||||
American International Group, Inc. | 966,397 | 30,431,842 | ||||||
Ameriprise Financial, Inc. | 180,396 | 29,013,089 | ||||||
Aon PLC, Class A | 136,205 | 25,063,082 | ||||||
Arthur J. Gallagher & Co. | 269,693 | 27,969,861 | ||||||
Assurant, Inc. | 231,160 | 28,749,369 | ||||||
Bank of America Corp. | 1,076,235 | 25,506,770 | ||||||
Bank of New York Mellon Corp. (The) | 762,327 | 26,193,556 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 125,971 | 25,433,545 | ||||||
BlackRock, Inc. | 50,706 | 30,383,542 | ||||||
Capital One Financial Corp. | 386,333 | 28,233,216 | ||||||
Cboe Global Markets, Inc. | 308,884 | 25,109,180 | ||||||
Charles Schwab Corp. (The) | 778,843 | 32,018,236 | ||||||
Chubb Ltd. | 227,458 | 29,549,069 | ||||||
Cincinnati Financial Corp. | 356,802 | 25,240,173 | ||||||
Citigroup, Inc. | 538,192 | 22,291,913 | ||||||
Citizens Financial Group, Inc. | 1,012,356 | 27,586,701 | ||||||
CME Group, Inc., Class A | 168,092 | 25,334,826 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Comerica, Inc. | 692,750 | $ | 31,527,053 | |||||
Discover Financial Services | 501,355 | 32,593,089 | ||||||
Everest Re Group Ltd. | 133,075 | 26,226,421 | ||||||
Fifth Third Bancorp | 1,304,067 | 30,280,436 | ||||||
First Republic Bank | 256,489 | 32,353,522 | ||||||
Franklin Resources, Inc. | 1,356,642 | 25,437,038 | ||||||
Globe Life, Inc. | 336,857 | 27,315,734 | ||||||
Goldman Sachs Group, Inc. (The) | 136,547 | 25,812,845 | ||||||
Hartford Financial Services Group, Inc. (The) | 710,327 | 27,361,796 | ||||||
Huntington Bancshares, Inc. | 2,835,187 | 29,599,352 | ||||||
Intercontinental Exchange, Inc. | 279,336 | 26,369,318 | ||||||
Invesco Ltd., (Acquired 03/15/2013 - 10/29/2020; Cost $47,735,942)(d)(e) | 2,564,882 | 33,625,603 | ||||||
JPMorgan Chase & Co. | 271,501 | 26,617,958 | ||||||
KeyCorp | 2,220,415 | 28,820,987 | ||||||
Lincoln National Corp. | 797,130 | 27,979,263 | ||||||
Loews Corp. | 778,071 | 26,983,502 | ||||||
M&T Bank Corp. | 270,017 | 27,968,361 | ||||||
MarketAxess Holdings, Inc. | 60,585 | 32,646,227 | ||||||
Marsh & McLennan Cos., Inc. | 237,095 | 24,529,849 | ||||||
MetLife, Inc. | 717,943 | 27,174,143 | ||||||
Moody’s Corp. | 96,310 | 25,319,899 | ||||||
Morgan Stanley | 545,977 | 26,288,797 | ||||||
MSCI, Inc. | 80,904 | 28,303,455 | ||||||
Nasdaq, Inc. | 218,297 | 26,411,754 | ||||||
Northern Trust Corp. | 343,736 | 26,904,217 | ||||||
People’s United Financial, Inc. | 2,695,936 | 28,765,637 | ||||||
PNC Financial Services Group, Inc. (The) | 247,823 | 27,726,437 | ||||||
Principal Financial Group, Inc. | 668,243 | 26,208,490 | ||||||
Progressive Corp. (The) | 288,930 | 26,552,667 | ||||||
Prudential Financial, Inc. | 402,863 | 25,791,289 | ||||||
Raymond James Financial, Inc. | 372,796 | 28,496,526 | ||||||
Regions Financial Corp. | 2,382,328 | 31,684,962 | ||||||
S&P Global, Inc. | 78,673 | 25,390,137 | ||||||
State Street Corp. | 422,806 | 24,903,273 | ||||||
SVB Financial Group(b) | 110,459 | 32,110,431 | ||||||
Synchrony Financial | 1,064,100 | 26,623,782 | ||||||
T. Rowe Price Group, Inc. | 218,232 | 27,641,265 | ||||||
Travelers Cos., Inc. (The) | 242,075 | 29,220,873 | ||||||
Truist Financial Corp. | 717,943 | 30,239,759 | ||||||
U.S. Bancorp | 748,281 | 29,145,545 | ||||||
Unum Group | 1,488,328 | 26,283,872 | ||||||
W.R. Berkley Corp. | 436,398 | 26,236,248 | ||||||
Wells Fargo & Co. | 1,130,847 | 24,256,668 | ||||||
Willis Towers Watson PLC | 133,416 | 24,345,752 | ||||||
Zions Bancorporation N.A. | 871,622 | 28,127,242 | ||||||
|
| |||||||
1,794,109,552 | ||||||||
|
| |||||||
Health Care-12.64% | ||||||||
Abbott Laboratories | 262,193 | 27,559,106 | ||||||
AbbVie, Inc. | 305,980 | 26,038,898 | ||||||
ABIOMED, Inc.(b) | 101,705 | 25,617,455 | ||||||
Agilent Technologies, Inc. | 278,350 | 28,416,752 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 260,499 | 29,993,855 | ||||||
Align Technology, Inc.(b) | 86,377 | 36,803,512 | ||||||
AmerisourceBergen Corp. | 291,680 | 28,021,698 | ||||||
Amgen, Inc. | 112,906 | 24,493,828 | ||||||
Anthem, Inc. | 106,360 | 29,015,008 | ||||||
Baxter International, Inc. | 330,191 | 25,612,916 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Becton, Dickinson and Co. | 116,402 | $ | 26,903,994 | |||||
Biogen, Inc.(b) | 101,656 | 25,624,428 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) | 54,274 | 31,827,359 | ||||||
Boston Scientific Corp.(b) | 681,163 | 23,343,456 | ||||||
Bristol-Myers Squibb Co. | 465,273 | 27,195,207 | ||||||
Cardinal Health, Inc. | 567,258 | 25,974,744 | ||||||
Catalent, Inc.(b) | 331,843 | 29,125,860 | ||||||
Centene Corp.(b) | 486,248 | 28,737,257 | ||||||
Cerner Corp. | 386,845 | 27,113,966 | ||||||
Cigna Corp. | 162,047 | 27,056,988 | ||||||
Cooper Cos., Inc. (The) | 83,946 | 26,782,971 | ||||||
CVS Health Corp. | 478,147 | 26,819,265 | ||||||
Danaher Corp. | 133,973 | 30,752,162 | ||||||
DaVita, Inc.(b) | 311,674 | 26,881,883 | ||||||
DENTSPLY SIRONA, Inc. | 621,555 | 29,331,180 | ||||||
DexCom, Inc.(b) | 71,530 | 22,859,557 | ||||||
Edwards Lifesciences Corp.(b) | 335,655 | 24,063,107 | ||||||
Eli Lilly and Co. | 185,293 | 24,173,325 | ||||||
Gilead Sciences, Inc. | 418,443 | 24,332,460 | ||||||
HCA Healthcare, Inc. | 204,824 | 25,385,887 | ||||||
Henry Schein, Inc.(b) | 426,294 | 27,103,773 | ||||||
Hologic, Inc.(b) | 442,407 | 30,446,450 | ||||||
Humana, Inc. | 70,171 | 28,017,877 | ||||||
IDEXX Laboratories, Inc.(b) | 75,270 | 31,976,201 | ||||||
Illumina, Inc.(b) | 78,432 | 22,957,046 | ||||||
Incyte Corp.(b) | 311,841 | 27,017,904 | ||||||
Intuitive Surgical, Inc.(b) | 39,000 | 26,016,120 | ||||||
IQVIA Holdings, Inc.(b) | 172,040 | 26,492,440 | ||||||
Johnson & Johnson | 185,659 | 25,455,706 | ||||||
Laboratory Corp. of America | 151,273 | 30,219,807 | ||||||
McKesson Corp. | 182,499 | 26,916,778 | ||||||
Medtronic PLC | 261,880 | 26,337,272 | ||||||
Merck & Co., Inc. | 324,815 | 24,429,336 | ||||||
Mettler-Toledo International, Inc.(b) | 28,166 | 28,107,133 | ||||||
Mylan N.V.(b) | 1,790,223 | 26,029,842 | ||||||
PerkinElmer, Inc. | 233,176 | 30,207,951 | ||||||
Perrigo Co. PLC | 564,474 | 24,763,474 | ||||||
Pfizer, Inc. | 760,935 | 26,997,974 | ||||||
Quest Diagnostics, Inc. | 248,711 | 30,377,562 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 50,395 | 27,392,706 | ||||||
ResMed, Inc. | 159,557 | 30,625,371 | ||||||
STERIS PLC | 169,147 | 29,971,157 | ||||||
Stryker Corp. | 135,901 | 27,453,361 | ||||||
Teleflex, Inc. | 74,022 | 23,556,021 | ||||||
Thermo Fisher Scientific, Inc. | 63,635 | 30,106,991 | ||||||
UnitedHealth Group, Inc. | 91,039 | 27,779,641 | ||||||
Universal Health Services, Inc., Class B | 242,477 | 26,563,355 | ||||||
Varian Medical Systems, Inc.(b) | 158,405 | 27,372,384 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 106,387 | 22,166,795 | ||||||
Waters Corp.(b) | 134,554 | 29,981,322 | ||||||
West Pharmaceutical Services, Inc. | 100,777 | 27,418,398 | ||||||
Zimmer Biomet Holdings, Inc. | 197,163 | 26,045,232 | ||||||
Zoetis, Inc. | 173,000 | 27,429,150 | ||||||
|
| |||||||
1,719,590,614 | ||||||||
|
| |||||||
Industrials-14.56% | ||||||||
3M Co. | 165,123 | 26,413,075 | ||||||
A.O. Smith Corp. | 562,582 | 29,079,864 | ||||||
Alaska Air Group, Inc. | 680,528 | 25,785,206 | ||||||
Allegion PLC | 280,183 | 27,598,026 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
American Airlines Group, Inc.(c) | 2,119,247 | $ | 23,905,106 | |||||
AMETEK, Inc. | 274,766 | 26,982,021 | ||||||
Boeing Co. (The) | 171,333 | 24,738,772 | ||||||
C.H. Robinson Worldwide, Inc. | 278,190 | 24,600,342 | ||||||
Carrier Global Corp. | 938,631 | 31,340,889 | ||||||
Caterpillar, Inc. | 178,337 | 28,007,826 | ||||||
Cintas Corp. | 85,543 | 26,907,551 | ||||||
Copart, Inc.(b) | 268,997 | 29,686,509 | ||||||
CSX Corp. | 355,714 | 28,080,063 | ||||||
Cummins, Inc. | 131,981 | 29,021,302 | ||||||
Deere & Co. | 127,052 | 28,702,317 | ||||||
Delta Air Lines, Inc. | 865,760 | 26,526,886 | ||||||
Dover Corp. | 243,286 | 26,934,193 | ||||||
Eaton Corp. PLC | 267,737 | 27,788,423 | ||||||
Emerson Electric Co. | 404,129 | 26,183,518 | ||||||
Equifax, Inc. | 168,883 | 23,069,418 | ||||||
Expeditors International of Washington, Inc. | 303,728 | 26,840,443 | ||||||
Fastenal Co. | 623,282 | 26,944,481 | ||||||
FedEx Corp. | 117,958 | 30,606,562 | ||||||
Flowserve Corp. | 975,247 | 28,399,193 | ||||||
Fortive Corp. | 411,638 | 25,356,901 | ||||||
Fortune Brands Home & Security, Inc. | 332,183 | 26,863,639 | ||||||
General Dynamics Corp. | 188,866 | 24,803,772 | ||||||
General Electric Co. | 4,612,522 | 34,224,913 | ||||||
Honeywell International, Inc. | 164,862 | 27,193,987 | ||||||
Howmet Aerospace, Inc. | 1,541,820 | 26,596,395 | ||||||
Huntington Ingalls Industries, Inc. | 186,258 | 27,469,330 | ||||||
IDEX Corp. | 151,548 | 25,822,264 | ||||||
IHS Markit Ltd. | 355,714 | 28,766,591 | ||||||
Illinois Tool Works, Inc. | 140,341 | 27,489,995 | ||||||
Ingersoll Rand, Inc.(b) | 762,726 | 26,649,646 | ||||||
J.B. Hunt Transport Services, Inc. | 203,078 | 24,722,716 | ||||||
Jacobs Engineering Group, Inc. | 295,765 | 28,097,675 | ||||||
Johnson Controls International PLC | 658,591 | 27,799,126 | ||||||
Kansas City Southern | 147,464 | 25,974,309 | ||||||
L3Harris Technologies, Inc. | 151,619 | 24,427,337 | ||||||
Lockheed Martin Corp. | 70,494 | 24,682,064 | ||||||
Masco Corp. | 468,788 | 25,127,037 | ||||||
Nielsen Holdings PLC | 1,894,006 | 25,588,021 | ||||||
Norfolk Southern Corp. | 126,178 | 26,386,343 | ||||||
Northrop Grumman Corp. | 80,987 | 23,471,652 | ||||||
Old Dominion Freight Line, Inc. | 140,219 | 26,693,491 | ||||||
Otis Worldwide Corp. | 456,305 | 27,962,370 | ||||||
PACCAR, Inc. | 327,115 | 27,929,079 | ||||||
Parker-Hannifin Corp. | 131,256 | 27,348,500 | ||||||
Pentair PLC | 627,874 | 31,243,010 | ||||||
Quanta Services, Inc. | 532,244 | 33,227,993 | ||||||
Raytheon Technologies Corp. | 452,544 | 24,582,190 | ||||||
Republic Services, Inc. | 286,622 | 25,271,462 | ||||||
Robert Half International, Inc. | 530,405 | 26,886,230 | ||||||
Rockwell Automation, Inc. | 123,518 | 29,288,588 | ||||||
Rollins, Inc. | 507,058 | 29,333,305 | ||||||
Roper Technologies, Inc. | 68,661 | 25,496,576 | ||||||
Snap-on, Inc. | 185,611 | 29,239,301 | ||||||
Southwest Airlines Co. | 704,560 | 27,851,257 | ||||||
Stanley Black & Decker, Inc. | 172,570 | 28,681,134 | ||||||
Teledyne Technologies, Inc.(b) | 87,681 | 27,106,581 | ||||||
Textron, Inc. | 708,452 | 25,362,582 | ||||||
Trane Technologies PLC | 234,638 | 31,148,195 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
TransDigm Group, Inc. | 54,200 | $ | 25,875,622 | |||||
Union Pacific Corp. | 140,017 | 24,809,612 | ||||||
United Airlines Holdings, Inc.(b) | 760,935 | 25,765,259 | ||||||
United Parcel Service, Inc., Class B | 172,713 | 27,134,939 | ||||||
United Rentals, Inc.(b) | 157,146 | 28,017,560 | ||||||
Verisk Analytics, Inc. | 151,140 | 26,898,386 | ||||||
W.W. Grainger, Inc. | 77,340 | 27,070,547 | ||||||
Wabtec Corp. | 406,644 | 24,113,989 | ||||||
Waste Management, Inc. | 242,578 | 26,176,592 | ||||||
Xylem, Inc. | 324,562 | 28,282,333 | ||||||
|
| |||||||
1,980,452,382 | ||||||||
|
| |||||||
Information Technology-14.97% |
| |||||||
Accenture PLC, Class A | 116,873 | 25,350,922 | ||||||
Adobe, Inc.(b) | 58,225 | 26,032,397 | ||||||
Advanced Micro Devices, Inc.(b) | 359,502 | 27,066,906 | ||||||
Akamai Technologies, Inc.(b) | 257,749 | 24,517,085 | ||||||
Amphenol Corp., Class A | 263,163 | 29,695,313 | ||||||
Analog Devices, Inc. | 241,125 | 28,580,546 | ||||||
ANSYS, Inc.(b) | 87,453 | 26,618,070 | ||||||
Apple, Inc. | 245,071 | 26,678,429 | ||||||
Applied Materials, Inc. | 498,975 | 29,554,289 | ||||||
Arista Networks, Inc.(b) | 134,629 | 28,123,998 | ||||||
Autodesk, Inc.(b) | 120,697 | 28,428,971 | ||||||
Automatic Data Processing, Inc. | 205,633 | 32,481,789 | ||||||
Broadcom, Inc. | 76,278 | 26,669,077 | ||||||
Broadridge Financial Solutions, Inc. | 204,208 | 28,099,021 | ||||||
Cadence Design Systems, Inc.(b) | 270,393 | 29,572,882 | ||||||
CDW Corp. | 246,480 | 30,218,448 | ||||||
Cisco Systems, Inc. | 688,201 | 24,706,416 | ||||||
Citrix Systems, Inc. | 207,347 | 23,486,195 | ||||||
Cognizant Technology Solutions Corp., Class A | 402,530 | 28,748,693 | ||||||
Corning, Inc. | 859,190 | 27,468,304 | ||||||
DXC Technology Co. | 1,403,882 | 25,859,506 | ||||||
F5 Networks, Inc.(b) | 228,671 | 30,399,523 | ||||||
Fidelity National Information Services, Inc. | 190,258 | 23,704,244 | ||||||
Fiserv, Inc.(b) | 294,987 | 28,162,409 | ||||||
FleetCor Technologies, Inc.(b) | 118,818 | 26,248,084 | ||||||
FLIR Systems, Inc. | 802,032 | 27,822,490 | ||||||
Fortinet, Inc.(b) | 238,276 | 26,298,522 | ||||||
Gartner, Inc.(b) | 216,772 | 26,034,317 | ||||||
Global Payments, Inc. | 165,030 | 26,031,832 | ||||||
Hewlett Packard Enterprise Co. | 2,970,295 | 25,663,349 | ||||||
HP, Inc. | 1,422,733 | 25,552,285 | ||||||
Intel Corp. | 556,912 | 24,660,063 | ||||||
International Business Machines Corp. | 225,917 | 25,225,892 | ||||||
Intuit, Inc. | 87,063 | 27,396,985 | ||||||
IPG Photonics Corp.(b) | 173,061 | 32,182,423 | ||||||
Jack Henry & Associates, Inc. | 176,236 | 26,126,987 | ||||||
Juniper Networks, Inc. | 1,187,061 | 23,408,843 | ||||||
Keysight Technologies, Inc.(b) | 297,121 | 31,159,079 | ||||||
KLA Corp. | 159,609 | 31,471,703 | ||||||
Lam Research Corp. | 93,370 | 31,940,010 | ||||||
Leidos Holdings, Inc. | 314,784 | 26,127,072 | ||||||
Mastercard, Inc., Class A | 83,152 | 24,000,993 | ||||||
Maxim Integrated Products, Inc. | 415,788 | 28,959,634 | ||||||
Microchip Technology, Inc. | 272,589 | 28,643,652 | ||||||
Micron Technology, Inc.(b) | 595,423 | 29,973,594 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Microsoft Corp. | 134,492 | $ | 27,230,595 | |||||
Motorola Solutions, Inc. | 178,305 | 28,182,888 | ||||||
NetApp, Inc. | 622,483 | 27,320,779 | ||||||
NortonLifeLock, Inc. | 1,288,565 | 26,505,782 | ||||||
NVIDIA Corp. | 56,361 | 28,257,151 | ||||||
Oracle Corp. | 481,454 | 27,014,384 | ||||||
Paychex, Inc. | 366,040 | 30,106,790 | ||||||
Paycom Software, Inc.(b) | 103,398 | 37,646,178 | ||||||
PayPal Holdings, Inc.(b) | 149,167 | 27,764,454 | ||||||
Qorvo, Inc.(b) | 223,174 | 28,423,441 | ||||||
QUALCOMM, Inc. | 242,035 | 29,857,438 | ||||||
salesforce.com, inc.(b) | 112,954 | 26,235,826 | ||||||
Seagate Technology PLC | 589,706 | 28,199,741 | ||||||
ServiceNow, Inc.(b) | 61,502 | 30,601,550 | ||||||
Skyworks Solutions, Inc. | 201,631 | 28,488,444 | ||||||
Synopsys, Inc.(b) | 137,037 | 29,306,733 | ||||||
TE Connectivity Ltd. | 280,560 | 27,180,653 | ||||||
Teradyne, Inc. | 366,362 | 32,184,902 | ||||||
Texas Instruments, Inc. | 201,325 | 29,109,582 | ||||||
Tyler Technologies, Inc.(b) | 84,311 | 32,407,462 | ||||||
VeriSign, Inc.(b) | 138,560 | 26,423,392 | ||||||
Visa, Inc., Class A | 136,754 | 24,849,569 | ||||||
Vontier Corp.(b) | 940,509 | 27,030,229 | ||||||
Western Digital Corp. | 734,385 | 27,708,346 | ||||||
Western Union Co. (The) | 1,240,696 | 24,119,130 | ||||||
Xerox Holdings Corp. | 1,437,655 | 24,986,444 | ||||||
Xilinx, Inc. | 278,217 | 33,021,576 | ||||||
Zebra Technologies Corp., Class A(b) | 109,740 | 31,126,654 | ||||||
|
| |||||||
2,036,441,355 | ||||||||
|
| |||||||
Materials-5.72% | ||||||||
Air Products and Chemicals, Inc. | 91,370 | 25,240,049 | ||||||
Albemarle Corp. | 288,987 | 26,936,478 | ||||||
Amcor PLC | 2,481,392 | 25,880,919 | ||||||
Avery Dennison Corp. | 229,180 | 31,716,220 | ||||||
Ball Corp. | 336,041 | 29,907,649 | ||||||
Celanese Corp. | 257,544 | 29,233,819 | ||||||
CF Industries Holdings, Inc. | 822,450 | 22,707,845 | ||||||
Corteva, Inc. | 945,775 | 31,191,660 | ||||||
Dow, Inc. | 550,621 | 25,047,749 | ||||||
DuPont de Nemours, Inc. | 468,562 | 26,651,807 | ||||||
Eastman Chemical Co. | 343,129 | 27,738,548 | ||||||
Ecolab, Inc. | 134,760 | 24,740,588 | ||||||
FMC Corp. | 252,826 | 25,975,343 | ||||||
Freeport-McMoRan, Inc. | 1,686,770 | 29,248,592 | ||||||
International Flavors & Fragrances, Inc.(c) | 226,822 | 23,285,547 | ||||||
International Paper Co. | 705,220 | 30,853,375 | ||||||
Linde PLC (United Kingdom) | 109,654 | 24,161,162 | ||||||
LyondellBasell Industries N.V., Class A | 369,341 | 25,281,391 | ||||||
Martin Marietta Materials, Inc. | 130,791 | 34,836,183 | ||||||
Mosaic Co. (The) | 1,498,869 | 27,729,077 | ||||||
Newmont Corp. | 414,488 | 26,046,426 | ||||||
Nucor Corp. | 597,524 | 28,537,746 | ||||||
Packaging Corp. of America | 262,406 | 30,042,863 | ||||||
PPG Industries, Inc. | 215,885 | 28,004,602 | ||||||
Sealed Air Corp. | 699,529 | 27,694,353 | ||||||
Sherwin-Williams Co. (The) | 38,679 | 26,610,378 | ||||||
Vulcan Materials Co. | 217,840 | 31,551,946 | ||||||
Westrock Co. | 844,511 | 31,711,388 | ||||||
|
| |||||||
778,563,703 | ||||||||
|
|
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, 2020
(Unaudited)
Shares | Value | |||||||
Real Estate-5.94% | ||||||||
Alexandria Real Estate Equities, Inc. | 173,236 | $ | 26,248,719 | |||||
American Tower Corp. | 109,811 | 25,218,096 | ||||||
Apartment Investment & Management Co., Class A | 784,589 | 25,028,389 | ||||||
AvalonBay Communities, Inc. | 183,072 | 25,470,807 | ||||||
Boston Properties, Inc. | 329,780 | 23,879,370 | ||||||
CBRE Group, Inc., Class A(b) | 585,031 | 29,485,562 | ||||||
Crown Castle International Corp. | 173,000 | 27,022,600 | ||||||
Digital Realty Trust, Inc. | 188,424 | 27,189,583 | ||||||
Duke Realty Corp. | 738,776 | 28,066,100 | ||||||
Equinix, Inc. | 36,776 | 26,892,082 | ||||||
Equity Residential | 501,959 | 23,582,034 | ||||||
Essex Property Trust, Inc. | 128,743 | 26,339,530 | ||||||
Extra Space Storage, Inc. | 246,900 | 28,628,055 | ||||||
Federal Realty Investment Trust | 355,801 | 24,471,993 | ||||||
Healthpeak Properties, Inc. | 984,071 | 26,540,395 | ||||||
Host Hotels & Resorts, Inc. | 2,465,810 | 25,841,689 | ||||||
Iron Mountain, Inc. | 920,407 | 23,985,806 | ||||||
Kimco Realty Corp. | 2,353,768 | 24,149,660 | ||||||
Mid-America Apartment Communities, Inc. | 236,844 | 27,623,116 | ||||||
Prologis, Inc. | 273,843 | 27,165,226 | ||||||
Public Storage | 124,392 | 28,494,475 | ||||||
Realty Income Corp. | 433,137 | 25,061,307 | ||||||
Regency Centers Corp. | 711,020 | 25,305,202 | ||||||
SBA Communications Corp., Class A | 90,169 | 26,182,373 | ||||||
Simon Property Group, Inc. | 427,819 | 26,871,311 | ||||||
SL Green Realty Corp.(c) | 613,247 | 26,253,104 | ||||||
UDR, Inc. | 815,334 | 25,471,034 | ||||||
Ventas, Inc. | 626,525 | 24,728,942 | ||||||
Vornado Realty Trust | 816,396 | 25,087,849 | ||||||
Welltower, Inc. | 466,166 | 25,065,746 | ||||||
Weyerhaeuser Co. | 965,289 | 26,342,737 | ||||||
|
| |||||||
807,692,892 | ||||||||
|
| |||||||
Utilities-6.01% | ||||||||
AES Corp. (The) | 1,541,820 | 30,065,490 | ||||||
Alliant Energy Corp. | 529,198 | 29,254,065 | ||||||
Ameren Corp. | 358,354 | 29,069,676 | ||||||
American Electric Power Co., Inc. | 346,745 | 31,182,778 | ||||||
American Water Works Co., Inc. | 194,529 | 29,278,560 | ||||||
Atmos Energy Corp. | 294,392 | 26,986,915 | ||||||
CenterPoint Energy, Inc. | 1,410,973 | 29,813,859 | ||||||
CMS Energy Corp. | 450,577 | 28,535,041 | ||||||
Consolidated Edison, Inc. | 377,291 | 29,613,571 | ||||||
Dominion Energy, Inc. | 344,589 | 27,684,280 | ||||||
DTE Energy Co. | 230,885 | 28,495,827 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Duke Energy Corp. | 330,602 | $ | 30,451,750 | |||||
Edison International | 542,042 | 30,376,034 | ||||||
Entergy Corp. | 287,591 | 29,109,961 | ||||||
Evergy, Inc. | 528,430 | 29,169,336 | ||||||
Eversource Energy | 334,045 | 29,152,107 | ||||||
Exelon Corp. | 766,029 | 30,556,897 | ||||||
FirstEnergy Corp. | 935,771 | 27,811,114 | ||||||
NextEra Energy, Inc. | 394,688 | 28,895,108 | ||||||
NiSource, Inc. | 1,245,232 | 28,602,979 | ||||||
NRG Energy, Inc. | 868,228 | 27,453,369 | ||||||
Pinnacle West Capital Corp. | 387,102 | 31,575,910 | ||||||
PPL Corp. | 996,927 | 27,415,493 | ||||||
Public Service Enterprise Group, Inc. | 523,861 | 30,462,517 | ||||||
Sempra Energy | 232,971 | 29,205,245 | ||||||
Southern Co. (The) | 530,160 | 30,457,692 | ||||||
WEC Energy Group, Inc. | 286,003 | 28,757,602 | ||||||
Xcel Energy, Inc. | 398,518 | 27,908,216 | ||||||
|
| |||||||
817,341,392 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 13,587,172,331 | ||||||
|
| |||||||
Money Market Funds-0.04% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(f) | 6,144,706 | 6,144,706 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% |
| 13,593,317,037 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.63% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(f)(g) | 34,132,312 | 34,132,312 | ||||||
Invesco Private Prime Fund, | 51,183,114 | 51,198,468 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 85,330,780 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.55% |
| 13,678,647,817 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.55)% |
| (75,062,617 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 13,603,585,200 | |||||
|
|
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, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 20,082,859 | $ | 9,303,884 | $ | (6,429,515 | ) | $ | 11,637,502 | $ | (969,127 | ) | $ | 33,625,603 | $ | 720,718 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 51,682,458 | (45,537,752 | ) | - | - | 6,144,706 | 158 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 443,536 | 110,229,718 | (110,673,254 | ) | - | - | - | 1,065 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 63,329,675 | 317,967,242 | (347,164,605 | ) | - | - | 34,132,312 | 10,459 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 121,762,008 | (70,567,849 | ) | 760 | 3,549 | 51,198,468 | 9,236 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 83,856,070 | $ | 610,945,310 | $ | (580,372,975 | ) | $ | 11,638,262 | $ | (965,578 | ) | $ | 125,101,089 | $ | 741,636 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020
Information Technology | 14.97 | |||
Industrials | 14.56 | |||
Financials | 13.19 | |||
Health Care | 12.64 | |||
Consumer Discretionary | 11.97 | |||
Consumer Staples | 6.19 | |||
Utilities | 6.01 | |||
Real Estate | 5.94 | |||
Materials | 5.72 | |||
Energy | 4.49 | |||
Communication Services | 4.20 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.12 |
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, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.00% |
| |||||||
Diversified Telecommunication Services-12.92% |
| |||||||
AT&T, Inc. | 31,883 | $ | 861,479 | |||||
CenturyLink, Inc. | 86,583 | 746,345 | ||||||
Verizon Communications, Inc. | 15,470 | 881,635 | ||||||
|
| |||||||
2,489,459 | ||||||||
|
| |||||||
Entertainment-27.32% |
| |||||||
Activision Blizzard, Inc. | 11,862 | 898,309 | ||||||
Electronic Arts, Inc.(b) | 7,339 | 879,433 | ||||||
Live Nation Entertainment, Inc.(b) | 16,138 | 787,535 | ||||||
Netflix, Inc.(b) | 1,918 | 912,469 | ||||||
Take-Two Interactive Software, Inc.(b) | 6,023 | 933,083 | ||||||
Walt Disney Co. (The) | 7,021 | 851,296 | ||||||
|
| |||||||
5,262,125 | ||||||||
|
| |||||||
Interactive Media & Services-14.95% |
| |||||||
Alphabet, Inc., Class A(b) | 308 | 497,762 | ||||||
Alphabet, Inc., Class C(b) | 300 | 486,303 | ||||||
Facebook, Inc., Class A(b) | 3,468 | 912,465 | ||||||
Twitter, Inc.(b) | 23,749 | 982,259 | ||||||
|
| |||||||
2,878,789 | ||||||||
|
| |||||||
Media-40.09% |
| |||||||
Charter Communications, Inc., | 1,537 | 928,071 | ||||||
Comcast Corp., Class A | 20,706 | 874,622 | ||||||
Discovery, Inc., Class A(b) | 14,468 | 292,832 | ||||||
Discovery, Inc., Class C(b) | 28,603 | 524,007 |
Shares | Value | |||||||
Media-(continued) | ||||||||
DISH Network Corp., Class A(b) | 28,721 | $ | 732,098 | |||||
Fox Corp., Class A | 22,371 | 593,279 | ||||||
Fox Corp., Class B | 10,398 | 271,804 | ||||||
Interpublic Group of Cos., Inc. (The) | 53,447 | 966,856 | ||||||
News Corp., Class A | 46,635 | 612,318 | ||||||
News Corp., Class B | 14,604 | 190,144 | ||||||
Omnicom Group, Inc. | 17,681 | 834,543 | ||||||
ViacomCBS, Inc., Class B | 31,586 | 902,412 | ||||||
|
| |||||||
7,722,986 | ||||||||
|
| |||||||
Wireless Telecommunication Services-4.72% | ||||||||
T-Mobile US, Inc.(b) | 8,288 | 908,116 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 19,261,475 | ||||||
|
| |||||||
Money Market Funds-0.10% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 19,860 | 19,860 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.10% |
| 19,281,335 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.10)% |
| (19,386 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 19,261,949 | ||||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 93,848 | $ | (73,988 | ) | $ | - | $ | - | $ | 19,860 | $ | - | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 122,249 | (122,249 | ) | - | - | - | 2 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 2,244,784 | (2,244,784 | ) | - | - | - | 27 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 641,237 | (641,258 | ) | - | 21 | - | 23 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 3,102,118 | $ | (3,082,279 | ) | $ | - | $ | 21 | $ | 19,860 | $ | 52 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Media | 40.09 | |||
Entertainment | 27.32 | |||
Interactive Media & Services | 14.95 | |||
Diversified Telecommunication Services | 12.92 | |||
Wireless Telecommunication Services | 4.72 | |||
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.
10 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.01% |
| |||||||
Auto Components-3.32% | ||||||||
Aptiv PLC(b) | 56,133 | $ | 5,416,273 | |||||
BorgWarner, Inc. | 112,002 | 3,917,830 | ||||||
|
| |||||||
9,334,103 | ||||||||
|
| |||||||
Automobiles-3.77% | ||||||||
Ford Motor Co. | 677,964 | 5,240,662 | ||||||
General Motors Co.(b) | 155,804 | 5,379,912 | ||||||
|
| |||||||
10,620,574 | ||||||||
|
| |||||||
Distributors-4.91% | ||||||||
Genuine Parts Co. | 47,192 | 4,267,573 | ||||||
LKQ Corp.(b) | 147,566 | 4,720,636 | ||||||
Pool Corp. | 13,793 | 4,825,205 | ||||||
|
| |||||||
13,813,414 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-22.17% |
| |||||||
Carnival Corp. | 268,275 | 3,678,050 | ||||||
Chipotle Mexican Grill, Inc.(b) | 3,662 | 4,399,820 | ||||||
Darden Restaurants, Inc. | 54,674 | 5,025,634 | ||||||
Domino’s Pizza, Inc. | 12,028 | 4,550,433 | ||||||
Hilton Worldwide Holdings, Inc. | 54,321 | 4,769,927 | ||||||
Las Vegas Sands Corp. | 91,420 | 4,393,645 | ||||||
Marriott International, Inc., Class A | 47,808 | 4,440,407 | ||||||
McDonald’s Corp. | 21,771 | 4,637,223 | ||||||
MGM Resorts International | 208,786 | 4,294,728 | ||||||
Norwegian Cruise Line Holdings | 271,031 | 4,507,245 | ||||||
Royal Caribbean Cruises Ltd. | 68,438 | 3,861,272 | ||||||
Starbucks Corp. | 55,656 | 4,839,846 | ||||||
Wynn Resorts Ltd. | 57,798 | 4,186,309 | ||||||
Yum! Brands, Inc. | 51,432 | 4,800,149 | ||||||
|
| |||||||
62,384,688 | ||||||||
|
| |||||||
Household Durables-14.90% | ||||||||
D.R. Horton, Inc. | 66,479 | 4,441,462 | ||||||
Garmin Ltd. | 47,430 | 4,933,668 | ||||||
Leggett & Platt, Inc. | 106,498 | 4,444,161 | ||||||
Lennar Corp., Class A | 61,254 | 4,301,868 | ||||||
Mohawk Industries, Inc.(b) | 48,954 | 5,051,563 | ||||||
Newell Brands, Inc. | 271,963 | 4,802,867 | ||||||
NVR, Inc.(b) | 1,170 | 4,625,115 | ||||||
PulteGroup, Inc. | 104,764 | 4,270,181 | ||||||
Whirlpool Corp. | 27,461 | 5,079,187 | ||||||
|
| |||||||
41,950,072 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-8.23% |
| |||||||
Amazon.com, Inc.(b) | 1,526 | 4,633,165 | ||||||
Booking Holdings, Inc.(b) | 2,657 | 4,310,983 | ||||||
eBay, Inc. | 89,931 | 4,283,414 | ||||||
Etsy, Inc.(b) | 42,843 | 5,209,280 | ||||||
Expedia Group, Inc. | 50,094 | 4,716,350 | ||||||
|
| |||||||
23,153,192 | ||||||||
|
| |||||||
Leisure Products-1.77% | ||||||||
Hasbro, Inc. | 60,339 | 4,991,242 | ||||||
|
|
Shares | Value | |||||||
Multiline Retail-5.18% | ||||||||
Dollar General Corp. | 23,666 | $ | 4,939,331 | |||||
Dollar Tree, Inc.(b) | 52,699 | 4,759,774 | ||||||
Target Corp. | 32,138 | 4,892,046 | ||||||
|
| |||||||
14,591,151 | ||||||||
|
| |||||||
Specialty Retail-23.33% | ||||||||
Advance Auto Parts, Inc. | 30,697 | 4,521,054 | ||||||
AutoZone, Inc.(b) | 3,845 | 4,340,928 | ||||||
Best Buy Co., Inc. | 44,311 | 4,942,892 | ||||||
CarMax, Inc.(b) | 46,696 | 4,036,402 | ||||||
Gap, Inc. (The) | 285,196 | 5,547,062 | ||||||
Home Depot, Inc. (The) | 17,172 | 4,579,944 | ||||||
L Brands, Inc. | 169,493 | 5,425,471 | ||||||
Lowe’s Cos., Inc. | 29,315 | 4,634,702 | ||||||
O’Reilly Automotive, Inc.(b) | 10,000 | 4,366,000 | ||||||
Ross Stores, Inc. | 52,598 | 4,479,772 | ||||||
Tiffany & Co. | 41,697 | 5,455,636 | ||||||
TJX Cos., Inc. (The) | 87,636 | 4,451,909 | ||||||
Tractor Supply Co. | 34,478 | 4,592,814 | ||||||
Ulta Beauty, Inc.(b) | 20,733 | 4,286,962 | ||||||
|
| |||||||
65,661,548 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-12.43% |
| |||||||
Hanesbrands, Inc. | 308,368 | 4,955,474 | ||||||
NIKE, Inc., Class B | 40,216 | 4,829,137 | ||||||
PVH Corp. | 70,762 | 4,124,717 | ||||||
Ralph Lauren Corp. | 62,313 | 4,165,624 | ||||||
Tapestry, Inc. | 293,855 | 6,532,397 | ||||||
Under Armour, Inc., Class A(b) | 219,271 | 3,034,711 | ||||||
Under Armour, Inc., Class C(b) | 228,645 | 2,796,328 | ||||||
VF Corp. | 67,766 | 4,553,875 | ||||||
|
| |||||||
34,992,263 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 281,492,247 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.55% |
| |||||||
Invesco Private Government Fund, | 1,744,141 | 1,744,141 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,615,426 | 2,616,211 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,360,352 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.56% |
| 285,852,599 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.56)% |
| (4,399,597 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 281,453,002 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 187,790 | $ | (187,790 | ) | $ | - | $ | - | $ | - | $ | 1 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 17,895 | 267,113 | (285,008 | ) | - | - | - | 7 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 705,479 | 22,137,802 | (21,099,140 | ) | - | - | 1,744,141 | 372 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,164,589 | (5,548,600 | ) | - | 222 | 2,616,211 | 434 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 723,374 | $ | 30,757,294 | $ | (27,120,538 | ) | $ | - | $ | 222 | $ | 4,360,352 | $ | 814 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Specialty Retail | 23.33 | |||
Hotels, Restaurants & Leisure | 22.17 | |||
Household Durables | 14.90 | |||
Textiles, Apparel & Luxury Goods | 12.43 | |||
Internet & Direct Marketing Retail | 8.23 | |||
Multiline Retail | 5.18 | |||
Distributors | 4.91 | |||
Automobiles | 3.77 | |||
Auto Components | 3.32 | |||
Leisure Products | 1.77 | |||
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 S&P 500® Equal Weight Consumer Staples ETF (RHS)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.94% |
| |||||||
Beverages-18.34% | ||||||||
Brown-Forman Corp., Class B | 194,901 | $ | 13,586,549 | |||||
Coca-Cola Co. (The) | 303,652 | 14,593,515 | ||||||
Constellation Brands, Inc., Class A | 82,144 | 13,572,653 | ||||||
Molson Coors Beverage Co., Class B | 442,006 | 15,585,132 | ||||||
Monster Beverage Corp.(b) | 190,657 | 14,598,606 | ||||||
PepsiCo, Inc. | 114,195 | 15,221,051 | ||||||
|
| |||||||
87,157,506 | ||||||||
|
| |||||||
Food & Staples Retailing-15.90% | ||||||||
Costco Wholesale Corp. | 45,603 | 16,308,545 | ||||||
Kroger Co. (The) | 451,268 | 14,535,342 | ||||||
Sysco Corp. | 248,945 | 13,769,148 | ||||||
Walgreens Boots Alliance, Inc. | 446,921 | 15,213,191 | ||||||
Walmart, Inc. | 113,450 | 15,741,187 | ||||||
|
| |||||||
75,567,413 | ||||||||
|
| |||||||
Food Products-41.08% | ||||||||
Archer-Daniels-Midland Co. | 329,824 | 15,251,062 | ||||||
Campbell Soup Co. | 339,900 | 15,863,133 | ||||||
Conagra Brands, Inc. | 448,665 | 15,743,655 | ||||||
General Mills, Inc. | 264,186 | 15,618,676 | ||||||
Hershey Co. (The) | 106,292 | 14,610,898 | ||||||
Hormel Foods Corp. | 310,364 | 15,111,623 | ||||||
JM Smucker Co. (The) | 136,847 | 15,354,233 | ||||||
Kellogg Co. | 236,330 | 14,862,794 | ||||||
Kraft Heinz Co. (The) | 487,716 | 14,919,233 |
Shares | Value | |||||||
Food Products-(continued) | ||||||||
Lamb Weston Holdings, Inc. | 244,864 | $ | 15,536,621 | |||||
McCormick & Co., Inc. | 78,077 | 14,093,679 | ||||||
Mondelez International, Inc., Class A | 269,501 | 14,315,893 | ||||||
Tyson Foods, Inc., Class A | 243,450 | 13,932,644 | ||||||
|
| |||||||
195,214,144 | ||||||||
|
| |||||||
Household Products-15.74% | ||||||||
Church & Dwight Co., Inc. | 166,528 | 14,719,410 | ||||||
Clorox Co. (The) | 72,269 | 14,977,750 | ||||||
Colgate-Palmolive Co. | 201,505 | 15,896,729 | ||||||
Kimberly-Clark Corp. | 104,208 | 13,816,939 | ||||||
Procter & Gamble Co. (The) | 112,277 | 15,393,177 | ||||||
|
| |||||||
74,804,005 | ||||||||
|
| |||||||
Personal Products-3.33% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 72,036 | 15,823,428 | ||||||
|
| |||||||
Tobacco-5.55% | ||||||||
Altria Group, Inc. | 355,851 | 12,839,104 | ||||||
Philip Morris International, Inc. | 190,940 | 13,560,559 | ||||||
|
| |||||||
26,399,663 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.94% |
| 474,966,159 | ||||||
OTHER ASSETS LESS LIABILITIES-0.06% |
| 292,251 | ||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 475,258,410 | |||||
|
|
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. |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 2,658,108 | $ | (2,658,108 | ) | $ | - | $ | - | $ | - | $ | 7 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 5,387,906 | (5,387,906 | ) | - | - | - | 85 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 511,529 | (511,529 | ) | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 8,557,543 | $ | (8,557,543 | ) | $ | - | $ | - | $ | - | $ | 92 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Food Products | 41.08 | |||
Beverages | 18.34 | |||
Food & Staples Retailing | 15.90 | |||
Household Products | 15.74 | |||
Tobacco | 5.55 | |||
Personal Products | 3.33 | |||
Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco S&P 500® Equal Weight Energy ETF (RYE)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.70% |
| |||||||
Energy Equipment & Services-19.29% | ||||||||
Baker Hughes Co., Class A | 127,651 | $ | 1,885,405 | |||||
Halliburton Co. | 124,788 | 1,504,944 | ||||||
National Oilwell Varco, Inc. | 158,853 | 1,334,365 | ||||||
Schlumberger Ltd. | 99,650 | 1,488,771 | ||||||
TechnipFMC PLC (United Kingdom) | 262,259 | 1,450,292 | ||||||
|
| |||||||
7,663,777 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-80.41% | ||||||||
Apache Corp. | 149,831 | 1,243,597 | ||||||
Cabot Oil & Gas Corp. | 97,627 | 1,736,784 | ||||||
Chevron Corp. | 22,922 | 1,593,079 | ||||||
Concho Resources, Inc. | 39,302 | 1,631,426 | ||||||
ConocoPhillips | 53,782 | 1,539,241 | ||||||
Devon Energy Corp. | 198,522 | 1,772,801 | ||||||
Diamondback Energy, Inc. | 60,119 | 1,560,689 | ||||||
EOG Resources, Inc. | 45,602 | 1,561,413 | ||||||
Exxon Mobil Corp. | 48,259 | 1,574,209 | ||||||
Hess Corp. | 41,173 | 1,532,459 | ||||||
HollyFrontier Corp. | 85,000 | 1,573,350 | ||||||
Kinder Morgan, Inc. | 138,903 | 1,652,946 | ||||||
Marathon Oil Corp. | 398,374 | 1,577,561 | ||||||
Marathon Petroleum Corp. | 56,984 | 1,681,028 | ||||||
Occidental Petroleum Corp.(b) | 174,241 | 1,590,820 | ||||||
ONEOK, Inc. | 67,606 | 1,960,574 | ||||||
Phillips 66 | 31,203 | 1,455,932 | ||||||
Pioneer Natural Resources Co. | 19,341 | 1,538,770 | ||||||
Valero Energy Corp. | 38,387 | 1,482,122 | ||||||
Williams Cos., Inc. (The) | 88,025 | 1,689,200 | ||||||
|
| |||||||
31,948,001 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 39,611,778 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.02% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 6,957 | $ | 6,957 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 39,618,735 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.01% | ||||||||
Invesco Private Government Fund, 0.04%(c)(d)(e) | 1,534 | 1,534 | ||||||
Invesco Private Prime Fund, 0.11%(c)(d)(e) | 2,300 | 2,301 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,835 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.73% |
| 39,622,570 | ||||||
OTHER ASSETS LESS LIABILITIES-0.27% |
| 106,493 | ||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 39,729,063 | |||||
|
|
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, 2020. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,069,023 | $ | (1,062,066 | ) | $ | - | $ | - | $ | 6,957 | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 2,105,522 | (2,105,522 | ) | - | - | - | 20 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco S&P 500® Equal Weight Energy ETF (RYE)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 1,242,654 | $ | 4,058,608 | $ | (5,299,728 | ) | $ | - | $ | - | $ | 1,534 | $ | 19 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 7,152 | (4,851 | ) | - | - | 2,301 | 1 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,242,654 | $ | 7,240,305 | $ | (8,472,167 | ) | $ | - | $ | - | $ | 10,792 | $ | 43 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020
Oil, Gas & Consumable Fuels | 80.41 | |||
Energy Equipment & Services | 19.29 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.30 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco S&P 500® Equal Weight Financials ETF (RYF)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.87% |
| |||||||
Banks-28.65% | ||||||||
Bank of America Corp. | 86,044 | $ | 2,039,243 | |||||
Citigroup, Inc. | 43,022 | 1,781,971 | ||||||
Citizens Financial Group, Inc. | 80,987 | 2,206,896 | ||||||
Comerica, Inc. | 55,473 | 2,524,576 | ||||||
Fifth Third Bancorp | 104,449 | 2,425,306 | ||||||
First Republic Bank | 20,545 | 2,591,546 | ||||||
Huntington Bancshares, Inc. | 226,666 | 2,366,393 | ||||||
JPMorgan Chase & Co. | 21,709 | 2,128,350 | ||||||
KeyCorp | 177,818 | 2,308,078 | ||||||
M&T Bank Corp. | 21,583 | 2,235,567 | ||||||
People’s United Financial, Inc. | 215,895 | 2,303,600 | ||||||
PNC Financial Services Group, Inc. (The) | 19,846 | 2,220,370 | ||||||
Regions Financial Corp. | 190,810 | 2,537,773 | ||||||
SVB Financial Group(b) | 8,842 | 2,570,369 | ||||||
Truist Financial Corp. | 57,496 | 2,421,732 | ||||||
U.S. Bancorp | 59,918 | 2,333,806 | ||||||
Wells Fargo & Co. | 90,464 | 1,940,453 | ||||||
Zions Bancorporation N.A. | 69,688 | 2,248,832 | ||||||
|
| |||||||
41,184,861 | ||||||||
|
| |||||||
Capital Markets-30.71% | ||||||||
Ameriprise Financial, Inc. | 14,451 | 2,324,154 | ||||||
Bank of New York Mellon Corp. (The) | 61,053 | 2,097,781 | ||||||
BlackRock, Inc. | 4,061 | 2,433,392 | ||||||
Cboe Global Markets, Inc. | 24,694 | 2,007,375 | ||||||
Charles Schwab Corp. (The) | 62,366 | 2,563,866 | ||||||
CME Group, Inc., Class A | 13,467 | 2,029,746 | ||||||
Franklin Resources, Inc. | 108,655 | 2,037,281 | ||||||
Goldman Sachs Group, Inc. (The) | 10,939 | 2,067,909 | ||||||
Intercontinental Exchange, Inc. | 22,375 | 2,112,200 | ||||||
Invesco Ltd., (Acquired 11/06/2015 -10/06/2020; Cost $5,893,271)(c)(d) | 205,059 | 2,688,324 | ||||||
MarketAxess Holdings, Inc. | 4,851 | 2,613,961 | ||||||
Moody’s Corp. | 7,714 | 2,028,011 | ||||||
Morgan Stanley | 43,577 | 2,098,233 | ||||||
MSCI, Inc. | 6,468 | 2,262,765 | ||||||
Nasdaq, Inc. | 17,455 | 2,111,880 | ||||||
Northern Trust Corp. | 27,524 | 2,154,304 | ||||||
Raymond James Financial, Inc. | 29,857 | 2,282,269 | ||||||
S&P Global, Inc. | 6,291 | 2,030,294 | ||||||
State Street Corp. | 33,802 | 1,990,938 | ||||||
T. Rowe Price Group, Inc. | 17,481 | 2,214,144 | ||||||
|
| |||||||
44,148,827 | ||||||||
|
|
Shares | Value | |||||||
Consumer Finance-6.22% | ||||||||
American Express Co. | 21,228 | $ | 1,936,843 | |||||
Capital One Financial Corp. | 30,938 | 2,260,949 | ||||||
Discover Financial Services | 40,158 | 2,610,671 | ||||||
Synchrony Financial | 85,230 | 2,132,455 | ||||||
|
| |||||||
8,940,918 | ||||||||
|
| |||||||
Diversified Financial Services-1.41% | ||||||||
Berkshire Hathaway, Inc., Class B(b) | 10,068 | 2,032,729 | ||||||
|
| |||||||
Insurance-32.88% | ||||||||
Aflac, Inc. | 60,398 | 2,050,512 | ||||||
Allstate Corp. (The) | 23,387 | 2,075,596 | ||||||
American International Group, Inc. | 77,389 | 2,436,980 | ||||||
Aon PLC, Class A | 10,894 | 2,004,605 | ||||||
Arthur J. Gallagher & Co. | 21,592 | 2,239,306 | ||||||
Assurant, Inc. | 18,516 | 2,302,835 | ||||||
Chubb Ltd. | 18,183 | 2,362,153 | ||||||
Cincinnati Financial Corp. | 28,574 | 2,021,325 | ||||||
Everest Re Group Ltd. | 10,633 | 2,095,552 | ||||||
Globe Life, Inc. | 26,932 | 2,183,916 | ||||||
Hartford Financial Services Group, Inc. (The) | 56,784 | 2,187,320 | ||||||
Lincoln National Corp. | 63,727 | 2,236,818 | ||||||
Loews Corp. | 62,316 | 2,161,119 | ||||||
Marsh & McLennan Cos., Inc. | 18,951 | 1,960,670 | ||||||
MetLife, Inc. | 57,491 | 2,176,034 | ||||||
Principal Financial Group, Inc. | 53,459 | 2,096,662 | ||||||
Progressive Corp. (The) | 23,140 | 2,126,566 | ||||||
Prudential Financial, Inc. | 32,210 | 2,062,084 | ||||||
Travelers Cos., Inc. (The) | 19,349 | 2,335,618 | ||||||
Unum Group | 118,987 | 2,101,310 | ||||||
W.R. Berkley Corp. | 34,893 | 2,097,767 | ||||||
Willis Towers Watson PLC | 10,645 | 1,942,500 | ||||||
|
| |||||||
47,257,248 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.87% |
| 143,564,583 | ||||||
OTHER ASSETS LESS LIABILITIES-0.13% |
| 183,893 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 143,748,476 | ||||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 2,233,244 | $ | 251,993 | $ | (784,229 | ) | $ | 1,130,000 | $ | (142,684 | ) | $ | 2,688,324 | $ | 72,775 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco S&P 500® Equal Weight Financials ETF (RYF)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,118,846 | $ | (1,118,846 | ) | $ | - | $ | - | $ | - | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 2,737,405 | (2,737,405 | ) | - | - | - | 30 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 316,714 | (316,714 | ) | - | - | - | 1 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 89,300 | (89,300 | ) | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,233,244 | $ | 4,514,258 | $ | (5,046,494 | ) | $ | 1,130,000 | $ | (142,684 | ) | $ | 2,688,324 | $ | 72,809 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | Restricted security. The value of this security at October 31, 2020 represented 1.87% of the Fund’s Net Assets. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Insurance | 32.88 | |||
Capital Markets | 30.71 | |||
Banks | 28.65 | |||
Consumer Finance | 6.22 | |||
Diversified Financial Services | 1.41 | |||
Other Assets Less Liabilities | 0.13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco S&P 500® Equal Weight Health Care ETF (RYH)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Biotechnology-12.03% | ||||||||
AbbVie, Inc. | 123,983 | $ | 10,550,953 | |||||
Alexion Pharmaceuticals, Inc.(b) | 105,555 | 12,153,603 | ||||||
Amgen, Inc. | 45,727 | 9,920,015 | ||||||
Biogen, Inc.(b) | 41,204 | 10,386,292 | ||||||
Gilead Sciences, Inc. | 169,584 | 9,861,310 | ||||||
Incyte Corp.(b) | 126,378 | 10,949,390 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 20,415 | 11,096,777 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 43,113 | 8,983,025 | ||||||
|
| |||||||
83,901,365 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-35.28% |
| |||||||
Abbott Laboratories | 106,223 | 11,165,100 | ||||||
ABIOMED, Inc.(b) | 41,225 | 10,383,753 | ||||||
Align Technology, Inc.(b) | 35,010 | 14,917,061 | ||||||
Baxter International, Inc. | 133,830 | 10,381,193 | ||||||
Becton, Dickinson and Co. | 47,168 | 10,901,940 | ||||||
Boston Scientific Corp.(b) | 276,031 | 9,459,582 | ||||||
Cooper Cos., Inc. (The) | 34,028 | 10,856,633 | ||||||
Danaher Corp. | 54,286 | 12,460,808 | ||||||
DENTSPLY SIRONA, Inc. | 251,841 | 11,884,377 | ||||||
DexCom, Inc.(b) | 29,003 | 9,268,779 | ||||||
Edwards Lifesciences Corp.(b) | 135,991 | 9,749,195 | ||||||
Hologic, Inc.(b) | 179,262 | 12,336,811 | ||||||
IDEXX Laboratories, Inc.(b) | 30,485 | 12,950,638 | ||||||
Intuitive Surgical, Inc.(b) | 15,830 | 10,559,876 | ||||||
Medtronic PLC | 106,150 | 10,675,505 | ||||||
ResMed, Inc. | 64,659 | 12,410,648 | ||||||
STERIS PLC | 68,532 | 12,143,185 | ||||||
Stryker Corp. | 55,051 | 11,120,853 | ||||||
Teleflex, Inc. | 30,011 | 9,550,401 | ||||||
Varian Medical Systems, Inc.(b) | 64,163 | 11,087,366 | ||||||
West Pharmaceutical Services, Inc. | 40,828 | 11,108,074 | ||||||
Zimmer Biomet Holdings, Inc. | 79,889 | 10,553,337 | ||||||
|
| |||||||
245,925,115 | ||||||||
|
| |||||||
Health Care Providers & Services-24.11% |
| |||||||
AmerisourceBergen Corp. | 118,211 | 11,356,531 | ||||||
Anthem, Inc. | 43,101 | 11,757,953 | ||||||
Cardinal Health, Inc. | 229,874 | 10,525,930 | ||||||
Centene Corp.(b) | 197,047 | 11,645,478 | ||||||
Cigna Corp. | 65,667 | 10,964,419 | ||||||
CVS Health Corp. | 193,751 | 10,867,494 | ||||||
DaVita, Inc.(b) | 126,309 | 10,894,151 | ||||||
HCA Healthcare, Inc. | 82,995 | 10,286,400 | ||||||
Henry Schein, Inc.(b) | 172,772 | 10,984,844 |
Shares | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
Humana, Inc. | 28,417 | $ | 11,346,340 | |||||
Laboratory Corp. of America Holdings(b) | 61,286 | 12,243,104 | ||||||
McKesson Corp. | 73,960 | 10,908,360 | ||||||
Quest Diagnostics, Inc. | 100,800 | 12,311,712 | ||||||
UnitedHealth Group, Inc. | 36,889 | 11,256,309 | ||||||
Universal Health Services, Inc., Class B | 98,245 | 10,762,740 | ||||||
|
| |||||||
168,111,765 | ||||||||
|
| |||||||
Health Care Technology-1.58% |
| |||||||
Cerner Corp. | 156,749 | 10,986,537 | ||||||
|
| |||||||
Life Sciences Tools & Services-13.26% |
| |||||||
Agilent Technologies, Inc. | 112,793 | 11,515,037 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) | 22,024 | 12,915,314 | ||||||
Illumina, Inc.(b) | 31,782 | 9,302,591 | ||||||
IQVIA Holdings, Inc.(b) | 69,713 | 10,735,105 | ||||||
Mettler-Toledo International, Inc.(b) | 11,423 | 11,399,126 | ||||||
PerkinElmer, Inc. | 94,499 | 12,242,346 | ||||||
Thermo Fisher Scientific, Inc. | 25,797 | 12,205,077 | ||||||
Waters Corp.(b) | 54,535 | 12,151,489 | ||||||
|
| |||||||
92,466,085 | ||||||||
|
| |||||||
Pharmaceuticals-13.70% |
| |||||||
Bristol-Myers Squibb Co. | 188,529 | 11,019,520 | ||||||
Catalent, Inc.(b) | 134,478 | 11,803,134 | ||||||
Eli Lilly and Co. | 75,098 | 9,797,285 | ||||||
Johnson & Johnson | 75,256 | 10,318,350 | ||||||
Merck & Co., Inc. | 131,644 | 9,900,945 | ||||||
Mylan N.V.(b) | 725,460 | 10,548,188 | ||||||
Perrigo Co. PLC | 228,739 | 10,034,780 | ||||||
Pfizer, Inc. | 308,326 | 10,939,407 | ||||||
Zoetis, Inc. | 70,127 | 11,118,637 | ||||||
|
| |||||||
95,480,246 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 696,871,113 | ||||||
|
| |||||||
Money Market Funds-0.02% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 148,625 | 148,625 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.98% |
| 697,019,738 | ||||||
OTHER ASSETS LESS LIABILITIES-0.02% |
| 141,985 | ||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 697,161,723 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco S&P 500® Equal Weight Health Care ETF (RYH)–(continued)
October 31, 2020
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,024,475 | $ | (875,850 | ) | $ | - | $ | - | $ | 148,625 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 9,252,552 | (9,252,552 | ) | - | - | - | 49 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 10,277,027 | $ | (10,128,402 | ) | $ | - | $ | - | $ | 148,625 | $ | 51 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Health Care Equipment & Supplies | 35.28 | |||
Health Care Providers & Services | 24.11 | |||
Pharmaceuticals | 13.70 | |||
Life Sciences Tools & Services | 13.26 | |||
Biotechnology | 12.03 | |||
Health Care Technology | 1.58 | |||
Money Market Funds Plus Other Assets | 0.04 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.91% |
| |||||||
Aerospace & Defense-14.08% | ||||||||
Boeing Co. (The) | 31,307 | $ | 4,520,418 | |||||
General Dynamics Corp. | 34,507 | 4,531,804 | ||||||
Howmet Aerospace, Inc. | 281,794 | 4,860,946 | ||||||
Huntington Ingalls Industries, Inc. | 34,029 | 5,018,597 | ||||||
L3Harris Technologies, Inc. | 27,707 | 4,463,875 | ||||||
Lockheed Martin Corp. | 12,883 | 4,510,725 | ||||||
Northrop Grumman Corp. | 14,801 | 4,289,626 | ||||||
Raytheon Technologies Corp. | 82,707 | 4,492,644 | ||||||
Teledyne Technologies, Inc.(b) | 16,018 | 4,951,965 | ||||||
Textron, Inc. | 129,480 | 4,635,384 | ||||||
TransDigm Group, Inc. | 9,920 | 4,735,907 | ||||||
|
| |||||||
51,011,891 | ||||||||
|
| |||||||
Air Freight & Logistics-5.51% | ||||||||
C.H. Robinson Worldwide, Inc. | 50,845 | 4,496,224 | ||||||
Expeditors International of Washington, Inc. | 55,511 | 4,905,507 | ||||||
FedEx Corp. | 21,547 | 5,590,800 | ||||||
United Parcel Service, Inc., Class B | 31,575 | 4,960,748 | ||||||
|
| |||||||
19,953,279 | ||||||||
|
| |||||||
Airlines-6.55% | ||||||||
Alaska Air Group, Inc. | 124,372 | 4,712,455 | ||||||
American Airlines Group, Inc.(c) | 387,336 | 4,369,150 | ||||||
Delta Air Lines, Inc. | 158,231 | 4,848,198 | ||||||
Southwest Airlines Co. | 128,781 | 5,090,713 | ||||||
United Airlines Holdings, Inc.(b) | 139,061 | 4,708,605 | ||||||
|
| |||||||
23,729,121 | ||||||||
|
| |||||||
Building Products-10.04% | ||||||||
A.O. Smith Corp. | 102,827 | 5,315,128 | ||||||
Allegion PLC | 51,198 | 5,043,003 | ||||||
Carrier Global Corp. | 171,547 | 5,727,955 | ||||||
Fortune Brands Home & Security, Inc. | 60,716 | 4,910,103 | ||||||
Johnson Controls International PLC | 120,373 | 5,080,944 | ||||||
Masco Corp. | 85,687 | 4,592,823 | ||||||
Trane Technologies PLC | 42,875 | 5,691,656 | ||||||
|
| |||||||
36,361,612 | ||||||||
|
| |||||||
Commercial Services & Supplies-6.93% |
| |||||||
Cintas Corp. | 15,626 | 4,915,158 | ||||||
Copart, Inc.(b) | 49,174 | 5,426,843 | ||||||
Republic Services, Inc. | 52,390 | 4,619,226 | ||||||
Rollins, Inc. | 92,680 | 5,361,538 | ||||||
Waste Management, Inc. | 44,331 | 4,783,758 | ||||||
|
| |||||||
25,106,523 | ||||||||
|
| |||||||
Construction & Engineering-3.09% | ||||||||
Jacobs Engineering Group, Inc. | 54,052 | 5,134,940 | ||||||
Quanta Services, Inc. | 97,288 | 6,073,690 | ||||||
|
| |||||||
11,208,630 | ||||||||
|
| |||||||
Electrical Equipment-5.56% | ||||||||
AMETEK, Inc. | 50,207 | 4,930,328 | ||||||
Eaton Corp. PLC | 48,927 | 5,078,133 | ||||||
Emerson Electric Co. | 73,854 | 4,785,001 | ||||||
Rockwell Automation, Inc. | 22,569 | 5,351,561 | ||||||
|
| |||||||
20,145,023 | ||||||||
|
| |||||||
Industrial Conglomerates-5.72% | ||||||||
3M Co. | 30,186 | 4,828,552 |
Shares | Value | |||||||
Industrial Conglomerates-(continued) | ||||||||
General Electric Co. | 843,026 | $ | 6,255,253 | |||||
Honeywell International, Inc. | 30,135 | 4,970,768 | ||||||
Roper Technologies, Inc. | 12,549 | 4,659,946 | ||||||
|
| |||||||
20,714,519 | ||||||||
|
| |||||||
Machinery-23.77% | ||||||||
Caterpillar, Inc. | 32,608 | 5,121,086 | ||||||
Cummins, Inc. | 24,127 | 5,305,286 | ||||||
Deere & Co. | 23,226 | 5,246,986 | ||||||
Dover Corp. | 44,465 | 4,922,720 | ||||||
Flowserve Corp. | 178,252 | 5,190,698 | ||||||
Fortive Corp. | 75,318 | 4,639,589 | ||||||
IDEX Corp. | 27,695 | 4,718,951 | ||||||
Illinois Tool Works, Inc. | 25,661 | 5,026,477 | ||||||
Ingersoll Rand, Inc.(b) | 139,413 | 4,871,090 | ||||||
Otis Worldwide Corp. | 83,408 | 5,111,242 | ||||||
PACCAR, Inc. | 59,791 | 5,104,956 | ||||||
Parker-Hannifin Corp. | 23,984 | 4,997,306 | ||||||
Pentair PLC | 114,755 | 5,710,209 | ||||||
Snap-on, Inc. | 33,930 | 5,344,993 | ||||||
Stanley Black & Decker, Inc. | 31,544 | 5,242,613 | ||||||
Wabtec Corp. | 74,310 | 4,406,583 | ||||||
Xylem, Inc. | 59,328 | 5,169,842 | ||||||
|
| |||||||
86,130,627 | ||||||||
|
| |||||||
Professional Services-6.62% | ||||||||
Equifax, Inc. | 30,855 | 4,214,793 | ||||||
IHS Markit Ltd. | 65,001 | 5,256,631 | ||||||
Nielsen Holdings PLC | 346,172 | 4,676,784 | ||||||
Robert Half International, Inc. | 96,928 | 4,913,280 | ||||||
Verisk Analytics, Inc. | 27,612 | 4,914,108 | ||||||
|
| |||||||
23,975,596 | ||||||||
|
| |||||||
Road & Rail-7.90% | ||||||||
CSX Corp. | 65,001 | 5,131,179 | ||||||
J.B. Hunt Transport Services, Inc. | 37,119 | 4,518,867 | ||||||
Kansas City Southern | 26,957 | 4,748,206 | ||||||
Norfolk Southern Corp. | 23,057 | 4,821,680 | ||||||
Old Dominion Freight Line, Inc. | 25,640 | 4,881,086 | ||||||
Union Pacific Corp. | 25,599 | 4,535,887 | ||||||
|
| |||||||
28,636,905 | ||||||||
|
| |||||||
Trading Companies & Distributors-4.14% |
| |||||||
Fastenal Co. | 113,924 | 4,924,935 | ||||||
United Rentals, Inc.(b) | 28,724 | 5,121,202 | ||||||
W.W. Grainger, Inc. | 14,126 | 4,944,382 | ||||||
|
| |||||||
14,990,519 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 361,964,245 | ||||||
|
| |||||||
Money Market Funds-0.07% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 255,827 | 255,827 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 362,220,072 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.21% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,760,941 | $ | 1,760,941 | |||||
Invesco Private Prime Fund, | 2,640,620 | 2,641,412 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,402,353 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.19% |
| 366,622,425 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.19)% |
| (4,325,934 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 362,296,491 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,318,838 | $ | (1,063,011 | ) | $ | - | $ | - | $ | 255,827 | $ | 5 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 1,935,135 | (1,935,135 | ) | - | - | - | 29 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,922,014 | 12,670,147 | (12,831,220 | ) | - | - | 1,760,941 | 430 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 5,100,949 | (2,459,711 | ) | 23 | 151 | 2,641,412 | 461 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,922,014 | $ | 21,025,069 | $ | (18,289,077 | ) | $ | 23 | $ | 151 | $ | 4,658,180 | $ | 925 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
22 | ||||
|
| |||
Invesco S&P 500® Equal Weight Industrials ETF (RGI)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Machinery | 23.77 | |||
Aerospace & Defense | 14.08 | |||
Building Products | 10.04 | |||
Road & Rail | 7.90 | |||
Commercial Services & Supplies | 6.93 | |||
Professional Services | 6.62 | |||
Airlines | 6.55 | |||
Industrial Conglomerates | 5.72 | |||
Electrical Equipment | 5.56 | |||
Air Freight & Logistics | 5.51 | |||
Trading Companies & Distributors | 4.14 | |||
Construction & Engineering | 3.09 | |||
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.
23 | ||||
|
| |||
Invesco S&P 500® Equal Weight Materials ETF (RTM)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Chemicals-53.96% | ||||||||
Air Products and Chemicals, Inc. | 23,691 | $ | 6,544,402 | |||||
Albemarle Corp. | 74,925 | 6,983,759 | ||||||
Celanese Corp. | 66,753 | 7,577,133 | ||||||
CF Industries Holdings, Inc. | 213,208 | 5,886,673 | ||||||
Corteva, Inc. | 245,167 | 8,085,608 | ||||||
Dow, Inc. | 142,723 | 6,492,469 | ||||||
DuPont de Nemours, Inc. | 121,475 | 6,909,498 | ||||||
Eastman Chemical Co. | 88,935 | 7,189,505 | ||||||
Ecolab, Inc. | 34,945 | 6,415,552 | ||||||
FMC Corp. | 65,539 | 6,733,477 | ||||||
International Flavors & Fragrances, Inc.(b) | 58,785 | 6,034,868 | ||||||
Linde PLC (United Kingdom) | 28,438 | 6,266,029 | ||||||
LyondellBasell Industries N.V., Class A | 95,744 | 6,553,677 | ||||||
Mosaic Co. (The) | 388,572 | 7,188,582 | ||||||
PPG Industries, Inc. | 55,976 | 7,261,207 | ||||||
Sherwin-Williams Co. (The) | 10,038 | 6,905,943 | ||||||
|
| |||||||
109,028,382 | ||||||||
|
| |||||||
Construction Materials-8.52% | ||||||||
Martin Marietta Materials, Inc. | 33,893 | 9,027,401 | ||||||
Vulcan Materials Co. | 56,475 | 8,179,839 | ||||||
|
| |||||||
17,207,240 | ||||||||
|
| |||||||
Containers & Packaging-26.66% | ||||||||
Amcor PLC | 643,283 | 6,709,442 | ||||||
Avery Dennison Corp. | 59,394 | 8,219,535 | ||||||
Ball Corp. | 87,105 | 7,752,345 | ||||||
International Paper Co. | 182,805 | 7,997,719 | ||||||
Packaging Corp. of America | 68,010 | 7,786,465 | ||||||
Sealed Air Corp. | 181,359 | 7,180,003 | ||||||
Westrock Co. | 218,916 | 8,220,296 | ||||||
|
| |||||||
53,865,805 | ||||||||
|
|
Shares | Value | |||||||
Metals & Mining-10.76% | ||||||||
Freeport-McMoRan, Inc. | 437,288 | $ | 7,582,574 | |||||
Newmont Corp. | 107,440 | 6,751,530 | ||||||
Nucor Corp. | 154,903 | 7,398,167 | ||||||
|
| |||||||
21,732,271 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 201,833,698 | ||||||
|
| |||||||
Money Market Funds-0.07% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 149,947 | 149,947 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 201,983,645 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.43% |
| |||||||
Invesco Private Government Fund, | 1,158,908 | 1,158,908 | ||||||
Invesco Private Prime Fund, | 1,737,840 | 1,738,362 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,897,270 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.40% |
| 204,880,915 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.40)% |
| (2,834,075 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 202,046,840 | ||||||
|
|
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, 2020. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 985,463 | $ | (835,516 | ) | $ | - | $ | - | $ | 149,947 | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 44,989 | 1,644,246 | (1,689,235 | ) | - | - | - | 34 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Invesco S&P 500® Equal Weight Materials ETF (RTM)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 7,254,198 | $ | 17,467,148 | $ | (23,562,438 | ) | $ | - | $ | - | $ | 1,158,908 | $ | 298 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 4,762,674 | (3,024,347 | ) | - | 35 | 1,738,362 | 213 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 7,299,187 | $ | 24,859,531 | $ | (29,111,536 | ) | $ | - | $ | 35 | $ | 3,047,217 | $ | 549 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020
Chemicals | 53.96 | |||
Containers & Packaging | 26.66 | |||
Metals & Mining | 10.76 | |||
Construction Materials | 8.52 | |||
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.
25 | ||||
|
| |||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.86% |
| |||||||
Equity REITs-96.22% | ||||||||
Alexandria Real Estate Equities, Inc. | 3,747 | $ | 567,745 | |||||
American Tower Corp. | 2,375 | 545,419 | ||||||
Apartment Investment & Management Co., Class A | 16,962 | 541,088 | ||||||
AvalonBay Communities, Inc. | 3,959 | 550,816 | ||||||
Boston Properties, Inc. | 7,131 | 516,356 | ||||||
Crown Castle International Corp. | 3,741 | 584,344 | ||||||
Digital Realty Trust, Inc. | 4,075 | 588,022 | ||||||
Duke Realty Corp. | 15,971 | 606,738 | ||||||
Equinix, Inc. | 793 | 579,873 | ||||||
Equity Residential | 10,853 | 509,874 | ||||||
Essex Property Trust, Inc. | 2,783 | 569,374 | ||||||
Extra Space Storage, Inc. | 5,336 | 618,709 | ||||||
Federal Realty Investment Trust | 7,691 | 528,987 | ||||||
Healthpeak Properties, Inc. | 21,274 | 573,760 | ||||||
Host Hotels & Resorts, Inc. | 53,310 | 558,689 | ||||||
Iron Mountain, Inc.(b) | 19,897 | 518,516 | ||||||
Kimco Realty Corp. | 50,887 | 522,101 | ||||||
Mid-America Apartment Communities, Inc. | 5,119 | 597,029 | ||||||
Prologis, Inc. | 5,921 | 587,363 | ||||||
Public Storage | 2,690 | 616,198 | ||||||
Realty Income Corp. | 9,365 | 541,859 | ||||||
Regency Centers Corp. | 15,372 | 547,089 | ||||||
SBA Communications Corp., Class A | 1,948 | 565,641 | ||||||
Simon Property Group, Inc. | 9,249 | 580,930 | ||||||
SL Green Realty Corp.(b) | 13,259 | 567,618 | ||||||
UDR, Inc. | 17,627 | 550,667 | ||||||
Ventas, Inc. | 13,544 | 534,582 | ||||||
Vornado Realty Trust | 17,648 | 542,323 | ||||||
Welltower, Inc. | 10,079 | 541,948 | ||||||
Weyerhaeuser Co. | 20,870 | 569,542 | ||||||
|
| |||||||
16,823,200 | ||||||||
|
|
Shares | Value | |||||||
Real Estate Management & Development-3.64% |
| |||||||
CBRE Group, Inc., Class A(c) | 12,648 | $ | 637,459 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 17,460,659 | ||||||
|
| |||||||
Money Market Funds-0.10% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 17,479 | 17,479 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 17,478,138 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.22% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 434,931 | 434,931 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 652,200 | 652,396 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,087,327 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.18% |
| 18,565,465 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.18)% |
| (1,081,057 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 17,484,408 | ||||||
|
|
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, 2020. |
(c) | Non-income producing security. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 126,768 | $ | (109,289 | ) | $ - | $ - | $ 17,479 | $ - | ||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 385,720 | (385,720 | ) | - | - | - | 3 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 3,331,523 | $ | (2,896,592 | ) | $ | - | $ | - | $ | 434,931 | $ | 63 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 1,675,056 | (1,022,703 | ) | 11 | 32 | 652,396 | 67 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 5,519,067 | $ | (4,414,304 | ) | $ | 11 | $ | 32 | $ | 1,104,806 | $ | 133 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Equity REITs | 96.22 | |||
Real Estate Management & Development | 3.64 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.14 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco S&P 500® Equal Weight Technology ETF (RYT)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.00% |
| |||||||
Communications Equipment-6.62% |
| |||||||
Arista Networks, Inc.(b) | 119,252 | $ | 24,911,743 | |||||
Cisco Systems, Inc. | 609,445 | 21,879,075 | ||||||
F5 Networks, Inc.(b) | 202,556 | 26,927,795 | ||||||
Juniper Networks, Inc. | 1,051,241 | 20,730,472 | ||||||
Motorola Solutions, Inc. | 157,966 | 24,968,106 | ||||||
|
| |||||||
119,417,191 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-12.95% |
| |||||||
Amphenol Corp., Class A | 233,050 | 26,297,362 | ||||||
CDW Corp. | 218,332 | 26,767,503 | ||||||
Corning, Inc. | 760,949 | 24,327,540 | ||||||
FLIR Systems, Inc. | 710,248 | 24,638,503 | ||||||
IPG Photonics Corp.(b) | 153,313 | 28,510,085 | ||||||
Keysight Technologies, Inc.(b) | 263,180 | 27,599,687 | ||||||
TE Connectivity Ltd. | 248,438 | 24,068,673 | ||||||
Vontier Corp.(b) | 831,005 | 23,883,084 | ||||||
Zebra Technologies Corp., Class A(b) | 97,234 | 27,579,452 | ||||||
|
| |||||||
233,671,889 | ||||||||
|
| |||||||
IT Services-26.02% |
| |||||||
Accenture PLC, Class A | 103,526 | 22,455,825 | ||||||
Akamai Technologies, Inc.(b) | 228,234 | 21,709,618 | ||||||
Automatic Data Processing, Inc. | 182,139 | 28,770,676 | ||||||
Broadridge Financial Solutions, Inc. | 180,798 | 24,877,805 | ||||||
Cognizant Technology Solutions Corp., Class A | 356,478 | 25,459,659 | ||||||
DXC Technology Co. | 1,243,207 | 22,899,873 | ||||||
Fidelity National Information Services, Inc. | 168,514 | 20,995,159 | ||||||
Fiserv, Inc.(b) | 261,172 | 24,934,091 | ||||||
FleetCor Technologies, Inc.(b) | 105,215 | 23,243,046 | ||||||
Gartner, Inc.(b) | 191,920 | 23,049,592 | ||||||
Global Payments, Inc. | 146,176 | 23,057,802 | ||||||
International Business Machines Corp. | 200,105 | 22,343,724 | ||||||
Jack Henry & Associates, Inc. | 156,019 | 23,129,817 | ||||||
Leidos Holdings, Inc. | 278,820 | 23,142,060 | ||||||
Mastercard, Inc., Class A | 73,617 | 21,248,811 | ||||||
Paychex, Inc. | 324,105 | 26,657,636 | ||||||
PayPal Holdings, Inc.(b) | 132,091 | 24,586,098 | ||||||
VeriSign, Inc.(b) | 122,670 | 23,393,169 | ||||||
Visa, Inc., Class A | 121,112 | 22,007,261 | ||||||
Western Union Co. (The) | 1,098,765 | 21,359,992 | ||||||
|
| |||||||
469,321,714 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-24.40% |
| |||||||
Advanced Micro Devices, Inc.(b) | 318,374 | 23,970,378 | ||||||
Analog Devices, Inc. | 213,574 | 25,314,926 | ||||||
Applied Materials, Inc. | 441,903 | 26,173,915 | ||||||
Broadcom, Inc. | 67,570 | 23,624,499 | ||||||
Intel Corp. | 493,196 | 21,838,719 | ||||||
KLA Corp. | 141,356 | 27,872,576 | ||||||
Lam Research Corp. | 82,672 | 28,280,438 | ||||||
Maxim Integrated Products, Inc. | 368,253 | 25,648,821 |
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment-(continued) |
| |||||||
Microchip Technology, Inc. | 241,358 | $ | 25,361,899 | |||||
Micron Technology, Inc.(b) | 527,331 | 26,545,843 | ||||||
NVIDIA Corp. | 49,950 | 25,042,932 | ||||||
Qorvo, Inc.(b) | 197,663 | 25,174,360 | ||||||
QUALCOMM, Inc. | 214,289 | 26,434,691 | ||||||
Skyworks Solutions, Inc. | 178,514 | 25,222,243 | ||||||
Teradyne, Inc. | 324,409 | 28,499,331 | ||||||
Texas Instruments, Inc. | 178,226 | 25,769,697 | ||||||
Xilinx, Inc. | 246,373 | 29,242,011 | ||||||
|
| |||||||
440,017,279 | ||||||||
|
| |||||||
Software-20.87% | ||||||||
Adobe, Inc.(b) | 51,564 | 23,054,264 | ||||||
ANSYS, Inc.(b) | 77,384 | 23,553,368 | ||||||
Autodesk, Inc.(b) | 106,843 | 25,165,800 | ||||||
Cadence Design Systems, Inc.(b) | 239,432 | 26,186,678 | ||||||
Citrix Systems, Inc. | 183,612 | 20,797,731 | ||||||
Fortinet, Inc.(b) | 211,033 | 23,291,712 | ||||||
Intuit, Inc. | 77,158 | 24,280,080 | ||||||
Microsoft Corp. | 119,123 | 24,118,834 | ||||||
NortonLifeLock, Inc. | 1,150,245 | 23,660,540 | ||||||
Oracle Corp. | 426,398 | 23,925,192 | ||||||
Paycom Software, Inc.(b) | 91,547 | 33,331,347 | ||||||
salesforce.com, inc.(b) | 99,978 | 23,221,890 | ||||||
ServiceNow, Inc.(b) | 54,507 | 27,121,048 | ||||||
Synopsys, Inc.(b) | 121,377 | 25,957,685 | ||||||
Tyler Technologies, Inc.(b) | 74,708 | 28,716,261 | ||||||
|
| |||||||
376,382,430 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-9.14% |
| |||||||
Apple, Inc. | 217,006 | 23,623,273 | ||||||
Hewlett Packard Enterprise Co. | 2,630,378 | 22,726,466 | ||||||
HP, Inc. | 1,259,964 | 22,628,954 | ||||||
NetApp, Inc. | 551,252 | 24,194,450 | ||||||
Seagate Technology PLC | 522,233 | 24,973,182 | ||||||
Western Digital Corp. | 650,380 | 24,538,838 | ||||||
Xerox Holdings Corp. | 1,273,164 | 22,127,590 | ||||||
|
| |||||||
164,812,753 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,803,623,256 | ||||||
|
| |||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 132,443 | 132,443 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.01% |
| 1,803,755,699 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.01)% |
| (139,997 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 1,803,615,702 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco S&P 500® Equal Weight Technology ETF (RYT)–(continued)
October 31, 2020
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 7,810,469 | $ | (7,678,026 | ) | $- | $- | $132,443 | $ 24 | ||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 322,526 | 15,280,227 | (15,602,753 | ) | - | - | - | 159 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 322,526 | $ | 23,090,696 | $ | (23,280,779 | ) | $- | $- | $132,443 | $183 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
IT Services | 26.02 | |||
Semiconductors & Semiconductor Equipment | 24.40 | |||
Software | 20.87 | |||
Electronic Equipment, Instruments & Components | 12.95 | |||
Technology Hardware, Storage & Peripherals | 9.14 | |||
Communications Equipment | 6.62 | |||
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.
29 | ||||
|
| |||
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.82% |
| |||||||
Electric Utilities-53.82% | ||||||||
Alliant Energy Corp. | 156,974 | $ | 8,677,523 | |||||
American Electric Power Co., Inc. | 102,851 | 9,249,390 | ||||||
Duke Energy Corp. | 98,045 | 9,030,925 | ||||||
Edison International | 160,788 | 9,010,559 | ||||||
Entergy Corp. | 85,287 | 8,632,750 | ||||||
Evergy, Inc. | 156,732 | 8,651,606 | ||||||
Eversource Energy | 99,083 | 8,646,973 | ||||||
Exelon Corp. | 227,203 | 9,063,128 | ||||||
FirstEnergy Corp. | 277,555 | 8,248,935 | ||||||
NextEra Energy, Inc. | 117,069 | 8,570,621 | ||||||
NRG Energy, Inc. | 257,535 | 8,143,257 | ||||||
Pinnacle West Capital Corp. | 114,819 | 9,365,786 | ||||||
PPL Corp. | 295,702 | 8,131,805 | ||||||
Southern Co. (The) | 157,277 | 9,035,564 | ||||||
Xcel Energy, Inc. | 118,229 | 8,279,577 | ||||||
|
| |||||||
130,738,399 | ||||||||
|
| |||||||
Gas Utilities-3.30% | ||||||||
Atmos Energy Corp. | 87,337 | 8,006,183 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-3.67% |
| |||||||
AES Corp. (The) | 457,342 | 8,918,169 | ||||||
|
| |||||||
Multi-Utilities-35.45% | ||||||||
Ameren Corp. | 106,275 | 8,621,028 | ||||||
CenterPoint Energy, Inc. | 418,544 | 8,843,835 |
Shares | Value | |||||||
Multi-Utilities-(continued) | ||||||||
CMS Energy Corp. | 133,651 | $ | 8,464,118 | |||||
Consolidated Edison, Inc. | 111,915 | 8,784,208 | ||||||
Dominion Energy, Inc. | 102,218 | 8,212,194 | ||||||
DTE Energy Co. | 68,732 | 8,482,904 | ||||||
NiSource, Inc. | 369,359 | 8,484,176 | ||||||
Public Service Enterprise Group, Inc. | 155,386 | 9,035,696 | ||||||
Sempra Energy | 69,106 | 8,663,128 | ||||||
WEC Energy Group, Inc. | 84,834 | 8,530,059 | ||||||
|
| |||||||
86,121,346 | ||||||||
|
| |||||||
Water Utilities-3.58% | ||||||||
American Water Works Co., Inc. | 57,694 | 8,683,524 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 242,467,621 | ||||||
|
| |||||||
Money Market Funds-0.02% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 52,968 | 52,968 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.84% |
| 242,520,589 | ||||||
OTHER ASSETS LESS LIABILITIES-0.16% |
| 394,688 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 242,915,277 | ||||||
|
|
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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,638,426 | $ | (1,585,458 | ) | $ | - | $ | - | $ | 52,968 | $ | 5 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 5,426,317 | (5,426,317 | ) | - | - | - | 63 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 7,064,743 | $ | (7,011,775 | ) | $ | - | $ | - | $ | 52,968 | $ | 68 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco S&P 500® Equal Weight Utilities ETF (RYU)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of October 31, 2020
Electric Utilities | 53.82 | |||
Multi-Utilities | 35.45 | |||
Independent Power and Renewable Electricity Producers | 3.67 | |||
Water Utilities | 3.58 | |||
Gas Utilities | 3.30 | |||
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.
31 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Communication Services-2.21% |
| |||||||
AMC Networks, Inc., Class A(b)(c) | 8,315 | $ | 176,694 | |||||
Cable One, Inc. | 100 | 173,186 | ||||||
Cinemark Holdings, Inc.(c) | 14,406 | 117,985 | ||||||
John Wiley & Sons, Inc., Class A | 5,224 | 161,735 | ||||||
New York Times Co. (The), Class A | 3,997 | 158,521 | ||||||
TEGNA, Inc. | 14,674 | 176,528 | ||||||
Telephone & Data Systems, Inc. | 8,030 | 136,510 | ||||||
TripAdvisor, Inc. | 8,155 | 155,842 | ||||||
World Wrestling Entertainment, Inc., Class A | 4,190 | 152,348 | ||||||
Yelp, Inc.(b) | 8,083 | 158,993 | ||||||
|
| |||||||
1,568,342 | ||||||||
|
| |||||||
Consumer Discretionary-15.22% | ||||||||
Aaron’s Holdings Co., Inc. | 2,983 | 155,892 | ||||||
Adient PLC(b) | 9,615 | 204,030 | ||||||
Adtalem Global Education, Inc.(b) | 5,973 | 140,007 | ||||||
American Eagle Outfitters, Inc.(c) | 12,578 | 172,444 | ||||||
AutoNation, Inc.(b) | 3,159 | 179,210 | ||||||
Boyd Gaming Corp. | 6,308 | 200,090 | ||||||
Brunswick Corp. | 2,849 | 181,510 | ||||||
Caesars Entertainment, Inc.(b) | 3,461 | 155,122 | ||||||
Carter’s, Inc. | 2,086 | 169,905 | ||||||
Choice Hotels International, Inc. | 1,814 | 158,453 | ||||||
Churchill Downs, Inc.(c) | 1,062 | 158,397 | ||||||
Columbia Sportswear Co. | 1,927 | 143,735 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,268 | 144,324 | ||||||
Dana, Inc. | 12,275 | 171,727 | ||||||
Deckers Outdoor Corp.(b) | 854 | 216,378 | ||||||
Dick’s Sporting Goods, Inc. | 3,083 | 174,652 | ||||||
Dunkin’ Brands Group, Inc. | 2,292 | 228,535 | ||||||
Five Below, Inc.(b) | 1,334 | 177,876 | ||||||
Foot Locker, Inc. | 5,072 | 187,055 | ||||||
Fox Factory Holding Corp.(b) | 2,293 | 192,796 | ||||||
Gentex Corp. | 6,538 | 180,907 | ||||||
Goodyear Tire & Rubber Co. (The) | 18,355 | 151,979 | ||||||
Graham Holdings Co., Class B | 404 | 153,657 | ||||||
Grand Canyon Education, Inc.(b) | 2,050 | 160,659 | ||||||
Grubhub, Inc.(b) | 2,507 | 185,418 | ||||||
H&R Block, Inc. | 11,571 | 199,716 | ||||||
Harley-Davidson, Inc. | 6,248 | 205,434 | ||||||
Helen of Troy Ltd.(b) | 896 | 169,882 | ||||||
Jack in the Box, Inc. | 2,103 | 168,366 | ||||||
KB Home | 4,724 | 152,349 | ||||||
Kohl’s Corp. | 8,132 | 173,130 | ||||||
Lear Corp. | 1,451 | 175,295 | ||||||
Lithia Motors, Inc., Class A | 725 | 166,438 | ||||||
Marriott Vacations Worldwide Corp. | 1,815 | 175,329 | ||||||
Mattel, Inc.(b) | 15,754 | 216,933 | ||||||
Murphy USA, Inc.(b) | 1,248 | 152,618 | ||||||
Nordstrom, Inc.(c) | 11,987 | 145,043 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(b) | 1,957 | 170,435 | ||||||
Papa John’s International, Inc. | 1,898 | 145,387 | ||||||
Penn National Gaming, Inc.(b) | 2,930 | 158,161 | ||||||
Polaris, Inc. | 1,872 | 170,090 | ||||||
RH(b) | 455 | 152,530 | ||||||
Scientific Games Corp.(b) | 9,230 | 294,252 | ||||||
Service Corp. International | 4,039 | 187,046 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Six Flags Entertainment Corp. | 7,888 | $ | 170,539 | |||||
Skechers U.S.A., Inc., Class A(b) | 5,597 | 177,481 | ||||||
Strategic Education, Inc. | 1,959 | 162,715 | ||||||
Taylor Morrison Home Corp., Class A(b) | 7,017 | 151,567 | ||||||
Tempur Sealy International, Inc.(b) | 2,023 | 180,047 | ||||||
Texas Roadhouse, Inc. | 2,768 | 193,843 | ||||||
Thor Industries, Inc. | 1,878 | 158,841 | ||||||
Toll Brothers, Inc. | 3,898 | 164,807 | ||||||
TopBuild Corp.(b) | 1,125 | 172,361 | ||||||
TRI Pointe Group, Inc.(b) | 9,750 | 160,193 | ||||||
Urban Outfitters, Inc.(b) | 7,661 | 171,147 | ||||||
Visteon Corp.(b) | 2,311 | 207,181 | ||||||
Wendy’s Co. (The) | 8,079 | 176,526 | ||||||
Williams-Sonoma, Inc. | 1,897 | 173,025 | ||||||
Wingstop, Inc. | 1,289 | 149,949 | ||||||
WW International, Inc.(b) | 8,436 | 178,506 | ||||||
Wyndham Destinations, Inc. | 5,505 | 179,628 | ||||||
Wyndham Hotels & Resorts, Inc. | 3,293 | 153,157 | ||||||
|
| |||||||
10,804,705 | ||||||||
|
| |||||||
Consumer Staples-4.62% | ||||||||
BJ’s Wholesale Club Holdings, Inc.(b) | 4,258 | 163,039 | ||||||
Boston Beer Co., Inc. (The), Class A(b) | 207 | 215,110 | ||||||
Casey’s General Stores, Inc. | 969 | 163,344 | ||||||
Coty,Inc.,Class A | 49,416 | 143,306 | ||||||
Darling Ingredients, Inc.(b) | 5,028 | 216,204 | ||||||
Edgewell Personal Care Co.(b) | 6,095 | 159,811 | ||||||
Energizer Holdings, Inc. | 4,207 | 165,546 | ||||||
Flowers Foods, Inc. | 7,409 | 174,704 | ||||||
Grocery Outlet Holding Corp.(b) | 4,487 | 197,518 | ||||||
Hain Celestial Group, Inc. (The)(b) | 5,368 | 165,066 | ||||||
Ingredion, Inc. | 2,196 | 155,674 | ||||||
Lancaster Colony Corp. | 999 | 165,974 | ||||||
Nu Skin Enterprises, Inc., Class A | 3,486 | 172,034 | ||||||
Pilgrim’s Pride Corp.(b) | 10,535 | 176,356 | ||||||
Post Holdings, Inc.(b) | 2,088 | 179,359 | ||||||
Sanderson Farms, Inc. | 1,415 | 181,078 | ||||||
Sprouts Farmers Market, Inc.(b) | 8,023 | 152,838 | ||||||
Tootsie Roll Industries, Inc.(c) | 5,693 | 170,107 | ||||||
TreeHouse Foods, Inc.(b) | 4,286 | 166,468 | ||||||
|
| |||||||
3,283,536 | ||||||||
|
| |||||||
Energy-2.09% | ||||||||
Antero Midstream Corp. | 31,366 | 179,727 | ||||||
ChampionX Corp.(b) | 19,599 | 171,099 | ||||||
Cimarex Energy Co. | 7,150 | 181,396 | ||||||
CNX Resources Corp.(b) | 16,425 | 159,323 | ||||||
EQT Corp. | 12,363 | 187,176 | ||||||
Equitrans Midstream Corp. | 18,012 | 130,767 | ||||||
Murphy Oil Corp. | 17,293 | 133,502 | ||||||
World Fuel Services Corp. | 7,384 | 155,433 | ||||||
WPX Energy, Inc.(b) | 40,058 | 184,667 | ||||||
|
| |||||||
1,483,090 | ||||||||
|
| |||||||
Financials-17.14% | ||||||||
Affiliated Managers Group, Inc. | 2,608 | 196,565 | ||||||
Alleghany Corp. | 316 | 172,830 | ||||||
American Financial Group, Inc. | 2,556 | 191,547 | ||||||
Associated Banc-Corp. | 13,150 | 180,023 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
BancorpSouth Bank | 8,449 | $ | 197,791 | |||||
Bank of Hawaii Corp. | 3,317 | 201,143 | ||||||
Bank OZK | 7,820 | 193,780 | ||||||
Brighthouse Financial, Inc.(b) | 5,878 | 194,562 | ||||||
Brown & Brown, Inc. | 3,886 | 169,080 | ||||||
Cathay General Bancorp | 7,499 | 176,451 | ||||||
CIT Group, Inc. | 9,898 | 291,496 | ||||||
CNO Financial Group, Inc. | 10,525 | 186,819 | ||||||
Commerce Bancshares, Inc. | 3,141 | 195,527 | ||||||
Cullen/Frost Bankers, Inc. | 2,569 | 180,524 | ||||||
East West Bancorp, Inc. | 5,009 | 182,728 | ||||||
Eaton Vance Corp. | 4,588 | 274,317 | ||||||
Essent Group Ltd. | 4,643 | 185,024 | ||||||
Evercore, Inc., Class A | 2,807 | 223,269 | ||||||
F.N.B. Corp. | 24,638 | 186,263 | ||||||
FactSet Research Systems, Inc. | 539 | 165,203 | ||||||
Federated Hermes, Inc., Class B | 7,716 | 184,412 | ||||||
First American Financial Corp. | 3,312 | 147,682 | ||||||
First Financial Bankshares, Inc. | 5,944 | 177,191 | ||||||
First Horizon National Corp. | 18,394 | 191,482 | ||||||
FirstCash, Inc. | 2,931 | 152,529 | ||||||
Fulton Financial Corp. | 18,316 | 201,293 | ||||||
Genworth Financial, Inc., Class A(b) | 46,752 | 183,735 | ||||||
Glacier Bancorp, Inc. | 5,094 | 182,365 | ||||||
Hancock Whitney Corp. | 8,863 | 202,697 | ||||||
Hanover Insurance Group, Inc. (The) | 1,820 | 174,101 | ||||||
Home BancShares, Inc. | 11,041 | 183,281 | ||||||
Interactive Brokers Group, Inc., Class A | 3,662 | 174,201 | ||||||
International Bancshares Corp. | 5,858 | 162,149 | ||||||
Janus Henderson Group PLC (United Kingdom) | 9,138 | 222,053 | ||||||
Jefferies Financial Group, Inc. | 10,061 | 196,290 | ||||||
Kemper Corp. | 2,405 | 148,292 | ||||||
LendingTree, Inc.(b)(c) | 566 | 183,152 | ||||||
Mercury General Corp. | 3,939 | 160,357 | ||||||
Navient Corp. | 20,624 | 165,198 | ||||||
New York Community Bancorp, Inc. | 19,846 | 164,920 | ||||||
Old Republic International Corp. | 11,183 | 182,059 | ||||||
PacWest Bancorp | 9,356 | 180,009 | ||||||
Pinnacle Financial Partners, Inc. | 4,465 | 204,452 | ||||||
Primerica, Inc. | 1,436 | 158,305 | ||||||
Prosperity Bancshares, Inc. | 3,339 | 184,012 | ||||||
Reinsurance Group of America, Inc. | 1,702 | 171,936 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 998 | 161,397 | ||||||
RLI Corp. | 1,930 | 167,331 | ||||||
SEI Investments Co. | 3,464 | 170,256 | ||||||
Selective Insurance Group, Inc. | 3,162 | 164,614 | ||||||
Signature Bank | 1,860 | 150,176 | ||||||
SLM Corp. | 23,282 | 213,962 | ||||||
Sterling Bancorp | 15,754 | 210,789 | ||||||
Stifel Financial Corp. | 3,299 | 192,860 | ||||||
Synovus Financial Corp. | 7,877 | 204,802 | ||||||
TCF Financial Corp. | 6,778 | 184,429 | ||||||
Texas Capital Bancshares, Inc.(b) | 5,481 | 246,645 | ||||||
Trustmark Corp. | 7,719 | 180,547 | ||||||
UMB Financial Corp. | 3,406 | 207,323 | ||||||
Umpqua Holdings Corp. | 15,466 | 194,253 | ||||||
United Bankshares, Inc. | 7,000 | 183,610 | ||||||
Valley National Bancorp | 23,761 | 181,534 | ||||||
Washington Federal, Inc. | 7,699 | 163,912 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Webster Financial Corp. | 6,422 | $ | 206,853 | |||||
Wintrust Financial Corp. | 4,113 | 202,483 | ||||||
|
| |||||||
12,170,871 | ||||||||
|
| |||||||
Health Care-9.51% | ||||||||
Acadia Healthcare Co., Inc.(b) | 5,801 | 206,806 | ||||||
Amedisys, Inc.(b) | 749 | 193,991 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 5,283 | 302,716 | ||||||
Avanos Medical, Inc.(b) | 5,588 | 197,536 | ||||||
Bio-Techne Corp. | 712 | 179,716 | ||||||
Cantel Medical Corp. | 3,531 | 168,923 | ||||||
Charles River Laboratories International, Inc.(b) | 810 | 184,437 | ||||||
Chemed Corp. | 361 | 172,674 | ||||||
Emergent BioSolutions, Inc.(b) | 1,768 | 159,067 | ||||||
Encompass Health Corp. | 2,714 | 166,395 | ||||||
Exelixis, Inc.(b) | 7,982 | 163,471 | ||||||
Globus Medical, Inc., Class A(b) | 3,150 | 164,178 | ||||||
Haemonetics Corp.(b) | 1,954 | 197,530 | ||||||
HealthEquity, Inc.(b) | 3,364 | 173,212 | ||||||
Hill-Rom Holdings, Inc. | 1,983 | 180,592 | ||||||
ICU Medical, Inc.(b) | 919 | 163,389 | ||||||
Integra LifeSciences Holdings Corp.(b) | 3,998 | 176,312 | ||||||
Jazz Pharmaceuticals PLC(b) | 1,268 | 182,719 | ||||||
LHC Group, Inc.(b) | 875 | 189,481 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) | 1,704 | 140,495 | ||||||
LivaNova PLC(b) | 3,855 | 194,061 | ||||||
Masimo Corp.(b) | 823 | 184,204 | ||||||
MEDNAX, Inc.(b) | 9,583 | 122,183 | ||||||
Medpace Holdings, Inc.(b) | 1,499 | 166,299 | ||||||
Molina Healthcare, Inc.(b) | 1,042 | 194,302 | ||||||
Nektar Therapeutics(b) | 9,216 | 145,981 | ||||||
Neogen Corp.(b) | 2,807 | 195,760 | ||||||
NuVasive, Inc.(b) | 3,216 | 142,887 | ||||||
Patterson Cos., Inc. | 7,251 | 180,369 | ||||||
Penumbra, Inc.(b)(c) | 870 | 227,096 | ||||||
PRA Health Sciences, Inc.(b) | 1,679 | 163,602 | ||||||
Prestige Consumer Healthcare, Inc.(b) | 4,749 | 156,859 | ||||||
Quidel Corp.(b) | 1,088 | 291,899 | ||||||
Repligen Corp.(b) | 1,199 | 199,717 | ||||||
Syneos Health, Inc.(b) | 2,908 | 154,357 | ||||||
Tenet Healthcare Corp.(b) | 5,936 | 145,669 | ||||||
United Therapeutics Corp.(b) | 1,692 | 227,117 | ||||||
|
| |||||||
6,756,002 | ||||||||
|
| |||||||
Industrials-16.58% | ||||||||
Acuity Brands, Inc. | 1,661 | 148,062 | ||||||
AECOM(b) | 4,530 | 203,125 | ||||||
AGCO Corp. | 2,299 | 177,092 | ||||||
ASGN, Inc.(b) | 2,466 | 164,433 | ||||||
Avis Budget Group, Inc.(b) | 5,201 | 175,118 | ||||||
Axon Enterprise, Inc.(b) | 2,095 | 207,195 | ||||||
Brink’s Co. (The) | 3,831 | 164,082 | ||||||
Builders FirstSource, Inc.(b) | 5,437 | 164,741 | ||||||
Carlisle Cos., Inc. | 1,433 | 177,506 | ||||||
Clean Harbors, Inc.(b) | 3,113 | 164,896 | ||||||
Colfax Corp.(b) | 5,190 | 141,116 | ||||||
CoreLogic, Inc. | 2,605 | 200,403 | ||||||
Crane Co. | 3,186 | 161,689 | ||||||
Curtiss-Wright Corp. | 1,836 | 154,885 | ||||||
Donaldson Co., Inc. | 3,591 | 170,572 | ||||||
Dycom Industries, Inc.(b) | 3,129 | 203,197 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-(continued) | ||||||||
EMCOR Group, Inc. | 2,531 | $ | 172,589 | |||||
EnerSys | 2,585 | 185,086 | ||||||
Fluor Corp. | 19,124 | 217,057 | ||||||
FTI Consulting, Inc.(b) | 1,594 | 156,945 | ||||||
GATX Corp. | 2,755 | 188,111 | ||||||
Generac Holdings, Inc.(b) | 986 | 207,208 | ||||||
Graco, Inc. | 2,882 | 178,396 | ||||||
Healthcare Services Group, Inc. | 8,507 | 194,640 | ||||||
Herman Miller, Inc. | 7,730 | 235,533 | ||||||
Hexcel Corp. | 4,489 | 150,292 | ||||||
HNI Corp. | 6,072 | 197,644 | ||||||
Hubbell, Inc. | 1,232 | 179,268 | ||||||
IAA, Inc.(b) | 3,322 | 187,992 | ||||||
Insperity, Inc. | 2,757 | 211,131 | ||||||
ITT, Inc. | 2,770 | 167,613 | ||||||
JetBlue Airways Corp.(b) | 14,056 | 168,250 | ||||||
KAR Auction Services, Inc. | 10,999 | 160,145 | ||||||
Kennametal, Inc. | 5,743 | 178,033 | ||||||
Kirby Corp.(b) | 4,450 | 171,280 | ||||||
Knight-Swift Transportation Holdings, Inc. | 3,837 | 145,768 | ||||||
Landstar System, Inc. | 1,320 | 164,604 | ||||||
Lennox International, Inc. | 632 | 171,689 | ||||||
Lincoln Electric Holdings, Inc. | 1,871 | 190,505 | ||||||
ManpowerGroup, Inc. | 2,553 | 173,272 | ||||||
MasTec, Inc.(b) | 4,040 | 200,546 | ||||||
Mercury Systems, Inc.(b) | 2,602 | 179,226 | ||||||
Middleby Corp. (The)(b) | 1,824 | 181,561 | ||||||
MSA Safety, Inc. | 1,397 | 184,292 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,737 | 190,659 | ||||||
Nordson Corp. | 905 | 175,054 | ||||||
nVent Electric PLC | 9,458 | 170,717 | ||||||
Oshkosh Corp. | 2,253 | 151,762 | ||||||
Owens Corning | 2,665 | 174,478 | ||||||
Regal Beloit Corp. | 1,777 | 175,301 | ||||||
Ryder System, Inc. | 4,199 | 206,843 | ||||||
Simpson Manufacturing Co., Inc. | 1,872 | 166,084 | ||||||
Stericycle, Inc.(b) | 2,831 | 176,371 | ||||||
Sunrun, Inc.(b) | 3,104 | 161,470 | ||||||
Terex Corp. | 8,936 | 220,630 | ||||||
Tetra Tech, Inc. | 1,926 | 194,353 | ||||||
Timken Co. (The) | 3,081 | 183,936 | ||||||
Toro Co. (The) | 2,110 | 173,231 | ||||||
Trex Co., Inc.(b) | 2,583 | 179,622 | ||||||
Trinity Industries, Inc.(c) | 8,913 | 167,921 | ||||||
Univar Solutions, Inc.(b) | 9,963 | 165,286 | ||||||
Valmont Industries, Inc. | 1,448 | 205,544 | ||||||
Watsco, Inc. | 742 | 166,312 | ||||||
Werner Enterprises, Inc. | 3,818 | 145,160 | ||||||
Woodward, Inc. | 2,109 | 167,771 | ||||||
XPO Logistics, Inc.(b) | 1,979 | 178,110 | ||||||
|
| |||||||
11,773,403 | ||||||||
|
| |||||||
Information Technology-13.26% | ||||||||
ACI Worldwide, Inc.(b) | 7,034 | 205,182 | ||||||
Alliance Data Systems Corp. | 3,833 | 197,553 | ||||||
Arrow Electronics, Inc.(b) | 2,197 | 171,124 | ||||||
Avnet, Inc. | 6,337 | 156,334 | ||||||
Belden, Inc. | 5,524 | 170,581 | ||||||
Blackbaud, Inc. | 3,030 | 149,500 | ||||||
CACI International, Inc., Class A(b) | 781 | 162,862 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
CDK Global, Inc. | 3,957 | $ | 170,547 | |||||
Ceridian HCM Holding, Inc.(b) | 2,359 | 203,393 | ||||||
Ciena Corp.(b) | 4,175 | 164,453 | ||||||
Cirrus Logic, Inc.(b) | 3,031 | 208,745 | ||||||
CMC Materials, Inc. | 1,221 | 173,614 | ||||||
Cognex Corp. | 2,788 | 183,729 | ||||||
Coherent, Inc.(b) | 1,607 | 201,100 | ||||||
CommVault Systems, Inc.(b) | 4,294 | 169,999 | ||||||
Cree, Inc.(b) | 2,898 | 184,313 | ||||||
Enphase Energy, Inc.(b) | 2,690 | 263,862 | ||||||
Fair Isaac Corp.(b) | 416 | 162,843 | ||||||
First Solar, Inc.(b) | 2,481 | 215,959 | ||||||
II-VI, Inc.(b)(c) | 4,818 | 219,074 | ||||||
InterDigital, Inc. | 2,953 | 165,309 | ||||||
j2 Global, Inc.(b) | 2,397 | 162,708 | ||||||
Jabil, Inc. | 5,652 | 187,307 | ||||||
KBR, Inc. | 7,091 | 158,058 | ||||||
Littelfuse, Inc. | 1,005 | 198,930 | ||||||
LiveRamp Holdings, Inc.(b) | 3,433 | 226,887 | ||||||
Lumentum Holdings, Inc.(b) | 2,461 | 203,500 | ||||||
Manhattan Associates, Inc.(b) | 1,859 | 158,945 | ||||||
MAXIMUS, Inc. | 2,450 | 165,571 | ||||||
MKS Instruments, Inc. | 1,679 | 181,987 | ||||||
Monolithic Power Systems, Inc. | 732 | 233,947 | ||||||
National Instruments Corp. | 4,836 | 151,270 | ||||||
NCR Corp.(b) | 8,490 | 172,517 | ||||||
NetScout Systems, Inc.(b) | 7,740 | 158,825 | ||||||
Paylocity Holding Corp.(b) | 1,263 | 234,312 | ||||||
Perspecta, Inc. | 8,673 | 155,507 | ||||||
PTC, Inc.(b) | 2,108 | 176,819 | ||||||
Qualys, Inc.(b) | 1,802 | 158,306 | ||||||
Sabre Corp. | 25,174 | 164,134 | ||||||
SailPoint Technologies Holding, Inc.(b) | 3,222 | 133,745 | ||||||
Science Applications International Corp. | 2,252 | 171,985 | ||||||
Semtech Corp.(b) | 3,100 | 170,159 | ||||||
Silicon Laboratories, Inc.(b) | 1,825 | 186,990 | ||||||
SolarEdge Technologies, Inc.(b) | 953 | 245,579 | ||||||
Synaptics, Inc.(b) | 2,154 | 165,147 | ||||||
SYNNEX Corp. | 1,417 | 186,534 | ||||||
Teradata Corp.(b) | 7,548 | 138,657 | ||||||
Trimble, Inc.(b) | 3,458 | 166,434 | ||||||
Universal Display Corp. | 1,050 | 208,225 | ||||||
ViaSat, Inc.(b) | 4,825 | 163,568 | ||||||
Vishay Intertechnology, Inc. | 11,344 | 184,000 | ||||||
WEX, Inc.(b) | 1,179 | 149,202 | ||||||
|
| |||||||
9,419,831 | ||||||||
|
| |||||||
Materials-6.85% | ||||||||
AptarGroup, Inc. | 1,465 | 167,142 | ||||||
Ashland Global Holdings, Inc. | 2,377 | 165,843 | ||||||
Avient Corp. | 6,484 | 201,458 | ||||||
Cabot Corp. | 4,581 | 174,124 | ||||||
Chemours Co. (The) | 8,166 | 164,463 | ||||||
Commercial Metals Co. | 8,634 | 178,292 | ||||||
Compass Minerals International, Inc. | 3,131 | 189,050 | ||||||
Domtar Corp. | 6,538 | 156,127 | ||||||
Eagle Materials, Inc. | 2,087 | 177,917 | ||||||
Greif, Inc., Class A | 4,840 | 196,456 | ||||||
Ingevity Corp.(b) | 3,050 | 167,384 | ||||||
Louisiana-Pacific Corp. | 5,524 | 157,876 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Materials-(continued) | ||||||||
Minerals Technologies, Inc. | 3,563 | $ | 194,860 | |||||
NewMarket Corp. | 474 | 169,545 | ||||||
O-I Glass, Inc. | 15,584 | 146,957 | ||||||
Olin Corp. | 15,410 | 255,036 | ||||||
Reliance Steel & Aluminum Co. | 1,652 | 180,052 | ||||||
Royal Gold, Inc. | 1,330 | 158,017 | ||||||
RPM International, Inc. | 2,071 | 175,352 | ||||||
Scotts Miracle-Gro Co. (The) | 1,084 | 162,654 | ||||||
Sensient Technologies Corp. | 3,045 | 199,234 | ||||||
Silgan Holdings, Inc. | 4,664 | 160,675 | ||||||
Sonoco Products Co. | 3,243 | 158,550 | ||||||
Steel Dynamics, Inc. | 5,914 | 186,173 | ||||||
United States Steel Corp.(c) | 24,091 | 232,719 | ||||||
Valvoline, Inc. | 8,375 | 164,736 | ||||||
Worthington Industries, Inc. | 4,494 | 221,150 | ||||||
|
| |||||||
4,861,842 | ||||||||
|
| |||||||
Real Estate-8.68% | ||||||||
American Campus Communities, Inc. | 5,015 | 187,862 | ||||||
Brixmor Property Group, Inc. | 14,503 | 158,953 | ||||||
Camden Property Trust | 1,934 | 178,392 | ||||||
CoreSite Realty Corp. | 1,499 | 178,921 | ||||||
Corporate Office Properties Trust | 7,457 | 167,261 | ||||||
Cousins Properties, Inc. | 6,114 | 155,785 | ||||||
CyrusOne, Inc. | 2,305 | 163,770 | ||||||
Douglas Emmett, Inc. | 6,487 | 153,093 | ||||||
EastGroup Properties, Inc. | 1,349 | 179,525 | ||||||
EPR Properties | 5,412 | �� | 129,022 | |||||
First Industrial Realty Trust, Inc. | 4,324 | 172,138 | ||||||
GEO Group, Inc. (The) | 15,913 | 140,989 | ||||||
Healthcare Realty Trust, Inc. | 5,983 | 166,327 | ||||||
Highwoods Properties, Inc. | 5,007 | 149,058 | ||||||
Hudson Pacific Properties, Inc. | 7,447 | 143,429 | ||||||
JBG SMITH Properties | 6,548 | 152,896 | ||||||
Jones Lang LaSalle, Inc. | 1,722 | 194,345 | ||||||
Kilroy Realty Corp. | 3,153 | 148,443 | ||||||
Lamar Advertising Co., Class A | 2,756 | 170,762 | ||||||
Life Storage, Inc. | 1,596 | 182,183 | ||||||
Macerich Co. (The)(c) | 23,599 | 164,249 | ||||||
Medical Properties Trust, Inc. | 9,525 | 169,735 | ||||||
National Retail Properties, Inc. | 4,680 | 149,807 | ||||||
Omega Healthcare Investors, Inc. | 5,377 | 154,911 | ||||||
Park Hotels & Resorts, Inc. | 17,190 | 170,697 | ||||||
Pebblebrook Hotel Trust | 13,562 | 162,473 | ||||||
Physicians Realty Trust | 9,557 | 161,131 | ||||||
PotlatchDeltic Corp. | 4,091 | 169,981 | ||||||
PS Business Parks, Inc. | 1,416 | 161,466 | ||||||
Rayonier, Inc. | 6,340 | 160,909 | ||||||
Rexford Industrial Realty, Inc. | 3,772 | 175,247 | ||||||
Sabra Health Care REIT, Inc. | 11,404 | 150,077 | ||||||
Service Properties Trust | 20,898 | 150,675 | ||||||
Spirit Realty Capital, Inc. | 4,791 | 143,970 |
Investment Abbreviations:
REIT-Real Estate Investment Trust
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
STORE Capital Corp. | 6,278 | $ | 161,345 | |||||
Taubman Centers, Inc. | 4,904 | 163,892 | ||||||
Urban Edge Properties | 17,242 | 162,075 | ||||||
Weingarten Realty Investors | 10,191 | 161,629 | ||||||
|
| |||||||
6,167,423 | ||||||||
|
| |||||||
Utilities-3.80% | ||||||||
ALLETE, Inc. | 3,418 | 176,300 | ||||||
Black Hills Corp. | 3,259 | 184,655 | ||||||
Essential Utilities, Inc. | 4,408 | 181,610 | ||||||
Hawaiian Electric Industries, Inc. | 5,262 | 173,856 | ||||||
IDACORP, Inc. | 2,092 | 183,531 | ||||||
MDU Resources Group, Inc. | 7,467 | 177,416 | ||||||
National Fuel Gas Co. | 4,082 | 163,117 | ||||||
New Jersey Resources Corp. | 6,131 | 178,903 | ||||||
NorthWestern Corp. | 3,453 | 180,005 | ||||||
OGE Energy Corp. | 5,751 | 176,958 | ||||||
ONE Gas, Inc. | 2,501 | 172,669 | ||||||
PNM Resources, Inc. | 4,247 | 212,350 | ||||||
Southwest Gas Holdings, Inc. | 2,778 | 182,570 | ||||||
Spire, Inc. | 3,238 | 181,458 | ||||||
UGI Corp. | 5,274 | 170,561 | ||||||
|
| |||||||
2,695,959 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 70,985,004 | ||||||
|
| |||||||
Money Market Funds-0.02% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 17,304 | 17,304 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 71,002,308 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.07% | ||||||||
Invesco Private Government Fund, | 871,355 | 871,355 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 1,306,641 | 1,307,033 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,178,388 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.05% |
| 73,180,696 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.05)% |
| (2,168,563 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 71,012,133 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)–(continued)
October 31, 2020
(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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 329,466 | $ | (312,162 | ) | $ | - | $ | - | $ | 17,304 | $ | 1 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 39,558 | 1,498,940 | (1,538,498 | ) | - | - | - | 7 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 3,167,773 | 8,398,963 | (10,695,381 | ) | - | - | 871,355 | 427 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 3,332,686 | (2,025,776 | ) | 21 | 102 | 1,307,033 | 349 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,207,331 | $ | 13,560,055 | $ | (14,571,817 | ) | $ | 21 | $ | 102 | $ | 2,195,692 | $ | 784 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020
Financials | 17.14 | |||
Industrials | 16.58 | |||
Consumer Discretionary | 15.22 | |||
Information Technology | 13.26 | |||
Health Care | 9.51 | |||
Real Estate | 8.68 | |||
Materials | 6.85 | |||
Consumer Staples | 4.62 | |||
Utilities | 3.80 | |||
Sector Types Each Less Than 3% | 4.30 | |||
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.
36 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.93% |
| |||||||
Communication Services-2.32% | ||||||||
ATN International, Inc. | 664 | $ | 29,681 | |||||
Cincinnati Bell, Inc.(b) | 2,406 | 36,210 | ||||||
Cogent Communications Holdings, Inc. | 553 | 30,857 | ||||||
Consolidated Communications Holdings, Inc.(b) | 5,339 | 24,933 | ||||||
E.W. Scripps Co. (The), Class A | 3,278 | 29,764 | ||||||
Gannett Co., Inc. | 22,106 | 25,422 | ||||||
Glu Mobile, Inc.(b) | 5,209 | 37,297 | ||||||
Iridium Communications, Inc.(b) | 1,306 | 34,492 | ||||||
Marcus Corp. (The) | 2,736 | 20,055 | ||||||
Meredith Corp. | 2,705 | 29,755 | ||||||
QuinStreet, Inc.(b) | 2,464 | 39,436 | ||||||
Scholastic Corp. | 1,617 | 31,952 | ||||||
Shenandoah Telecommunications Co. | 697 | 30,403 | ||||||
Spok Holdings, Inc. | 3,604 | 32,724 | ||||||
TechTarget, Inc.(b) | 914 | 40,033 | ||||||
Vonage Holdings Corp.(b) | 3,556 | 37,623 | ||||||
|
| |||||||
510,637 | ||||||||
|
| |||||||
Consumer Discretionary-15.01% | ||||||||
Abercrombie & Fitch Co., Class A | 2,542 | 36,147 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) | 4,840 | 32,525 | ||||||
American Public Education, Inc.(b) | 1,332 | 37,656 | ||||||
America’s Car-Mart, Inc.(b) | 370 | 32,012 | ||||||
Asbury Automotive Group, Inc.(b) | 346 | 35,631 | ||||||
Barnes & Noble Education, Inc.(b) | 14,107 | 32,446 | ||||||
Bed Bath & Beyond, Inc.(c) | 3,012 | 59,638 | ||||||
Big Lots, Inc. | 766 | 36,462 | ||||||
BJ’s Restaurants, Inc. | 1,036 | 29,226 | ||||||
Bloomin’ Brands, Inc. | 2,226 | 31,119 | ||||||
Boot Barn Holdings, Inc.(b) | 1,264 | 40,473 | ||||||
Brinker International, Inc. | 832 | 36,225 | ||||||
Buckle, Inc. (The) | 1,746 | 41,834 | ||||||
Caleres, Inc. | 3,958 | 30,397 | ||||||
Callaway Golf Co. | 1,877 | 29,075 | ||||||
Capri Holdings Ltd.(b) | 1,778 | 37,729 | ||||||
Cato Corp. (The), Class A | 4,250 | 26,010 | ||||||
Cavco Industries, Inc.(b) | 204 | 35,117 | ||||||
Century Communities, Inc.(b) | 922 | 35,811 | ||||||
Cheesecake Factory, Inc. (The)(c) | 1,285 | 38,190 | ||||||
Chico’s FAS, Inc. | 31,801 | 34,027 | ||||||
Children’s Place, Inc. (The)(c) | 1,480 | 37,400 | ||||||
Chuy’s Holdings, Inc.(b) | 1,663 | 34,906 | ||||||
Conn’s, Inc.(b) | 3,547 | 33,235 | ||||||
Cooper Tire & Rubber Co. | 1,043 | 35,869 | ||||||
Cooper-Standard Holdings, Inc.(b) | 2,414 | 37,876 | ||||||
Core-Mark Holding Co., Inc. | 1,129 | 30,878 | ||||||
Crocs, Inc.(b) | 863 | 45,161 | ||||||
Dave & Buster’s Entertainment, Inc.(c) | 2,193 | 37,632 | ||||||
Designer Brands, Inc., Class A | 6,124 | 26,517 | ||||||
Dine Brands Global, Inc. | 612 | 31,487 | ||||||
Dorman Products, Inc.(b) | 422 | 37,672 | ||||||
El Pollo Loco Holdings, Inc.(b) | 2,215 | 31,276 | ||||||
Ethan Allen Interiors, Inc. | 2,578 | 41,377 | ||||||
Fiesta Restaurant Group, Inc.(b) | 3,145 | 27,173 | ||||||
Fossil Group, Inc.(b) | 5,021 | 28,670 | ||||||
GameStop Corp., Class A(b)(c) | 5,953 | 62,328 | ||||||
Genesco, Inc.(b) | 1,666 | 29,522 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Gentherm, Inc.(b) | 840 | $ | 38,884 | |||||
G-III Apparel Group Ltd.(b) | 2,513 | 33,875 | ||||||
Group 1 Automotive, Inc. | 412 | 43,705 | ||||||
Guess?, Inc. | 3,109 | 36,624 | ||||||
Haverty Furniture Cos., Inc., (Acquired 01/26/2016 - 04/24/2020; Cost $28,618)(d) | 1,652 | 41,333 | ||||||
Hibbett Sports, Inc.(b) | 956 | 36,146 | ||||||
Installed Building Products, Inc.(b) | 383 | 34,677 | ||||||
iRobot Corp.(b)(c) | 471 | 37,482 | ||||||
Kontoor Brands, Inc. | 1,453 | 47,804 | ||||||
La-Z-Boy, Inc. | 1,115 | 38,166 | ||||||
LCI Industries | 340 | 37,284 | ||||||
LGI Homes, Inc.(b) | 322 | 34,415 | ||||||
Liquidity Services, Inc.(b) | 4,840 | 41,285 | ||||||
Lumber Liquidators Holdings, Inc.(b) | 1,625 | 35,945 | ||||||
M.D.C. Holdings, Inc. | 811 | 35,295 | ||||||
M/I Homes, Inc.(b) | 778 | 31,836 | ||||||
Macy’s, Inc.(c) | 5,143 | 31,938 | ||||||
MarineMax, Inc.(b) | 1,385 | 41,522 | ||||||
Meritage Homes Corp.(b) | 364 | 31,701 | ||||||
Michaels Cos., Inc. (The)(b)(c) | 3,482 | 28,239 | ||||||
Monarch Casino & Resort, Inc.(b) | 816 | 35,406 | ||||||
Monro, Inc. | 833 | 35,036 | ||||||
Motorcar Parts of America, Inc.(b) | 2,075 | 30,565 | ||||||
Movado Group, Inc. | 3,202 | 34,934 | ||||||
ODP Corp. (The) | 1,706 | 33,267 | ||||||
Oxford Industries, Inc. | 760 | 31,289 | ||||||
Patrick Industries, Inc. | 695 | 38,746 | ||||||
Perdoceo Education Corp.(b) | 3,026 | 34,164 | ||||||
PetMed Express, Inc.(c) | 1,250 | 36,975 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) | 3,085 | 37,143 | ||||||
Regis Corp.(b) | 5,992 | 33,196 | ||||||
Rent-A-Center, Inc. | 1,235 | 38,162 | ||||||
Ruth’s Hospitality Group, Inc.(c) | 3,275 | 36,615 | ||||||
Sally Beauty Holdings, Inc.(b) | 2,201 | 18,422 | ||||||
Shake Shack, Inc., Class A(b) | 554 | 37,406 | ||||||
Shoe Carnival, Inc.(c) | 996 | 30,856 | ||||||
Shutterstock, Inc. | 746 | 48,826 | ||||||
Signet Jewelers Ltd. | 2,039 | 45,429 | ||||||
Sleep Number Corp.(b) | 809 | 51,258 | ||||||
Sonic Automotive, Inc., Class A | 893 | 32,202 | ||||||
Stamps.com, Inc.(b) | 172 | 38,397 | ||||||
Standard Motor Products, Inc. | 760 | 34,808 | ||||||
Steven Madden Ltd. | 1,821 | 43,722 | ||||||
Sturm Ruger & Co., Inc. | 572 | 38,244 | ||||||
Tupperware Brands Corp. | 1,549 | 49,134 | ||||||
Unifi, Inc.(b) | 2,855 | 42,796 | ||||||
Universal Electronics, Inc.(b) | 962 | 35,652 | ||||||
Vera Bradley, Inc.(b) | 4,912 | 31,142 | ||||||
Vista Outdoor, Inc.(b) | 1,866 | 36,891 | ||||||
Winnebago Industries, Inc. | 694 | 32,583 | ||||||
Wolverine World Wide, Inc. | 1,399 | 37,311 | ||||||
YETI Holdings, Inc.(b) | 742 | 36,714 | ||||||
Zumiez, Inc.(b) | 1,274 | 35,672 | ||||||
|
| |||||||
3,307,848 | ||||||||
|
| |||||||
Consumer Staples-3.56% | ||||||||
Andersons, Inc. (The) | 2,185 | 47,393 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
B&G Foods, Inc.(c) | 1,370 | $ | 36,387 | |||||
Calavo Growers, Inc. | 571 | 38,331 | ||||||
Cal-Maine Foods, Inc.(b) | 932 | 35,742 | ||||||
Central Garden & Pet Co.(b) | 192 | 7,480 | ||||||
Central Garden & Pet Co., Class A(b) | 781 | 27,640 | ||||||
Chefs’ Warehouse, Inc. (The)(b) | 2,184 | 29,528 | ||||||
Coca-Cola Consolidated, Inc. | 135 | 30,908 | ||||||
Fresh Del Monte Produce, Inc. | 1,516 | 32,640 | ||||||
Inter Parfums, Inc. | 891 | 36,585 | ||||||
J&J Snack Foods Corp. | 269 | 36,468 | ||||||
John B. Sanfilippo & Son, Inc. | 472 | 34,343 | ||||||
Medifast, Inc. | 204 | 28,660 | ||||||
MGP Ingredients, Inc. | 956 | 40,171 | ||||||
National Beverage Corp.(b)(c) | 467 | 36,561 | ||||||
PriceSmart, Inc. | 502 | 34,638 | ||||||
Seneca Foods Corp., Class A(b) | 934 | 34,418 | ||||||
SpartanNash Co. | 2,112 | 38,882 | ||||||
United Natural Foods, Inc.(b) | 2,135 | 31,107 | ||||||
Universal Corp. | 844 | 33,633 | ||||||
USANA Health Sciences, Inc.(b) | 469 | 35,480 | ||||||
Vector Group Ltd. | 3,578 | 32,882 | ||||||
WD-40 Co. | 185 | 45,025 | ||||||
|
| |||||||
784,902 | ||||||||
|
| |||||||
Energy-5.62% | ||||||||
Archrock, Inc. | 6,360 | 37,715 | ||||||
Bonanza Creek Energy, Inc.(b) | 1,962 | 34,747 | ||||||
Bristow Group, Inc.(b) | 1,515 | 31,482 | ||||||
Callon Petroleum Co.(b)(c) | 7,193 | 37,619 | ||||||
CONSOL Energy, Inc.(b) | 7,898 | 29,933 | ||||||
Core Laboratories N.V. | 2,056 | 29,709 | ||||||
DMC Global, Inc. | 1,089 | 38,736 | ||||||
Dorian LPG Ltd.(b) | 4,087 | 33,513 | ||||||
Dril-Quip, Inc.(b) | 1,243 | 32,194 | ||||||
Exterran Corp.(b) | 8,930 | 37,774 | ||||||
Geospace Technologies Corp.(b) | 5,856 | 30,041 | ||||||
Green Plains, Inc.(b) | 2,632 | 39,743 | ||||||
Gulfport Energy Corp.(b) | 63,580 | 16,276 | ||||||
Helix Energy Solutions Group, Inc.(b) | 12,004 | 29,770 | ||||||
Helmerich & Payne, Inc. | 2,425 | 36,060 | ||||||
Laredo Petroleum, Inc.(b)(c) | 3,272 | 26,307 | ||||||
Matador Resources Co.(b) | 4,526 | 31,999 | ||||||
Matrix Service Co.(b) | 4,821 | 36,640 | ||||||
Nabors Industries Ltd.(c) | 1,275 | 36,235 | ||||||
Oceaneering International, Inc.(b) | 9,086 | 37,071 | ||||||
Oil States International, Inc.(b) | 10,953 | 27,273 | ||||||
Par Pacific Holdings, Inc.(b)(c) | 4,526 | 29,147 | ||||||
Patterson-UTI Energy, Inc. | 11,454 | 29,322 | ||||||
PBF Energy, Inc., Class A | 5,468 | 25,536 | ||||||
PDC Energy, Inc.(b) | 2,945 | 35,104 | ||||||
Penn Virginia Corp.(b)(c) | 4,037 | 31,004 | ||||||
ProPetro Holding Corp.(b) | 7,067 | 27,915 | ||||||
QEP Resources, Inc. | 37,756 | 33,980 | ||||||
Range Resources Corp. | 5,269 | 34,670 | ||||||
Renewable Energy Group, Inc.(b) | 879 | 49,576 | ||||||
REX American Resources Corp.(b) | 553 | 40,198 | ||||||
RPC, Inc.(b) | 12,125 | 28,858 | ||||||
SEACOR Holdings, Inc.(b) | 1,231 | 37,706 | ||||||
SM Energy Co. | 21,200 | 34,132 | ||||||
Southwestern Energy Co.(b) | 15,493 | 41,366 |
Shares | Value | |||||||
Energy-(continued) | ||||||||
Talos Energy, Inc.(b) | 6,338 | $ | 41,704 | |||||
US Silica Holdings, Inc. | 9,959 | 27,088 | ||||||
|
| |||||||
1,238,143 | ||||||||
|
| |||||||
Financials-17.81% | ||||||||
Allegiance Bancshares, Inc. | 1,458 | 41,261 | ||||||
Ambac Financial Group, Inc.(b) | 3,082 | 37,847 | ||||||
American Equity Investment Life Holding Co. | 1,591 | 39,489 | ||||||
Ameris Bancorp | 1,544 | 45,239 | ||||||
AMERISAFE, Inc. | 568 | 33,501 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 4,134 | 35,966 | ||||||
ARMOUR Residential REIT, Inc. | 3,685 | 35,155 | ||||||
Assured Guaranty Ltd. | 1,218 | 31,096 | ||||||
Axos Financial, Inc.(b) | 1,530 | 41,708 | ||||||
Banc of California, Inc. | 3,391 | 40,692 | ||||||
BancFirst Corp.(c) | 832 | 36,982 | ||||||
BankUnited, Inc. | 1,573 | 39,718 | ||||||
Banner Corp. | 1,080 | 39,820 | ||||||
Berkshire Hills Bancorp, Inc. | 3,796 | 49,462 | ||||||
Blucora, Inc.(b) | 3,625 | 36,069 | ||||||
Boston Private Financial Holdings, Inc. | 6,428 | 39,725 | ||||||
Brightsphere Investment Group, Inc. | 2,763 | 38,129 | ||||||
Brookline Bancorp, Inc. | 3,949 | 37,831 | ||||||
Cadence Bancorp | 4,177 | 46,866 | ||||||
Capitol Federal Financial, Inc. | 3,127 | 35,898 | ||||||
Capstead Mortgage Corp. | 6,134 | 31,345 | ||||||
Central Pacific Financial Corp. | 2,466 | 33,957 | ||||||
City Holding Co. | 599 | 36,198 | ||||||
Columbia Banking System, Inc. | 1,420 | 40,342 | ||||||
Community Bank System, Inc. | 622 | 36,070 | ||||||
Customers Bancorp, Inc.(b) | 3,044 | 42,068 | ||||||
CVB Financial Corp. | 2,122 | 37,135 | ||||||
Dime Community Bancshares, Inc. | 2,875 | 36,369 | ||||||
Donnelley Financial Solutions, Inc.(b) | 3,351 | 42,323 | ||||||
Eagle Bancorp, Inc. | 1,286 | 38,477 | ||||||
eHealth, Inc.(b) | 505 | 33,891 | ||||||
Employers Holdings, Inc. | 1,176 | 37,644 | ||||||
Encore Capital Group, Inc.(b) | 883 | 28,194 | ||||||
Enova International, Inc.(b) | 2,191 | 33,632 | ||||||
EZCORP, Inc., Class A(b) | 6,959 | 31,037 | ||||||
FB Financial Corp. | 1,366 | 40,297 | ||||||
First Bancorp | 6,509 | 42,243 | ||||||
First Commonwealth Financial Corp. | 4,678 | 40,324 | ||||||
First Financial Bancorp | 2,797 | 39,997 | ||||||
First Hawaiian, Inc.(c) | 2,335 | 40,302 | ||||||
First Midwest Bancorp, Inc. | 3,082 | 38,679 | ||||||
Flagstar Bancorp, Inc. | 1,165 | 34,193 | ||||||
Granite Point Mortgage Trust, Inc. | 5,876 | 39,604 | ||||||
Great Western Bancorp, Inc. | 2,803 | 36,411 | ||||||
Green Dot Corp., Class A(b) | 732 | 39,030 | ||||||
Greenhill & Co., Inc. | 3,026 | 39,126 | ||||||
Hanmi Financial Corp. | 4,051 | 36,418 | ||||||
HCI Group, Inc. | 669 | 31,430 | ||||||
Heritage Financial Corp. | 1,875 | 39,300 | ||||||
HomeStreet, Inc. | 1,350 | 41,945 | ||||||
Hope Bancorp, Inc. | 4,504 | 36,347 | ||||||
Horace Mann Educators Corp. | 1,021 | 34,622 | ||||||
Independent Bank Corp. | 645 | 36,952 | ||||||
Independent Bank Group, Inc. | 796 | 41,058 | ||||||
Invesco Mortgage Capital, Inc.(c)(e) | 13,378 | 36,121 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Financials-(continued) | ||||||||
James River Group Holdings Ltd. | 769 | $ | 35,935 | |||||
Kinsale Capital Group, Inc. | 193 | 36,182 | ||||||
KKR Real Estate Finance Trust, Inc. | 2,014 | 33,654 | ||||||
Meta Financial Group, Inc. | 2,027 | 59,472 | ||||||
Mr. Cooper Group, Inc.(b) | 1,774 | 37,396 | ||||||
National Bank Holdings Corp., Class A | 1,338 | 40,341 | ||||||
NBT Bancorp, Inc. | 1,258 | 34,444 | ||||||
New York Mortgage Trust, Inc. | 14,618 | 37,130 | ||||||
NMI Holdings, Inc., Class A(b) | 1,932 | 41,519 | ||||||
Northfield Bancorp, Inc. | 3,695 | 37,541 | ||||||
Northwest Bancshares, Inc. | 3,638 | 38,817 | ||||||
OFG Bancorp | 2,828 | 40,695 | ||||||
Old National Bancorp | 2,767 | 38,683 | ||||||
Pacific Premier Bancorp, Inc. | 1,686 | 42,993 | ||||||
Palomar Holdings, Inc.(b) | 346 | 30,853 | ||||||
Park National Corp. | 409 | 37,485 | ||||||
PennyMac Mortgage Investment Trust | 2,154 | 32,245 | ||||||
Piper Sandler Cos | 536 | 44,729 | ||||||
PRA Group, Inc.(b) | 875 | 29,864 | ||||||
Preferred Bank | 1,069 | 36,164 | ||||||
ProAssurance Corp. | 2,537 | 39,146 | ||||||
Provident Financial Services, Inc. | 2,830 | 38,403 | ||||||
Ready Capital Corp. | 3,530 | 39,677 | ||||||
Redwood Trust, Inc. | 5,085 | 43,223 | ||||||
Renasant Corp. | 823 | 23,464 | ||||||
S&T Bancorp, Inc. | 1,880 | 37,205 | ||||||
Safety Insurance Group, Inc. | 519 | 36,330 | ||||||
Seacoast Banking Corp. of Florida(b) | 1,943 | 41,736 | ||||||
ServisFirst Bancshares, Inc. | 1,024 | 37,786 | ||||||
Simmons First National Corp., Class A | 2,205 | 37,463 | ||||||
Southside Bancshares, Inc. | 1,389 | 37,447 | ||||||
Stewart Information Services Corp. | 819 | 34,717 | ||||||
StoneX Group, Inc.(b) | 686 | 36,344 | ||||||
Third Point Reinsurance Ltd. | 4,470 | 34,777 | ||||||
Tompkins Financial Corp. | 598 | 33,482 | ||||||
Triumph Bancorp, Inc.(b) | 1,239 | 52,199 | ||||||
Trupanion, Inc.(b) | 515 | 36,843 | ||||||
TrustCo Bank Corp. | 6,462 | 35,509 | ||||||
United Community Banks, Inc. | 2,076 | 43,471 | ||||||
United Fire Group, Inc. | 1,604 | 32,946 | ||||||
United Insurance Holdings Corp. | 4,808 | 21,107 | ||||||
Universal Insurance Holdings, Inc. | 2,109 | 26,299 | ||||||
Veritex Holdings, Inc. | 2,014 | 39,736 | ||||||
Virtus Investment Partners, Inc. | 268 | 42,759 | ||||||
Waddell & Reed Financial, Inc., Class A | 2,409 | 36,978 | ||||||
Walker & Dunlop, Inc. | 697 | 43,827 | ||||||
Westamerica Bancorporation | 640 | 33,517 | ||||||
WisdomTree Investments, Inc. | 11,086 | 40,353 | ||||||
World Acceptance Corp.(b)(c) | 418 | 35,108 | ||||||
|
| |||||||
3,923,529 | ||||||||
|
| |||||||
Health Care-12.39% | ||||||||
Addus HomeCare Corp.(b) | 387 | 37,760 | ||||||
Allscripts Healthcare Solutions, Inc.(b) | 4,184 | 42,175 | ||||||
AMAG Pharmaceuticals, Inc.(b)(c) | 3,966 | 54,414 | ||||||
AMN Healthcare Services, Inc.(b) | 677 | 44,195 | ||||||
Amphastar Pharmaceuticals, Inc.(b) | 1,867 | 36,575 | ||||||
AngioDynamics, Inc.(b) | 3,984 | 41,195 | ||||||
ANI Pharmaceuticals, Inc.(b) | 1,312 | 33,443 | ||||||
Anika Therapeutics, Inc.(b) | 994 | 32,424 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
BioTelemetry, Inc.(b) | 918 | $ | 39,088 | |||||
Cardiovascular Systems, Inc.(b) | 1,064 | 37,932 | ||||||
Coherus Biosciences, Inc.(b)(c) | 1,989 | 33,157 | ||||||
Community Health Systems, Inc.(b) | 8,021 | 50,051 | ||||||
Computer Programs & Systems, Inc. | 1,309 | 36,508 | ||||||
CONMED Corp. | 419 | 32,669 | ||||||
Corcept Therapeutics, Inc.(b) | 2,044 | 34,298 | ||||||
CorVel Corp.(b) | 428 | 39,042 | ||||||
Covetrus, Inc.(b) | 1,867 | 46,096 | ||||||
Cross Country Healthcare, Inc.(b) | 6,057 | 47,547 | ||||||
CryoLife, Inc.(b) | 2,201 | 36,889 | ||||||
Cutera, Inc.(b) | 2,128 | 40,283 | ||||||
Cytokinetics, Inc.(b)(c) | 1,612 | 24,776 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 979 | 45,543 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 782 | 34,119 | ||||||
Endo International PLC(b) | 12,947 | 59,168 | ||||||
Ensign Group, Inc. (The) | 679 | 39,952 | ||||||
Fulgent Genetics, Inc.(b)(c) | 508 | 16,525 | ||||||
Glaukos Corp.(b)(c) | 771 | 43,114 | ||||||
Hanger, Inc.(b) | 2,067 | 36,110 | ||||||
HealthStream, Inc.(b) | 1,805 | 33,031 | ||||||
Heska Corp.(b) | 382 | 44,820 | ||||||
HMS Holdings Corp.(b) | 1,404 | 37,374 | ||||||
Innoviva, Inc.(b) | 3,161 | 34,170 | ||||||
Inogen, Inc.(b) | 1,338 | 39,083 | ||||||
Integer Holdings Corp.(b) | 564 | 32,966 | ||||||
Invacare Corp. | 5,395 | 43,753 | ||||||
Lannett Co., Inc.(b) | 6,520 | 41,924 | ||||||
Lantheus Holdings, Inc.(b) | 2,884 | 31,320 | ||||||
LeMaitre Vascular, Inc. | 1,175 | 38,164 | ||||||
Luminex Corp. | 1,465 | 32,289 | ||||||
Magellan Health, Inc.(b) | 485 | 35,051 | ||||||
Meridian Bioscience, Inc.(b) | 2,391 | 41,006 | ||||||
Merit Medical Systems, Inc.(b) | 824 | 41,241 | ||||||
Mesa Laboratories, Inc. | 147 | 38,427 | ||||||
Myriad Genetics, Inc.(b) | 2,728 | 33,909 | ||||||
Natus Medical, Inc.(b) | 2,046 | 37,258 | ||||||
NeoGenomics, Inc.(b) | 1,026 | 40,250 | ||||||
NextGen Healthcare, Inc.(b) | 2,710 | 36,856 | ||||||
Omnicell, Inc.(b) | 505 | 43,708 | ||||||
OraSure Technologies, Inc.(b) | 3,206 | 47,898 | ||||||
Orthofix Medical, Inc.(b) | 1,283 | 40,107 | ||||||
Owens & Minor, Inc. | 2,309 | 58,002 | ||||||
Pacira BioSciences, Inc.(b) | 629 | 32,897 | ||||||
Pennant Group, Inc. (The)(b) | 1,101 | 45,868 | ||||||
Phibro Animal Health Corp., Class A | 1,999 | 32,864 | ||||||
Providence Service Corp. (The)(b) | 415 | 48,783 | ||||||
R1 RCM, Inc.(b) | 2,242 | 40,177 | ||||||
RadNet, Inc.(b) | 2,315 | 33,591 | ||||||
REGENXBIO, Inc.(b) | 1,342 | 38,596 | ||||||
Select Medical Holdings Corp.(b) | 1,849 | 38,792 | ||||||
Simulations Plus, Inc. | 577 | 37,401 | ||||||
Spectrum Pharmaceuticals, Inc.(b) | 9,225 | 31,642 | ||||||
Supernus Pharmaceuticals, Inc.(b) | 1,703 | 31,267 | ||||||
SurModics, Inc.(b) | 936 | 34,398 | ||||||
Tabula Rasa HealthCare, Inc.(b)(c) | 878 | 30,326 | ||||||
Tactile Systems Technology, Inc.(b) | 1,066 | 38,994 | ||||||
Tivity Health, Inc.(b) | 2,506 | 34,457 | ||||||
US Physical Therapy, Inc. | 398 | 31,573 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 3,722 | 39,788 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Varex Imaging Corp.(b) | 3,388 | $ | 45,399 | |||||
Xencor, Inc.(b) | 952 | 36,538 | ||||||
Zynex, Inc.(b)(c) | 2,340 | 29,975 | ||||||
|
| |||||||
2,730,981 | ||||||||
|
| |||||||
Industrials-15.10% | ||||||||
AAON, Inc. | 642 | 37,499 | ||||||
AAR Corp. | 1,985 | 38,628 | ||||||
ABM Industries, Inc. | 1,003 | 34,824 | ||||||
Aegion Corp.(b) | 2,517 | 35,515 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 901 | 29,210 | ||||||
AeroVironment, Inc.(b) | 567 | 43,296 | ||||||
Alamo Group, Inc. | 337 | 40,551 | ||||||
Albany International Corp., Class A | 706 | 35,964 | ||||||
Allegiant Travel Co. | 273 | 36,789 | ||||||
American Woodmark Corp.(b) | 440 | 36,348 | ||||||
Apogee Enterprises, Inc. | 1,860 | 44,435 | ||||||
Applied Industrial Technologies, Inc. | 632 | 38,584 | ||||||
ArcBest Corp. | 1,117 | 34,091 | ||||||
Arcosa, Inc. | 815 | 37,629 | ||||||
Astec Industries, Inc. | 706 | 35,865 | ||||||
Atlas Air Worldwide Holdings, Inc.(b) | 636 | 37,626 | ||||||
AZZ, Inc. | 1,085 | 36,445 | ||||||
Barnes Group, Inc. | 1,063 | 39,012 | ||||||
Brady Corp., Class A | 799 | 30,138 | ||||||
Chart Industries, Inc.(b) | 537 | 45,350 | ||||||
CIRCOR International, Inc.(b) | 1,343 | 37,470 | ||||||
Comfort Systems USA, Inc. | 717 | 32,839 | ||||||
Cubic Corp. | 850 | 50,244 | ||||||
Deluxe Corp. | 1,388 | 29,759 | ||||||
DXP Enterprises, Inc.(b) | 2,124 | 33,219 | ||||||
Echo Global Logistics, Inc.(b) | 1,349 | 36,383 | ||||||
Encore Wire Corp. | 741 | 34,242 | ||||||
Enerpac Tool Group Corp. | 1,741 | 31,042 | ||||||
EnPro Industries, Inc. | 649 | 38,304 | ||||||
ESCO Technologies, Inc. | 421 | 35,233 | ||||||
Exponent, Inc. | 474 | 32,986 | ||||||
Federal Signal Corp. | 1,162 | 33,326 | ||||||
Forrester Research, Inc.(b) | 1,072 | 39,600 | ||||||
Forward Air Corp. | 627 | 39,482 | ||||||
Foundation Building Materials, Inc.(b) | 2,322 | 33,808 | ||||||
Franklin Electric Co., Inc. | 618 | 36,913 | ||||||
Gibraltar Industries, Inc.(b) | 580 | 33,321 | ||||||
GMS, Inc.(b) | 1,549 | 35,007 | ||||||
Granite Construction, Inc. | 2,080 | 40,165 | ||||||
Greenbrier Cos., Inc. (The) | 1,323 | 35,695 | ||||||
Griffon Corp. | 1,873 | 40,157 | ||||||
Harsco Corp.(b) | 2,747 | 35,436 | ||||||
Hawaiian Holdings, Inc. | 2,586 | 35,816 | ||||||
Heartland Express, Inc. | 1,804 | 33,031 | ||||||
Heidrick & Struggles International, Inc. | 1,642 | 37,520 | ||||||
Hillenbrand, Inc. | 1,223 | 35,773 | ||||||
Hub Group, Inc., Class A(b) | 691 | 34,640 | ||||||
Insteel Industries, Inc. | 2,080 | 45,261 | ||||||
Interface, Inc. | 5,323 | 32,630 | ||||||
John Bean Technologies Corp. | 368 | 30,901 | ||||||
Kaman Corp. | 850 | 33,711 | ||||||
Kelly Services, Inc., Class A | 2,147 | 37,315 | ||||||
Korn Ferry | 1,263 | 38,130 | ||||||
Lindsay Corp. | 373 | 39,277 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Lydall, Inc.(b) | 2,080 | $ | 41,163 | |||||
Marten Transport Ltd. | 2,040 | 31,304 | ||||||
Matson, Inc. | 935 | 48,573 | ||||||
Matthews International Corp., Class A | 1,554 | 33,924 | ||||||
Meritor, Inc.(b) | 1,546 | 37,630 | ||||||
Moog, Inc., Class A | 607 | 37,871 | ||||||
Mueller Industries, Inc. | 1,267 | 36,654 | ||||||
MYR Group, Inc.(b) | 1,021 | 43,648 | ||||||
National Presto Industries, Inc. | 445 | 36,975 | ||||||
NOW, Inc.(b) | 6,134 | 24,965 | ||||||
Park Aerospace Corp. | 3,243 | 34,343 | ||||||
PGT Innovations, Inc.(b) | 2,019 | 33,475 | ||||||
Pitney Bowes, Inc. | 7,040 | 37,382 | ||||||
Powell Industries, Inc. | 1,406 | 33,224 | ||||||
Proto Labs, Inc.(b) | 244 | 28,812 | ||||||
Quanex Building Products Corp. | 2,065 | 37,583 | ||||||
Raven Industries, Inc. | 1,487 | 32,595 | ||||||
Resideo Technologies, Inc.(b) | 2,879 | 29,020 | ||||||
Resources Connection, Inc. | 3,211 | 34,486 | ||||||
RR Donnelley & Sons Co. | 31,801 | 37,207 | ||||||
Saia, Inc.(b) | 274 | 40,459 | ||||||
SkyWest, Inc. | 1,046 | 30,365 | ||||||
SPX Corp.(b) | 905 | 38,363 | ||||||
SPX FLOW, Inc.(b) | 826 | 34,981 | ||||||
Standex International Corp. | 616 | 38,247 | ||||||
Team, Inc.(b) | 6,176 | 33,103 | ||||||
Tennant Co. | 576 | 34,341 | ||||||
Titan International, Inc. | 11,020 | 30,305 | ||||||
Triumph Group, Inc. | 5,577 | 36,808 | ||||||
TrueBlue, Inc.(b) | 2,244 | 34,827 | ||||||
UFP Industries, Inc. | 652 | 32,541 | ||||||
UniFirst Corp. | 192 | 31,452 | ||||||
US Ecology, Inc. | 1,010 | 30,825 | ||||||
Veritiv Corp.(b) | 2,514 | 36,202 | ||||||
Viad Corp. | 1,685 | 33,700 | ||||||
Vicor Corp.(b) | 443 | 34,554 | ||||||
Wabash National Corp. | 3,269 | 46,616 | ||||||
Watts Water Technologies, Inc., Class A | 370 | 40,985 | ||||||
|
| |||||||
3,325,943 | ||||||||
|
| |||||||
Information Technology-12.99% | ||||||||
3D Systems Corp.(b)(c) | 6,945 | 39,517 | ||||||
8x8, Inc.(b) | 2,438 | 42,129 | ||||||
ADTRAN, Inc. | 3,514 | 37,565 | ||||||
Advanced Energy Industries, Inc.(b) | 616 | 41,561 | ||||||
Agilysys, Inc.(b) | 1,492 | 40,403 | ||||||
Alarm.com Holdings, Inc.(b) | 648 | 37,798 | ||||||
Applied Optoelectronics, Inc.(b)(c) | 3,738 | 32,820 | ||||||
Arlo Technologies, Inc.(b) | 6,394 | 28,517 | ||||||
Axcelis Technologies, Inc.(b) | 1,768 | 39,020 | ||||||
Badger Meter, Inc. | 587 | 43,051 | ||||||
Bel Fuse, Inc., Class B | 3,370 | 39,463 | ||||||
Benchmark Electronics, Inc. | 1,824 | 37,994 | ||||||
Bottomline Technologies (DE), Inc.(b) | 873 | 34,676 | ||||||
Brooks Automation, Inc. | 848 | 39,602 | ||||||
CalAmp Corp.(b) | 4,326 | 30,628 | ||||||
Cardtronics PLC, Class A(b) | 1,868 | 33,269 | ||||||
CEVA, Inc.(b) | 975 | 39,312 | ||||||
Cohu, Inc. | 2,252 | 48,936 | ||||||
Comtech Telecommunications Corp. | 2,514 | 36,202 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
CSG Systems International, Inc. | 932 | $ | 35,304 | |||||
CTS Corp. | 1,756 | 48,536 | ||||||
Daktronics, Inc. | 8,383 | 32,694 | ||||||
Diebold Nixdorf, Inc.(b) | 4,751 | 29,599 | ||||||
Digi International, Inc.(b) | 2,436 | 35,882 | ||||||
Diodes, Inc.(b) | 751 | 43,430 | ||||||
DSP Group, Inc.(b) | 2,738 | 36,059 | ||||||
Ebix, Inc.(c) | 1,831 | 33,068 | ||||||
ePlus, Inc.(b) | 496 | 33,485 | ||||||
EVERTEC, Inc. | 1,075 | 35,776 | ||||||
ExlService Holdings, Inc.(b) | 597 | 45,217 | ||||||
Extreme Networks, Inc.(b) | 9,490 | 38,529 | ||||||
Fabrinet (Thailand)(b) | 610 | 36,612 | ||||||
FARO Technologies, Inc.(b) | 646 | 38,915 | ||||||
FormFactor, Inc.(b) | 1,616 | 45,814 | ||||||
Harmonic, Inc.(b) | 6,580 | 39,085 | ||||||
Ichor Holdings Ltd.(b) | 1,822 | 42,380 | ||||||
Insight Enterprises, Inc.(b) | 646 | 34,464 | ||||||
Itron, Inc.(b) | 625 | 42,469 | ||||||
Knowles Corp.(b) | 2,420 | 34,485 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 1,581 | 41,327 | ||||||
LivePerson, Inc.(b) | 733 | 39,186 | ||||||
ManTech International Corp., Class A | 491 | 31,856 | ||||||
MaxLinear, Inc.(b) | 1,652 | 43,679 | ||||||
Methode Electronics, Inc. | 1,283 | 39,478 | ||||||
MicroStrategy, Inc., Class A(b) | 256 | 42,770 | ||||||
MTS Systems Corp. | 1,687 | 40,960 | ||||||
NETGEAR, Inc.(b) | 1,178 | 36,306 | ||||||
NIC, Inc. | 1,766 | 39,594 | ||||||
OneSpan, Inc.(b) | 1,785 | 39,145 | ||||||
Onto Innovation, Inc.(b) | 1,280 | 41,050 | ||||||
OSI Systems, Inc.(b) | 468 | 36,111 | ||||||
PC Connection, Inc. | 827 | 37,670 | ||||||
PDF Solutions, Inc.(b) | 1,946 | 36,468 | ||||||
Perficient, Inc.(b) | 859 | 33,638 | ||||||
Photronics, Inc.(b) | 4,064 | 39,624 | ||||||
Plantronics, Inc. | 3,016 | 58,872 | ||||||
Plexus Corp.(b) | 509 | 35,396 | ||||||
Power Integrations, Inc. | 683 | 41,123 | ||||||
Progress Software Corp. | 1,037 | 37,716 | ||||||
Rambus, Inc.(b) | 2,723 | 37,550 | ||||||
Rogers Corp.(b) | 337 | 40,851 | ||||||
Sanmina Corp.(b) | 1,372 | 33,532 | ||||||
ScanSource, Inc.(b) | 1,945 | 39,094 | ||||||
SMART Global Holdings, Inc.(b) | 1,508 | 39,796 | ||||||
SPS Commerce, Inc.(b) | 488 | 41,768 | ||||||
Sykes Enterprises, Inc.(b) | 1,131 | 38,725 | ||||||
TTEC Holdings, Inc. | 672 | 36,812 | ||||||
TTM Technologies, Inc.(b) | 3,189 | 37,853 | ||||||
Ultra Clean Holdings, Inc.(b) | 1,886 | 40,153 | ||||||
Unisys Corp.(b) | 3,180 | 41,785 | ||||||
Veeco Instruments, Inc.(b) | 3,395 | 43,218 | ||||||
Viavi Solutions, Inc.(b) | 3,142 | 38,804 | ||||||
Virtusa Corp.(b) | 720 | 36,216 | ||||||
Xperi Holding Corp. | 3,189 | 39,544 | ||||||
|
| |||||||
2,861,936 | ||||||||
|
| |||||||
Materials-6.34% | ||||||||
AdvanSix, Inc.(b) | 2,959 | 45,036 | ||||||
Allegheny Technologies, Inc.(b) | 4,171 | 38,415 |
Shares | Value | |||||||
Materials-(continued) | ||||||||
American Vanguard Corp. | 2,566 | $ | 33,153 | |||||
Arconic Corp.(b) | 1,902 | 41,349 | ||||||
Balchem Corp. | 377 | 37,681 | ||||||
Boise Cascade Co. | 897 | 34,427 | ||||||
Carpenter Technology Corp. | 1,860 | 32,513 | ||||||
Century Aluminum Co.(b) | 3,741 | 24,616 | ||||||
Clearwater Paper Corp.(b) | 1,175 | 43,651 | ||||||
Cleveland-Cliffs, Inc.(c) | 5,962 | 49,365 | ||||||
Ferro Corp.(b) | 2,940 | 37,808 | ||||||
FutureFuel Corp. | 3,189 | 37,917 | ||||||
GCP Applied Technologies, Inc.(b) | 1,587 | 34,612 | ||||||
Glatfelter Corp. | 2,623 | 37,430 | ||||||
H.B. Fuller Co. | 734 | 33,214 | ||||||
Hawkins, Inc. | 738 | 34,472 | ||||||
Haynes International, Inc. | 1,991 | 32,274 | ||||||
Innospec, Inc. | 540 | 35,716 | ||||||
Kaiser Aluminum Corp. | 634 | 39,898 | ||||||
Koppers Holdings, Inc.(b) | 1,632 | 36,606 | ||||||
Kraton Corp.(b) | 2,103 | 59,515 | ||||||
Livent Corp.(b) | 4,171 | 44,838 | ||||||
Materion Corp. | 715 | 36,601 | ||||||
Mercer International, Inc. (Germany) | 5,128 | 32,255 | ||||||
Myers Industries, Inc. | 2,506 | 35,936 | ||||||
Neenah, Inc. | 899 | 33,829 | ||||||
Olympic Steel, Inc. | 3,293 | 37,573 | ||||||
Quaker Chemical Corp. | 195 | 37,204 | ||||||
Rayonier Advanced Materials, Inc.(b) | 8,974 | 30,781 | ||||||
Schweitzer-Mauduit International, Inc., Class A | 1,237 | 41,068 | ||||||
Stepan Co. | 314 | 36,562 | ||||||
SunCoke Energy, Inc. | 10,758 | 37,545 | ||||||
TimkenSteel Corp.(b) | 10,241 | 39,633 | ||||||
Tredegar Corp. | 2,227 | 32,470 | ||||||
Trinseo S.A. | 1,425 | 45,344 | ||||||
US Concrete, Inc.(b) | 1,306 | 44,352 | ||||||
Warrior Met Coal, Inc. | 2,027 | 30,405 | ||||||
|
| |||||||
1,396,064 | ||||||||
|
| |||||||
Real Estate-7.79% | ||||||||
Acadia Realty Trust | 3,237 | 30,201 | ||||||
Agree Realty Corp. | 545 | 33,828 | ||||||
Alexander & Baldwin, Inc. | 3,357 | 43,137 | ||||||
American Assets Trust, Inc. | 1,470 | 30,767 | ||||||
Armada Hoffler Properties, Inc. | 3,733 | 33,634 | ||||||
Brandywine Realty Trust | 3,516 | 30,800 | ||||||
CareTrust REIT, Inc. | 1,939 | 33,157 | ||||||
Chatham Lodging Trust | 4,939 | 36,302 | ||||||
Community Healthcare Trust, Inc. | 767 | 35,512 | ||||||
CoreCivic, Inc. | 4,015 | 25,736 | ||||||
DiamondRock Hospitality Co. | 6,840 | 33,790 | ||||||
Diversified Healthcare Trust | 9,798 | 28,365 | ||||||
Easterly Government Properties, Inc. | 1,544 | 32,270 | ||||||
Essential Properties Realty Trust, Inc. | 1,971 | 32,561 | ||||||
Four Corners Property Trust, Inc. | 1,422 | 36,034 | ||||||
Franklin Street Properties Corp. | 8,757 | 36,779 | ||||||
Getty Realty Corp. | 1,310 | 34,427 | ||||||
Global Net Lease, Inc. | 2,110 | 30,025 | ||||||
Hersha Hospitality Trust | 6,124 | 30,008 | ||||||
Independence Realty Trust, Inc. | 3,231 | 39,257 | ||||||
Industrial Logistics Properties Trust | 1,667 | 31,973 | ||||||
Innovative Industrial Properties, Inc.(c) | 298 | 34,756 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Investors Real Estate Trust | 535 | $ | 36,064 | |||||
iStar, Inc. | 3,019 | 35,624 | ||||||
Kite Realty Group Trust | 3,260 | 33,774 | ||||||
Lexington Realty Trust | 3,289 | 32,660 | ||||||
LTC Properties, Inc. | 990 | 32,680 | ||||||
Mack-Cali Realty Corp. | 2,744 | 30,157 | ||||||
Marcus & Millichap, Inc.(b) | 1,277 | 39,881 | ||||||
National Storage Affiliates Trust | 1,051 | 35,618 | ||||||
NexPoint Residential Trust, Inc. | 878 | 38,913 | ||||||
Office Properties Income Trust | 1,615 | 29,732 | ||||||
RE/MAX Holdings, Inc., Class A | 1,057 | 34,183 | ||||||
Realogy Holdings Corp. | 3,243 | 36,192 | ||||||
Retail Opportunity Investments Corp. | 3,417 | 33,247 | ||||||
Retail Properties of America, Inc., Class A | 5,982 | 31,346 | ||||||
RPT Realty | 6,294 | 30,778 | ||||||
Safehold, Inc.(c) | 622 | 42,806 | ||||||
Saul Centers, Inc. | 1,444 | 35,739 | ||||||
SITE Centers Corp. | 4,808 | 32,743 | ||||||
St. Joe Co. (The)(b) | 1,704 | 46,076 | ||||||
Summit Hotel Properties, Inc. | 6,580 | 34,742 | ||||||
Tanger Factory Outlet Centers, Inc.(c) | 6,580 | 40,730 | ||||||
Uniti Group, Inc. | 3,882 | 34,239 | ||||||
Universal Health Realty Income Trust | 566 | 30,264 | ||||||
Urstadt Biddle Properties, Inc., Class A | 3,902 | 37,108 | ||||||
Washington Prime Group, Inc.(c) | 59,873 | 35,056 | ||||||
Washington REIT | 1,806 | 31,569 | ||||||
Whitestone REIT | 6,144 | 36,618 | ||||||
Xenia Hotels & Resorts, Inc. | 4,235 | 34,896 | ||||||
|
| |||||||
1,716,754 | ||||||||
|
| |||||||
Utilities-1.00% | ||||||||
American States Water Co. | 493 | 36,822 | ||||||
Avista Corp. | 1,053 | 34,981 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
California Water Service Group | 830 | $ | 36,993 | |||||
Chesapeake Utilities Corp. | 424 | 41,217 | ||||||
Northwest Natural Holding Co. | 784 | 34,841 | ||||||
South Jersey Industries, Inc. | 1,802 | 34,725 | ||||||
|
| |||||||
219,579 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 22,016,316 | ||||||
|
| |||||||
Money Market Funds-0.04% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(e)(f) | 8,056 | 8,056 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 22,024,372 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.78% | ||||||||
Invesco Private Government Fund, | 509,419 | 509,419 | ||||||
Invesco Private Prime Fund, | 763,899 | 764,128 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,273,533) |
| 1,273,547 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-105.75% |
| 23,297,919 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.75)% |
| (1,266,954 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 22,030,965 | |||||
|
|
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, 2020. |
(d) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Mortgage Capital, Inc. | $ | 26,232 | $ | 21,156 | $ | (10,990 | ) | $ | 8,823 | $ | (9,100 | ) | $ | 36,121 | $ | 5,160 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 64,449 | (56,393 | ) | - | - | 8,056 | - | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 306,738 | (306,738 | ) | - | - | - | 2 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 1,982,765 | $ | 4,784,597 | $ | (6,257,943 | ) | $ | - | $ | - | $ | 509,419 | $ | 294 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 1,994,316 | (1,230,284 | ) | 14 | 82 | 764,128 | 245 | * | ||||||||||||||||||||||||||
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Total | $ | 2,008,997 | $ | 7,171,256 | $ | (7,862,348 | ) | $ | 8,837 | $ | (9,018 | ) | $ | 1,317,724 | $ | 5,701 | |||||||||||||||||||
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* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020
Financials | 17.81 | |||
Industrials | 15.10 | |||
Consumer Discretionary | 15.01 | |||
Information Technology | 12.99 | |||
Health Care | 12.39 | |||
Real Estate | 7.79 | |||
Materials | 6.34 | |||
Energy | 5.62 | |||
Consumer Staples | 3.56 | |||
Sector Types Each Less Than 3% | 3.32 | |||
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.
43 | ||||
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Statements of Assets and Liabilities
October 31, 2020
(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) | $ | 13,553,546,728 | $ | 19,261,475 | $ | 281,492,247 | $ | 474,966,159 | ||||||||||||
Affiliated investments in securities, at value | 125,101,089 | 19,860 | 4,360,352 | - | ||||||||||||||||
Cash | - | 96 | - | - | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 12,976,699 | 26,213 | 71,698 | 665,959 | ||||||||||||||||
Securities lending | 29,751 | - | 848 | - | ||||||||||||||||
Investments sold | 80,501,747 | - | - | - | ||||||||||||||||
Other assets | 5,774 | - | 1,802 | - | ||||||||||||||||
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Total assets | 13,772,161,788 | 19,307,644 | 285,926,947 | 475,632,118 | ||||||||||||||||
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Liabilities: | ||||||||||||||||||||
Due to custodian | 2,716 | - | 23,687 | 201,648 | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | 33,513 | - | - | ||||||||||||||||
Investments purchased - affiliated broker | - | 5,316 | - | - | ||||||||||||||||
Collateral upon return of securities loaned | 85,330,020 | - | 4,360,352 | - | ||||||||||||||||
Fund shares repurchased | 80,884,117 | - | - | - | ||||||||||||||||
Accrued unitary management fees | 2,359,735 | 6,866 | 89,906 | 172,060 | ||||||||||||||||
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Total liabilities | 168,576,588 | 45,695 | 4,473,945 | 373,708 | ||||||||||||||||
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Net Assets | $ | 13,603,585,200 | $ | 19,261,949 | $ | 281,453,002 | $ | 475,258,410 | ||||||||||||
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Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 14,213,504,936 | $ | 20,515,556 | $ | 307,203,270 | $ | 516,436,590 | ||||||||||||
Distributable earnings (loss) | (609,919,736 | ) | (1,253,607 | ) | (25,750,268 | ) | (41,178,180 | ) | ||||||||||||
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Net Assets | $ | 13,603,585,200 | $ | 19,261,949 | $ | 281,453,002 | $ | 475,258,410 | ||||||||||||
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Shares outstanding (unlimited amount authorized, | 126,552,663 | 750,001 | 2,750,000 | 3,450,000 | ||||||||||||||||
Net asset value | $ | 107.49 | $ | 25.68 | $ | 102.35 | $ | 137.76 | ||||||||||||
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Market price | $ | 107.33 | $ | 25.66 | $ | 102.18 | $ | 137.58 | ||||||||||||
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Unaffiliated investments in securities, at cost | $ | 12,982,861,476 | $ | 19,796,001 | $ | 276,262,042 | $ | 471,391,169 | ||||||||||||
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Affiliated investments in securities, at cost | $ | 139,210,668 | $ | 19,860 | $ | 4,360,352 | $ | - | ||||||||||||
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(a)Includes securities on loan with an aggregate value of: | $ | 85,385,719 | $ | - | $ | 4,462,162 | $ | - | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | ||||
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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) | |||||||||||||||||||||||||||
�� | |||||||||||||||||||||||||||||||||
$ | 39,611,778 | $ | 140,876,259 | $ | 696,871,113 | $ | 361,964,245 | $ | 201,833,698 | $ | 17,460,659 | $ | 1,803,623,256 | ||||||||||||||||||||
10,792 | 2,688,324 | 148,625 | 4,658,180 | 3,047,217 | 1,104,806 | 132,443 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
127,897 | 274,990 | 386,895 | 195,145 | 127,180 | 12,449 | 507,703 | |||||||||||||||||||||||||||
- | - | - | 2,379 | 2,856 | 85 | - | |||||||||||||||||||||||||||
1,062,712 | - | - | - | - | - | 10,365,141 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
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40,813,179 | 143,839,573 | 697,406,633 | 366,819,949 | 205,010,951 | 18,577,999 | 1,814,628,543 | |||||||||||||||||||||||||||
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- | 40,555 | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
3,835 | - | - | 4,402,330 | 2,897,270 | 1,087,316 | - | |||||||||||||||||||||||||||
1,063,218 | - | - | - | - | - | 10,365,492 | |||||||||||||||||||||||||||
17,063 | 50,542 | 244,910 | 121,128 | 66,841 | 6,275 | 647,349 | |||||||||||||||||||||||||||
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1,084,116 | 91,097 | 244,910 | 4,523,458 | 2,964,111 | 1,093,591 | 11,012,841 | |||||||||||||||||||||||||||
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$ | 39,729,063 | $ | 143,748,476 | $ | 697,161,723 | $ | 362,296,491 | $ | 202,046,840 | $ | 17,484,408 | $ | 1,803,615,702 | ||||||||||||||||||||
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$ | 246,815,285 | $ | 195,845,296 | $ | 647,833,579 | $ | 367,297,734 | $ | 211,644,642 | $ | 25,006,827 | $ | 1,581,914,740 | ||||||||||||||||||||
(207,086,222 | ) | (52,096,820 | ) | 49,328,144 | (5,001,243 | ) | (9,597,802 | ) | (7,522,419 | ) | 221,700,962 | ||||||||||||||||||||||
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$ | 39,729,063 | $ | 143,748,476 | $ | 697,161,723 | $ | 362,296,491 | $ | 202,046,840 | $ | 17,484,408 | $ | 1,803,615,702 | ||||||||||||||||||||
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1,850,005 | 3,700,000 | 3,000,000 | 2,700,000 | 1,700,000 | 700,000 | 8,700,000 | |||||||||||||||||||||||||||
$ | 21.48 | $ | 38.85 | $ | 232.39 | $ | 134.18 | $ | 118.85 | $ | 24.98 | $ | 207.31 | ||||||||||||||||||||
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$ | 21.44 | $ | 38.77 | $ | 231.97 | $ | 134.01 | $ | 118.99 | $ | 24.94 | $ | 207.48 | ||||||||||||||||||||
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$ | 97,024,422 | $ | 166,908,061 | $ | 606,118,427 | $ | 361,583,562 | $ | 192,910,861 | $ | 22,867,625 | $ | 1,539,909,163 | ||||||||||||||||||||
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$ | 10,792 | $ | 5,893,271 | $ | 148,625 | $ | 4,658,157 | $ | 3,047,217 | $ | 1,104,795 | $ | 132,443 | ||||||||||||||||||||
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$ | 3,725 | $ | - | $ | - | $ | 4,325,452 | $ | 2,832,697 | $ | 1,072,935 | $ | - | ||||||||||||||||||||
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45 | ||||
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Statements of Assets and Liabilities–(continued)
October 31, 2020
(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) | $ | 242,467,621 | $ | 70,985,004 | $ | 21,980,195 | |||||||||
Affiliated investments in securities, at value | 52,968 | 2,195,692 | 1,317,724 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends | 477,815 | 32,909 | 10,415 | ||||||||||||
Securities lending | - | 1,719 | 3,923 | ||||||||||||
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Total assets | 242,998,404 | 73,215,324 | 23,312,257 | ||||||||||||
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Liabilities: | |||||||||||||||
Payable for: | |||||||||||||||
Collateral upon return of securities loaned | - | 2,178,367 | 1,273,533 | ||||||||||||
Accrued unitary management fees | 83,127 | 24,824 | 7,759 | ||||||||||||
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Total liabilities | 83,127 | 2,203,191 | 1,281,292 | ||||||||||||
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Net Assets | $ | 242,915,277 | $ | 71,012,133 | $ | 22,030,965 | |||||||||
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Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 257,770,548 | $ | 98,132,640 | $ | 43,212,338 | |||||||||
Distributable earnings (loss) | (14,855,271 | ) | (27,120,507 | ) | (21,181,373 | ) | |||||||||
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Net Assets | $ | 242,915,277 | $ | 71,012,133 | $ | 22,030,965 | |||||||||
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Shares outstanding (unlimited amount authorized, $0.01 par value) | 2,450,000 | 1,150,000 | 450,000 | ||||||||||||
Net asset value | $ | 99.15 | $ | 61.75 | $ | 48.96 | |||||||||
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Market price | $ | 99.10 | $ | 61.66 | $ | 48.58 | |||||||||
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Unaffiliated investments in securities, at cost | $ | 236,770,345 | $ | 72,276,175 | $ | 23,505,507 | |||||||||
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Affiliated investments in securities, at cost | $ | 52,968 | $ | 2,195,671 | $ | 1,346,059 | |||||||||
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(a)Includes securities on loan with an aggregate value of: | $ | - | $ | 2,099,440 | $ | 1,199,871 | |||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | ||||
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(This Page Intentionally Left Blank)
47 | ||||
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For the six months ended October 31, 2020
(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 | $ | 124,680,808 | $ | 187,126 | $ | 559,564 | $ | 6,410,263 | ||||||||||||
Affiliated dividend income | 721,941 | 2 | 8 | 92 | ||||||||||||||||
Non-cash dividend income | 898,842 | 3,248 | - | - | ||||||||||||||||
Securities lending income | 829,319 | 133 | 10,136 | 2 | ||||||||||||||||
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Total investment income | 127,130,910 | 190,509 | 569,708 | 6,410,357 | ||||||||||||||||
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Expenses: | ||||||||||||||||||||
Unitary management fees | 12,599,351 | 41,324 | 246,938 | 1,037,663 | ||||||||||||||||
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Less: Waivers | (3,352 | ) | (10 | ) | (21 | ) | (251 | ) | ||||||||||||
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Net expenses | 12,595,999 | 41,314 | 246,917 | 1,037,412 | ||||||||||||||||
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Net investment income | 114,534,911 | 149,195 | 322,791 | 5,372,945 | ||||||||||||||||
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Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (545,579,501 | ) | (552,898 | ) | (9,198,847 | ) | (19,760,379 | ) | ||||||||||||
Affiliated investment securities | (2,212,016 | ) | 21 | 222 | - | |||||||||||||||
Unaffiliated in-kind redemptions | 703,356,503 | 684,846 | - | 14,084,282 | ||||||||||||||||
Affiliated in-kind redemptions | 1,246,438 | - | - | - | ||||||||||||||||
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Net realized gain (loss) | 156,811,424 | 131,969 | (9,198,625 | ) | (5,676,097 | ) | ||||||||||||||
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Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 999,162,039 | 2,335,261 | 24,198,716 | 22,931,847 | ||||||||||||||||
Affiliated investment securities | 11,638,262 | - | - | - | ||||||||||||||||
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Change in net unrealized appreciation | 1,010,800,301 | 2,335,261 | 24,198,716 | 22,931,847 | ||||||||||||||||
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Net realized and unrealized gain (loss) | 1,167,611,725 | 2,467,230 | 15,000,091 | 17,255,750 | ||||||||||||||||
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Net increase (decrease) in net assets resulting from operations | $ | 1,282,146,636 | $ | 2,616,425 | $ | 15,322,882 | $ | 22,628,695 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48 | ||||
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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) | |||||||||||||||||||||||||||
$ | 1,211,325 | $ | 2,355,843 | $ | 3,246,538 | $ | 1,768,853 | $ | 1,783,894 | $ | 365,912 | $ | 12,415,469 | ||||||||||||||||||||
23 | 72,808 | 51 | 34 | 38 | 3 | 183 | |||||||||||||||||||||||||||
126,931 | - | - | - | - | - | - | |||||||||||||||||||||||||||
106 | 3 | - | 32,281 | 10,480 | 325 | - | |||||||||||||||||||||||||||
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1,338,385 | 2,428,654 | 3,246,589 | 1,801,168 | 1,794,412 | 366,240 | 12,415,652 | |||||||||||||||||||||||||||
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168,882 | 309,083 | 1,442,045 | 522,410 | 302,509 | 39,681 | 3,476,759 | |||||||||||||||||||||||||||
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(76 | ) | (103 | ) | (137 | ) | (138 | ) | (125 | ) | (10 | ) | (627 | ) | ||||||||||||||||||||
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168,806 | 308,980 | 1,441,908 | 522,272 | 302,384 | 39,671 | 3,476,132 | |||||||||||||||||||||||||||
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1,169,579 | 2,119,674 | 1,804,681 | 1,278,896 | 1,492,028 | 326,569 | 8,939,520 | |||||||||||||||||||||||||||
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(26,575,165 | ) | (5,751,945 | ) | (4,114,525 | ) | (4,171,211 | ) | (3,992,416 | ) | (1,094,623 | ) | (41,925,466 | ) | ||||||||||||||||||||
- | (281,910 | ) | - | 151 | 35 | 32 | - | ||||||||||||||||||||||||||
(559,426 | ) | 4,346,412 | 35,212,304 | 20,091,062 | 1,778,615 | 238,845 | 84,853,654 | ||||||||||||||||||||||||||
- | 139,226 | - | - | - | - | - | |||||||||||||||||||||||||||
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(27,134,591 | ) | (1,548,217 | ) | 31,097,779 | 15,920,002 | (2,213,766 | ) | (855,746 | ) | 42,928,188 | |||||||||||||||||||||||
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6,868,486 | 14,411,224 | 28,753,453 | 28,339,114 | 33,635,482 | 269,123 | 160,882,735 | |||||||||||||||||||||||||||
- | 1,130,000 | - | 23 | - | 11 | - | |||||||||||||||||||||||||||
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| ||||||||||||||||||||
6,868,486 | 15,541,224 | 28,753,453 | 28,339,137 | 33,635,482 | 269,134 | 160,882,735 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(20,266,105 | ) | 13,993,007 | 59,851,232 | 44,259,139 | 31,421,716 | (586,612 | ) | 203,810,923 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | (19,096,526) | $ | 16,112,681 | $ | 61,655,913 | $ | 45,538,035 | $ | 32,913,744 | $ | (260,043 | ) | $ | 212,750,443 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49 | ||||
|
| |||
Statements of Operations–(continued)
For the six months ended October 31, 2020
(Unaudited)
Invesco S&P 500® Equal Weight Utilities ETF (RYU) | Invesco S&P MidCap 400® Equal Weight ETF (EWMC) | Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated dividend income | $ | 4,118,553 | $ | 557,076 | $ | 164,151 | |||||||||
Affiliated dividend income | 68 | 8 | 5,162 | ||||||||||||
Securities lending income | - | 11,702 | 28,594 | ||||||||||||
Foreign withholding tax | - | - | (387 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 4,118,621 | 568,786 | 197,520 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 508,309 | 132,205 | 47,059 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (204 | ) | (36 | ) | (9 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 508,105 | 132,169 | 47,050 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 3,610,516 | 436,617 | 150,470 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | (3,320,467 | ) | (3,266,746 | ) | (2,133,754 | ) | |||||||||
Affiliated investment securities | - | 102 | (9,137 | ) | |||||||||||
Unaffiliated in-kind redemptions | 8,276,668 | 1,552,098 | 506,394 | ||||||||||||
Affiliated in-kind redemptions | - | - | 119 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | 4,956,201 | (1,714,546 | ) | (1,636,378 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 12,525,609 | 10,618,449 | 4,767,830 | ||||||||||||
Affiliated investment securities | - | 21 | 8,837 | ||||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation | 12,525,609 | 10,618,470 | 4,776,667 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain | 17,481,810 | 8,903,924 | 3,140,289 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 21,092,326 | $ | 9,340,541 | $ | 3,290,759 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
50 | ||||
|
| |||
(This Page Intentionally Left Blank)
51 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco S&P 500® Equal Weight ETF (RSP) | Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 114,534,911 | $ | 309,950,767 | $ | 149,195 | $ | 400,738 | ||||||||||||
Net realized gain (loss) | 156,811,424 | 1,272,941,282 | 131,969 | 975,375 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | 1,010,800,301 | (3,186,754,059 | ) | 2,335,261 | (3,522,940 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,282,146,636 | (1,603,862,010 | ) | 2,616,425 | (2,146,827 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (110,279,371 | ) | (312,541,391 | ) | (132,984 | ) | (440,576 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 4,199,052,127 | 3,047,466,314 | 2,417,745 | 30,507,577 | ||||||||||||||||
Value of shares repurchased | (2,711,204,305 | ) | (6,331,153,320 | ) | (3,819,377 | ) | (32,590,761 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 1,487,847,822 | (3,283,687,006 | ) | (1,401,632 | ) | (2,083,184 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 2,659,715,087 | (5,200,090,407 | ) | 1,081,809 | (4,670,587 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 10,943,870,113 | 16,143,960,520 | 18,180,140 | 22,850,727 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 13,603,585,200 | $ | 10,943,870,113 | $ | 19,261,949 | $ | 18,180,140 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 39,000,000 | 29,700,000 | 100,000 | 1,250,000 | ||||||||||||||||
Shares repurchased | (26,250,000 | ) | (65,100,000 | ) | (150,000 | ) | (1,350,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 113,802,663 | 149,202,663 | 800,001 | 900,001 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 126,552,663 | 113,802,663 | 750,001 | 800,001 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
52 | ||||
|
| |||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) | Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) | Invesco S&P 500® Equal Weight Energy ETF (RYE) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||
$ | 322,791 | $ | 1,519,729 | $ | 5,372,945 | $ | 10,964,552 | $ | 1,169,579 | $ | 3,304,864 | |||||||||||||||||
(9,198,625 | ) | (2,704,865 | ) | (5,676,097 | ) | 13,007,570 | (27,134,591 | ) | (26,783,167 | ) | ||||||||||||||||||
24,198,716 | (19,024,903 | ) | 22,931,847 | (16,601,037 | ) | 6,868,486 | (26,897,148 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
15,322,882 | (20,210,039 | ) | 22,628,695 | 7,371,085 | (19,096,526 | ) | (50,375,451 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(467,370 | ) | (1,550,444 | ) | (5,204,645 | ) | (11,001,953 | ) | (1,604,711 | ) | (2,824,645 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
217,569,059 | 26,615,647 | 42,008,914 | 186,338,692 | 40,013,679 | 62,268,471 | |||||||||||||||||||||||
- | (69,066,174 | ) | (65,254,905 | ) | (133,463,980 | ) | (62,321,910 | ) | (136,152,733 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
217,569,059 | (42,450,527 | ) | (23,245,991 | ) | 52,874,712 | (22,308,231 | ) | (73,884,262 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
232,424,571 | (64,211,010 | ) | (5,821,941 | ) | 49,243,844 | (43,009,468 | ) | (127,084,358 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
49,028,431 | 113,239,441 | 481,080,351 | 431,836,507 | 82,738,531 | 209,822,889 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 281,453,002 | $ | 49,028,431 | $ | 475,258,410 | $ | 481,080,351 | $ | 39,729,063 | $ | 82,738,531 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,150,000 | 250,000 | 300,000 | 1,400,000 | 1,450,000 | 2,800,000 | |||||||||||||||||||||||
- | (700,000 | ) | (450,000 | ) | (1,000,000 | ) | (2,550,000 | ) | (3,900,000 | ) | ||||||||||||||||||
600,000 | 1,050,000 | 3,600,000 | 3,200,000 | 2,950,005 | 4,050,005 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,750,000 | 600,000 | 3,450,000 | 3,600,000 | 1,850,005 | 2,950,005 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
53 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco S&P 500® Equal Weight Financials ETF (RYF) | Invesco S&P 500® Equal Weight Health Care ETF (RYH) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 2,119,674 | $ | 5,503,409 | $ | 1,804,681 | $ | 4,645,347 | ||||||||||||
Net realized gain (loss) | (1,548,217 | ) | (8,733,146 | ) | 31,097,779 | 45,086,325 | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 15,541,224 | (45,458,856 | ) | 28,753,453 | 22,689,097 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 16,112,681 | (48,688,593 | ) | 61,655,913 | 72,420,769 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (2,262,596 | ) | (5,244,535 | ) | (2,070,468 | ) | (4,498,041 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 13,685,707 | 42,605,129 | 35,736,666 | 166,562,893 | ||||||||||||||||
Value of shares repurchased | (44,989,856 | ) | (118,613,975 | ) | (104,597,664 | ) | (234,893,343 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (31,304,149 | ) | (76,008,846 | ) | (68,860,998 | ) | (68,330,450 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (17,454,064 | ) | (129,941,974 | ) | (9,275,553 | ) | (407,722 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 161,202,540 | 291,144,514 | 706,437,276 | 706,844,998 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 143,748,476 | $ | 161,202,540 | $ | 697,161,723 | $ | 706,437,276 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 350,000 | 1,000,000 | 150,000 | 800,000 | ||||||||||||||||
Shares repurchased | (1,200,000 | ) | (3,100,000 | ) | (450,000 | ) | (1,150,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 4,550,000 | 6,650,000 | 3,300,000 | 3,650,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 3,700,000 | 4,550,000 | 3,000,000 | 3,300,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
54 | ||||
|
| |||
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) | ||||||||||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||||||||
$ | 1,278,896 | $ | 3,080,222 | $ | 1,492,028 | $ | 2,593,541 | $ | 326,569 | $ | 897,548 | |||||||||||||||||
15,920,002 | (1,665,335 | ) | (2,213,766 | ) | (1,298,742 | ) | (855,746 | ) | 3,780,448 | |||||||||||||||||||
28,339,137 | (34,742,327 | ) | 33,635,482 | (15,613,567 | ) | 269,134 | (6,275,821 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
45,538,035 | (33,327,440 | ) | 32,913,744 | (14,318,768 | ) | (260,043 | ) | (1,597,825 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,316,027 | ) | (2,991,968 | ) | (1,462,286 | ) | (2,752,568 | ) | (307,491 | ) | (1,372,067 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
298,760,322 | 85,015,280 | 68,106,410 | 25,970,282 | - | 43,819,164 | |||||||||||||||||||||||
(122,958,392 | ) | (152,173,589 | ) | (5,990,533 | ) | (30,147,010 | ) | (5,032,133 | ) | (54,908,250 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
175,801,930 | (67,158,309 | ) | 62,115,877 | (4,176,728 | ) | (5,032,133 | ) | (11,089,086 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
220,023,938 | (103,477,717 | ) | 93,567,335 | (21,248,064 | ) | (5,599,667 | ) | (14,058,978 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
142,272,553 | 245,750,270 | 108,479,505 | 129,727,569 | 23,084,075 | 37,143,053 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 362,296,491 | $ | 142,272,553 | $ | 202,046,840 | $ | 108,479,505 | $ | 17,484,408 | $ | 23,084,075 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,350,000 | 650,000 | 600,000 | 250,000 | - | 1,450,000 | |||||||||||||||||||||||
(950,000 | ) | (1,300,000 | ) | (50,000 | ) | (300,000 | ) | (200,000 | ) | (1,800,000 | ) | |||||||||||||||||
1,300,000 | 1,950,000 | 1,150,000 | 1,200,000 | 900,000 | 1,250,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,700,000 | 1,300,000 | 1,700,000 | 1,150,000 | 700,000 | 900,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
55 | ||||
|
| |||
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco S&P 500® Equal Weight Technology ETF (RYT) | Invesco S&P 500® Equal Weight Utilities ETF (RYU) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 8,939,520 | $ | 29,257,960 | $ | 3,610,516 | $ | 10,054,994 | ||||||||||||
Net realized gain (loss) | 42,928,188 | 235,685,916 | 4,956,201 | 17,665,122 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | 160,882,735 | (230,914,977 | ) | 12,525,609 | (40,581,987 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 212,750,443 | 34,028,899 | 21,092,326 | (12,861,871 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (13,129,069 | ) | (19,966,122 | ) | (4,112,603 | ) | (9,910,738 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 282,155,774 | 547,669,971 | 14,519,622 | 113,144,978 | ||||||||||||||||
Value of shares repurchased | (207,504,585 | ) | (821,235,806 | ) | (88,596,723 | ) | (125,858,433 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 74,651,189 | (273,565,835 | ) | (74,077,101 | ) | (12,713,455 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 274,272,563 | (259,503,058 | ) | (57,097,378 | ) | (35,486,064 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 1,529,343,139 | 1,788,846,197 | 300,012,655 | 335,498,719 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 1,803,615,702 | $ | 1,529,343,139 | $ | 242,915,277 | $ | 300,012,655 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 1,350,000 | 3,100,000 | 150,000 | 1,100,000 | ||||||||||||||||
Shares repurchased | (1,000,000 | ) | (4,650,000 | ) | (950,000 | ) | (1,300,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 8,350,000 | 9,900,000 | 3,250,000 | 3,450,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 8,700,000 | 8,350,000 | 2,450,000 | 3,250,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
56 | ||||
|
| |||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) | Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) | |||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||
$ | 436,617 | $ | 1,208,908 | $ | 150,470 | $ | 353,736 | |||||||||||
(1,714,546 | ) | 624,975 | (1,636,378 | ) | (1,328,703 | ) | ||||||||||||
10,618,470 | (17,668,138 | ) | 4,776,667 | (6,238,771 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
9,340,541 | (15,834,255 | ) | 3,290,759 | (7,213,738 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(398,330 | ) | (1,298,102 | ) | (188,385 | ) | (552,771 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
12,026,375 | 9,811,373 | - | 2,870,092 | |||||||||||||||
(3,051,580 | ) | (45,476,840 | ) | (2,387,400 | ) | (10,074,892 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
8,974,795 | (35,665,467 | ) | (2,387,400 | ) | (7,204,800 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
17,917,006 | (52,797,824 | ) | 714,974 | (14,971,309 | ) | |||||||||||||
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|
|
|
|
|
| |||||||||||
53,095,127 | 105,892,951 | 21,315,991 | 36,287,300 | |||||||||||||||
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|
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|
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|
| |||||||||||
$ | 71,012,133 | $ | 53,095,127 | $ | 22,030,965 | $ | 21,315,991 | |||||||||||
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|
|
| |||||||||||
200,000 | 150,000 | - | 50,000 | |||||||||||||||
(50,000 | ) | (750,000 | ) | (50,000 | ) | (200,000 | ) | |||||||||||
1,000,000 | 1,600,000 | 500,000 | 650,000 | |||||||||||||||
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| |||||||||||
1,150,000 | 1,000,000 | 450,000 | 500,000 | |||||||||||||||
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57 | ||||
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| |||
Invesco S&P 500® Equal Weight ETF (RSP)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 96.17 | $ | 108.20 | $ | 99.87 | $ | 96.58 | $ | 81.57 | $ | 78.71 | $ | 78.08 | |||||||||||||||||||||
Net investment income(a) | 0.97 | 2.15 | 1.78 | 0.85 | 1.39 | 1.31 | 1.22 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 11.27 | (11.97 | ) | 8.45 | 3.33 | 14.85 | 2.78 | 0.71 | |||||||||||||||||||||||||||
Total from investment operations | 12.24 | (9.82 | ) | 10.23 | 4.18 | 16.24 | 4.09 | 1.93 | |||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.92 | ) | (2.21 | ) | (1.90 | ) | (0.89 | ) | (1.23 | ) | (1.23 | ) | (1.30 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 107.49 | $ | 96.17 | $ | 108.20 | $ | 99.87 | $ | 96.58 | $ | 81.57 | $ | 78.71 | |||||||||||||||||||||
Market price at end of period(b) | $ | 107.33 | $ | 96.31 | $ | 108.22 | $ | 99.92 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 12.78 | % | (8.98 | )% | 10.45 | % | 4.30 | % | 19.98 | % | 5.24 | % | 2.49 | % | |||||||||||||||||||||
Market Price Total Return(c) | 12.44 | % | (8.89 | )% | 10.43 | % | 4.36 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 13,603,585 | $ | 10,943,870 | $ | 16,143,961 | $ | 14,616,057 | $ | 14,226,625 | $ | 9,959,671 | $ | 9,799,542 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.20 | %(d) | 0.20 | % | 0.20 | % | 0.20 | %(d) | 0.33 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.20 | %(d) | 0.20 | % | 0.20 | % | 0.20 | %(d) | 0.36 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 1.82 | %(d) | 2.01 | % | 1.74 | % | 1.69 | %(d) | 1.52 | % | 1.66 | % | 1.53 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 13 | % | 19 | % | 19 | % | 9 | % | 21 | % | 22 | % | 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) | 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.
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 | ||||||||||||||
2020 | Year Ended April 30, | April 30, | |||||||||||||
(Unaudited) | 2020 | 2019 | |||||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value at beginning of period | $ | 22.73 | $ | 25.39 | $ | 25.00 | |||||||||
|
|
|
|
|
| ||||||||||
Net investment income(b) | 0.19 | 0.41 | (c) | 0.16 | |||||||||||
Net realized and unrealized gain (loss) on investments | 2.93 | (2.64 | ) | 0.33 | |||||||||||
|
|
|
|
|
| ||||||||||
Total from investment operations | 3.12 | (2.23 | ) | 0.49 | |||||||||||
|
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|
|
| ||||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (0.17 | ) | (0.40 | ) | (0.10 | ) | |||||||||
Net realized gains | - | (0.03 | ) | - | |||||||||||
|
|
|
|
|
| ||||||||||
Total distributions | (0.17 | ) | (0.43 | ) | (0.10 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net asset value at end of period | $ | 25.68 | $ | 22.73 | $ | 25.39 | |||||||||
|
|
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| ||||||||||
Market price at end of period(d) | $ | 25.66 | $ | 22.74 | $ | 25.41 | |||||||||
|
|
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|
|
| ||||||||||
Net Asset Value Total Return(e) | 13.70 | % | (8.89 | )% | 2.04 | %(f) | |||||||||
Market Price Total Return(e) | 13.56 | % | (8.92 | )% | 2.12 | %(f) | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets at end of period (000’s omitted) | $ | 19,262 | $ | 18,180 | $ | 22,851 | |||||||||
Ratio to average net assets of: | |||||||||||||||
Expenses | | 0.40 | %(g) | | 0.42 | %(h) | | 0.40 | %(g) | ||||||
Net investment income | | 1.44 | %(g) | 1.65 | %(c)(h) | | 1.42 | %(g) | |||||||
Portfolio turnover rate(i) | 9 | % | 30 | % | 10 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.29 and 1.17%, 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) | 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%. |
(g) | Annualized. |
(h) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(i) | 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, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 81.71 | $ | 107.85 | $ | 99.15 | $ | 91.21 | $ | 85.40 | $ | 90.26 | $ | 82.76 | |||||||||||||||||||||
Net investment income(a) | 0.26 | 1.83 | 1.49 | 0.68 | 1.27 | 1.29 | 1.15 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 20.74 | (26.05 | ) | 8.80 | 7.98 | 5.84 | (4.96 | ) | 7.39 | ||||||||||||||||||||||||||
Total from investment operations | 21.00 | (24.22 | ) | 10.29 | 8.66 | 7.11 | (3.67 | ) | 8.54 | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.36 | ) | (1.92 | ) | (1.59 | ) | (0.72 | ) | (1.30 | ) | (1.19 | ) | (1.04 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 102.35 | $ | 81.71 | $ | 107.85 | $ | 99.15 | $ | 91.21 | $ | 85.40 | $ | 90.26 | |||||||||||||||||||||
Market price at end of period(b) | $ | 102.18 | $ | 81.63 | $ | 107.86 | $ | 99.13 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 25.75 | % | (22.56 | )% | 10.58 | % | 9.49 | % | 8.32 | % | (4.07 | )% | 10.35 | % | |||||||||||||||||||||
Market Price Total Return(c) | 25.66 | % | (22.64 | )% | 10.61 | % | 9.48 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 281,453 | $ | 49,028 | $ | 113,239 | $ | 84,279 | $ | 72,965 | $ | 68,323 | $ | 176,001 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.41 | %(e) | 0.40 | % | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 0.52 | %(d) | | 1.80 | %(e) | 1.45 | % | | 1.38 | %(d) | 1.39 | % | 1.49 | % | 1.29 | % | |||||||||||||||||||
Portfolio turnover rate(f) | 19 | % | 28 | % | 30 | % | 13 | % | 29 | % | 30 | % | 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) | Annualized. |
(e) | Ratios include non-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.
60 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 133.63 | $ | 134.95 | $ | 122.87 | $ | 121.67 | $ | 121.52 | $ | 111.76 | $ | 100.75 | |||||||||||||||||||||
Net investment income(a) | 1.47 | 3.19 | 2.87 | 1.32 | 2.30 | 2.19 | 2.08 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.09 | (1.34 | ) | 12.30 | 1.14 | 0.13 | 9.69 | 10.86 | |||||||||||||||||||||||||||
Total from investment operations | 5.56 | 1.85 | 15.17 | 2.46 | 2.43 | 11.88 | 12.94 | ||||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.43 | ) | (3.17 | ) | (3.09 | ) | (1.26 | ) | (2.28 | ) | (2.12 | ) | (1.93 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 137.76 | $ | 133.63 | $ | 134.95 | $ | 122.87 | $ | 121.67 | $ | 121.52 | $ | 111.76 | |||||||||||||||||||||
Market price at end of period(b) | $ | 137.58 | $ | 133.58 | $ | 134.97 | $ | 122.84 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 4.15 | % | 1.44 | % | 12.63 | % | 1.96 | % | 1.99 | % | 10.63 | % | 12.95 | % | |||||||||||||||||||||
Market Price Total Return(c) | 4.05 | % | 1.37 | % | 12.67 | % | 1.97 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 475,258 | $ | 481,080 | $ | 431,837 | $ | 417,753 | $ | 444,092 | $ | 613,661 | $ | 530,872 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 2.07 | %(d) | 2.32 | % | 2.27 | % | 2.06 | %(d) | 1.86 | % | 1.81 | % | 1.94 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 8 | % | 22 | % | 19 | % | 9 | % | 20 | % | 17 | % | 16 | % |
(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.
61 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Energy ETF (RYE)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.05 | $ | 51.81 | $ | 60.29 | $ | 54.29 | $ | 56.90 | $ | 54.39 | $ | 77.16 | |||||||||||||||||||||
Net investment income(a) | 0.38 | 1.09 | 0.82 | 0.47 | 1.28 | 0.90 | 1.35 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.44 | ) | (23.84 | ) | (8.34 | ) | 5.98 | (2.50 | ) | 2.53 | (22.73 | ) | |||||||||||||||||||||||
Total from investment operations | (6.06 | ) | (22.75 | ) | (7.52 | ) | 6.45 | (1.22 | ) | 3.43 | (21.38 | ) | |||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.51 | ) | (1.01 | ) | (0.96 | ) | (0.45 | ) | (1.39 | ) | (0.92 | ) | (1.39 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 21.48 | $ | 28.05 | $ | 51.81 | $ | 60.29 | $ | 54.29 | $ | 56.90 | $ | 54.39 | |||||||||||||||||||||
Market price at end of period(b) | $ | 21.44 | $ | 28.06 | $ | 51.82 | $ | 60.43 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | (21.93 | )% | (44.18 | )% | (12.46 | )% | 11.97 | % | (2.20 | )% | 6.50 | % | (27.93 | )% | |||||||||||||||||||||
Market Price Total Return(c) | (22.10 | )% | (44.17 | )% | (12.65 | )% | 12.31 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 39,729 | $ | 82,739 | $ | 209,823 | $ | 253,202 | $ | 230,747 | $ | 199,164 | $ | 176,773 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||
Net investment income | | 2.77 | %(d) | 2.60 | % | 1.46 | % | 1.69 | %(d) | 2.22 | % | 1.72 | % | 2.16 | % | ||||||||||||||||||||
Portfolio turnover rate(e) | 19 | % | 34 | % | 31 | % | 10 | % | 34 | % | 41 | % | 34 | % |
(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.
62 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Financials ETF (RYF)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.43 | $ | 43.78 | $ | 43.94 | $ | 41.93 | $ | 31.41 | $ | 43.72 | $ | 43.27 | |||||||||||||||||||||
Net investment income(a) | 0.53 | 0.92 | 0.78 | 0.40 | 0.55 | 0.81 | 0.72 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.45 | (8.38 | ) | - | 1.91 | 10.45 | 1.03 | 0.58 | |||||||||||||||||||||||||||
Total from investment operations | 3.98 | (7.46 | ) | 0.78 | 2.31 | 11.00 | 1.84 | 1.30 | |||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.56 | ) | (0.89 | ) | (0.94 | ) | (0.30 | ) | (0.48 | ) | (0.78 | ) | (0.80 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | (13.37 | )(b) | (0.05 | ) | ||||||||||||||||||||||||||
Total distributions | (0.56 | ) | (0.89 | ) | (0.94 | ) | (0.30 | ) | (0.48 | ) | (14.15 | ) | (0.85 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 38.85 | $ | 35.43 | $ | 43.78 | $ | 43.94 | $ | 41.93 | $ | 31.41 | $ | 43.72 | |||||||||||||||||||||
Market price at end of period(c) | $ | 38.77 | $ | 35.53 | $ | 43.79 | $ | 43.98 | |||||||||||||||||||||||||||
Net Asset Value Total Return(d) | 11.28 | % | (17.09 | )% | 1.98 | % | 5.50 | % | 35.15 | % | 4.33 | % | 3.04 | % | |||||||||||||||||||||
Market Price Total Return(d) | 10.74 | % | (16.88 | )% | 1.91 | % | 5.47 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 143,748 | $ | 161,203 | $ | 291,145 | $ | 441,558 | $ | 358,496 | $ | 114,649 | $ | 183,620 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 2.74 | %(e) | 2.15 | % | 1.86 | % | 1.81 | %(e) | 1.44 | % | 1.96 | % | 1.64 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 10 | % | 23 | % | 17 | % | 7 | % | 15 | % | 53 | % | 13 | % |
(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) | 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 S&P 500® Equal Weight Health Care ETF (RYH)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 214.07 | $ | 193.66 | $ | 178.78 | $ | 175.84 | $ | 143.79 | $ | 149.97 | $ | 137.44 | |||||||||||||||||||||
Net investment income(a) | 0.58 | 1.31 | 1.05 | 0.44 | 0.78 | 0.78 | 0.75 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 18.42 | 20.36 | 14.87 | 2.93 | 32.02 | (6.22 | ) | 12.46 | |||||||||||||||||||||||||||
Total from investment operations | 19.00 | 21.67 | 15.92 | 3.37 | 32.80 | (5.44 | ) | 13.21 | |||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.68 | ) | (1.26 | ) | (1.04 | ) | (0.43 | ) | (0.75 | ) | (0.74 | ) | (0.68 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 232.39 | $ | 214.07 | $ | 193.66 | $ | 178.78 | $ | 175.84 | $ | 143.79 | $ | 149.97 | |||||||||||||||||||||
Market price at end of period(b) | $ | 231.97 | $ | 214.39 | $ | 193.67 | $ | 178.95 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 8.87 | % | 11.27 | % | 8.91 | % | 1.92 | % | 22.85 | % | (3.65 | )% | 9.61 | % | |||||||||||||||||||||
Market Price Total Return(c) | 8.52 | % | 11.42 | % | 8.82 | % | 2.06 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 697,162 | $ | 706,437 | $ | 706,845 | $ | 598,911 | $ | 650,617 | $ | 474,494 | $ | 569,893 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 0.50 | %(d) | 0.64 | % | 0.55 | % | 0.49 | %(d) | 0.48 | % | 0.52 | % | 0.49 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 12 | % | 23 | % | 23 | % | 12 | % | 24 | % | 28 | % | 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) | 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.
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 109.44 | $ | 126.03 | $ | 115.01 | $ | 113.29 | $ | 90.92 | $ | 85.30 | $ | 88.18 | |||||||||||||||||||||
Net investment income(a) | 0.64 | 1.83 | 1.53 | 0.62 | 1.24 | 1.40 | 1.13 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 24.78 | (16.57 | ) | 11.15 | 1.73 | 22.50 | 5.57 | (2.69 | ) | ||||||||||||||||||||||||||
Total from investment operations | 25.42 | (14.74 | ) | 12.68 | 2.35 | 23.74 | 6.97 | (1.56 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.68 | ) | (1.85 | ) | (1.66 | ) | (0.63 | ) | (1.37 | ) | (1.35 | ) | (1.29 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | - | (0.03 | ) | |||||||||||||||||||||||||||
Total distributions | (0.68 | ) | (1.85 | ) | (1.66 | ) | (0.63 | ) | (1.37 | ) | (1.35 | ) | (1.32 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 134.18 | $ | 109.44 | $ | 126.03 | $ | 115.01 | $ | 113.29 | $ | 90.92 | $ | 85.30 | |||||||||||||||||||||
Market price at end of period(b) | $ | 134.01 | $ | 109.50 | $ | 126.01 | $ | 115.03 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 23.27 | % | (11.70 | )% | 11.21 | % | 2.05 | % | 26.21 | % | 8.25 | % | (1.78 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 23.05 | % | (11.64 | )% | 11.17 | % | 2.00 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 362,296 | $ | 142,273 | $ | 245,750 | $ | 281,763 | $ | 226,584 | $ | 127,288 | $ | 93,831 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 0.98 | %(d) | 1.46 | % | 1.29 | % | 1.05 | %(d) | 1.18 | % | 1.60 | % | 1.29 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 10 | % | 23 | % | 28 | % | 7 | % | 18 | % | 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) | 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.
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Materials ETF (RTM)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 94.33 | $ | 108.11 | $ | 106.31 | $ | 107.79 | $ | 84.46 | $ | 79.97 | $ | 82.38 | |||||||||||||||||||||
Net investment income(a) | 1.09 | 2.10 | 1.79 | 0.70 | 1.49 | 1.29 | 1.23 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 24.54 | (13.65 | ) | 1.97 | (1.50 | ) | 23.28 | 4.49 | (2.41 | ) | |||||||||||||||||||||||||
Total from investment operations | 25.63 | (11.55 | ) | 3.76 | (0.80 | ) | 24.77 | 5.78 | (1.18 | ) | |||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.11 | ) | (2.23 | ) | (1.96 | ) | (0.68 | ) | (1.44 | ) | (1.29 | ) | (1.23 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 118.85 | $ | 94.33 | $ | 108.11 | $ | 106.31 | $ | 107.79 | $ | 84.46 | $ | 79.97 | |||||||||||||||||||||
Market price at end of period(b) | $ | 118.99 | $ | 94.49 | $ | 108.16 | $ | 106.31 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 27.29 | % | (10.70 | )% | 3.67 | % | (0.77 | )% | 29.52 | % | 7.29 | % | (1.44 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 27.22 | % | (10.58 | )% | 3.70 | % | (0.91 | )% | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 202,047 | $ | 108,480 | $ | 129,728 | $ | 180,726 | $ | 194,020 | $ | 84,463 | $ | 55,982 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 1.97 | %(d) | 1.99 | % | 1.69 | % | 1.28 | %(d) | 1.54 | % | 1.57 | % | 1.46 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 8 | % | 25 | % | 23 | % | 6 | % | 22 | % | 25 | % | 27 | % |
(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.
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | For the Period August 13, 2015(a) Through October 31, 2015 | |||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.65 | $ | 29.71 | $ | 25.96 | $ | 27.29 | $ | 25.81 | $ | 25.63 | $ | 25.31 | |||||||||||||||||||||
Net investment income(b) | 0.43 | 0.72 | 0.69 | 0.44 | 0.54 | 0.70 | 0.13 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.69 | ) | (3.62 | ) | 3.97 | (1.20 | ) | 1.59 | (0.08 | ) | 0.27 | ||||||||||||||||||||||||
Total from investment operations | (0.26 | ) | (2.90 | ) | 4.66 | (0.76 | ) | 2.13 | 0.62 | 0.40 | |||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.41 | ) | (1.03 | ) | (0.85 | ) | (0.35 | ) | (0.65 | ) | (0.44 | ) | (0.08 | ) | |||||||||||||||||||||
Net realized gains | - | (0.13 | ) | (0.06 | ) | (0.22 | ) | - | - | - | |||||||||||||||||||||||||
Total distributions | (0.41 | ) | (1.16 | ) | (0.91 | ) | (0.57 | ) | (0.65 | ) | (0.44 | ) | (0.08 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 24.98 | $ | 25.65 | $ | 29.71 | $ | 25.96 | $ | 27.29 | $ | 25.81 | $ | 25.63 | |||||||||||||||||||||
Market price at end of | $ | 24.94 | $ | 25.65 | $ | 29.75 | $ | 25.96 | |||||||||||||||||||||||||||
Net Asset Value Total | (1.06 | )% | (9.59 | )% | 18.35 | % | (2.93 | )% | 8.33 | % | 2.39 | % | 1.61 | % | |||||||||||||||||||||
Market Price Total Return(d) | (1.22 | )% | (9.71 | )% | 18.51 | % | (2.35 | )% | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 17,484 | $ | 23,084 | $ | 37,143 | $ | 16,873 | $ | 24,561 | $ | 36,135 | $ | 2,563 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | | 0.40 | %(e) | 0.41 | %(f) | 0.40 | % | | 0.41 | %(e) | 0.41 | % | 0.37 | % | | 0.40 | %(e) | ||||||||||||||||||
Net investment income | | 3.29 | %(e) | 2.37 | %(f) | 2.46 | % | | 3.28 | %(e) | 2.00 | % | 2.70 | % | | 2.49 | %(e) | ||||||||||||||||||
Portfolio turnover rate(g) | 10 | % | 15 | % | 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) | Annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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® Equal Weight Technology ETF (RYT)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 183.15 | $ | 180.69 | $ | 150.94 | $ | 142.44 | $ | 104.67 | $ | 93.16 | $ | 87.17 | |||||||||||||||||||||
Net investment income(a) | 1.06 | 3.15 | (b) | 1.57 | 0.56 | 1.16 | 1.47 | 1.09 | |||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 24.66 | 1.50 | 29.78 | 8.56 | 37.61 | 11.48 | 6.09 | ||||||||||||||||||||||||||||
Total from investment operations | 25.72 | 4.65 | 31.35 | 9.12 | 38.77 | 12.95 | 7.18 | ||||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.56 | ) | (2.19 | ) | (1.60 | ) | (0.62 | ) | (1.00 | ) | (1.44 | ) | (1.12 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | - | (0.07 | ) | |||||||||||||||||||||||||||
Total distributions | (1.56 | ) | (2.19 | ) | (1.60 | ) | (0.62 | ) | (1.00 | ) | (1.44 | ) | (1.19 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 207.31 | $ | 183.15 | $ | 180.69 | $ | 150.94 | $ | 142.44 | $ | 104.67 | $ | 93.16 | |||||||||||||||||||||
Market price at end of period(c) | $ | 207.48 | $ | 183.44 | $ | 180.66 | $ | 151.10 | |||||||||||||||||||||||||||
Net Asset Value Total Return(d) | 14.06 | % | 2.73 | % | 20.92 | % | 6.40 | % | 37.19 | % | 14.06 | % | 8.30 | % | |||||||||||||||||||||
Market Price Total Return(d) | 13.97 | % | 2.91 | % | 20.77 | % | 6.48 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,803,616 | $ | 1,529,343 | $ | 1,788,846 | $ | 1,615,066 | $ | 1,509,833 | $ | 915,879 | $ | 740,629 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | %(e) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 1.03 | %(e) | 1.73 | %(b) | 0.98 | % | 0.76 | %(e) | 0.95 | %(e) | 1.55 | % | 1.20 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 11 | % | 23 | % | 27 | % | 10 | % | 19 | % | 24 | % | 21 | % |
(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 $1.92 and 1.06%, 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.
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Financial Highlights–(continued)
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 92.31 | $ | 97.25 | $ | 84.51 | $ | 88.52 | $ | 81.10 | $ | 73.29 | $ | 76.69 | |||||||||||||||||||||
Net investment income(a) | 1.36 | 2.77 | 2.67 | 1.38 | 2.54 | 2.49 | 2.48 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.08 | (4.99 | ) | 12.69 | (3.92 | ) | 7.44 | 7.81 | (2.97 | ) | |||||||||||||||||||||||||
Total from investment operations | 8.44 | (2.22 | ) | 15.36 | (2.54 | ) | 9.98 | 10.30 | (0.49 | ) | |||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.60 | ) | (2.72 | ) | (2.62 | ) | (1.47 | ) | (2.56 | ) | (2.49 | ) | (2.91 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 99.15 | $ | 92.31 | $ | 97.25 | $ | 84.51 | $ | 88.52 | $ | 81.10 | $ | 73.29 | |||||||||||||||||||||
Market price at end of period(b) | $ | 99.10 | $ | 92.52 | $ | 97.23 | $ | 84.45 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 9.28 | % | (2.28 | )% | 18.54 | % | (2.88 | )% | 12.51 | % | 14.13 | % | (0.56 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 8.98 | % | (2.04 | )% | 18.60 | % | (2.92 | )% | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 242,915 | $ | 300,013 | $ | 335,499 | $ | 139,434 | $ | 168,180 | $ | 210,865 | $ | 128,258 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | %(d) | 0.40 | % | 0.40 | % | 0.40 | % | |||||||||||||||||||||
Net investment income | 2.84 | %(d) | 2.72 | % | 2.96 | % | 3.29 | %(d) | 3.01 | % | 3.09 | % | 3.30 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 5 | % | 11 | % | 27 | % | 7 | % | 11 | % | 22 | % | 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) | 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.
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Financial Highlights–(continued)
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 53.10 | $ | 66.18 | $ | 63.30 | $ | 62.00 | $ | 51.40 | $ | 49.09 | $ | 50.39 | |||||||||||||||||||||
Net investment income(a) | 0.40 | 0.89 | 0.77 | 0.42 | 0.60 | 0.66 | 0.62 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.60 | (12.99 | ) | 2.96 | 1.30 | 10.59 | 2.30 | (1.21 | ) | ||||||||||||||||||||||||||
Total from investment operations | 9.00 | (12.10 | ) | 3.73 | 1.72 | 11.19 | 2.96 | (0.59 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.35 | ) | (0.98 | ) | (0.85 | ) | (0.42 | ) | (0.59 | ) | (0.65 | ) | (0.67 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | - | (0.04 | ) | |||||||||||||||||||||||||||
Total distributions | (0.35 | ) | (0.98 | ) | (0.85 | ) | (0.42 | ) | (0.59 | ) | (0.65 | ) | (0.71 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 61.75 | $ | 53.10 | $ | 66.18 | $ | 63.30 | $ | 62.00 | $ | 51.40 | $ | 49.09 | |||||||||||||||||||||
Market price at end of period(b) | $ | 61.66 | $ | 52.87 | $ | 66.19 | $ | 63.29 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 16.99 | % | (18.24 | )% | 5.96 | % | 2.76 | % | 21.82 | % | 6.08 | % | (1.19 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 17.33 | % | (18.60 | )% | 5.99 | % | 2.74 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 71,012 | $ | 53,095 | $ | 105,893 | $ | 104,438 | $ | 114,692 | $ | 89,944 | $ | 132,532 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | | 0.40 | %(d) | | 0.41 | %(e) | 0.40 | % | 0.40 | %(d) | 0.41 | % | 0.41 | % | 0.41 | % | |||||||||||||||||||
Net investment income | | 1.32 | %(d) | | 1.42 | %(e) | 1.19 | % | 1.33 | %(d) | 1.02 | % | 1.35 | % | 1.22 | % | |||||||||||||||||||
Portfolio turnover rate(f) | 19 | % | 32 | % | 30 | % | 9 | % | 26 | % | 101 | % | 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) | Annualized. |
(e) | Ratios include non-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.
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Financial Highlights–(continued)
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Six Months Ended October 31, 2020 (Unaudited) | Years Ended April 30, | Six Months Ended April 30, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 42.63 | $ | 55.83 | $ | 54.92 | $ | 52.78 | $ | 42.47 | $ | 41.84 | $ | 44.87 | |||||||||||||||||||||
Net investment income(a) | 0.31 | 0.62 | 0.59 | 0.29 | 0.47 | 0.32 | 0.49 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.40 | (12.84 | ) | 0.80 | 2.15 | 10.27 | 0.67 | (2.97 | ) | ||||||||||||||||||||||||||
Total from investment operations | 6.71 | (12.22 | ) | 1.39 | 2.44 | 10.74 | 0.99 | (2.48 | ) | ||||||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.98 | ) | (0.48 | ) | (0.30 | ) | (0.43 | ) | (0.36 | ) | (0.52 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | - | (0.03 | ) | |||||||||||||||||||||||||||
Total distributions | (0.38 | ) | (0.98 | ) | (0.48 | ) | (0.30 | ) | (0.43 | ) | (0.36 | ) | (0.55 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 48.96 | $ | 42.63 | $ | 55.83 | $ | 54.92 | $ | 52.78 | $ | 42.47 | $ | 41.84 | |||||||||||||||||||||
Market price at end of period(b) | $ | 48.58 | $ | 42.39 | $ | 55.63 | $ | 55.02 | |||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 15.78 | % | (22.17 | )% | 2.55 | % | 4.62 | % | 25.32 | % | 2.39 | % | (5.59 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 15.53 | % | (22.33 | )% | 2.00 | % | 4.55 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 22,031 | $ | 21,316 | $ | 36,287 | $ | 30,208 | $ | 31,666 | $ | 33,978 | $ | 43,930 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | | 0.40 | %(d) | | 0.42 | %(e) | 0.40 | % | | 0.40 | %(d) | 0.41 | % | 0.41 | % | 0.41 | % | ||||||||||||||||||
Net investment income | | 1.28 | %(d) | | 1.20 | %(e) | 1.05 | % | | 1.10 | %(d) | 0.96 | % | 0.80 | % | 1.11 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 26 | % | 42 | % | 34 | % | 10 | % | 24 | % | 96 | % | 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) | Annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(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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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |||
Invesco S&P 500® 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 seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |||
S&P 500® 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 Utilities Plus 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 the over-the-counter 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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in
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interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. 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. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations
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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. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, 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. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
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 an accrual basis from the settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to 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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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
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benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
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 the period-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 and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
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NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees | ||
(as a % of average daily net assets) | ||
S&P 500® 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% |
Further, through at least August 31, 2022, 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 of otherwise uninvested cash 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.
For the six-month period ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:
S&P 500® Equal Weight ETF | $ | 3,352 | ||
S&P 500® Equal Weight Communication Services ETF | 10 | |||
S&P 500® Equal Weight Consumer Discretionary ETF | 21 | |||
S&P 500® Equal Weight Consumer Staples ETF | 251 | |||
S&P 500® Equal Weight Energy ETF | 76 | |||
S&P 500® Equal Weight Financials ETF | 103 | |||
S&P 500® Equal Weight Health Care ETF | 137 | |||
S&P 500® Equal Weight Industrials ETF | 138 | |||
S&P 500® Equal Weight Materials ETF | 125 | |||
S&P 500® Equal Weight Real Estate ETF | 10 | |||
S&P 500® Equal Weight Technology ETF | 627 | |||
S&P 500® Equal Weight Utilities ETF | 204 | |||
S&P MidCap 400® Equal Weight ETF | 36 | |||
S&P SmallCap 600® Equal Weight ETF | 9 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser.
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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.
For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
S&P 500® Equal Weight ETF | $ | 167,627 | ||
S&P 500® Equal Weight Communication Services ETF | 432 | |||
S&P 500® Equal Weight Consumer Discretionary ETF | 5,259 | |||
S&P 500® Equal Weight Consumer Staples ETF | 3,914 | |||
S&P 500® Equal Weight Energy ETF | 6,608 | |||
S&P 500® Equal Weight Financials ETF | 1,684 | |||
S&P 500® Equal Weight Health Care ETF | 4,934 | |||
S&P 500® Equal Weight Industrials ETF | 5,627 | |||
S&P 500® Equal Weight Materials ETF | 2,292 | |||
S&P 500® Equal Weight Real Estate ETF | 381 | |||
S&P 500® Equal Weight Technology ETF | 10,779 | |||
S&P 500® Equal Weight Utilities ETF | 2,654 | |||
S&P MidCap 400® Equal Weight ETF | 3,056 | |||
S&P SmallCap 600® Equal Weight ETF | 5,299 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
S&P 500® Equal Weight ETF | $25,583,247 | $3,376,480 | $(4,852,406) | ||||||||||||
S&P 500® Equal Weight Consumer Discretionary ETF | 275,190 | 24,264 | (74,545) | ||||||||||||
S&P 500® Equal Weight Energy ETF | - | 175,161 | (483,031) | ||||||||||||
S&P 500® Equal Weight Health Care ETF | 9,927,647 | 756,907 | (48,916) | ||||||||||||
S&P MidCap 400® Equal Weight ETF | - | 802,195 | (391,053) | ||||||||||||
S&P SmallCap 600® Equal Weight ETF | 90,070 | - | - |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
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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. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for S&P 500® Equal Weight Communication Services ETF, S&P 500® Equal Weight Consumer Staples ETF, S&P 500® Equal Weight Financials ETF, S&P 500® Equal Weight Health Care ETF, S&P 500® Equal Weight Technology ETF and S&P 500® Equal Weight Utilities ETF). As of October 31, 2020, all of the securities in S&P 500® Equal Weight Communication Services ETF, S&P 500® Equal Weight Consumer Staples ETF, S&P 500® Equal Weight Financials ETF, S&P 500® Equal Weight Health Care ETF, S&P 500® Equal Weight Technology ETF and S&P 500® Equal Weight Utilities ETF 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 500® Equal Weight ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 13,587,172,331 | $ | - | $ | - | $ | 13,587,172,331 | ||||||||||||
Money Market Funds | 6,144,706 | 85,330,780 | - | 91,475,486 | ||||||||||||||||
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|
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|
|
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| |||||||||||||
Total Investments | $ | 13,593,317,037 | $ | 85,330,780 | $ | - | $ | 13,678,647,817 | ||||||||||||
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S&P 500® Equal Weight Consumer Discretionary ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 281,492,247 | $ | - | $ | - | $ | 281,492,247 | ||||||||||||
Money Market Funds | - | 4,360,352 | - | 4,360,352 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total Investments | $ | 281,492,247 | $ | 4,360,352 | $ | - | $ | 285,852,599 | ||||||||||||
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S&P 500® Equal Weight Energy ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 39,611,778 | $ | - | $ | - | $ | 39,611,778 | ||||||||||||
Money Market Funds | 6,957 | 3,835 | - | 10,792 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total Investments | $ | 39,618,735 | $ | 3,835 | $ | - | $ | 39,622,570 | ||||||||||||
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| |||||||||||||
S&P 500® Equal Weight Industrials ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 361,964,245 | $ | - | $ | - | $ | 361,964,245 | ||||||||||||
Money Market Funds | 255,827 | 4,402,353 | - | 4,658,180 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total Investments | $ | 362,220,072 | $ | 4,402,353 | $ | - | $ | 366,622,425 | ||||||||||||
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|
|
|
|
| |||||||||||||
S&P 500® Equal Weight Materials ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 201,833,698 | $ | - | $ | - | $ | 201,833,698 | ||||||||||||
Money Market Funds | 149,947 | 2,897,270 | - | 3,047,217 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 201,983,645 | $ | 2,897,270 | $ | - | $ | 204,880,915 | ||||||||||||
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|
|
|
|
|
| |||||||||||||
S&P 500® Equal Weight Real Estate ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 17,460,659 | $ | - | $ | - | $ | 17,460,659 | ||||||||||||
Money Market Funds | 17,479 | 1,087,327 | - | 1,104,806 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 17,478,138 | $ | 1,087,327 | $ | - | $ | 18,565,465 | ||||||||||||
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|
|
|
|
| |||||||||||||
S&P MidCap 400® Equal Weight ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 70,985,004 | $ | - | $ | - | $ | 70,985,004 | ||||||||||||
Money Market Funds | 17,304 | 2,178,388 | - | 2,195,692 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total Investments | $ | 71,002,308 | $ | 2,178,388 | $ | - | $ | 73,180,696 | ||||||||||||
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S&P SmallCap 600® Equal Weight ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 22,016,316 | $ | - | $ | - | $ | 22,016,316 | ||||||||||||
Money Market Funds | 8,056 | 1,273,547 | - | 1,281,603 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 22,024,372 | $ | 1,273,547 | $ | - | $ | 23,297,919 | ||||||||||||
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NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2020, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
S&P 500® Equal Weight ETF | $ | 233,765,669 | $ | 1,075,037,337 | $ | 1,308,803,006 | ||||||
S&P 500® Equal Weight Communication Services ETF | 696,008 | 38,341 | 734,349 | |||||||||
S&P 500® Equal Weight Consumer Discretionary ETF | 2,434,478 | 18,850,550 | 21,285,028 | |||||||||
S&P 500® Equal Weight Consumer Staples ETF | 4,618,579 | 33,625,006 | 38,243,585 | |||||||||
S&P 500® Equal Weight Energy ETF | 27,361,002 | 93,247,164 | 120,608,166 | |||||||||
S&P 500® Equal Weight Financials ETF | 4,727,841 | 15,929,051 | 20,656,892 | |||||||||
S&P 500® Equal Weight Health Care ETF | 6,134,734 | 62,333,565 | 68,468,299 | |||||||||
S&P 500® Equal Weight Industrials ETF | 5,698,284 | 14,288,880 | 19,987,164 | |||||||||
S&P 500® Equal Weight Materials ETF | 2,348,641 | 12,712,967 | 15,061,608 | |||||||||
S&P 500® Equal Weight Real Estate ETF | - | - | - | |||||||||
S&P 500® Equal Weight Technology ETF | 29,954,445 | 51,796,616 | 81,751,061 | |||||||||
S&P 500® Equal Weight Utilities ETF | 9,591,124 | 15,342,278 | 24,933,402 | |||||||||
S&P MidCap 400® Equal Weight ETF | 10,151,511 | 13,903,498 | 24,055,009 | |||||||||
S&P SmallCap 600® Equal Weight ETF | 8,343,612 | 9,574,513 | 17,918,125 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
S&P 500® Equal Weight ETF | $ | 1,629,558,138 | $ | 1,626,466,930 | ||||
S&P 500® Equal Weight Communication Services ETF | 1,832,156 | 1,828,892 | ||||||
S&P 500® Equal Weight Consumer Discretionary ETF | 24,148,620 | 24,196,532 | ||||||
S&P 500® Equal Weight Consumer Staples ETF | 38,239,959 | 38,332,749 | ||||||
S&P 500® Equal Weight Energy ETF | 15,422,976 | 15,482,604 | ||||||
S&P 500® Equal Weight Financials ETF | 15,557,242 | 15,851,901 | ||||||
S&P 500® Equal Weight Health Care ETF | 85,698,989 | 90,430,503 | ||||||
S&P 500® Equal Weight Industrials ETF | 26,284,568 | 26,493,895 | ||||||
S&P 500® Equal Weight Materials ETF | 11,451,937 | 11,490,541 | ||||||
S&P 500® Equal Weight Real Estate ETF | 1,993,450 | 2,014,658 | ||||||
S&P 500® Equal Weight Technology ETF | 183,892,058 | 188,675,876 | ||||||
S&P 500® Equal Weight Utilities ETF | 11,971,518 | 14,275,734 | ||||||
S&P MidCap 400® Equal Weight ETF | 13,008,179 | 12,370,362 | ||||||
S&P SmallCap 600® Equal Weight ETF | 5,948,410 | 6,005,038 |
80 | ||||
|
| |||
For the six-month period ended October 31, 2020, 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 | $ | 4,187,920,000 | $ | 2,703,953,251 | ||||
S&P 500® Equal Weight Communication Services ETF | 2,419,537 | 3,818,441 | ||||||
S&P 500® Equal Weight Consumer Discretionary ETF | 217,530,923 | - | ||||||
S&P 500® Equal Weight Consumer Staples ETF | 41,930,156 | 65,165,421 | ||||||
S&P 500® Equal Weight Energy ETF | 39,979,452 | 62,275,360 | ||||||
S&P 500® Equal Weight Financials ETF | 13,489,843 | 44,693,304 | ||||||
S&P 500® Equal Weight Health Care ETF | 35,712,047 | 100,526,928 | ||||||
S&P 500® Equal Weight Industrials ETF | 298,550,651 | 122,871,203 | ||||||
S&P 500® Equal Weight Materials ETF | 68,034,175 | 5,968,451 | ||||||
S&P 500® Equal Weight Real Estate ETF | - | 5,028,521 | ||||||
S&P 500® Equal Weight Technology ETF | 280,175,143 | 204,936,454 | ||||||
S&P 500® Equal Weight Utilities ETF | 14,481,778 | 86,466,181 | ||||||
S&P MidCap 400® Equal Weight ETF | 12,009,678 | 3,651,935 | ||||||
S&P SmallCap 600® Equal Weight ETF | - | 2,385,111 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Net | ||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||
Appreciation | (Depreciation) | (Depreciation) | Cost | |||||||||||||
S&P 500® Equal Weight ETF | $ | 1,746,710,298 | $ | (1,212,859,209 | ) | $ | 533,851,089 | $ | 13,144,796,728 | |||||||
S&P 500® Equal Weight Communication Services ETF | 1,790,907 | (2,466,887 | ) | (675,980 | ) | 19,957,315 | ||||||||||
S&P 500® Equal Weight Consumer Discretionary ETF | 12,803,868 | (7,948,818 | ) | 4,855,050 | 280,997,549 | |||||||||||
S&P 500® Equal Weight Consumer Staples ETF | 50,670,188 | (48,721,417 | ) | 1,948,771 | 473,017,388 | |||||||||||
S&P 500® Equal Weight Energy ETF | 94,194 | (59,401,802 | ) | (59,307,608 | ) | 98,930,178 | ||||||||||
S&P 500® Equal Weight Financials ETF | 9,315,686 | (39,402,767 | ) | (30,087,081 | ) | 173,651,664 | ||||||||||
S&P 500® Equal Weight Health Care ETF | 116,699,941 | (30,216,425 | ) | 86,483,516 | 610,536,222 | |||||||||||
S&P 500® Equal Weight Industrials ETF | 21,856,480 | (22,854,223 | ) | (997,743 | ) | 367,620,168 | ||||||||||
S&P 500® Equal Weight Materials ETF | 19,183,913 | (11,536,083 | ) | 7,647,830 | 197,233,085 | |||||||||||
S&P 500® Equal Weight Real Estate ETF | 502,644 | (6,262,759 | ) | (5,760,115 | ) | 24,325,580 | ||||||||||
S&P 500® Equal Weight Technology ETF | 330,607,273 | (75,320,746 | ) | 255,286,527 | 1,548,469,172 | |||||||||||
S&P 500® Equal Weight Utilities ETF | 19,983,742 | (14,783,397 | ) | 5,200,345 | 237,320,244 | |||||||||||
S&P MidCap 400® Equal Weight ETF | 7,620,737 | (9,009,976 | ) | (1,389,239 | ) | 74,569,935 | ||||||||||
S&P SmallCap 600® Equal Weight ETF | 3,042,922 | (4,631,877 | ) | (1,588,955 | ) | 24,886,874 |
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 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 ETFs. 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.
81 | ||||
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| |||
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
82 | ||||
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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, litigation expenses, acquired fund fees and expenses, if any, 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, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | 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 | $1,127.80 | 0.20 | % | $1.07 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.20 | 0.20 | 1.02 | ||||||||||||||||
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,137.00 | 0.40 | 2.15 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,257.50 | 0.40 | 2.28 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS) | ||||||||||||||||||||
Actual | 1,000.00 | 1,041.50 | 0.40 | 2.06 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Energy ETF (RYE) | ||||||||||||||||||||
Actual | 1,000.00 | 780.70 | 0.40 | 1.80 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Financials ETF (RYF) | ||||||||||||||||||||
Actual | 1,000.00 | 1,112.80 | 0.40 | 2.13 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 |
83 | ||||
|
| |||
Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | 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 | $ | 1,088.70 | 0.40 | % | $ | 2.11 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Industrials ETF (RGI) | ||||||||||||||||||||
Actual | 1,000.00 | 1,232.70 | 0.40 | 2.25 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Materials ETF (RTM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,272.90 | 0.40 | 2.29 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE) | ||||||||||||||||||||
Actual | 1,000.00 | 989.40 | 0.40 | 2.01 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Technology ETF (RYT) | ||||||||||||||||||||
Actual | 1,000.00 | 1,140.60 | 0.40 | 2.16 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P 500® Equal Weight Utilities ETF (RYU) | ||||||||||||||||||||
Actual | 1,000.00 | 1,092.80 | 0.40 | 2.11 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P MidCap 400® Equal Weight ETF (EWMC) | ||||||||||||||||||||
Actual | 1,000.00 | 1,169.90 | 0.40 | 2.19 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 | ||||||||||||||||
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC) | ||||||||||||||||||||
Actual | 1,000.00 | 1,157.80 | 0.40 | 2.18 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.19 | 0.40 | 2.04 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 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, 2020
| ||||
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 |
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 S&P 500® Pure Growth ETF (RPG)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.02% |
| |||||||
Communication Services-5.91% | ||||||||
Alphabet, Inc., Class A(b) | 8,307 | $ | 13,425,026 | |||||
Alphabet, Inc., Class C(b) | 8,286 | 13,431,689 | ||||||
Charter Communications, Inc., Class A(b) | 45,299 | 27,352,442 | ||||||
Facebook, Inc., Class A(b) | 161,279 | 42,434,118 | ||||||
Netflix, Inc.(b) | 63,127 | 30,032,039 | ||||||
Take-Two Interactive Software, Inc.(b) | 94,774 | 14,682,388 | ||||||
|
| |||||||
141,357,702 | ||||||||
|
| |||||||
Consumer Discretionary-16.83% | ||||||||
Amazon.com, Inc.(b) | 10,071 | 30,577,067 | ||||||
AutoZone, Inc.(b) | 13,006 | 14,683,514 | ||||||
Booking Holdings, Inc.(b) | 5,088 | 8,255,280 | ||||||
CarMax, Inc.(b) | 209,352 | 18,096,387 | ||||||
Chipotle Mexican Grill, Inc.(b) | 27,465 | 32,998,648 | ||||||
D.R. Horton, Inc. | 402,851 | 26,914,475 | ||||||
Dollar General Corp. | 105,918 | 22,106,146 | ||||||
Domino’s Pizza, Inc | 52,812 | 19,979,836 | ||||||
eBay, Inc. | 444,601 | 21,176,346 | ||||||
Etsy, Inc.(b) | 123,176 | 14,976,970 | ||||||
Garmin Ltd | 134,922 | 14,034,586 | ||||||
Hilton Worldwide Holdings, Inc. | 288,780 | 25,357,772 | ||||||
NVR, Inc.(b) | 5,620 | 22,216,366 | ||||||
O’Reilly Automotive, Inc.(b) | 32,083 | 14,007,438 | ||||||
Pool Corp. | 45,371 | 15,872,137 | ||||||
PulteGroup, Inc. | 835,869 | 34,070,020 | ||||||
Ross Stores, Inc. | 111,049 | 9,458,043 | ||||||
Starbucks Corp. | 177,720 | 15,454,531 | ||||||
Tiffany & Co. | 75,892 | 9,929,709 | ||||||
TJX Cos., Inc. (The) | 153,104 | 7,777,683 | ||||||
Wynn Resorts Ltd. | 91,222 | 6,607,209 | ||||||
Yum! Brands, Inc. | 195,190 | 18,217,083 | ||||||
|
| |||||||
402,767,246 | ||||||||
|
| |||||||
Consumer Staples-0.67% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 73,177 | 16,074,060 | ||||||
|
| |||||||
Energy-0.79% | ||||||||
ConocoPhillips | 348,077 | 9,961,964 | ||||||
Hess Corp. | 237,799 | 8,850,879 | ||||||
|
| |||||||
18,812,843 | ||||||||
|
| |||||||
Financials-5.36% | ||||||||
Cboe Global Markets, Inc. | 166,833 | 13,561,854 | ||||||
MarketAxess Holdings, Inc. | 50,079 | 26,985,069 | ||||||
Moody’s Corp. | 67,633 | 17,780,716 | ||||||
MSCI, Inc. | 99,408 | 34,776,895 | ||||||
S&P Global, Inc. | 46,500 | 15,006,945 | ||||||
Synchrony Financial | 803,795 | 20,110,951 | ||||||
|
| |||||||
128,222,430 | ||||||||
|
| |||||||
Health Care-9.71% | ||||||||
Align Technology, Inc.(b) | 84,189 | 35,871,249 | ||||||
Catalent, Inc.(b) | 135,951 | 11,932,419 | ||||||
DexCom, Inc.(b) | 94,657 | 30,250,484 | ||||||
Edwards Lifesciences Corp.(b) | 286,370 | 20,529,865 | ||||||
IDEXX Laboratories, Inc.(b) | 42,581 | 18,089,260 | ||||||
Incyte Corp.(b) | 348,790 | 30,219,166 | ||||||
Intuitive Surgical, Inc.(b) | 21,546 | 14,372,906 | ||||||
ResMed, Inc. | 89,877 | 17,250,991 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Thermo Fisher Scientific, Inc. | 33,619 | $ | 15,905,821 | |||||
Vertex Pharmaceuticals, Inc.(b) | 118,746 | 24,741,917 | ||||||
West Pharmaceutical Services, Inc. | 48,212 | 13,117,039 | ||||||
|
| |||||||
232,281,117 | ||||||||
|
| |||||||
Industrials-12.96% | ||||||||
Allegion PLC | 84,173 | 8,291,040 | ||||||
AMETEK, Inc. | 138,521 | 13,602,762 | ||||||
Cintas Corp. | 65,975 | 20,752,436 | ||||||
Copart, Inc.(b) | 292,755 | 32,308,442 | ||||||
Fortune Brands Home & Security, Inc. | 220,283 | 17,814,286 | ||||||
Kansas City Southern | 104,344 | 18,379,152 | ||||||
L3Harris Technologies, Inc. | 97,345 | 15,683,253 | ||||||
Lockheed Martin Corp. | 34,327 | 12,018,913 | ||||||
Masco Corp. | 361,686 | 19,386,370 | ||||||
Northrop Grumman Corp. | 51,667 | 14,974,130 | ||||||
Old Dominion Freight Line, Inc. | 150,648 | 28,678,860 | ||||||
PACCAR, Inc. | 250,396 | 21,378,810 | ||||||
Roper Technologies, Inc. | 26,826 | 9,961,567 | ||||||
Teledyne Technologies, Inc.(b) | 64,326 | 19,886,383 | ||||||
TransDigm Group, Inc. | 48,101 | 22,963,898 | ||||||
United Rentals, Inc.(b) | 191,119 | 34,074,607 | ||||||
|
| |||||||
310,154,909 | ||||||||
|
| |||||||
Information Technology-38.92% | ||||||||
Adobe, Inc.(b) | 80,221 | 35,866,809 | ||||||
Advanced Micro Devices, Inc.(b) | 254,233 | 19,141,203 | ||||||
Analog Devices, Inc. | 102,619 | 12,163,430 | ||||||
ANSYS, Inc.(b) | 98,721 | 30,047,711 | ||||||
Apple, Inc. | 304,860 | 33,187,060 | ||||||
Applied Materials, Inc. | 457,015 | 27,068,998 | ||||||
Arista Networks, Inc.(b) | 51,338 | 10,724,508 | ||||||
Autodesk, Inc.(b) | 69,194 | 16,297,955 | ||||||
Broadcom, Inc. | 63,383 | 22,160,598 | ||||||
Cadence Design Systems, Inc.(b) | 279,640 | 30,584,227 | ||||||
CDW Corp. | 150,057 | 18,396,988 | ||||||
Fiserv, Inc.(b) | 171,478 | 16,371,005 | ||||||
FleetCor Technologies, Inc.(b) | 87,670 | 19,367,180 | ||||||
Fortinet, Inc.(b) | 277,784 | 30,659,020 | ||||||
Intuit, Inc. | 42,293 | 13,308,761 | ||||||
Keysight Technologies, Inc.(b) | 167,084 | 17,522,099 | ||||||
KLA Corp. | 152,152 | 30,001,331 | ||||||
Lam Research Corp. | 114,486 | 39,163,371 | ||||||
Mastercard, Inc., Class A | 97,003 | 27,998,946 | ||||||
Microchip Technology, Inc. | 220,960 | 23,218,477 | ||||||
Micron Technology, Inc.(b) | 610,594 | 30,737,302 | ||||||
Microsoft Corp. | 135,741 | 27,483,480 | ||||||
Motorola Solutions, Inc. | 73,076 | 11,550,393 | ||||||
NVIDIA Corp. | 68,415 | 34,300,544 | ||||||
Paycom Software, Inc.(b) | 133,678 | 48,670,823 | ||||||
PayPal Holdings, Inc.(b) | 199,187 | 37,074,676 | ||||||
Qorvo, Inc.(b) | 120,843 | 15,390,564 | ||||||
QUALCOMM, Inc. | 141,911 | 17,506,141 | ||||||
salesforce.com, inc.(b) | 105,468 | 24,497,052 | ||||||
ServiceNow, Inc.(b) | 125,897 | 62,642,570 | ||||||
Synopsys, Inc.(b) | 146,477 | 31,325,571 | ||||||
Teradyne, Inc. | 434,369 | 38,159,317 | ||||||
Tyler Technologies, Inc.(b) | 62,170 | 23,896,905 | ||||||
Visa, Inc., Class A | 120,793 | 21,949,296 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
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Invesco S&P 500® Pure Growth ETF (RPG)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Western Union Co. (The) | 395,534 | $ | 7,689,181 | |||||
Xerox Holdings Corp. | 708,365 | 12,311,384 | ||||||
Zebra Technologies Corp., Class A(b) | 44,770 | 12,698,563 | ||||||
|
| |||||||
931,133,439 | ||||||||
|
| |||||||
Materials-5.12% | ||||||||
Air Products and Chemicals, Inc | 49,775 | 13,749,846 | ||||||
Celanese Corp. | 96,997 | 11,010,130 | ||||||
Dow, Inc. | 467,962 | 21,287,591 | ||||||
FMC Corp. | 265,100 | 27,236,374 | ||||||
Martin Marietta Materials, Inc. | 47,687 | 12,701,432 | ||||||
Sherwin-Williams Co. (The) | 33,858 | 23,293,627 | ||||||
Vulcan Materials Co. | 91,737 | 13,287,187 | ||||||
|
| |||||||
122,566,187 | ||||||||
|
|
Shares | Value | |||||||
Real Estate-3.02% | ||||||||
American Tower Corp. | 51,630 | $ | 11,856,829 | |||||
CBRE Group, Inc., Class A(b) | 459,363 | 23,151,895 | ||||||
Equinix, Inc. | 27,758 | 20,297,760 | ||||||
SBA Communications Corp., Class A | 58,488 | 16,983,161 | ||||||
|
| |||||||
72,289,645 | ||||||||
|
| |||||||
Utilities-0.73% | ||||||||
NRG Energy, Inc. | 552,200 | 17,460,564 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.02% |
| 2,393,120,142 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.02)% |
| (392,327 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 2,392,727,815 | ||||||
|
|
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. |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 2,106,336 | $ | (2,106,336 | ) | $ | - | $ | - | $ | - | $ | 6 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 199,850 | 7,007,829 | (7,207,679 | ) | - | - | - | 133 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 825 | (825 | ) | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 199,850 | $ | 9,114,990 | $ | (9,314,840 | ) | $ | - | $ | - | $ | - | $ | 139 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||||||
Information Technology | 38.92 | |||||||
Consumer Discretionary | 16.83 | |||||||
Industrials | 12.96 | |||||||
Health Care | 9.71 | |||||||
Communication Services | 5.91 | |||||||
Financials | 5.36 | |||||||
Materials | 5.12 | |||||||
Real Estate | 3.02 | |||||||
Sector Types Each Less Than 3% | 2.19 | |||||||
Other Assets Less Liabilities | (0.02 | ) |
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, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.87% |
| |||||||
Communication Services-2.78% | ||||||||
AT&T, Inc. | 119,676 | $ | 3,233,646 | |||||
DISH Network Corp., Class A(b) | 144,160 | 3,674,638 | ||||||
News Corp., Class A | 608,134 | 7,984,799 | ||||||
News Corp., Class B | 190,600 | 2,481,612 | ||||||
|
| |||||||
17,374,695 | ||||||||
|
| |||||||
Consumer Discretionary-16.29% | ||||||||
Best Buy Co., Inc. | 56,195 | 6,268,552 | ||||||
BorgWarner, Inc. | 125,735 | 4,398,210 | ||||||
Carnival Corp. | 146,018 | 2,001,907 | ||||||
Ford Motor Co. | 2,032,241 | 15,709,223 | ||||||
Gap, Inc. (The) | 756,189 | 14,707,876 | ||||||
General Motors Co. | 463,906 | 16,018,674 | ||||||
L Brands, Inc. | 330,947 | 10,593,614 | ||||||
Lennar Corp., Class A | 143,892 | 10,105,535 | ||||||
Mohawk Industries, Inc.(b) | 52,667 | 5,434,708 | ||||||
Norwegian Cruise Line Holdings Ltd.(b)(c) | 58,697 | 976,131 | ||||||
PVH Corp. | 94,817 | 5,526,883 | ||||||
Whirlpool Corp. | 55,682 | 10,298,943 | ||||||
|
| |||||||
102,040,256 | ||||||||
|
| |||||||
Consumer Staples-8.14% | ||||||||
Archer-Daniels-Midland Co. | 311,725 | 14,414,164 | ||||||
JM Smucker Co. (The) | 40,579 | 4,552,964 | ||||||
Kraft Heinz Co. (The) | 136,051 | 4,161,800 | ||||||
Kroger Co. (The) | 458,278 | 14,761,134 | ||||||
Molson Coors Beverage Co., Class B | 206,688 | 7,287,819 | ||||||
Walgreens Boots Alliance, Inc. | 170,014 | 5,787,277 | ||||||
|
| |||||||
50,965,158 | ||||||||
|
| |||||||
Energy-9.00% | ||||||||
Baker Hughes Co., Class A | 720,867 | 10,647,206 | ||||||
Chevron Corp. | 42,080 | 2,924,560 | ||||||
Concho Resources, Inc. | 129,578 | 5,378,783 | ||||||
Devon Energy Corp. | 331,500 | 2,960,295 | ||||||
Diamondback Energy, Inc. | 100,773 | 2,616,067 | ||||||
Exxon Mobil Corp. | 75,341 | 2,457,624 | ||||||
Halliburton Co. | 239,990 | 2,894,279 | ||||||
HollyFrontier Corp. | 224,633 | 4,157,957 | ||||||
Kinder Morgan, Inc. | 185,457 | 2,206,938 | ||||||
Marathon Oil Corp. | 903,382 | 3,577,393 | ||||||
Marathon Petroleum Corp. | 295,422 | 8,714,949 | ||||||
Occidental Petroleum Corp. | 131,549 | 1,201,042 | ||||||
TechnipFMC PLC (United Kingdom) | 369,453 | 2,043,075 | ||||||
Valero Energy Corp. | 119,412 | 4,610,497 | ||||||
|
| |||||||
56,390,665 | ||||||||
|
| |||||||
Financials-33.65% | ||||||||
Aflac, Inc. | 93,137 | 3,162,001 | ||||||
Allstate Corp. (The) | 57,851 | 5,134,276 | ||||||
American International Group, Inc. | 251,133 | 7,908,178 | ||||||
Assurant, Inc. | 48,868 | 6,077,713 | ||||||
Bank of America Corp. | 144,813 | 3,432,068 | ||||||
Bank of New York Mellon Corp. (The) | 106,612 | 3,663,188 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 102,632 | 20,721,401 | ||||||
Capital One Financial Corp. | 90,958 | 6,647,211 | ||||||
Chubb Ltd. | 32,656 | 4,242,341 | ||||||
Citigroup, Inc. | 110,286 | 4,568,046 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Citizens Financial Group, Inc. | 246,657 | $ | 6,721,403 | |||||
Comerica, Inc. | 58,701 | 2,671,483 | ||||||
Everest Re Group Ltd. | 21,619 | 4,260,673 | ||||||
Fifth Third Bancorp | 209,943 | 4,874,876 | ||||||
Franklin Resources, Inc. | 177,850 | 3,334,688 | ||||||
Globe Life, Inc. | 32,465 | 2,632,587 | ||||||
Goldman Sachs Group, Inc. (The) | 35,459 | 6,703,169 | ||||||
Hartford Financial Services Group, Inc. (The) | 102,173 | 3,935,704 | ||||||
Huntington Bancshares, Inc. | 251,712 | 2,627,873 | ||||||
Invesco Ltd., (Acquired 12/19/2018 -10/28/2020; Cost $10,388,492)(d)(e) | 626,985 | 8,219,773 | ||||||
KeyCorp | 249,287 | 3,235,745 | ||||||
Lincoln National Corp. | 255,961 | 8,984,231 | ||||||
Loews Corp. | 231,324 | 8,022,316 | ||||||
M&T Bank Corp. | 20,337 | 2,106,506 | ||||||
MetLife, Inc. | 307,296 | 11,631,154 | ||||||
Morgan Stanley | 142,906 | 6,880,924 | ||||||
People’s United Financial, Inc. | 458,575 | 4,892,995 | ||||||
Principal Financial Group, Inc. | 182,717 | 7,166,161 | ||||||
Prudential Financial, Inc. | 174,454 | 11,168,545 | ||||||
Raymond James Financial, Inc. | 36,667 | 2,802,826 | ||||||
Regions Financial Corp. | 401,848 | 5,344,578 | ||||||
State Street Corp. | 63,241 | 3,724,895 | ||||||
Travelers Cos., Inc. (The) | 45,553 | 5,498,703 | ||||||
Truist Financial Corp. | 64,926 | 2,734,683 | ||||||
Unum Group | 551,428 | 9,738,219 | ||||||
Wells Fargo & Co. | 85,357 | 1,830,908 | ||||||
Zions Bancorporation N.A | 106,059 | 3,422,524 | ||||||
|
| |||||||
210,724,565 | ||||||||
|
| |||||||
Health Care-10.53% | ||||||||
AmerisourceBergen Corp. | 112,118 | 10,771,176 | ||||||
Anthem, Inc. | 16,906 | 4,611,957 | ||||||
Centene Corp.(b) | 188,562 | 11,144,014 | ||||||
Cigna Corp. | 45,621 | 7,617,338 | ||||||
CVS Health Corp. | 161,127 | 9,037,613 | ||||||
McKesson Corp. | 64,724 | 9,546,143 | ||||||
Mylan N.V.(b) | 586,335 | 8,525,311 | ||||||
Perrigo Co. PLC | 107,335 | 4,708,787 | ||||||
|
| |||||||
65,962,339 | ||||||||
|
| |||||||
Industrials-4.00% | ||||||||
Alaska Air Group, Inc. | 65,998 | 2,500,664 | ||||||
American Airlines Group, Inc.(c) | 354,351 | 3,997,079 | ||||||
Delta Air Lines, Inc. | 84,335 | 2,584,025 | ||||||
FedEx Corp. | 32,533 | 8,441,338 | ||||||
Textron, Inc. | 128,430 | 4,597,794 | ||||||
United Airlines Holdings, Inc.(b) | 87,221 | 2,953,303 | ||||||
|
| |||||||
25,074,203 | ||||||||
|
| |||||||
Information Technology-2.05% | ||||||||
DXC Technology Co. | 245,727 | 4,526,291 | ||||||
Hewlett Packard Enterprise Co. | 564,167 | 4,874,403 | ||||||
HP, Inc. | 189,928 | 3,411,107 | ||||||
|
| |||||||
12,811,801 | ||||||||
|
| |||||||
Materials-11.12% | ||||||||
Corteva, Inc. | 383,942 | 12,662,407 | ||||||
DuPont de Nemours, Inc. | 171,866 | 9,775,738 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Materials-(continued) | ||||||||
Eastman Chemical Co. | 58,385 | $ | 4,719,843 | |||||
International Paper Co. | 95,800 | 4,191,250 | ||||||
Mosaic Co. (The) | 687,555 | 12,719,768 | ||||||
Newmont Corp. | 96,688 | 6,075,874 | ||||||
Nucor Corp. | 128,028 | 6,114,617 | ||||||
Westrock Co. | 356,369 | 13,381,656 | ||||||
|
| |||||||
69,641,153 | ||||||||
|
| |||||||
Real Estate-0.32% | ||||||||
Host Hotels & Resorts, Inc. | 188,917 | 1,979,850 | ||||||
|
| |||||||
Utilities-1.99% | ||||||||
CenterPoint Energy, Inc. | 169,423 | 3,579,908 | ||||||
Duke Energy Corp. | 39,721 | 3,658,701 | ||||||
Exelon Corp. | 131,147 | 5,231,454 | ||||||
|
| |||||||
12,470,063 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 625,434,748 | ||||||
|
| |||||||
Money Market Funds-0.03% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(f) | 205,332 | 205,332 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 625,640,080 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.79% | ||||||||
Invesco Private Government Fund, | 1,984,120 | $ | 1,984,120 | |||||
Invesco Private Prime Fund, 0.11%(d)(f)(g) | 2,975,287 | 2,976,180 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,960,300 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.69% |
| 630,600,380 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.69)% |
| (4,330,311 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 626,270,069 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | 4,553,403 | $ | 1,928,484 | $ | (831,037 | ) | $ | 2,592,190 | $ | (23,267 | ) | $ | 8,219,773 | $ | 182,195 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 3,465,662 | (3,260,330 | ) | - | - | 205,332 | 11 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 129,990 | 7,674,354 | (7,804,344 | ) | - | - | - | 118 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 4,332,789 | 26,865,899 | (29,214,568 | ) | - | - | 1,984,120 | 891 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,453,239 | (5,477,420 | ) | 73 | 288 | 2,976,180 | 767 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 9,016,182 | $ | 48,387,638 | $ | (46,587,699 | ) | $ | 2,592,263 | $ | (22,979 | ) | $ | 13,385,405 | $ | 183,982 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
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, 2020
(Unaudited)
(e) | Restricted security. The value of this security at October 31, 2020 represented 1.31% of the Fund’s Net Assets. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020 | ||||||||
Financials | 33.65 | |||||||
Consumer Discretionary | 16.29 | |||||||
Materials | 11.12 | |||||||
Health Care | 10.53 | |||||||
Energy | 9.00 | |||||||
Consumer Staples | 8.14 | |||||||
Industrials | 4.00 | |||||||
Sector Types Each Less Than 3% | 7.14 | |||||||
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.
| 7 |
|
Invesco S&P 500® Top 50 ETF (XLG)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.89% |
| |||||||
Communication Services-17.74% |
| |||||||
Alphabet, Inc., Class A(b) | 31,537 | $ | 50,967,261 | |||||
Alphabet, Inc., Class C(b) | 30,815 | 49,951,423 | ||||||
AT&T, Inc. | 747,833 | 20,206,448 | ||||||
Comcast Corp., Class A | 478,472 | 20,210,657 | ||||||
Facebook, Inc., Class A(b) | 252,351 | 66,396,071 | ||||||
Netflix, Inc.(b) | 46,288 | 22,021,053 | ||||||
Verizon Communications, Inc. | 434,326 | 24,752,239 | ||||||
Walt Disney Co. (The) | 189,667 | 22,997,124 | ||||||
|
| |||||||
277,502,276 | ||||||||
|
| |||||||
Consumer Discretionary-12.66% | ||||||||
Amazon.com, Inc.(b) | 44,687 | 135,676,435 | ||||||
Home Depot, Inc. (The) | 112,984 | 30,133,963 | ||||||
McDonald’s Corp. | 78,101 | 16,635,513 | ||||||
NIKE,Inc.,Class B | 130,661 | 15,689,773 | ||||||
|
| |||||||
198,135,684 | ||||||||
|
| |||||||
Consumer Staples-7.87% | ||||||||
Coca-Cola Co. (The) | 405,761 | 19,500,874 | ||||||
Costco Wholesale Corp. | 46,342 | 16,572,826 | ||||||
PepsiCo, Inc. | 145,330 | 19,371,036 | ||||||
Philip Morris International, Inc. | 163,451 | 11,608,290 | ||||||
Procter & Gamble Co. (The) | 261,308 | 35,825,327 | ||||||
Walmart, Inc. | 145,739 | 20,221,286 | ||||||
|
| |||||||
123,099,639 | ||||||||
|
| |||||||
Energy-1.82% | ||||||||
Chevron Corp. | 202,134 | 14,048,313 | ||||||
Exxon Mobil Corp. | 443,792 | 14,476,495 | ||||||
|
| |||||||
28,524,808 | ||||||||
|
| |||||||
Financials-6.48% | ||||||||
Bank of America Corp. | 800,250 | 18,965,925 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 208,052 | 42,005,699 | ||||||
Citigroup, Inc. | 218,511 | 9,050,725 | ||||||
JPMorgan Chase & Co. | 319,873 | 31,360,349 | ||||||
|
| |||||||
101,382,698 | ||||||||
|
| |||||||
Health Care-13.82% | ||||||||
Abbott Laboratories | 185,833 | 19,532,907 | ||||||
AbbVie, Inc. | 185,235 | 15,763,498 | ||||||
Amgen, Inc. | 61,474 | 13,336,170 | ||||||
Bristol-Myers Squibb Co. | 236,571 | 13,827,575 | ||||||
Eli Lilly and Co. | 83,324 | 10,870,449 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Johnson & Johnson | 276,338 | $ | 37,888,703 | |||||
Medtronic PLC | 141,088 | 14,189,220 | ||||||
Merck & Co., Inc. | 265,467 | 19,965,773 | ||||||
Pfizer, Inc. | 583,245 | 20,693,533 | ||||||
Thermo Fisher Scientific, Inc. | 41,521 | 19,644,416 | ||||||
UnitedHealth Group, Inc. | 99,746 | 30,436,494 | ||||||
|
| |||||||
216,148,738 | ||||||||
|
| |||||||
Industrials-0.81% | ||||||||
Union Pacific Corp. | 71,251 | 12,624,965 | ||||||
|
| |||||||
Information Technology-37.73% | ||||||||
Accenture PLC, Class A | 66,774 | 14,483,948 | ||||||
Adobe, Inc.(b) | 50,345 | 22,509,249 | ||||||
Apple, Inc. | 1,687,977 | 183,753,176 | ||||||
Broadcom, Inc. | 42,213 | 14,758,931 | ||||||
Cisco Systems, Inc. | 444,336 | 15,951,662 | ||||||
Intel Corp. | 446,390 | 19,766,149 | ||||||
International Business Machines Corp. | 93,475 | 10,437,419 | ||||||
Mastercard, Inc., Class A | 92,717 | 26,761,835 | ||||||
Microsoft Corp. | 794,294 | 160,820,706 | ||||||
NVIDIA Corp. | 64,760 | 32,468,074 | ||||||
Oracle Corp. | 202,914 | 11,385,505 | ||||||
PayPal Holdings, Inc.(b) | 123,148 | 22,921,537 | ||||||
salesforce.com, inc.(b) | 95,513 | 22,184,805 | ||||||
Visa, Inc., Class A | 176,962 | 32,155,765 | ||||||
|
| |||||||
590,358,761 | ||||||||
|
| |||||||
Utilities-0.96% | ||||||||
NextEra Energy, Inc. | 205,572 | 15,049,926 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,562,827,495 | ||||||
|
| |||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) | 143,989 | 143,989 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.90% |
| 1,562,971,484 | ||||||
OTHER ASSETS LESS LIABILITIES-0.10% |
| 1,498,098 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,564,469,582 | ||||||
|
|
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, 2020
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 5,396,191 | $ | (5,252,202 | ) | $ | - | $ | - | $ | 143,989 | $ | 16 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 314,493 | 11,550,351 | (11,864,844 | ) | - | - | - | 184 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 314,493 | $ | 16,946,542 | $ | (17,117,046 | ) | $ | - | $ | - | $ | 143,989 | $ | 200 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||||||
Information Technology | 37.73 | |||||||
Communication Services | 17.74 | |||||||
Health Care | 13.82 | |||||||
Consumer Discretionary | 12.66 | |||||||
Consumer Staples | 7.87 | |||||||
Financials | 6.48 | |||||||
Sector Types Each Less Than 3% | 3.59 | |||||||
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.
| 9 |
|
Invesco S&P Midcap 400® Pure Growth ETF (RFG)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.02% |
| |||||||
Communication Services-1.15% |
| |||||||
Cable One, Inc. | 2,170 | $ | 3,758,136 | |||||
|
| |||||||
Consumer Discretionary-20.50% | ||||||||
Boyd Gaming Corp. | 74,187 | 2,353,212 | ||||||
Caesars Entertainment, Inc.(b) | 67,188 | 3,011,366 | ||||||
Churchill Downs, Inc.(c) | 15,282 | 2,279,310 | ||||||
Deckers Outdoor Corp.(b) | 10,849 | 2,748,811 | ||||||
Dunkin’ Brands Group, Inc. | 39,864 | 3,974,839 | ||||||
Five Below, Inc.(b) | 29,639 | 3,952,064 | ||||||
Fox Factory Holding Corp.(b) | 42,660 | 3,586,853 | ||||||
Gentex Corp. | 56,065 | 1,551,319 | ||||||
Lithia Motors, Inc., Class A | 21,799 | 5,004,396 | ||||||
Marriott Vacations Worldwide Corp. | 30,997 | 2,994,310 | ||||||
Murphy USA, Inc.(b) | 35,779 | 4,375,414 | ||||||
Polaris, Inc. | 16,975 | 1,542,349 | ||||||
RH(b) | 28,061 | 9,406,889 | ||||||
Scientific Games Corp.(b) | 127,938 | 4,078,663 | ||||||
Skechers U.S.A., Inc., Class A(b) | 84,459 | 2,678,195 | ||||||
Tempur Sealy International, Inc.(b) | 18,081 | 1,609,209 | ||||||
TopBuild Corp.(b) | 43,134 | 6,608,560 | ||||||
Wingstop, Inc. | 33,318 | 3,875,883 | ||||||
Wyndham Hotels & Resorts, Inc. | 29,268 | 1,361,255 | ||||||
|
| |||||||
66,992,897 | ||||||||
|
| |||||||
Consumer Staples-4.04% | ||||||||
Boston Beer Co., Inc. (The), Class A(b) | 7,954 | 8,265,638 | ||||||
Casey’s General Stores, Inc. | 20,957 | 3,532,721 | ||||||
Sanderson Farms, Inc. | 11,008 | 1,408,694 | ||||||
|
| |||||||
13,207,053 | ||||||||
|
| |||||||
Energy-0.58% | ||||||||
WPX Energy, Inc.(b) | 410,298 | 1,891,474 | ||||||
|
| |||||||
Financials-6.22% | ||||||||
Brown & Brown, Inc. | 56,719 | 2,467,844 | ||||||
Essent Group Ltd. | 165,548 | 6,597,088 | ||||||
LendingTree, Inc.(b)(c) | 15,611 | 5,051,563 | ||||||
Primerica, Inc. | 17,198 | 1,895,907 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 26,622 | 4,305,310 | ||||||
|
| |||||||
20,317,712 | ||||||||
|
| |||||||
Health Care-18.65% | ||||||||
Amedisys, Inc.(b) | 11,543 | 2,989,637 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 82,025 | 4,700,033 | ||||||
Bio-Techne Corp. | 11,822 | 2,983,991 | ||||||
Charles River Laboratories International, Inc.(b) | 13,224 | 3,011,105 | ||||||
Chemed Corp. | 4,455 | 2,130,916 | ||||||
Exelixis, Inc.(b) | 180,401 | 3,694,613 | ||||||
ICU Medical, Inc.(b) | 7,657 | 1,361,338 | ||||||
LHC Group, Inc.(b) | 13,398 | 2,901,337 | ||||||
Ligand Pharmaceuticals, Inc.(b)(c) | 29,747 | 2,452,640 | ||||||
Masimo Corp.(b) | 14,914 | 3,338,051 | ||||||
Medpace Holdings, Inc.(b) | 43,443 | 4,819,566 | ||||||
Penumbra, Inc.(b)(c) | 27,004 | 7,048,854 | ||||||
PRA Health Sciences, Inc.(b) | 24,042 | 2,342,652 | ||||||
Quidel Corp.(b) | 21,474 | 5,761,259 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Repligen Corp.(b) | 52,584 | $ | 8,758,917 | |||||
Syneos Health, Inc.(b) | 49,585 | 2,631,972 | ||||||
|
| |||||||
60,926,881 | ||||||||
|
| |||||||
Industrials-19.96% | ||||||||
Axon Enterprise, Inc.(b) | 69,310 | 6,854,759 | ||||||
Brink’s Co. (The) | 16,563 | 709,393 | ||||||
Carlisle Cos., Inc. | 23,810 | 2,949,345 | ||||||
Clean Harbors, Inc.(b) | 20,526 | 1,087,262 | ||||||
FTI Consulting, Inc.(b) | 31,380 | 3,089,675 | ||||||
Generac Holdings, Inc.(b) | 51,366 | 10,794,565 | ||||||
Herman Miller, Inc. | 38,512 | 1,173,461 | ||||||
Hexcel Corp. | 44,512 | 1,490,262 | ||||||
Hubbell, Inc. | 16,879 | 2,456,063 | ||||||
Knight-Swift Transportation Holdings, Inc. | 86,970 | 3,303,990 | ||||||
Lincoln Electric Holdings, Inc. | 15,848 | 1,613,643 | ||||||
MasTec, Inc.(b) | 83,918 | 4,165,690 | ||||||
Mercury Systems, Inc.(b) | 61,569 | 4,240,873 | ||||||
Nordson Corp. | 10,419 | 2,015,347 | ||||||
Simpson Manufacturing Co., Inc. | 40,325 | 3,577,634 | ||||||
Tetra Tech, Inc. | 32,295 | 3,258,888 | ||||||
Timken Co. (The) | 57,641 | 3,441,168 | ||||||
Toro Co. (The) | 18,347 | 1,506,289 | ||||||
Trex Co., Inc.(b) | 79,152 | 5,504,230 | ||||||
Woodward, Inc. | 25,059 | 1,993,443 | ||||||
|
| |||||||
65,225,980 | ||||||||
|
| |||||||
Information Technology-23.65% | ||||||||
ACI Worldwide, Inc.(b) | 38,417 | 1,120,624 | ||||||
CACI International, Inc., Class A(b) | 11,169 | 2,329,072 | ||||||
CMC Materials, Inc. | 29,672 | 4,219,062 | ||||||
Cognex Corp. | 38,697 | 2,550,132 | ||||||
Coherent, Inc.(b) | 15,940 | 1,994,732 | ||||||
Fair Isaac Corp.(b) | 9,633 | 3,770,838 | ||||||
j2 Global, Inc.(b) | 35,014 | 2,376,750 | ||||||
Jabil, Inc. | 122,209 | 4,050,006 | ||||||
KBR, Inc. | 111,146 | 2,477,444 | ||||||
Lumentum Holdings, Inc.(b) | 45,849 | 3,791,254 | ||||||
Manhattan Associates, Inc.(b) | 24,380 | 2,084,490 | ||||||
MKS Instruments, Inc. | 39,588 | 4,290,943 | ||||||
Monolithic Power Systems, Inc. | 15,493 | 4,951,563 | ||||||
Paylocity Holding Corp.(b) | 51,600 | 9,572,832 | ||||||
Perspecta, Inc. | 91,385 | 1,638,533 | ||||||
Qualys, Inc.(b) | 20,184 | 1,773,165 | ||||||
SolarEdge Technologies, Inc.(b) | 64,077 | 16,512,002 | ||||||
Universal Display Corp. | 28,143 | 5,581,038 | ||||||
WEX, Inc.(b) | 17,204 | 2,177,166 | ||||||
|
| |||||||
77,261,646 | ||||||||
|
| |||||||
Materials-3.25% | ||||||||
Eagle Materials, Inc. | 15,314 | 1,305,519 | ||||||
Reliance Steel & Aluminum Co. | 30,732 | 3,349,481 | ||||||
Royal Gold, Inc. | 16,372 | 1,945,157 | ||||||
Scotts Miracle-Gro Co. (The) | 26,820 | 4,024,341 | ||||||
|
| |||||||
10,624,498 | ||||||||
|
| |||||||
Real Estate-2.02% | ||||||||
Cousins Properties, Inc. | 91,884 | 2,341,204 |
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, 2020
(Unaudited)
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
EastGroup Properties, Inc. | 10,121 | $ | 1,346,903 | |||||
Rexford Industrial Realty, Inc. | 62,876 | 2,921,219 | ||||||
|
| |||||||
6,609,326 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 326,815,603 | ||||||
|
| |||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 38,992 | 38,992 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 326,854,595 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.43% |
| |||||||
Invesco Private Government Fund, | 4,486,657 | $ | 4,486,657 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 6,727,967 | 6,729,986 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 11,216,643 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.46% |
| 338,071,238 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.46)% |
| (11,297,950 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 326,773,288 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 397,485 | $ | (358,493 | ) | $ | - | $ | - | $ | 38,992 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 80,787 | 5,697,978 | (5,778,765 | ) | - | - | - | 31 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 11,552,242 | 44,936,382 | (52,001,967 | ) | - | - | 4,486,657 | 1,701 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 16,353,077 | (9,623,720 | ) | 11 | 618 | 6,729,986 | 1,452 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 11,633,029 | $ | 67,384,922 | $ | (67,762,945 | ) | $ | 11 | $ | 618 | $ | 11,255,635 | $ | 3,186 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 11 |
|
Invesco S&P Midcap 400® Pure Growth ETF (RFG)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||||||
Information Technology | 23.65 | |||||||
Consumer Discretionary | 20.50 | |||||||
Industrials | 19.96 | |||||||
Health Care | 18.65 | |||||||
Financials | 6.22 | |||||||
Consumer Staples | 4.04 | |||||||
Materials | 3.25 | |||||||
Sector Types Each Less Than 3% | 3.75 | |||||||
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 S&P Midcap 400® Pure Value ETF (RFV)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.88% |
| |||||||
Communication Services-1.72% |
| |||||||
Telephone & Data Systems, Inc. | 60,852 | $ | 1,034,484 | |||||
|
| |||||||
Consumer Discretionary-25.42% | ||||||||
Adient PLC(b) | 43,113 | 914,858 | ||||||
Adtalem Global Education, Inc.(b) | 10,766 | 252,355 | ||||||
American Eagle Outfitters, Inc. | 37,123 | 508,956 | ||||||
AutoNation, Inc.(b) | 27,410 | 1,554,969 | ||||||
Dana, Inc. | 84,546 | 1,182,799 | ||||||
Dick’s Sporting Goods, Inc. | 13,828 | 783,356 | ||||||
Foot Locker, Inc. | 18,406 | 678,813 | ||||||
Goodyear Tire & Rubber Co. (The) | 128,452 | 1,063,583 | ||||||
Graham Holdings Co., Class B | 995 | 378,438 | ||||||
Kohl’s Corp. | 57,849 | 1,231,605 | ||||||
Lear Corp. | 8,423 | 1,017,583 | ||||||
Nordstrom, Inc.(c) | 33,772 | 408,641 | ||||||
Penn National Gaming, Inc.(b) | 33,708 | 1,819,558 | ||||||
Taylor Morrison Home Corp., Class A(b) | 45,035 | 972,756 | ||||||
Thor Industries, Inc. | 11,925 | 1,008,616 | ||||||
TRI Pointe Group, Inc.(b) | 60,297 | 990,680 | ||||||
Urban Outfitters, Inc.(b) | 21,593 | 482,388 | ||||||
|
| |||||||
15,249,954 | ||||||||
|
| |||||||
Consumer Staples-3.52% | ||||||||
BJ’s Wholesale Club Holdings, Inc.(b) | 31,034 | 1,188,292 | ||||||
Sprouts Farmers Market, Inc.(b) | 24,119 | 459,467 | ||||||
TreeHouse Foods, Inc.(b) | 12,008 | 466,391 | ||||||
|
| |||||||
2,114,150 | ||||||||
|
| |||||||
Energy-7.22% | ||||||||
Antero Midstream Corp. | 92,542 | 530,266 | ||||||
CNX Resources Corp.(b) | 182,925 | 1,774,372 | ||||||
EQT Corp. | 89,472 | 1,354,606 | ||||||
World Fuel Services Corp. | 31,842 | 670,274 | ||||||
|
| |||||||
4,329,518 | ||||||||
|
| |||||||
Financials-21.79% | ||||||||
Associated Banc-Corp. | 30,441 | 416,737 | ||||||
Bank OZK | 19,545 | 484,325 | ||||||
Brighthouse Financial, Inc.(b) | 41,439 | 1,371,631 | ||||||
CNO Financial Group, Inc. | 67,535 | 1,198,746 | ||||||
F.N.B. Corp. | 60,254 | 455,520 | ||||||
First Horizon National Corp. | 27,990 | 291,376 | ||||||
Genworth Financial, Inc., Class A(b) | 481,209 | 1,891,151 | ||||||
Hancock Whitney Corp. | 12,551 | 287,041 | ||||||
Janus Henderson Group PLC (United Kingdom) | 24,686 | 599,870 | ||||||
Jefferies Financial Group, Inc. | 44,780 | 873,658 | ||||||
Kemper Corp. | 8,006 | 493,650 | ||||||
Mercury General Corp. | 12,551 | 510,951 | ||||||
Navient Corp. | 46,112 | 369,357 | ||||||
Old Republic International Corp. | 29,863 | 486,170 | ||||||
PacWest Bancorp | 17,437 | 335,488 | ||||||
Pinnacle Financial Partners, Inc. | 6,405 | 293,285 | ||||||
Reinsurance Group of America, Inc. | 6,470 | 653,599 | ||||||
Sterling Bancorp | 28,391 | 379,872 | ||||||
TCF Financial Corp. | 7,947 | 216,238 | ||||||
Texas Capital Bancshares, Inc.(b) | 7,217 | 324,765 | ||||||
Umpqua Holdings Corp. | 45,414 | 570,400 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Valley National Bancorp | 32,603 | $ | 249,087 | |||||
Wintrust Financial Corp. | 6,520 | 320,980 | ||||||
|
| |||||||
13,073,897 | ||||||||
|
| |||||||
Health Care-4.81% | ||||||||
Acadia Healthcare Co., Inc.(b) | 11,929 | 425,269 | ||||||
Molina Healthcare, Inc.(b) | 3,016 | 562,394 | ||||||
Patterson Cos., Inc. | 64,544 | 1,605,532 | ||||||
Tenet Healthcare Corp.(b) | 11,925 | 292,639 | ||||||
|
| |||||||
2,885,834 | ||||||||
|
| |||||||
Industrials-14.61% | ||||||||
AECOM(b) | 20,864 | 935,542 | ||||||
Avis Budget Group, Inc.(b) | 28,763 | 968,450 | ||||||
Dycom Industries, Inc.(b) | 13,789 | 895,458 | ||||||
JetBlue Airways Corp.(b) | 44,713 | 535,215 | ||||||
KAR Auction Services, Inc. | 27,606 | 401,943 | ||||||
ManpowerGroup, Inc. | 13,019 | 883,600 | ||||||
Regal Beloit Corp. | 5,410 | 533,696 | ||||||
Ryder System, Inc. | 30,460 | 1,500,460 | ||||||
Terex Corp. | 26,268 | 648,557 | ||||||
Trinity Industries, Inc.(c) | 25,704 | 484,263 | ||||||
Univar Solutions, Inc.(b) | 32,029 | 531,361 | ||||||
XPO Logistics, Inc.(b) | 5,001 | 450,090 | ||||||
|
| |||||||
8,768,635 | ||||||||
|
| |||||||
Information Technology-8.03% | ||||||||
Alliance Data Systems Corp. | 6,553 | 337,742 | ||||||
Arrow Electronics, Inc.(b) | 15,534 | 1,209,943 | ||||||
Avnet, Inc. | 39,543 | 975,526 | ||||||
II-VI, Inc.(b) | 12,697 | 577,332 | ||||||
NetScout Systems, Inc.(b) | 17,319 | 355,386 | ||||||
SYNNEX Corp. | 10,342 | 1,361,421 | ||||||
|
| |||||||
4,817,350 | ||||||||
|
| |||||||
Materials-11.25% | ||||||||
Chemours Co. (The) | 34,589 | 696,622 | ||||||
Commercial Metals Co. | 43,267 | 893,464 | ||||||
Domtar Corp. | 39,010 | 931,559 | ||||||
Greif, Inc., Class A | 16,900 | 685,971 | ||||||
Minerals Technologies, Inc. | 9,109 | 498,171 | ||||||
Olin Corp. | 68,794 | 1,138,541 | ||||||
United States Steel Corp.(c) | 154,402 | 1,491,523 | ||||||
Worthington Industries, Inc. | 8,396 | 413,167 | ||||||
|
| |||||||
6,749,018 | ||||||||
|
| |||||||
Real Estate-1.51% | ||||||||
GEO Group, Inc. (The) | 44,026 | 390,070 | ||||||
Park Hotels & Resorts, Inc. | 30,009 | 297,989 | ||||||
Pebblebrook Hotel Trust | 18,067 | 216,443 | ||||||
|
| |||||||
904,502 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 59,927,342 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco S&P Midcap 400® Pure Value ETF (RFV)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Money Market Funds-0.08% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 47,818 | $ | 47,818 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 59,975,160 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.09% |
| |||||||
Invesco Private Government Fund, | 983,026 | 983,026 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 1,474,096 | $ | 1,474,539 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,457,565 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.05% |
| 62,432,725 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.05)% |
| (2,432,538 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 60,000,187 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 243,869 | $ | (196,051 | ) | $ | - | $ | - | $ | 47,818 | $ | 1 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 52,152 | 1,716,294 | (1,768,446 | ) | - | - | - | 12 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 5,759,341 | 17,497,316 | (22,273,631 | ) | - | - | 983,026 | 700 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 6,168,579 | (4,694,237 | ) | - | 197 | 1,474,539 | 610 | * | ||||||||||||||||||||||||||
|
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|
| ||||||||||||||||||||||
Total | $ | 5,811,493 | $ | 25,626,058 | $ | (28,932,365 | ) | $ | - | $ | 197 | $ | 2,505,383 | $ | 1,323 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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.
| 14 |
|
Invesco S&P Midcap 400® Pure Value ETF (RFV)–(continued)
October 31, 2020
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||||||
Consumer Discretionary | 25.42 | |||||||
Financials | 21.79 | |||||||
Industrials | 14.61 | |||||||
Materials | 11.25 | |||||||
Information Technology | 8.03 | |||||||
Energy | 7.22 | |||||||
Health Care | 4.81 | |||||||
Consumer Staples | 3.52 | |||||||
Sector Types Each Less Than 3% | 3.23 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.12 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Communication Services-2.89% |
| |||||||
Cogent Communications Holdings, Inc. | 7,234 | $ | 403,657 | |||||
Glu Mobile, Inc.(b) | 78,009 | 558,545 | ||||||
QuinStreet, Inc.(b) | 30,817 | 493,226 | ||||||
TechTarget, Inc.(b) | 33,778 | 1,479,476 | ||||||
|
| |||||||
2,934,904 | ||||||||
|
| |||||||
Consumer Discretionary-18.01% | ||||||||
Boot Barn Holdings, Inc.(b) | 18,881 | 604,570 | ||||||
Callaway Golf Co. | 51,874 | 803,528 | ||||||
Cavco Industries, Inc.(b) | 2,746 | 472,696 | ||||||
Chuy’s Holdings, Inc.(b) | 21,259 | 446,226 | ||||||
Crocs, Inc.(b) | 10,488 | 548,837 | ||||||
Installed Building Products, Inc.(b) | 19,968 | 1,807,903 | ||||||
LCI Industries | 7,750 | 849,865 | ||||||
LGI Homes, Inc.(b) | 20,116 | 2,149,998 | ||||||
M.D.C. Holdings, Inc. | 23,793 | 1,035,471 | ||||||
Patrick Industries, Inc. | 22,317 | 1,244,173 | ||||||
Rent-A-Center, Inc. | 52,105 | 1,610,044 | ||||||
Shake Shack, Inc., Class A(b)(c) | 11,061 | 746,839 | ||||||
Shutterstock, Inc. | 7,666 | 501,740 | ||||||
Sleep Number Corp.(b) | 24,910 | 1,578,298 | ||||||
Steven Madden Ltd. | 15,458 | 371,147 | ||||||
Universal Electronics, Inc.(b) | 9,573 | 354,775 | ||||||
Winnebago Industries, Inc. | 28,248 | 1,326,244 | ||||||
YETI Holdings, Inc.(b) | 23,832 | 1,179,207 | ||||||
Zumiez, Inc.(b) | 23,575 | 660,100 | ||||||
|
| |||||||
18,291,661 | ||||||||
|
| |||||||
Consumer Staples-1.73% | ||||||||
Coca-Cola Consolidated, Inc. | 3,124 | 715,240 | ||||||
Inter Parfums, Inc. | 6,672 | 273,952 | ||||||
John B. Sanfilippo & Son, Inc. | 3,756 | 273,287 | ||||||
Medifast, Inc. | 3,510 | 493,120 | ||||||
|
| |||||||
1,755,599 | ||||||||
|
| |||||||
Energy-3.58% | ||||||||
DMC Global, Inc. | 27,232 | 968,642 | ||||||
Geospace Technologies Corp.(b) | 52,929 | 271,526 | ||||||
Helix Energy Solutions Group, Inc.(b) | 115,406 | 286,207 | ||||||
Matador Resources Co.(b) | 108,297 | 765,660 | ||||||
Par Pacific Holdings, Inc.(b) | 73,122 | 470,905 | ||||||
Penn Virginia Corp.(b)(c) | 46,307 | 355,638 | ||||||
Talos Energy, Inc.(b) | 79,474 | 522,939 | ||||||
|
| |||||||
3,641,517 | ||||||||
|
| |||||||
Financials-12.07% | ||||||||
eHealth, Inc.(b) | 10,359 | 695,192 | ||||||
Enova International, Inc.(b) | 38,074 | 584,436 | ||||||
Granite Point Mortgage Trust, Inc. | 47,862 | 322,590 | ||||||
Kinsale Capital Group, Inc. | 15,011 | 2,814,112 | ||||||
Meta Financial Group, Inc. | 35,921 | 1,053,922 | ||||||
NMI Holdings, Inc., Class A(b) | 46,336 | 995,761 | ||||||
Palomar Holdings, Inc.(b) | 10,422 | 929,330 | ||||||
PennyMac Mortgage Investment Trust | 47,911 | 717,228 | ||||||
Preferred Bank | 11,012 | 372,536 | ||||||
ServisFirst Bancshares, Inc. | 10,029 | 370,070 | ||||||
Trupanion, Inc.(b) | 11,680 | 835,587 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Virtus Investment Partners, Inc. | 9,895 | $ | 1,578,747 | |||||
Walker & Dunlop, Inc. | 15,759 | 990,926 | ||||||
|
| |||||||
12,260,437 | ||||||||
|
| |||||||
Health Care-15.44% | ||||||||
Addus HomeCare Corp.(b) | 6,037 | 589,030 | ||||||
ANI Pharmaceuticals, Inc.(b) | 15,331 | 390,787 | ||||||
Anika Therapeutics, Inc.(b) | 10,090 | 329,136 | ||||||
Cardiovascular Systems, Inc.(b) | 21,110 | 752,572 | ||||||
CONMED Corp. | 6,265 | 488,482 | ||||||
Corcept Therapeutics, Inc.(b) | 57,140 | 958,809 | ||||||
CorVel Corp.(b) | 4,161 | 379,566 | ||||||
Cutera, Inc.(b) | 23,217 | 439,498 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 16,426 | 764,138 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 8,241 | 359,555 | ||||||
Fulgent Genetics, Inc.(b)(c) | 25,641 | 834,102 | ||||||
Glaukos Corp.(b)(c) | 13,057 | 730,147 | ||||||
Hanger, Inc.(b) | 38,122 | 665,991 | ||||||
Innoviva, Inc.(b) | 73,540 | 794,967 | ||||||
LeMaitre Vascular, Inc. | 13,829 | 449,166 | ||||||
NeoGenomics, Inc.(b) | 34,850 | 1,367,166 | ||||||
Pennant Group, Inc. (The)(b) | 26,483 | 1,103,282 | ||||||
R1 RCM, Inc.(b) | 69,436 | 1,244,293 | ||||||
RadNet, Inc.(b) | 36,788 | 533,794 | ||||||
REGENXBIO, Inc.(b) | 8,488 | 244,115 | ||||||
Simulations Plus, Inc. | 23,529 | 1,525,150 | ||||||
Zynex, Inc.(b)(c) | 57,467 | 736,152 | ||||||
|
| |||||||
15,679,898 | ||||||||
|
| |||||||
Industrials-14.71% | ||||||||
AAON, Inc. | 8,702 | 508,284 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 12,772 | 414,068 | ||||||
Alamo Group, Inc. | 5,197 | 625,355 | ||||||
Albany International Corp., Class A | 6,323 | 322,094 | ||||||
Allegiant Travel Co. | 3,410 | 459,532 | ||||||
American Woodmark Corp.(b) | 11,151 | 921,184 | ||||||
CIRCOR International, Inc.(b) | 17,089 | 476,783 | ||||||
ESCO Technologies, Inc. | 7,325 | 613,029 | ||||||
Exponent, Inc. | 7,326 | 509,816 | ||||||
Federal Signal Corp. | 37,594 | 1,078,196 | ||||||
Forward Air Corp. | 8,201 | 516,417 | ||||||
Franklin Electric Co., Inc. | 10,450 | 624,179 | ||||||
Griffon Corp. | 53,627 | 1,149,763 | ||||||
John Bean Technologies Corp. | 6,407 | 537,996 | ||||||
RR Donnelley & Sons Co. | 212,675 | 248,830 | ||||||
Saia, Inc.(b) | 10,379 | 1,532,563 | ||||||
SPX Corp.(b) | 9,257 | 392,404 | ||||||
SPX FLOW, Inc.(b) | 11,656 | 493,632 | ||||||
Tennant Co. | 6,893 | 410,961 | ||||||
Triumph Group, Inc. | 49,524 | 326,858 | ||||||
UFP Industries, Inc. | 20,562 | 1,026,249 | ||||||
UniFirst Corp. | 2,978 | 487,826 | ||||||
Vicor Corp.(b) | 8,953 | 698,334 | ||||||
Watts Water Technologies, Inc., Class A | 5,111 | 566,145 | ||||||
|
| |||||||
14,940,498 | ||||||||
|
| |||||||
Information Technology-22.05% | ||||||||
3D Systems Corp.(b)(c) | 58,931 | 335,317 | ||||||
8x8, Inc.(b) | 19,050 | 329,184 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Advanced Energy Industries, Inc.(b) | 11,799 | $ | 796,079 | |||||
Agilysys, Inc.(b) | 24,623 | 666,791 | ||||||
Alarm.com Holdings, Inc.(b) | 14,055 | 819,828 | ||||||
Brooks Automation, Inc. | 32,485 | 1,517,049 | ||||||
Comtech Telecommunications Corp. | 18,173 | 261,691 | ||||||
CSG Systems International, Inc. | 13,092 | 495,925 | ||||||
Diebold Nixdorf, Inc.(b)(c) | 78,650 | 489,989 | ||||||
Digi International, Inc.(b) | 34,233 | 504,252 | ||||||
Diodes, Inc.(b) | 14,824 | 857,272 | ||||||
EVERTEC, Inc. | 13,111 | 436,334 | ||||||
ExlService Holdings, Inc.(b) | 7,547 | 571,610 | ||||||
Extreme Networks, Inc.(b) | 94,224 | 382,549 | ||||||
Fabrinet (Thailand)(b) | 8,929 | 535,919 | ||||||
FormFactor, Inc.(b) | 38,368 | 1,087,733 | ||||||
Harmonic, Inc.(b) | 69,331 | 411,826 | ||||||
Ichor Holdings Ltd.(b) | 34,308 | 798,004 | ||||||
Itron, Inc.(b) | 7,986 | 542,649 | ||||||
LivePerson, Inc.(b) | 14,371 | 768,274 | ||||||
ManTech International Corp., Class A | 7,983 | 517,937 | ||||||
NIC, Inc. | 24,346 | 545,837 | ||||||
OSI Systems, Inc.(b) | 9,712 | 749,378 | ||||||
Perficient, Inc.(b) | 16,751 | 655,969 | ||||||
Plexus Corp.(b) | 7,622 | 530,034 | ||||||
Power Integrations, Inc. | 9,948 | 598,969 | ||||||
Progress Software Corp. | 7,695 | 279,867 | ||||||
Rogers Corp.(b) | 2,703 | 327,658 | ||||||
SPS Commerce, Inc.(b) | 13,623 | 1,165,993 | ||||||
TTEC Holdings, Inc. | 20,793 | 1,139,041 | ||||||
Ultra Clean Holdings, Inc.(b) | 60,428 | 1,286,512 | ||||||
Viavi Solutions, Inc.(b) | 55,430 | 684,560 | ||||||
Virtusa Corp.(b) | 14,575 | 733,122 | ||||||
Xperi Holding Corp. | 46,839 | 580,804 | ||||||
|
| |||||||
22,403,956 | ||||||||
|
| |||||||
Materials-1.76% | ||||||||
Innospec, Inc. | 10,589 | 700,356 | ||||||
Koppers Holdings, Inc.(b) | 27,518 | 617,229 | ||||||
Schweitzer-Mauduit International, Inc., Class A | 14,239 | 472,735 | ||||||
|
| |||||||
1,790,320 | ||||||||
|
|
Shares | Value | |||||||
Real Estate-7.72% | ||||||||
Agree Realty Corp. | 4,926 | $ | 305,757 | |||||
Community Healthcare Trust, Inc. | 18,992 | 879,330 | ||||||
Essential Properties Realty Trust, Inc. | 57,206 | 945,043 | ||||||
Innovative Industrial Properties, Inc.(c) | 20,715 | 2,415,990 | ||||||
Safehold, Inc.(c) | 34,751 | 2,391,564 | ||||||
St. Joe Co. (The)(b) | 24,158 | 653,232 | ||||||
Universal Health Realty Income Trust | 4,657 | 249,010 | ||||||
|
| |||||||
7,839,926 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 101,538,716 | ||||||
|
| |||||||
Money Market Funds-0.06% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 57,124 | 57,124 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 101,595,840 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.57% |
| |||||||
Invesco Private Government Fund, | 1,858,376 | 1,858,376 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,786,728 | 2,787,564 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 4,645,940 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.59% |
| 106,241,780 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.59)% |
| (4,660,955 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 101,580,825 | ||||||
|
|
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, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 279,897 | $ | (222,773 | ) | $ | - | $ | - | $ | 57,124 | $ | 1 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 486,350 | (486,350 | ) | - | - | - | 9 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 3,849,089 | $ | 24,685,410 | $ | (26,676,123 | ) | $ | - | $ | - | $ | 1,858,376 | $ | 869 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 9,872,519 | (7,085,265 | ) | - | 310 | 2,787,564 | 835 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,849,089 | $ | 35,324,176 | $ | (34,470,511 | ) | $ | - | $ | 310 | $ | 4,703,064 | $ | 1,714 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020 | ||||||||
Information Technology | 22.05 | |||||||
Consumer Discretionary | 18.01 | |||||||
Health Care | 15.44 | |||||||
Industrials | 14.71 | |||||||
Financials | 12.07 | |||||||
Real Estate | 7.72 | |||||||
Energy | 3.58 | |||||||
Sector Types Each Less Than 3% | 6.38 | |||||||
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.
| 18 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
October 31, 2020
(Unaudited)
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Communication Services-2.74% | ||||||||
Consolidated Communications Holdings, Inc.(b) | 382,868 | $ | 1,787,994 | |||||
Gannett Co., Inc. | 263,188 | 302,666 | ||||||
Meredith Corp. | 30,126 | 331,386 | ||||||
Scholastic Corp. | 12,530 | 247,593 | ||||||
Spok Holdings, Inc. | 34,327 | 311,689 | ||||||
|
| |||||||
2,981,328 | ||||||||
|
| |||||||
Consumer Discretionary-28.82% | ||||||||
Abercrombie & Fitch Co., Class A | 83,647 | 1,189,460 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) | 87,549 | 588,329 | ||||||
Barnes & Noble Education, Inc.(b) | 294,903 | 678,277 | ||||||
Bed Bath & Beyond, Inc.(c) | 75,747 | 1,499,791 | ||||||
Big Lots, Inc. | 46,903 | 2,232,583 | ||||||
Caleres, Inc. | 46,621 | 358,049 | ||||||
Capri Holdings Ltd.(b) | 14,489 | 307,457 | ||||||
Cato Corp. (The), Class A | 32,942 | 201,605 | ||||||
Chico’s FAS, Inc. | 300,789 | 321,844 | ||||||
Conn’s, Inc.(b) | 78,134 | 732,116 | ||||||
Cooper Tire & Rubber Co. | 22,624 | 778,039 | ||||||
Cooper-Standard Holdings, Inc.(b) | 64,507 | 1,012,115 | ||||||
Core-Mark Holding Co., Inc. | 34,181 | 934,850 | ||||||
Designer Brands, Inc., Class A | 50,205 | 217,388 | ||||||
Ethan Allen Interiors, Inc. | 29,364 | 471,292 | ||||||
Fossil Group, Inc.(b) | 221,404 | 1,264,217 | ||||||
GameStop Corp., Class A(b)(c) | 88,308 | 924,585 | ||||||
Genesco, Inc.(b) | 29,701 | 526,302 | ||||||
G-III Apparel Group Ltd.(b) | 29,247 | 394,250 | ||||||
Group 1 Automotive, Inc. | 10,382 | 1,101,322 | ||||||
Haverty Furniture Cos., Inc., (Acquired 11/30/2018 - 08/28/2020; Cost | 28,177 | 704,988 | ||||||
Lumber Liquidators Holdings, Inc.(b) | 41,516 | 918,334 | ||||||
Macy’s, Inc.(c) | 232,408 | 1,443,254 | ||||||
MarineMax, Inc.(b) | 93,982 | 2,817,580 | ||||||
Michaels Cos., Inc. (The)(b)(c) | 80,908 | 656,164 | ||||||
Movado Group, Inc. | 47,326 | 516,327 | ||||||
ODP Corp. (The) | 73,488 | 1,433,016 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) | 47,714 | 574,476 | ||||||
Shoe Carnival, Inc.(c) | 14,204 | 440,040 | ||||||
Signet Jewelers Ltd. | 47,207 | 1,051,772 | ||||||
Sonic Automotive, Inc., Class A | 33,379 | 1,203,647 | ||||||
Tupperware Brands Corp. | 72,443 | 2,297,892 | ||||||
Unifi, Inc.(b) | 20,763 | 311,237 | ||||||
Vera Bradley, Inc.(b) | 29,083 | 184,386 | ||||||
Vista Outdoor, Inc.(b) | 53,662 | 1,060,898 | ||||||
|
| |||||||
31,347,882 | ||||||||
|
| |||||||
Consumer Staples-8.20% | ||||||||
Andersons, Inc. (The) | 72,412 | 1,570,616 | ||||||
B&G Foods, Inc.(c) | 32,862 | 872,815 | ||||||
Central Garden & Pet Co.(b) | 3,589 | 139,827 | ||||||
Central Garden & Pet Co., Class A(b) | 14,708 | 520,516 | ||||||
Fresh Del Monte Produce, Inc. | 38,590 | 830,843 | ||||||
Seneca Foods Corp., Class A(b) | 34,661 | 1,277,258 | ||||||
SpartanNash Co. | 116,105 | 2,137,493 |
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
United Natural Foods, Inc.(b) | 69,072 | $ | 1,006,379 | |||||
Universal Corp. | 14,197 | 565,751 | ||||||
|
| |||||||
8,921,498 | ||||||||
|
| |||||||
Energy-12.82% | ||||||||
Bonanza Creek Energy, Inc.(b) | 42,600 | 754,446 | ||||||
Bristow Group, Inc.(b) | 23,424 | 486,751 | ||||||
CONSOL Energy, Inc.(b) | 134,132 | 508,360 | ||||||
Exterran Corp.(b) | 191,436 | 809,774 | ||||||
Green Plains, Inc.(b) | 102,351 | 1,545,500 | ||||||
Gulfport Energy Corp.(b) | 671,165 | 171,818 | ||||||
Helmerich & Payne, Inc. | 19,060 | 283,422 | ||||||
Laredo Petroleum, Inc.(b)(c) | 22,173 | 178,271 | ||||||
Matrix Service Co.(b) | 36,165 | 274,854 | ||||||
Nabors Industries Ltd.(c) | 4,036 | 114,703 | ||||||
Oceaneering International, Inc.(b) | 27,261 | 111,225 | ||||||
Oil States International, Inc.(b) | 36,360 | 90,537 | ||||||
Patterson-UTI Energy, Inc. | 97,547 | 249,720 | ||||||
PBF Energy, Inc., Class A | 136,976 | 639,678 | ||||||
ProPetro Holding Corp.(b) | 126,926 | 501,358 | ||||||
Range Resources Corp. | 119,692 | 787,573 | ||||||
Renewable Energy Group, Inc.(b) | 58,739 | 3,312,880 | ||||||
RPC, Inc.(b) | 133,987 | 318,889 | ||||||
SM Energy Co. | 119,747 | 192,793 | ||||||
Southwestern Energy Co.(b) | 891,548 | 2,380,433 | ||||||
US Silica Holdings, Inc. | 86,894 | 236,352 | ||||||
|
| |||||||
13,949,337 | ||||||||
|
| |||||||
Financials-9.32% | ||||||||
American Equity Investment Life Holding Co. | 22,371 | 555,248 | ||||||
Assured Guaranty Ltd. | 29,655 | 757,092 | ||||||
Berkshire Hills Bancorp, Inc. | 10,691 | 139,304 | ||||||
Cadence BanCorp | 29,923 | 335,736 | ||||||
Customers Bancorp, Inc.(b) | 18,555 | 256,430 | ||||||
Donnelley Financial Solutions, Inc.(b) | 92,045 | 1,162,528 | ||||||
Encore Capital Group, Inc.(b) | 12,859 | 410,588 | ||||||
EZCORP, Inc., Class A(b) | 245,834 | 1,096,420 | ||||||
Green Dot Corp., Class A(b) | 14,283 | 761,570 | ||||||
Hope Bancorp, Inc. | 27,511 | 222,014 | ||||||
Horace Mann Educators Corp. | 7,779 | 263,786 | ||||||
Pacific Premier Bancorp, Inc. | 9,711 | 247,630 | ||||||
Ready Capital Corp. | 22,915 | 257,565 | ||||||
Renasant Corp. | 20,953 | 597,370 | ||||||
Simmons First National Corp., Class A | 12,705 | 215,858 | ||||||
Stewart Information Services Corp. | 15,358 | 651,026 | ||||||
StoneX Group, Inc.(b) | 30,632 | 1,622,883 | ||||||
Third Point Reinsurance Ltd. (Bermuda)(b) | 35,586 | 276,859 | ||||||
United Fire Group, Inc. | 7,462 | 153,269 | ||||||
United Insurance Holdings Corp. | 34,283 | 150,502 | ||||||
|
| |||||||
10,133,678 | ||||||||
|
| |||||||
Health Care-3.42% | ||||||||
Invacare Corp. | 118,229 | 958,837 | ||||||
Lannett Co., Inc.(b) | 80,609 | 518,316 | ||||||
Magellan Health, Inc.(b) | 13,215 | 955,048 | ||||||
Owens & Minor, Inc. | 51,384 | 1,290,766 | ||||||
|
| |||||||
3,722,967 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(continued)
October 31, 2020
(Unaudited)
Shares | Value | |||||||
Industrials-19.20% | ||||||||
ABM Industries, Inc. | 17,906 | $ | 621,696 | |||||
Aegion Corp.(b) | 16,002 | 225,788 | ||||||
ArcBest Corp. | 54,167 | 1,653,177 | ||||||
Arcosa, Inc. | 10,486 | 484,138 | ||||||
Atlas Air Worldwide Holdings, Inc.(b) | 67,242 | 3,978,037 | ||||||
DXP Enterprises, Inc.(b) | 9,609 | 150,285 | ||||||
Echo Global Logistics, Inc.(b) | 57,434 | 1,548,995 | ||||||
Granite Construction, Inc. | 36,601 | 706,765 | ||||||
Greenbrier Cos., Inc. (The) | 60,663 | 1,636,688 | ||||||
Hawaiian Holdings, Inc. | 24,005 | 332,469 | ||||||
Hub Group, Inc., Class A(b) | 12,321 | 617,652 | ||||||
Kelly Services, Inc., Class A | 82,194 | 1,428,532 | ||||||
Lydall, Inc.(b) | 63,760 | 1,261,810 | ||||||
NOW, Inc.(b) | 119,103 | 484,749 | ||||||
Pitney Bowes, Inc. | 116,670 | 619,518 | ||||||
Resideo Technologies, Inc.(b) | 151,967 | 1,531,827 | ||||||
Team, Inc.(b) | 48,369 | 259,258 | ||||||
Titan International, Inc. | 363,825 | 1,000,519 | ||||||
TrueBlue, Inc.(b) | 38,140 | 591,933 | ||||||
Veritiv Corp.(b) | 68,422 | 985,277 | ||||||
Wabash National Corp. | 53,407 | 761,584 | ||||||
|
| |||||||
20,880,697 | ||||||||
|
| |||||||
Information Technology-4.32% | ||||||||
Applied Optoelectronics, Inc.(b)(c) | 31,464 | 276,254 | ||||||
Bel Fuse, Inc., Class B | 45,453 | 532,255 | ||||||
Daktronics, Inc. | 91,512 | 356,897 | ||||||
NETGEAR, Inc.(b) | 16,830 | 518,700 | ||||||
Photronics, Inc.(b) | 23,081 | 225,040 | ||||||
Sanmina Corp.(b) | 35,855 | 876,296 | ||||||
ScanSource, Inc.(b) | 38,670 | 777,267 | ||||||
TTM Technologies, Inc.(b) | 54,442 | 646,226 | ||||||
Unisys Corp.(b) | 37,392 | 491,331 | ||||||
|
| |||||||
4,700,266 | ||||||||
|
| |||||||
Materials-8.27% | ||||||||
AdvanSix, Inc.(b) | 44,157 | 672,070 | ||||||
Boise Cascade Co. | 19,107 | 733,327 | ||||||
Century Aluminum Co.(b) | 116,204 | 764,622 | ||||||
Clearwater Paper Corp.(b) | 21,394 | 794,787 |
Shares | Value | |||||||
Materials-(continued) | ||||||||
Kraton Corp.(b) | 54,491 | $ | 1,542,095 | |||||
Olympic Steel, Inc. | 94,522 | 1,078,496 | ||||||
Rayonier Advanced Materials, Inc.(b) | 332,659 | 1,141,020 | ||||||
SunCoke Energy, Inc. | 118,397 | 413,206 | ||||||
TimkenSteel Corp.(b) | 175,513 | 679,235 | ||||||
Trinseo S.A | 15,737 | 500,751 | ||||||
US Concrete, Inc.(b) | 10,778 | 366,021 | ||||||
Warrior Met Coal, Inc. | 20,884 | 313,260 | ||||||
|
| |||||||
8,998,890 | ||||||||
|
| |||||||
Real Estate-2.84% | ||||||||
CoreCivic, Inc. | 56,059 | 359,338 | ||||||
Diversified Healthcare Trust | 134,892 | 390,513 | ||||||
Hersha Hospitality Trust | 44,623 | 218,653 | ||||||
iStar, Inc. | 52,935 | 624,633 | ||||||
Realogy Holdings Corp.(b) | 134,083 | 1,496,366 | ||||||
|
| |||||||
3,089,503 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 108,726,046 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.15% | ||||||||
Invesco Private Government Fund, | 2,675,349 | 2,675,349 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 4,011,820 | 4,013,024 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,688,373 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.10% |
| 115,414,419 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.10)% |
| (6,639,100 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 108,775,319 | ||||||
|
|
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, 2020. |
(d) | Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020. |
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 209,142 | $ | (209,142 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 4,089 | 1,173,667 | (1,177,756 | ) | - | - | - | 6 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV)–(continued)
October 31, 2020
(Unaudited)
Value April 30, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 8,744,801 | $ | 18,500,072 | $ | (24,569,524 | ) | $ | - | $ | - | $ | 2,675,349 | $ | 1,231 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 9,513,321 | (5,500,724 | ) | 52 | 375 | 4,013,024 | 1,101 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 8,748,890 | $ | 29,396,202 | $ | (31,457,146 | ) | $ | 52 | $ | 375 | $ | 6,688,373 | $ | 2,338 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(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, 2020 | ||||||||
Consumer Discretionary | 28.82 | |||||||
Industrials | 19.20 | |||||||
Energy | 12.82 | |||||||
Financials | 9.32 | |||||||
Materials | 8.27 | |||||||
Consumer Staples | 8.20 | |||||||
Information Technology | 4.32 | |||||||
Health Care | 3.42 | |||||||
Sector Types Each Less Than 3% | 5.58 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.05 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Statements of Assets and Liabilities
October 31, 2020
(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) | $ | 2,393,120,142 | $ | 617,214,975 | $ | 1,562,827,495 | |||||||||
Affiliated investments in securities, at value. | - | 13,385,405 | 143,989 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends | 713,417 | 813,985 | 1,775,990 | ||||||||||||
Securities lending | - | 2,290 | - | ||||||||||||
Foreign tax reclaims | - | - | - | ||||||||||||
Other assets | - | 1,741 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 2,393,833,559 | 631,418,396 | 1,564,747,474 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | 351,881 | - | - | ||||||||||||
Payable for: | |||||||||||||||
Collateral upon return of securities loaned | - | 4,960,227 | - | ||||||||||||
Accrued unitary management fees | 753,863 | 188,100 | 277,892 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 1,105,744 | 5,148,327 | 277,892 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,392,727,815 | $ | 626,270,069 | $ | 1,564,469,582 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 2,379,704,344 | $ | 1,101,248,550 | $ | 1,214,648,284 | |||||||||
Distributable earnings (loss) | 13,023,471 | (474,978,481 | ) | 349,821,298 | |||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,392,727,815 | $ | 626,270,069 | $ | 1,564,469,582 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 17,200,299 | 12,552,836 | 6,200,785 | ||||||||||||
Net asset value | $ | 139.11 | $ | 49.89 | $ | 252.30 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 138.83 | $ | 49.81 | $ | 252.57 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 2,095,185,486 | $ | 799,543,639 | $ | 1,172,537,764 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | - | $ | 15,554,051 | $ | 143,989 | |||||||||
|
|
|
|
|
| ||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | - | $ | 4,923,474 | $ | - | |||||||||
|
|
|
|
|
|
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) | |||||||||||||||
$ | 326,815,603 | $ | 59,927,342 | $ | 101,538,716 | $ | 108,726,046 | |||||||||||
11,255,635 | 2,505,383 | 4,703,064 | 6,688,373 | |||||||||||||||
20,106 | 42,424 | 15,092 | 57,491 | |||||||||||||||
1,338 | 1,022 | 1,565 | 28,158 | |||||||||||||||
- | - | - | 1,306 | |||||||||||||||
- | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
338,092,682 | 62,476,171 | 106,258,437 | 115,501,374 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
- | - | - | 3,221 | |||||||||||||||
11,216,632 | 2,457,565 | 4,645,940 | 6,688,321 | |||||||||||||||
102,762 | 18,419 | 31,672 | 34,513 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
11,319,394 | 2,475,984 | 4,677,612 | 6,726,055 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 326,773,288 | $ | 60,000,187 | $ | 101,580,825 | $ | 108,775,319 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 473,687,139 | $ | 125,092,517 | $ | 219,590,109 | $ | 256,852,720 | |||||||||||
(146,913,851 | ) | (65,092,330 | ) | (118,009,284 | ) | (148,077,401 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 326,773,288 | $ | 60,000,187 | $ | 101,580,825 | $ | 108,775,319 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,900,021 | 1,050,499 | 950,004 | 2,100,040 | |||||||||||||||
$ | 171.98 | $ | 57.12 | $ | 106.93 | $ | 51.80 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 171.70 | $ | 57.01 | $ | 106.74 | $ | 51.71 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 286,812,573 | $ | 69,954,109 | $ | 111,478,298 | $ | 131,271,728 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 11,255,624 | $ | 2,505,383 | $ | 4,703,064 | $ | 6,688,321 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 10,618,713 | $ | 2,360,554 | $ | 4,376,378 | $ | 6,310,705 | |||||||||||
|
|
|
|
|
|
|
|
| 23 |
|
For the six months ended October 31, 2020
(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 | $ | 9,607,416 | $ | 7,829,926 | $ | 11,973,980 | |||||||||
Affiliated dividend income | 139 | 182,324 | 200 | ||||||||||||
Securities lending income | - | 76,394 | - | ||||||||||||
Foreign withholding tax | - | - | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 9,607,555 | 8,088,644 | 11,974,180 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 4,260,351 | 1,035,444 | 1,475,576 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (590 | ) | (400 | ) | (607 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 4,259,761 | 1,035,044 | 1,474,969 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 5,347,794 | 7,053,600 | 10,499,211 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | (7,381,282 | ) | (18,010,987 | ) | (8,313,052 | ) | |||||||||
Affiliated investment securities | - | 288 | - | ||||||||||||
Unaffiliated in-kind redemptions | 74,078,159 | (294,523 | ) | 12,387,282 | |||||||||||
Affiliated in-kind redemptions | - | (23,267 | ) | - | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | 66,696,877 | (18,328,489 | ) | 4,074,230 | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 339,044,435 | 53,244,248 | 160,665,831 | ||||||||||||
Affiliated investment securities | - | 2,592,263 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation | 339,044,435 | 55,836,511 | 160,665,831 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain | 405,741,312 | 37,508,022 | 164,740,061 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 411,089,106 | $ | 44,561,622 | $ | 175,239,272 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco S&P Midcap 400® Pure Growth ETF (RFG) | Invesco S&P MidCap 400® Pure Value ETF (RFV) | Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | Invesco S&P SmallCap 600® Pure Value ETF (RZV) | |||||||||||||||
$ | 851,957 | $ | 558,684 | $ | 492,585 | $ | 438,603 | |||||||||||
33 | 13 | 10 | 6 | |||||||||||||||
27,074 | 18,694 | 13,714 | 158,802 | |||||||||||||||
- | - | (66 | ) | (2,960 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
879,064 | 577,391 | 506,243 | 594,451 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
556,383 | 106,242 | 190,790 | 176,642 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(147 | ) | (39 | ) | (39 | ) | (25 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
556,236 | 106,203 | 190,751 | 176,617 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
322,828 | 471,188 | 315,492 | 417,834 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(3,180,125 | ) | (4,043,387 | ) | (1,444,351 | ) | (17,321,858 | ) | |||||||||||
618 | 197 | 310 | 375 | |||||||||||||||
14,636,148 | 271,327 | 2,016,353 | 1,354,647 | |||||||||||||||
- | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
11,456,641 | (3,771,863 | ) | 572,312 | (15,966,836 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
70,578,605 | 15,816,350 | 19,918,239 | 31,602,449 | |||||||||||||||
11 | - | - | 52 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
70,578,616 | 15,816,350 | 19,918,239 | 31,602,501 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
82,035,257 | 12,044,487 | 20,490,551 | 15,635,665 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 82,358,085 | $ | 12,515,675 | $ | 20,806,043 | $ | 16,053,499 | |||||||||||
|
|
|
|
|
|
|
|
| 25 |
|
Statements of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco S&P 500® Pure Growth ETF (RPG) | Invesco S&P 500® Pure Value ETF (RPV) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 5,347,794 | $ | 22,062,389 | $ | 7,053,600 | $ | 23,051,748 | ||||||||||||
Net realized gain (loss) | 66,696,877 | 508,406,868 | (18,328,489 | ) | (11,211,725 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 339,044,435 | (556,024,813 | ) | 55,836,511 | (298,107,461 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 411,089,106 | (25,555,556 | ) | 44,561,622 | (286,267,438 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (5,391,484 | ) | (24,373,256 | ) | (7,531,339 | ) | (23,326,934 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 207,003,471 | 1,720,987,847 | 176,203,614 | 647,248,322 | ||||||||||||||||
Value of shares repurchased | (415,074,120 | ) | (2,318,116,881 | ) | (83,509,338 | ) | (769,991,908 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (208,070,649 | ) | (597,129,034 | ) | 92,694,276 | (122,743,586 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 197,626,973 | (647,057,846 | ) | 129,724,559 | (432,337,958 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 2,195,100,842 | 2,842,158,688 | 496,545,510 | 928,883,468 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,392,727,815 | $ | 2,195,100,842 | $ | 626,270,069 | $ | 496,545,510 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 1,500,000 | 13,700,000 | 3,450,000 | 9,850,000 | ||||||||||||||||
Shares repurchased | (3,100,000 | ) | (18,750,000 | ) | (1,750,000 | ) | (13,000,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 18,800,299 | 23,850,299 | 10,852,836 | 14,002,836 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 17,200,299 | 18,800,299 | 12,552,836 | 10,852,836 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco S&P 500® Top 50 ETF (XLG) | Invesco S&P Midcap 400® Pure Growth ETF (RFG) | |||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||
$ | 10,499,211 | $ | 14,873,783 | $ | 322,828 | $ | 2,571,226 | |||||||||||
4,074,230 | 21,764,565 | 11,456,641 | 46,857,135 | |||||||||||||||
160,665,831 | 26,058,143 | 70,578,616 | (102,375,117 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
175,239,272 |
| 62,696,491 | 82,358,085 | (52,946,756 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(9,779,452 | ) | (14,734,785 | ) | (410,683 | ) | (2,521,613 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
299,763,511 | 343,486,855 | 29,721,081 | 231,363,005 | |||||||||||||||
(23,501,375 | ) | (107,604,864 | ) | (55,502,294 | ) | (398,850,342 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
|
276,262,136 |
| 235,881,991 | (25,781,213 | ) | (167,487,337 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
441,721,956 | 283,843,697 | 56,166,189 | (222,955,706 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,122,747,626 | 838,903,929 | 270,607,099 | 493,562,805 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 1,564,469,582 | $ | 1,122,747,626 | $ | 326,773,288 | $ | 270,607,099 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
1,250,000 | 1,600,000 | 200,000 | 1,550,000 | |||||||||||||||
(100,000 | ) | (500,000 | ) | (350,000 | ) | (2,750,000 | ) | |||||||||||
5,050,785 | 3,950,785 | 2,050,021 | 3,250,021 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
6,200,785 | 5,050,785 | 1,900,021 | 2,050,021 | |||||||||||||||
|
|
|
|
|
|
|
|
| 27 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
Invesco S&P MidCap 400® Pure Value ETF (RFV) | Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | |||||||||||||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 471,188 | $ | 2,941,348 | $ | 315,492 | $ | 1,271,593 | ||||||||||||
Net realized gain (loss) | (3,771,863 | ) | 1,114,033 | 572,312 | 4,198,367 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | 15,816,350 | (44,458,614 | ) | 19,918,239 | (51,340,751 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 12,515,675 | (40,403,233 | ) | 20,806,043 | (45,870,791 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: |
| |||||||||||||||||||
Distributable earnings | (605,121 | ) | (2,784,591 | ) | (292,557 | ) | (1,453,040 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: |
| |||||||||||||||||||
Proceeds from shares sold | 2,674,362 | 113,981,282 | 5,369,928 | 99,308,906 | ||||||||||||||||
Value of shares repurchased | (10,757,054 | ) | (157,357,938 | ) | (20,910,209 | ) | (192,330,963 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (8,082,692 | ) | (43,376,656 | ) | (15,540,281 | ) | (93,022,057 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 3,827,862 | (86,564,480 | ) | 4,973,205 | (140,345,888 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: |
| |||||||||||||||||||
Beginning of period | 56,172,325 | 142,736,805 | 96,607,620 | 236,953,508 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 60,000,187 | $ | 56,172,325 | $ | 101,580,825 | $ | 96,607,620 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: |
| |||||||||||||||||||
Shares sold | 50,000 | 1,700,000 | 50,000 | 850,000 | ||||||||||||||||
Shares repurchased | (200,000 | ) | (2,550,000 | ) | (200,000 | ) | (1,800,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 1,200,499 | 2,050,499 | 1,100,004 | 2,050,004 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 1,050,499 | 1,200,499 | 950,004 | 1,100,004 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco S&P SmallCap 600® Pure Value ETF (RZV) | ||||||||
Six Months Ended October 31, 2020 | Year Ended April 30, 2020 | |||||||
$ | 417,834 | $ | 1,922,025 | |||||
(15,966,836 | ) | (10,952,854 | ) | |||||
31,602,501 | (62,987,364 | ) | ||||||
|
|
|
| |||||
|
16,053,499 |
| (72,018,193 | ) | ||||
|
|
|
| |||||
(328,992 | ) | (1,935,102 | ) | |||||
|
|
|
| |||||
21,089,670 | 99,161,747 | |||||||
(9,881,094 | ) | (135,644,800 | ) | |||||
|
|
|
| |||||
|
11,208,576 |
| (36,483,053 | ) | ||||
|
|
|
| |||||
|
26,933,083 |
| (110,436,348 | ) | ||||
|
|
|
| |||||
81,842,236 | 192,278,584 | |||||||
|
|
|
| |||||
$ | 108,775,319 | $ | 81,842,236 | |||||
|
|
|
| |||||
400,000 | 1,450,000 | |||||||
(200,000 | ) | (2,400,000 | ) | |||||
|
1,900,040 |
| 2,850,040 | |||||
|
|
|
| |||||
|
2,100,040 |
| 1,900,040 | |||||
|
|
|
|
| 29 |
|
Invesco S&P 500® Pure Growth ETF (RPG)
Six Months Ended 2020 | Years Ended April 30, | Six Months Ended April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 116.76 | $ | 119.17 | $ | 109.10 | $ | 103.50 | $ | 82.11 | $ | 82.93 | $ | 78.96 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 0.30 | 1.00 | 0.60 | 0.25 | 0.47 | 0.59 | 0.52 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 22.35 | (2.28 | ) | 10.04 | 5.55 | 21.52 | (0.95 | ) | 3.93 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 22.65 | (1.28 | ) | 10.64 | 5.80 | 21.99 | (0.36 | ) | 4.45 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.30 | ) | (1.13 | ) | (0.57 | ) | (0.20 | ) | (0.60 | ) | (0.46 | ) | (0.48 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 139.11 | $ | 116.76 | $ | 119.17 | $ | 109.10 | $ | 103.50 | $ | 82.11 | $ | 82.93 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Market price at end of period(b) | $ | 138.83 | $ | 116.76 | $ | 119.19 | $ | 109.20 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 19.41 | % | (1.02 | )% | 9.79 | % | 5.61 | % | 26.87 | % | (0.42 | )% | 5.65 | % | |||||||||||||||||||||
Market Price Total Return(c) | 19.17 | % | (1.03 | )% | 9.71 | % | 5.71 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,392,728 | $ | 2,195,101 | $ | 2,842,159 | $ | 2,345,747 | $ | 2,214,956 | $ | 1,769,585 | $ | 2,338,586 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 0.44 | %(d) | 0.84 | % | 0.53 | % | 0.47 | %(d) | 0.52 | % | 0.74 | % | 0.64 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 8 | % | 73 | % | 64 | % | 52 | % | 58 | % | 67 | % | 62 | % |
(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.
| 30 |
|
Financial Highlights–(continued)
Invesco S&P 500® Pure Value ETF (RPV)
Six Months Ended October 31, 2020 | Years Ended April 30, | Six Months Ended April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.75 | $ | 66.34 | $ | 66.33 | $ | 62.43 | $ | 52.33 | $ | 51.45 | $ | 54.14 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 0.59 | 1.65 | 1.49 | 0.63 | 1.11 | 1.17 | 1.12 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.17 | (20.59 | ) | (0.01 | ) | 3.84 | 10.05 | 0.81 | (2.70 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 4.76 | (18.94 | ) | 1.48 | 4.47 | 11.16 | 1.98 | (1.58 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.62 | ) | (1.65 | ) | (1.47 | ) | (0.57 | ) | (1.06 | ) | (1.10 | ) | (1.11 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 49.89 | $ | 45.75 | $ | 66.34 | $ | 66.33 | $ | 62.43 | $ | 52.33 | $ | 51.45 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Market price at end of period(b) | $ | 49.81 | $ | 45.86 | $ | 66.36 | $ | 66.38 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 10.43 | % | (28.82 | )% | 2.37 | % | 7.17 | % | 21.44 | % | 3.94 | % | (2.94 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 9.99 | % | (28.67 | )% | 2.33 | % | 7.25 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 626,270 | $ | 496,546 | $ | 928,883 | $ | 882,392 | $ | 830,507 | $ | 719,663 | $ | 813,029 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 2.38 | %(d) | 2.64 | % | 2.29 | % | 1.94 | %(d) | 1.89 | % | 2.32 | % | 2.09 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 3 | % | 46 | % | 37 | % | 35 | % | 46 | % | 44 | % | 54 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Financial Highlights–(continued)
Invesco S&P 500® Top 50 ETF (XLG)
Six Months Ended October 31, 2020 | Years Ended April 30, | Six Months Ended April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 222.29 | $ | 212.34 | $ | 187.22 | $ | 183.08 | $ | 150.05 | $ | 145.93 | $ | 140.87 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 1.79 | 3.70 | 3.72 | 1.71 | 3.35 | 3.12 | 3.00 | ||||||||||||||||||||||||||||
Net realized and unrealized gain on investments | 29.87 | 9.96 | 25.18 | 4.18 | 32.95 | 4.09 | 5.09 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 31.66 | 13.66 | 28.90 | 5.89 | 36.30 | 7.21 | 8.09 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (1.65 | ) | (3.71 | ) | (3.78 | ) | (1.75 | ) | (3.27 | ) | (3.09 | ) | (3.03 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 252.30 | $ | 222.29 | $ | 212.34 | $ | 187.22 | $ | 183.08 | $ | 150.05 | $ | 145.93 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Market price at end of period(b) | $ | 252.57 | $ | 222.49 | $ | 212.32 | $ | 187.43 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
Net Asset Value Total Return(c) | 14.29 | % | 6.61 | % | 15.64 | % | 3.20 | % | 24.40 | % | 4.99 | % | 5.87 | % | |||||||||||||||||||||
Market Price Total Return(c) | 14.31 | % | 6.73 | % | 15.50 | % | 3.20 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,564,470 | $ | 1,122,748 | $ | 838,904 | $ | 683,491 | $ | 686,711 | $ | 577,802 | $ | 496,264 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.20 | %(d) | 0.20 | % | 0.20 | % | 0.20 | %(d) | 0.20 | % | 0.20 | % | 0.20 | % | |||||||||||||||||||||
Net investment income | 1.42 | %(d) | 1.71 | % | 1.89 | % | 1.81 | %(d) | 2.00 | % | 2.13 | % | 2.11 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 5 | % | 8 | % | 8 | % | 1 | % | 4 | % | 7 | % | 8 | % |
(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.
| 32 |
|
Financial Highlights–(continued)
Invesco S&P Midcap 400® Pure Growth ETF (RFG)
Six Months Ended 2020 | Years Ended April 30, | Six Months Ended April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 132.00 | $ | 151.86 | $ | 154.65 | $ | 150.04 | $ | 119.22 | $ | 128.31 | $ | 123.30 | |||||||||||||||||||||
|
|
|
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|
|
|
|
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|
|
|
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| ||||||||||||||||||||||
Net investment income(a) | 0.16 | 0.95 | 1.07 | 0.22 | 0.90 | 0.59 | 0.70 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 40.03 | (19.90 | ) | (2.69 | ) | 4.77 | 30.73 | (9.10 | ) | 5.10 | |||||||||||||||||||||||||
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Total from investment operations | 40.19 | (18.95 | ) | (1.62 | ) | 4.99 | 31.63 | (8.51 | ) | 5.80 | |||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.91 | ) | (1.17 | ) | (0.38 | ) | (0.81 | ) | (0.58 | ) | (0.71 | ) | |||||||||||||||||||||
Return of capital | - | - | - | - | - | - | (0.08 | ) | |||||||||||||||||||||||||||
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Total distributions | (0.21 | ) | (0.91 | ) | (1.17 | ) | (0.38 | ) | (0.81 | ) | (0.58 | ) | (0.79 | ) | |||||||||||||||||||||
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Net asset value at end of period | $ | 171.98 | $ | 132.00 | $ | 151.86 | $ | 154.65 | $ | 150.04 | $ | 119.22 | $ | 128.31 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 171.70 | $ | 132.20 | $ | 151.97 | $ | 154.80 | |||||||||||||||||||||||||||
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Net Asset Value Total Return(c) | 30.46 | % | (12.46 | )% | (1.05 | )% | 3.32 | % | 26.59 | % | (6.65 | )% | 4.71 | % | |||||||||||||||||||||
Market Price Total Return(c) | 30.05 | % | (12.39 | )% | (1.07 | )% | 3.45 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 326,773 | $ | 270,607 | $ | 493,563 | $ | 595,412 | $ | 585,170 | $ | 518,620 | $ | 769,872 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 0.20 | %(d) | 0.66 | % | 0.69 | % | 0.29 | %(d) | 0.66 | % | 0.48 | % | 0.54 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 18 | % | 94 | % | 86 | % | 70 | % | 81 | % | 78 | % | 102 | % |
(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.
| 33 |
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Financial Highlights–(continued)
Invesco S&P Midcap 400® Pure Value ETF (RFV)
Six Months Ended 2020 | Years Ended April 30, | Six Months Ended April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 46.79 | $ | 69.61 | $ | 65.71 | $ | 65.44 | $ | 53.46 | $ | 50.79 | $ | 52.71 | |||||||||||||||||||||
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Net investment income(a) | 0.42 | 1.41 | 0.81 | 0.49 | 0.75 | 0.69 | 0.86 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 10.45 | (22.86 | ) | 3.90 | 0.21 | 12.01 | 2.65 | (1.96 | ) | ||||||||||||||||||||||||||
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Total from investment operations | 10.87 | (21.45 | ) | 4.71 | 0.70 | 12.76 | 3.34 | (1.10 | ) | ||||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.54 | ) | (1.37 | ) | (0.81 | ) | (0.43 | ) | (0.78 | ) | (0.67 | ) | (0.82 | ) | |||||||||||||||||||||
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Net asset value at end of period | $ | 57.12 | $ | 46.79 | $ | 69.61 | $ | 65.71 | $ | 65.44 | $ | 53.46 | $ | 50.79 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 57.01 | $ | 46.86 | $ | 69.69 | $ | 65.78 | |||||||||||||||||||||||||||
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Net Asset Value Total Return(c) | 23.34 | % | (30.96 | )% | 7.25 | % | 1.05 | % | 23.93 | % | 6.65 | % | (2.12 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 22.92 | % | (30.94 | )% | 7.25 | % | 1.19 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 60,000 | $ | 56,172 | $ | 142,737 | $ | 101,890 | $ | 108,015 | $ | 165,753 | $ | 104,142 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||
Net investment income | | 1.55 | %(d) | 2.25 | % | 1.20 | % | 1.47 | %(d) | 1.21 | % | 1.36 | % | 1.62 | % | ||||||||||||||||||||
Portfolio turnover rate(e) | 20 | % | 61 | % | 57 | % | 44 | % | 76 | % | 47 | % | 59 | % |
(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.
| 34 |
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Financial Highlights–(continued)
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
Six Months Ended 2020 | Years Ended April 30, | Six Months Ended April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 87.82 | $ | 115.59 | $ | 114.43 | $ | 111.12 | $ | 82.65 | $ | 85.26 | $ | 80.56 | |||||||||||||||||||||
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Net investment income(a) | 0.30 | 0.74 | 0.32 | 0.36 | 0.46 | 0.79 | 0.47 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 19.09 | (27.63 | ) | 1.32 | 3.33 | 28.43 | (2.69 | ) | 4.70 | ||||||||||||||||||||||||||
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Total from investment operations | 19.39 | (26.89 | ) | 1.64 | 3.69 | 28.89 | (1.90 | ) | 5.17 | ||||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.88 | ) | (0.48 | ) | (0.38 | ) | (0.42 | ) | (0.71 | ) | (0.47 | ) | |||||||||||||||||||||
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Net asset value at end of period | $ | 106.93 | $ | 87.82 | $ | 115.59 | $ | 114.43 | $ | 111.12 | $ | 82.65 | $ | 85.26 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 106.74 | $ | 87.97 | $ | 115.58 | $ | 114.61 | |||||||||||||||||||||||||||
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Net Asset Value Total Return(c) | 22.10 | % | (23.30 | )% | 1.43 | % | 3.32 | % | 35.01 | % | (2.20 | )% | 6.42 | % | |||||||||||||||||||||
Market Price Total Return(c) | 21.68 | % | (23.16 | )% | 1.26 | % | 3.36 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 101,581 | $ | 96,608 | $ | 236,954 | $ | 263,179 | $ | 238,904 | $ | 152,910 | $ | 225,933 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 0.58 | %(d) | 0.69 | % | 0.26 | % | 0.64 | %(d) | 0.45 | % | 0.97 | % | 0.55 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 11 | % | 85 | % | 71 | % | 56 | % | 70 | % | 92 | % | 62 | % |
(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.
| 35 |
|
Financial Highlights–(continued)
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
Six Months Ended 2020 | Years Ended April 30, | Six Months Ended April 30, | Years Ended October 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 43.07 | $ | 67.47 | $ | 71.57 | $ | 70.68 | $ | 60.52 | $ | 57.76 | $ | 62.54 | |||||||||||||||||||||
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Net investment income(a) | 0.21 | 0.68 | 0.99 | 0.46 | 0.62 | 0.47 | 0.71 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.68 | (24.39 | ) | (4.02 | ) | 0.86 | 10.18 | 2.69 | (4.79 | ) | |||||||||||||||||||||||||
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Total from investment operations | 8.89 | (23.71 | ) | (3.03 | ) | 1.32 | 10.80 | 3.16 | (4.08 | ) | |||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.69 | ) | (1.07 | ) | (0.43 | ) | (0.64 | ) | (0.40 | ) | (0.70 | ) | |||||||||||||||||||||
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Net asset value at end of period | $ | 51.80 | $ | 43.07 | $ | 67.47 | $ | 71.57 | $ | 70.68 | $ | 60.52 | $ | 57.76 | |||||||||||||||||||||
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Market price at end of period(b) | $ | 51.71 | $ | 43.14 | $ | 67.53 | $ | 71.64 | |||||||||||||||||||||||||||
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Net Asset Value Total Return(c) | 20.66 | % | (35.31 | )% | (4.27 | )% | 1.87 | % | 17.88 | % | 5.50 | % | (6.60 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 20.26 | % | (35.27 | )% | (4.28 | )% | 1.76 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 108,775 | $ | 81,842 | $ | 192,279 | $ | 164,625 | $ | 236,795 | $ | 193,665 | $ | 150,190 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||||||
Net investment income | 0.83 | %(d) | 1.14 | % | 1.38 | % | 1.28 | %(d) | 0.91 | % | 0.83 | % | 1.15 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 10 | % | 70 | % | 52 | % | 48 | % | 68 | % | 51 | % | 52 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
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Invesco Exchange-Traded Fund Trust
October 31, 2020
(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 an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco S&P 500® Pure Growth ETF (RPG) | “S&P 500® Pure Growth ETF” | |
Invesco S&P 500® Pure Value ETF (RPV) | “S&P 500® Pure Value ETF” | |
Invesco S&P 500® Top 50 ETF (XLG) | “S&P 500® Top 50 ETF” | |
Invesco S&P Midcap 400® Pure Growth ETF (RFG) | “S&P Midcap 400® Pure Growth ETF” | |
Invesco S&P Midcap 400® Pure Value ETF (RFV) | “S&P Midcap 400® Pure Value ETF” | |
Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | “S&P SmallCap 600® Pure Growth ETF” | |
Invesco S&P SmallCap 600® Pure Value ETF (RZV) | “S&P SmallCap 600® Pure Value ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each of the Funds is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an Underlying Index):
Fund | Underlying Index | |
S&P 500® Pure Growth ETF | S&P 500® Pure Growth Index | |
S&P 500® Pure Value ETF | S&P 500® Pure Value Index | |
S&P 500® Top 50 ETF | S&P 500® Top 50 Index | |
S&P Midcap 400® Pure Growth ETF | S&P MidCap 400® Pure Growth Index | |
S&P Midcap 400® Pure Value ETF | S&P MidCap 400® Pure Value Index | |
S&P SmallCap 600® Pure Growth ETF | S&P SmallCap 600® Pure Growth Index | |
S&P SmallCap 600® Pure Value ETF | S&P SmallCap 600® Pure Value Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (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 the over-the-counter 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”).
| 37 |
|
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 as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished
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trading market for Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Value Risk. For certain Funds, “value” securities are subject to the risk that the valuations never improve or that the returns on “value” securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
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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 an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
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 for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects
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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 the period-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 and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
S&P 500® Pure Growth ETF | 0.35% | |
S&P 500® Pure Value ETF | 0.35% | |
S&P 500® Top 50 ETF | 0.20% | |
S&P Midcap 400® Pure Growth ETF | 0.35% | |
S&P Midcap 400® Pure Value ETF | 0.35% | |
S&P SmallCap 600® Pure Growth ETF | 0.35% | |
S&P SmallCap 600® Pure Value ETF | 0.35% |
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Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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.
For the six-month period ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:
S&P 500® Pure Growth ETF | $ | 590 | ||
S&P 500® Pure Value ETF | 400 | |||
S&P 500® Top 50 ETF | 607 | |||
S&P Midcap 400® Pure Growth ETF | 147 | |||
S&P Midcap 400® Pure Value ETF | 39 | |||
S&P SmallCap 600® Pure Growth ETF | 39 | |||
S&P SmallCap 600® Pure Value ETF | 25 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby 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.
For the six-month period ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
S&P 500® Pure Growth ETF | $ | 5,447 | ||
S&P 500® Pure Value ETF | 2,317 | |||
S&P 500® Top 50 ETF | 6,082 | |||
S&P Midcap 400® Pure Growth ETF | 3,190 | |||
S&P Midcap 400® Pure Value ETF | 2,386 | |||
S&P SmallCap 600® Pure Growth ETF | 1,543 | |||
S&P SmallCap 600® Pure Value ETF | 5,411 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended October 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
S&P 500® Pure Growth ETF | $ | 16,792,804 | $ | - | $ | - | |||||||||
S&P 500® Pure Value ETF | - | 173,968 | (312,033 | ) | |||||||||||
S&P 500® Top 50 ETF | 2,212,443 | - | - | ||||||||||||
S&P Midcap 400® Pure Growth ETF | - | 2,566,636 | 711,470 | ||||||||||||
S&P Midcap 400® Pure Value ETF | - | 929,509 | (1,293,660 | ) | |||||||||||
S&P SmallCap 600® Pure Value ETF | 1,709,070 | - | - |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
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NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 | – | Prices are determined using quoted prices in an active market for identical assets. | ||
Level 2 | – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
Level 3 | – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for S&P 500® Pure Growth ETF and S&P 500® Top 50 ETF). As of October 31, 2020, all of the securities in S&P 500® Pure Growth ETF and S&P 500® Top 50 ETF 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 500® Pure Value ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 625,434,748 | $ | - | $ | - | $ | 625,434,748 | ||||||||||||
Money Market Funds | 205,332 | 4,960,300 | - | 5,165,632 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 625,640,080 | $ | 4,960,300 | $ | - | $ | 630,600,380 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
S&P Midcap 400® Pure Growth ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 326,815,603 | $ | - | $ | - | $ | 326,815,603 | ||||||||||||
Money Market Funds | 38,992 | 11,216,643 | - | 11,255,635 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 326,854,595 | $ | 11,216,643 | $ | - | $ | 338,071,238 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
S&P Midcap 400® Pure Value ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 59,927,342 | $ | - | $ | - | $ | 59,927,342 | ||||||||||||
Money Market Funds | 47,818 | 2,457,565 | - | 2,505,383 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 59,975,160 | $ | 2,457,565 | $ | - | $ | 62,432,725 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
S&P SmallCap 600® Pure Growth ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 101,538,716 | $ | - | $ | - | $ | 101,538,716 | ||||||||||||
Money Market Funds | 57,124 | 4,645,940 | - | 4,703,064 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 101,595,840 | $ | 4,645,940 | $ | - | $ | 106,241,780 | ||||||||||||
|
| �� |
|
|
|
|
|
| ||||||||||||
S&P SmallCap 600® Pure Value ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 108,726,046 | $ | - | $ | - | $ | 108,726,046 | ||||||||||||
Money Market Funds | - | 6,688,373 | - | 6,688,373 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 108,726,046 | $ | 6,688,373 | $ | - | $ | 115,414,419 | ||||||||||||
|
|
|
|
|
|
|
|
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NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of April 30, 2020, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
S&P 500® Pure Growth ETF | $ | 199,071,807 | $ | 152,263,952 | $ | 351,335,759 | ||||||
S&P 500® Pure Value ETF | 95,690,627 | 174,400,048 | 270,090,675 | |||||||||
S&P 500® Top 50 ETF | 8,492,530 | 36,747,997 | 45,240,527 | |||||||||
S&P Midcap 400® Pure Growth ETF | 121,004,097 | 76,114,551 | 197,118,648 | |||||||||
S&P Midcap 400® Pure Value ETF | 26,796,753 | 24,316,485 | 51,113,238 | |||||||||
S&P SmallCap 600® Pure Growth ETF | 75,640,973 | 32,857,697 | 108,498,670 | |||||||||
S&P SmallCap 600® Pure Value ETF | 45,738,752 | 62,987,199 | 108,725,951 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the six-month period ended October 31, 2020, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
S&P 500® Pure Growth ETF | $ | 199,901,672 | $ | 199,571,054 | ||||
S&P 500® Pure Value ETF | 15,293,588 | 15,086,284 | ||||||
S&P 500® Top 50 ETF | 66,989,716 | 66,558,527 | ||||||
S&P Midcap 400® Pure Growth ETF | 54,665,262 | 60,056,951 | ||||||
S&P Midcap 400® Pure Value ETF | 11,581,573 | 11,761,948 | ||||||
S&P SmallCap 600® Pure Growth ETF | 12,167,161 | 12,965,083 | ||||||
S&P SmallCap 600® Pure Value ETF | 10,164,061 | 9,954,718 |
For the six-month period ended October 31, 2020, 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 | $ | 206,934,916 | $ | 414,869,272 | ||||
S&P 500® Pure Value ETF | 175,060,504 | 83,189,962 | ||||||
S&P 500® Top 50 ETF | 299,457,491 | 23,475,328 | ||||||
S&P Midcap 400® Pure Growth ETF | 29,726,559 | 50,234,753 | ||||||
S&P Midcap 400® Pure Value ETF | 2,672,988 | 10,742,398 | ||||||
S&P SmallCap 600® Pure Growth ETF | 5,370,294 | 20,143,580 | ||||||
S&P SmallCap 600® Pure Value ETF | 20,902,172 | 9,825,414 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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At October 31, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
S&P 500® Pure Growth ETF | $ | 417,674,037 | $ | (119,967,994 | ) | $ | 297,706,043 | $ | 2,095,414,099 | |||||||
S&P 500® Pure Value ETF | 18,566,261 | (205,458,209 | ) | (186,891,948 | ) | 817,492,328 | ||||||||||
S&P 500® Top 50 ETF | 433,589,313 | (44,367,850 | ) | 389,221,463 | 1,173,750,021 | |||||||||||
S&P Midcap 400® Pure Growth ETF | 64,338,312 | (25,551,914 | ) | 38,786,398 | 299,284,840 | |||||||||||
S&P Midcap 400® Pure Value ETF | 3,749,921 | (14,037,796 | ) | (10,287,875 | ) | 72,720,600 | ||||||||||
S&P SmallCap 600® Pure Growth ETF | 13,138,900 | (23,244,761 | ) | (10,105,861 | ) | 116,347,641 | ||||||||||
S&P SmallCap 600® Pure Value ETF | 14,664,233 | (38,137,689 | ) | (23,473,456 | ) | 138,887,875 |
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 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 ETFs. 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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, litigation expenses, acquired fund fees and expenses, if any, 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, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco S&P 500® Pure Growth ETF (RPG) | $ | 1,000.00 | $ | 1,194.10 | 0.35 | % | $ | 1.94 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 | ||||||||||||||||
Invesco S&P 500® Pure Value ETF (RPV) | 1,000.00 | 1,104.30 | 0.35 | 1.86 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 | ||||||||||||||||
Invesco S&P 500® Top 50 ETF (XLG) | 1,000.00 | 1,142.90 | 0.20 | 1.08 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.20 | 0.20 | 1.02 | ||||||||||||||||
Invesco S&P Midcap 400® Pure Growth ETF (RFG) | 1,000.00 | 1,304.60 | 0.35 | 2.03 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 | ||||||||||||||||
Invesco S&P Midcap 400® Pure Value ETF (RFV) | 1,000.00 | 1,233.40 | 0.35 | 1.97 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 | ||||||||||||||||
Invesco S&P SmallCap 600® Pure Growth ETF (RZG) | 1,000.00 | 1,221.00 | 0.35 | 1.96 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco S&P SmallCap 600® Pure Value ETF (RZV) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,206.60 | 0.35 | % | $ | 1.95 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 | ||||
Downers Grove, IL 60515 | P-TRST1-SAR-3 | 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.
Not applicable.
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 Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-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 in Rule 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 in Rule 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 for Closed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
| (a)(1) | Not applicable. | ||
(a)(2) | ||||
(a)(3) | Not applicable. | |||
(a)(4) | Not applicable. | |||
(b) |
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/ Anna Paglia |
Name: Anna Paglia |
Title: President |
Date: January 8, 2021
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/ Anna Paglia |
Name: Anna Paglia |
Title: President |
Date: January 8, 2021
By: /s/ Kelli Gallegos |
Name: Kelli Gallegos |
Title: Treasurer |
Date: January 8, 2021