UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23304
Invesco Exchange-Traded Self-Indexed Fund Trust
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Daniel E. Draper
President
3500 Lacey Road
Downers Grove, IL 60515
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-983-0903
Date of fiscal year end: August 31
Date of reporting period: August 31, 2019
FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
The Registrant’s annual report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Annual Report to Shareholders
August 31, 2019
ESGL | Invesco ESG Revenue ETF | |
OMFL | Invesco Russell 1000® Dynamic Multifactor ETF | |
OMFS | Invesco Russell 2000® Dynamic Multifactor ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Domestic Equity
The fiscal year proved to be an increasingly volatile time for US equities. After a relatively quiet summer, market volatility noticeably rose in October 2018, as US equity markets suffered a sharpsell-off through calendaryear-end 2018, amid ongoing trade concerns between the US and China, fears of a global economic slowdown and lower oil prices from a supply glut, with oil prices plummeting from near $75 per barrel in early October 2018 to around $45 per barrel in late December 2018.1 In this environment, there was a flight to safety, as investors fled to defensive areas of the markets, such as health care, utilities and US Treasuries.
Given signs of a strong economy, the US Federal Reserve (the Fed) raised interest rates two times during the fiscal year: in September and December 20182. In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.
Following a sharp selloff during the fourth quarter of 2018, equity markets rebounded in the first quarter of 2019, fueled by optimism about a potentialUS-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data was mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.
Although the S&P 500 Index posted modest gains during the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the marketsold-off in May, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy. During the July meeting, the Fed lowered rates by 25 basis points. This was the first time the Fed lowered rates in more than a decade.2
Market volatility increased in August, as the US Treasury yield curve inverted several times, causing jitters for investors who were concerned that a US recession would be imminent. As a result, much of August saw a “risk off” sentiment, with investors crowding into “safe haven” asset classes, such as US Treasuries and gold. However, a more dovish tone from the Fed provided some support to risk assets. With rising volatility in the markets, the S&P 500 Index posted a modest positive return for the fiscal year.
1 | Source: Bloomberg |
2 | Source: US Federal Reserve |
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ESGL | Management’s Discussion of Fund Performance | |
Invesco ESG Revenue ETF (ESGL) |
As an index fund, the Invesco ESG Revenue ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Invesco Revenue Weighted ESG Index™ (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles the Index, which is designed to select companies from within the S&P 500® Index (the “Benchmark Index” or “Parent Index”) that have strong environmental, social and governance (“ESG”) practices. S&P Dow Jones Indices calculates the Index. Each company within the Parent Index is assigned a score using a system established by Sustainalytics, a third-party research provider, which measures the strength of each pillar of ESG practices (the “ESG Score”). The top half of companies based on their ESG Scores, excluding those with a detrimental score for controversies, are selected for inclusion in the Index. Unlike the Parent Index, which employs a market capitalization weighted methodology, the Index’s methodology weights each constituent security according to its revenue earned, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees of the Trust approved a change in the fiscal year end for the Fund from June 30 to August 31, effective August 31, 2019. For the fiscal period from July 1, 2019 to August 31, 2019, on a market price basis, the Fund returned (1.53)%. On a net asset value (“NAV”) basis, the Fund returned (1.49)%. During the same time period, the Index returned (1.42)%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Benchmark Index returned (0.17)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 510 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.
The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an ESG screen and revenue weights the constituent securities, whereas the Benchmark Index weights stocks based primarily on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the information technology sector during the fiscal period ended August 31,
2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight the energy sector.
For the fiscal period ended August 31, 2019, the consumer staples and communication services sectors contributed most significantly to the Fund’s return. The energy and financial sectors detracted most significantly from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included CVS Health Corp., a health care company (portfolio average weight of 3.44%) and Apple, Inc., an information technology company (portfolio average weight of 2.16%). Positions that detracted most significantly from the Fund’s return during the period included General Electric Co., an industrials company (portfolio average weight of 1.68%) and Exxon Mobile Corp., an energy company (portfolio average weight of 3.95%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Health Care | 17.22 | |||
Information Technology | 16.59 | |||
Consumer Staples | 11.09 | |||
Industrials | 10.76 | |||
Consumer Discretionary | 10.63 | |||
Financials | 9.55 | |||
Energy | 8.38 | |||
Communication Services | 7.79 | |||
Utilities | 4.35 | |||
Sector Types Each Less Than 3% | 3.36 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.28 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Apple, Inc. | 4.21 | |||
Exxon Mobil Corp. | 3.76 | |||
CVS Health Corp. | 3.70 | |||
UnitedHealth Group, Inc. | 3.32 | |||
AT&T, Inc. | 2.99 | |||
Ford Motor Co. | 2.25 | |||
Cardinal Health, Inc. | 2.14 | |||
JPMorgan Chase & Co. | 2.12 | |||
Verizon Communications, Inc. | 2.05 | |||
Walgreens Boots Alliance, Inc. | 2.05 | |||
Total | 28.59 |
* | Excluding money market fund holdings. |
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Invesco ESG Revenue ETF (ESGL)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Revenue Weighted ESG Index™ | (1.09 | )% | 10.51 | % | 32.85 | % | ||||||||||
S&P 500® Index | 2.92 | 14.18 | 45.77 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | (1.48 | ) | 10.18 | 31.73 | ||||||||||||
Market Price Return | (1.42 | ) | 10.21 | 31.81 |
Oppenheimer ESG Revenue ETF (the “Predecessor Fund”) Inception: October 28, 2016
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.40% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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OMFL | Management’s Discussion of Fund Performance | |
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) |
As an index fund, the Invesco Russell 1000® Dynamic Multifactor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to select equity securities from within the Russell 1000® Index (the “Benchmark Index” or “Parent Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of fourpre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic indicators and information regarding global risk appetite. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees of the Trust approved a change in the fiscal year end for the Fund from June 30 to August 31, effective August 31, 2019. For the fiscal period from July 1, 2019 to August 31, 2019, on a market price basis, the Fund returned 0.27%. On a net asset value (“NAV”) basis, the Fund returned 0.20%. During the same time period, the Index returned 0.27%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Benchmark Index returned (0.31)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.
The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the utilities and industrials sectors and most underweight in the health care and information technology sectors during the fiscal period ended August 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the utilities and real estate sectors.
For the fiscal period ended August 31, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer staples and real estate sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and energy sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Apple Inc., an information technology company (portfolio average weight of 0.50%) and Alphabet Inc., Class C, an information technology company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return during the period included Xerox Holdings Corp., an information technology company (portfolio average weight of 0.37%) and Ulta Beauty, Inc., a consumer discretionary company (portfolio average weight of 0.27%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Information Technology | 16.14 | |||
Financials | 15.32 | |||
Industrials | 14.71 | |||
Consumer Discretionary | 10.77 | |||
Utilities | 9.63 | |||
Real Estate | 9.04 | |||
Health Care | 7.41 | |||
Consumer Staples | 6.21 | |||
Communication Services | 4.72 | |||
Materials | 4.41 | |||
Sector Types Each Less Than 3% | 1.45 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.19 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Fiserv, Inc. | 0.74 | |||
L3Harris Technologies, Inc. | 0.61 | |||
Crown Holdings, Inc. | 0.61 | |||
CDW Corp. | 0.61 | |||
AES Corp. (The) | 0.60 | |||
Leidos Holdings, Inc. | 0.60 | |||
Tyson Foods, Inc., Class A | 0.58 | |||
Ball Corp. | 0.58 | |||
Dell Technologies, Inc., Class C | 0.57 | |||
Molina Healthcare, Inc. | 0.55 | |||
Total | 6.05 |
* | Excluding money market fund holdings. |
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Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Russell 1000® Invesco Dynamic Multifactor Index | 6.25 | % | 11.88 | % | 22.55 | % | ||||||||||
Russell 1000® Index | 2.49 | 8.91 | 16.72 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 5.96 | 11.52 | 21.82 | |||||||||||||
Market Price Return | 6.03 | 11.56 | 21.91 |
Oppenheimer Russell 1000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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OMFS | Management’s Discussion of Fund Performance | |
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) |
As an index fund, the Invesco Russell 2000® Dynamic Multifactor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 2000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to select equity securities from within the Russell 2000® Index (the “Benchmark Index” or “Parent Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of fourpre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic indicators and information regarding global risk appetite. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees of the Trust approved a change in the fiscal year end for the Fund from June 30 to August 31, effective August 31, 2019. For the fiscal period from July 1, 2019 to August 31, 2019, on a market price basis, the Fund returned (4.36)%. On a net asset value (“NAV”) basis, the Fund returned (4.55)%. During the same time period, the Index returned (4.41)%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Russell 2000® Index (the “Benchmark Index”) returned (4.39)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S.small-cap stock market.
The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary and financials sectors and most underweight in the health care and information technology sectors during the fiscal period ended August 31, 2019. The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during the period can be attributed to the Fund being overweight and security selection in the communication services sector and being overweight and security selection in the industrials sector.
For the fiscal period ended August 31, 2019, the real estate sector contributed most significantly to the Fund’s return, followed by the consumer staples and utilities sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the financials and health care sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2019, included Enphase Energy, Inc., an information technology company (portfolio average weight of 0.21%) and Digital Turbine Inc., an information technology company (portfolio average weight of 0.18%). Positions that detracted most significantly from the Fund’s return during the period included Verso Corp., Class A, a materials company (portfolio average weight of 0.20%) and ProPetro Holding Corp., an energy company (portfolio average weight of 0.18%)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Financials | 19.59 | |||
Industrials | 17.21 | |||
Information Technology | 13.30 | |||
Consumer Discretionary | 13.27 | |||
Health Care | 10.38 | |||
Real Estate | 8.01 | |||
Communication Services | 4.21 | |||
Energy | 3.98 | |||
Utilities | 3.76 | |||
Consumer Staples | 3.26 | |||
Materials | 2.95 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2019 | ||||
Security | ||||
Rent-A-Center, Inc. | 0.43 | |||
World Fuel Services Corp. | 0.43 | |||
Core-Mark Holding Co., Inc. | 0.43 | |||
Great Lakes Dredge & Dock Corp. | 0.37 | |||
America’sCar-Mart, Inc. | 0.34 | |||
Warrior Met Coal, Inc. | 0.33 | |||
OFG Bancorp | 0.32 | |||
Vectrus, Inc. | 0.32 | |||
Everi Holdings, Inc. | 0.31 | |||
Gray Television, Inc. | 0.30 | |||
Total | 3.58 |
* | Excluding money market fund holdings. |
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Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Russell 2000® Invesco Dynamic Multifactor Index | (9.00 | )% | 3.16 | % | 5.80 | % | ||||||||||
Russell 2000® Index | (12.89 | ) | 1.87 | 3.41 | ||||||||||||
Fund | ||||||||||||||||
NAV Return | (9.42 | ) | 2.68 | 4.91 | ||||||||||||
Market Price Return | (9.28 | ) | 2.77 | 5.07 |
Oppenheimer Russell 2000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an
investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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Shares | Value | |||
Common Stocks & Other Equity Interests-99.72% | ||||
Communication Services-7.79% | ||||
AT&T, Inc. | 19,719 | $ 695,292 | ||
Comcast Corp., Class A | 8,120 | 359,391 | ||
Interpublic Group of Cos., Inc. (The) | 1,586 | 31,530 | ||
Verizon Communications, Inc. | 8,205 | 477,203 | ||
Viacom, Inc., Class B | 1,496 | 37,370 | ||
Walt Disney Co. (The) | 1,523 | 209,047 | ||
1,809,833 | ||||
Consumer Discretionary-10.63% | ||||
Aptiv PLC | 653 | 54,310 | ||
Best Buy Co., Inc. | 2,272 | 144,613 | ||
BorgWarner, Inc. | 877 | 28,617 | ||
Carnival Corp. | 1,496 | 65,944 | ||
eBay, Inc. | 969 | 39,041 | ||
Ford Motor Co. | 56,993 | 522,626 | ||
Gap, Inc. (The) | 3,281 | 51,807 | ||
Hanesbrands, Inc. | 1,402 | 19,151 | ||
Hasbro, Inc. | 154 | 17,012 | ||
Hilton Worldwide Holdings, Inc. | 337 | 31,129 | ||
Home Depot, Inc. (The) | 1,878 | 428,015 | ||
Kohl’s Corp. | 1,539 | 72,733 | ||
L Brands, Inc. | 1,960 | 32,360 | ||
Lowe’s Cos., Inc. | 2,542 | 285,212 | ||
Macy’s, Inc. | 4,208 | 62,110 | ||
Marriott International, Inc., Class A | 544 | 68,577 | ||
NIKE, Inc., Class B | 1,637 | 138,326 | ||
Nordstrom, Inc.(b) | 1,718 | 49,770 | ||
PVH Corp. | 382 | 28,956 | ||
Royal Caribbean Cruises Ltd. | 307 | 32,014 | ||
Starbucks Corp. | 1,086 | 104,864 | ||
TJX Cos., Inc. (The) | 2,651 | 145,725 | ||
VF Corp. | 557 | 45,646 | ||
2,468,558 | ||||
Consumer Staples-11.09% | ||||
Altria Group, Inc. | 1,466 | 64,123 | ||
Brown-Forman Corp., Class B | 218 | 12,860 | ||
Campbell Soup Co. | 863 | 38,835 | ||
Church & Dwight Co., Inc. | 198 | 15,796 | ||
Clorox Co. (The) | 146 | 23,091 | ||
Coca-Cola Co. (The) | 2,238 | 123,180 | ||
Colgate-Palmolive Co. | 754 | 55,909 | ||
Conagra Brands, Inc. | 1,104 | 31,309 | ||
Estee Lauder Cos., Inc. (The), Class A | 287 | 56,823 | ||
General Mills, Inc. | 1,103 | 59,341 | ||
Hershey Co. (The) | 203 | 32,172 | ||
JM Smucker Co. (The) | 234 | 24,607 | ||
Kellogg Co. | 879 | 55,201 | ||
Kimberly-Clark Corp. | 489 | 69,003 | ||
Kroger Co. (The) | 19,641 | 465,099 | ||
McCormick & Co., Inc. | 126 | 20,522 | ||
Molson Coors Brewing Co., Class B | 703 | 36,106 | ||
Mondelez International, Inc., Class A | 1,663 | 91,831 | ||
PepsiCo, Inc. | 1,742 | 238,184 | ||
Philip Morris International, Inc. | 1,371 | 98,835 | ||
Procter & Gamble Co. (The) | 2,156 | 259,216 |
Shares | Value | |||
Consumer Staples-(continued) | ||||
Sysco Corp. | 3,046 | $ 226,409 | ||
Walgreens Boots Alliance, Inc. | 9,319 | 477,040 | ||
2,575,492 | ||||
Energy-8.38% | ||||
Apache Corp. | 886 | 19,111 | ||
Baker Hughes, a GE Co., Class A | 3,322 | 72,054 | ||
ConocoPhillips | 2,173 | 113,387 | ||
Devon Energy Corp. | 1,289 | 28,345 | ||
EOG Resources, Inc. | 684 | 50,746 | ||
Exxon Mobil Corp. | 12,741 | 872,504 | ||
Halliburton Co. | 3,785 | 71,309 | ||
Hess Corp. | 384 | 24,173 | ||
HollyFrontier Corp. | 1,433 | 63,568 | ||
Marathon Oil Corp. | 1,414 | 16,742 | ||
Marathon Petroleum Corp. | 7,202 | 354,410 | ||
Noble Energy, Inc. | 720 | 16,258 | ||
Occidental Petroleum Corp. | 1,259 | 54,741 | ||
ONEOK, Inc. | 644 | 45,904 | ||
Schlumberger Ltd. | 3,055 | 99,074 | ||
TechnipFMC PLC (United Kingdom) | 1,770 | 43,967 | ||
1,946,293 | ||||
Financials-9.55% | ||||
Affiliated Managers Group, Inc. | 95 | 7,280 | ||
Allstate Corp. (The) | 1,448 | 148,261 | ||
Bank of America Corp. | 14,230 | 391,467 | ||
Bank of New York Mellon Corp. (The) | 1,610 | 67,717 | ||
BlackRock, Inc. | 109 | 46,059 | ||
Franklin Resources, Inc. | 606 | 15,926 | ||
Hartford Financial Services Group, Inc. (The) | 1,230 | 71,684 | ||
Invesco Ltd.(c) | 893 | 14,020 | ||
JPMorgan Chase & Co. | 4,478 | 491,953 | ||
KeyCorp | 1,540 | 25,564 | ||
Lincoln National Corp. | 932 | 49,284 | ||
Marsh & McLennan Cos., Inc. | 553 | 55,239 | ||
MetLife, Inc. | 5,072 | 224,690 | ||
Moody’s Corp. | 83 | 17,893 | ||
Morgan Stanley | 4,148 | 172,101 | ||
MSCI, Inc. | 24 | 5,631 | ||
Northern Trust Corp. | 281 | 24,708 | ||
PNC Financial Services Group, Inc. (The) | 543 | 70,009 | ||
Principal Financial Group, Inc. | 935 | 49,761 | ||
Prudential Financial, Inc. | 2,279 | 182,525 | ||
S&P Global, Inc. | 97 | 25,238 | ||
State Street Corp. | 801 | 41,099 | ||
T. Rowe Price Group, Inc. | 177 | 19,580 | ||
2,217,689 | ||||
Health Care-17.22% | ||||
Abbott Laboratories | 1,300 | 110,916 | ||
AbbVie, Inc. | 1,519 | 99,859 | ||
Agilent Technologies, Inc. | 248 | 17,635 | ||
Allergan PLC | 434 | 69,318 | ||
Amgen, Inc. | 460 | 95,965 | ||
Anthem, Inc. | 1,159 | 303,102 | ||
Baxter International, Inc. | 489 | 43,008 | ||
Becton, Dickinson and Co. | 249 | 63,226 | ||
Biogen, Inc.(d) | 188 | 41,313 |
Shares | Value | |||
Health Care-(continued) | ||||
Bristol-Myers Squibb Co. | 1,722 | $ 82,776 | ||
Cardinal Health, Inc. | 11,544 | 497,893 | ||
Celgene Corp.(d) | 577 | 55,854 | ||
CVS Health Corp. | 14,103 | 859,155 | ||
Edwards Lifesciences Corp.(d) | 71 | 15,751 | ||
Gilead Sciences, Inc. | 1,163 | 73,897 | ||
Henry Schein, Inc.(d) | 637 | 39,252 | ||
Humana, Inc. | 780 | 220,904 | ||
Illumina, Inc.(d) | 35 | 9,847 | ||
Medtronic PLC | 1,110 | 119,758 | ||
Merck & Co., Inc. | 1,832 | 158,413 | ||
Mettler-Toledo International, Inc.(d) | 13 | 8,538 | ||
Pfizer, Inc. | 4,436 | 157,700 | ||
Regeneron Pharmaceuticals, Inc.(d) | 79 | 22,914 | ||
ResMed, Inc. | 75 | 10,447 | ||
Teleflex, Inc. | 26 | 9,462 | ||
UnitedHealth Group, Inc. | 3,294 | 770,796 | ||
Varian Medical Systems, Inc.(d) | 81 | 8,580 | ||
Zimmer Biomet Holdings, Inc. | 236 | 32,851 | ||
3,999,130 | ||||
Industrials-10.76% | ||||
3M Co. | 667 | 107,867 | ||
Cummins, Inc. | 510 | 76,128 | ||
Deere & Co. | 855 | 132,448 | ||
Delta Air Lines, Inc. | 2,902 | 167,910 | ||
Eaton Corp. PLC | 936 | 75,554 | ||
Emerson Electric Co. | 990 | 58,994 | ||
FedEx Corp. | 1,510 | 239,501 | ||
General Electric Co. | 41,353 | 341,162 | ||
IHS Markit Ltd.(d) | 247 | 16,206 | ||
Illinois Tool Works, Inc. | 344 | 51,552 | ||
Ingersoll-Rand PLC | 455 | 55,096 | ||
Johnson Controls International PLC | 2,517 | 107,451 | ||
Lockheed Martin Corp. | 563 | 216,254 | ||
Masco Corp. | 788 | 32,095 | ||
Nielsen Holdings PLC | 991 | 20,573 | ||
Northrop Grumman Corp. | 351 | 129,122 | ||
Parker-Hannifin Corp. | 302 | 50,062 | ||
Pentair PLC | 302 | 10,848 | ||
Raytheon Co. | 542 | 100,443 | ||
Rockwell Automation, Inc. | 147 | 22,460 | ||
Stanley Black & Decker, Inc. | 351 | 46,634 | ||
United Parcel Service, Inc., Class B | 2,538 | 301,159 | ||
United Rentals, Inc.(d) | 232 | 26,114 | ||
W.W. Grainger, Inc. | 146 | 39,953 | ||
Waste Management, Inc. | 466 | 55,617 | ||
Xylem, Inc. | 229 | 17,544 | ||
2,498,747 | ||||
Information Technology-16.59% | ||||
Accenture PLC, Class A | 823 | 163,094 | ||
Adobe, Inc.(d) | 112 | 31,865 | ||
Advanced Micro Devices, Inc.(d) | 729 | 22,927 | ||
Akamai Technologies, Inc.(d) | 126 | 11,230 | ||
Analog Devices, Inc. | 204 | 22,405 | ||
Apple, Inc. | 4,682 | 977,321 | ||
Applied Materials, Inc. | 1,321 | 63,434 | ||
Autodesk, Inc.(d) | 62 | 8,855 | ||
Cisco Systems, Inc. | 3,251 | 152,179 | ||
Cognizant Technology Solutions Corp., Class A | 910 | 55,865 |
Shares | Value | |||
Information Technology-(continued) | ||||
Corning, Inc. | 1,259 | $ 35,063 | ||
DXC Technology Co. | 1,377 | 45,744 | ||
Hewlett Packard Enterprise Co. | 7,253 | 100,237 | ||
HP, Inc. | 10,136 | 185,388 | ||
Intel Corp. | 5,347 | 253,501 | ||
International Business Machines Corp. | 2,034 | 275,668 | ||
Intuit, Inc. | 91 | 26,241 | ||
Juniper Networks, Inc. | 639 | 14,799 | ||
Keysight Technologies, Inc.(d) | 172 | 16,660 | ||
KLA Corp. | 131 | 19,375 | ||
Lam Research Corp. | 202 | 42,523 | ||
Maxim Integrated Products, Inc. | 147 | 8,017 | ||
Microchip Technology, Inc. | 219 | 18,906 | ||
Micron Technology, Inc.(d) | 3,215 | 145,543 | ||
Microsoft Corp. | 3,188 | 439,498 | ||
Motorola Solutions, Inc. | 161 | 29,127 | ||
NetApp, Inc. | 353 | 16,965 | ||
NVIDIA Corp. | 247 | 41,375 | ||
Oracle Corp. | 2,524 | 131,399 | ||
PayPal Holdings, Inc.(d) | 487 | 53,107 | ||
salesforce.com, inc.(d) | 321 | 50,099 | ||
Seagate Technology PLC | 840 | 42,176 | ||
Skyworks Solutions, Inc. | 169 | 12,721 | ||
Symantec Corp. | 826 | 19,205 | ||
TE Connectivity Ltd. | 528 | 48,164 | ||
Texas Instruments, Inc. | 496 | 61,380 | ||
Visa, Inc., Class A | 446 | 80,646 | ||
Western Digital Corp. | 1,640 | 93,923 | ||
Xerox Holdings Corp. | 973 | 28,207 | ||
Xilinx, Inc. | 98 | 10,198 | ||
3,855,030 | ||||
Materials-2.22% | ||||
Air Products and Chemicals, Inc. | 144 | 32,532 | ||
Albemarle Corp.(b) | 179 | 11,050 | ||
Avery Dennison Corp. | 229 | 26,466 | ||
Ball Corp. | 625 | 50,256 | ||
Eastman Chemical Co. | 466 | 30,462 | ||
Ecolab, Inc. | 279 | 57,561 | ||
FMC Corp. | 206 | 17,784 | ||
International Flavors & Fragrances, Inc.(b) | 106 | 11,634 | ||
International Paper Co. | 1,929 | 75,424 | ||
LyondellBasell Industries N.V., Class A | 1,579 | 122,183 | ||
Newmont Goldcorp Corp. | 697 | 27,803 | ||
PPG Industries, Inc. | 474 | 52,514 | ||
515,669 | ||||
Real Estate-1.14% | ||||
AvalonBay Communities, Inc. | 41 | 8,715 | ||
Boston Properties, Inc. | 73 | 9,375 | ||
CBRE Group, Inc., Class A(d) | 1,529 | 79,921 | ||
Equinix, Inc. | 39 | 21,695 | ||
HCP, Inc. | 217 | 7,532 | ||
Host Hotels & Resorts, Inc. | 1,053 | 16,890 | ||
Iron Mountain, Inc. | 477 | 15,192 | ||
Kimco Realty Corp. | 238 | 4,374 | ||
Prologis, Inc. | 129 | 10,787 | ||
Simon Property Group, Inc. | 125 | 18,618 | ||
SL Green Realty Corp. | 58 | 4,653 | ||
Ventas, Inc. | 190 | 13,944 | ||
Vornado Realty Trust | 142 | 8,587 |
Shares | Value | |||
Real Estate-(continued) | ||||
Welltower, Inc. | 210 | $ 18,808 | ||
Weyerhaeuser Co. | 998 | 26,257 | ||
265,348 | ||||
Utilities-4.35% | ||||
AES Corp. (The) | 2,295 | 35,182 | ||
Alliant Energy Corp. | 274 | 14,371 | ||
Ameren Corp. | 293 | 22,605 | ||
American Electric Power Co., Inc. | 640 | 58,336 | ||
American Water Works Co., Inc. | 107 | 13,623 | ||
CenterPoint Energy, Inc. | 1,327 | 36,745 | ||
CMS Energy Corp. | 428 | 26,985 | ||
Consolidated Edison, Inc. | 507 | 45,072 | ||
Dominion Energy, Inc. | 640 | 49,683 | ||
DTE Energy Co. | 388 | 50,308 | ||
Duke Energy Corp. | 998 | 92,555 | ||
Edison International | 724 | 52,324 | ||
Entergy Corp. | 381 | 42,992 | ||
Eversource Energy | 400 | 32,052 | ||
Exelon Corp. | 2,643 | 124,908 | ||
FirstEnergy Corp. | 931 | 42,826 | ||
NextEra Energy, Inc. | 288 | 63,095 | ||
NiSource, Inc. | 671 | 19,828 | ||
NRG Energy, Inc. | 999 | 36,364 | ||
Pinnacle West Capital Corp. | 137 | 13,058 | ||
PPL Corp. | 876 | 25,886 | ||
Public Service Enterprise Group, Inc. | 590 | 35,677 | ||
WEC Energy Group, Inc. | 328 | 31,413 | ||
Xcel Energy, Inc. | 691 | 44,376 | ||
1,010,264 | ||||
Total Common Stocks & Other Equity Interests (Cost $21,975,348) | 23,162,053 |
Shares | Value | |||
Money Market Funds-0.04% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(e) (Cost $8,972) | 8,972 | $ 8,972 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $21,984,320) | 23,171,025 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.28% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(e)(f) | 50,429 | 50,429 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(e)(f) | 16,046 | 16,052 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $66,481) | 66,481 | |||
TOTAL INVESTMENTS IN SECURITIES-100.04% (Cost $22,050,801) | 23,237,506 | |||
OTHER ASSETS LESS LIABILITIES-(0.04)% | (9,825) | |||
NET ASSETS-100.00% | $23,227,681 |
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 August 31, 2019. |
(c) | The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the period July 1, 2019 through August 31, 2019. |
Value June 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value August 31, 2019 | Dividend Income | |||||||
Invesco Ltd. | $21,892 | $- | $(3,652) | $(4,793) | $573 | $14,020 | $277 |
(d) | Non-income producing security. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Shares | Value | |||
Common Stocks & Other Equity Interests-99.81% | ||||
Communication Services-4.72% | ||||
Altice USA, Inc., Class A(b) | 133,315 | $ 3,850,137 | ||
AT&T, Inc. | 10,887 | 383,876 | ||
Cable One, Inc. | 1,552 | 2,013,906 | ||
CBS Corp., Class B | 11,276 | 474,269 | ||
Charter Communications, Inc., Class A(b) | 4,077 | 1,669,898 | ||
Cinemark Holdings, Inc. | 49,560 | 1,891,210 | ||
Comcast Corp., Class A | 25,441 | 1,126,019 | ||
Discovery, Inc., Class A(b) | 23,365 | 644,874 | ||
Discovery, Inc., Class C(b) | 58,762 | 1,529,575 | ||
DISH Network Corp., Class A(b) | 50,972 | 1,710,620 | ||
Fox Corp., Class A | 38,996 | 1,293,497 | ||
Fox Corp., Class B | 22,543 | 739,410 | ||
IAC/InterActiveCorp.(b) | 16,669 | 4,244,594 | ||
Interpublic Group of Cos., Inc. (The) | 59,227 | 1,177,433 | ||
Liberty Broadband Corp., Class C(b) | 5,544 | 584,559 | ||
Liberty Media Corp.-Liberty Formula One, Class C(b) | 10,653 | 444,656 | ||
Live Nation Entertainment, Inc.(b) | 35,304 | 2,453,981 | ||
Madison Square Garden Co. (The), Class A(b) | 1,641 | 414,074 | ||
Match Group, Inc.(c) | 19,473 | 1,651,310 | ||
New York Times Co. (The), Class A | 46,421 | 1,355,493 | ||
Nexstar Media Group, Inc., Class A | 35,582 | 3,518,704 | ||
Omnicom Group, Inc. | 38,100 | 2,897,886 | ||
Sinclair Broadcast Group, Inc., Class A | 47,080 | 2,098,356 | ||
Sprint Corp.(b) | 77,157 | 523,896 | ||
Take-Two Interactive Software, Inc.(b) | 2,209 | 291,522 | ||
Telephone & Data Systems, Inc. | 78,435 | 1,976,562 | ||
T-Mobile US, Inc.(b) | 12,017 | 937,927 | ||
Tribune Media Co., Class A | 60,069 | 2,798,014 | ||
United States Cellular Corp.(b) | 11,912 | 428,713 | ||
Verizon Communications, Inc. | 14,359 | 835,120 | ||
Viacom, Inc., Class B | 59,232 | 1,479,615 | ||
Walt Disney Co. (The) | 2,512 | 344,797 | ||
World Wrestling Entertainment, Inc., Class A | 9,373 | 669,513 | ||
Zayo Group Holdings, Inc.(b) | 9,281 | 312,399 | ||
Zynga, Inc., Class A(b) | 161,518 | 922,268 | ||
49,688,683 | ||||
Consumer Discretionary-10.77% | ||||
Advance Auto Parts, Inc. | 16,770 | 2,313,422 | ||
Aramark | 8,026 | 327,942 | ||
AutoZone, Inc.(b) | 4,431 | 4,881,588 | ||
Best Buy Co., Inc. | 21,120 | 1,344,288 | ||
Bright Horizons Family Solutions, Inc.(b) | 10,804 | 1,783,200 | ||
Burlington Stores, Inc.(b) | 9,305 | 1,884,169 | ||
CarMax, Inc.(b) | 26,331 | 2,192,846 | ||
Carnival Corp. | 6,658 | 293,485 | ||
Carter’s, Inc. | 2,421 | 221,473 | ||
Carvana Co.(b) | 4,645 | 376,988 | ||
Chipotle Mexican Grill, Inc.(b) | 3,221 | 2,700,551 | ||
Choice Hotels International, Inc. | 4,630 | 421,237 | ||
Columbia Sportswear Co. | 4,471 | 419,335 | ||
D.R. Horton, Inc. | 50,366 | 2,491,606 | ||
Darden Restaurants, Inc. | 31,969 | 3,867,610 | ||
Dicks Sporting Goods, Inc. | 21,698 | 738,600 | ||
Dollar General Corp. | 29,003 | 4,527,078 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Dollar Tree, Inc.(b) | 10,697 | $ 1,086,066 | ||
Domino’s Pizza, Inc. | 2,413 | 547,365 | ||
Dunkin’ Brands Group, Inc. | 12,592 | 1,038,084 | ||
eBay, Inc. | 20,544 | 827,718 | ||
Etsy, Inc.(b) | 21,432 | 1,131,395 | ||
Expedia Group, Inc. | 5,929 | 771,363 | ||
Five Below, Inc.(b) | 9,341 | 1,147,729 | ||
Foot Locker, Inc. | 34,049 | 1,232,233 | ||
Ford Motor Co. | 127,222 | 1,166,626 | ||
Frontdoor, Inc.(b) | 11,632 | 597,187 | ||
Garmin Ltd. | 31,205 | 2,545,392 | ||
General Motors Co. | 17,006 | 630,753 | ||
Gentex Corp. | 18,348 | 488,057 | ||
Genuine Parts Co. | 23,239 | 2,098,249 | ||
Graham Holdings Co., Class B | 2,196 | 1,546,116 | ||
Grand Canyon Education, Inc.(b) | 3,240 | 406,944 | ||
H&R Block, Inc. | 138,722 | 3,359,847 | ||
Hanesbrands, Inc. | 27,349 | 373,587 | ||
Hasbro, Inc. | 11,301 | 1,248,421 | ||
Hilton Worldwide Holdings, Inc. | 12,814 | 1,183,629 | ||
Hyatt Hotels Corp., Class A | 4,415 | 318,542 | ||
Kohl’s Corp. | 15,453 | 730,309 | ||
Leggett & Platt, Inc. | 8,964 | 333,371 | ||
Lennar Corp., Class A | 40,885 | 2,085,135 | ||
LKQ Corp.(b) | 10,330 | 271,369 | ||
Lowe’s Cos., Inc. | 16,415 | 1,841,763 | ||
Lululemon Athletica, Inc.(b) | 11,239 | 2,075,506 | ||
Marriott International, Inc., Class A | 2,863 | 360,910 | ||
McDonald’s Corp. | 2,715 | 591,789 | ||
MGM Resorts International | 13,826 | 387,958 | ||
NIKE, Inc., Class B | 8,097 | 684,197 | ||
Norwegian Cruise Line Holdings Ltd.(b) | 41,048 | 2,083,186 | ||
NVR, Inc.(b) | 455 | 1,637,545 | ||
Ollie’s Bargain Outlet Holdings, Inc.(b) | 10,451 | 579,508 | ||
O’Reilly Automotive, Inc.(b) | 7,263 | 2,787,249 | ||
Penske Automotive Group, Inc. | 5,252 | 224,681 | ||
Planet Fitness, Inc., Class A(b) | 17,567 | 1,240,406 | ||
Pool Corp. | 7,859 | 1,543,350 | ||
PulteGroup, Inc. | 98,510 | 3,329,638 | ||
Roku, Inc.(b) | 10,582 | 1,601,692 | ||
Ross Stores, Inc. | 21,647 | 2,294,798 | ||
Royal Caribbean Cruises Ltd. | 19,524 | 2,035,963 | ||
Service Corp. International | 56,007 | 2,593,124 | ||
ServiceMaster Global Holdings, Inc.(b) | 26,683 | 1,521,998 | ||
Skechers U.S.A., Inc., Class A(b) | 24,304 | 769,465 | ||
Starbucks Corp. | 33,029 | 3,189,280 | ||
Target Corp. | 15,687 | 1,679,136 | ||
Tempur Sealy International, Inc.(b) | 20,257 | 1,562,220 | ||
TJX Cos., Inc. (The) | 32,727 | 1,799,003 | ||
Toll Brothers, Inc. | 40,348 | 1,460,194 | ||
Tractor Supply Co. | 41,146 | 4,191,955 | ||
Ulta Beauty, Inc.(b) | 9,085 | 2,159,777 | ||
Under Armour, Inc., Class A(b) | 17,684 | 329,099 | ||
Under Armour, Inc., Class C(b) | 13,365 | 226,136 | ||
VF Corp. | 13,635 | 1,117,388 | ||
Wayfair, Inc., Class A(b) | 5,889 | 663,926 | ||
Wendy’s Co. (The) | 51,423 | 1,131,306 | ||
Whirlpool Corp. | 5,088 | 707,690 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Williams-Sonoma, Inc. | 7,382 | $ 485,736 | ||
Wyndham Destinations, Inc. | 13,121 | 581,785 | ||
Yum China Holdings, Inc. (China) | 33,182 | 1,507,458 | ||
Yum! Brands, Inc. | 20,567 | 2,401,814 | ||
113,329,534 | ||||
Consumer Staples-6.21% | ||||
Altria Group, Inc. | 7,725 | 337,891 | ||
Archer-Daniels-Midland Co. | 20,111 | 765,223 | ||
Brown-Forman Corp., Class B | 3,944 | 232,657 | ||
Campbell Soup Co. | 30,768 | 1,384,560 | ||
Casey’s General Stores, Inc. | 29,094 | 4,883,428 | ||
Church & Dwight Co., Inc. | 39,335 | 3,138,146 | ||
Clorox Co. (The) | 13,270 | 2,098,783 | ||
Colgate-Palmolive Co. | 16,139 | 1,196,707 | ||
Constellation Brands, Inc., Class A | 2,802 | 572,589 | ||
Costco Wholesale Corp. | 7,054 | 2,079,237 | ||
Coty, Inc., Class A | 15,894 | 151,788 | ||
Estee Lauder Cos., Inc. (The), Class A | 5,531 | 1,095,083 | ||
Flowers Foods, Inc. | 60,496 | 1,379,309 | ||
General Mills, Inc. | 70,967 | 3,818,025 | ||
Hershey Co. (The) | 27,081 | 4,291,797 | ||
Hormel Foods Corp. | 24,232 | 1,032,525 | ||
JM Smucker Co. (The) | 26,648 | 2,802,304 | ||
Kellogg Co. | 7,286 | 457,561 | ||
Kimberly-Clark Corp. | 19,922 | 2,811,193 | ||
Kroger Co. (The) | 78,029 | 1,847,727 | ||
Lamb Weston Holdings, Inc. | 16,976 | 1,194,941 | ||
McCormick & Co., Inc. | 18,623 | 3,033,128 | ||
Molson Coors Brewing Co., Class B | 11,945 | 613,495 | ||
Mondelez International, Inc., Class A | 35,685 | 1,970,526 | ||
Monster Beverage Corp.(b) | 11,524 | 676,113 | ||
PepsiCo, Inc. | 5,496 | 751,468 | ||
Philip Morris International, Inc. | 10,018 | 722,198 | ||
Pilgrim’s Pride Corp.(b) | 41,688 | 1,298,998 | ||
Post Holdings, Inc.(b) | 29,644 | 2,955,210 | ||
Procter & Gamble Co. (The) | 3,601 | 432,948 | ||
Seaboard Corp. | 58 | 239,550 | ||
Spectrum Brands Holdings, Inc. | 3,577 | 199,847 | ||
Sprouts Farmers Market, Inc.(b) | 40,051 | 718,915 | ||
Sysco Corp. | 47,703 | 3,545,764 | ||
TreeHouse Foods, Inc.(b) | 29,961 | 1,517,525 | ||
Tyson Foods, Inc., Class A | 66,031 | 6,143,524 | ||
US Foods Holding Corp.(b) | 58,695 | 2,374,213 | ||
Walgreens Boots Alliance, Inc. | 6,310 | 323,009 | ||
Walmart, Inc. | 2,298 | 262,569 | ||
65,350,474 | ||||
Energy-1.45% | ||||
Cabot Oil & Gas Corp. | 80,039 | 1,370,268 | ||
Cheniere Energy, Inc.(b) | 22,707 | 1,355,835 | ||
Chevron Corp. | 2,748 | 323,494 | ||
Cimarex Energy Co. | 5,002 | 213,986 | ||
Concho Resources, Inc. | 7,855 | 574,593 | ||
ConocoPhillips | 16,960 | 884,973 | ||
Devon Energy Corp. | 9,119 | 200,527 | ||
Diamondback Energy, Inc. | 7,755 | 760,610 | ||
EOG Resources, Inc. | 3,111 | 230,805 | ||
Equitrans Midstream Corp. | 39,861 | 537,725 | ||
Helmerich & Payne, Inc. | 5,424 | 203,888 | ||
Hess Corp. | 20,629 | 1,298,595 |
Shares | Value | |||
Energy-(continued) | ||||
Kinder Morgan, Inc. | 122,592 | $ 2,484,940 | ||
Marathon Oil Corp. | 20,584 | 243,715 | ||
Murphy Oil Corp. | 11,714 | 213,546 | ||
ONEOK, Inc. | 24,423 | 1,740,871 | ||
Phillips 66 | 2,963 | 292,241 | ||
Pioneer Natural Resources Co. | 2,168 | 267,575 | ||
Targa Resources Corp. | 25,040 | 904,445 | ||
Valero Energy Corp. | 2,955 | 222,452 | ||
Williams Cos., Inc. (The) | 37,858 | 893,449 | ||
15,218,533 | ||||
Financials-15.32% | ||||
Aflac, Inc. | 74,101 | 3,718,388 | ||
AGNC Investment Corp. | 52,033 | 773,731 | ||
Alleghany Corp.(b) | 2,247 | 1,683,700 | ||
Allstate Corp. (The) | 26,364 | 2,699,410 | ||
Ally Financial, Inc. | 177,584 | 5,567,258 | ||
American Express Co. | 12,437 | 1,497,042 | ||
American Financial Group, Inc. | 9,378 | 946,897 | ||
American International Group, Inc. | 8,888 | 462,532 | ||
Ameriprise Financial, Inc. | 15,117 | 1,949,791 | ||
Annaly Capital Management, Inc. | 123,761 | 1,027,216 | ||
Aon PLC | 9,886 | 1,926,287 | ||
Arch Capital Group Ltd.(b) | 112,509 | 4,444,105 | ||
Arthur J. Gallagher & Co. | 36,066 | 3,271,547 | ||
Assurant, Inc. | 13,002 | 1,599,246 | ||
Assured Guaranty Ltd. | 52,551 | 2,236,045 | ||
Athene Holding Ltd., Class A(b) | 21,400 | 831,604 | ||
AXA Equitable Holdings, Inc. | 70,307 | 1,460,276 | ||
Axis Capital Holdings Ltd. | 10,540 | 647,051 | ||
Bank of Hawaii Corp. | 5,348 | 442,173 | ||
Bank of New York Mellon Corp. (The) | 6,889 | 289,751 | ||
BB&T Corp. | 19,666 | 937,085 | ||
Brighthouse Financial, Inc.(b) | 8,360 | 294,774 | ||
Brown & Brown, Inc. | 37,270 | 1,374,890 | ||
Capital One Financial Corp. | 16,442 | 1,424,206 | ||
Cboe Global Markets, Inc. | 7,479 | 891,198 | ||
Chimera Investment Corp. | 86,114 | 1,642,194 | ||
Chubb Ltd. | 10,874 | 1,699,389 | ||
Cincinnati Financial Corp. | 31,890 | 3,587,306 | ||
CIT Group, Inc. | 32,050 | 1,365,009 | ||
Citigroup, Inc. | 10,673 | 686,808 | ||
Citizens Financial Group, Inc. | 16,702 | 563,525 | ||
CME Group, Inc. | 2,906 | 631,445 | ||
CNA Financial Corp. | 4,637 | 218,542 | ||
Comerica, Inc. | 3,677 | 226,687 | ||
Commerce Bancshares, Inc. | 9,421 | 537,656 | ||
Credit Acceptance Corp.(b) | 3,955 | 1,790,231 | ||
Cullen/Frost Bankers, Inc. | 3,093 | 256,750 | ||
Discover Financial Services | 42,356 | 3,387,209 | ||
Erie Indemnity Co., Class A | 5,505 | 1,207,302 | ||
Everest Re Group, Ltd. | 6,047 | 1,426,366 | ||
F.N.B. Corp. | 24,050 | 258,537 | ||
FactSet Research Systems, Inc. | 6,321 | 1,719,881 | ||
Fidelity National Financial, Inc. | 46,094 | 2,025,370 | ||
Fifth Third Bancorp | 36,648 | 969,340 | ||
First American Financial Corp. | 43,631 | 2,550,232 | ||
First Citizens BancShares, Inc., Class A | 2,095 | 931,437 | ||
First Hawaiian, Inc. | 12,639 | 324,822 | ||
First Republic Bank | 9,733 | 873,245 |
Shares | Value | |||
Financials-(continued) | ||||
Franklin Resources, Inc. | 33,848 | $ 889,525 | ||
Globe Life, Inc. | 21,456 | 1,915,163 | ||
Goldman Sachs Group, Inc. (The) | 2,259 | 460,633 | ||
Hanover Insurance Group, Inc. (The) | 14,563 | 1,939,063 | ||
Hartford Financial Services Group, Inc. (The) | 45,998 | 2,680,763 | ||
Huntington Bancshares, Inc. | 52,986 | 702,064 | ||
Intercontinental Exchange, Inc. | 12,284 | 1,148,308 | ||
Jefferies Financial Group, Inc. | 17,029 | 317,421 | ||
Kemper Corp. | 22,546 | 1,577,769 | ||
KeyCorp | 30,986 | 514,368 | ||
Legg Mason, Inc. | 20,433 | 751,730 | ||
LendingTree, Inc.(b) | 2,002 | 620,800 | ||
Lincoln National Corp. | 31,238 | 1,651,865 | ||
Loews Corp. | 48,340 | 2,323,704 | ||
LPL Financial Holdings, Inc. | 35,890 | 2,689,955 | ||
M&T Bank Corp. | 6,081 | 889,103 | ||
Markel Corp.(b) | 388 | 443,515 | ||
MarketAxess Holdings, Inc. | 4,473 | 1,778,554 | ||
Marsh & McLennan Cos., Inc. | 15,659 | 1,564,178 | ||
Mercury General Corp. | 14,569 | 779,441 | ||
MetLife, Inc. | 55,734 | 2,469,016 | ||
MFA Financial, Inc. | 94,210 | 675,486 | ||
MGIC Investment Corp. | 271,322 | 3,432,223 | ||
Moody’s Corp. | 4,006 | 863,613 | ||
Morgan Stanley | 7,693 | 319,183 | ||
Morningstar, Inc. | 2,009 | 324,614 | ||
MSCI, Inc. | 8,560 | 2,008,433 | ||
Nasdaq, Inc. | 5,492 | 548,321 | ||
Navient Corp. | 113,497 | 1,445,952 | ||
New Residential Investment Corp. | 42,045 | 591,573 | ||
New York Community Bancorp, Inc. | 70,619 | 814,943 | ||
Northern Trust Corp. | 5,967 | 524,678 | ||
Old Republic International Corp. | 91,099 | 2,128,073 | ||
OneMain Holdings, Inc. | 15,813 | 566,896 | ||
People’s United Financial, Inc. | 26,250 | 377,212 | ||
Pinnacle Financial Partners, Inc. | 5,774 | 304,117 | ||
PNC Financial Services Group, Inc. (The) | 5,240 | 675,593 | ||
Popular, Inc. | 69,598 | 3,658,767 | ||
Primerica, Inc. | 20,212 | 2,408,664 | ||
Principal Financial Group, Inc. | 47,681 | 2,537,583 | ||
Progressive Corp. (The) | 59,016 | 4,473,413 | ||
Prosperity Bancshares, Inc. | 8,487 | 550,976 | ||
Prudential Financial, Inc. | 30,178 | 2,416,956 | ||
Raymond James Financial, Inc. | 6,651 | 522,170 | ||
Regions Financial Corp. | 20,753 | 303,409 | ||
Reinsurance Group of America, Inc. | 20,483 | 3,153,767 | ||
RenaissanceRe Holdings Ltd. (Bermuda) | 22,744 | 4,106,429 | ||
S&P Global, Inc. | 2,836 | 737,899 | ||
Santander Consumer USA Holdings, Inc. | 56,597 | 1,477,748 | ||
Signature Bank | 5,276 | 615,445 | ||
Starwood Property Trust, Inc. | 72,997 | 1,710,320 | ||
Sterling Bancorp | 12,309 | 234,733 | ||
SunTrust Banks, Inc. | 13,453 | 827,494 | ||
Synchrony Financial | 84,882 | 2,720,468 | ||
T. Rowe Price Group, Inc. | 3,097 | 342,590 | ||
Travelers Cos., Inc. (The) | 24,208 | 3,557,608 | ||
Two Harbors Investment Corp. | 23,171 | 292,650 | ||
U.S. Bancorp | 18,963 | 999,160 | ||
Unum Group | 28,780 | 731,300 | ||
Voya Financial, Inc. | 47,508 | 2,343,095 |
Shares | Value | |||
Financials-(continued) | ||||
W.R. Berkley Corp. | 45,283 | $ 3,226,414 | ||
Willis Towers Watson PLC | 10,349 | 2,048,792 | ||
Zions Bancorp. N.A. | 8,007 | 329,008 | ||
161,310,192 | ||||
Health Care-7.41% | ||||
Abbott Laboratories | 6,451 | 550,399 | ||
Agilent Technologies, Inc. | 15,722 | 1,117,991 | ||
Alexion Pharmaceuticals, Inc.(b) | 4,446 | 447,979 | ||
AmerisourceBergen Corp. | 4,908 | 403,781 | ||
Amgen, Inc. | 2,288 | 477,323 | ||
Anthem, Inc. | 5,621 | 1,470,004 | ||
Baxter International, Inc. | 10,380 | 912,921 | ||
Becton, Dickinson and Co. | 1,398 | 354,980 | ||
Bio-Rad Laboratories, Inc., Class A(b) | 1,253 | 423,151 | ||
Bio-Techne Corp. | 4,101 | 785,629 | ||
Boston Scientific Corp.(b) | 18,202 | 777,771 | ||
Bristol-Myers Squibb Co. | 5,335 | 256,453 | ||
Bruker Corp. | 24,938 | 1,076,573 | ||
Cardinal Health, Inc. | 14,251 | 614,646 | ||
Catalent, Inc.(b) | 19,635 | 1,035,550 | ||
Celgene Corp.(b) | 20,352 | 1,970,074 | ||
Centene Corp.(b) | 16,756 | 781,165 | ||
Cerner Corp. | 24,252 | 1,671,205 | ||
Charles River Laboratories International, Inc.(b) | 9,056 | 1,188,147 | ||
Chemed Corp. | 2,050 | 880,332 | ||
Cigna Corp. | 2,291 | 352,745 | ||
Cooper Cos., Inc. (The) | 5,702 | 1,766,195 | ||
Covetrus, Inc.(b) | 32,418 | 430,835 | ||
Danaher Corp. | 6,822 | 969,338 | ||
DENTSPLY SIRONA, Inc. | 7,186 | 374,750 | ||
DexCom, Inc.(b) | 4,794 | 822,698 | ||
Edwards Lifesciences Corp.(b) | 4,943 | 1,096,555 | ||
Elanco Animal Health, Inc.(b) | 18,176 | 472,940 | ||
Eli Lilly and Co. | 7,329 | 827,957 | ||
Encompass Health Corp. | 7,192 | 437,202 | ||
Exact Sciences Corp.(b) | 7,310 | 871,498 | ||
Exelixis, Inc.(b) | 43,725 | 867,941 | ||
Gilead Sciences, Inc. | 8,761 | 556,674 | ||
HCA Healthcare, Inc. | 29,396 | 3,533,399 | ||
Henry Schein, Inc.(b) | 61,409 | 3,784,023 | ||
Hill-Rom Holdings, Inc. | 10,112 | 1,088,860 | ||
Hologic, Inc.(b) | 13,193 | 651,338 | ||
Horizon Pharma PLC(b) | 35,749 | 987,745 | ||
Humana, Inc. | 1,267 | 358,827 | ||
IDEXX Laboratories, Inc.(b) | 2,792 | 808,954 | ||
Illumina, Inc.(b) | 1,618 | 455,208 | ||
Incyte Corp.(b) | 4,893 | 400,345 | ||
Insulet Corp.(b) | 2,758 | 425,201 | ||
Intuitive Surgical, Inc.(b) | 629 | 321,633 | ||
Ionis Pharmaceuticals, Inc.(b) | 34,314 | 2,168,988 | ||
IQVIA Holdings, Inc.(b) | 13,611 | 2,111,747 | ||
Laboratory Corp. of America Holdings(b) | 2,684 | 449,731 | ||
Masimo Corp.(b) | 11,140 | 1,707,205 | ||
McKesson Corp. | 4,535 | 627,054 | ||
Medidata Solutions, Inc.(b) | 5,726 | 524,387 | ||
Medtronic PLC | 3,281 | 353,987 | ||
Merck & Co., Inc. | 4,892 | 423,011 | ||
Mettler-Toledo International, Inc.(b) | 2,270 | 1,490,913 |
Shares | Value | |||
Health Care-(continued) | ||||
Molina Healthcare, Inc.(b) | 44,252 | $ 5,765,151 | ||
PerkinElmer, Inc. | 11,017 | 911,106 | ||
Pfizer, Inc. | 6,903 | 245,402 | ||
PRA Health Sciences, Inc.(b) | 2,742 | 271,019 | ||
Premier, Inc., Class A(b) | 17,430 | 614,582 | ||
QIAGEN N.V.(b) | 10,898 | 378,052 | ||
Quest Diagnostics, Inc. | 5,422 | 555,050 | ||
Regeneron Pharmaceuticals, Inc.(b) | 1,918 | 556,316 | ||
ResMed, Inc. | 7,817 | 1,088,908 | ||
STERIS PLC | 14,686 | 2,267,518 | ||
Stryker Corp. | 3,321 | 732,812 | ||
Teleflex, Inc. | 2,223 | 808,994 | ||
Thermo Fisher Scientific, Inc. | 2,608 | 748,653 | ||
Universal Health Services, Inc., Class B | 19,971 | 2,887,407 | ||
Varian Medical Systems, Inc.(b) | 7,648 | 810,153 | ||
Veeva Systems, Inc., Class A(b) | 12,724 | 2,040,675 | ||
Vertex Pharmaceuticals, Inc.(b) | 3,391 | 610,448 | ||
Waters Corp.(b) | 4,143 | 877,860 | ||
WellCare Health Plans, Inc.(b) | 10,460 | 2,831,940 | ||
West Pharmaceutical Services, Inc. | 9,206 | 1,339,105 | ||
Zimmer Biomet Holdings, Inc. | 5,745 | 799,704 | ||
Zoetis, Inc. | 9,398 | 1,188,095 | ||
78,044,908 | ||||
Industrials-14.71% | ||||
Acuity Brands, Inc. | 12,991 | 1,629,201 | ||
AECOM(b) | 39,719 | 1,409,230 | ||
AGCO Corp. | 29,248 | 2,021,622 | ||
Air Lease Corp. | 10,468 | 434,841 | ||
Alaska Air Group, Inc. | 27,208 | 1,624,862 | ||
Allegion PLC | 22,053 | 2,123,042 | ||
Allison Transmission Holdings, Inc. | 39,491 | 1,754,585 | ||
AMERCO | 2,068 | 727,150 | ||
AMETEK, Inc. | 21,155 | 1,817,849 | ||
Arconic, Inc. | 199,188 | 5,147,018 | ||
Armstrong World Industries, Inc. | 19,407 | 1,852,786 | ||
Boeing Co. (The) | 627 | 228,284 | ||
C.H. Robinson Worldwide, Inc. | 11,927 | 1,007,712 | ||
Carlisle Cos., Inc. | 25,757 | 3,733,735 | ||
Caterpillar, Inc. | 2,033 | 241,927 | ||
Cintas Corp. | 5,988 | 1,579,634 | ||
Clean Harbors, Inc.(b) | 31,913 | 2,347,201 | ||
Copa Holdings S.A., Class A (Panama) | 4,172 | 430,467 | ||
Copart, Inc.(b) | 12,655 | 954,060 | ||
CoStar Group, Inc.(b) | 2,213 | 1,360,707 | ||
Crane Co. | 12,208 | 930,738 | ||
CSX Corp. | 21,871 | 1,465,794 | ||
Cummins, Inc. | 27,050 | 4,037,754 | ||
Curtiss-Wright Corp. | 3,054 | 374,543 | ||
Deere & Co. | 4,161 | 644,581 | ||
Delta Air Lines, Inc. | 44,761 | 2,589,871 | ||
Donaldson Co., Inc. | 15,442 | 746,775 | ||
Dover Corp. | 35,420 | 3,320,271 | ||
Eaton Corp. PLC | 21,926 | 1,769,867 | ||
Emerson Electric Co. | 9,055 | 539,587 | ||
Equifax, Inc. | 4,242 | 620,944 | ||
Expeditors International of Washington, Inc. | 12,640 | 898,704 | ||
Fastenal Co. | 76,740 | 2,349,779 | ||
Flowserve Corp. | 33,405 | 1,425,725 | ||
Fortive Corp. | 14,883 | 1,055,205 |
Shares | Value | |||
Industrials-(continued) | ||||
Fortune Brands Home & Security, Inc. | 14,368 | $ 733,630 | ||
Gardner Denver Holdings, Inc.(b) | 27,765 | 796,300 | ||
General Dynamics Corp. | 2,030 | 388,278 | ||
Genesee & Wyoming, Inc., Class A(b) | 10,457 | 1,159,472 | ||
Graco, Inc. | 17,496 | 797,293 | ||
HD Supply Holdings, Inc.(b) | 23,455 | 912,634 | ||
HEICO Corp.(c) | 4,420 | 639,441 | ||
HEICO Corp., Class A | 10,151 | 1,120,264 | ||
Hexcel Corp. | 8,711 | 733,031 | ||
Honeywell International, Inc. | 6,582 | 1,083,529 | ||
Hubbell, Inc. | 15,212 | 1,994,902 | ||
Huntington Ingalls Industries, Inc. | 5,236 | 1,094,324 | ||
IAA, Inc.(b) | 20,252 | 989,310 | ||
IDEX Corp. | 6,128 | 1,009,343 | ||
IHS Markit Ltd.(b) | 18,383 | 1,206,109 | ||
Illinois Tool Works, Inc. | 7,362 | 1,103,269 | ||
Ingersoll-Rand PLC | 29,250 | 3,541,883 | ||
ITT, Inc. | 25,039 | 1,425,220 | ||
Jacobs Engineering Group, Inc. | 49,019 | 4,355,828 | ||
JetBlue Airways Corp.(b) | 46,955 | 813,261 | ||
Johnson Controls International PLC | 81,559 | 3,481,754 | ||
Kansas City Southern | 16,405 | 2,063,749 | ||
KAR Auction Services, Inc. | 20,252 | 537,893 | ||
Kirby Corp.(b) | 6,580 | 484,222 | ||
L3Harris Technologies, Inc. | 30,536 | 6,455,616 | ||
Landstar System, Inc. | 5,124 | 571,428 | ||
Lennox International, Inc. | 8,999 | 2,283,766 | ||
Lincoln Electric Holdings, Inc. | 3,152 | 260,229 | ||
Lockheed Martin Corp. | 2,123 | 815,466 | ||
Macquarie Infrastructure Corp. | 26,979 | 1,020,346 | ||
ManpowerGroup, Inc. | 18,141 | 1,482,845 | ||
Masco Corp. | 40,399 | 1,645,451 | ||
Middleby Corp. (The)(b) | 17,370 | 1,904,794 | ||
Nordson Corp. | 7,805 | 1,061,168 | ||
Norfolk Southern Corp. | 13,895 | 2,418,425 | ||
Northrop Grumman Corp. | 2,233 | 821,454 | ||
nVent Electric PLC | 19,762 | 400,378 | ||
Old Dominion Freight Line, Inc. | 2,988 | 489,315 | ||
Oshkosh Corp. | 26,340 | 1,850,912 | ||
PACCAR, Inc. | 68,812 | 4,511,315 | ||
Parker-Hannifin Corp. | 8,386 | 1,390,147 | ||
Quanta Services, Inc. | 35,270 | 1,195,653 | ||
Raytheon Co. | 2,245 | 416,043 | ||
Regal Beloit Corp. | 6,488 | 459,999 | ||
Republic Services, Inc. | 22,899 | 2,043,736 | ||
Resideo Technologies, Inc.(b) | 50,914 | 701,595 | ||
Rockwell Automation, Inc. | 4,059 | 620,175 | ||
Rollins, Inc. | 7,195 | 236,068 | ||
Roper Technologies, Inc. | 4,738 | 1,737,709 | ||
Sensata Technologies Holding PLC(b) | 7,016 | 319,789 | ||
Snap-on, Inc. | 9,146 | 1,359,827 | ||
Southwest Airlines Co. | 43,203 | 2,260,381 | ||
Spirit AeroSystems Holdings, Inc., Class A | 10,865 | 875,719 | ||
Stanley Black & Decker, Inc. | 6,904 | 917,265 | ||
Teledyne Technologies, Inc.(b) | 7,059 | 2,178,337 | ||
Timken Co. (The) | 17,144 | 688,846 | ||
Toro Co. (The) | 24,364 | 1,754,452 | ||
TransDigm Group, Inc.(b) | 5,100 | 2,745,432 | ||
TransUnion | 4,047 | 338,532 | ||
Union Pacific Corp. | 5,683 | 920,419 |
Shares | Value | |||
Industrials-(continued) | ||||
United Airlines Holdings, Inc.(b) | 55,813 | $ 4,705,594 | ||
United Parcel Service, Inc., Class B | 4,638 | 550,345 | ||
United Rentals, Inc.(b) | 2,426 | 273,071 | ||
United Technologies Corp. | 5,214 | 679,071 | ||
Verisk Analytics, Inc. | 13,091 | 2,114,720 | ||
W.W. Grainger, Inc. | 1,093 | 299,099 | ||
WABCO Holdings, Inc.(b) | 10,705 | 1,429,225 | ||
Waste Management, Inc. | 24,633 | 2,939,949 | ||
Woodward, Inc. | 17,209 | 1,855,991 | ||
Xylem, Inc. | 15,710 | 1,203,543 | ||
154,864,630 | ||||
Information Technology-16.14% | ||||
Accenture PLC, Class A | 3,018 | 598,077 | ||
Adobe, Inc.(b) | 1,334 | 379,536 | ||
Advanced Micro Devices, Inc.(b) | 69,878 | 2,197,663 | ||
Akamai Technologies, Inc.(b) | 7,783 | 693,699 | ||
Alteryx, Inc., Class A(b) | 9,891 | 1,408,973 | ||
Amdocs Ltd. | 7,066 | 457,453 | ||
Amphenol Corp., Class A | 9,825 | 860,080 | ||
Analog Devices, Inc. | 10,029 | 1,101,485 | ||
ANSYS, Inc.(b) | 5,260 | 1,086,506 | ||
Apple, Inc. | 2,126 | 443,781 | ||
Applied Materials, Inc. | 18,967 | 910,795 | ||
Arrow Electronics, Inc.(b) | 5,728 | 396,378 | ||
Aspen Technology, Inc.(b) | 9,819 | 1,307,891 | ||
Atlassian Corp. PLC, Class A(b) | 11,109 | 1,494,272 | ||
Autodesk, Inc.(b) | 6,306 | 900,623 | ||
Automatic Data Processing, Inc. | 5,337 | 906,436 | ||
Avalara, Inc.(b) | 6,211 | 523,836 | ||
Avnet, Inc. | 27,881 | 1,167,935 | ||
Black Knight, Inc.(b) | 15,997 | 995,813 | ||
Booz Allen Hamilton Holding Corp. | 61,787 | 4,665,536 | ||
Broadcom, Inc. | 3,917 | 1,107,101 | ||
Broadridge Financial Solutions, Inc. | 8,938 | 1,156,935 | ||
CACI International, Inc., Class A(b) | 13,879 | 3,085,163 | ||
Cadence Design Systems Inc.(b) | 43,521 | 2,980,318 | ||
CDW Corp. | 55,159 | 6,370,864 | ||
Ceridian HCM Holding, Inc.(b) | 7,399 | 427,440 | ||
Ciena Corp.(b) | 76,509 | 3,131,513 | ||
Cisco Systems, Inc. | 9,590 | 448,908 | ||
Citrix Systems, Inc. | 5,080 | 472,338 | ||
Cognex Corp. | 7,537 | 339,768 | ||
Corning, Inc. | 81,596 | 2,272,449 | ||
Coupa Software, Inc.(b) | 9,330 | 1,296,217 | ||
Cree, Inc.(b) | 10,238 | 439,517 | ||
Cypress Semiconductor Corp. | 23,099 | 531,508 | ||
Dell Technologies, Inc., Class C(b) | 115,700 | 5,962,021 | ||
Dolby Laboratories, Inc., Class A | 3,946 | 242,916 | ||
Entegris, Inc. | 17,532 | 750,896 | ||
EPAM Systems, Inc.(b) | 13,065 | 2,499,726 | ||
Euronet Worldwide, Inc.(b) | 17,099 | 2,618,541 | ||
Fair Isaac Corp.(b) | 5,387 | 1,900,103 | ||
Fidelity National Information Services, Inc. | 18,108 | 2,466,672 | ||
First Solar, Inc.(b) | 6,288 | 390,296 | ||
Fiserv, Inc.(b) | 73,029 | 7,809,721 | ||
FleetCor Technologies, Inc.(b) | 8,503 | 2,537,295 | ||
FLIR Systems, Inc. | 6,268 | 308,824 | ||
Fortinet, Inc.(b) | 28,972 | 2,294,003 | ||
Gartner, Inc.(b) | 7,390 | 987,821 |
Shares | Value | |||
Information Technology-(continued) | ||||
Genpact Ltd. | 40,399 | $ 1,654,743 | ||
Global Payments, Inc. | 11,235 | 1,864,785 | ||
GoDaddy, Inc., Class A(b) | 8,293 | 525,279 | ||
Guidewire Software, Inc.(b) | 6,951 | 668,547 | ||
Hewlett Packard Enterprise Co. | 134,362 | 1,856,883 | ||
HP, Inc. | 31,587 | 577,726 | ||
HubSpot, Inc.(b) | 5,385 | 1,075,277 | ||
International Business Machines Corp. | 5,521 | 748,261 | ||
Intuit, Inc. | 4,001 | 1,153,728 | ||
Jabil, Inc. | 52,776 | 1,520,477 | ||
Jack Henry & Associates, Inc. | 5,220 | 756,691 | ||
Juniper Networks, Inc. | 38,464 | 890,826 | ||
Keysight Technologies, Inc.(b) | 20,030 | 1,940,106 | ||
KLA Corp. | 12,630 | 1,867,977 | ||
Lam Research Corp. | 23,859 | 5,022,558 | ||
Leidos Holdings, Inc. | 72,102 | 6,298,831 | ||
Manhattan Associates, Inc.(b) | 19,926 | 1,646,485 | ||
Marvell Technology Group Ltd. | 26,461 | 634,270 | ||
Maxim Integrated Products, Inc. | 7,672 | 418,431 | ||
Microchip Technology, Inc. | 2,598 | 224,285 | ||
Microsoft Corp. | 4,681 | 645,323 | ||
MongoDB, Inc.(b)(c) | 3,002 | 457,235 | ||
Motorola Solutions, Inc. | 21,589 | 3,905,666 | ||
National Instruments Corp. | 6,307 | 264,894 | ||
NCR Corp.(b) | 23,468 | 739,477 | ||
NetApp, Inc. | 14,132 | 679,184 | ||
Nuance Communications, Inc.(b) | 57,934 | 973,871 | ||
Okta, Inc.(b) | 10,457 | 1,322,810 | ||
Oracle Corp. | 10,515 | 547,411 | ||
Palo Alto Networks, Inc.(b) | 3,397 | 691,697 | ||
Paychex, Inc. | 18,429 | 1,505,649 | ||
Paycom Software, Inc.(b) | 7,620 | 1,905,914 | ||
Paylocity Holding Corp.(b) | 6,250 | 682,625 | ||
PayPal Holdings, Inc.(b) | 5,111 | 557,355 | ||
Pegasystems, Inc. | 4,963 | 348,154 | ||
QUALCOMM, Inc. | 9,490 | 738,037 | ||
RealPage, Inc.(b) | 5,924 | 377,181 | ||
RingCentral, Inc., Class A(b) | 10,659 | 1,504,305 | ||
salesforce.com, inc.(b) | 9,569 | 1,493,434 | ||
ServiceNow, Inc.(b) | 4,784 | 1,252,643 | ||
Smartsheet Inc., Class A(b) | 11,472 | 557,539 | ||
Splunk, Inc.(b) | 6,924 | 774,242 | ||
Square, Inc., Class A(b) | 5,091 | 314,827 | ||
SS&C Technologies Holdings, Inc. | 18,205 | 848,535 | ||
Symantec Corp. | 33,522 | 779,387 | ||
SYNNEX Corp. | 3,998 | 335,072 | ||
Synopsys, Inc.(b) | 22,727 | 3,222,916 | ||
Teradyne, Inc. | 57,312 | 3,035,817 | ||
Texas Instruments, Inc. | 3,442 | 425,948 | ||
Total System Services, Inc. | 12,272 | 1,647,148 | ||
Trade Desk, Inc. (The), Class A(b) | 5,915 | 1,453,730 | ||
Trimble, Inc.(b) | 32,746 | 1,228,630 | ||
Twilio, Inc., Class A(b) | 9,943 | 1,297,263 | ||
Tyler Technologies, Inc.(b) | 943 | 241,917 | ||
Ubiquiti, Inc. | 5,018 | 554,539 | ||
Universal Display Corp. | 7,220 | 1,483,493 | ||
VeriSign, Inc.(b) | 10,588 | 2,158,364 | ||
Versum Materials, Inc. | 35,172 | 1,828,944 | ||
ViaSat, Inc.(b) | 18,040 | 1,431,113 | ||
VMware, Inc., Class A | 15,270 | 2,159,789 |
Shares | Value | |||
Information Technology-(continued) | ||||
Western Union Co. (The) | 58,171 | $ 1,286,743 | ||
WEX, Inc.(b) | 3,826 | 782,608 | ||
Workday, Inc., Class A(b) | 6,691 | 1,186,180 | ||
Xerox Holdings Corp. | 135,549 | 3,929,566 | ||
Xilinx, Inc. | 33,319 | 3,467,175 | ||
Zebra Technologies Corp., Class A(b) | 12,684 | 2,600,601 | ||
Zendesk, Inc.(b) | 12,749 | ��� 1,022,470 | ||
Zscaler, Inc.(b) | 8,320 | 571,917 | ||
169,891,146 | ||||
Materials-4.41% | ||||
Air Products and Chemicals, Inc. | 10,895 | 2,461,398 | ||
AptarGroup, Inc. | 13,604 | 1,662,681 | ||
Ashland Global Holdings, Inc. | 4,976 | 364,442 | ||
Avery Dennison Corp. | 8,266 | 955,302 | ||
Ball Corp. | 75,661 | 6,083,901 | ||
Berry Global Group, Inc.(b) | 42,227 | 1,652,765 | ||
Celanese Corp. | 7,237 | 820,459 | ||
CF Industries Holdings, Inc. | 26,904 | 1,296,504 | ||
Crown Holdings, Inc.(b) | 97,605 | 6,426,313 | ||
Domtar Corp. | 17,438 | 574,582 | ||
Dow, Inc. | 59,686 | 2,544,414 | ||
Ecolab, Inc. | 7,336 | 1,513,490 | ||
FMC Corp. | 9,515 | 821,430 | ||
Graphic Packaging Holding Co. | 16,874 | 233,030 | ||
International Flavors & Fragrances, Inc. | 7,772 | 852,977 | ||
International Paper Co. | 13,755 | 537,821 | ||
Linde PLC (United Kingdom) | 4,279 | 808,346 | ||
Martin Marietta Materials, Inc. | 2,524 | 640,516 | ||
Mosaic Co. (The) | 9,608 | 176,691 | ||
NewMarket Corp. | 1,272 | 603,882 | ||
Nucor Corp. | 9,683 | 474,273 | ||
Owens-Illinois, Inc. | 52,230 | 531,179 | ||
Packaging Corp. of America | 4,022 | 404,533 | ||
PPG Industries, Inc. | 17,611 | 1,951,123 | ||
Reliance Steel & Aluminum Co. | 12,771 | 1,241,724 | ||
RPM International, Inc. | 35,299 | 2,388,683 | ||
Scotts Miracle-Gro Co. (The) | 4,645 | 493,856 | ||
Sealed Air Corp. | 13,623 | 542,468 | ||
Sherwin-Williams Co. (The) | 2,618 | 1,379,032 | ||
Silgan Holdings, Inc. | 46,629 | 1,387,679 | ||
Sonoco Products Co. | 52,302 | 2,991,674 | ||
Valvoline, Inc. | 14,664 | 331,406 | ||
Vulcan Materials Co. | 5,136 | 725,460 | ||
W.R. Grace & Co. | 7,755 | 525,091 | ||
46,399,125 | ||||
Real Estate-9.04% | ||||
Alexandria Real Estate Equities, Inc. | 8,070 | 1,209,209 | ||
American Campus Communities, Inc. | 19,415 | 902,409 | ||
American Homes 4 Rent, Class A | 29,589 | 756,887 | ||
American Tower Corp. | 4,367 | 1,005,240 | ||
Americold Realty Trust | 46,911 | 1,708,499 | ||
Apartment Investment & Management Co., Class A | 59,819 | 3,050,769 | ||
Apple Hospitality REIT, Inc. | 25,221 | 401,770 | ||
AvalonBay Communities, Inc. | 8,800 | 1,870,528 | ||
Boston Properties, Inc. | 10,907 | 1,400,677 | ||
Brandywine Realty Trust | 18,940 | 271,789 | ||
Brixmor Property Group, Inc. | 98,500 | 1,815,355 | ||
Brookfield Property REIT, Inc., Class A(c) | 43,962 | 827,365 |
Shares | Value | |||
Real Estate-(continued) | ||||
Camden Property Trust | 10,535 | $ 1,140,414 | ||
CBRE Group, Inc., Class A(b) | 32,788 | 1,713,829 | ||
CoreSite Realty Corp. | 5,543 | 643,986 | ||
Corporate Office Properties Trust | 15,070 | 435,372 | ||
Cousins Properties Inc. | 17,729 | 615,196 | ||
Crown Castle International Corp. | 8,965 | 1,301,449 | ||
CubeSmart | 21,305 | 764,636 | ||
CyrusOne, Inc. | 10,911 | 801,522 | ||
Digital Realty Trust, Inc. | 9,259 | 1,144,690 | ||
Douglas Emmett, Inc. | 17,836 | 752,679 | ||
Duke Realty Corp. | 35,458 | 1,179,688 | ||
Empire State Realty Trust, Inc., Class A | 14,753 | 207,427 | ||
EPR Properties | 25,351 | 1,983,716 | ||
Equinix, Inc. | 2,520 | 1,401,826 | ||
Equity Commonwealth | 23,744 | 799,223 | ||
Equity LifeStyle Properties, Inc. | 12,623 | 1,700,570 | ||
Equity Residential | 21,296 | 1,805,049 | ||
Essex Property Trust, Inc. | 5,660 | 1,818,332 | ||
Extra Space Storage, Inc. | 10,549 | 1,286,134 | ||
Federal Realty Investment Trust | 7,783 | 1,005,641 | ||
Gaming and Leisure Properties, Inc. | 43,406 | 1,698,043 | ||
HCP, Inc. | 127,432 | 4,423,165 | ||
Healthcare Trust of America, Inc., Class A | 38,961 | 1,104,934 | ||
Highwoods Properties, Inc. | 7,260 | 313,705 | ||
Hospitality Properties Trust | 32,069 | 774,146 | ||
Host Hotels & Resorts, Inc. | 48,462 | 777,330 | ||
Hudson Pacific Properties, Inc. | 10,149 | 345,066 | ||
Invitation Homes, Inc. | 27,863 | 801,340 | ||
Iron Mountain, Inc. | 36,747 | 1,170,392 | ||
JBG SMITH Properties | 11,707 | 447,910 | ||
Jones Lang LaSalle, Inc. | 2,049 | 274,668 | ||
Kilroy Realty Corp. | 9,064 | 705,723 | ||
Kimco Realty Corp. | 82,956 | 1,524,731 | ||
Lamar Advertising Co., Class A | 21,441 | 1,643,453 | ||
Liberty Property Trust | 19,300 | 1,005,916 | ||
Life Storage, Inc. | 7,094 | 751,680 | ||
Medical Properties Trust, Inc. | 290,019 | 5,391,453 | ||
Mid-America Apartment Communities, Inc. | 14,076 | 1,783,148 | ||
National Retail Properties, Inc. | 34,588 | 1,942,116 | ||
Omega Healthcare Investors, Inc. | 56,307 | 2,290,569 | ||
Outfront Media, Inc. | 67,206 | 1,846,821 | ||
Park Hotels & Resorts, Inc. | 57,332 | 1,350,169 | ||
Prologis, Inc. | 18,780 | 1,570,384 | ||
Public Storage | 3,561 | 942,739 | ||
Realty Income Corp. | 26,176 | 1,932,050 | ||
Regency Centers Corp. | 18,672 | 1,204,531 | ||
Retail Properties of America, Class A | 31,571 | 358,646 | ||
SBA Communications Corp. | 6,359 | 1,668,792 | ||
Simon Property Group, Inc. | 7,512 | 1,118,837 | ||
SL Green Realty Corp. | 2,931 | 235,125 | ||
Spirit Realty Capital, Inc. | 19,526 | 936,076 | ||
STORE Capital Corp. REIT | 42,326 | 1,598,230 | ||
Sun Communities, Inc. | 11,081 | 1,637,772 | ||
UDR, Inc. | 32,485 | 1,565,127 | ||
Ventas, Inc. | 29,634 | 2,174,839 | ||
VEREIT, Inc. | 118,161 | 1,152,070 | ||
VICI Properties, Inc. | 76,104 | 1,686,465 | ||
Vornado Realty Trust | 6,933 | 419,238 | ||
Weingarten Realty Investors | 31,341 | 830,223 |
Shares | Value | |||
Real Estate-(continued) | ||||
Welltower, Inc. | 24,452 | $ 2,189,921 | ||
WP Carey, Inc. | 20,531 | 1,843,684 | ||
95,153,103 | ||||
Utilities-9.63% | ||||
AES Corp. (The) | 412,102 | 6,317,524 | ||
Alliant Energy Corp. | 41,743 | 2,189,420 | ||
Ameren Corp. | 55,866 | 4,310,062 | ||
American Electric Power Co., Inc. | 42,321 | 3,857,559 | ||
American Water Works Co., Inc. | 22,815 | 2,904,806 | ||
Aqua America Inc. | 25,465 | 1,127,845 | ||
Atmos Energy Corp. | 20,538 | 2,263,904 | ||
Avangrid, Inc. | 4,208 | 212,672 | ||
CenterPoint Energy, Inc. | 119,103 | 3,297,962 | ||
CMS Energy Corp. | 66,039 | 4,163,759 | ||
Consolidated Edison, Inc. | 33,798 | 3,004,642 | ||
Dominion Energy, Inc. | 17,102 | 1,327,628 | ||
DTE Energy Co. | 38,030 | 4,930,970 | ||
Duke Energy Corp. | 23,351 | 2,165,572 | ||
Edison International | 19,057 | 1,377,249 | ||
Entergy Corp. | 47,109 | 5,315,779 | ||
Evergy, Inc. | 32,636 | 2,121,340 | ||
Eversource Energy | 46,923 | 3,759,940 | ||
Exelon Corp. | 75,334 | 3,560,285 | ||
FirstEnergy Corp. | 61,800 | 2,842,800 | ||
Hawaiian Electric Industries, Inc. | 58,019 | 2,576,044 | ||
IDACORP, Inc. | 14,797 | 1,624,858 | ||
MDU Resources Group, Inc. | 19,762 | 531,400 | ||
National Fuel Gas Co. | 25,467 | 1,190,328 | ||
NextEra Energy, Inc. | 6,389 | 1,399,702 | ||
NiSource, Inc. | 43,054 | 1,272,246 | ||
NRG Energy, Inc. | 63,228 | 2,301,499 | ||
OGE Energy Corp. | 82,974 | 3,557,095 | ||
Pinnacle West Capital Corp. | 37,944 | 3,616,443 | ||
PPL Corp. | 106,097 | 3,135,166 | ||
Public Service Enterprise Group, Inc. | 39,058 | 2,361,837 | ||
Sempra Energy | 14,584 | 2,065,532 |
Shares | Value | |||
Utilities-(continued) | ||||
Southern Co. (The) | 48,387 | $ 2,819,027 | ||
UGI Corp. | 42,828 | 2,084,439 | ||
Vistra Energy Corp. | 45,888 | 1,144,906 | ||
WEC Energy Group, Inc. | 44,505 | 4,262,244 | ||
Xcel Energy, Inc. | 67,394 | 4,328,043 | ||
101,322,527 | ||||
Total Common Stocks & Other Equity Interests (Cost $1,057,710,875) | 1,050,572,855 | |||
Money Market Funds-0.08% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(d) (Cost $787,803) | 787,803 | 787,803 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $1,058,498,678) | 1,051,360,658 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-0.20% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(d)(e) | 1,596,301 | 1,596,301 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(d)(e) | 531,888 | 532,100 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,128,401) | 2,128,401 | |||
TOTAL INVESTMENTS IN SECURITIES-100.09% (Cost $1,060,627,079) | 1,053,489,059 | |||
OTHER ASSETS LESS LIABILITIES-(0.09)% | (947,186) | |||
NET ASSETS-100.00% | $1,052,541,873 |
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 August 31, 2019. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Shares | Value | |||
Common Stocks & Other Equity Interests-99.92% | ||||
Communication Services-4.21% | ||||
AMC Entertainment Holdings, Inc.(b) | 1,716 | $ 19,065 | ||
Anterix, Inc.(c) | 174 | 6,743 | ||
ATN International, Inc. | 240 | 13,637 | ||
Bandwidth, Inc., Class A(c) | 333 | 29,034 | ||
Boingo Wireless, Inc.(c) | 329 | 4,234 | ||
Boston Omaha Corp., Class A(c) | 208 | 4,260 | ||
Cargurus, Inc.(c) | 136 | 4,436 | ||
Cars.com, Inc.(c) | 171 | 1,524 | ||
cbdMD, Inc.(b)(c) | 454 | 1,861 | ||
Central European Media Enterprises Ltd., Class A (Czech Republic)(c) | 1,277 | 5,925 | ||
Cogent Communications Holdings, Inc. | 131 | 7,977 | ||
Cumulus Media, Inc., Class A(c) | 2,000 | 27,200 | ||
Daily Journal Corp.(b)(c) | 17 | 3,408 | ||
DHI Group, Inc.(c) | 5,233 | 18,996 | ||
E.W. Scripps Co. (The), Class A | 1,616 | 19,974 | ||
Eventbrite, Inc., Class A(b)(c) | 330 | 5,768 | ||
Fluent, Inc.(c) | 3,076 | 9,166 | ||
Gannett Co., Inc. | 1,562 | 16,432 | ||
Glu Mobile, Inc.(c) | 2,172 | 9,644 | ||
Gray Television, Inc.(c) | 2,520 | 38,556 | ||
Hemisphere Media Group, Inc.(c) | 601 | 7,134 | ||
IDT Corp., Class B(c) | 1,936 | 17,076 | ||
IMAX Corp.(c) | 520 | 10,878 | ||
Intelsat S.A.(c) | 212 | 4,384 | ||
Iridium Communications, Inc.(c) | 750 | 18,135 | ||
Lee Enterprises, Inc.(c) | 6,742 | 12,001 | ||
Liberty Latin America Ltd., Class A (Chile)(c) | 414 | 6,798 | ||
Liberty Latin America Ltd., Class C (Chile)(c) | 249 | 4,106 | ||
Liberty Media Corp.-Liberty Braves, Class C(c) | 348 | 9,556 | ||
Liberty TripAdvisor Holdings, Inc., Class A(c) | 396 | 3,461 | ||
Loral Space & Communications, Inc.(c) | 120 | 4,439 | ||
Marchex, Inc., Class B(c) | 2,490 | 8,466 | ||
Marcus Corp. (The) | 642 | 21,546 | ||
Meet Group, Inc. (The)(c) | 1,919 | 6,621 | ||
Meredith Corp. | 261 | 11,427 | ||
MSG Networks, Inc., Class A(c) | 819 | 13,432 | ||
National CineMedia, Inc. | 2,734 | 22,419 | ||
Ooma, Inc.(c) | 528 | 6,600 | ||
Pareteum Corp.(c) | 3,988 | 8,534 | ||
QuinStreet, Inc.(c) | 1,232 | 14,106 | ||
Reading International, Inc., Class A(c) | 367 | 4,551 | ||
Rosetta Stone, Inc.(c) | 738 | 13,468 | ||
Scholastic Corp. | 180 | 6,313 | ||
Shenandoah Telecommunications Co. | 500 | 15,770 | ||
Spok Holdings, Inc. | 714 | 8,389 | ||
TEGNA, Inc. | 1,543 | 22,080 | ||
Travelzoo(c) | 259 | 3,074 | ||
Vonage Holdings Corp.(c) | 337 | 4,455 | ||
WideOpenWest, Inc.(c) | 431 | 2,422 | ||
539,481 | ||||
Consumer Discretionary-13.27% | ||||
1-800-Flowers.com, Inc., Class A(c) | 1,354 | 19,931 | ||
Aaron’s, Inc. | 262 | 16,797 | ||
Abercrombie & Fitch Co., Class A | 1,817 | 26,565 | ||
Acushnet Holdings Corp. | 247 | 6,415 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Adtalem Global Education, Inc.(c) | 110 | $ 4,699 | ||
American Axle & Manufacturing Holdings, Inc.(c) | 389 | 2,466 | ||
American Eagle Outfitters, Inc. | 293 | 4,928 | ||
American Outdoor Brands Corp.(c) | 377 | 2,266 | ||
America’s Car-Mart, Inc.(c) | 514 | 44,091 | ||
Asbury Automotive Group, Inc.(c) | 406 | 38,286 | ||
Bed Bath & Beyond, Inc.(b) | 494 | 4,777 | ||
Big Lots, Inc. | 326 | 7,416 | ||
BJ’s Restaurants, Inc. | 173 | 6,304 | ||
Bloomin’ Brands, Inc. | 696 | 12,556 | ||
Boot Barn Holdings, Inc.(c) | 1,020 | 34,935 | ||
Brinker International, Inc.(b) | 233 | 8,854 | ||
Buckle, Inc. (The)(b) | 238 | 4,665 | ||
Caleres, Inc. | 199 | 4,010 | ||
Callaway Golf Co.(b) | 289 | 5,133 | ||
Career Education Corp.(c) | 880 | 18,049 | ||
Carriage Services, Inc. | 222 | 4,722 | ||
Century Casinos, Inc.(c) | 1,002 | 7,695 | ||
Century Communities, Inc.(c) | 182 | 5,129 | ||
Cheesecake Factory, Inc. (The) | 148 | 5,623 | ||
Chegg, Inc.(c) | 149 | 5,906 | ||
Childrens Place, Inc. (The)(b) | 71 | 6,195 | ||
Churchill Downs, Inc. | 34 | 4,191 | ||
Clarus Corp. | 1,634 | 17,990 | ||
Collectors Universe, Inc. | 672 | 17,418 | ||
Container Store Group, Inc. (The)(b)(c) | 540 | 2,419 | ||
Cooper Tire & Rubber Co.(b) | 1,053 | 24,735 | ||
Core-Mark Holding Co., Inc. | 1,691 | 54,771 | ||
Cracker Barrel Old Country Store, Inc.(b) | 39 | 6,451 | ||
Crocs, Inc.(c) | 877 | 19,557 | ||
Dana, Inc. | 348 | 4,430 | ||
Dave & Buster’s Entertainment, Inc.(b) | 266 | 11,451 | ||
Deckers Outdoor Corp.(c) | 54 | 7,962 | ||
Del Taco Restaurants, Inc.(c) | 606 | 6,775 | ||
Delta Apparel, Inc.(c) | 637 | 14,294 | ||
Denny’s Corp.(c) | 1,212 | 28,591 | ||
Designer Brands Inc., Class A | 437 | 7,206 | ||
Dine Brands Global, Inc. | 214 | 15,098 | ||
Dorman Products, Inc.(c) | 120 | 8,530 | ||
El Pollo Loco Holdings, Inc.(c) | 683 | 6,973 | ||
Eldorado Resorts, Inc.(b)(c) | 140 | 5,391 | ||
Escalade, Inc. | 253 | 2,613 | ||
Ethan Allen Interiors, Inc. | 728 | 12,522 | ||
Everi Holdings, Inc.(c) | 4,403 | 39,363 | ||
Fox Factory Holding Corp.(c) | 261 | 18,802 | ||
Funko, Inc., Class A(b)(c) | 870 | 20,871 | ||
Genesco, Inc.(c) | 739 | 26,368 | ||
Gentherm, Inc.(c) | 516 | 18,937 | ||
G-III Apparel Group Ltd.(c) | 112 | 2,297 | ||
GoPro, Inc., Class A(b)(c) | 1,833 | 7,094 | ||
Group 1 Automotive, Inc. | 447 | 33,400 | ||
Guess?, Inc.(b) | 346 | 6,252 | ||
Habit Restaurants, Inc. (The), Class A(c) | 1,947 | 17,056 | ||
Haverty Furniture Cos., Inc. | 527 | 10,092 | ||
Helen of Troy Ltd.(c) | 116 | 17,807 | ||
Hibbett Sports, Inc.(c) | 514 | 8,502 | ||
Houghton Mifflin Harcourt Co.(c) | 1,521 | 9,050 | ||
Hudson Ltd., Class A(c) | 328 | 3,559 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Inspired Entertainment, Inc.(c) | 818 | $ 5,718 | ||
Installed Building Products, Inc.(c) | 110 | 6,260 | ||
International Speedway Corp., Class A | 282 | 12,696 | ||
iRobot Corp.(b)(c) | 127 | 7,850 | ||
J Alexanders Holdings, Inc.(c) | 436 | 5,145 | ||
Jack in the Box, Inc. | 97 | 8,276 | ||
Johnson Outdoors, Inc., Class A | 119 | 6,664 | ||
K12, Inc.(c) | 1,203 | 31,699 | ||
KB Home | 600 | 16,854 | ||
Kontoor Brands, Inc.(c) | 292 | 9,998 | ||
Laureate Education, Inc., Class A(c) | 1,177 | 21,539 | ||
La-Z-Boy, Inc. | 450 | 14,341 | ||
LCI Industries | 120 | 10,170 | ||
LGI Homes, Inc.(c) | 261 | 21,274 | ||
Lifetime Brands, Inc. | 312 | 2,409 | ||
Lindblad Expeditions Holdings, Inc.(c) | 686 | 12,801 | ||
Liquidity Services, Inc.(c) | 634 | 4,799 | ||
Lithia Motors, Inc., Class A | 230 | 30,146 | ||
M/I Homes, Inc.(c) | 1,010 | 36,501 | ||
Malibu Boats, Inc., Class A(c) | 256 | 7,122 | ||
MarineMax, Inc.(c) | 212 | 3,066 | ||
MasterCraft Boat Holdings, Inc.(c) | 231 | 3,500 | ||
MDC Holdings, Inc. | 564 | 21,810 | ||
Meritage Homes Corp.(c) | 524 | 34,238 | ||
Modine Manufacturing Co.(c) | 302 | 3,083 | ||
Monarch Casino & Resort, Inc.(c) | 182 | 8,077 | ||
Monro, Inc. | 222 | 17,254 | ||
Motorcar Parts of America, Inc.(c) | 663 | 9,633 | ||
Murphy USA, Inc.(c) | 340 | 30,396 | ||
Office Depot, Inc. | 2,529 | 3,288 | ||
OneSpaWorld Holdings Ltd. (Bahamas)(c) | 1,877 | 29,469 | ||
Oxford Industries, Inc. | 130 | 9,071 | ||
Papa John’s International, Inc.(b) | 131 | 6,519 | ||
PlayAGS, Inc.(c) | 171 | 1,666 | ||
Regis Corp.(c) | 913 | 14,763 | ||
Rent-A-Center, Inc.(c) | 2,179 | 55,630 | ||
Rocky Brands, Inc. | 156 | 4,546 | ||
Rubicon Project, Inc. (The)(c) | 826 | 8,450 | ||
Ruth’s Hospitality Group, Inc. | 360 | 7,002 | ||
Sally Beauty Holdings, Inc.(c) | 1,627 | 19,898 | ||
SeaWorld Entertainment, Inc.(c) | 309 | 8,964 | ||
Select Interior Concepts, Inc., Class A(c) | 566 | 7,024 | ||
Shake Shack, Inc., Class A(c) | 80 | 7,933 | ||
Shoe Carnival, Inc.(b) | 472 | 14,509 | ||
Shutterstock, Inc.(c) | 91 | 3,195 | ||
Sleep Number Corp.(c) | 838 | 35,062 | ||
Sonic Automotive, Inc., Class A | 646 | 17,384 | ||
Sonos, Inc.(c) | 566 | 8,218 | ||
Speedway Motorsports, Inc. | 301 | 5,945 | ||
Standard Motor Products, Inc. | 326 | 14,445 | ||
Steven Madden Ltd. | 163 | 5,415 | ||
Stitch Fix, Inc., Class A(b)(c) | 222 | 4,231 | ||
Stoneridge, Inc.(c) | 356 | 10,933 | ||
Strategic Education, Inc. | 51 | 8,631 | ||
Sturm Ruger & Co., Inc. | 173 | 7,095 | ||
Target Hospitality Corp.(c) | 339 | 2,068 | ||
Taylor Morrison Home Corp., Class A(c) | 691 | 16,487 | ||
Tilly’s, Inc., Class A | 522 | 5,591 | ||
TopBuild Corp.(c) | 97 | 8,984 | ||
TRI Pointe Group, Inc.(c) | 562 | 7,868 |
Shares | Value | |||
Consumer Discretionary-(continued) | ||||
Twin River Worldwide Holdings, Inc. | 354 | $ 8,018 | ||
Universal Electronics, Inc.(c) | 826 | 37,294 | ||
William Lyon Homes, Inc., Class A(c) | 364 | 6,432 | ||
Wingstop, Inc. | 206 | 20,635 | ||
Winmark Corp. | 90 | 14,625 | ||
Winnebago Industries, Inc. | 272 | 8,709 | ||
Wolverine World Wide, Inc. | 130 | 3,373 | ||
Zumiez, Inc.(c) | 380 | 9,872 | ||
1,699,792 | ||||
Consumer Staples-3.26% | ||||
Andersons, Inc. (The) | 353 | 8,091 | ||
B&G Foods, Inc.(b) | 283 | 4,791 | ||
BJs Wholesale Club Holdings, Inc.(c) | 257 | 6,749 | ||
Boston Beer Co., Inc. (The), Class A(c) | 33 | 14,468 | ||
Bridgford Foods Corp.(c) | 147 | 4,923 | ||
Calavo Growers, Inc. | 136 | 12,056 | ||
Cal-Maine Foods, Inc. | 133 | 5,392 | ||
Chefs’ Warehouse, Inc. (The)(c) | 799 | 30,825 | ||
Coca-Cola Consolidated, Inc. | 72 | 24,236 | ||
Darling Ingredients, Inc.(c) | 504 | 9,374 | ||
Freshpet, Inc.(c) | 391 | 19,190 | ||
HF Foods Group, Inc.(c) | 501 | 9,709 | ||
Hostess Brands, Inc.(c) | 916 | 12,842 | ||
Ingles Markets, Inc., Class A | 973 | 37,830 | ||
Inter Parfums, Inc. | 144 | 9,258 | ||
J & J Snack Foods Corp. | 39 | 7,529 | ||
John B. Sanfilippo & Son, Inc. | 281 | 26,021 | ||
Lancaster Colony Corp. | 29 | 4,231 | ||
Lifevantage Corp.(c) | 1,803 | 21,925 | ||
Medifast, Inc. | 43 | 4,298 | ||
Natural Grocers by Vitamin Cottage, Inc.(c) | 627 | 5,919 | ||
Natures Sunshine Products, Inc.(c) | 481 | 4,526 | ||
New Age Beverages Corp.(b)(c) | 2,579 | 7,840 | ||
Performance Food Group Co.(c) | 339 | 15,862 | ||
Pyxus International, Inc.(b)(c) | 680 | 9,092 | ||
Sanderson Farms, Inc. | 121 | 18,104 | ||
Seneca Foods Corp., Class A(c) | 183 | 5,029 | ||
Simply Good Foods Co. (The)(c) | 962 | 28,504 | ||
Tootsie Roll Industries, Inc.(b) | 252 | 9,243 | ||
Turning Point Brands, Inc.(b) | 236 | 8,461 | ||
Universal Corp. | 143 | 7,159 | ||
Village Super Market, Inc., Class A | 478 | 11,936 | ||
WD-40 Co. | 66 | 12,032 | ||
417,445 | ||||
Energy-3.98% | ||||
Arch Coal, Inc., Class A(b) | 389 | 29,782 | ||
Archrock, Inc. | 1,170 | 11,361 | ||
Ardmore Shipping Corp. (Ireland)(c) | 554 | 3,457 | ||
Berry Petroleum Corp. | 1,002 | 8,006 | ||
Bonanza Creek Energy, Inc.(c) | 284 | 6,407 | ||
Brigham Minerals, Inc. | 280 | 5,597 | ||
Cactus, Inc., Class A(c) | 400 | 10,188 | ||
Callon Petroleum Co.(b)(c) | 1,461 | 6,005 | ||
Clean Energy Fuels Corp.(c) | 2,144 | 4,267 | ||
CONSOL Energy, Inc.(c) | 161 | 2,698 | ||
Contura Energy, Inc.(c) | 138 | 3,974 | ||
CVR Energy, Inc. | 104 | 4,137 | ||
Delek US Holdings, Inc. | 124 | 4,061 | ||
DHT Holdings, Inc. | 2,921 | 16,416 |
Shares | Value | |||
Energy-(continued) | ||||
DMC Global, Inc. | 436 | $ 18,936 | ||
Dril-Quip, Inc.(c) | 88 | 4,035 | ||
Earthstone Energy, Inc., Class A(c) | 747 | 2,570 | ||
Energy Fuels, Inc.(c) | 2,484 | 4,546 | ||
Falcon Minerals Corp. | 763 | 4,471 | ||
GasLog Ltd. (Monaco) | 451 | 5,547 | ||
Geospace Technologies Corp.(c) | 224 | 2,742 | ||
Goodrich Petroleum Corp.(c) | 437 | 4,628 | ||
Green Plains, Inc. | 578 | 4,745 | ||
Helix Energy Solutions Group, Inc.(c) | 3,193 | 23,117 | ||
International Seaways, Inc.(c) | 183 | 3,151 | ||
Jagged Peak Energy, Inc.(c) | 390 | 2,691 | ||
KLX Energy Services Holdings, Inc.(c) | 477 | 4,784 | ||
Liberty Oilfield Services, Inc., Class A(b) | 786 | 8,465 | ||
Magnolia Oil & Gas Corp., Class A(b)(c) | 1,538 | 15,703 | ||
Matador Resources Co.(c) | 284 | 4,445 | ||
Matrix Service Co.(c) | 1,393 | 27,679 | ||
NACCO Industries, Inc., Class A | 390 | 19,414 | ||
Newpark Resources, Inc.(c) | 640 | 4,230 | ||
Nordic American Tankers Ltd. | 1,406 | 2,503 | ||
Northern Oil and Gas, Inc.(b)(c) | 2,859 | 5,261 | ||
Oceaneering International, Inc.(c) | 177 | 2,294 | ||
Par Pacific Holdings, Inc.(c) | 1,410 | 30,653 | ||
PrimeEnergy Resources Corp.(c) | 54 | 6,075 | ||
ProPetro Holding Corp.(c) | 1,720 | 18,318 | ||
Renewable Energy Group, Inc.(c) | 1,344 | 16,357 | ||
REX American Resources Corp.(c) | 287 | 19,711 | ||
Scorpio Tankers, Inc. (Monaco) | 174 | 4,574 | ||
SEACOR Holdings, Inc.(c) | 161 | 7,562 | ||
Select Energy Services, Inc., Class A(c) | 909 | 7,417 | ||
Ship Finance International Ltd. (Norway) | 708 | 9,962 | ||
SM Energy Co. | 264 | 2,503 | ||
Solaris Oilfield Infrastructure, Inc., Class A | 1,256 | 17,270 | ||
Southwestern Energy Co.(c) | 1,524 | 2,408 | ||
Talos Energy, Inc.(c) | 143 | 2,723 | ||
Teekay Tankers Ltd., Class A (Bermuda)(c) | 11,582 | 12,856 | ||
W&T Offshore, Inc.(c) | 853 | 3,736 | ||
World Fuel Services Corp. | 1,448 | 55,603 | ||
510,041 | ||||
Financials-19.59% | ||||
1st Constitution Bancorp | 151 | 2,629 | ||
1st Source Corp. | 91 | 4,038 | ||
ACNB Corp. | 493 | 16,604 | ||
AG Mortgage Investment Trust, Inc. | 597 | 8,949 | ||
Allegiance Bancshares, Inc.(c) | 120 | 3,889 | ||
Amalgamated Bank, Class A | 700 | 11,235 | ||
Amerant Bancorp, Inc.(c) | 324 | 5,365 | ||
American Equity Investment Life Holding Co. | 153 | 3,297 | ||
American National Bankshares, Inc. | 176 | 6,019 | ||
Ameris Bancorp | 604 | 21,255 | ||
AMERISAFE, Inc. | 246 | 16,900 | ||
Ames National Corp. | 198 | 5,241 | ||
Anworth Mortgage Asset Corp. | 1,787 | 5,540 | ||
Apollo Commercial Real Estate Finance, Inc. | 584 | 10,833 | ||
Ares Commercial Real Estate Corp. | 1,384 | 20,746 | ||
Argo Group International Holdings Ltd. | 252 | 16,561 | ||
ARMOUR Residential REIT, Inc. | 198 | 3,251 | ||
Arrow Financial Corp. | 284 | 9,133 |
Shares | Value | |||
Financials-(continued) | ||||
Artisan Partners Asset Management, Inc., Class A | 337 | $ 8,978 | ||
Atlantic Capital Bancshares, Inc.(c) | 400 | 6,520 | ||
Atlantic Union Bankshares Corp. | 148 | 5,344 | ||
B. Riley Financial, Inc. | 208 | 4,401 | ||
Banc of California, Inc. | 230 | 3,351 | ||
BancFirst Corp. | 83 | 4,463 | ||
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama) | 293 | 5,312 | ||
BancorpSouth Bank | 138 | 3,807 | ||
Bank First Corp. | 305 | 16,601 | ||
Bank of Commerce Holdings | 413 | 4,130 | ||
Bank of Marin Bancorp | 377 | 15,310 | ||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 154 | 4,244 | ||
BankFinancial Corp. | 228 | 2,658 | ||
Bankwell Financial Group, Inc. | 200 | 5,262 | ||
Banner Corp. | 128 | 6,900 | ||
Bar Harbor Bankshares | 292 | 6,444 | ||
Baycom Corp.(c) | 284 | 6,276 | ||
BCB Bancorp, Inc. | 420 | 5,191 | ||
Berkshire Hills Bancorp, Inc. | 127 | 3,725 | ||
Blackstone Mortgage Trust, Inc., Class A | 191 | 6,647 | ||
Blucora, Inc.(c) | 164 | 3,703 | ||
Bridge Bancorp, Inc. | 172 | 4,629 | ||
Bridgewater Bancshares, Inc.(c) | 367 | 4,085 | ||
Brightsphere Investment Group, Inc. | 443 | 4,027 | ||
Brookline Bancorp, Inc. | 400 | 5,616 | ||
Bryn Mawr Bank Corp. | 152 | 5,183 | ||
Business First Bancshares, Inc. | 347 | 8,196 | ||
Byline Bancorp, Inc.(c) | 264 | 4,541 | ||
C&F Financial Corp. | 93 | 4,408 | ||
Cambridge Bancorp | 103 | 7,616 | ||
Camden National Corp. | 293 | 12,148 | ||
Cannae Holdings, Inc.(c) | 679 | 18,890 | ||
Capital Bancorp, Inc.(c) | 260 | 3,146 | ||
Capital City Bank Group, Inc. | 301 | 7,338 | ||
Capitol Federal Financial, Inc. | 826 | 11,126 | ||
Capstead Mortgage Corp. | 2,054 | 14,933 | ||
Carolina Financial Corp. | 193 | 6,591 | ||
Carter Bank & Trust(c) | 798 | 15,074 | ||
Cathay General Bancorp | 140 | 4,647 | ||
CBTX, Inc. | 167 | 4,497 | ||
Central Pacific Financial Corp. | 568 | 15,802 | ||
Central Valley Community Bancorp | 324 | 6,344 | ||
Century Bancorp, Inc., Class A | 162 | 13,122 | ||
Chemung Financial Corp. | 114 | 4,582 | ||
Cherry Hill Mortgage Investment Corp. | 841 | 10,117 | ||
Citizens & Northern Corp. | 493 | 11,694 | ||
Citizens, Inc.(b)(c) | 844 | 5,300 | ||
City Holding Co. | 184 | 13,680 | ||
Civista Bancshares, Inc. | 293 | 5,986 | ||
CNB Financial Corp. | 306 | 8,091 | ||
CNO Financial Group, Inc. | 247 | 3,577 | ||
Coastal Financial Corp.(c) | 178 | 2,629 | ||
Cohen & Steers, Inc. | 146 | 7,874 | ||
Colony Bankcorp, Inc. | 326 | 5,203 | ||
Columbia Banking System, Inc. | 137 | 4,728 | ||
Community Bank System, Inc. | 134 | 8,173 | ||
Community Trust Bancorp, Inc. | 147 | 5,718 |
Shares | Value | |||
Financials-(continued) | ||||
ConnectOne Bancorp, Inc. | 324 | $ 6,636 | ||
Cowen, Inc., Class A(c) | 1,738 | 27,130 | ||
Crawford & Co., Class A(b) | 1,317 | 12,709 | ||
CVB Financial Corp. | 217 | 4,464 | ||
Dime Community Bancshares, Inc. | 556 | 11,026 | ||
DNB Financial Corp. | 208 | 8,561 | ||
Donegal Group, Inc., Class A | 508 | 7,330 | ||
Donnelley Financial Solutions, Inc.(c) | 489 | 5,198 | ||
Dynex Capital, Inc. | 1,095 | 15,461 | ||
Eagle Bancorp, Inc. | 118 | 4,807 | ||
eHealth, Inc.(c) | 297 | 24,743 | ||
Ellington Financial, Inc. | 231 | 4,036 | ||
EMC Insurance Group, Inc. | 379 | 13,621 | ||
Employers Holdings, Inc. | 470 | 20,271 | ||
Encore Capital Group, Inc.(b)(c) | 376 | 13,874 | ||
Enova International, Inc.(c) | 123 | 2,940 | ||
Entegra Financial Corp.(c) | 252 | 7,570 | ||
Enterprise Financial Services Corp. | 93 | 3,666 | ||
ESSA Bancorp, Inc. | 328 | 5,018 | ||
Essent Group Ltd.(c) | 204 | 9,894 | ||
Exantas Capital Corp. | 1,707 | 19,135 | ||
EZCORP, Inc., Class A(c) | 446 | 3,510 | ||
Farmers National Banc Corp. | 518 | 6,993 | ||
FB Financial Corp. | 136 | 4,878 | ||
Federal Agricultural Mortgage Corp., Class C | 116 | 9,553 | ||
Federated Investors, Inc., Class B | 492 | 15,764 | ||
FGL Holdings | 1,608 | 12,832 | ||
Fidelity D&D Bancorp, Inc. | 80 | 4,401 | ||
Financial Institutions, Inc. | 262 | 7,614 | ||
First BanCorp Puerto Rico | 2,683 | 25,703 | ||
First Bancorp, Inc. | 282 | 7,163 | ||
First Bancorp/Southern Pines NC | 206 | 7,255 | ||
First Bancshares, Inc. (The) | 211 | 6,655 | ||
First Bank | 339 | 3,580 | ||
First Busey Corp. | 206 | 5,047 | ||
First Business Financial Services, Inc. | 268 | 6,043 | ||
First Capital, Inc. | 211 | 11,943 | ||
First Commonwealth Financial Corp. | 580 | 7,175 | ||
First Community Bancshares, Inc. | 409 | 13,010 | ||
First Defiance Financial Corp. | 350 | 9,153 | ||
First Financial Bancorp | 128 | 2,998 | ||
First Financial Bankshares, Inc. | 229 | 7,012 | ||
First Financial Corp. | 224 | 9,094 | ||
First Interstate BancSystem, Inc., Class A | 204 | 7,956 | ||
First Merchants Corp. | 277 | 9,894 | ||
First Mid-Illinois Bancshares, Inc. | 176 | 5,648 | ||
First Midwest Bancorp, Inc. | 173 | 3,322 | ||
First Northwest Bancorp | 259 | 4,139 | ||
First of Long Island Corp. (The) | 386 | 8,399 | ||
FirstCash, Inc. | 56 | 5,529 | ||
Flushing Financial Corp. | 332 | 6,404 | ||
FNCB Bancorp, Inc. | 418 | 3,076 | ||
Focus Financial Partners, Inc., Class A(c) | 170 | 3,488 | ||
Franklin Financial Services Corp. | 217 | 6,853 | ||
FS Bancorp, Inc. | 82 | 3,969 | ||
Fulton Financial Corp. | 606 | 9,666 | ||
FVCBankcorp, Inc.(c) | 352 | 5,826 | ||
Genworth Financial, Inc.(c) | 1,681 | 7,447 | ||
German American Bancorp, Inc. | 157 | 4,793 | ||
Glacier Bancorp, Inc. | 180 | 7,144 |
Shares | Value | |||
Financials-(continued) | ||||
Global Indemnity Ltd. (Cayman Islands) | 96 | $ 2,472 | ||
Goosehead Insurance, Inc., Class A | 744 | 34,403 | ||
Granite Point Mortgage Trust, Inc. | 1,050 | 19,205 | ||
Great Ajax Corp. | 926 | 13,501 | ||
Great Southern Bancorp, Inc. | 217 | 12,226 | ||
Great Western Bancorp, Inc. | 130 | 3,878 | ||
Greene County Bancorp, Inc. | 108 | 2,905 | ||
Guaranty Bancshares, Inc. | 167 | 5,033 | ||
Hallmark Financial Services, Inc.(c) | 638 | 11,216 | ||
Hamilton Lane, Inc., Class A | 214 | 13,298 | ||
Hancock Whitney Corp. | 86 | 3,019 | ||
Hanmi Financial Corp. | 240 | 4,298 | ||
HarborOne Bancorp, Inc.(c) | 534 | 5,319 | ||
Hawthorn Bancshares, Inc. | 447 | 9,879 | ||
HCI Group, Inc. | 186 | 7,248 | ||
Heartland Financial USA, Inc. | 108 | 4,723 | ||
Heritage Financial Corp. | 312 | 8,168 | ||
Heritage Insurance Holdings, Inc. | 942 | 12,350 | ||
Hilltop Holdings, Inc. | 314 | 7,458 | ||
Hingham Institution for Savings | 27 | 4,863 | ||
Home Bancorp, Inc. | 104 | 3,877 | ||
Home BancShares, Inc. | 171 | 3,030 | ||
HomeStreet, Inc.(c) | 690 | 18,195 | ||
HomeTrust Bancshares, Inc. | 271 | 6,835 | ||
Hope Bancorp, Inc. | 398 | 5,337 | ||
Horace Mann Educators Corp. | 187 | 8,204 | ||
Horizon Bancorp, Inc. | 263 | 4,276 | ||
Houlihan Lokey, Inc. | 156 | 6,892 | ||
IBERIABANK Corp. | 76 | 5,243 | ||
Independence Holding Co. | 132 | 4,887 | ||
Independent Bank Corp. | 100 | 6,761 | ||
Independent Bank Corp. | 284 | 5,518 | ||
International Bancshares Corp. | 171 | 6,086 | ||
INTL. FCStone, Inc.(c) | 108 | 4,235 | ||
Invesco Mortgage Capital, Inc.(d) | 779 | 11,708 | ||
Investar Holding Corp. | 133 | 3,088 | ||
Investors Bancorp, Inc. | 270 | 2,997 | ||
Investors Title Co. | 31 | 4,563 | ||
James River Group Holdings Ltd. | 597 | 29,420 | ||
Kearny Financial Corp. | 650 | 8,177 | ||
Kinsale Capital Group, Inc. | 268 | 26,326 | ||
KKR Real Estate Finance Trust, Inc. | 387 | 7,318 | ||
Ladder Capital Corp. | 1,143 | 19,180 | ||
Ladenburg Thalmann Financial Services, Inc. | 3,567 | 6,991 | ||
Lakeland Bancorp, Inc. | 362 | 5,387 | ||
Lakeland Financial Corp. | 251 | 10,625 | ||
LCNB Corp. | 253 | 4,243 | ||
LegacyTexas Financial Group, Inc. | 261 | 10,544 | ||
Level One Bancorp, Inc. | 130 | 3,054 | ||
Macatawa Bank Corp. | 404 | 3,996 | ||
Mackinac Financial Corp. | 308 | 4,355 | ||
MainStreet Bancshares, Inc.(c) | 387 | 8,247 | ||
Marlin Business Services Corp. | 136 | 2,942 | ||
Medallion Financial Corp.(b)(c) | 2,211 | 10,502 | ||
Mercantile Bank Corp. | 321 | 9,877 | ||
Meridian Bancorp, Inc. | 383 | 6,695 | ||
Meta Financial Group, Inc. | 127 | 3,926 | ||
Midland States Bancorp, Inc. | 168 | 4,329 | ||
MidWestOne Financial Group, Inc. | 162 | 4,693 | ||
MMA Capital Holdings, Inc.(c) | 493 | 14,593 |
Shares | Value | |||
Financials-(continued) | ||||
National Bank Holdings Corp., Class A | 251 | $ 8,193 | ||
National Bankshares, Inc. | 123 | 4,121 | ||
National General Holdings Corp. | 187 | 4,409 | ||
National Western Life Group, Inc., Class A | 33 | 8,508 | ||
NBT Bancorp, Inc. | 293 | 10,246 | ||
Nelnet, Inc., Class A | 163 | 10,929 | ||
New York Mortgage Trust, Inc. | 2,903 | 17,853 | ||
NI Holdings, Inc.(c) | 329 | 5,527 | ||
Nicolet Bankshares, Inc.(c) | 262 | 16,606 | ||
NMI Holdings, Inc., Class A(c) | 991 | 28,085 | ||
Northeast Bank | 201 | 4,219 | ||
Northfield Bancorp, Inc. | 531 | 8,241 | ||
Northrim BanCorp, Inc. | 173 | 6,263 | ||
Northwest Bancshares, Inc. | 620 | 9,802 | ||
Norwood Financial Corp. | 176 | 5,407 | ||
Oak Valley Bancorp | 142 | 2,293 | ||
OceanFirst Financial Corp. | 226 | 4,751 | ||
Och-Ziff Capital Management Group Inc., Class A | 280 | 6,300 | ||
OFG Bancorp | 2,014 | 41,327 | ||
Old National Bancorp | 329 | 5,527 | ||
Old Second Bancorp, Inc. | 477 | 5,624 | ||
OP Bancorp | 334 | 3,173 | ||
Oppenheimer Holdings, Inc., Class A | 430 | 11,937 | ||
Orchid Island Capital, Inc.(b) | 1,506 | 8,178 | ||
Origin Bancorp, Inc. | 149 | 4,774 | ||
Oritani Financial Corp. | 951 | 16,291 | ||
Orrstown Financial Services, Inc. | 142 | 3,030 | ||
Pacific Premier Bancorp, Inc. | 119 | 3,506 | ||
Park National Corp. | 59 | 5,315 | ||
Parke Bancorp, Inc. | 278 | 6,330 | ||
PCB Bancorp | 409 | 6,736 | ||
PCSB Financial Corp. | 318 | 6,268 | ||
Peapack-Gladstone Financial Corp. | 182 | 5,120 | ||
Penns Woods Bancorp, Inc. | 179 | 7,391 | ||
PennyMac Financial Services, Inc.(c) | 437 | 12,931 | ||
PennyMac Mortgage Investment Trust | 274 | 5,962 | ||
Peoples Bancorp, Inc. | 200 | 6,142 | ||
Peoples Financial Services Corp. | 114 | 5,104 | ||
People’s Utah Bancorp | 159 | 4,214 | ||
Piper Jaffray Cos. | 349 | 25,393 | ||
Preferred Bank | 78 | 3,897 | ||
Premier Financial Bancorp, Inc. | 278 | 4,309 | ||
ProAssurance Corp. | 375 | 14,651 | ||
Provident Financial Holdings, Inc. | 430 | 8,682 | ||
Provident Financial Services, Inc. | 331 | 7,881 | ||
Prudential Bancorp, Inc. | 188 | 3,042 | ||
Pzena Investment Management, Inc., Class A | 786 | 6,390 | ||
Radian Group, Inc. | 533 | 12,019 | ||
Ready Capital Corp. | 972 | 14,269 | ||
Reliant Bancorp, Inc. | 127 | 2,910 | ||
Republic Bancorp, Inc., Class A | 243 | 10,315 | ||
Riverview Bancorp, Inc. | 606 | 4,272 | ||
RLI Corp. | 87 | 7,967 | ||
S&T Bancorp, Inc. | 216 | 7,392 | ||
Safety Insurance Group, Inc. | 190 | 18,324 | ||
Sandy Spring Bancorp, Inc. | 208 | 6,964 | ||
Seacoast Banking Corp. of Florida(c) | 189 | 4,411 | ||
Select Bancorp, Inc.(c) | 266 | 2,899 | ||
Selective Insurance Group, Inc. | 143 | 11,387 | ||
ServisFirst Bancshares, Inc. | 103 | 3,131 |
Shares | Value | |||
Financials-(continued) | ||||
Shore Bancshares, Inc. | 218 | $ 3,348 | ||
Sierra Bancorp | 302 | 7,441 | ||
Silvercrest Asset Management Group, Inc., Class A | 252 | 3,294 | ||
Simmons First National Corp., Class A | 146 | 3,504 | ||
SmartFinancial, Inc.(c) | 154 | 2,985 | ||
South State Corp. | 71 | 5,224 | ||
Southern First Bancshares, Inc.(c) | 77 | 2,939 | ||
Southern Missouri Bancorp, Inc. | 150 | 5,010 | ||
Southern National Bancorp of Virginia, Inc. | 370 | 5,409 | ||
Southside Bancshares, Inc. | 465 | 15,312 | ||
Spirit of Texas Bancshares, Inc.(c) | 396 | 8,158 | ||
State Auto Financial Corp. | 139 | 4,444 | ||
Stewart Information Services Corp. | 474 | 16,979 | ||
Stifel Financial Corp. | 116 | 6,197 | ||
Stock Yards Bancorp, Inc. | 214 | 7,768 | ||
Summit Financial Group, Inc. | 339 | 8,350 | ||
Territorial Bancorp, Inc. | 207 | 5,661 | ||
Tiptree, Inc. | 1,359 | 9,431 | ||
Tompkins Financial Corp. | 112 | 8,859 | ||
Towne Bank | 186 | 4,886 | ||
TPG RE Finance Trust, Inc. | 461 | 8,948 | ||
TriCo Bancshares | 322 | 11,386 | ||
TriState Capital Holdings, Inc.(c) | 261 | 5,155 | ||
Triumph Bancorp, Inc.(c) | 99 | 2,969 | ||
Trupanion, Inc.(b)(c) | 99 | 2,385 | ||
TrustCo Bank Corp. NY | 1,129 | 8,659 | ||
Trustmark Corp. | 383 | 12,516 | ||
UMB Financial Corp. | 56 | 3,490 | ||
United Bankshares, Inc. | 169 | 6,233 | ||
United Community Banks, Inc. | 188 | 4,965 | ||
United Community Financial Corp. | 650 | 6,273 | ||
United Financial Bancorp, Inc. | 484 | 6,050 | ||
United Fire Group, Inc. | 164 | 7,406 | ||
United Security Bancshares | 399 | 4,142 | ||
Unity Bancorp, Inc. | 244 | 4,790 | ||
Universal Insurance Holdings, Inc. | 261 | 6,525 | ||
Univest Financial Corp. | 402 | 10,175 | ||
Valley National Bancorp | 356 | 3,742 | ||
Veritex Holdings, Inc. | 134 | 3,162 | ||
Virtus Investment Partners, Inc. | 59 | 6,295 | ||
Waddell & Reed Financial, Inc., Class A(b) | 1,024 | 16,558 | ||
Walker & Dunlop, Inc. | 166 | 9,273 | ||
Washington Federal, Inc. | 268 | 9,541 | ||
Washington Trust Bancorp, Inc. | 148 | 6,867 | ||
Waterstone Financial, Inc. | 664 | 11,016 | ||
Watford Holdings Ltd., Class A (Bermuda)(c) | 460 | 10,672 | ||
WesBanco, Inc. | 131 | 4,483 | ||
West Bancorporation, Inc. | 262 | 5,460 | ||
Westamerica Bancorp. | 204 | 12,568 | ||
Western Asset Mortgage Capital Corp. | 2,006 | 18,856 | ||
Western New England Bancorp, Inc. | 554 | 4,925 | ||
World Acceptance Corp.(b)(c) | 148 | 19,669 | ||
2,509,187 | ||||
Health Care-10.38% | ||||
ACADIA Pharmaceuticals, Inc.(c) | 187 | 5,172 | ||
Acceleron Pharma, Inc.(c) | 134 | 6,018 | ||
Accuray, Inc.(c) | 2,122 | 5,687 | ||
Addus HomeCare Corp.(c) | 272 | 23,931 |
Shares | Value | |||
Health Care-(continued) | ||||
Adverum Biotechnologies, Inc.(c) | 748 | $ 7,727 | ||
Affimed N.V. (Germany)(c) | 5,767 | 16,032 | ||
Albireo Pharma, Inc.(c) | 109 | 2,665 | ||
Allscripts Healthcare Solutions, Inc.(c) | 742 | 6,737 | ||
Amedisys, Inc.(c) | 101 | 13,000 | ||
AMN Healthcare Services, Inc.(c) | 112 | 6,541 | ||
Amphastar Pharmaceuticals, Inc.(c) | 868 | 19,495 | ||
AnaptysBio, Inc.(c) | 47 | 1,911 | ||
AngioDynamics, Inc.(c) | 386 | 7,091 | ||
ANI Pharmaceuticals, Inc.(c) | 142 | 9,301 | ||
Anika Therapeutics, Inc.(c) | 107 | 6,073 | ||
Antares Pharma, Inc.(c) | 1,866 | 6,046 | ||
Apyx Medical Corp.(c) | 1,179 | 8,383 | ||
Arena Pharmaceuticals, Inc.(c) | 98 | 5,183 | ||
ArQule, Inc.(c) | 2,134 | 19,121 | ||
Arrowhead Pharmaceuticals, Inc.(b)(c) | 551 | 18,828 | ||
AtriCure, Inc.(c) | 334 | 9,148 | ||
Atrion Corp. | 21 | 16,320 | ||
Audentes Therapeutics, Inc.(c) | 113 | 3,514 | ||
Axsome Therapeutics, Inc.(b)(c) | 522 | 13,285 | ||
BioDelivery Sciences International, Inc.(c) | 1,789 | 7,675 | ||
Biohaven Pharmaceutical Holding Co., Ltd.(c) | 83 | 3,253 | ||
BioLife Solutions, Inc.(c) | 307 | 6,352 | ||
BioSpecifics Technologies Corp.(c) | 350 | 19,278 | ||
BioTelemetry, Inc.(c) | 232 | 9,199 | ||
Blueprint Medicines Corp.(c) | 46 | 3,527 | ||
Brookdale Senior Living, Inc.(c) | 496 | 4,057 | ||
Cambrex Corp.(c) | 216 | 12,945 | ||
Cara Therapeutics, Inc.(b)(c) | 310 | 7,266 | ||
Cardiovascular Systems, Inc.(c) | 403 | 19,517 | ||
CareDx, Inc.(c) | 581 | 13,258 | ||
Catalyst Pharmaceuticals, Inc.(c) | 997 | 6,142 | ||
Catasys, Inc.(b)(c) | 277 | 3,889 | ||
Celcuity, Inc.(c) | 128 | 2,303 | ||
ChemoCentryx, Inc.(c) | 401 | 2,671 | ||
Chiasma, Inc.(c) | 488 | 2,528 | ||
Codexis, Inc.(b)(c) | 764 | 10,719 | ||
Coherus Biosciences, Inc.(b)(c) | 192 | 4,260 | ||
Computer Programs & Systems, Inc. | 141 | 2,982 | ||
Conformis, Inc.(c) | 1,177 | 2,519 | ||
CONMED Corp. | 118 | 11,891 | ||
Corbus Pharmaceuticals Holdings, Inc.(b)(c) | 648 | 3,357 | ||
Corindus Vascular Robotics, Inc.(c) | 2,022 | 8,593 | ||
CorVel Corp.(c) | 181 | 15,246 | ||
CryoLife, Inc.(c) | 288 | 7,718 | ||
CryoPort, Inc.(c) | 618 | 13,448 | ||
Denali Therapeutics, Inc.(b)(c) | 281 | 5,058 | ||
Dicerna Pharmaceuticals, Inc.(c) | 267 | 3,711 | ||
Elanco Animal Health Inc., CVR(e) | 540 | 135 | ||
Emergent BioSolutions, Inc.(c) | 81 | 3,548 | ||
Ensign Group, Inc. (The) | 370 | 18,463 | ||
Esperion Therapeutics, Inc.(c) | 90 | 3,298 | ||
Fate Therapeutics, Inc.(c) | 617 | 10,069 | ||
Fluidigm Corp.(c) | 1,260 | 7,031 | ||
Genomic Health, Inc.(c) | 147 | 11,269 | ||
Glaukos Corp.(c) | 222 | 14,277 | ||
Global Blood Therapeutics, Inc.(c) | 101 | 4,644 | ||
Haemonetics Corp.(c) | 38 | 5,074 | ||
Hanger, Inc.(c) | 1,370 | 25,866 | ||
HealthStream, Inc.(c) | 232 | 5,863 |
Shares | Value | |||
Health Care-(continued) | ||||
HMS Holdings Corp.(c) | 468 | $ 17,096 | ||
Homology Medicines, Inc.(c) | 219 | 4,141 | ||
Innoviva, Inc.(c) | 944 | 10,941 | ||
Inovalon Holdings, Inc., Class A(c) | 1,454 | 24,602 | ||
Inspire Medical Systems, Inc.(c) | 163 | 11,330 | ||
Integer Holdings Corp.(c) | 191 | 13,828 | ||
Invitae Corp.(c) | 654 | 15,866 | ||
Iovance Biotherapeutics, Inc.(c) | 318 | 6,681 | ||
iRadimed Corp.(c) | 200 | 3,836 | ||
iRhythm Technologies, Inc.(c) | 37 | 2,816 | ||
Joint Corp. (The)(c) | 891 | 14,951 | ||
KalVista Pharmaceuticals, Inc.(c) | 518 | 8,091 | ||
Krystal Biotech, Inc.(c) | 328 | 14,760 | ||
Lantheus Holdings, Inc.(c) | 1,447 | 31,487 | ||
LHC Group, Inc.(c) | 99 | 11,731 | ||
Magellan Health, Inc.(c) | 62 | 3,907 | ||
Mallinckrodt PLC(b)(c) | 797 | 2,064 | ||
MediciNova, Inc.(b)(c) | 1,336 | 11,570 | ||
Medpace Holdings, Inc.(c) | 269 | 21,765 | ||
MeiraGTx Holdings PLC(c) | 198 | 4,009 | ||
Merit Medical Systems, Inc.(c) | 148 | 5,147 | ||
Mesa Laboratories, Inc.(b) | 68 | 15,044 | ||
Mirati Therapeutics, Inc.(c) | 106 | 8,689 | ||
Misonix, Inc.(c) | 359 | 7,029 | ||
Molecular Templates, Inc.(c) | 483 | 2,429 | ||
MyoKardia, Inc.(c) | 102 | 5,485 | ||
NanoString Technologies, Inc.(c) | 459 | 11,695 | ||
Natera, Inc.(c) | 455 | 14,992 | ||
National HealthCare Corp. | 248 | 20,038 | ||
National Research Corp. | 204 | 13,062 | ||
NeoGenomics, Inc.(c) | 823 | 20,559 | ||
NextGen Healthcare, Inc.(c) | 394 | 5,599 | ||
Novocure Ltd.(c) | 91 | 8,268 | ||
NuVasive, Inc.(c) | 143 | 9,083 | ||
Omnicell, Inc.(c) | 160 | 11,488 | ||
OptimizeRx Corp.(c) | 734 | 12,045 | ||
Orthofix Medical, Inc.(c) | 126 | 6,406 | ||
OrthoPediatrics Corp.(c) | 259 | 8,337 | ||
Pacific Biosciences of California, Inc.(c) | 1,619 | 8,985 | ||
Pacira BioSciences Inc.(c) | 277 | 10,315 | ||
Palatin Technologies, Inc.(c) | 14,541 | 13,103 | ||
Patterson Cos., Inc. | 783 | 13,092 | ||
PDL BioPharma, Inc.(c) | 1,711 | 4,004 | ||
PetIQ, Inc.(b)(c) | 614 | 19,439 | ||
Prestige Consumer Healthcare Inc.(c) | 157 | 5,005 | ||
Principia Biopharma, Inc.(c) | 102 | 4,049 | ||
Providence Service Corp. (The)(c) | 88 | 4,946 | ||
PTC Therapeutics, Inc.(c) | 117 | 5,215 | ||
Quanterix Corp.(c) | 190 | 5,003 | ||
Quidel Corp.(c) | 51 | 3,216 | ||
R1 RCM, Inc.(c) | 1,577 | 18,388 | ||
Ra Pharmaceuticals, Inc.(c) | 453 | 12,322 | ||
RadNet, Inc.(c) | 1,144 | 15,913 | ||
Reata Pharmaceuticals, Inc., Class A(c) | 126 | 9,715 | ||
REGENXBIO, Inc.(c) | 72 | 2,483 | ||
Repligen Corp.(c) | 151 | 14,014 | ||
RTI Surgical, Inc.(c) | 1,264 | 4,020 | ||
Scholar Rock Holding Corp.(b)(c) | 272 | 2,880 | ||
Select Medical Holdings Corp.(c) | 389 | 6,310 | ||
SIGA Technologies, Inc.(c) | 918 | 4,608 |
Shares | Value | |||
Health Care-(continued) | ||||
Simulations Plus, Inc. | 357 | $ 12,891 | ||
Spark Therapeutics, Inc.(c) | 48 | 4,676 | ||
STAAR Surgical Co.(c) | 150 | 4,516 | ||
Tactile Systems Technology, Inc.(c) | 110 | 5,548 | ||
Tandem Diabetes Care, Inc.(c) | 104 | 7,533 | ||
Triple-S Management Corp., Class B(c) | 143 | 2,934 | ||
US Physical Therapy, Inc. | 160 | 21,363 | ||
Vanda Pharmaceuticals, Inc.(c) | 281 | 3,959 | ||
Varex Imaging Corp.(c) | 130 | 3,426 | ||
Veracyte, Inc.(c) | 896 | 23,744 | ||
Vericel Corp.(c) | 1,228 | 20,311 | ||
ViewRay, Inc.(b)(c) | 401 | 1,580 | ||
Vocera Communications, Inc.(b)(c) | 403 | 9,249 | ||
Voyager Therapeutics, Inc.(c) | 149 | 2,663 | ||
Wright Medical Group N.V.(c) | 168 | 3,503 | ||
XBiotech, Inc.(c) | 496 | 4,142 | ||
ZIOPHARM Oncology, Inc.(b)(c) | 3,101 | 15,474 | ||
Zynerba Pharmaceuticals, Inc.(b)(c) | 261 | 2,790 | ||
Zynex, Inc.(b) | 1,168 | 10,442 | ||
1,328,744 | ||||
Industrials-17.21% | ||||
AAON, Inc. | 270 | 12,952 | ||
ABM Industries, Inc. | 811 | 30,218 | ||
Actuant Corp., Class A | 357 | 7,929 | ||
Advanced Disposal Services, Inc.(c) | 426 | 13,811 | ||
Advanced Drainage Systems, Inc. | 217 | 6,812 | ||
Aerojet Rocketdyne Holdings, Inc.(c) | 349 | 18,228 | ||
AeroVironment, Inc.(c) | 182 | 9,378 | ||
Air Transport Services Group, Inc.(c) | 641 | 12,948 | ||
Aircastle Ltd. | 755 | 16,497 | ||
Alamo Group, Inc. | 120 | 13,702 | ||
Albany International Corp. | 231 | 18,993 | ||
Allegiant Travel Co. | 60 | 8,519 | ||
Altra Industrial Motion Corp. | 86 | 2,235 | ||
Ameresco, Inc., Class A(c) | 1,193 | 17,179 | ||
American Superconductor Corp.(c) | 2,894 | 22,197 | ||
American Woodmark Corp.(c) | 139 | 11,449 | ||
Apogee Enterprises, Inc. | 324 | 11,965 | ||
Applied Industrial Technologies, Inc. | 57 | 3,043 | ||
Arcosa, Inc. | 270 | 8,772 | ||
Argan, Inc. | 436 | 18,011 | ||
Armstrong Flooring, Inc.(c) | 507 | 3,432 | ||
Astronics Corp.(c) | 611 | 16,809 | ||
Atkore International Group, Inc.(c) | 1,327 | 38,496 | ||
Avis Budget Group, Inc.(c) | 150 | 3,716 | ||
Axon Enterprise, Inc.(c) | 59 | 3,538 | ||
AZZ, Inc. | 394 | 16,260 | ||
Barnes Group, Inc. | 124 | 5,561 | ||
Barrett Business Services, Inc. | 160 | 13,941 | ||
Beacon Roofing Supply, Inc.(c) | 224 | 7,141 | ||
BG Staffing, Inc. | 567 | 10,626 | ||
Bloom Energy Corp., Class A(b)(c) | 367 | 1,644 | ||
Blue Bird Corp.(c) | 293 | 5,344 | ||
BMC Stock Holdings, Inc.(c) | 1,264 | 32,144 | ||
Brady Corp., Class A | 319 | 15,060 | ||
BrightView Holdings, Inc.(c) | 156 | 2,859 | ||
Brink’s Co. (The) | 64 | 4,816 | ||
Builders FirstSource, Inc.(c) | 760 | 14,782 | ||
Caesarstone Ltd. | 432 | 6,476 |
Shares | Value | |||
Industrials-(continued) | ||||
CAI International, Inc.(c) | 831 | $ 17,601 | ||
Casella Waste Systems, Inc., Class A(c) | 612 | 27,846 | ||
CBIZ, Inc.(c) | 424 | 9,472 | ||
CECO Environmental Corp.(c) | 2,466 | 17,139 | ||
Chart Industries, Inc.(c) | 144 | 9,049 | ||
CIRCOR International, Inc.(c) | 76 | 2,612 | ||
Columbus McKinnon Corp. | 196 | 6,345 | ||
Comfort Systems USA, Inc. | 324 | 12,526 | ||
Commercial Vehicle Group, Inc.(c) | 1,771 | 11,246 | ||
Construction Partners, Inc.(c) | 1,075 | 17,727 | ||
Continental Building Products, Inc.(c) | 252 | 6,335 | ||
Costamare, Inc. (Monaco) | 609 | 3,526 | ||
Covanta Holding Corp. | 945 | 16,254 | ||
CRA International, Inc. | 88 | 3,422 | ||
CSW Industrials, Inc. | 284 | 19,372 | ||
Cubic Corp. | 116 | 8,035 | ||
Douglas Dynamics, Inc. | 126 | 5,262 | ||
Ducommun, Inc.(c) | 761 | 31,338 | ||
DXP Enterprises, Inc.(c) | 286 | 9,281 | ||
Eagle Bulk Shipping, Inc.(c) | 1,149 | 5,285 | ||
Eastern Co. (The) | 143 | 3,155 | ||
Echo Global Logistics, Inc.(c) | 226 | 4,529 | ||
EMCOR Group, Inc. | 88 | 7,695 | ||
Encore Wire Corp. | 448 | 24,188 | ||
Energy Recovery, Inc.(c) | 1,503 | 14,534 | ||
EnerSys | 56 | 3,136 | ||
Ennis, Inc. | 1,017 | 20,452 | ||
EnPro Industries, Inc. | 136 | 8,470 | ||
ESCO Technologies, Inc. | 269 | 20,479 | ||
Exponent, Inc. | 147 | 10,421 | ||
Federal Signal Corp. | 692 | 20,559 | ||
Forrester Research, Inc. | 218 | 7,602 | ||
Forward Air Corp. | 221 | 13,768 | ||
Foundation Building Materials, Inc.(c) | 446 | 7,640 | ||
Franklin Covey Co.(c) | 204 | 7,505 | ||
Franklin Electric Co., Inc. | 212 | 9,720 | ||
FTI Consulting, Inc.(c) | 178 | 19,249 | ||
GATX Corp. | 227 | 16,848 | ||
Generac Holdings, Inc.(c) | 150 | 11,699 | ||
Gibraltar Industries, Inc.(c) | 310 | 12,484 | ||
Gorman-Rupp Co. (The) | 273 | 8,155 | ||
GP Strategies Corp.(c) | 226 | 2,911 | ||
Graham Corp. | 162 | 2,982 | ||
Granite Construction, Inc. | 70 | 1,991 | ||
Great Lakes Dredge & Dock Corp.(c) | 4,423 | 47,945 | ||
Greenbrier Cos., Inc. (The) | 111 | 2,585 | ||
Griffon Corp. | 659 | 11,500 | ||
H&E Equipment Services, Inc. | 253 | 6,145 | ||
Harsco Corp.(c) | 469 | 8,395 | ||
Hawaiian Holdings, Inc. | 209 | 5,102 | ||
Healthcare Services Group, Inc. | 109 | 2,458 | ||
Heartland Express, Inc. | 409 | 8,413 | ||
Heidrick & Struggles International, Inc. | 308 | 8,177 | ||
Helios Technologies, Inc. | 116 | 4,964 | ||
Herc Holdings, Inc.(c) | 96 | 3,963 | ||
Heritage-Crystal Clean, Inc.(c) | 817 | 20,016 | ||
Herman Miller, Inc. | 432 | 18,265 | ||
Hertz Global Holdings, Inc.(c) | 1,098 | 13,297 | ||
Hillenbrand, Inc. | 133 | 3,650 | ||
HNI Corp. | 416 | 12,975 |
Shares | Value | |||
Industrials-(continued) | ||||
Hub Group, Inc., Class A(c) | 194 | $ 8,354 | ||
Hurco Cos.Inc. | 158 | 5,042 | ||
Huron Consulting Group, Inc.(c) | 443 | 27,116 | ||
Hyster-Yale Materials Handling, Inc. | 81 | 4,419 | ||
ICF International, Inc. | 209 | 17,694 | ||
IES Holdings, Inc.(c) | 471 | 8,888 | ||
Insperity, Inc. | 53 | 5,250 | ||
Interface, Inc. | 191 | 2,111 | ||
John Bean Technologies Corp. | 120 | 12,278 | ||
Kadant, Inc. | 130 | 10,698 | ||
Kaman Corp. | 107 | 6,248 | ||
Kelly Services, Inc., Class A | 1,270 | 30,747 | ||
Kennametal, Inc. | 240 | 7,174 | ||
Kforce, Inc. | 417 | 13,569 | ||
Kimball International, Inc., Class B | 1,109 | 19,463 | ||
Knoll, Inc. | 983 | 22,668 | ||
Kratos Defense & Security Solutions, Inc.(c) | 643 | 12,841 | ||
Lawson Products, Inc.(c) | 361 | 13,158 | ||
LB Foster Co., Class A(c) | 349 | 6,949 | ||
Lindsay Corp. | 51 | 4,501 | ||
Luxfer Holdings PLC (United Kingdom) | 1,530 | 24,036 | ||
Marten Transport Ltd. | 259 | 5,095 | ||
Masonite International Corp.(c) | 112 | 5,980 | ||
MasTec, Inc.(c) | 92 | 5,784 | ||
Matson, Inc. | 681 | 24,196 | ||
McGrath RentCorp | 194 | 12,422 | ||
Mercury Systems, Inc.(c) | 147 | 12,588 | ||
Meritor, Inc.(c) | 839 | 14,112 | ||
Mesa Air Group, Inc.(c) | 1,002 | 6,473 | ||
Miller Industries, Inc. | 1,112 | 34,794 | ||
Moog, Inc., Class A | 109 | 8,856 | ||
MRC Global, Inc.(c) | 521 | 6,549 | ||
MSA Safety, Inc. | 63 | 6,655 | ||
Mueller Industries, Inc. | 442 | 11,651 | ||
Mueller Water Products, Inc., Class A | 502 | 5,251 | ||
MYR Group, Inc.(c) | 456 | 13,074 | ||
National Presto Industries, Inc. | 40 | 3,428 | ||
Navigant Consulting, Inc. | 548 | 15,273 | ||
Northwest Pipe Co.(c) | 489 | 11,247 | ||
NOW, Inc.(c) | 1,453 | 17,276 | ||
NV5 Global, Inc.(c) | 169 | 10,432 | ||
Omega Flex, Inc. | 69 | 5,810 | ||
PAM Transportation Services, Inc.(c) | 218 | 12,576 | ||
Park Aerospace Corp. | 1,087 | 18,370 | ||
Park-Ohio Holdings Corp. | 239 | 6,498 | ||
Patrick Industries, Inc.(c) | 111 | 4,012 | ||
PGT Innovations, Inc.(c) | 224 | 3,584 | ||
PICO Holdings, Inc.(c) | 389 | 3,746 | ||
Plug Power, Inc.(b)(c) | 2,694 | 5,846 | ||
Powell Industries, Inc. | 189 | 6,864 | ||
Primoris Services Corp. | 258 | 5,041 | ||
Quanex Building Products Corp. | 610 | 10,504 | ||
Radiant Logistics, Inc.(c) | 4,860 | 23,717 | ||
Raven Industries, Inc. | 241 | 7,030 | ||
RBC Bearings, Inc.(c) | 40 | 6,381 | ||
Resources Connection, Inc. | 596 | 9,864 | ||
REV Group, Inc. | 206 | 2,655 | ||
Rexnord Corp.(c) | 212 | 5,550 | ||
Rush Enterprises, Inc., Class A | 229 | 8,269 | ||
Saia, Inc.(c) | 93 | 7,955 |
Shares | Value | |||
Industrials-(continued) | ||||
Simpson Manufacturing Co., Inc. | 111 | $ 7,126 | ||
SkyWest, Inc. | 228 | 13,055 | ||
SP Plus Corp.(c) | 256 | 8,835 | ||
Spirit Airlines, Inc.(c) | 357 | 13,402 | ||
SPX Corp.(c) | 227 | 8,615 | ||
SPX FLOW, Inc.(c) | 126 | 4,247 | ||
Steelcase, Inc., Class A | 1,839 | 28,560 | ||
Sterling Construction Co.Inc.(c) | 996 | 11,145 | ||
Sunrun, Inc.(c) | 719 | 11,022 | ||
Team, Inc.(c) | 198 | 3,263 | ||
Tennant Co. | 90 | 6,155 | ||
Terex Corp. | 112 | 2,781 | ||
Tetra Tech, Inc. | 127 | 10,302 | ||
Thermon Group Holdings, Inc.(c) | 660 | 14,355 | ||
Titan Machinery, Inc.(c) | 641 | 9,653 | ||
TPI Composites, Inc.(c) | 271 | 4,780 | ||
Transcat, Inc.(c) | 477 | 11,081 | ||
Trex Co., Inc.(c) | 59 | 5,046 | ||
TriMas Corp.(c) | 509 | 14,954 | ||
TriNet Group, Inc.(c) | 50 | 3,357 | ||
Triton International Ltd. (Bermuda) | 288 | 9,259 | ||
Triumph Group, Inc. | 316 | 6,566 | ||
TrueBlue, Inc.(c) | 444 | 8,618 | ||
Tutor Perini Corp.(c) | 689 | 6,883 | ||
UniFirst Corp. | 32 | 6,269 | ||
Universal Forest Products, Inc. | 380 | 14,858 | ||
Universal Logistics Holdings, Inc. | 150 | 3,143 | ||
US Ecology, Inc. | 152 | 9,207 | ||
US Xpress Enterprises, Inc., Class A(b)(c) | 1,104 | 4,637 | ||
Vectrus, Inc.(c) | 1,020 | 41,269 | ||
Viad Corp. | 323 | 20,875 | ||
Vivint Solar, Inc.(b)(c) | 783 | 6,311 | ||
Wabash National Corp. | 401 | 5,470 | ||
Watts Water Technologies, Inc., Class A | 130 | 11,912 | ||
Werner Enterprises, Inc. | 209 | 6,830 | ||
Wesco Aircraft Holdings, Inc.(c) | 489 | 5,379 | ||
Willdan Group, Inc.(c) | 487 | 17,605 | ||
Willis Lease Finance Corp.(c) | 429 | 26,499 | ||
Willscot Corp.(c) | 460 | 6,417 | ||
2,203,531 | ||||
Information Technology-13.30% | ||||
8x8, Inc.(c) | 332 | 8,071 | ||
A10 Networks, Inc.(c) | 739 | 5,129 | ||
Acacia Communications, Inc.(c) | 380 | 23,959 | ||
ACI Worldwide, Inc.(c) | 272 | 8,100 | ||
ADTRAN, Inc. | 932 | 9,572 | ||
Advanced Energy Industries, Inc.(c) | 113 | 5,835 | ||
Agilysys, Inc.(c) | 649 | 17,685 | ||
Airgain, Inc.(c) | 597 | 6,704 | ||
Akoustis Technologies, Inc.(b)(c) | 384 | 2,811 | ||
Alarm.com Holdings, Inc.(c) | 152 | 7,235 | ||
Altair Engineering, Inc., Class A(c) | 192 | 6,597 | ||
Ambarella, Inc.(c) | 229 | 12,794 | ||
American Software, Inc., Class A | 559 | 8,810 | ||
Amkor Technology, Inc.(c) | 460 | 4,025 | ||
Anixter International, Inc.(c) | 196 | 11,754 | ||
AppFolio, Inc., Class A(c) | 197 | 19,458 | ||
Aquantia Corp.(c) | 502 | 6,616 | ||
AstroNova, Inc. | 540 | 8,872 |
Shares | Value | |||
Information Technology-(continued) | ||||
Avaya Holdings Corp.(c) | 242 | $ 3,417 | ||
Avid Technology, Inc.(c) | 2,250 | 16,785 | ||
AVX Corp. | 200 | 2,710 | ||
Axcelis Technologies, Inc.(c) | 388 | 5,940 | ||
Badger Meter, Inc. | 260 | 13,411 | ||
Bel Fuse, Inc., Class B | 451 | 4,961 | ||
Belden, Inc. | 164 | 7,480 | ||
Benchmark Electronics, Inc. | 460 | 12,181 | ||
Benefitfocus, Inc.(c) | 150 | 3,918 | ||
Blackline, Inc.(c) | 68 | 3,463 | ||
Bottomline Technologies (DE), Inc.(c) | 107 | 4,413 | ||
Brightcove, Inc.(c) | 589 | 7,262 | ||
Brooks Automation, Inc. | 213 | 7,099 | ||
Cabot Microelectronics Corp. | 57 | 7,105 | ||
Calix, Inc.(c) | 483 | 2,903 | ||
Cardtronics PLC, Class A(c) | 1,140 | 33,767 | ||
Cass Information Systems, Inc. | 92 | 4,655 | ||
Cirrus Logic, Inc.(c) | 344 | 18,452 | ||
Clearfield, Inc.(c) | 632 | 6,756 | ||
Coda Octopus Group, Inc.(b)(c) | 386 | 3,428 | ||
Cornerstone OnDemand, Inc.(c) | 96 | 5,008 | ||
Cray, Inc.(c) | 598 | 20,888 | ||
CSG Systems International, Inc. | 366 | 19,720 | ||
CTS Corp. | 177 | 5,050 | ||
Daktronics, Inc. | 837 | 6,052 | ||
Digi International, Inc.(c) | 606 | 7,745 | ||
Digimarc Corp.(c) | 281 | 11,111 | ||
Digital Turbine, Inc.(c) | 4,424 | 33,667 | ||
Diodes, Inc.(c) | 276 | 10,088 | ||
DSP Group, Inc.(c) | 779 | 10,781 | ||
Enphase Energy, Inc.(b)(c) | 1,149 | 34,091 | ||
Envestnet, Inc.(c) | 94 | 5,378 | ||
ePlus, Inc.(c) | 162 | 13,239 | ||
Everbridge, Inc.(c) | 158 | 13,620 | ||
EVERTEC, Inc. | 534 | 18,615 | ||
Evo Payments, Inc., Class A(c) | 656 | 19,470 | ||
ExlService Holdings, Inc.(c) | 151 | 10,223 | ||
Fabrinet (Thailand)(c) | 690 | 34,838 | ||
FARO Technologies, Inc.(c) | 130 | 6,401 | ||
Finisar Corp.(b)(c) | 679 | 15,352 | ||
Five9, Inc.(c) | 182 | 11,504 | ||
ForeScout Technologies, Inc.(c) | 139 | 4,980 | ||
FormFactor, Inc.(c) | 1,517 | 25,926 | ||
GTY Technology Holdings, Inc.(c) | 643 | 4,025 | ||
Hackett Group, Inc. (The) | 640 | 10,323 | ||
Harmonic, Inc.(c) | 3,347 | 22,057 | ||
I3 Verticals, Inc., Class A(c) | 162 | 3,664 | ||
Ichor Holdings Ltd.(c) | 941 | 20,006 | ||
Impinj, Inc.(c) | 219 | 7,967 | ||
Inphi Corp.(c) | 227 | 13,890 | ||
Inseego Corp.(b)(c) | 2,370 | 10,523 | ||
Insight Enterprises, Inc.(c) | 504 | 24,222 | ||
Instructure, Inc. | 126 | 5,211 | ||
Intelligent Systems Corp.(b)(c) | 469 | 24,805 | ||
InterDigital, Inc. | 54 | 2,655 | ||
International Money Express, Inc.(c) | 466 | 6,077 | ||
Iteris, Inc.(c) | 668 | 3,634 | ||
Itron, Inc.(c) | 110 | 7,640 | ||
j2 Global, Inc. | 49 | 4,145 | ||
KBR, Inc. | 866 | 22,100 |
Shares | Value | |||
Information Technology-(continued) | ||||
KEMET Corp. | 302 | $ 5,059 | ||
Kimball Electronics, Inc.(c) | 468 | 6,182 | ||
Knowles Corp.(c) | 961 | 19,489 | ||
Lattice Semiconductor Corp.(c) | 1,633 | 32,154 | ||
LivePerson, Inc.(c) | 454 | 18,042 | ||
LiveRamp Holdings, Inc.(c) | 336 | 14,233 | ||
Lumentum Holdings, Inc.(b)(c) | 73 | 4,070 | ||
Majesco(c) | 393 | 3,293 | ||
ManTech International Corp., Class A | 303 | 21,295 | ||
MAXIMUS, Inc. | 98 | 7,540 | ||
MaxLinear, Inc.(c) | 873 | 17,303 | ||
Methode Electronics, Inc. | 104 | 3,301 | ||
MicroStrategy, Inc., Class A(c) | 77 | 11,033 | ||
Mitek Systems, Inc.(c) | 850 | 8,619 | ||
Mobileiron, Inc.(c) | 1,840 | 12,696 | ||
Model N, Inc.(c) | 490 | 14,029 | ||
Monotype Imaging Holdings, Inc. | 203 | 4,009 | ||
MTS Systems Corp. | 319 | 18,142 | ||
Nanometrics, Inc.(c) | 188 | 5,131 | ||
Napco Security Technologies, Inc.(c) | 576 | 19,860 | ||
NetScout Systems, Inc.(c) | 160 | 3,544 | ||
NIC, Inc. | 869 | 18,093 | ||
Novanta, Inc.(c) | 136 | 10,200 | ||
OSI Systems, Inc.(c) | 196 | 20,582 | ||
PAR Technology Corp.(b)(c) | 469 | 10,848 | ||
Paysign, Inc.(b)(c) | 1,506 | 20,015 | ||
PC Connection, Inc. | 468 | 16,488 | ||
PDF Solutions, Inc.(c) | 427 | 5,000 | ||
Perficient, Inc.(c) | 670 | 24,683 | ||
Perspecta, Inc. | 271 | 7,032 | ||
Photronics, Inc.(c) | 2,736 | 29,549 | ||
Plexus Corp.(c) | 199 | 11,385 | ||
Power Integrations, Inc. | 72 | 6,409 | ||
Presidio, Inc. | 806 | 12,912 | ||
Progress Software Corp. | 339 | 12,807 | ||
PROS Holdings, Inc.(c) | 188 | 13,352 | ||
Q2 Holdings, Inc.(c) | 79 | 7,106 | ||
QAD, Inc., Class A | 100 | 4,052 | ||
Rapid7, Inc.(c) | 247 | 13,261 | ||
Rogers Corp.(c) | 80 | 10,594 | ||
Rudolph Technologies, Inc.(c) | 128 | 2,815 | ||
Sanmina Corp.(c) | 678 | 19,594 | ||
ScanSource, Inc.(c) | 216 | 6,104 | ||
Science Applications International Corp. | 54 | 4,753 | ||
SecureWorks Corp., Class A(c) | 500 | 6,035 | ||
Semtech Corp.(c) | 96 | 4,029 | ||
SharpSpring, Inc.(b)(c) | 384 | 4,454 | ||
ShotSpotter, Inc.(c) | 187 | 5,092 | ||
SPS Commerce, Inc.(c) | 344 | 17,386 | ||
StarTek, Inc.(c) | 963 | 5,999 | ||
Stratasys Ltd.(c) | 779 | 18,556 | ||
Sykes Enterprises, Inc.(c) | 352 | 10,208 | ||
Tech Data Corp.(c) | 200 | 18,546 | ||
Telaria, Inc.(c) | 2,172 | 21,677 | ||
Telenav, Inc.(c) | 381 | 4,313 | ||
TESSCO Technologies, Inc. | 586 | 8,661 | ||
TTEC Holdings, Inc. | 108 | 5,066 | ||
Tucows, Inc., Class A(b)(c) | 166 | 8,376 | ||
Ultra Clean Holdings, Inc.(c) | 514 | 6,137 | ||
Unisys Corp.(c) | 596 | 3,898 |
Shares | Value | |||
Information Technology-(continued) | ||||
Upland Software, Inc.(c) | 391 | $ 14,858 | ||
Varonis Systems, Inc.(c) | 57 | 3,894 | ||
Verint Systems, Inc.(c) | 179 | 9,539 | ||
Verra Mobility Corp.(c) | 648 | 9,020 | ||
Viavi Solutions, Inc.(c) | 939 | 13,043 | ||
VirnetX Holding Corp.(c) | 1,707 | 8,979 | ||
Virtusa Corp.(c) | 154 | 5,566 | ||
Vishay Precision Group, Inc.(c) | 301 | 9,406 | ||
Workiva, Inc.(c) | 298 | 14,337 | ||
Xperi Corp. | 1,271 | 23,285 | ||
Yext, Inc.(c) | 317 | 4,999 | ||
Zix Corp.(c) | 2,820 | 20,727 | ||
1,703,568 | ||||
Materials-2.95% | ||||
Advanced Emissions Solutions, Inc. | 986 | 12,443 | ||
AdvanSix, Inc.(c) | 134 | 2,994 | ||
Allegheny Technologies, Inc.(c) | 270 | 5,351 | ||
Balchem Corp. | 54 | 4,795 | ||
Carpenter Technology Corp. | 150 | 7,296 | ||
Chase Corp. | 42 | 4,209 | ||
Clearwater Paper Corp.(c) | 229 | 3,669 | ||
Cleveland-Cliffs, Inc.(b) | 3,257 | 25,861 | ||
Commercial Metals Co. | 226 | 3,541 | ||
Compass Minerals International, Inc. | 118 | 5,868 | ||
Ferro Corp.(c) | 277 | 2,823 | ||
FutureFuel Corp. | 353 | 3,805 | ||
H.B. Fuller Co. | 150 | 6,391 | ||
Hawkins, Inc. | 351 | 15,567 | ||
Haynes International, Inc. | 108 | 3,226 | ||
Ingevity Corp.(c) | 82 | 6,246 | ||
Innospec, Inc. | 153 | 12,726 | ||
Kaiser Aluminum Corp. | 78 | 6,898 | ||
Koppers Holdings, Inc.(c) | 137 | 3,632 | ||
Livent Corp.(c) | 1,953 | 12,011 | ||
Louisiana-Pacific Corp. | 296 | 7,116 | ||
Materion Corp. | 399 | 23,477 | ||
Minerals Technologies, Inc. | 67 | 3,229 | ||
Myers Industries, Inc. | 479 | 8,062 | ||
Neenah, Inc. | 57 | 3,635 | ||
Novagold Resources, Inc. (Canada)(c) | 3,247 | 24,158 | ||
PH Glatfelter Co. | 531 | 7,636 | ||
Quaker Chemical Corp. | 80 | 12,709 | ||
Ryerson Holding Corp.(c) | 404 | 2,775 | ||
Schnitzer Steel Industries, Inc. | 156 | 3,454 | ||
Schweitzer-Mauduit International, Inc., Class A | 167 | 5,601 | ||
Sensient Technologies Corp. | 100 | 6,532 | ||
Stepan Co. | 239 | 22,798 | ||
Synalloy Corp. | 202 | 3,240 | ||
UFP Technologies, Inc.(c) | 473 | 19,762 | ||
United States Lime & Minerals, Inc. | 46 | 3,550 | ||
US Concrete, Inc.(c) | 108 | 4,376 | ||
Verso Corp., Class A(c) | 1,980 | 20,216 | ||
Warrior Met Coal, Inc. | 1,993 | 41,654 | ||
Worthington Industries, Inc. | 110 | 3,817 | ||
377,149 | ||||
Real Estate-8.01% | ||||
Acadia Realty Trust | 321 | 8,779 | ||
Agree Realty Corp. | 191 | 14,266 | ||
Alexander & Baldwin, Inc. | 669 | 15,313 |
Shares | Value | |||
Real Estate-(continued) | ||||
Alexanders, Inc. | 14 | $ 5,286 | ||
American Assets Trust, Inc. | 221 | 10,356 | ||
American Finance Trust, Inc.(b) | 642 | 7,685 | ||
Armada Hoffler Properties, Inc. | 1,177 | 20,409 | ||
Ashford Hospitality Trust, Inc. | 1,420 | 3,976 | ||
Bluerock Residential Growth REIT, Inc. | 1,418 | 17,541 | ||
Braemar Hotels & Resorts, Inc. | 2,462 | 22,577 | ||
BRT Apartments Corp. | 828 | 11,989 | ||
CareTrust REIT, Inc. | 786 | 18,699 | ||
Chatham Lodging Trust | 836 | 13,869 | ||
Chesapeake Lodging Trust | 372 | 9,579 | ||
City Office REIT, Inc. | 1,316 | 17,819 | ||
Clipper Realty, Inc. | 1,069 | 11,695 | ||
Community Healthcare Trust, Inc. | 547 | 23,324 | ||
Consolidated-Tomoka Land Co. | 204 | 13,023 | ||
CoreCivic, Inc. | 656 | 11,119 | ||
CorEnergy Infrastructure Trust, Inc. | 544 | 24,540 | ||
DiamondRock Hospitality Co. | 739 | 6,998 | ||
Easterly Government Properties, Inc. | 457 | 9,391 | ||
EastGroup Properties, Inc. | 62 | 7,720 | ||
Essential Properties Realty Trust, Inc. | 261 | 5,927 | ||
First Industrial Realty Trust, Inc. | 138 | 5,375 | ||
Four Corners Property Trust, Inc. | 620 | 17,664 | ||
Franklin Street Properties Corp. | 1,758 | 13,308 | ||
Front Yard Residential Corp. | 284 | 3,150 | ||
FRP Holdings, Inc.(c) | 69 | 3,394 | ||
GEO Group, Inc. (The) | 316 | 5,423 | ||
Getty Realty Corp. | 559 | 17,754 | ||
Gladstone Commercial Corp. | 964 | 21,854 | ||
Gladstone Land Corp.(b) | 456 | 5,249 | ||
Global Medical REIT, Inc. | 1,518 | 16,592 | ||
Global NET Lease, Inc. | 711 | 13,637 | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 830 | 22,933 | ||
Healthcare Realty Trust, Inc. | 204 | 6,779 | ||
Hersha Hospitality Trust | 536 | 7,450 | ||
Independence Realty Trust, Inc. | 1,716 | 23,870 | ||
Industrial Logistics Properties Trust | 482 | 10,310 | ||
Innovative Industrial Properties, Inc.(b) | 286 | 25,500 | ||
Investors Real Estate Trust | 190 | 13,157 | ||
iStar, Inc.(b) | 311 | 3,981 | ||
Jernigan Capital, Inc. | 740 | 14,289 | ||
Kennedy-Wilson Holdings, Inc. | 323 | 6,777 | ||
Kite Realty Group Trust | 849 | 12,132 | ||
Lexington Realty Trust | 1,849 | 19,211 | ||
LTC Properties, Inc. | 362 | 17,666 | ||
Mack-Cali Realty Corp. | 759 | 15,461 | ||
Marcus & Millichap, Inc.(c) | 142 | 5,123 | ||
Monmouth Real Estate Investment Corp. | 562 | 7,373 | ||
National Health Investors, Inc. | 102 | 8,462 | ||
National Storage Affiliates Trust | 373 | 12,481 | ||
New Senior Investment Group, Inc. | 732 | 4,575 | ||
NexPoint Residential Trust, Inc. | 509 | 23,618 | ||
NorthStar Realty Europe Corp. | 1,917 | 32,455 | ||
One Liberty Properties, Inc. | 576 | 15,425 | ||
Physicians Realty Trust | 531 | 9,197 | ||
Piedmont Office Realty Trust, Inc., Class A | 550 | 10,857 | ||
PotlatchDeltic Corp. | 120 | 4,618 | ||
Preferred Apartment Communities, Inc., Class A(b) | 1,701 | 22,895 |
Shares | Value | |||
Real Estate-(continued) | ||||
PS Business Parks, Inc. | 40 | $ 7,184 | ||
QTS Realty Trust, Inc., Class A | 246 | 12,069 | ||
Rafael Holdings, Inc., Class B(c) | 479 | 9,676 | ||
Retail Opportunity Investments Corp. | 429 | 7,512 | ||
Retail Value, Inc. | 83 | 3,070 | ||
Rexford Industrial Realty, Inc. | 187 | 8,263 | ||
RLJ Lodging Trust | 310 | 5,025 | ||
RPT Realty | 1,310 | 15,589 | ||
Ryman Hospitality Properties, Inc. | 72 | 5,735 | ||
Sabra Health Care REIT, Inc. | 344 | 7,437 | ||
Safehold, Inc. | 347 | 10,167 | ||
Saul Centers, Inc. | 166 | 8,338 | ||
Seritage Growth Properties, Class A(b) | 189 | 7,388 | ||
St. Joe Co. (The)(c) | 259 | 4,657 | ||
STAG Industrial, Inc. | 257 | 7,474 | ||
Summit Hotel Properties, Inc. | 842 | 9,397 | ||
Sunstone Hotel Investors, Inc. | 386 | 5,072 | ||
Tanger Factory Outlet Centers, Inc.(b) | 399 | 5,642 | ||
Terreno Realty Corp. | 222 | 11,224 | ||
UMH Properties, Inc. | 343 | 4,411 | ||
Universal Health Realty Income Trust | 258 | 24,946 | ||
Urban Edge Properties | 230 | 4,027 | ||
Urstadt Biddle Properties, Inc., Class A | 726 | 15,239 | ||
Washington Prime Group, Inc.(b) | 993 | 3,207 | ||
Washington REIT | 236 | 6,252 | ||
Whitestone REIT(b) | 1,381 | 17,152 | ||
Xenia Hotels & Resorts, Inc. | 414 | 8,367 | ||
1,026,395 | ||||
Utilities-3.76% | ||||
ALLETE, Inc. | 92 | 7,887 | ||
American States Water Co. | 189 | 17,488 | ||
AquaVenture Holdings Ltd.(c) | 419 | 7,408 | ||
Artesian Resources Corp., Class A | 262 | 9,537 | ||
Atlantic Power Corp.(c) | 11,134 | 25,497 | ||
Avista Corp. | 86 | 4,033 | ||
Black Hills Corp. | 134 | 10,279 | ||
California Water Service Group | 424 | 23,931 | ||
Chesapeake Utilities Corp. | 273 | 25,820 | ||
Clearway Energy, Inc., Class A | 611 | 10,240 | ||
Clearway Energy, Inc., Class C | 750 | 13,275 | ||
Connecticut Water Service, Inc. | 206 | 14,449 | ||
Consolidated Water Co. Ltd. (Cayman Islands) | 582 | 8,532 | ||
El Paso Electric Co. | 213 | 14,207 | ||
Genie Energy Ltd., Class B(b) | 1,841 | 13,182 | ||
Global Water Resources, Inc. | 418 | 4,978 | ||
MGE Energy, Inc. | 226 | 17,142 | ||
Middlesex Water Co. | 463 | 28,262 | ||
New Jersey Resources Corp. | 189 | 8,645 |
Shares | Value | |||
Utilities-(continued) | ||||
Northwest Natural Holding Co. | 261 | $ 18,625 | ||
NorthWestern Corp. | 199 | 14,416 | ||
ONE Gas, Inc. | 97 | 8,886 | ||
Ormat Technologies, Inc. | 155 | 11,512 | ||
Otter Tail Corp. | 314 | 15,895 | ||
Pattern Energy Group, Inc., Class A | 880 | 23,892 | ||
PNM Resources, Inc. | 251 | 12,803 | ||
Portland General Electric Co. | 186 | 10,582 | ||
Pure Cycle Corp.(c) | 374 | 4,058 | ||
RGC Resources, Inc. | 197 | 5,591 | ||
SJW Group | 109 | 7,448 | ||
South Jersey Industries, Inc. | 283 | 9,152 | ||
Southwest Gas Holdings, Inc. | 88 | 8,028 | ||
Spark Energy, Inc., Class A(b) | 870 | 8,230 | ||
Spire, Inc. | 127 | 10,782 | ||
TerraForm Power, Inc., Class A | 319 | 5,410 | ||
Unitil Corp. | 418 | 25,235 | ||
York Water Co. (The) | 424 | 15,832 | ||
481,169 | ||||
Total Common Stocks & Other Equity Interests (Cost $13,132,024) | 12,796,502 | |||
Money Market Funds-0.12% | ||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 2.01%(f) (Cost $15,666) | 15,666 | 15,666 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $13,147,690) | 12,812,168 | |||
Investments Purchased with Cash Collateral from Securities on Loan | ||||
Money Market Funds-5.83% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 2.02%(f)(g) | 557,381 | 557,381 | ||
Invesco Liquid Assets Portfolio, Institutional Class, 2.14%(f)(g) | 188,410 | 188,485 | ||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $745,866) | 745,866 | |||
TOTAL INVESTMENTS IN SECURITIES-105.87% (Cost $13,893,556) | 13,558,034 | |||
OTHER ASSETS LESS LIABILITIES-(5.87)% | (751,465) | |||
NET ASSETS-100.00% | $12,806,569 |
Investment Abbreviations: | |
CVR | -Contingent Value Rights |
REIT | -Real Estate Investment Trust |
Notes to Schedule of Investments: | |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 31, 2019. |
(c) | Non-income producing security. |
(d) | The Fund’s Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the period July 1, 2019 through August 31, 2019. |
Value June 30, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value August 31, 2019 | Dividend Income | |||||||
Invesco Mortgage Capital, Inc. | $15,894 | $10,062 | $(13,585) | $(1,040) | $377 | $11,708 | $- |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of August 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Invesco ESG Revenue ETF (ESGL) | Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | |||
Assets: | |||||
Unaffiliated investments in securities, at value(a) | $23,148,033 | $1,050,572,855 | $12,784,794 | ||
Affiliated investments in securities, at value | 89,473 | 2,916,204 | 773,240 | ||
Receivable for: | |||||
Dividends | 67,685 | 1,444,448 | 8,996 | ||
Securities lending | 20 | 1,011 | 1,468 | ||
Investments sold | - | - | 53,200 | ||
Total assets | 23,305,211 | 1,054,934,518 | 13,621,698 | ||
Liabilities: | |||||
Due to custodian | - | 15 | - | ||
Payable for: | |||||
Investments purchased | - | - | 62,238 | ||
Collateral upon return of securities loaned | 66,481 | 2,128,401 | 745,866 | ||
Accrued unitary management fees | 7,857 | 251,947 | 3,983 | ||
Accrued expenses | 3,192 | 12,282 | 3,042 | ||
Total liabilities | 77,530 | 2,392,645 | 815,129 | ||
Net Assets | $23,227,681 | $1,052,541,873 | $12,806,569 | ||
Net assets consist of: | |||||
Shares of beneficial interest | $22,820,117 | $1,081,747,732 | $15,220,641 | ||
Distributable earnings | 407,564 | (29,205,859) | (2,414,072) | ||
Net Assets | $23,227,681 | $1,052,541,873 | $12,806,569 | ||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 750,000 | 35,350,000 | 500,000 | ||
Net asset value | $30.97 | $29.77 | $25.61 | ||
Market price | $30.99 | $29.79 | $25.65 | ||
Unaffiliated investments in securities, at cost | $21,952,140 | $1,057,710,875 | $13,120,191 | ||
Affiliated investments in securities, at cost | $98,661 | $2,916,204 | $773,365 | ||
(a)Includes securities on loan with an aggregate value of: | $65,153 | $2,061,653 | $715,741 |
Invesco ESG Revenue ETF (ESGL) | |||
Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | ||
Investment income: | |||
Unaffiliated dividend income | $127,480 | $746,886 | |
Affiliated dividend income | 309 | 1,421 | |
Securities lending income | 37 | 523 | |
Foreign witholding tax | - | - | |
Total investment income | 127,826 | 748,830 | |
Expenses: | |||
Unitary management fees | 16,523 | 102,585 | |
Proxy fees | 3,192 | - | |
Total expenses | 19,715 | 102,585 | |
Less: Waivers | (2) | (8) | |
Net expenses | 19,713 | 102,577 | |
Net investment income | 108,113 | 646,253 | |
Realized and unrealized gain (loss) from: | |||
Unaffiliated investment securities | 145 | (592,280) | |
Affiliated investment securities | - | (4,487) | |
Unaffiliated in-kind redemptions | 978,236 | 1,381,024 | |
Affiliated in-kind redemptions | 573 | 438 | |
Net realized gain (loss) | 978,954 | 784,695 | |
Change in net unrealized appreciation (depreciation) of: | |||
Unaffiliated investment securities | (1,403,869) | 448,785 | |
Affiliated investment securities | (4,794) | (641) | |
Change in unrealized appreciation (depreciation) | (1,408,663) | 448,144 | |
Net realized and unrealized gain (loss) | (429,709) | 1,232,839 | |
Net increase (decrease) in net assets resulting from operations | $(321,596) | $1,879,092 |
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | |||||
Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | |||
$3,227,280 | $10,185,709 | $24,054 | $241,740 | |||
2,027 | 2,916 | 11 | 1,805 | |||
1,150 | 161,249 | 3,238 | 4,095 | |||
- | (37) | (10) | (21) | |||
3,230,457 | 10,349,837 | 27,293 | 247,619 | |||
529,368 | 1,358,995 | 8,270 | 47,931 | |||
12,282 | - | 3,042 | - | |||
541,650 | 1,358,995 | 11,312 | 47,931 | |||
(165) | (267) | (1) | (2) | |||
541,485 | 1,358,728 | 11,311 | 47,929 | |||
2,688,972 | 8,991,109 | 15,982 | 199,690 | |||
(111,529) | (30,937,916) | (38,748) | (1,711,367) | |||
- | - | 377 | (2,423) | |||
75,896,576 | 41,089,534 | 887,375 | 1,220,218 | |||
- | - | - | (5) | |||
75,785,047 | 10,151,618 | 849,004 | (493,577) | |||
(71,050,531) | 65,150,207 | (1,339,459) | 486,601 | |||
- | - | (1,041) | 1,670 | |||
(71,050,531) | 65,150,207 | (1,340,500) | 488,271 | |||
4,734,516 | 75,301,825 | (491,496) | (5,306) | |||
$7,423,488 | $84,292,934 | $(475,514) | $194,384 |
Invesco ESG Revenue ETF (ESGL) | |||||
Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||
Operations: | |||||
Net investment income | $108,113 | $646,253 | $513,363 | ||
Net realized gain (loss) | 978,954 | 784,695 | 1,718,578 | ||
Change in net unrealized appreciation (depreciation) | (1,408,663) | 448,144 | 47,156 | ||
Net increase (decrease) in net assets resulting from operations | (321,596) | 1,879,092 | 2,279,097 | ||
Distributions to Shareholders from: | |||||
Distributable earnings | - | (668,150) | (603,824) | ||
Shareholder Transactions: | |||||
Proceeds from shares sold | - | 11,686,750 | 12,307,274 | ||
Value of shares repurchased | (4,749,487) | (7,457,787) | (13,859,701) | ||
Net increase (decrease) in net assets resulting from share transactions | (4,749,487) | 4,228,963 | (1,552,427) | ||
Net increase (decrease) in net assets | (5,071,083) | 5,439,905 | 122,846 | ||
Net assets: | |||||
Beginning of period | 28,298,764 | 22,858,859 | 22,736,013 | ||
End of period | $23,227,681 | $28,298,764 | $22,858,859 | ||
Changes in Shares Outstanding: | |||||
Shares sold | - | 400,000 | 400,000 | ||
Shares repurchased | (150,000) | (250,000) | (450,000) | ||
Shares outstanding, beginning of period | 900,000 | 750,000 | 800,000 | ||
Shares outstanding, end of period | 750,000 | 900,000 | 750,000 |
(a) | For the period November 8, 2017 (commencement of investment operations) to June 30, 2018. |
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | |||||||||
Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | Period Ended June 30, 2018(a) | Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | Period Ended June 30, 2018(a) | |||||
$2,688,972 | $8,991,109 | $235,636 | $15,982 | $199,690 | $109,876 | |||||
75,785,047 | 10,151,618 | (10,373) | 849,004 | (493,577) | 591,808 | |||||
(71,050,531) | 65,150,207 | (1,237,696) | (1,340,500) | 488,271 | 516,707 | |||||
7,423,488 | 84,292,934 | (1,012,433) | (475,514) | 194,384 | 1,218,391 | |||||
- | (8,357,048) | (143,972) | - | (197,838) | (89,510) | |||||
774,866,415 | 1,156,693,709 | 186,408,815 | 7,976,061 | 9,051,529 | 33,426,706 | |||||
(728,072,575) | (384,896,789) | (34,660,671) | (6,764,762) | (10,538,081) | (20,994,797) | |||||
46,793,840 | 771,796,920 | 151,748,144 | 1,211,299 | (1,486,552) | 12,431,909 | |||||
54,217,328 | 847,732,806 | 150,591,739 | 735,785 | (1,490,006) | 13,560,790 | |||||
998,324,545 | 150,591,739 | - | 12,070,784 | 13,560,790 | - | |||||
$1,052,541,873 | $998,324,545 | $150,591,739 | $12,806,569 | $12,070,784 | $13,560,790 | |||||
25,800,000 | 41,350,000 | 6,950,000 | 300,000 | 350,000 | 1,300,000 | |||||
(24,050,000) | (13,400,000) | (1,300,000) | (250,000) | (400,000) | (800,000) | |||||
33,600,000 | 5,650,000 | - | 450,000 | 500,000 | - | |||||
35,350,000 | 33,600,000 | 5,650,000 | 500,000 | 450,000 | 500,000 |
Two Months Ended August 31, 2019 | Years Ended June 30, | For the Period October 31, 2016(a) Through June 30, 2017 | |||||
2019 | 2018 | ||||||
Per Share Operating Performance: | |||||||
Net asset value at beginning of period | $31.44 | $30.48 | $28.42 | $25.00 | |||
Net investment income(b) | 0.14 | 0.78 | 0.66 | 0.40 | |||
Net realized and unrealized gain (loss) on investments | (0.61) | 1.00 | 2.16 | 3.28 | |||
Total from investment operations | (0.47) | 1.78 | 2.82 | 3.68 | |||
Distributions to shareholders from: | |||||||
Net investment income | - | (0.78) | (0.76) | (0.26) | |||
Net realized gains | - | (0.04) | - | - | |||
Total distributions | - | (0.82) | (0.76) | (0.26) | |||
Net asset value at end of period | $30.97 | $31.44 | $30.48 | $28.42 | |||
Market price at end of period | $30.99(c) | $31.47(c) | |||||
Net Asset Value Total Return(d) | (1.49)% | 5.95% | 9.96% | 14.78% | |||
Market Price Total Return(d) | (1.53)% | 6.05% | 9.93% | 14.82% | |||
Ratios/Supplemental Data: | |||||||
Net assets at end of period (000’s omitted) | $23,228 | $28,299 | $22,859 | $22,736 | |||
Ratio to average net assets of: | |||||||
Expenses, after Waivers | 0.41%(e) | 0.40% | 0.40% | 0.40%(f) | |||
Expenses, prior to Waivers | 0.41%(e) | 0.40% | 0.47% | 0.78%(f) | |||
Net investment income | 2.68%(e) | 2.52% | 2.19% | 2.22%(f) | |||
Portfolio turnover rate(g) | 0% | 34% | 27% | 42% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.01%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | For the Period November 08, 2017(a) Through June 30, 2018 | |||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $29.71 | $26.65 | $25.00 | ||
Net investment income(b) | 0.07 | 0.54 | 0.22 | ||
Net realized and unrealized gain (loss) on investments | (0.01) | 2.99 | 1.59 | ||
Total from investment operations | 0.06 | 3.53 | 1.81 | ||
Distributions to shareholders from: | |||||
Net investment income | - | (0.47) | (0.16) | ||
Net asset value at end of period | $29.77 | $29.71 | $26.65 | ||
Market price at end of period | $29.79(c) | $29.71(c) | |||
Net Asset Value Total Return(d) | 0.20% | 13.37% | 7.26% | ||
Market Price Total Return(d) | 0.27% | 13.32% | 7.28% | ||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $1,052,542 | $998,325 | $150,592 | ||
Ratio to average net assets of: | |||||
Expenses, after Waivers | 0.29%(e) | 0.29% | 0.29%(f) | ||
Expenses, prior to Waivers | 0.29%(e) | 0.29% | 0.29%(f) | ||
Net investment income | 1.48%(e) | 1.92% | 1.42%(f) | ||
Portfolio turnover rate(g) | 83% | 138% | 213% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | For the Period November 08, 2017(a) Through June 30, 2018 | |||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $26.82 | $27.12 | $25.00 | ||
Net investment income(b) | 0.03 | 0.43 | 0.22 | ||
Net realized and unrealized gain (loss) on investments | (1.24) | (0.29) | 2.08 | ||
Total from investment operations | (1.21) | 0.14 | 2.30 | ||
Distributions to shareholders from: | |||||
Net investment income | - | (0.44) | (0.18) | ||
Net asset value at end of period | $25.61 | $26.82 | $27.12 | ||
Market price at end of period | $25.65(c) | $26.82(c) | |||
Net Asset Value Total Return(d) | (4.51)% | 0.63% | 9.22% | ||
Market Price Total Return(d) | (4.36)% | 0.59% | 9.21% | ||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $12,807 | $12,071 | $13,561 | ||
Ratio to average net assets of: | |||||
Expenses, after Waivers | 0.41%(e) | 0.39% | 0.39%(f) | ||
Expenses, prior to Waivers | 0.41%(e) | 0.39% | 0.39%(f) | ||
Net investment income | 0.87%(e) | 1.62% | 1.30%(f) | ||
Portfolio turnover rate(g) | 64% | 189% | 173% |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%. |
(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. |
Full Name | Predecessor Fund (as defined below) | Short Name | ||
Invesco ESG Revenue ETF (ESGL) | Oppenheimer ESG Revenue ETF | "ESG Revenue ETF" | ||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | Oppenheimer Russell 1000® Dynamic Multifactor ETF | "Russell 1000® Dynamic Multifactor ETF" | ||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | Oppenheimer Russell 2000® Dynamic Multifactor ETF | "Russell 2000® Dynamic Multifactor ETF" |
Fund | Underlying Index | |
ESG Revenue ETF | Invesco Revenue Weighted ESG Index™ | |
Russell 1000® Dynamic Multifactor ETF | Russell 1000® Invesco Dynamic Multifactor Index | |
Russell 2000® Dynamic Multifactor ETF | Russell 2000® Invesco Dynamic Multifactor Index |
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
B. | Other Risks |
C. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Pay-in-kind interest income 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. |
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 ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on 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 each 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. |
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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses (as set forth in the Investment Advisory Agreement). |
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. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are |
translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
K. | Securities Lending - Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash 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 inSecurities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
L. | Distributions from Distributable Earnings - In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
Unitary Management Fees (as a % of Net Assets) | |
ESG Revenue ETF | 0.40% |
Russell 1000® Dynamic Multifactor ETF | 0.29% |
Russell 2000® Dynamic Multifactor ETF | 0.39% |
Fund | Period July 1, 2019 to August 31, 2019 | Year Ended June 30, 2019 | ||
ESG Revenue ETF | $2 | $8 | ||
Russell 1000® Dynamic Multifactor ETF | 165 | 267 | ||
Russell 2000® Dynamic Multifactor ETF | 1 | 2 |
Level 1 | Level 2 | Level 3 | Total | ||||
Russell 2000® Dynamic Multifactor ETF | |||||||
Investments in Securities | |||||||
Common Stocks & Other Equity Interests | $12,796,367 | $- | $135 | $12,796,502 | |||
Money Market Funds | 761,532 | - | - | 761,532 | |||
Total Investments | $13,557,899 | $- | $135 | $13,558,034 |
August 31, 2019 | June 30, 2019 | June 30, 2018 | |||
Ordinary Income | Ordinary Income | Ordinary Income | |||
ESG Revenue ETF | $- | $668,150 | $603,824 | ||
Russell 1000® Dynamic Multifactor ETF | - | 8,357,048 | 143,972 | ||
Russell 2000® Dynamic Multifactor ETF | - | 197,838 | 89,510 |
Undistributed Ordinary Income | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||
ESG Revenue ETF | $137,851 | $802,600 | $(532,887) | $22,820,117 | $23,227,681 | ||||
Russell 1000® Dynamic Multifactor ETF | 3,415,091 | (8,107,198) | (24,513,752) | 1,081,747,732 | 1,052,541,873 | ||||
Russell 2000® Dynamic Multifactor ETF | 39,125 | (475,757) | (1,977,440) | 15,220,641 | 12,806,569 |
No expiration | |||||
Short-Term | Long-Term | Total* | |||
ESG Revenue ETF | $50,740 | $482,147 | $532,887 | ||
Russell 1000® Dynamic Multifactor ETF | 23,766,047 | 747,705 | 24,513,752 | ||
Russell 2000® Dynamic Multifactor ETF | 1,717,611 | 259,829 | 1,977,440 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Purchases | Sales | ||
ESG Revenue ETF | $45,486 | $- | |
Russell 1000® Dynamic Multifactor ETF | 847,994,530 | 849,416,703 | |
Russell 2000® Dynamic Multifactor ETF | 7,918,450 | 8,501,495 |
Cost of Securities Received | Value of Securities Delivered | ||
ESG Revenue ETF | $- | $4,737,819 | |
Russell 1000® Dynamic Multifactor ETF | 776,145,030 | 727,660,319 | |
Russell 2000® Dynamic Multifactor ETF | 7,949,416 | 6,155,520 |
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | ||||
ESG Revenue ETF | $2,527,268 | $(1,724,668) | $802,600 | $22,368,425 | |||
Russell 1000® Dynamic Multifactor ETF | 38,460,010 | (46,567,208) | (8,107,198) | 1,061,596,257 | |||
Russell 2000® Dynamic Multifactor ETF | 634,812 | (1,110,569) | (475,757) | 14,033,791 |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||
ESG Revenue ETF | $- | $(970,973) | $970,973 | ||
Russell 1000® Dynamic Multifactor ETF | - | (72,759,220) | 72,759,220 | ||
Russell 2000® Dynamic Multifactor ETF | - | (604,379) | 604,379 |
Fund Name | Predecessor Fund | |
Invesco ESG Revenue ETF | Oppenheimer ESG Revenue ETF | |
Invesco Russell 1000® Dynamic Multifactor ETF | Oppenheimer Russell 1000® Dynamic Multifactor ETF | |
Invesco Russell 2000® Dynamic Multifactor ETF | Oppenheimer Russell 2000® Dynamic Multifactor ETF |
Beginning Account Value March 1, 2019 | Ending Account Value August 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |
Invesco ESG Revenue ETF (ESGL) | ||||
Actual | $1,000.00 | $1,006.90 | 0.41% | $2.07 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.14 | 0.41 | 2.09 |
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | ||||
Actual | 1,000.00 | 1,065.90 | 0.29 | 1.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.74 | 0.29 | 1.48 |
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | ||||
Actual | 1,000.00 | 971.00 | 0.42 | 2.09 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.09 | 0.42 | 2.14 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Self-Indexed Fund Trust was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 510,109,837.59 | 11,855,291.56 | |||||||
Todd J. Barre | 510,881,129.72 | 11,083,999.43 | ||||||||
Kevin M. Carome | 508,360,485.89 | 13,604,643.26 | ||||||||
Edmund P. Giambastiani, Jr. | 508,036,588.75 | 13,928,540.40 | ||||||||
Victoria J. Herget | 510,657,430.60 | 11,307,698.55 | ||||||||
Marc M. Kole | 510,042,704.78 | 11,922,424.37 | ||||||||
Yung Bong Lim | 510,687,623.73 | 11,277,505.42 | ||||||||
Joanne Pace | 508,487,165.73 | 13,477,963.42 | ||||||||
Gary R. Wicker | 508,529,623.38 | 13,435,505.77 | ||||||||
Donald H. Wilson | 507,835,558.89 | 14,129,570.26 |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of August 31, 2019
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 246 | None | |||||
Edmund P. c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | President of Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director of THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director of Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 53 |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978) of Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018) of United Educators Insurance Company; Independent Director of the |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 54 |
|
Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
First American Funds (2003- 2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010) of Wellesley College; Trustee, BoardSource (2006-2009); and Trustee, Chicago City Day School (1994-2005). | ||||||||||
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee and Trustee since 2016 | Senior Director of Finance, By The Hand Club for Kids(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 55 |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director of Beacon Power Services, Corp. (2019-Present). | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and CCO, FrontPoint Partners, LLC (alternative investments) (2005-2006); held the following positions at Credit Suisse (investment banking), Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley, Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Advisory Council Member of Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 56 |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director, (2007-2010) and Investment Committee Chair (2008-2010) Morgan Stanley Foundation. | ||||||||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | Senior Vice President of Global Finance and Chief Financial Officer of RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 57 |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman and Trustee since 2016 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2015 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- andclosed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2016 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Assistant Treasurer, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2015 | Secretary, Invesco Specialized Products, LLC (2018-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2016 | Manager, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800)983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling(800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website atwww.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling(800) 983-0903; or (ii) accessing the Trust’sForm N-PX on the Commission’s website atwww.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website atwww.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website atwww.invesco.com.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | O-ESG-AR-1 | invesco.com/ETFs |
Item 2. | Code of Ethics. |
The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on FormN-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2019.
Item 3. | Audit Committee Financial Expert. |
The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker, and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.
Item 4. | Principal Accountant Fees and Services. |
(a) to (d)
Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the series of the Registrant with a fiscal year end of August 31, 2019 (each, a “Fund”) aggregate fees for services rendered to these Funds as shown in the following table. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following table for the fiscal year ended June 30, 2019 has been provided for the periods since each Fund’s commencement of operations. In connection with a change in the fiscal year end of each Fund from June 30 to August 31, the information shown in the following table has been provided for the fiscal period from July 1, 2019 to August 31, 2019. The Audit Committeepre-approved all audit andnon-audit services provided to the Funds.
Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year end August 31, 2019 | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year end June 30, 2019 | |||||||
Audit Fees | $ | 31,212 | $ | 36,720 | ||||
Audit-Related Fees | $ | 0 | $ | 0 | ||||
Tax Fees(1) | $ | 39,450 | $ | 21,000 | ||||
All Other Fees | $ | 0 | $ | 0 | ||||
Total Fees | $ | 70,662 | $ | 57,720 |
(1) | Tax Fees for the fiscal year ended August 31, 2019 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. Tax Fees for the fiscal year ended June 30, 2019 include fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations. |
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), each Fund’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Affiliates”), aggregate fees forpre-approvednon-audit services rendered to Invesco and Affiliates for the periods since each Fund’s commencement of operations for the fiscal year ended June 30, 2019 and July 1, 2019 for the fiscal year ended August 31, 2019 as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Affiliates that were required to bepre-approved.
Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End August 31, 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End June 30, 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee | |||||||
Audit-Related Fees(1) | $ | 690,000 | $ | 690,000 | ||||
Tax Fees | $ | 0 | $ | 0 | ||||
All Other Fees | $ | 0 | $ | 0 | ||||
Total Fees | $ | 690,000 | $ | 690,000 |
(1) | Audit-Related Fees for the fiscal years ended August 31, 2019 and June 30, 2019 include fees billed related to reviewing controls at a service organization. |
(e)(1)Audit Committee Pre Approval Policies and Procedures
Pre-Approval of Audit andNon-Audit Services Policies and Procedures
As Adopted by the Audit Committee of the Invesco ETFs
Applicable to | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”) | |
Risk Addressed by Policy | Approval of Audit andNon-Audit Services | |
Relevant Law and Other Sources | Sarbanes-Oxley Act of 2002; RegulationS-X. | |
Last Reviewed by Compliance for Accuracy | June 15, 2018 | |
Approved/Adopted Date | June 2009 |
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committeepre-approves the audit andnon-audit services provided to the Funds by each Auditor, as well as allnon-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements forpre-approval and provide a mechanism by which management of the Funds may request and securepre-approval of audit andnon-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed services either may bepre-approved without consideration of specificcase-by-case services by the Audit Committee (“generalpre-approval”) or require the specificpre-approval of the Audit Committee (“specificpre-approval”). As set forth in these policies and procedures, unless a type of service has received generalpre-approval, it will require specificpre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimatedpre-approved fee levels provided at the time the service waspre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previouslypre-approved services.
The Audit Committee will annually review and generallypre-approve the services that may be provided by each Auditor without obtaining specificpre-approval from the Audit Committee. The term of any generalpre-approval runs from the date of suchpre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of generalpre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.
Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specificpre-approval fornon-prohibited services. All such delegatedpre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.
Audit Services
The annual Audit services engagement terms will be subject to specificpre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committee may grant either general or specificpre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.
Non-Audit Services
The Audit Committee may provide either general or specificpre-approval of anynon-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.
Audit-Related Services
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.
Tax Services
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committeepre-approval of permissible Tax services, the Auditor shall:
1. Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:
a. | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and |
b. | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or |
fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service; |
2. Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and
3. Document the substance of its discussion with the Audit Committee.
All Other Auditor Services
The Audit Committee maypre-approvenon-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specificpre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimatedpre-approved fees or established amounts forpre-approved audit andnon-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit andnon-audit services in determining whether topre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximumpre-approved fees or established amounts for previouslypre-approved services.
Procedures
On an annual basis, the Auditor will submit to the Audit Committee for generalpre-approval, a list ofnon-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe thenon-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the generalpre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the generalpre-approval of the Audit Committee.
Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with thepre-approval policies and procedures and the SEC Rules.
Each request to provide Tax services under either the general or specificpre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.
Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section2-01(f)(14) of RegulationS-X in sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.
Adopted: June 26, 2009
Amended: June 15, 2018
Exhibit 1 toPre-Approval of Audit andNon-Audit Services Policies and Procedures
Conditionally ProhibitedNon-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)
• | Bookkeeping or other services related to the accounting records or financial statements of the audit client |
• | Financial information systems design and implementation |
• | Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports |
• | Actuarial services |
• | Internal audit outsourcing services |
Categorically ProhibitedNon-Audit Services
• | Management functions |
• | Human resources |
• | Broker-dealer, investment adviser, or investment banking services |
• | Legal services |
• | Expert services unrelated to the audit |
• | Any service or product provided for a contingent fee or a commission |
• | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance |
• | Tax services for persons in financial reporting oversight roles at the Fund |
• | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
(e)(2) | There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimus exception under Rule2-01 of RegulationS-X. |
(f) | Not applicable. |
(g) | In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $3,213,000 for the fiscal year ended August 31, 2019 and $3,213,000 for the fiscal year ended June 30, 2019 fornon-audit services not required topre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregatenon-audit fees of $3,942,450 for the fiscal year ended August 31, 2019 and $3,924,000 for the fiscal year ended June 30, 2019. |
(h) | With respect to thenon-audit services above billed to Invesco and Affiliates that were not required to bepre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined byRule#2-01(f)(14) of RegulationS-X, of approximately $34 million andnon-audit services of approximately $19 million for the fiscal year ended August 31, 2019. The Audit Committee considered this information in evaluating PwC’s independence. |
During the reporting period, PwC advised the Registrant’s Audit Committee of the following matter for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that a PwC Partner held a financial interest indirectly through his spouse’s employee benefit plan, in an investment company that as of May 24, 2019 in connection with the Reorganizations (as defined below) was advised by the Adviser that was inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. The financial interest was disposed of on July 8, 2019. PwC noted that , among other things, that during the time of its audit, the engagement team was not aware of the investment until after it was disposed of, the individual was not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, the individual did not provide any audit services to the Registrant or its affiliates and the investment was not material to the net worth of the individual or his respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by this matter as it relates to the audit of the Registrant.
On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83open-end mutual funds and 20 exchange-traded funds (collectively, the “Oppenheimer Funds”). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the “New Invesco Funds”) that did not havepre-existing assets (together, the “Reorganizations”). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, “Invesco”) of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company (“MassMutual”), which was also consummated on May 24, 2019 (the “Acquisition”). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.
Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule2-01 of RegulationS-X (“Rule2-01”) if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the“Pre-Reorganization Relationship”). Additionally, PwC provided certainnon-audit services, including expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, anon-audit service performed pursuant to a success-based fee,non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision ofnon-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the“Pre-Reorganization Services”).
PwC and the Audit Committees of the New Invesco Funds each considered the impact that thePre-Reorganization Relationship and Services have on PwC’s independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding thePre-Reorganization Relationship and Services, would conclude that thePre-Reorganization Relationship and Services do not impair PwC’s ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 (“PwC’s Conclusion”).
The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC’s Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances, including the mitigating factors described below, and after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversee.
Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:
• | none of thePre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds; |
• | PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC’s professional engagement period; |
• | other than the expert legal services,Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds; |
• | as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund’s financial statements was based upon OFI’s decision, and OFI management represented that the PwC service was not considered a significant component of its decision; |
• | while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds; |
• | thePre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities; |
• | with the exception of the expert legal service provided to one Oppenheimer Fund, none of thePre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds; |
• | thePre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and |
• | the fees associated with thePre-Reorganization Services were not material to MassMutual, Invesco or PwC. |
Item 5. | Audit Committee of Listed Registrants. |
(a) | The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson. |
(b) | Not applicable. |
Item 6. | Schedule of Investments. |
(a) | The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this FormN-CSR. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.
Item 11. | Controls and Procedures. |
(a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule30a-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 Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Code of Ethics is attached as Exhibit 99.CODEETH. |
(a)(2) | Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)Invesco Exchange-Traded Self-Indexed Fund Trust
By: | /s/ Daniel E. Draper | |
Name: Daniel E. Draper | ||
Title: President | ||
Date: October 25, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Daniel E. Draper | |
Name: Daniel E. Draper | ||
Title: President | ||
Date: October 25, 2019 | ||
By: | /s/ Kelli Gallegos | |
Name: Kelli Gallegos | ||
Title: Treasurer | ||
Date: October 25, 2019 |